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
62
Victory
Small
Cap
Stock
Fund
67
Victory
Value
Fund
76
Victory
500
Index
Fund
80
Victory
Extended
Market
Index
Fund
90
Victory
Nasdaq-100
Index
Fund
132
Victory
Income
Fund
135
Victory
Ultra
Short-Term
Bond
Fund
156
Victory
Short-Term
Bond
Fund
168
Victory
Core
Plus
Intermediate
Bond
Fund
192
Victory
High
Income
Fund
222
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
2
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(23.3%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,899,203
$
41,342
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
156,416
9,272
VictoryShares
Free
Cash
Flow
ETF
..........................................
231,746
9,147
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
342,786
9,573
VictoryShares
Hedged
Equity
Income
ETF
.....................................
54,904
1,503
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
136,000
3,964
VictoryShares
International
Value
Momentum
ETF
...............................
267,086
18,327
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
280,000
7,013
VictoryShares
Short-Term
Bond
ETF
.........................................
443,598
22,623
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
200,000
5,994
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
106,772
10,243
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
83,804
7,978
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
262,123
12,532
Total
Affiliated
Exchange-Traded
Funds
(Cost
$134,573)
a
a
a
159,511
Affiliated
Mutual
Funds
(76.6%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
266,912
22,375
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
8,096,853
75,220
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
225,335
6,194
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
2,567,857
28,400
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
16,514,063
148,957
Victory
High
Income
Fund,
Institutional
Shares
.................................
4,697,538
32,601
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
284,851
5,424
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
205,273
5,169
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
4,388,934
38,798
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
162,696
9,965
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
94,909
5,099
Victory
RS
International
Fund,
Class
R6
......................................
1,785,905
27,467
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
8,437,350
77,370
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
383,341
5,501
Victory
Target
Managed
Allocation
Fund
......................................
1,422,166
16,739
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
1,846,949
19,504
Total
Affiliated
Mutual
Funds
(Cost
$487,418)
a
a
a
524,783
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(c)
........
34,125
35
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(c)
............
34,125
34
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
...............
34,125
34
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
.
34,125
34
Total
Collateral
for
Securities
Loaned
(Cost
$137)
a
a
a
137
Total
Investments
(Cost
$622,128)
—
99.9%
684,431
Other
assets
in
excess
of
liabilities
—  0.1%
485
NET
ASSETS
-
100.00%
$
684,916
At
January
31,
2026,
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
January
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
14,846
$
5,278
$
(
756
)
$
179
$
2,828
$
22,375
266,912
$
142
$
536
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
69,039
5,508
—
—
673
75,220
8,096,853
2,508
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
—
5,928
—
—
266
6,194
225,335
213
258
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
29,211
5,162
(
6,198
)
915
(
690
)
28,400
2,567,857
529
4,632
Victory
Government
Securities
Fund,
Institutional
Shares
.
139,228
8,142
—
—
1,587
148,957
16,514,063
4,142
—
Victory
Growth
Fund,
Institutional
Shares
......
2,497
—
(
2,889
)
2,283
(
1,891
)
—
—
—
—
Victory
High
Income
Fund,
Institutional
Shares
......
30,290
1,589
—
—
722
32,601
4,697,538
1,589
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
4,472
469
—
—
483
5,424
284,851
149
320
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
4,226
210
—
—
733
5,169
205,273
54
156
Victory
Market
Neutral
Income
Fund,
Class
I
..........
37,225
1,213
—
—
360
38,798
4,388,934
1,213
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
5,750
2,592
—
—
1,623
9,965
162,696
39
261
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
2,709
12
—
—
2,378
5,099
94,909
12
—
Victory
RS
International
Fund,
Class
R6
.............
25,145
1,119
(
2,491
)
617
3,077
27,467
1,785,905
537
582
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
75,853
2,682
(
1,501
)
1
335
77,370
8,437,350
2,682
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
4,253
367
—
—
881
5,501
383,341
20
347
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
1,085
—
(
1,089
)
21
(
17
)
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
29,787
1,390
(
17,993
)
3,456
99
16,739
1,422,166
751
639
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
17,193
1,801
(
2,702
)
552
2,660
19,504
1,846,949
564
1,236
VictoryShares
Corporate
Bond
ETF
.................
40,198
—
—
—
1,144
41,342
1,899,203
1,271
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
12,128
—
(
5,561
)
1,495
1,210
9,272
156,416
450
—
VictoryShares
Free
Cash
Flow
ETF
.................
6,872
873
—
—
1,402
9,147
231,746
101
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
7,864
—
—
—
1,709
9,573
342,786
1
—
VictoryShares
Hedged
Equity
Income
ETF
...........
7,413
—
(
6,158
)
311
(
63
)
1,503
54,904
266
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
—
3,841
—
—
123
3,964
136,000
1
—
VictoryShares
International
Value
Momentum
ETF
...
14,307
—
—
—
4,020
18,327
267,086
536
—
VictoryShares
International
Volatility
Wtd
ETF
......
7,342
—
(
8,207
)
2,805
(
1,940
)
—
—
149
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
—
7,027
—
—
(
14
)
7,013
280,000
213
—
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Short-Term
Bond
ETF
............
$
22,450
$
—
$
—
$
—
$
173
$
22,623
443,598
$
776
$
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
4,582
—
—
—
1,412
5,994
200,000
41
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
8,158
—
—
—
2,085
10,243
106,772
145
—
VictoryShares
US
Value
Momentum
ETF
........
6,537
—
—
—
1,441
7,978
83,804
98
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
10,157
—
—
—
2,375
12,532
262,123
65
—
$
640,817
$
55,203
$
(
55,545
)
$
12,635
$
31,184
$
684,294
55,845,370
$
19,257
$
8,967
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
5
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(30.8%)
VictoryShares
Corporate
Bond
ETF
..........................................
2,360,410
$
51,382
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
407,025
24,128
VictoryShares
Free
Cash
Flow
ETF
..........................................
806,759
31,843
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
843,261
23,549
VictoryShares
Hedged
Equity
Income
ETF
.....................................
126,000
3,450
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
547,000
15,945
VictoryShares
International
Value
Momentum
ETF
...............................
700,880
48,093
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
540,000
13,524
VictoryShares
Short-Term
Bond
ETF
.........................................
1,418,858
72,362
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
563,995
16,903
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
284,422
27,286
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
331,589
31,561
VictoryShares
WestEnd
U.S.
Sector
ETF
(a)
....................................
969,469
46,349
Total
Affiliated
Exchange-Traded
Funds
(Cost
$325,183)
a
a
a
406,375
Affiliated
Mutual
Funds
(69.0%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
786,661
65,946
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
10,872,887
101,009
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
538,376
14,800
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
7,065,739
78,147
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
22,883,248
206,407
Victory
High
Income
Fund,
Institutional
Shares
.................................
7,501,826
52,063
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,164,387
22,170
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
713,336
17,962
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
4,831,547
42,711
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
628,662
38,505
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
181,007
9,725
Victory
RS
International
Fund,
Class
R6
......................................
4,624,908
71,131
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
7,730,892
70,892
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
1,227,774
17,619
Victory
Target
Managed
Allocation
Fund
......................................
4,282,815
50,409
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
4,935,230
52,116
Total
Affiliated
Mutual
Funds
(Cost
$803,467)
a
a
a
911,612
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(c)
........
117,238
118
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(c)
............
117,238
117
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
...............
117,238
117
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
.
117,238
117
Total
Collateral
for
Securities
Loaned
(Cost
$469)
a
a
a
469
Total
Investments
(Cost
$1,129,119)
—
99.8%
1,318,456
Other
assets
in
excess
of
liabilities
—  0.2%
2,283
NET
ASSETS
-
100.00%
$
1,320,739
At
January
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
25.8%
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
January
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
48,068
$
7,942
$
—
$
—
$
9,936
$
65,946
786,661
$
479
$
1,850
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
82,150
18,125
—
—
734
101,009
10,872,887
3,124
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
2,000
11,097
—
—
1,703
14,800
538,376
509
616
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
89,617
14,163
(
27,578
)
5,254
(
3,309
)
78,147
7,065,739
1,451
12,711
Victory
Government
Securities
Fund,
Institutional
Shares
.
198,252
5,892
—
—
2,263
206,407
22,883,248
5,891
—
Victory
Growth
Fund,
Institutional
Shares
......
6,915
—
(
8,725
)
6,864
(
5,054
)
—
—
—
—
Victory
High
Income
Fund,
Institutional
Shares
......
48,372
2,538
—
—
1,153
52,063
7,501,826
2,537
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
18,279
1,916
—
—
1,975
22,170
1,164,387
608
1,308
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
14,685
730
—
—
2,547
17,962
713,336
189
541
Victory
Market
Neutral
Income
Fund,
Class
I
..........
34,106
8,232
—
—
373
42,711
4,831,547
1,232
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
24,566
7,343
—
—
6,596
38,505
628,662
149
1,008
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
6,105
23
(
1,334
)
905
4,026
9,725
181,007
23
—
Victory
RS
International
Fund,
Class
R6
.............
66,089
2,897
(
7,524
)
1,998
7,671
71,131
4,624,908
1,391
1,507
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
66,676
3,915
—
—
301
70,892
7,730,892
2,415
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
13,621
1,176
—
—
2,822
17,619
1,227,774
65
1,111
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
6,770
—
(
7,193
)
(
458
)
881
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
93,417
4,312
(
58,017
)
8,010
2,687
50,409
4,282,815
2,330
1,982
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
44,330
4,812
(
5,532
)
1,419
7,087
52,116
4,935,230
1,508
3,304
VictoryShares
Corporate
Bond
ETF
.................
45,877
4,180
—
—
1,325
51,382
2,360,410
1,487
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
28,807
—
(
10,978
)
1,524
4,775
24,128
407,025
1,046
—
VictoryShares
Free
Cash
Flow
ETF
.................
22,147
5,257
—
—
4,439
31,843
806,759
322
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
13,839
6,843
—
—
2,867
23,549
843,261
2
—
VictoryShares
Hedged
Equity
Income
ETF
...........
8,482
—
(
5,337
)
175
130
3,450
126,000
305
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
—
15,551
—
—
394
15,945
547,000
3
—
VictoryShares
International
Value
Momentum
ETF
...
41,025
—
(
3,730
)
454
10,344
48,093
700,880
1,454
—
VictoryShares
International
Volatility
Wtd
ETF
......
21,056
—
(
23,488
)
7,043
(
4,611
)
—
—
412
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
—
13,552
—
—
(
28
)
13,524
540,000
414
—
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Short-Term
Bond
ETF
............
$
71,808
$
—
$
—
$
—
$
554
$
72,362
1,418,858
$
2,483
$
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
11,318
1,962
—
—
3,623
16,903
563,995
111
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
18,676
3,508
—
—
5,102
27,286
284,422
368
—
VictoryShares
US
Value
Momentum
ETF
........
22,276
4,302
—
—
4,983
31,561
331,589
339
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
35,048
3,105
—
—
8,196
46,349
969,469
224
—
$
1,204,377
$
153,373
$
(
159,436
)
$
33,188
$
86,485
$
1,317,987
89,868,963
$
32,871
$
25,938
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
8
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(36.4%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,949,335
$
42,434
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
823,858
48,838
VictoryShares
Free
Cash
Flow
ETF
..........................................
1,676,057
66,154
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
1,751,473
48,912
VictoryShares
Hedged
Equity
Income
ETF
.....................................
223,761
6,126
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
1,104,000
32,182
VictoryShares
International
Value
Momentum
ETF
...............................
1,252,800
85,965
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
840,000
21,038
VictoryShares
Short-Term
Bond
ETF
.........................................
1,279,554
65,257
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
1,009,485
30,254
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
514,983
49,404
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
732,333
69,704
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
1,892,689
90,488
Total
Affiliated
Exchange-Traded
Funds
(Cost
$505,418)
a
a
a
656,756
Affiliated
Mutual
Funds
(63.3%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
1,638,119
137,324
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
9,106,824
84,602
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
614,467
16,892
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
12,882,064
142,476
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
13,008,105
117,333
Victory
High
Income
Fund,
Institutional
Shares
.................................
9,053,663
62,832
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,972,942
37,565
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
1,238,380
31,182
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
3,806,907
33,653
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
1,273,217
77,984
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
291,970
15,688
Victory
RS
International
Fund,
Class
R6
......................................
8,467,081
130,224
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
2,858,331
26,211
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
2,698,855
38,729
Victory
Target
Managed
Allocation
Fund
......................................
8,143,166
95,845
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
8,848,617
93,441
Total
Affiliated
Mutual
Funds
(Cost
$933,271)
a
a
a
1,141,981
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(c)
........
134,063
134
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(c)
............
134,063
134
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
...............
134,063
134
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
.
134,063
134
Total
Collateral
for
Securities
Loaned
(Cost
$536)
a
a
a
536
Total
Investments
(Cost
$1,439,225)
—
99.7%
1,799,273
Other
assets
in
excess
of
liabilities
—  0.3%
5,665
NET
ASSETS
-
100.00%
$
1,804,938
At
January
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
31.4%
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
January
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
87,193
$
31,759
$
—
$
—
$
18,372
$
137,324
1,638,119
$
933
$
3,817
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
63,420
20,566
—
—
616
84,602
9,106,824
2,566
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
2,000
13,053
—
—
1,839
16,892
614,467
580
703
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
169,789
24,746
(
57,106
)
12,634
(
7,587
)
142,476
12,882,064
2,535
22,211
Victory
Government
Securities
Fund,
Institutional
Shares
.
105,824
10,235
—
—
1,274
117,333
13,008,105
3,235
—
Victory
Growth
Fund,
Institutional
Shares
......
13,709
—
(
17,052
)
13,483
(
10,140
)
—
—
—
—
Victory
High
Income
Fund,
Institutional
Shares
......
58,378
3,063
—
—
1,391
62,832
9,053,663
3,063
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
29,727
4,616
—
—
3,222
37,565
1,972,942
989
2,127
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
25,493
1,267
—
—
4,422
31,182
1,238,380
329
938
Victory
Market
Neutral
Income
Fund,
Class
I
..........
23,393
9,912
—
—
348
33,653
3,806,907
912
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
46,154
19,356
—
—
12,474
77,984
1,273,217
302
2,042
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
8,335
37
—
—
7,316
15,688
291,970
37
—
Victory
RS
International
Fund,
Class
R6
.............
113,517
5,304
(
5,906
)
1,050
16,259
130,224
8,467,081
2,546
2,758
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
25,204
895
—
—
112
26,211
2,858,331
895
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
29,941
2,584
—
—
6,204
38,729
2,698,855
142
2,442
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
13,837
—
(
14,868
)
(
624
)
1,655
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
166,940
7,730
(
99,236
)
13,353
7,058
95,845
8,143,166
4,176
3,553
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
77,775
8,627
(
8,417
)
1,987
13,469
93,441
8,848,617
2,704
5,924
VictoryShares
Corporate
Bond
ETF
.................
37,237
4,148
—
—
1,049
42,434
1,949,335
1,191
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
49,989
—
(
12,678
)
641
10,886
48,838
823,858
1,945
—
VictoryShares
Free
Cash
Flow
ETF
.................
43,371
13,650
—
—
9,133
66,154
1,676,057
666
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
28,365
14,255
—
—
6,292
48,912
1,751,473
5
—
VictoryShares
Hedged
Equity
Income
ETF
...........
17,530
—
(
12,032
)
209
419
6,126
223,761
629
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
—
30,866
—
—
1,316
32,182
1,104,000
8
—
VictoryShares
International
Value
Momentum
ETF
...
71,124
—
(
4,310
)
500
18,651
85,965
1,252,800
2,571
—
VictoryShares
International
Volatility
Wtd
ETF
......
31,034
—
(
34,665
)
10,282
(
6,651
)
—
—
651
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
—
21,080
—
—
(
42
)
21,038
840,000
643
—
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Short-Term
Bond
ETF
............
$
64,758
$
—
$
—
$
—
$
499
$
65,257
1,279,554
$
2,239
$
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
16,722
8,316
—
—
5,216
30,254
1,009,485
166
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
30,604
10,597
—
—
8,203
49,404
514,983
585
—
VictoryShares
US
Value
Momentum
ETF
........
43,206
16,423
—
—
10,075
69,704
732,333
689
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
66,057
8,784
—
—
15,647
90,488
1,892,689
439
—
$
1,560,626
$
291,869
$
(
266,270
)
$
53,515
$
158,997
$
1,798,737
100,953,036
$
38,371
$
46,515
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
11
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(38.4%)
VictoryShares
Corporate
Bond
ETF
..........................................
698,750
$
15,211
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
576,226
34,159
VictoryShares
Free
Cash
Flow
ETF
..........................................
1,342,090
52,972
VictoryShares
Free
Cash
Flow
Growth
ETF
(a)
..................................
1,484,836
41,466
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
747,000
21,775
VictoryShares
International
Value
Momentum
ETF
...............................
932,283
63,971
VictoryShares
International
Volatility
Wtd
ETF
.................................
75,741
4,311
VictoryShares
Pioneer
Asset-Based
Income
ETF
(a)
...............................
400,000
10,018
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
856,847
25,680
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
288,087
16,419
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
375,468
36,020
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
561,857
53,478
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
1,483,654
70,932
Total
Affiliated
Exchange-Traded
Funds
(Cost
$325,804)
a
a
a
446,412
Affiliated
Mutual
Funds
(61.5%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
1,234,860
103,518
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
4,212,771
39,137
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
506,770
13,931
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
9,435,309
104,355
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
4,716,334
42,541
Victory
High
Income
Fund,
Institutional
Shares
.................................
1,395,853
9,687
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,319,723
25,128
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
933,634
23,509
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
1,168,458
10,329
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
1,036,596
63,492
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
135,600
7,286
Victory
RS
International
Fund,
Class
R6
......................................
6,579,123
101,187
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
107,097
982
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
2,026,096
29,074
Victory
Target
Managed
Allocation
Fund
......................................
6,205,434
73,038
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
6,518,399
68,834
Total
Affiliated
Mutual
Funds
(Cost
$561,544)
a
a
a
716,028
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(b)
........
957,548
957
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(b)
............
957,548
957
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(b)
...............
957,548
958
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(b)
.
957,548
958
Total
Collateral
for
Securities
Loaned
(Cost
$3,830)
a
a
a
3,830
Total
Investments
(Cost
$891,178)
—
100.2%
1,166,270
Liabilities
in
excess
of
other
assets
—  (0.2)%
(2,364)
NET
ASSETS
-
100.00%
$
1,163,906
At
January
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
35.1%
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
January
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
67,947
$
21,240
$
—
$
—
$
14,331
$
103,518
1,234,860
$
730
$
2,997
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
37,418
1,350
—
—
369
39,137
4,212,771
1,350
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
2,000
10,284
—
—
1,647
13,931
506,770
479
580
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
125,008
17,821
(
42,505
)
10,009
(
5,978
)
104,355
9,435,309
1,826
15,996
Victory
Government
Securities
Fund,
Institutional
Shares
.
40,861
1,214
—
—
466
42,541
4,716,334
1,214
—
Victory
Growth
Fund,
Institutional
Shares
......
11,370
—
(
14,223
)
11,199
(
8,346
)
—
—
—
—
Victory
High
Income
Fund,
Institutional
Shares
......
9,001
472
—
—
214
9,687
1,395,853
472
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
20,717
2,172
—
—
2,239
25,128
1,319,723
689
1,482
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
19,220
955
—
—
3,334
23,509
933,634
248
708
Victory
Market
Neutral
Income
Fund,
Class
I
..........
7,426
2,812
—
—
91
10,329
1,168,458
312
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
38,230
14,817
—
—
10,445
63,492
1,036,596
246
1,662
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
4,682
17
(
1,154
)
749
2,992
7,286
135,600
17
—
Victory
RS
International
Fund,
Class
R6
.............
82,257
8,034
(
2,007
)
164
12,739
101,187
6,579,123
1,935
2,098
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
944
34
—
—
4
982
107,097
34
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
22,478
1,940
—
—
4,656
29,074
2,026,096
107
1,833
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
10,097
—
(
10,820
)
(
920
)
1,643
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
122,971
5,501
(
70,518
)
7,318
7,766
73,038
6,205,434
2,972
2,528
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
52,703
6,355
(
1,005
)
146
10,635
68,834
6,518,399
1,991
4,364
VictoryShares
Corporate
Bond
ETF
.................
12,884
1,966
—
—
361
15,211
698,750
421
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
35,296
—
(
9,281
)
300
7,844
34,159
576,226
1,372
—
VictoryShares
Free
Cash
Flow
ETF
.................
32,627
13,109
—
—
7,236
52,972
1,342,090
530
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
23,280
13,089
—
—
5,097
41,466
1,484,836
4
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
—
20,717
—
—
1,058
21,775
747,000
6
—
VictoryShares
International
Value
Momentum
ETF
...
53,420
—
(
3,730
)
371
13,910
63,971
932,283
1,919
—
VictoryShares
International
Volatility
Wtd
ETF
......
21,004
—
(
19,355
)
5,089
(
2,427
)
4,311
75,741
445
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
—
10,037
—
—
(
19
)
10,018
400,000
308
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
11,497
10,415
—
—
3,768
25,680
856,847
132
—
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
..
$
13,886
$
—
$
—
$
—
$
2,533
$
16,419
288,087
$
169
$
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
21,519
8,458
—
—
6,043
36,020
375,468
441
—
VictoryShares
US
Value
Momentum
ETF
........
34,012
11,510
—
—
7,956
53,478
561,857
542
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
49,315
9,692
—
—
11,925
70,932
1,483,654
339
—
$
984,070
$
194,011
$
(
174,598
)
$
34,425
$
124,532
$
1,162,440
57,354,896
$
21,250
$
34,248
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
14
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(39.7%)
VictoryShares
Corporate
Bond
ETF
..........................................
81,206
$
1,768
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
90,347
5,356
VictoryShares
Free
Cash
Flow
ETF
..........................................
218,406
8,620
VictoryShares
Free
Cash
Flow
Growth
ETF
(a)
..................................
212,019
5,921
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
195,000
5,684
VictoryShares
International
Value
Momentum
ETF
...............................
148,180
10,168
VictoryShares
International
Volatility
Wtd
ETF
.................................
13,224
753
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
144,334
4,326
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
43,625
2,486
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
59,930
5,749
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
92,671
8,821
VictoryShares
WestEnd
U.S.
Sector
ETF
(a)
....................................
242,452
11,591
Total
Affiliated
Exchange-Traded
Funds
(Cost
$51,513)
a
a
a
71,243
Affiliated
Mutual
Funds
(60.1%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
195,894
16,422
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
449,974
4,180
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
130,149
3,578
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
1,364,422
15,091
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
679,856
6,132
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
252,460
4,807
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
134,752
3,393
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
58,285
515
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
169,652
10,391
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
20,387
1,095
Victory
RS
International
Fund,
Class
R6
......................................
1,018,116
15,659
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
135
1
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
308,357
4,425
Victory
Target
Managed
Allocation
Fund
......................................
1,018,128
11,983
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
978,849
10,337
Total
Affiliated
Mutual
Funds
(Cost
$84,626)
a
a
a
108,009
Collateral
for
Securities
Loaned
(0.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(b)
........
421,180
422
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(b)
............
421,180
421
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(b)
...............
421,180
421
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(b)
.
421,180
421
Total
Collateral
for
Securities
Loaned
(Cost
$1,685)
a
a
a
1,685
Total
Investments
(Cost
$137,824)
—
100.7%
180,937
Liabilities
in
excess
of
other
assets
—  (0.7)%
(1,203)
NET
ASSETS
-
100.00%
$
179,734
At
January
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
34.8%
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
January
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
11,802
$
2,636
$
(
498
)
$
(
5
)
$
2,487
$
16,422
195,894
$
126
$
510
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
3,497
641
—
—
42
4,180
449,974
142
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
500
2,790
—
—
288
3,578
130,149
123
149
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
19,253
2,564
(
7,511
)
1,750
(
965
)
15,091
1,364,422
263
2,301
Victory
Government
Securities
Fund,
Institutional
Shares
.
5,890
175
—
—
67
6,132
679,856
175
—
Victory
Growth
Fund,
Institutional
Shares
......
2,207
—
(
2,700
)
1,349
(
856
)
—
—
—
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
3,963
415
—
—
429
4,807
252,460
132
284
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
2,774
138
—
—
481
3,393
134,752
36
102
Victory
Market
Neutral
Income
Fund,
Class
I
..........
—
509
—
—
6
515
58,285
9
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
5,771
3,012
—
—
1,608
10,391
169,652
40
272
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
582
3
—
—
510
1,095
20,387
3
—
Victory
RS
International
Fund,
Class
R6
.............
12,512
1,138
—
—
2,009
15,659
1,018,116
307
332
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
1
—
*
—
—
—
*
1
135
—
*
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
3,021
795
—
—
609
4,425
308,357
16
279
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...
541
—
(
583
)
45
(
3
)
—
—
—
—
Victory
Target
Managed
Allocation
Fund
........
18,406
765
(
9,503
)
795
1,520
11,983
1,018,128
413
352
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
7,770
954
—
—
1,613
10,337
978,849
299
655
VictoryShares
Corporate
Bond
ETF
.................
1,719
—
—
—
49
1,768
81,206
54
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
5,125
—
(
984
)
45
1,170
5,356
90,347
208
—
VictoryShares
Free
Cash
Flow
ETF
.................
5,435
2,007
—
—
1,178
8,620
218,406
86
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
3,946
1,084
—
—
891
5,921
212,019
1
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
—
5,340
—
—
344
5,684
195,000
2
—
VictoryShares
International
Value
Momentum
ETF
...
7,937
—
—
—
2,231
10,168
148,180
297
—
VictoryShares
International
Volatility
Wtd
ETF
......
3,594
—
(
3,249
)
799
(
391
)
753
13,224
72
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
2,917
495
—
—
914
4,326
144,334
28
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
..
2,103
—
—
—
383
2,486
43,625
26
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
4,197
418
—
—
1,134
5,749
59,930
79
—
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
US
Value
Momentum
ETF
........
$
5,039
$
2,511
$
—
$
—
$
1,271
$
8,821
92,671
$
89
$
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
8,176
1,438
—
—
1,977
11,591
242,452
56
—
$
148,678
$
29,828
$
(
25,028
)
$
4,778
$
20,996
$
179,252
8,320,810
$
3,082
$
5,236
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
17
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.0%)
Australia
(1.2%):
Consumer
Discretionary
(0.1%):
Wesfarmers
Ltd.
........................................................
8,528
$
492
Consumer
Staples
(0.0%):(a)
Coles
Group
Ltd.
.......................................................
8,496
126
Financials
(0.2%):
Medibank
Pvt.
Ltd.
......................................................
202,630
650
Health
Care
(0.1%):
Cochlear
Ltd.
..........................................................
2,177
406
Pro
Medicus
Ltd.
.......................................................
630
80
486
Industrials
(0.5%):
Brambles
Ltd.
.........................................................
76,064
1,181
Computershare
Ltd.
.....................................................
21,407
486
Qantas
Airways
Ltd.
.....................................................
17,913
125
1,792
Materials
(0.3%):
BHP
Group
Ltd.
........................................................
15,894
547
Fortescue
Ltd.
.........................................................
27,708
401
948
4,494
Austria
(0.1%):
Energy
(0.1%):
OMV
AG
............................................................
3,544
211
Belgium
(0.2%):
Consumer
Discretionary
(0.1%):
D'ieteren
Group
(b)
......................................................
1,552
353
Financials
(0.1%):
KBC
Group
NV
........................................................
2,561
361
714
Bermuda
(0.0%):(a)
Financials
(0.0%):(a)
Everest
Group
Ltd.
......................................................
302
100
Brazil
(1.2%):
Energy
(0.3%):
Petroleo
Brasileiro
SA
-
Petrobras
,
Preference
Shares
.............................
153,200
1,099
Financials
(0.7%):
Banco
Bradesco
SA
.....................................................
270,400
941
Itau
Unibanco
Holding
SA
,
Preference
Shares
..................................
185,705
1,606
2,547
Industrials
(0.1%):
WEG
SA
.............................................................
44,200
435
Materials
(0.1%):
Vale
SA
..............................................................
25,097
402
4,483
Canada
(2.5%):
Consumer
Discretionary
(0.5%):
Dollarama,
Inc.
........................................................
12,051
1,624
Gildan
Activewear,
Inc.
..................................................
3,414
222
1,846
Consumer
Staples
(0.4%):
George
Weston
Ltd.
.....................................................
9,886
690
Loblaw
Cos.
Ltd.
.......................................................
15,601
702
1,392
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Energy
(0.9%):
ARC
Resources
Ltd.
.....................................................
25,030
$
465
Canadian
Natural
Resources
Ltd.
............................................
25,023
930
Cenovus
Energy,
Inc.
....................................................
17,769
351
Suncor
Energy,
Inc.
.....................................................
35,585
1,881
3,627
Financials
(0.3%):
Canadian
Imperial
Bank
of
Commerce
........................................
3,833
354
iA
Financial
Corp.,
Inc.
...................................................
2,261
278
Manulife
Financial
Corp.
.................................................
8,275
315
Sun
Life
Financial,
Inc.
..................................................
3,681
232
1,179
Information
Technology
(0.2%):
Celestica,
Inc.
(c)
.......................................................
601
169
Constellation
Software,
Inc.
...............................................
342
631
800
Materials
(0.2%):
Kinross
Gold
Corp.
.....................................................
6,992
220
Lundin
Gold,
Inc.
.......................................................
6,049
454
674
9,518
China
(2.1%):
Communication
Services
(0.3%):
Kuaishou
Technology
,
Class
B
(d)
...........................................
12,300
125
NetEase,
Inc.
..........................................................
36,200
939
1,064
Consumer
Discretionary
(0.6%):
ANTA
Sports
Products
Ltd.
................................................
56,600
565
BYD
Co.
Ltd.
.........................................................
50,900
635
JD.com,
Inc.
,
Class
A
....................................................
10,100
144
Pop
Mart
International
Group
Ltd.
(d)
.........................................
18,600
532
Vipshop
Holdings
Ltd.
,
ADR
..............................................
27,792
475
2,351
Energy
(0.4%):
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
Class
B
....................................
66,300
133
PetroChina
Co.
Ltd.
,
Class
H
..............................................
1,186,000
1,409
1,542
Financials
(0.6%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
417,000
292
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......................................
105,000
467
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
................................
116,800
588
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
609,000
505
The
People's
Insurance
Co.
Group
of
China
Ltd.
,
Class
H
..........................
471,000
410
2,262
Industrials
(0.1%):
Yangzijiang
Shipbuilding
Holdings
Ltd.
.......................................
114,400
301
Information
Technology
(0.0%):(a)
Xiaomi
Corp.
,
Class
B
(c)
(d)
...............................................
45,800
207
Materials
(0.1%):
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
48,000
250
7,977
Denmark
(0.3%):
Consumer
Discretionary
(0.1%):
Pandora
A/S
..........................................................
3,750
304
Health
Care
(0.2%):
Genmab
A/S
(c)
........................................................
815
265
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Novo
Nordisk
A/S
,
Class
B
................................................
8,867
$
527
792
1,096
Finland
(0.7%):
Communication
Services
(0.1%):
Elisa
Oyj
.............................................................
10,258
454
Health
Care
(0.2%):
Orion
Oyj
,
Class
B
......................................................
7,750
641
Industrials
(0.4%):
Kone
Oyj
,
Class
B
......................................................
21,704
1,559
2,654
France
(1.5%):
Communication
Services
(0.1%):
Orange
SA
............................................................
18,424
342
Consumer
Discretionary
(0.1%):
FDJ
UNITED
.........................................................
8,260
218
Consumer
Staples
(0.1%):
L'Oreal
SA
...........................................................
685
315
Energy
(0.3%):
TotalEnergies
SE
.......................................................
16,730
1,217
Health
Care
(0.0%):(a)
Ipsen
SA
.............................................................
910
149
Industrials
(0.7%):
Bouygues
SA
..........................................................
2,939
159
Cie
de
Saint-Gobain
SA
..................................................
3,637
359
Eiffage
SA
............................................................
1,483
220
Safran
SA
............................................................
3,077
1,099
Thales
SA
............................................................
1,809
554
Vinci
SA
.............................................................
821
118
2,509
Utilities
(0.2%):
Engie
SA
.............................................................
29,420
878
5,628
Germany
(1.9%):
Communication
Services
(0.4%):
CTS
Eventim
AG
&
Co.
KGaA
(b)
...........................................
2,980
250
Deutsche
Telekom
AG
...................................................
34,855
1,170
1,420
Consumer
Discretionary
(0.1%):
Continental
AG
(b)
......................................................
2,706
213
Financials
(0.6%):
Allianz
SE
,
Registered
Shares
..............................................
476
210
Commerzbank
AG
......................................................
5,454
224
Deutsche
Bank
AG
,
Registered
Shares
........................................
10,127
400
Hannover
Rueck
SE
.....................................................
2,149
608
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Registered
Shares
.......
172
104
Talanx
AG
............................................................
6,363
802
2,348
Industrials
(0.6%):
Deutsche
Post
AG
......................................................
5,368
300
GEA
Group
AG
........................................................
10,482
750
Rational
AG
..........................................................
207
166
Rheinmetall
AG
........................................................
280
593
Siemens
Energy
AG
(c)
...................................................
2,758
470
2,279
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Materials
(0.1%):
Heidelberg
Materials
AG
.................................................
2,083
$
570
Utilities
(0.1%):
E.ON
SE
.............................................................
11,661
247
7,077
Hong
Kong
(1.1%):
Consumer
Discretionary
(0.2%):
Alibaba
Group
Holding
Ltd.
,
Class
W
........................................
16,700
355
Bosideng
International
Holdings
Ltd.
.........................................
364,000
222
Geely
Automobile
Holdings
Ltd.
............................................
159,000
328
905
Consumer
Staples
(0.2%):
WH
Group
Ltd.
(d)
......................................................
562,500
664
Financials
(0.4%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
254,000
1,337
Industrials
(0.3%):
SITC
International
Holdings
Co.
Ltd.
.........................................
98,000
366
Techtronic
Industries
Co.
Ltd.
..............................................
61,000
833
1,199
4,105
Hungary
(0.1%):
Financials
(0.1%):
OTP
Bank
Nyrt
........................................................
4,180
526
India
(2.0%):
Communication
Services
(0.0%):(a)
Bharti
Airtel
Ltd.
.......................................................
7,538
162
Consumer
Discretionary
(0.1%):
Hero
MotoCorp
Ltd.
.....................................................
5,822
351
Consumer
Staples
(0.4%):
Britannia
Industries
Ltd.
..................................................
6,951
443
ITC
Ltd.
.............................................................
134,943
473
Marico
Ltd.
...........................................................
24,989
199
Nestle
India
Ltd.
.......................................................
29,549
429
1,544
Financials
(0.1%):
HDFC
Asset
Management
Co.
Ltd.
(d)
........................................
9,375
257
Health
Care
(0.1%):
Sun
Pharmaceutical
Industries
Ltd.
..........................................
10,845
188
Torrent
Pharmaceuticals
Ltd.
...............................................
4,900
211
399
Industrials
(0.2%):
Bharat
Electronics
Ltd.
...................................................
21,616
106
Cummins
India
Ltd.
.....................................................
5,747
257
InterGlobe
Aviation
Ltd.
(d)
................................................
8,686
434
797
Information
Technology
(0.7%):
HCL
Technologies
Ltd.
...................................................
48,180
889
Infosys
Ltd.
...........................................................
59,131
1,058
Tata
Consultancy
Services
Ltd.
.............................................
24,244
824
2,771
Materials
(0.4%):
Asian
Paints
Ltd.
.......................................................
17,288
456
Pidilite
Industries
Ltd.
...................................................
21,638
337
Vedanta
Ltd.
..........................................................
69,741
516
1,309
7,590
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Indonesia
(0.3%):
Financials
(0.3%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
1,647,200
$
474
PT
Bank
Rakyat
Indonesia
Persero
Tbk
.......................................
2,937,900
667
1,141
Ireland
(1.7%):
Consumer
Discretionary
(0.2%):
PDD
Holdings,
Inc.
,
ADR
(c)
...............................................
6,520
659
Industrials
(0.4%):
Trane
Technologies
PLC
..................................................
3,379
1,421
Information
Technology
(1.0%):
Accenture
PLC
,
Class
A
..................................................
6,966
1,837
TE
Connectivity
PLC
....................................................
8,372
1,865
3,702
Materials
(0.1%):
CRH
PLC
............................................................
4,865
595
6,377
Israel
(0.6%):
Financials
(0.3%):
Bank
Hapoalim
BM
.....................................................
5,446
134
Bank
Leumi
Le-Israel
BM
................................................
18,116
436
Mizrahi
Tefahot
Bank
Ltd.
................................................
7,010
549
1,119
Information
Technology
(0.3%):
Check
Point
Software
Technologies
Ltd.
(c)
....................................
5,089
914
Wix.com
Ltd.
(c)
........................................................
1,924
167
1,081
2,200
Italy
(0.5%):
Consumer
Discretionary
(0.2%):
Ferrari
NV
............................................................
2,119
707
Financials
(0.2%):
FinecoBank
Banca
Fineco
SpA
.............................................
26,374
699
Utilities
(0.1%):
Enel
SpA
.............................................................
35,931
397
1,803
Japan
(3.6%):
Communication
Services
(0.0%):(a)
KDDI
Corp.
...........................................................
7,400
125
Consumer
Discretionary
(0.7%):
Asics
Corp.
...........................................................
20,000
482
Bandai
Namco
Holdings,
Inc.
..............................................
11,200
291
Fast
Retailing
Co.
Ltd.
...................................................
2,200
839
Isuzu
Motors
Ltd.
.......................................................
14,100
227
Subaru
Corp.
..........................................................
14,400
309
Suzuki
Motor
Corp.
.....................................................
32,000
436
2,584
Consumer
Staples
(0.1%):
Kobe
Bussan
Co.
Ltd.
....................................................
7,100
174
MatsukiyoCocokara
&
Co.
................................................
15,000
240
414
Financials
(0.3%):
SBI
Holdings,
Inc.
......................................................
13,200
299
Sompo
Holdings,
Inc.
....................................................
6,100
210
Tokio
Marine
Holdings,
Inc.
...............................................
13,100
488
997
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Health
Care
(0.6%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
15,500
$
885
Hoya
Corp.
...........................................................
7,800
1,309
Shionogi
&
Co.
Ltd.
.....................................................
15,000
309
2,503
Industrials
(0.7%):
Fujikura
Ltd.
..........................................................
1,900
239
MonotaRO
Co.
Ltd.
.....................................................
10,400
140
Nippon
Yusen
KK
(b)
....................................................
11,100
365
Recruit
Holdings
Co.
Ltd.
.................................................
15,100
796
Sumitomo
Corp.
........................................................
14,700
597
Toyota
Tsusho
Corp.
.....................................................
12,800
466
2,603
Information
Technology
(1.1%):
Advantest
Corp.
........................................................
4,600
761
Fujitsu
Ltd.
...........................................................
40,400
1,123
NEC
Corp.
...........................................................
7,700
261
Nomura
Research
Institute
Ltd.
.............................................
19,800
602
Oracle
Corp.
..........................................................
2,700
183
Tokyo
Electron
Ltd.
.....................................................
2,000
533
Trend
Micro,
Inc.
.......................................................
7,900
310
Yokogawa
Electric
Corp.
.................................................
9,600
320
4,093
Materials
(0.1%):
Nitto
Denko
Corp.
......................................................
13,200
293
Utilities
(0.0%):(a)
Chubu
Electric
Power
Co.,
Inc.
.............................................
9,400
137
13,749
Luxembourg
(0.1%):
Energy
(0.1%):
Tenaris
SA
............................................................
9,829
218
Mexico
(0.6%):
Consumer
Staples
(0.2%):
Wal-Mart
de
Mexico
SAB
de
CV
...........................................
179,627
570
Financials
(0.3%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
99,560
1,126
Industrials
(0.0%):(a)
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
,
Class
B
.........................
12,364
180
Materials
(0.1%):
Grupo
Mexico
SAB
de
CV
,
Class
B
..........................................
32,609
362
2,238
Netherlands
(1.2%):
Communication
Services
(0.5%):
Koninklijke
KPN
NV
....................................................
237,841
1,165
Universal
Music
Group
NV
................................................
22,930
562
1,727
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
8,801
344
The
Magnum
Ice
Cream
Co.
NV
(c)
..........................................
4,012
71
415
Industrials
(0.2%):
Wolters
Kluwer
NV
.....................................................
8,393
788
Information
Technology
(0.4%):
ASML
Holding
NV
.....................................................
1,193
1,711
4,641
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Norway
(0.4%):
Communication
Services
(0.1%):
Telenor
ASA
..........................................................
14,879
$
251
Industrials
(0.3%):
Kongsberg
Gruppen
ASA
.................................................
27,539
946
Materials
(0.0%):(a)
Norsk
Hydro
ASA
......................................................
17,717
157
1,354
Peru
(0.0%):(a)
Financials
(0.0%):(a)
Credicorp
Ltd.
.........................................................
482
172
Philippines
(0.2%):
Financials
(0.1%):
BDO
Unibank,
Inc.
.....................................................
115,730
265
Industrials
(0.1%):
International
Container
Terminal
Services,
Inc.
..................................
53,430
586
851
Poland
(0.1%):
Financials
(0.1%):
Santander
Bank
Polska
SA
................................................
2,844
446
Russian
Federation
(0.0%):
Consumer
Staples
(0.0%):
X5
Retail
Group
NV
,
GDR
(c)
(e)
(f)
..........................................
18,705
—
Energy
(0.0%):
LUKOIL
PJSC
(c)
(e)
(f)
...................................................
34,009
—
Tatneft
PJSC
(c)
(e)
(f)
....................................................
90,761
—
—
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(c)
(e)
(f)
...........................................
409,312
—
Materials
(0.0%):
MMC
Norilsk
Nickel
PJSC
(c)
(e)
(f)
..........................................
524,900
—
—
Singapore
(0.8%):
Financials
(0.7%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
95,300
1,591
Singapore
Exchange
Ltd.
.................................................
81,700
1,132
2,723
Industrials
(0.1%):
Singapore
Technologies
Engineering
Ltd.
......................................
44,000
339
3,062
South
Africa
(0.5%):
Consumer
Staples
(0.0%):(a)
Clicks
Group
Ltd.
......................................................
13,808
275
Financials
(0.4%):
Capitec
Bank
Holdings
Ltd.
...............................................
3,550
954
FirstRand
Ltd.
.........................................................
45,276
258
Standard
Bank
Group
Ltd.
................................................
12,414
228
1,440
Materials
(0.1%):
Gold
Fields
Ltd.
........................................................
7,955
394
2,109
South
Korea
(1.1%):
Consumer
Discretionary
(0.5%):
Kia
Corp.
............................................................
16,108
1,714
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Financials
(0.1%):
DB
Insurance
Co.
Ltd.
...................................................
2,223
$
219
KB
Financial
Group,
Inc.
.................................................
2,784
261
480
Industrials
(0.1%):
Hyundai
Rotem
Co.
Ltd.
..................................................
3,199
512
Information
Technology
(0.4%):
Samsung
Electronics
Co.
Ltd.
..............................................
6,051
669
SK
hynix,
Inc.
.........................................................
1,490
930
1,599
4,305
Spain
(1.6%):
Consumer
Discretionary
(0.4%):
Industria
de
Diseno
Textil
SA
..............................................
22,106
1,438
Financials
(0.9%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
115,754
2,938
Banco
Santander
SA
.....................................................
38,136
487
3,425
Industrials
(0.1%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
2,282
256
Aena
SME
SA
(d)
.......................................................
7,639
237
493
Utilities
(0.2%):
Endesa
SA
(b)
.........................................................
7,671
283
Iberdrola
SA
..........................................................
19,855
447
730
6,086
Sweden
(0.2%):
Industrials
(0.0%):(a)
Volvo
AB
,
Class
B
......................................................
5,909
215
Information
Technology
(0.2%):
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
67,158
727
942
Switzerland
(3.2%):
Consumer
Staples
(0.5%):
Coca-Cola
HBC
AG
(c)
...................................................
14,916
810
Nestle
SA
,
Registered
Shares
..............................................
10,995
1,049
1,859
Financials
(0.0%):(a)
Zurich
Insurance
Group
AG
...............................................
166
118
Health
Care
(1.6%):
Novartis
AG
,
Registered
Shares
.............................................
21,461
3,185
Roche
Holding
AG
......................................................
6,463
2,939
6,124
Industrials
(0.9%):
ABB
Ltd.
,
Registered
Shares
...............................................
12,297
1,059
Geberit
AG
,
Registered
Shares
(b)
...........................................
1,740
1,329
Kuehne
+
Nagel
International
AG
,
Registered
Shares
.............................
1,505
349
Schindler
Holding
AG
,
Participation
Certificates
(b)
...............................
387
149
SGS
SA
,
Registered
Shares
................................................
2,989
360
3,246
Information
Technology
(0.1%):
Logitech
International
SA
,
Registered
Shares
...................................
6,254
539
Materials
(0.1%):
Holcim
AG
(c)
.........................................................
1,741
180
12,066
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Taiwan
(1.9%):
Consumer
Staples
(0.1%):
President
Chain
Store
Corp.
...............................................
25,000
$
170
Information
Technology
(1.8%):
Accton
Technology
Corp.
.................................................
11,000
384
Advantech
Co.
Ltd.
.....................................................
16,295
154
Delta
Electronics,
Inc.
...................................................
13,000
496
MediaTek,
Inc.
.........................................................
23,000
1,276
Realtek
Semiconductor
Corp.
..............................................
34,000
520
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
32,000
1,770
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
7,212
2,384
6,984
7,154
Thailand
(0.2%):
Communication
Services
(0.2%):
Advanced
Info
Service
PCL
...............................................
53,500
593
United
Kingdom
(4.3%):
Communication
Services
(0.1%):
Autotrader
Group
PLC
(d)
.................................................
40,417
298
Consumer
Discretionary
(0.7%):
Compass
Group
PLC
....................................................
6,438
193
InterContinental
Hotels
Group
PLC
..........................................
7,341
992
Next
PLC
............................................................
7,527
1,366
2,551
Consumer
Staples
(1.1%):
British
American
Tobacco
PLC
.............................................
4,707
284
Imperial
Brands
PLC
....................................................
45,586
1,920
Reckitt
Benckiser
Group
PLC
(c)
............................................
8,817
735
Tesco
PLC
............................................................
35,729
208
Unilever
PLC
.........................................................
17,836
1,213
4,360
Energy
(0.7%):
BP
PLC
..............................................................
119,539
758
Shell
PLC
............................................................
45,450
1,747
2,505
Financials
(0.2%):
HSBC
Holdings
PLC
....................................................
48,659
858
Health
Care
(0.4%):
GSK
PLC
............................................................
58,277
1,507
Industrials
(0.5%):
International
Consolidated
Airlines
Group
SA
...................................
30,329
174
RELX
PLC
...........................................................
20,653
732
Rolls-Royce
Holdings
PLC
................................................
65,282
1,091
1,997
Information
Technology
(0.2%):
The
Sage
Group
PLC
....................................................
45,898
602
Materials
(0.2%):
Anglogold
Ashanti
PLC
..................................................
3,738
337
Rio
Tinto
PLC
.........................................................
5,427
495
832
Utilities
(0.2%):
Centrica
PLC
..........................................................
262,575
688
16,198
United
States
(60.5%):
Communication
Services
(8.0%):
Alphabet,
Inc.
,
Class
A
...................................................
16,418
5,549
Alphabet,
Inc.
,
Class
C
...................................................
33,588
11,370
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
AT&T,
Inc.
...........................................................
28,628
$
750
Electronic
Arts,
Inc.
.....................................................
7,846
1,600
Fox
Corp.
,
Class
A
......................................................
3,665
267
Meta
Platforms,
Inc.
,
Class
A
..............................................
12,262
8,786
Netflix,
Inc.
(c)
.........................................................
13,126
1,096
T-Mobile
US,
Inc.
......................................................
2,013
397
Verizon
Communications,
Inc.
..............................................
12,328
549
30,364
Consumer
Discretionary
(5.7%):
Airbnb,
Inc.
,
Class
A
(c)
..................................................
17,848
2,309
Best
Buy
Co.,
Inc.
......................................................
4,937
321
Booking
Holdings,
Inc.
...................................................
764
3,821
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(c)
.......................................
31,747
1,234
Darden
Restaurants,
Inc.
..................................................
1,778
354
Deckers
Outdoor
Corp.
(c)
.................................................
3,034
362
Domino's
Pizza,
Inc.
.....................................................
1,345
552
eBay,
Inc.
............................................................
5,883
537
Expedia
Group,
Inc.
.....................................................
7,621
2,018
General
Motors
Co.
.....................................................
10,162
854
Lowe's
Cos.,
Inc.
.......................................................
1,972
527
NVR,
Inc.
(c)
..........................................................
92
703
O'Reilly
Automotive,
Inc.
(c)
...............................................
19,726
1,941
The
TJX
Cos.,
Inc.
......................................................
22,959
3,440
Ulta
Beauty,
Inc.
(c)
.....................................................
1,894
1,226
Williams-Sonoma,
Inc.
...................................................
2,330
477
Yum!
Brands,
Inc.
......................................................
7,247
1,127
21,803
Consumer
Staples
(4.7%):
Altria
Group,
Inc.
.......................................................
70,006
4,340
Colgate-Palmolive
Co.
...................................................
31,997
2,889
Costco
Wholesale
Corp.
..................................................
731
687
Kimberly-Clark
Corp.
....................................................
11,678
1,168
Monster
Beverage
Corp.
(c)
................................................
16,309
1,317
PepsiCo,
Inc.
..........................................................
5,562
855
Philip
Morris
International,
Inc.
.............................................
23,045
4,135
Sysco
Corp.
...........................................................
7,149
599
The
Kroger
Co.
........................................................
6,718
422
The
Procter
&
Gamble
Co.
................................................
2,214
336
Walmart,
Inc.
..........................................................
9,198
1,096
17,844
Energy
(1.4%):
Coterra
Energy,
Inc.
.....................................................
10,265
296
EOG
Resources,
Inc.
....................................................
27,333
3,065
Marathon
Petroleum
Corp.
................................................
1,410
249
Valero
Energy
Corp.
.....................................................
10,699
1,941
5,551
Financials
(6.1%):
American
Express
Co.
...................................................
1,916
675
Ameriprise
Financial,
Inc.
.................................................
5,139
2,709
Capital
One
Financial
Corp.
...............................................
2,996
656
Citigroup,
Inc.
.........................................................
2,982
345
Fidelity
National
Financial,
Inc.
............................................
6,287
342
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
14,117
1,057
JPMorgan
Chase
&
Co.
..................................................
5,249
1,606
Loews
Corp.
..........................................................
4,430
468
Mastercard,
Inc.
,
Class
A
.................................................
8,264
4,452
MSCI,
Inc.
,
Class
A
.....................................................
3,253
1,982
PayPal
Holdings,
Inc.
....................................................
6,450
340
SEI
Investments
Co.
.....................................................
2,672
235
Synchrony
Financial
.....................................................
6,676
485
T.
Rowe
Price
Group,
Inc.
.................................................
2,590
274
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
The
Allstate
Corp.
......................................................
2,955
$
588
The
Charles
Schwab
Corp.
................................................
1,883
196
The
Goldman
Sachs
Group,
Inc.
............................................
955
893
The
Progressive
Corp.
...................................................
13,328
2,772
Visa,
Inc.
,
Class
A
......................................................
5,006
1,611
W.R.
Berkley
Corp.
.....................................................
12,620
865
Wells
Fargo
&
Co.
......................................................
7,309
661
23,212
Health
Care
(6.3%):
AbbVie,
Inc.
..........................................................
17,746
3,958
Amgen,
Inc.
...........................................................
1,127
385
Bristol-Myers
Squibb
Co.
.................................................
24,870
1,369
Cardinal
Health,
Inc.
....................................................
7,580
1,629
Cencora,
Inc.
..........................................................
1,635
587
CVS
Health
Corp.
......................................................
7,257
541
Gilead
Sciences,
Inc.
....................................................
25,242
3,583
IDEXX
Laboratories,
Inc.
(c)
...............................................
2,447
1,641
Johnson
&
Johnson
.....................................................
4,598
1,045
McKesson
Corp.
.......................................................
4,751
3,949
Merck
&
Co.,
Inc.
......................................................
7,325
808
Mettler-Toledo
International,
Inc.
(c)
.........................................
715
982
Pfizer,
Inc.
............................................................
23,014
608
The
Cigna
Group
.......................................................
1,636
448
UnitedHealth
Group,
Inc.
.................................................
651
187
Zoetis,
Inc.
,
Class
A
.....................................................
16,954
2,116
23,836
Industrials
(6.2%):
3M
Co.
..............................................................
3,458
530
Automatic
Data
Processing,
Inc.
............................................
9,475
2,339
C.H.
Robinson
Worldwide,
Inc.
.............................................
1,501
293
Caterpillar,
Inc.
........................................................
4,606
3,028
Cintas
Corp.
..........................................................
15,615
2,988
Delta
Air
Lines,
Inc.
.....................................................
3,904
257
EMCOR
Group,
Inc.
....................................................
2,841
2,048
Fastenal
Co.
...........................................................
34,870
1,512
GE
Vernova,
Inc.
.......................................................
932
677
General
Dynamics
Corp.
..................................................
332
116
General
Electric
Co.
.....................................................
2,116
649
Leidos
Holdings,
Inc.
....................................................
3,007
566
Lennox
International,
Inc.
.................................................
981
486
Lockheed
Martin
Corp.
...................................................
1,015
644
Otis
Worldwide
Corp.
....................................................
16,226
1,386
Rollins,
Inc.
...........................................................
17,530
1,110
United
Airlines
Holdings,
Inc.
(c)
............................................
2,008
205
United
Rentals,
Inc.
.....................................................
203
159
Verisk
Analytics,
Inc.
,
Class
A
..............................................
5,384
1,171
Vertiv
Holdings
Co.
,
Class
A
...............................................
6,613
1,231
W.W.
Grainger,
Inc.
.....................................................
1,886
2,037
23,432
Information
Technology
(20.5%):
Adobe,
Inc.
(c)
.........................................................
8,320
2,440
Amphenol
Corp.
,
Class
A
.................................................
4,302
620
Apple,
Inc.
...........................................................
61,251
15,893
Applied
Materials,
Inc.
...................................................
6,352
2,047
AppLovin
Corp.
,
Class
A
(c)
...............................................
1,577
746
Arista
Networks,
Inc.
(c)
..................................................
9,520
1,349
Autodesk,
Inc.
(c)
.......................................................
5,616
1,420
Broadcom,
Inc.
........................................................
6,940
2,299
Cisco
Systems,
Inc.
.....................................................
15,008
1,175
Docusign,
Inc.
,
Class
A
(c)
.................................................
3,558
187
Dropbox,
Inc.
,
Class
A
(c)
.................................................
3,063
78
F5,
Inc.
(c)
............................................................
1,410
389
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Fair
Isaac
Corp.
(c)
......................................................
594
$
869
Fortinet,
Inc.
(c)
........................................................
27,381
2,225
Gartner,
Inc.
(c)
........................................................
3,268
685
GoDaddy,
Inc.
,
Class
A
(c)
.................................................
9,061
911
International
Business
Machines
Corp.
........................................
2,598
797
Jabil,
Inc.
............................................................
2,187
519
KLA
Corp.
...........................................................
2,118
3,024
Lam
Research
Corp.
.....................................................
27,978
6,532
Microsoft
Corp.
........................................................
18,693
8,043
Motorola
Solutions,
Inc.
..................................................
4,382
1,764
NetApp,
Inc.
..........................................................
12,486
1,203
Nutanix,
Inc.
,
Class
A
(c)
..................................................
10,539
415
NVIDIA
Corp.
.........................................................
99,589
19,035
Palantir
Technologies,
Inc.
,
Class
A
(c)
........................................
5,327
781
Palo
Alto
Networks,
Inc.
(c)
................................................
2,114
374
Pure
Storage,
Inc.
,
Class
A
(c)
..............................................
5,266
366
QUALCOMM,
Inc.
.....................................................
3,811
578
VeriSign,
Inc.
..........................................................
2,063
504
Zscaler,
Inc.
(c)
.........................................................
2,201
440
77,708
Materials
(0.6%):
CF
Industries
Holdings,
Inc.
...............................................
3,984
371
Newmont
Corp.
........................................................
6,336
712
Packaging
Corp.
of
America
...............................................
1,084
241
Reliance,
Inc.
..........................................................
1,334
440
Steel
Dynamics,
Inc.
.....................................................
3,251
584
2,348
Real
Estate
(0.4%):
American
Tower
Corp.
...................................................
1,593
286
Crown
Castle,
Inc.
......................................................
5,993
520
Prologis,
Inc.
..........................................................
2,884
376
Welltower,
Inc.
.........................................................
2,687
506
1,688
Utilities
(0.6%):
DTE
Energy
Co.
.......................................................
3,988
536
Evergy,
Inc.
...........................................................
5,566
427
Exelon
Corp.
..........................................................
6,576
294
NiSource,
Inc.
.........................................................
10,855
481
NRG
Energy,
Inc.
.......................................................
2,891
441
2,179
229,965
Uruguay
(0.5%):
Consumer
Discretionary
(0.5%):
MercadoLibre,
Inc.
(c)
....................................................
911
1,957
Total
Common
Stocks
(Cost
$264,489)
375,800
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
,
expiring
3/31/40
(c)
(f)
...............................
1,403
—
Total
Warrants
(Cost
$–)
—
Collateral
for
Securities
Loaned
(0.3%)^
United
States
(0.3%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(g)
........
265,727
266
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(g)
............
265,727
265
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(g)
...............
265,727
266
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(g)
.
265,727
$
266
Total
Collateral
for
Securities
Loaned
(Cost
$1,063)
1,063
Total
Investments
(Cost
$265,552)
—
99.3%
376,863
Other
assets
in
excess
of
liabilities
—
0.7%
2,905
NET
ASSETS
-
100.00%
$
379,768
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Non-income
producing
security.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2026,
the
fair
value
of
these
securities
was
$2,754
(thousands)
and
amounted
to
0.7%
of
net
assets.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
January
31,
2026
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2026.
(g)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Capital
Growth
Fund
30
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.1%)
Australia
(1.8%):
Consumer
Discretionary
(0.2%):
Aristocrat
Leisure
Ltd.
...................................................
67,184
$
2,495
Financials
(0.5%):
ANZ
Group
Holdings
Ltd.
................................................
68,507
1,743
Macquarie
Group
Ltd.
...................................................
18,540
2,720
QBE
Insurance
Group
Ltd.
................................................
44,144
605
5,068
Industrials
(0.1%):
Brambles
Ltd.
.........................................................
47,884
743
Qantas
Airways
Ltd.
.....................................................
117,044
818
1,561
Materials
(0.6%):
BHP
Group
Ltd.
........................................................
109,604
3,774
Northern
Star
Resources
Ltd.
..............................................
66,999
1,232
Rio
Tinto
Ltd.
.........................................................
11,116
1,158
6,164
Real
Estate
(0.4%):
Charter
Hall
Group
......................................................
44,937
716
Goodman
Group
.......................................................
27,561
585
Scentre
Group
.........................................................
1,161,186
3,290
4,591
19,879
Austria
(0.5%):
Financials
(0.5%):
BAWAG
Group
AG(a)(b)
.................................................
32,088
5,219
Belgium
(0.4%):
Consumer
Staples
(0.2%):
Anheuser-Busch
InBev
SA
................................................
26,197
1,885
Information
Technology
(0.1%):
Melexis
NV
...........................................................
14,694
1,111
Materials
(0.1%):
Titan
SA
.............................................................
12,476
837
3,833
Bermuda
(0.2%):
Financials
(0.2%):
Everest
Group
Ltd.
......................................................
8,093
2,681
Brazil
(0.2%):
Consumer
Discretionary
(0.1%):
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
.........................
59,612
336
Vivara
Participacoes
SA
..................................................
67,400
361
697
Consumer
Staples
(0.0%):(c)
M
Dias
Branco
SA
......................................................
42,700
202
Tres
Tentos
Agroindustrial
SA
..............................................
79,821
252
454
Energy
(0.0%):(c)
Brava
Energia(a)
.......................................................
71,177
256
PRIO
SA(a)
...........................................................
28,200
273
529
Financials
(0.1%):
Banco
do
Estado
do
Rio
Grande
do
Sul
SA,
Preference
Shares
.......................
92,500
316
Pagseguro
Digital
Ltd.,
Class
A
.............................................
20,612
232
548
Victory
Portfolios
III
Victory
Capital
Growth
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Utilities
(0.0%):(c)
Equatorial
SA
.........................................................
35,800
$
278
2,506
Canada
(2.1%):
Consumer
Discretionary
(0.1%):
Lululemon
Athletica,
Inc.(a)
...............................................
4,832
843
Consumer
Staples
(0.2%):
George
Weston
Ltd.
.....................................................
35,375
2,468
Energy
(0.2%):
Parex
Resources,
Inc.
....................................................
114,697
1,702
Financials
(0.7%):
Manulife
Financial
Corp.
.................................................
125,460
4,780
National
Bank
of
Canada
.................................................
25,372
3,023
7,803
Industrials
(0.3%):
Bombardier,
Inc.,
Class
B(a)
...............................................
19,846
3,391
Information
Technology
(0.1%):
Constellation
Software,
Inc.
...............................................
702
1,296
Materials
(0.5%):
Agnico
Eagle
Mines
Ltd.
.................................................
21,238
4,037
Stella-Jones,
Inc.
.......................................................
16,909
1,134
5,171
22,674
Chile
(0.1%):
Financials
(0.0%):(c)
Banco
Itau
Chile
SA
.....................................................
11,683
318
Real
Estate
(0.1%):
Parque
Arauco
SA
......................................................
89,493
381
699
China
(0.6%):
Communication
Services
(0.2%):
Tencent
Holdings
Ltd.
...................................................
29,100
2,237
Consumer
Discretionary
(0.1%):
361
Degrees
International
Ltd.
.............................................
422,000
311
TravelSky
Technology
Ltd.,
Class
H
.........................................
181,000
246
557
Consumer
Staples
(0.0%):(c)
Guoquan
Food
Shanghai
Co.
Ltd.,
Class
H(d)
...................................
708,325
386
Health
Care
(0.1%):
3SBio,
Inc.(a)(b)
.......................................................
78,500
234
Shanghai
Conant
Optical
Co.
Ltd.,
Class
H(d)
..................................
88,000
705
Zylox-Tonbridge
Medical
Technology
Co.
Ltd.,
Class
H(b)
.........................
94,500
299
1,238
Industrials
(0.1%):
ANE
Cayman,
Inc.
......................................................
220,000
343
China
Communications
Services
Corp.
Ltd.,
Class
H
..............................
380,000
231
Harbin
Electric
Co.
Ltd.,
Class
H
............................................
168,000
427
1,001
Information
Technology
(0.1%):
GDS
Holdings
Ltd.,
Class
A(a)
.............................................
85,100
474
Utilities
(0.0%):(c)
Beijing
Jingneng
Clean
Energy
Co.
Ltd.,
Class
H
................................
798,000
238
6,131
Victory
Portfolios
III
Victory
Capital
Growth
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Denmark
(0.3%):
Health
Care
(0.3%):
Genmab
A/S(a)
........................................................
2,673
$
871
Novo
Nordisk
A/S,
Class
B
................................................
37,410
2,222
3,093
Industrials
(0.0%):(c)
Vestas
Wind
Systems
A/S
.................................................
22,500
682
3,775
Finland
(0.3%):
Financials
(0.3%):
Nordea
Bank
Abp
.......................................................
150,640
2,910
Industrials
(0.0%):(c)
Konecranes
Oyj
........................................................
6,335
746
3,656
France
(3.1%):
Communication
Services
(0.2%):
Orange
SA
............................................................
58,511
1,088
Publicis
Groupe
SA
.....................................................
8,088
808
1,896
Consumer
Discretionary
(0.1%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
2,082
1,344
Consumer
Staples
(0.3%):
L'Oreal
SA
...........................................................
7,541
3,464
Energy
(0.3%):
Gaztransport
Et
Technigaz
SA
..............................................
9,834
2,118
Technip
Energies
NV
....................................................
18,520
726
Vallourec
SACA
.......................................................
33,135
703
3,547
Financials
(0.2%):
AXA
SA
.............................................................
26,517
1,209
BNP
Paribas
SA
........................................................
11,685
1,263
2,472
Health
Care
(0.1%):
BioMerieux(d)
.........................................................
5,755
668
Ipsen
SA
.............................................................
4,871
796
1,464
Industrials
(1.3%):
Eiffage
SA
............................................................
16,265
2,412
Rexel
SA
.............................................................
88,283
3,699
Safran
SA
............................................................
15,428
5,512
Schneider
Electric
SE
....................................................
6,427
1,842
SPIE
SA
.............................................................
12,680
695
14,160
Information
Technology
(0.2%):
Capgemini
SE
.........................................................
14,302
2,222
Materials
(0.1%):
Arkema
SA
...........................................................
11,061
666
Real
Estate
(0.1%):
Klepierre
SA
..........................................................
14,250
549
Utilities
(0.2%):
Engie
SA
.............................................................
31,387
937
Veolia
Environnement
SA
.................................................
22,238
834
1,771
33,555
Victory
Portfolios
III
Victory
Capital
Growth
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Germany
(2.8%):
Communication
Services
(0.1%):
CTS
Eventim
AG
&
Co.
KGaA(d)
...........................................
8,640
$
726
Consumer
Discretionary
(0.1%):
Volkswagen
AG,
Preference
Shares
..........................................
12,401
1,504
Consumer
Staples
(0.1%):
Henkel
AG
&
Co.
KGaA,
Preference
Shares
....................................
11,469
1,007
Financials
(0.7%):
Allianz
SE,
Registered
Shares
..............................................
13,747
6,052
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Registered
Shares
.......
1,896
1,149
7,201
Health
Care
(0.0%):(c)
Fresenius
Medical
Care
AG
...............................................
9,910
446
Industrials
(0.7%):
GEA
Group
AG
........................................................
8,157
583
MTU
Aero
Engines
AG(d)
................................................
1,521
676
Siemens
AG,
Registered
Shares
.............................................
14,623
4,421
Siemens
Energy
AG(a)
...................................................
13,327
2,270
7,950
Information
Technology
(0.4%):
SAP
SE
..............................................................
20,060
4,007
Materials
(0.2%):
Heidelberg
Materials
AG
.................................................
6,336
1,735
Utilities
(0.5%):
E.ON
SE
.............................................................
44,443
943
RWE
AG
.............................................................
66,461
4,220
5,163
29,739
Greece
(0.0%):(c)
Consumer
Discretionary
(0.0%):(c)
OPAP
SA
.............................................................
11,930
241
Hong
Kong
(0.9%):
Consumer
Discretionary
(0.1%):
Galaxy
Entertainment
Group
Ltd.
...........................................
121,000
615
Energy
(0.0%):(c)
CGN
Mining
Co.
Ltd.
....................................................
755,000
493
Financials
(0.4%):
AIA
Group
Ltd.
........................................................
262,000
3,023
BOC
Hong
Kong
Holdings
Ltd.
............................................
195,500
1,029
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
12,800
706
4,758
Health
Care
(0.0%):(c)
China
Medical
System
Holdings
Ltd.(d)
.......................................
163,000
292
Real
Estate
(0.4%):
China
Jinmao
Holdings
Group
Ltd.
..........................................
940,000
208
CK
Asset
Holdings
Ltd.
..................................................
610,500
3,577
3,785
9,943
Hungary
(0.0%):(c)
Communication
Services
(0.0%):(c)
Magyar
Telekom
Telecommunications
PLC
....................................
80,490
500
India
(1.0%):
Communication
Services
(0.0%):(c)
Just
Dial
Ltd.(a)
........................................................
19,347
141
Victory
Portfolios
III
Victory
Capital
Growth
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Consumer
Discretionary
(0.2%):
ASK
Automotive
Ltd.
....................................................
75,336
$
366
Cartrade
Tech
Ltd.(a)
....................................................
17,824
514
Ceat
Ltd.
.............................................................
5,616
230
Leela
Palaces
Hotels
&
Resorts
Ltd.(a)
.......................................
54,191
248
SKY
Gold
and
Diamonds
Ltd.(a)
............................................
62,619
207
1,565
Energy
(0.0%):(c)
Mangalore
Refinery
&
Petrochemicals
Ltd.(a)
..................................
134,813
259
Financials
(0.2%):
Angel
One
Ltd.
........................................................
6,870
190
Can
Fin
Homes
Ltd.
.....................................................
31,891
324
City
Union
Bank
Ltd.
....................................................
115,013
377
LIC
Housing
Finance
Ltd.
.................................................
47,508
272
Nippon
Life
India
Asset
Management
Ltd.(b)
...................................
56,485
540
Nuvama
Wealth
Management
Ltd.
...........................................
15,613
228
The
Karur
Vysya
Bank
Ltd.
................................................
167,904
551
2,482
Health
Care
(0.1%):
Acutaas
Chemicals
Ltd.
..................................................
13,567
283
Fortis
Healthcare
Ltd.
....................................................
25,395
235
Jubilant
Pharmova
Ltd.
...................................................
20,748
222
Strides
Pharma
Science
Ltd.
...............................................
25,256
241
981
Industrials
(0.3%):
eClerx
Services
Ltd.
.....................................................
5,306
269
Engineers
India
Ltd.
.....................................................
109,853
206
Escorts
Kubota
Ltd.
.....................................................
7,650
282
GE
Vernova
T&D
India
Ltd.
...............................................
11,819
415
J
Kumar
Infraprojects
Ltd.
................................................
52,303
325
Kalpataru
Projects
International
Ltd.
.........................................
35,066
437
Sagility
Ltd.
...........................................................
774,043
421
Transport
Corp.
of
India
Ltd.
...............................................
18,042
209
VRL
Logistics
Ltd.
......................................................
95,910
282
2,846
Information
Technology
(0.1%):
Coforge
Ltd.
..........................................................
14,567
262
Zensar
Technologies
Ltd.
.................................................
28,994
205
467
Materials
(0.1%):
MOIL
Ltd.
............................................................
99,750
396
National
Aluminium
Co.
Ltd.
..............................................
181,214
755
Welspun
Corp.
Ltd.
.....................................................
41,035
324
1,475
Real
Estate
(0.0%):(c)
Oberoi
Realty
Ltd.
......................................................
12,019
195
Sunteck
Realty
Ltd.
.....................................................
47,023
205
400
Utilities
(0.0%):(c)
CESC
Ltd.
............................................................
151,125
247
VA
Tech
Wabag
Ltd.
.....................................................
15,720
185
432
11,048
Indonesia
(0.2%):
Consumer
Staples
(0.1%):
PT
Cisarua
Mountain
Dairy
Tbk
............................................
698,500
212
PT
Japfa
Comfeed
Indonesia
Tbk
...........................................
2,896,300
479
691
Victory
Portfolios
III
Victory
Capital
Growth
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Health
Care
(0.0%):(c)
PT
Kalbe
Farma
Tbk
....................................................
2,933,300
$
200
Materials
(0.1%):
Aneka
Tambang
Tbk
....................................................
2,347,200
578
Real
Estate
(0.0%):(c)
PT
Ciputra
Development
Tbk
..............................................
4,701,300
233
Utilities
(0.0%):(c)
PT
Perusahaan
Gas
Negara
Tbk
.............................................
2,209,100
280
1,982
Ireland
(0.9%):
Consumer
Discretionary
(0.2%):
Aptiv
PLC(a)
..........................................................
28,905
2,189
Financials
(0.1%):
Bank
of
Ireland
Group
PLC
...............................................
45,870
932
Industrials
(0.1%):
AerCap
Holdings
NV
....................................................
9,345
1,342
Materials
(0.5%):
CRH
PLC
............................................................
32,461
3,974
James
Hardie
Industries
PLC(a)
............................................
61,540
1,402
5,376
9,839
Italy
(0.7%):
Consumer
Discretionary
(0.1%):
PRADA
SpA
..........................................................
152,600
780
Financials
(0.2%):
Banca
Mediolanum
SpA
..................................................
34,285
804
Banco
BPM
SpA
.......................................................
82,069
1,230
2,034
Information
Technology
(0.0%):(c)
Reply
SpA
............................................................
4,601
603
Utilities
(0.4%):
Enel
SpA
.............................................................
362,960
4,010
7,427
Japan
(6.9%):
Communication
Services
(0.3%):
Kakaku.com,
Inc.
.......................................................
123,800
1,690
Konami
Group
Corp.
....................................................
10,100
1,475
3,165
Consumer
Discretionary
(1.2%):
Asics
Corp.
...........................................................
110,900
2,670
Sony
Group
Corp.
......................................................
65,300
1,440
Sumitomo
Electric
Industries
Ltd.
...........................................
38,400
1,682
Suzuki
Motor
Corp.
.....................................................
48,200
657
Toyota
Motor
Corp.
.....................................................
304,800
6,909
13,358
Consumer
Staples
(0.2%):
Asahi
Group
Holdings
Ltd.
................................................
46,800
490
MatsukiyoCocokara
&
Co.
................................................
41,700
668
Toyo
Suisan
Kaisha
Ltd.
..................................................
21,600
1,542
2,700
Financials
(1.3%):
Mizuho
Financial
Group,
Inc.
..............................................
158,920
6,901
ORIX
Corp.
...........................................................
27,000
823
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
69,100
2,432
Victory
Portfolios
III
Victory
Capital
Growth
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Tokio
Marine
Holdings,
Inc.
...............................................
104,100
$
3,880
14,036
Health
Care
(0.8%):
Hoya
Corp.
...........................................................
20,800
3,490
Otsuka
Holdings
Co.
Ltd.
.................................................
17,500
1,048
Shionogi
&
Co.
Ltd.
.....................................................
172,400
3,550
8,088
Industrials
(1.7%):
Central
Japan
Railway
Co.
................................................
35,300
985
Fuji
Electric
Co.
Ltd.
....................................................
49,100
3,498
Fujikura
Ltd.
..........................................................
14,000
1,760
ITOCHU
Corp.
........................................................
134,500
1,722
MISUMI
Group,
Inc.
....................................................
76,400
1,263
Mitsubishi
Heavy
Industries
Ltd.
............................................
162,400
4,782
Nippon
Yusen
KK(d)
....................................................
30,200
993
Obayashi
Corp.
........................................................
42,000
948
Recruit
Holdings
Co.
Ltd.
.................................................
10,200
538
Sanwa
Holdings
Corp.
...................................................
87,400
1,980
18,469
Information
Technology
(1.2%):
Disco
Corp.
...........................................................
10,100
4,306
Fujitsu
Ltd.
...........................................................
121,100
3,365
Ibiden
Co.
Ltd.
.........................................................
31,600
1,666
NEC
Corp.
...........................................................
58,200
1,973
SCREEN
Holdings
Co.
Ltd.
...............................................
8,400
1,070
Yokogawa
Electric
Corp.
.................................................
29,400
980
13,360
Materials
(0.1%):
Asahi
Kasei
Corp.
......................................................
73,700
715
Real
Estate
(0.1%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
17,700
603
74,494
Luxembourg
(0.1%):
Materials
(0.1%):
ArcelorMittal
SA
.......................................................
18,159
986
Malaysia
(0.2%):
Industrials
(0.0%):(c)
Zetrix
Ai
Bhd
..........................................................
2,376,700
486
Materials
(0.1%):
Malayan
Cement
Bhd
....................................................
316,700
642
Real
Estate
(0.1%):
Eco
World
Development
Group
Bhd
.........................................
609,300
345
Matrix
Concepts
Holdings
Bhd
.............................................
619,200
225
570
1,698
Mexico
(0.1%):
Energy
(0.0%):(c)
Vista
Energy
SAB
de
CV,
ADR(a)
...........................................
5,852
354
Financials
(0.0%):(c)
Gentera
SAB
de
CV
.....................................................
138,065
385
Materials
(0.1%):
GCC
SAB
de
CV
.......................................................
43,212
468
Real
Estate
(0.0%):(c)
Concentradora
Fibra
Danhos
SA
de
CV(d)
.....................................
175,288
273
1,480
Victory
Portfolios
III
Victory
Capital
Growth
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Netherlands
(2.2%):
Communication
Services
(0.3%):
Koninklijke
KPN
NV
....................................................
691,751
$
3,388
Consumer
Discretionary
(0.1%):
Prosus
NV(a)
..........................................................
22,695
1,305
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
20,745
811
Financials
(0.7%):
Euronext
NV(b)
........................................................
7,296
1,022
ING
Groep
NV
........................................................
178,054
5,250
NN
Group
NV
.........................................................
10,684
847
7,119
Health
Care
(0.1%):
Argenx
SE(a)
..........................................................
1,288
1,083
Industrials
(0.1%):
Wolters
Kluwer
NV
.....................................................
9,003
845
Information
Technology
(0.8%):
ASML
Holding
NV
.....................................................
6,014
8,622
23,173
New
Zealand
(0.2%):
Health
Care
(0.2%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
81,781
1,910
Norway
(0.5%):
Energy
(0.1%):
Aker
BP
ASA
.........................................................
40,389
1,189
Industrials
(0.2%):
Kongsberg
Gruppen
ASA
.................................................
77,358
2,658
Materials
(0.2%):
Norsk
Hydro
ASA(d)
....................................................
198,032
1,759
5,606
Philippines
(0.0%):(c)
Financials
(0.0%):(c)
Security
Bank
Corp.
.....................................................
159,460
176
Utilities
(0.0%):(c)
Manila
Water
Co.,
Inc.
...................................................
374,000
258
434
Poland
(0.1%):
Financials
(0.0%):(c)
Alior
Bank
SA
.........................................................
6,993
228
Utilities
(0.1%):
Tauron
Polska
Energia
SA(a)
..............................................
116,016
359
587
Portugal
(0.1%):
Energy
(0.1%):
Galp
Energia
SGPS
SA
...................................................
35,421
705
Puerto
Rico
(0.1%):
Financials
(0.1%):
Popular,
Inc.
..........................................................
10,296
1,375
Russian
Federation
(0.0%):
Consumer
Discretionary
(0.0%):
Detsky
Mir
PJSC(a)(e)(f)
.................................................
214,920
—
Financials
(0.0%):
Bank
St.
Petersburg
PJSC(a)(e)(f)
...........................................
372,110
—
—
Victory
Portfolios
III
Victory
Capital
Growth
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Saudi
Arabia
(0.1%):
Consumer
Discretionary
(0.0%):(c)
United
Electronics
Co.
...................................................
13,560
$
318
Industrials
(0.1%):
Riyadh
Cables
Group
Co.
.................................................
9,283
323
Real
Estate
(0.0%):(c)
Arabian
Centres
Co.(b)
...................................................
37,751
197
838
Singapore
(0.5%):
Communication
Services
(0.0%):(c)
JOYY,
Inc.,
ADR
.......................................................
4,090
263
Consumer
Discretionary
(0.1%):
Sea
Ltd.,
ADR(a)
.......................................................
5,232
610
Financials
(0.3%):
DBS
Group
Holdings
Ltd.
.................................................
28,500
1,325
Singapore
Exchange
Ltd.
.................................................
151,400
2,098
3,423
Industrials
(0.1%):
Singapore
Technologies
Engineering
Ltd.
......................................
120,200
924
5,220
South
Africa
(0.2%):
Consumer
Staples
(0.0%):(c)
Tiger
Brands
Ltd.
.......................................................
12,237
255
Energy
(0.0%):(c)
Exxaro
Resources
Ltd.
...................................................
22,689
259
Financials
(0.1%):
Santam
Ltd.
...........................................................
11,282
300
Materials
(0.1%):
Northam
Platinum
Holdings
Ltd.
............................................
18,789
448
Pan
African
Resources
PLC
...............................................
479,166
836
1,284
2,098
South
Korea
(0.7%):
Communication
Services
(0.0%):(c)
Netmarble
Corp.(a)(b)
...................................................
5,223
191
Consumer
Discretionary
(0.0%):(c)
Silicon2
Co.
Ltd.(a)
.....................................................
11,726
431
Financials
(0.1%):
JB
Financial
Group
Co.
Ltd.
...............................................
21,416
374
KIWOOM
Securities
Co.
Ltd.
..............................................
2,713
834
1,208
Health
Care
(0.1%):
Classys,
Inc.(a)
........................................................
7,762
399
Daewoong
Pharmaceutical
Co.
Ltd.(a)
........................................
2,067
242
HK
inno
N
Corp.(a)
.....................................................
7,459
291
932
Industrials
(0.2%):
HD-Hyundai
Marine
Engine(a)
.............................................
7,648
469
Hyundai
Glovis
Co.
Ltd.
..................................................
1,438
243
Hyundai
Rotem
Co.
Ltd.
..................................................
1,639
262
Iljin
Electric
Co.
Ltd.
....................................................
7,290
336
Samsung
E&A
Co.
Ltd.
..................................................
19,617
418
Sanil
Electric
Co.
Ltd.
...................................................
3,786
384
2,112
Victory
Portfolios
III
Victory
Capital
Growth
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Information
Technology
(0.2%):
Douzone
Bizon
Co.
Ltd.
..................................................
5,880
$
397
IsuPetasys
Co.
Ltd.
......................................................
6,716
542
LEENO
Industrial,
Inc.(a)
.................................................
6,400
466
LG
Innotek
Co.
Ltd.
.....................................................
2,024
344
PSK,
Inc.(a)
...........................................................
8,110
343
2,092
Materials
(0.1%):
Hyosung
TNC
Corp.(a)
...................................................
1,019
266
OCI
Holdings
Co.
Ltd.
...................................................
1,895
151
Poongsan
Corp.
........................................................
5,456
497
914
7,880
Spain
(1.6%):
Consumer
Discretionary
(0.1%):
Industria
de
Diseno
Textil
SA
..............................................
19,593
1,275
Energy
(0.1%):
Repsol
SA
............................................................
43,838
863
Financials
(1.0%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
241,397
6,127
Banco
Santander
SA
.....................................................
245,217
3,130
Bankinter
SA
..........................................................
61,149
1,044
10,301
Industrials
(0.3%):
Aena
SME
SA(b)
.......................................................
112,831
3,504
Utilities
(0.1%):
Iberdrola
SA
..........................................................
56,976
1,281
17,224
Sweden
(0.8%):
Communication
Services
(0.1%):
Tele2
AB,
B
Shares
.....................................................
58,837
1,083
Consumer
Staples
(0.1%):
Essity
AB,
Class
B
......................................................
29,021
859
Financials
(0.1%):
Swedbank
AB,
Class
A
...................................................
24,407
949
Industrials
(0.4%):
Atlas
Copco
AB,
Class
B
.................................................
217,031
3,905
Materials
(0.1%):
Boliden
AB(a)
.........................................................
18,648
1,306
8,102
Switzerland
(3.7%):
Consumer
Discretionary
(0.1%):
On
Holding
AG,
Class
A(a)
................................................
14,979
678
Consumer
Staples
(0.8%):
Coca-Cola
HBC
AG(a)
...................................................
91,410
4,963
Nestle
SA,
Registered
Shares
..............................................
33,816
3,228
8,191
Financials
(0.5%):
Partners
Group
Holding
AG
...............................................
515
702
UBS
Group
AG
........................................................
78,180
3,700
Zurich
Insurance
Group
AG
...............................................
2,047
1,457
5,859
Health
Care
(1.7%):
Novartis
AG,
Registered
Shares
.............................................
60,606
8,994
Roche
Holding
AG
......................................................
19,196
8,731
Victory
Portfolios
III
Victory
Capital
Growth
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Sandoz
Group
AG(d)
....................................................
12,387
$
981
18,706
Industrials
(0.2%):
ABB
Ltd.,
Registered
Shares
...............................................
25,715
2,215
Information
Technology
(0.2%):
Logitech
International
SA,
Registered
Shares
...................................
19,673
1,695
Materials
(0.2%):
Amrize
Ltd.(a)
.........................................................
12,006
635
Holcim
AG(a)
.........................................................
14,270
1,471
2,106
39,450
Taiwan
(1.2%):
Consumer
Discretionary
(0.1%):
Lion
Travel
Service
Co.
Ltd.
...............................................
47,000
252
Minth
Group
Ltd.
.......................................................
106,000
499
Tong
Yang
Industry
Co.
Ltd.
...............................................
155,000
537
1,288
Consumer
Staples
(0.0%):(c)
Charoen
Pokphand
Enterprise
..............................................
51,000
241
Health
Care
(0.1%):
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
11,197
214
Lotus
Pharmaceutical
Co.
Ltd.
.............................................
28,000
321
535
Industrials
(0.2%):
Bizlink
Holding,
Inc.
....................................................
17,266
701
China
Airlines
Ltd.
......................................................
403,000
284
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
.................................
122,000
549
1,534
Information
Technology
(0.8%):
AURAS
Technology
Co.
Ltd.
..............................................
11,195
320
Chenbro
Micom
Co.
Ltd.
.................................................
31,000
885
Chroma
ATE,
Inc.
......................................................
16,000
491
Ennoconn
Corp.
........................................................
20,000
179
Genius
Electronic
Optical
Co.
Ltd.
..........................................
18,000
258
Getac
Holdings
Corp.
....................................................
64,000
228
Gold
Circuit
Electronics
Ltd.
...............................................
36,400
795
King
Slide
Works
Co.
Ltd.
................................................
2,000
197
King
Yuan
Electronics
Co.
Ltd.
.............................................
75,000
695
MPI
Corp.
............................................................
10,000
790
Nanya
Technology
Corp.(a)
...............................................
89,000
901
Phison
Electronics
Corp.
..................................................
15,000
1,113
Taiwan
Union
Technology
Corp.
............................................
39,000
617
Tripod
Technology
Corp.
.................................................
49,000
578
Winbond
Electronics
Corp.(a)
..............................................
123,000
486
8,533
Materials
(0.0%):(c)
Nan
Pao
Resins
Chemical
Co.
Ltd.
..........................................
32,000
314
12,445
Thailand
(0.1%):
Consumer
Discretionary
(0.1%):
Com7
PCL,
NVDR
.....................................................
511,700
355
Financials
(0.0%):(c)
Thanachart
Capital
PCL,
NVDR
............................................
136,900
257
Health
Care
(0.0%):(c)
Bumrungrad
Hospital
PCL,
NVDR
..........................................
54,700
291
Victory
Portfolios
III
Victory
Capital
Growth
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Industrials
(0.0%):(c)
CH
Karnchang
PCL,
NVDR
...............................................
676,200
$
269
Utilities
(0.0%):(c)
Gunkul
Engineering
PCL,
NVDR
...........................................
3,924,600
227
1,399
Turkey
(0.0%):(c)
Health
Care
(0.0%):(c)
MLP
Saglik
Hizmetleri
A/S,
Class
B(a)(b)
.....................................
27,908
302
United
Arab
Emirates
(0.1%):
Industrials
(0.1%):
Air
Arabia
PJSC
........................................................
469,540
637
United
Kingdom
(5.5%):
Communication
Services
(0.1%):
Autotrader
Group
PLC(b)
.................................................
95,643
705
Informa
PLC
..........................................................
60,796
733
1,438
Consumer
Discretionary
(0.4%):
Next
PLC
............................................................
20,690
3,756
Pepco
Group
NV
.......................................................
40,347
330
4,086
Consumer
Staples
(0.6%):
Imperial
Brands
PLC
....................................................
100,218
4,220
Unilever
PLC
.........................................................
25,761
1,752
5,972
Energy
(1.1%):
BP
PLC
..............................................................
291,456
1,847
Harbour
Energy
PLC
....................................................
207,900
666
Shell
PLC
............................................................
149,868
5,760
TechnipFMC
PLC
......................................................
71,624
3,991
12,264
Financials
(1.5%):
3i
Group
PLC
.........................................................
26,333
1,209
Barclays
PLC
.........................................................
1,084,966
7,240
HSBC
Holdings
PLC
....................................................
282,723
4,986
Standard
Chartered
PLC
..................................................
107,288
2,745
16,180
Health
Care
(0.5%):
AstraZeneca
PLC
.......................................................
15,307
2,852
GSK
PLC
............................................................
76,194
1,970
4,822
Industrials
(0.4%):
Howden
Joinery
Group
PLC
...............................................
105,016
1,203
International
Consolidated
Airlines
Group
SA
...................................
117,452
674
RELX
PLC
...........................................................
20,254
718
Rolls-Royce
Holdings
PLC
................................................
119,526
1,998
4,593
Information
Technology
(0.0%):(c)
Softcat
PLC
...........................................................
23,269
456
Materials
(0.5%):
Rio
Tinto
PLC
.........................................................
54,133
4,938
Real
Estate
(0.1%):
LondonMetric
Property
PLC
...............................................
221,758
609
Utilities
(0.3%):
Centrica
PLC
..........................................................
652,137
1,707
Drax
Group
PLC
.......................................................
79,328
979
Victory
Portfolios
III
Victory
Capital
Growth
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
National
Grid
PLC
......................................................
43,024
$
731
3,417
58,775
United
States
(57.0%):
Communication
Services
(5.8%):
Alphabet,
Inc.,
Class
C
...................................................
11,118
3,764
Alphabet,
Inc.,
Class
A
...................................................
116,649
39,427
Comcast
Corp.,
Class
A
..................................................
88,756
2,641
Meta
Platforms,
Inc.,
Class
A
..............................................
5,382
3,856
Netflix,
Inc.(a)
.........................................................
64,540
5,388
Verizon
Communications,
Inc.
..............................................
167,591
7,461
62,537
Consumer
Discretionary
(5.0%):
Amazon.com,
Inc.(a)
....................................................
32,228
7,712
Booking
Holdings,
Inc.
...................................................
856
4,282
BorgWarner,
Inc.
.......................................................
37,224
1,765
Carnival
PLC(a)
........................................................
56,049
1,665
Deckers
Outdoor
Corp.(a)
.................................................
34,792
4,152
eBay,
Inc.
............................................................
37,693
3,438
Expedia
Group,
Inc.
.....................................................
18,290
4,844
General
Motors
Co.
.....................................................
73,292
6,157
Lowe's
Cos.,
Inc.
.......................................................
11,665
3,115
PulteGroup,
Inc.
........................................................
19,013
2,378
Ralph
Lauren
Corp.,
Class
A
...............................................
10,496
3,709
Tapestry,
Inc.
..........................................................
30,310
3,847
Toll
Brothers,
Inc.
......................................................
15,758
2,277
Ulta
Beauty,
Inc.(a)
.....................................................
6,176
3,998
53,339
Consumer
Staples
(2.9%):
Altria
Group,
Inc.
.......................................................
69,243
4,293
Coca-Cola
Consolidated,
Inc.
..............................................
6,983
1,062
Ingredion,
Inc.
.........................................................
18,791
2,219
Philip
Morris
International,
Inc.
.............................................
33,999
6,101
Sysco
Corp.
...........................................................
39,477
3,310
The
Kroger
Co.
........................................................
57,410
3,608
U.S.
Foods
Holding
Corp.(a)
...............................................
29,590
2,474
Walmart,
Inc.
..........................................................
69,324
8,259
31,326
Energy
(1.1%):
Coterra
Energy,
Inc.
.....................................................
23,786
686
EOG
Resources,
Inc.
....................................................
27,066
3,035
Marathon
Petroleum
Corp.
................................................
18,080
3,185
Ovintiv,
Inc.
..........................................................
41,752
1,815
Valero
Energy
Corp.
.....................................................
17,433
3,163
11,884
Financials
(7.3%):
American
Express
Co.
...................................................
11,407
4,017
Ameriprise
Financial,
Inc.
.................................................
12,417
6,546
Brookfield
Asset
Management
Ltd.,
Class
A
....................................
33,437
1,662
Capital
One
Financial
Corp.
...............................................
18,221
3,989
Cincinnati
Financial
Corp.
................................................
9,196
1,480
Fidelity
National
Financial,
Inc.
............................................
48,046
2,613
Interactive
Brokers
Group,
Inc.,
Class
A
.......................................
63,415
4,749
JPMorgan
Chase
&
Co.
..................................................
37,696
11,531
PayPal
Holdings,
Inc.
....................................................
49,333
2,599
Synchrony
Financial
.....................................................
4,204
305
The
Allstate
Corp.
......................................................
34,570
6,879
The
Bank
of
New
York
Mellon
Corp.
.........................................
16,361
1,962
The
Goldman
Sachs
Group,
Inc.
............................................
9,919
9,278
The
Hartford
Insurance
Group,
Inc.
..........................................
22,597
3,052
The
PNC
Financial
Services
Group,
Inc.
......................................
25,614
5,720
Victory
Portfolios
III
Victory
Capital
Growth
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
The
Progressive
Corp.
...................................................
16,832
$
3,501
Visa,
Inc.,
Class
A
......................................................
5,349
1,722
W.R.
Berkley
Corp.
.....................................................
3,310
227
Wells
Fargo
&
Co.
......................................................
76,267
6,901
78,733
Health
Care
(7.1%):
Abbott
Laboratories
.....................................................
9,893
1,081
AbbVie,
Inc.
..........................................................
35,947
8,017
Bristol-Myers
Squibb
Co.
.................................................
78,783
4,337
Cardinal
Health,
Inc.
....................................................
24,986
5,369
Cencora,
Inc.
..........................................................
8,767
3,149
CVS
Health
Corp.
......................................................
41,061
3,060
Exelixis,
Inc.(a)
........................................................
73,194
3,027
Gilead
Sciences,
Inc.
....................................................
50,615
7,185
Johnson
&
Johnson
.....................................................
33,470
7,606
McKesson
Corp.
.......................................................
8,083
6,719
Merck
&
Co.,
Inc.
......................................................
61,753
6,810
Pfizer,
Inc.
............................................................
199,901
5,285
Royalty
Pharma
PLC,
Class
A
..............................................
87,070
3,629
Tenet
Healthcare
Corp.(a)
.................................................
16,419
3,108
The
Cigna
Group
.......................................................
14,819
4,062
Universal
Health
Services,
Inc.,
Class
B
.......................................
6,705
1,349
Zoetis,
Inc.,
Class
A
.....................................................
15,886
1,983
75,776
Industrials
(5.3%):
Acuity,
Inc.
...........................................................
3,568
1,103
Allison
Transmission
Holdings,
Inc.
.........................................
22,636
2,460
Automatic
Data
Processing,
Inc.
............................................
16,350
4,035
Caterpillar,
Inc.
........................................................
6,305
4,145
Comfort
Systems
USA,
Inc.
...............................................
4,943
5,645
Cummins,
Inc.
.........................................................
11,288
6,534
Delta
Air
Lines,
Inc.
.....................................................
53,949
3,555
EMCOR
Group,
Inc.
....................................................
8,049
5,801
GE
Vernova,
Inc.
.......................................................
4,557
3,310
General
Electric
Co.
.....................................................
5,513
1,691
Leidos
Holdings,
Inc.
....................................................
22,353
4,209
Lockheed
Martin
Corp.
...................................................
5,392
3,420
Mueller
Industries,
Inc.
...................................................
12,989
1,768
Uber
Technologies,
Inc.(a)
................................................
54,998
4,403
United
Airlines
Holdings,
Inc.(a)
............................................
49,596
5,075
57,154
Information
Technology
(20.2%):
Adobe,
Inc.(a)
.........................................................
9,639
2,827
Amphenol
Corp.,
Class
A
.................................................
28,134
4,054
Apple,
Inc.
...........................................................
172,561
44,776
Arista
Networks,
Inc.(a)
..................................................
31,893
4,520
Cisco
Systems,
Inc.
.....................................................
123,981
9,710
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
22,953
1,883
Dropbox,
Inc.,
Class
A(a)
.................................................
119,826
3,053
F5,
Inc.(a)
............................................................
11,315
3,118
Flex
Ltd.(a)
...........................................................
47,920
3,021
Gen
Digital,
Inc.
.......................................................
57,513
1,380
GoDaddy,
Inc.,
Class
A(a)
.................................................
7,610
765
Hewlett
Packard
Enterprise
Co.
.............................................
56,651
1,219
International
Business
Machines
Corp.
........................................
21,907
6,719
Jabil,
Inc.
............................................................
14,026
3,327
KLA
Corp.
...........................................................
3,207
4,579
Lam
Research
Corp.
.....................................................
30,137
7,036
Microsoft
Corp.
........................................................
91,303
39,287
Motorola
Solutions,
Inc.
..................................................
5,077
2,044
NetApp,
Inc.
..........................................................
26,816
2,584
NVIDIA
Corp.
.........................................................
290,654
55,553
Victory
Portfolios
III
Victory
Capital
Growth
Fund
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Name
Acquisition
Date
Cost
Bank
St.
Petersburg
PJSC
......................................
12/15/2021
$
410
Detsky
Mir
PJSC
............................................
9/30/2020
348
Security
Description
Shares
Value
(000)
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
41,640
$
6,104
QUALCOMM,
Inc.
.....................................................
34,587
5,243
VeriSign,
Inc.
..........................................................
12,949
3,163
Zoom
Communications,
Inc.,
Class
A(a)
......................................
14,565
1,341
217,306
Materials
(1.6%):
CF
Industries
Holdings,
Inc.
...............................................
39,722
3,703
Newmont
Corp.
........................................................
60,576
6,806
Reliance,
Inc.
..........................................................
7,481
2,465
Steel
Dynamics,
Inc.
.....................................................
22,878
4,108
17,082
Utilities
(0.7%):
DTE
Energy
Co.
.......................................................
1,637
220
Evergy,
Inc.
...........................................................
21,111
1,620
National
Fuel
Gas
Co.
...................................................
11,640
975
NRG
Energy,
Inc.
.......................................................
18,867
2,880
Talen
Energy
Corp.(a)
...................................................
6,041
2,105
7,800
612,937
Total
Common
Stocks
(Cost
$715,453)
1,055,082
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.,
expiring
3/31/40(a)(f)
...............................
1,780
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(1.2%)
United
States
(1.2%):
iShares
Core
MSCI
EAFE
ETF
.............................................
5,909
556
iShares
MSCI
Emerging
Markets
Small-Cap
ETF
................................
4,646
334
State
Street
Real
Estate
Select
Sector
SPDR
ETF
................................
285,472
11,827
12,717
Total
Exchange-Traded
Funds
(Cost
$12,903)
12,717
Collateral
for
Securities
Loaned
(0.3%)^
United
States
(0.3%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.58%(g)
........
895,598
896
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.61%(g)
............
895,598
895
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.60%(g)
...............
895,598
895
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.60%(g)
.
895,598
896
Total
Collateral
for
Securities
Loaned
(Cost
$3,582)
3,582
Total
Investments
(Cost
$731,938)
—
99.6%
1,071,381
Other
assets
in
excess
of
liabilities
—
0.4%
4,019
NET
ASSETS
-
100.00%
$
1,075,400
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2026,
the
fair
value
of
these
securities
was
$12,213
(thousands)
and
amounted
to
1.1%
of
net
assets.
(c)
Amount
represents
less
than
0.05%
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
January
31,
2026
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2026.
(g)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
Victory
Portfolios
III
Victory
Capital
Growth
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
January
31,
2026
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
46
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(97.9%)
Communication
Services
(14.4%):
Alphabet,
Inc.
,
Class
C
...................................................
550,898
$
186,495
Meta
Platforms,
Inc.
,
Class
A
..............................................
183,917
131,777
Netflix,
Inc.
(a)
.........................................................
523,845
43,736
Reddit,
Inc.
,
Class
A
(a)
...................................................
34,287
6,181
The
New
York
Times
Co.
,
Class
A
...........................................
35,828
2,627
The
Trade
Desk,
Inc.
,
Class
A
(a)
(b)
..........................................
180,093
5,462
376,278
Communications
Equipment
(2.5%):
Arista
Networks,
Inc.
(a)
..................................................
254,297
36,044
Motorola
Solutions,
Inc.
..................................................
72,848
29,324
65,368
Consumer
Discretionary
(13.1%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
39,979
5,172
Amazon.com,
Inc.
(a)
....................................................
392,768
93,989
Booking
Holdings,
Inc.
...................................................
1,359
6,798
Burlington
Stores,
Inc.
(a)
.................................................
70,869
20,967
Chewy,
Inc.
,
Class
A
(a)
..................................................
45,091
1,313
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
98,001
3,809
Deckers
Outdoor
Corp.
(a)
.................................................
108,207
12,913
DoorDash,
Inc.
,
Class
A
(a)
................................................
15,338
3,139
DraftKings,
Inc.
(a)
......................................................
46,345
1,275
Expedia
Group,
Inc.
.....................................................
27,296
7,229
Hilton
Worldwide
Holdings,
Inc.
............................................
39,444
11,774
Las
Vegas
Sands
Corp.
...................................................
82,736
4,363
Lululemon
Athletica,
Inc.
(a)
...............................................
52,119
9,095
Marriott
International,
Inc.
,
Class
A
..........................................
18,848
5,943
On
Holding
AG
,
Class
A
(a)
................................................
335,301
15,172
O'Reilly
Automotive,
Inc.
(a)
...............................................
374,174
36,823
Ralph
Lauren
Corp.
,
Class
A
...............................................
13,115
4,635
Royal
Caribbean
Cruises
Ltd.
..............................................
20,663
6,708
Tesla,
Inc.
(a)
..........................................................
153,235
65,954
Ulta
Beauty,
Inc.
(a)
.....................................................
31,190
20,191
Viking
Holdings
Ltd.
(a)
..................................................
93,499
6,746
344,008
Consumer
Staples
(1.4%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
76,871
7,106
Celsius
Holdings,
Inc.
(a)
..................................................
106,716
5,600
Costco
Wholesale
Corp.
..................................................
12,841
12,074
elf
Beauty,
Inc.
(a)
.......................................................
42,083
3,577
Maplebear,
Inc.
(a)
......................................................
47,176
1,753
Monster
Beverage
Corp.
(a)
................................................
88,635
7,158
37,268
Electronic
Equipment,
Instruments
&
Components
(0.2%):
Amphenol
Corp.
,
Class
A
.................................................
40,450
5,828
Energy
(0.5%):
Diamondback
Energy,
Inc.
................................................
28,228
4,628
Texas
Pacific
Land
Corp.
.................................................
5,949
2,072
Viper
Energy,
Inc.
,
Class
A
................................................
178,767
7,569
14,269
Financials
(5.2%):
Huntington
Bancshares,
Inc.
...............................................
732,342
12,801
LPL
Financial
Holdings,
Inc.
...............................................
26,384
9,617
Mastercard,
Inc.
,
Class
A
.................................................
26,714
14,393
MSCI,
Inc.
,
Class
A
.....................................................
10,872
6,623
The
Progressive
Corp.
...................................................
34,625
7,202
Tradeweb
Markets,
Inc.
,
Class
A
............................................
95,068
9,799
Visa,
Inc.
,
Class
A
......................................................
238,581
76,783
137,218
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Health
Care
(9.1%):
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
16,684
$
5,640
Argenx
SE
,
ADR
(a)
.....................................................
12,087
10,159
Cardinal
Health,
Inc.
....................................................
20,549
4,416
Cencora,
Inc.
..........................................................
29,785
10,699
Dexcom,
Inc.
(a)
........................................................
67,275
4,914
Eli
Lilly
&
Co.
.........................................................
48,517
50,319
Exelixis,
Inc.
(a)
........................................................
88,801
3,673
Halozyme
Therapeutics,
Inc.
(a)
.............................................
130,450
9,355
IDEXX
Laboratories,
Inc.
(a)
...............................................
7,145
4,791
Incyte
Corp.
(a)
.........................................................
88,417
8,848
Insmed,
Inc.
(a)
.........................................................
39,489
6,195
Intuitive
Surgical,
Inc.
(a)
.................................................
74,866
37,749
McKesson
Corp.
.......................................................
35,823
29,776
Medpace
Holdings,
Inc.
(a)
................................................
17,651
10,281
Natera,
Inc.
(a)
.........................................................
64,390
14,883
Neurocrine
Biosciences,
Inc.
(a)
.............................................
51,109
6,954
Royalty
Pharma
PLC
,
Class
A
..............................................
269,073
11,215
UnitedHealth
Group,
Inc.
.................................................
17,253
4,950
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
19,913
4,061
238,878
Industrials
(8.6%):
Armstrong
World
Industries,
Inc.
............................................
12,814
2,354
Builders
FirstSource,
Inc.
(a)
...............................................
38,736
4,431
BWX
Technologies,
Inc.
..................................................
43,774
8,993
Cintas
Corp.
..........................................................
22,362
4,280
Clean
Harbors,
Inc.
(a)
...................................................
25,426
6,608
Comfort
Systems
USA,
Inc.
...............................................
3,516
4,016
ExlService
Holdings,
Inc.
(a)
...............................................
163,836
6,414
FTAI
Aviation
Ltd.
......................................................
28,997
7,896
GE
Vernova,
Inc.
.......................................................
9,611
6,981
HEICO
Corp.
,
Class
A
...................................................
38,121
9,705
Howmet
Aerospace,
Inc.
..................................................
51,362
10,687
Lyft,
Inc.
,
Class
A
(a)
....................................................
284,403
4,798
Mueller
Industries,
Inc.
...................................................
51,276
6,981
Paychex,
Inc.
..........................................................
48,216
4,973
Quanta
Services,
Inc.
....................................................
32,418
15,387
Rollins,
Inc.
...........................................................
145,266
9,201
Trane
Technologies
PLC
..................................................
70,274
29,556
Uber
Technologies,
Inc.
(a)
................................................
523,817
41,932
Vertiv
Holdings
Co.
,
Class
A
...............................................
158,286
29,470
W.W.
Grainger,
Inc.
.....................................................
3,291
3,554
Woodward,
Inc.
........................................................
20,625
6,555
224,772
IT
Services
(0.9%):
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
51,316
5,158
Snowflake,
Inc.
,
Class
A
(a)
................................................
91,580
17,648
22,806
Semiconductors
&
Semiconductor
Equipment
(22.1%):
Astera
Labs,
Inc.
(a)
.....................................................
16,810
2,532
Broadcom,
Inc.
........................................................
434,351
143,900
KLA
Corp.
...........................................................
7,101
10,140
Lam
Research
Corp.
.....................................................
124,188
28,993
Monolithic
Power
Systems,
Inc.
............................................
22,319
25,090
NVIDIA
Corp.
.........................................................
1,874,983
358,365
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
35,231
11,646
580,666
Software
(14.5%):
Adobe,
Inc.
(a)
.........................................................
54,092
15,862
AppLovin
Corp.
,
Class
A
(a)
...............................................
51,675
24,448
Atlassian
Corp.
,
Class
A
(a)
................................................
26,375
3,117
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Autodesk,
Inc.
(a)
.......................................................
31,742
$
8,027
Cadence
Design
Systems,
Inc.
(a)
............................................
97,763
28,973
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
12,508
5,521
Datadog,
Inc.
,
Class
A
(a)
.................................................
12,265
1,586
Elastic
NV
(a)
..........................................................
16,525
1,090
Fair
Isaac
Corp.
(a)
......................................................
2,383
3,487
Fortinet,
Inc.
(a)
........................................................
34,481
2,802
HubSpot,
Inc.
(a)
.......................................................
5,821
1,630
Intuit,
Inc.
............................................................
7,979
3,981
Manhattan
Associates,
Inc.
(a)
..............................................
7,995
1,207
Microsoft
Corp.
........................................................
348,496
149,954
Nutanix,
Inc.
,
Class
A
(a)
..................................................
24,521
964
Oracle
Corp.
..........................................................
95,169
15,663
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
141,767
20,782
Palo
Alto
Networks,
Inc.
(a)
................................................
234,610
41,519
ServiceNow,
Inc.
(a)
.....................................................
327,372
38,306
Synopsys,
Inc.
(a)
.......................................................
22,212
10,331
379,250
Technology
Hardware,
Storage
&
Peripherals
(5.3%):
Apple,
Inc.
...........................................................
535,190
138,871
Utilities
(0.1%):
Talen
Energy
Corp.
(a)
...................................................
4,045
1,409
Total
Common
Stocks
(Cost
$1,106,775)
a
a
a
2,566,889
Exchange-Traded
Funds
(1.9%)
iShares
Top
20
US
Stocks
ETF
.............................................
523,800
16,123
Vanguard
Information
Technology
ETF
.......................................
21,151
15,819
Vanguard
Mega
Cap
Growth
ETF
(b)
.........................................
46,779
18,985
Total
Exchange-Traded
Funds
(Cost
$51,646)
a
a
a
50,927
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(c)
........
412,576
412
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(c)
............
412,576
412
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
...............
412,576
413
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
.
412,576
413
Total
Collateral
for
Securities
Loaned
(Cost
$1,650)
a
a
a
1,650
Total
Investments
(Cost
$1,160,071)
—
99.9%
2,619,466
Other
assets
in
excess
of
liabilities
—  0.1%
3,045
NET
ASSETS
-
100.00%
$
2,622,511
^
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
January
31,
2026.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Growth
Fund
49
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.9%)
Communication
Services
(18.2%):
Alphabet,
Inc.,
Class
A
...................................................
320,380
$
108,288
Alphabet,
Inc.,
Class
C
...................................................
294,083
99,556
Meta
Platforms,
Inc.,
Class
A
..............................................
217,360
155,739
Netflix,
Inc.(a)
.........................................................
862,821
72,037
The
Walt
Disney
Co.
....................................................
275,753
31,105
466,725
Communications
Equipment
(0.7%):
Arista
Networks,
Inc.(a)
..................................................
128,149
18,164
Consumer
Discretionary
(14.1%):
Alibaba
Group
Holding
Ltd.,
ADR
..........................................
7,176
1,217
Amazon.com,
Inc.(a)
....................................................
588,477
140,822
Burlington
Stores,
Inc.(a)
.................................................
77,291
22,867
Chipotle
Mexican
Grill,
Inc.,
Class
A(a)
.......................................
106,047
4,122
Hilton
Worldwide
Holdings,
Inc.
............................................
28,328
8,456
NIKE,
Inc.,
Class
B
.....................................................
153,999
9,519
Royal
Caribbean
Cruises
Ltd.
..............................................
22,621
7,344
Starbucks
Corp.
........................................................
181,681
16,706
Tesla,
Inc.(a)
..........................................................
269,989
116,206
Ulta
Beauty,
Inc.(a)
.....................................................
31,418
20,339
Yum
China
Holdings,
Inc.
.................................................
67,906
3,356
Yum!
Brands,
Inc.
......................................................
75,090
11,676
362,630
Consumer
Staples
(2.3%):
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
83,805
7,747
Costco
Wholesale
Corp.
..................................................
13,998
13,161
Monster
Beverage
Corp.(a)
................................................
490,426
39,607
60,515
Energy
(0.2%):
Diamondback
Energy,
Inc.
................................................
31,084
5,096
Financials
(6.8%):
Block,
Inc.,
Class
A(a)
...................................................
137,948
8,336
FactSet
Research
Systems,
Inc.
.............................................
28,594
7,273
Huntington
Bancshares,
Inc.
...............................................
798,635
13,960
LPL
Financial
Holdings,
Inc.
...............................................
28,788
10,493
PayPal
Holdings,
Inc.
....................................................
125,106
6,592
SEI
Investments
Co.
.....................................................
162,862
14,308
The
Progressive
Corp.
...................................................
37,699
7,841
Tradeweb
Markets,
Inc.,
Class
A
............................................
103,499
10,668
Visa,
Inc.,
Class
A
......................................................
293,596
94,488
173,959
Health
Care
(10.8%):
Argenx
SE,
ADR(a)
.....................................................
13,182
11,079
Cencora,
Inc.
..........................................................
10,486
3,767
Dexcom,
Inc.(a)
........................................................
73,670
5,381
Eli
Lilly
&
Co.
.........................................................
52,866
54,830
Illumina,
Inc.(a)
........................................................
80,628
11,676
Insmed,
Inc.(a)
.........................................................
42,936
6,735
Intuitive
Surgical,
Inc.(a)
.................................................
56,897
28,689
Natera,
Inc.(a)
.........................................................
70,395
16,271
Novartis
AG,
ADR(b)
....................................................
108,512
16,134
Novo
Nordisk
A/S,
ADR
..................................................
347,542
20,654
Regeneron
Pharmaceuticals,
Inc.
............................................
37,571
27,857
Roche
Holding
AG,
ADR
.................................................
246,836
14,008
Thermo
Fisher
Scientific,
Inc.
..............................................
28,289
16,368
UnitedHealth
Group,
Inc.
.................................................
18,759
5,383
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
79,885
37,538
276,370
Victory
Portfolios
III
Victory
Growth
Fund
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Industrials
(6.9%):
Builders
FirstSource,
Inc.(a)
...............................................
42,730
$
4,888
BWX
Technologies,
Inc.
..................................................
47,676
9,794
Clean
Harbors,
Inc.(a)
...................................................
27,770
7,218
Deere
&
Co.
..........................................................
26,126
13,795
Expeditors
International
of
Washington,
Inc.
....................................
108,504
17,419
FTAI
Aviation
Ltd.
......................................................
31,529
8,586
HEICO
Corp.,
Class
A
...................................................
41,559
10,580
Howmet
Aerospace,
Inc.
..................................................
56,137
11,681
Quanta
Services,
Inc.
....................................................
24,462
11,610
The
Boeing
Co.(a)
......................................................
280,664
65,597
Uber
Technologies,
Inc.(a)
................................................
128,741
10,306
Woodward,
Inc.
........................................................
22,444
7,134
178,608
IT
Services
(1.8%):
Shopify,
Inc.,
Class
A(a)
..................................................
264,189
34,669
Snowflake,
Inc.,
Class
A(a)
................................................
61,648
11,880
46,549
Semiconductors
&
Semiconductor
Equipment
(18.1%):
Broadcom,
Inc.
........................................................
140,811
46,651
Lam
Research
Corp.
.....................................................
135,524
31,639
Monolithic
Power
Systems,
Inc.
............................................
19,784
22,240
NVIDIA
Corp.
.........................................................
1,773,632
338,994
QUALCOMM,
Inc.
.....................................................
80,802
12,249
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.............................
38,180
12,621
464,394
Software
(14.2%):
AppLovin
Corp.,
Class
A(a)
...............................................
27,222
12,879
Autodesk,
Inc.(a)
.......................................................
143,906
36,389
Microsoft
Corp.
........................................................
417,811
179,780
Oracle
Corp.
..........................................................
408,808
67,282
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
35,672
5,229
Palo
Alto
Networks,
Inc.(a)
................................................
62,085
10,987
Salesforce,
Inc.
........................................................
109,871
23,325
ServiceNow,
Inc.(a)
.....................................................
93,985
10,997
Synopsys,
Inc.(a)
.......................................................
23,964
11,146
Workday,
Inc.,
Class
A(a)
.................................................
38,124
6,696
364,710
Technology
Hardware,
Storage
&
Peripherals
(4.8%):
Apple,
Inc.
...........................................................
472,665
122,647
Total
Common
Stocks
(Cost
$797,812)
a
a
a
2,540,367
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.58%(d)
........
79,800
80
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.61%(d)
............
79,800
80
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.60%(d)
...............
79,800
80
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.60%(d)
.
79,800
79
Total
Collateral
for
Securities
Loaned
(Cost
$319)
a
a
a
319
Total
Investments
(Cost
$798,131)
—
98.9%
2,540,686
Other
assets
in
excess
of
liabilities
—  1.1%
27,198
NET
ASSETS
-
100.00%
$
2,567,884
^
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
January
31,
2026.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
51
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(10.0%):
Alphabet,
Inc.
,
Class
A
...................................................
160,342
$
54,195
Alphabet,
Inc.
,
Class
C
...................................................
163,127
55,223
AT&T,
Inc.
...........................................................
107,517
2,818
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
...................................
1,507
311
Comcast
Corp.
,
Class
A
..................................................
347,826
10,348
Electronic
Arts,
Inc.
.....................................................
4,719
962
Fox
Corp.
,
Class
A
......................................................
3,334
243
Fox
Corp.
,
Class
B
......................................................
2,116
139
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(a)
............................
3,471
302
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
............................
366
29
Live
Nation
Entertainment,
Inc.
(a)
...........................................
2,449
356
Meta
Platforms,
Inc.
,
Class
A
..............................................
66,146
47,394
Netflix,
Inc.
(a)
.........................................................
120,083
10,026
News
Corp.
,
Class
A
.....................................................
5,969
161
News
Corp.
,
Class
B
(b)
..................................................
1,611
50
Omnicom
Group,
Inc.
....................................................
4,473
345
Pinterest,
Inc.
,
Class
A
(a)
.................................................
9,483
210
Reddit,
Inc.
,
Class
A
(a)
...................................................
2,078
375
ROBLOX
Corp.
,
Class
A
(a)
...............................................
9,512
625
Spotify
Technology
SA
(a)
.................................................
2,347
1,174
Take-Two
Interactive
Software,
Inc.
(a)
........................................
2,742
604
The
New
York
Times
Co.
,
Class
A
...........................................
116,000
8,504
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
7,110
216
The
Walt
Disney
Co.
....................................................
27,767
3,132
T-Mobile
US,
Inc.
......................................................
7,427
1,465
Verizon
Communications,
Inc.
..............................................
432,229
19,243
Warner
Bros
Discovery,
Inc.
(a)
.............................................
37,333
1,028
219,478
Consumer
Discretionary
(7.6%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
2,230
289
Amazon.com,
Inc.
(a)
....................................................
148,626
35,566
AutoZone,
Inc.
(a)
.......................................................
88
326
Best
Buy
Co.,
Inc.
......................................................
1,021
66
Booking
Holdings,
Inc.
...................................................
178
890
Burlington
Stores,
Inc.
(a)
.................................................
25,505
7,546
Carnival
Corp.
(a)
.......................................................
5,791
174
Carvana
Co.
,
Class
A
(a)
..................................................
732
294
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
41,877
1,628
D.R.
Horton,
Inc.
.......................................................
1,398
208
Darden
Restaurants,
Inc.
..................................................
17,220
3,433
Domino's
Pizza,
Inc.
.....................................................
7,881
3,234
DoorDash,
Inc.
,
Class
A
(a)
................................................
1,818
372
DraftKings,
Inc.
(a)
......................................................
2,522
69
eBay,
Inc.
............................................................
2,428
221
Expedia
Group,
Inc.
.....................................................
623
165
Ford
Motor
Co.
........................................................
20,870
290
Garmin
Ltd.
...........................................................
19,017
3,835
General
Motors
Co.
.....................................................
5,047
424
Genuine
Parts
Co.
......................................................
738
103
Hilton
Worldwide
Holdings,
Inc.
............................................
10,501
3,135
Las
Vegas
Sands
Corp.
...................................................
1,674
88
Lennar
Corp.
,
Class
A
....................................................
36,789
4,023
Lennar
Corp.
,
Class
B
...................................................
53
5
Lowe's
Cos.,
Inc.
.......................................................
58,493
15,621
Lululemon
Athletica,
Inc.
(a)
...............................................
543
95
Marriott
International,
Inc.
,
Class
A
..........................................
1,203
379
McDonald's
Corp.
......................................................
23,831
7,507
NIKE,
Inc.
,
Class
B
.....................................................
6,151
380
NVR,
Inc.
(a)
..........................................................
14
107
O'Reilly
Automotive,
Inc.
(a)
...............................................
4,473
440
PulteGroup,
Inc.
........................................................
36,297
4,540
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Ralph
Lauren
Corp.
,
Class
A
...............................................
24,743
$
8,744
Rivian
Automotive,
Inc.
,
Class
A
(a)
..........................................
3,998
59
Ross
Stores,
Inc.
.......................................................
1,698
320
Royal
Caribbean
Cruises
Ltd.
..............................................
8,696
2,823
Somnigroup
International,
Inc.
.............................................
1,119
98
Starbucks
Corp.
........................................................
6,318
581
Tapestry,
Inc.
..........................................................
30,075
3,817
Tesla,
Inc.
(a)
..........................................................
47,664
20,515
The
Home
Depot,
Inc.
...................................................
5,579
2,090
The
TJX
Cos.,
Inc.
......................................................
31,503
4,719
Tractor
Supply
Co.
......................................................
2,789
142
Ulta
Beauty,
Inc.
(a)
.....................................................
10,553
6,832
Viking
Holdings
Ltd.
(a)
..................................................
1,630
118
Williams-Sonoma,
Inc.
...................................................
48,411
9,907
Yum!
Brands,
Inc.
......................................................
63,882
9,934
166,152
Consumer
Staples
(8.3%):
Altria
Group,
Inc.
.......................................................
378,584
23,468
Archer-Daniels-Midland
Co.
...............................................
89,718
6,039
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
27,271
2,521
Brown-Forman
Corp.
,
Class
A
..............................................
936
26
Brown-Forman
Corp.
,
Class
B
.............................................
6,267
172
Bunge
Global
SA
.......................................................
3,416
389
Casey's
General
Stores,
Inc.
...............................................
783
475
Church
&
Dwight
Co.,
Inc.
................................................
5,299
510
Colgate-Palmolive
Co.
...................................................
113,812
10,276
Constellation
Brands,
Inc.
,
Class
A
..........................................
3,357
526
Costco
Wholesale
Corp.
..................................................
14,346
13,489
Dollar
General
Corp.
....................................................
45,782
6,566
Dollar
Tree,
Inc.
(a)
......................................................
4,367
513
General
Mills,
Inc.
......................................................
11,670
540
Ingredion,
Inc.
.........................................................
39,200
4,630
Kenvue,
Inc.
..........................................................
41,798
727
Keurig
Dr.
Pepper,
Inc.
...................................................
28,104
771
Kimberly-Clark
Corp.
....................................................
113,076
11,306
McCormick
&
Co.,
Inc.
..................................................
5,739
355
Mondelez
International,
Inc.
,
Class
A
.........................................
28,039
1,639
Monster
Beverage
Corp.
(a)
................................................
15,153
1,224
PepsiCo,
Inc.
..........................................................
78,826
12,110
Philip
Morris
International,
Inc.
.............................................
70,614
12,671
Sysco
Corp.
...........................................................
149,561
12,541
Target
Corp.
..........................................................
38,115
4,020
The
Clorox
Co.
........................................................
5,104
576
The
Coca-Cola
Co.
......................................................
94,224
7,049
The
Estee
Lauder
Cos.,
Inc.
,
Class
A
.........................................
5,741
662
The
Hershey
Co.
.......................................................
3,210
625
The
Kraft
Heinz
Co.
.....................................................
25,915
615
The
Kroger
Co.
........................................................
131,268
8,250
The
Procter
&
Gamble
Co.
................................................
150,885
22,900
Tyson
Foods,
Inc.
,
Class
A
................................................
6,133
401
U.S.
Foods
Holding
Corp.
(a)
...............................................
4,841
405
Walmart,
Inc.
..........................................................
96,332
11,477
180,464
Energy
(3.2%):
Chevron
Corp.
.........................................................
15,745
2,785
Coterra
Energy,
Inc.
.....................................................
183,147
5,284
Devon
Energy
Corp.
.....................................................
150,071
6,034
Diamondback
Energy,
Inc.
................................................
10,081
1,653
EOG
Resources,
Inc.
....................................................
153,469
17,209
Expand
Energy
Corp.
....................................................
900
101
Exxon
Mobil
Corp.
.....................................................
8,220
1,162
HF
Sinclair
Corp.
.......................................................
42,646
2,217
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Marathon
Petroleum
Corp.
................................................
91,108
$
16,052
Valero
Energy
Corp.
.....................................................
98,543
17,879
70,376
Financials
(17.6%):
Affirm
Holdings,
Inc.
,
Class
A
(a)
............................................
4,591
277
Aflac,
Inc.
............................................................
7,598
843
American
Express
Co.
...................................................
37,959
13,368
American
Financial
Group,
Inc.
.............................................
20,531
2,675
American
International
Group,
Inc.
..........................................
8,862
664
Ameriprise
Financial,
Inc.
.................................................
22,987
12,119
Aon
PLC
,
Class
A
......................................................
3,441
1,203
Apollo
Global
Management,
Inc.
............................................
6,616
890
Arch
Capital
Group
Ltd.
(a)
................................................
5,746
552
Ares
Management
Corp.
,
Class
A
...........................................
3,420
512
Arthur
J.
Gallagher
&
Co.
.................................................
4,047
1,009
Axis
Capital
Holdings
Ltd.
................................................
13,000
1,341
Bank
of
America
Corp.
...................................................
117,907
6,273
Bank
OZK
............................................................
66,992
3,186
Berkshire
Hathaway,
Inc.
,
Class
A
(a)
.........................................
5
3,613
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
22,136
10,637
BlackRock,
Inc.
........................................................
2,307
2,581
Blackstone,
Inc.
........................................................
11,783
1,678
Block,
Inc.
,
Class
A
(a)
...................................................
8,768
530
Brown
&
Brown,
Inc.
....................................................
4,752
343
Capital
One
Financial
Corp.
...............................................
46,212
10,117
Cboe
Global
Markets,
Inc.
................................................
1,672
443
Chubb
Ltd.
...........................................................
6,357
1,968
Cincinnati
Financial
Corp.
................................................
26,807
4,313
Citigroup,
Inc.
.........................................................
28,947
3,349
Citizens
Financial
Group,
Inc.
..............................................
6,872
433
CME
Group,
Inc.
,
Class
A
.................................................
5,727
1,655
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
3,602
701
Corebridge
Financial,
Inc.
.................................................
6,242
192
Corpay,
Inc.
(a)
.........................................................
1,079
339
East
West
Bancorp,
Inc.
..................................................
50,127
5,737
Equitable
Holdings,
Inc.
..................................................
4,900
227
Erie
Indemnity
Co.
,
Class
A
...............................................
402
114
Evercore,
Inc.
,
Class
A
...................................................
17,571
6,207
Everest
Group
Ltd.
......................................................
37,703
12,490
Fidelity
National
Financial,
Inc.
............................................
85,673
4,660
Fidelity
National
Information
Services,
Inc.
....................................
8,205
453
Fifth
Third
Bancorp
.....................................................
10,492
527
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
141
292
First
Horizon
Corp.
.....................................................
20,982
514
Fiserv,
Inc.
(a)
..........................................................
8,416
536
Global
Payments,
Inc.
....................................................
3,804
273
Huntington
Bancshares,
Inc.
...............................................
283,396
4,954
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
34,902
2,613
Intercontinental
Exchange,
Inc.
.............................................
9,167
1,593
Janus
Henderson
Group
PLC
..............................................
13,349
643
JPMorgan
Chase
&
Co.
..................................................
145,866
44,619
KeyCorp
.............................................................
17,442
375
KKR
&
Co.,
Inc.
.......................................................
11,047
1,262
Loews
Corp.
..........................................................
2,742
289
LPL
Financial
Holdings,
Inc.
...............................................
10,692
3,897
M&T
Bank
Corp.
.......................................................
2,481
550
Markel
Group,
Inc.
(a)
....................................................
198
404
Marsh
&
McLennan
Cos.,
Inc.
.............................................
7,832
1,474
Mastercard,
Inc.
,
Class
A
.................................................
13,265
7,147
MetLife,
Inc.
..........................................................
8,828
696
Moody's
Corp.
.........................................................
2,825
1,456
Morgan
Stanley
........................................................
19,523
3,569
MSCI,
Inc.
,
Class
A
.....................................................
1,193
727
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Nasdaq,
Inc.
..........................................................
7,150
$
693
Northern
Trust
Corp.
....................................................
33,710
5,037
PayPal
Holdings,
Inc.
....................................................
14,919
786
Popular,
Inc.
..........................................................
31,842
4,252
Principal
Financial
Group,
Inc.
.............................................
56,844
5,384
Prudential
Financial,
Inc.
.................................................
5,520
613
Raymond
James
Financial,
Inc.
.............................................
2,854
473
Regions
Financial
Corp.
..................................................
13,914
397
Rithm
Capital
Corp.
.....................................................
42,000
459
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
12,312
1,225
Rocket
Cos.,
Inc.
,
Class
A
.................................................
13,756
247
S&P
Global,
Inc.
.......................................................
4,846
2,558
SEI
Investments
Co.
.....................................................
34,300
3,013
SoFi
Technologies,
Inc.
(a)
.................................................
20,728
473
State
Street
Corp.
.......................................................
48,500
6,347
Synchrony
Financial
.....................................................
112,669
8,183
T.
Rowe
Price
Group,
Inc.
.................................................
3,432
363
The
Allstate
Corp.
......................................................
73,668
14,659
The
Bank
of
New
York
Mellon
Corp.
.........................................
141,974
17,026
The
Carlyle
Group,
Inc.
..................................................
4,086
240
The
Charles
Schwab
Corp.
................................................
70,621
7,339
The
Goldman
Sachs
Group,
Inc.
............................................
14,901
13,939
The
Hartford
Insurance
Group,
Inc.
..........................................
4,467
603
The
PNC
Financial
Services
Group,
Inc.
......................................
84,433
18,854
The
Progressive
Corp.
...................................................
21,729
4,520
The
Travelers
Cos.,
Inc.
..................................................
3,594
1,023
Toast,
Inc.
,
Class
A
(a)
....................................................
7,170
223
Tradeweb
Markets,
Inc.
,
Class
A
............................................
33,733
3,477
Truist
Financial
Corp.
....................................................
20,544
1,056
U.S.
Bancorp
..........................................................
24,859
1,395
Unum
Group
..........................................................
28,866
2,193
Visa,
Inc.
,
Class
A
......................................................
70,368
22,647
W.R.
Berkley
Corp.
.....................................................
86,597
5,939
Wells
Fargo
&
Co.
......................................................
306,281
27,715
Willis
Towers
Watson
PLC
................................................
1,543
490
Zions
Bancorp
NA
......................................................
78,206
4,685
384,628
Health
Care
(13.9%):
Abbott
Laboratories
.....................................................
45,523
4,976
AbbVie,
Inc.
..........................................................
111,535
24,873
Agilent
Technologies,
Inc.
.................................................
3,739
500
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
4,688
1,585
Amgen,
Inc.
...........................................................
19,160
6,550
Argenx
SE
,
ADR
(a)
.....................................................
4,338
3,646
Becton
Dickinson
&
Co.
..................................................
3,834
780
Biogen,
Inc.
(a)
.........................................................
5,535
996
Boston
Scientific
Corp.
(a)
.................................................
19,424
1,817
Bristol-Myers
Squibb
Co.
.................................................
368,966
20,312
Cardinal
Health,
Inc.
....................................................
43,602
9,369
Cencora,
Inc.
..........................................................
15,690
5,636
Centene
Corp.
(a)
.......................................................
6,318
274
CVS
Health
Corp.
......................................................
131,942
9,832
Danaher
Corp.
.........................................................
8,761
1,918
Dexcom,
Inc.
(a)
........................................................
29,207
2,133
Edwards
Lifesciences
Corp.
(a)
.............................................
7,649
622
Elevance
Health,
Inc.
....................................................
13,425
4,642
Eli
Lilly
&
Co.
.........................................................
28,511
29,570
Exact
Sciences
Corp.
(a)
..................................................
6,563
672
GE
HealthCare
Technologies,
Inc.
...........................................
6,044
477
Gilead
Sciences,
Inc.
....................................................
200,983
28,530
HCA
Healthcare,
Inc.
....................................................
4,985
2,434
Hologic,
Inc.
(a)
........................................................
2,949
221
Humana,
Inc.
..........................................................
1,627
318
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,062
$
712
Illumina,
Inc.
(a)
........................................................
1,983
287
Incyte
Corp.
(a)
.........................................................
7,275
728
Insmed,
Inc.
(a)
.........................................................
21,455
3,366
Insulet
Corp.
(a)
........................................................
939
240
Intuitive
Surgical,
Inc.
(a)
.................................................
12,530
6,318
IQVIA
Holdings,
Inc.
(a)
..................................................
2,245
517
Johnson
&
Johnson
.....................................................
138,501
31,474
Labcorp
Holdings,
Inc.
...................................................
1,099
298
McKesson
Corp.
.......................................................
6,401
5,321
Medtronic
PLC
........................................................
105,681
10,881
Merck
&
Co.,
Inc.
......................................................
230,848
25,456
Mettler-Toledo
International,
Inc.
(a)
.........................................
271
372
Natera,
Inc.
(a)
.........................................................
27,647
6,390
Pfizer,
Inc.
............................................................
380,908
10,071
Quest
Diagnostics,
Inc.
...................................................
15,380
2,876
Regeneron
Pharmaceuticals,
Inc.
............................................
3,615
2,680
ResMed,
Inc.
..........................................................
1,952
504
Royalty
Pharma
PLC
,
Class
A
..............................................
45,147
1,882
STERIS
PLC
..........................................................
1,312
345
Stryker
Corp.
..........................................................
4,763
1,760
Tenet
Healthcare
Corp.
(a)
.................................................
1,070
202
The
Cigna
Group
.......................................................
25,544
7,002
The
Cooper
Cos.,
Inc.
(a)
..................................................
2,643
215
Thermo
Fisher
Scientific,
Inc.
..............................................
5,016
2,902
United
Therapeutics
Corp.
(a)
..............................................
1,427
670
UnitedHealth
Group,
Inc.
.................................................
41,866
12,013
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
1,989
406
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
8,987
4,223
Waters
Corp.
(a)
........................................................
787
292
West
Pharmaceutical
Services,
Inc.
..........................................
943
218
Zimmer
Biomet
Holdings,
Inc.
.............................................
2,658
231
Zoetis,
Inc.
,
Class
A
.....................................................
5,862
732
304,267
Industrials
(8.6%):
3M
Co.
..............................................................
22,126
3,389
Allegion
PLC
.........................................................
19,300
3,192
Armstrong
World
Industries,
Inc.
............................................
10,700
1,966
Automatic
Data
Processing,
Inc.
............................................
60,721
14,987
Broadridge
Financial
Solutions,
Inc.
.........................................
17,100
3,371
Builders
FirstSource,
Inc.
(a)
...............................................
13,901
1,590
BWX
Technologies,
Inc.
..................................................
15,528
3,190
C.H.
Robinson
Worldwide,
Inc.
.............................................
58,056
11,318
Carlisle
Cos.,
Inc.
.......................................................
9,675
3,298
Caterpillar,
Inc.
........................................................
23,262
15,291
Clean
Harbors,
Inc.
(a)
...................................................
9,027
2,346
Cummins,
Inc.
.........................................................
25,802
14,935
Expeditors
International
of
Washington,
Inc.
....................................
48,625
7,806
FedEx
Corp.
..........................................................
15,555
5,013
FTAI
Aviation
Ltd.
......................................................
10,317
2,810
General
Dynamics
Corp.
..................................................
30,880
10,842
HEICO
Corp.
,
Class
A
...................................................
13,535
3,446
Howmet
Aerospace,
Inc.
..................................................
18,369
3,822
Huntington
Ingalls
Industries,
Inc.
...........................................
11,960
5,029
Leidos
Holdings,
Inc.
....................................................
21,200
3,992
Lockheed
Martin
Corp.
...................................................
31,269
19,831
Masco
Corp.
..........................................................
80,020
5,289
Otis
Worldwide
Corp.
....................................................
144,937
12,380
Owens
Corning
........................................................
26,033
3,120
Quanta
Services,
Inc.
....................................................
7,963
3,779
SS&C
Technologies
Holdings,
Inc.
..........................................
60,510
4,955
Trane
Technologies
PLC
..................................................
16,538
6,956
Uber
Technologies,
Inc.
(a)
................................................
42,383
3,393
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
United
Parcel
Service,
Inc.
,
Class
B
..........................................
43,733
$
4,645
Woodward,
Inc.
........................................................
7,394
2,350
188,331
Information
Technology
(22.4%):
Accenture
PLC
,
Class
A
..................................................
72,001
18,982
Adobe,
Inc.
(a)
.........................................................
3,404
998
Advanced
Micro
Devices,
Inc.
(a)
............................................
13,088
3,098
Amphenol
Corp.
,
Class
A
.................................................
9,732
1,402
Analog
Devices,
Inc.
....................................................
3,978
1,237
Apple,
Inc.
...........................................................
288,375
74,828
Applied
Materials,
Inc.
...................................................
42,289
13,631
AppLovin
Corp.
,
Class
A
(a)
...............................................
10,709
5,067
Arista
Networks,
Inc.
(a)
..................................................
50,132
7,106
Astera
Labs,
Inc.
(a)
.....................................................
1,099
165
Atlassian
Corp.
,
Class
A
(a)
................................................
1,284
152
Autodesk,
Inc.
(a)
.......................................................
12,966
3,279
Broadcom,
Inc.
........................................................
82,716
27,404
Cadence
Design
Systems,
Inc.
(a)
............................................
2,145
636
CDW
Corp.
...........................................................
1,050
133
Ciena
Corp.
(a)
.........................................................
1,216
306
Cisco
Systems,
Inc.
.....................................................
262,527
20,561
Cloudflare,
Inc.
,
Class
A
(a)
................................................
2,419
429
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
55,772
4,577
Coherent
Corp.
(a)
......................................................
1,330
282
CoreWeave,
Inc.
,
Class
A
(a)
...............................................
2,581
240
Corning,
Inc.
..........................................................
6,243
645
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
1,327
166
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
1,921
848
Datadog,
Inc.
,
Class
A
(a)
.................................................
2,490
322
Dell
Technologies,
Inc.
,
Class
C
............................................
2,498
286
Docusign,
Inc.
,
Class
A
(a)
.................................................
1,602
84
Dynatrace,
Inc.
(a)
......................................................
2,399
91
F5,
Inc.
(a)
............................................................
459
126
Fair
Isaac
Corp.
(a)
......................................................
186
272
First
Solar,
Inc.
(a)
......................................................
814
184
Fortinet,
Inc.
(a)
........................................................
5,085
413
Gartner,
Inc.
(a)
........................................................
593
124
Gen
Digital,
Inc.
.......................................................
4,515
108
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
1,113
112
Guidewire
Software,
Inc.
(a)
...............................................
663
93
Hewlett
Packard
Enterprise
Co.
.............................................
209,440
4,507
HP,
Inc.
..............................................................
183,984
3,577
HubSpot,
Inc.
(a)
.......................................................
401
112
Intel
Corp.
(a)
..........................................................
34,306
1,594
International
Business
Machines
Corp.
........................................
44,341
13,599
Intuit,
Inc.
............................................................
2,220
1,108
IonQ,
Inc.
(a)
(b)
........................................................
2,940
118
Jabil,
Inc.
............................................................
833
198
Keysight
Technologies,
Inc.
(a)
.............................................
1,369
296
KLA
Corp.
...........................................................
5,571
7,955
Lam
Research
Corp.
.....................................................
86,630
20,225
Lumentum
Holdings,
Inc.
(a)
...............................................
596
234
Marvell
Technology,
Inc.
.................................................
6,634
524
Microchip
Technology,
Inc.
................................................
4,216
320
Micron
Technology,
Inc.
..................................................
9,067
3,762
Microsoft
Corp.
........................................................
156,775
67,459
MongoDB,
Inc.
,
Class
A
(a)
................................................
627
233
Monolithic
Power
Systems,
Inc.
............................................
6,849
7,699
Motorola
Solutions,
Inc.
..................................................
1,330
535
NetApp,
Inc.
..........................................................
77,723
7,489
NVIDIA
Corp.
.........................................................
517,512
98,912
Okta,
Inc.
,
Class
A
(a)
....................................................
1,358
115
ON
Semiconductor
Corp.
(a)
...............................................
3,254
195
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Oracle
Corp.
..........................................................
47,838
$
7,873
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
29,330
4,299
Palo
Alto
Networks,
Inc.
(a)
................................................
25,846
4,574
PTC,
Inc.
(a)
...........................................................
959
150
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
2,445
170
QUALCOMM,
Inc.
.....................................................
111,384
16,885
Roper
Technologies,
Inc.
..................................................
873
324
Salesforce,
Inc.
........................................................
7,365
1,563
Sandisk
Corp.
(a)
.......................................................
1,138
656
Seagate
Technology
Holdings
PLC
..........................................
1,677
684
ServiceNow,
Inc.
(a)
.....................................................
38,767
4,536
Snowflake,
Inc.
,
Class
A
(a)
................................................
22,694
4,373
Strategy,
Inc.
,
Class
A
(a)
..................................................
2,275
341
Super
Micro
Computer,
Inc.
(a)
.............................................
4,142
121
Synopsys,
Inc.
(a)
.......................................................
9,250
4,302
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
12,449
4,115
TE
Connectivity
PLC
....................................................
2,357
525
Teledyne
Technologies,
Inc.
(a)
.............................................
374
232
Teradyne,
Inc.
.........................................................
1,265
305
Texas
Instruments,
Inc.
...................................................
7,374
1,589
Trimble,
Inc.
(a)
........................................................
1,908
129
Twilio,
Inc.
,
Class
A
(a)
...................................................
1,173
141
Tyler
Technologies,
Inc.
(a)
................................................
350
129
Unity
Software,
Inc.
(a)
...................................................
2,935
85
VeriSign,
Inc.
..........................................................
749
183
Western
Digital
Corp.
....................................................
2,759
690
Workday,
Inc.
,
Class
A
(a)
.................................................
1,742
306
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
2,130
196
Zscaler,
Inc.
(a)
.........................................................
785
157
488,786
Materials
(2.4%):
CF
Industries
Holdings,
Inc.
...............................................
170,930
15,936
Corteva,
Inc.
..........................................................
48,800
3,553
CRH
PLC
............................................................
26,882
3,291
Ecolab,
Inc.
...........................................................
14,160
3,993
LyondellBasell
Industries
NV
,
Class
A
........................................
67,482
3,306
Packaging
Corp.
of
America
...............................................
22,727
5,058
Reliance,
Inc.
..........................................................
25,447
8,385
Steel
Dynamics,
Inc.
.....................................................
24,288
4,361
The
Mosaic
Co.
........................................................
162,600
4,471
52,354
Real
Estate
(2.2%):
American
Healthcare
REIT,
Inc.
............................................
35,300
1,656
American
Tower
Corp.
...................................................
12,200
2,187
Brixmor
Property
Group,
Inc.
..............................................
70,700
1,894
Camden
Property
Trust
...................................................
17,400
1,898
CareTrust
REIT,
Inc.
....................................................
43,400
1,621
Cousins
Properties,
Inc.
..................................................
55,400
1,398
Crown
Castle,
Inc.
......................................................
2,920
254
CubeSmart
...........................................................
20,033
752
Digital
Realty
Trust,
Inc.
..................................................
14,500
2,406
Equinix,
Inc.
..........................................................
2,847
2,337
Equity
Residential
......................................................
38,000
2,368
First
Industrial
Realty
Trust,
Inc.
............................................
35,600
2,066
Healthpeak
Properties,
Inc.
................................................
27,793
479
Invitation
Homes,
Inc.
...................................................
72,000
1,925
Kimco
Realty
Corp.
.....................................................
103,518
2,182
Omega
Healthcare
Investors,
Inc.
...........................................
55,000
2,413
Prologis,
Inc.
..........................................................
23,761
3,102
Public
Storage
.........................................................
7,900
2,182
Realty
Income
Corp.
....................................................
10,000
612
Simon
Property
Group,
Inc.
...............................................
19,936
3,814
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Ventas,
Inc.
...........................................................
43,000
$
3,340
Welltower,
Inc.
.........................................................
33,900
6,385
47,271
Utilities
(3.5%):
Alliant
Energy
Corp.
....................................................
5,718
377
Ameren
Corp.
.........................................................
37,776
3,902
American
Electric
Power
Co.,
Inc.
...........................................
11,837
1,418
American
Water
Works
Co.,
Inc.
............................................
4,446
574
Atmos
Energy
Corp.
.....................................................
3,543
589
CenterPoint
Energy,
Inc.
..................................................
14,393
571
CMS
Energy
Corp.
......................................................
6,599
472
Consolidated
Edison,
Inc.
.................................................
7,946
847
Constellation
Energy
Corp.
................................................
6,902
1,937
Dominion
Energy,
Inc.
...................................................
18,924
1,139
DTE
Energy
Co.
.......................................................
4,580
615
Duke
Energy
Corp.
......................................................
16,370
1,987
Edison
International
.....................................................
208,344
12,976
Entergy
Corp.
.........................................................
9,817
941
Evergy,
Inc.
...........................................................
118,763
9,113
Eversource
Energy
......................................................
8,250
570
Exelon
Corp.
..........................................................
22,313
999
FirstEnergy
Corp.
.......................................................
12,839
608
National
Fuel
Gas
Co.
...................................................
31,700
2,655
NextEra
Energy,
Inc.
....................................................
46,218
4,063
NiSource,
Inc.
.........................................................
89,701
3,973
NRG
Energy,
Inc.
.......................................................
30,823
4,705
OGE
Energy
Corp.
......................................................
84,703
3,700
PG&E
Corp.
..........................................................
48,560
749
PPL
Corp.
............................................................
16,311
591
Public
Service
Enterprise
Group,
Inc.
.........................................
11,100
914
Sempra
..............................................................
14,289
1,243
Talen
Energy
Corp.
(a)
...................................................
973
339
The
Southern
Co.
.......................................................
24,405
2,180
Vistra
Corp.
...........................................................
7,316
1,158
WEC
Energy
Group,
Inc.
.................................................
78,923
8,734
Xcel
Energy,
Inc.
.......................................................
13,070
994
75,633
Total
Common
Stocks
(Cost
$1,479,622)
a
a
a
2,177,740
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(d)
........
117,480
117
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(d)
............
117,480
117
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(d)
...............
117,480
118
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(d)
.
117,480
118
Total
Collateral
for
Securities
Loaned
(Cost
$470)
a
a
a
470
Total
Investments
(Cost
$1,480,092)
—
99.7%
2,178,210
Other
assets
in
excess
of
liabilities
—  0.3%
7,558
NET
ASSETS
-
100.00%
$
2,185,768
^
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
January
31,
2026.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Income
Stock
Fund
59
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(5.9%):
Alphabet,
Inc.
,
Class
A
...................................................
175,162
$
59,205
Comcast
Corp.
,
Class
A
..................................................
724,001
21,539
Meta
Platforms,
Inc.
,
Class
A
..............................................
5,671
4,063
The
New
York
Times
Co.
,
Class
A
...........................................
502,523
36,840
Verizon
Communications,
Inc.
..............................................
879,446
39,153
160,800
Consumer
Discretionary
(6.2%):
Darden
Restaurants,
Inc.
..................................................
35,212
7,019
Domino's
Pizza,
Inc.
.....................................................
19,898
8,165
Lennar
Corp.
,
Class
A
....................................................
52,541
5,745
Lowe's
Cos.,
Inc.
.......................................................
138,776
37,062
McDonald's
Corp.
......................................................
39,969
12,590
PulteGroup,
Inc.
........................................................
88,270
11,042
Ralph
Lauren
Corp.
,
Class
A
...............................................
61,885
21,871
Tapestry,
Inc.
..........................................................
65,631
8,329
The
TJX
Cos.,
Inc.
......................................................
49,578
7,427
Williams-Sonoma,
Inc.
...................................................
120,159
24,591
Yum!
Brands,
Inc.
......................................................
156,262
24,299
168,140
Consumer
Staples
(9.9%):
Altria
Group,
Inc.
.......................................................
821,893
50,949
Archer-Daniels-Midland
Co.
...............................................
198,340
13,350
Colgate-Palmolive
Co.
...................................................
239,956
21,666
Dollar
General
Corp.
....................................................
102,559
14,710
Ingredion,
Inc.
.........................................................
132,932
15,699
Kimberly-Clark
Corp.
....................................................
265,235
26,521
PepsiCo,
Inc.
..........................................................
122,237
18,779
Philip
Morris
International,
Inc.
.............................................
84,527
15,168
Sysco
Corp.
...........................................................
348,220
29,198
Target
Corp.
..........................................................
70,403
7,425
The
Kroger
Co.
........................................................
292,542
18,386
The
Procter
&
Gamble
Co.
................................................
249,064
37,801
269,652
Energy
(5.7%):
Chevron
Corp.
.........................................................
37,221
6,584
Coterra
Energy,
Inc.
.....................................................
440,818
12,718
Devon
Energy
Corp.
.....................................................
375,485
15,098
EOG
Resources,
Inc.
....................................................
384,712
43,138
HF
Sinclair
Corp.
.......................................................
95,680
4,974
Marathon
Petroleum
Corp.
................................................
166,683
29,368
Valero
Energy
Corp.
.....................................................
246,440
44,712
156,592
Financials
(20.2%):
American
Express
Co.
...................................................
66,088
23,274
American
Financial
Group,
Inc.
.............................................
51,256
6,677
Ameriprise
Financial,
Inc.
.................................................
53,757
28,340
Bank
OZK
............................................................
152,533
7,255
Capital
One
Financial
Corp.
...............................................
90,039
19,712
Cincinnati
Financial
Corp.
................................................
60,867
9,793
East
West
Bancorp,
Inc.
..................................................
125,545
14,367
Evercore,
Inc.
,
Class
A
...................................................
43,971
15,534
Everest
Group
Ltd.
......................................................
95,665
31,692
Fidelity
National
Financial,
Inc.
............................................
214,407
11,662
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
63,102
4,725
JPMorgan
Chase
&
Co.
..................................................
248,342
75,965
Northern
Trust
Corp.
....................................................
76,906
11,492
Principal
Financial
Group,
Inc.
.............................................
133,443
12,640
SEI
Investments
Co.
.....................................................
218,817
19,223
State
Street
Corp.
.......................................................
111,903
14,644
Victory
Portfolios
III
Victory
Income
Stock
Fund
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Synchrony
Financial
.....................................................
257,512
$
18,703
The
Allstate
Corp.
......................................................
148,711
29,592
The
Bank
of
New
York
Mellon
Corp.
.........................................
286,648
34,375
The
Charles
Schwab
Corp.
................................................
107,975
11,221
The
Goldman
Sachs
Group,
Inc.
............................................
24,445
22,866
The
PNC
Financial
Services
Group,
Inc.
......................................
195,631
43,684
W.R.
Berkley
Corp.
.....................................................
208,268
14,283
Wells
Fargo
&
Co.
......................................................
638,637
57,790
Zions
Bancorp
NA
......................................................
176,230
10,558
550,067
Health
Care
(14.8%):
Abbott
Laboratories
.....................................................
57,332
6,266
AbbVie,
Inc.
..........................................................
121,449
27,084
Bristol-Myers
Squibb
Co.
.................................................
854,709
47,052
Cardinal
Health,
Inc.
....................................................
87,780
18,862
Cencora,
Inc.
..........................................................
24,529
8,811
CVS
Health
Corp.
......................................................
287,961
21,459
Elevance
Health,
Inc.
....................................................
26,987
9,331
Gilead
Sciences,
Inc.
....................................................
392,720
55,747
HCA
Healthcare,
Inc.
....................................................
7,396
3,611
Johnson
&
Johnson
.....................................................
262,336
59,616
McKesson
Corp.
.......................................................
12,085
10,045
Medtronic
PLC
........................................................
223,760
23,038
Merck
&
Co.,
Inc.
......................................................
498,197
54,936
Pfizer,
Inc.
............................................................
762,959
20,173
Royalty
Pharma
PLC
,
Class
A
..............................................
99,301
4,139
The
Cigna
Group
.......................................................
55,134
15,113
UnitedHealth
Group,
Inc.
.................................................
59,929
17,195
402,478
Industrials
(13.9%):
3M
Co.
..............................................................
53,268
8,159
Allegion
PLC
.........................................................
48,304
7,989
Armstrong
World
Industries,
Inc.
............................................
26,670
4,900
Automatic
Data
Processing,
Inc.
............................................
142,760
35,236
Broadridge
Financial
Solutions,
Inc.
.........................................
43,248
8,525
C.H.
Robinson
Worldwide,
Inc.
.............................................
112,271
21,887
Carlisle
Cos.,
Inc.
.......................................................
23,429
7,987
Caterpillar,
Inc.
........................................................
40,574
26,672
Cummins,
Inc.
.........................................................
63,784
36,919
Expeditors
International
of
Washington,
Inc.
....................................
121,679
19,534
FedEx
Corp.
..........................................................
37,756
12,167
General
Dynamics
Corp.
..................................................
77,238
27,117
Huntington
Ingalls
Industries,
Inc.
...........................................
23,268
9,784
Leidos
Holdings,
Inc.
....................................................
53,080
9,994
Lockheed
Martin
Corp.
...................................................
78,289
49,652
Masco
Corp.
..........................................................
200,887
13,277
Otis
Worldwide
Corp.
....................................................
362,650
30,978
Owens
Corning
........................................................
67,515
8,091
SS&C
Technologies
Holdings,
Inc.
..........................................
151,409
12,399
Trane
Technologies
PLC
..................................................
41,383
17,405
United
Parcel
Service,
Inc.
,
Class
B
..........................................
112,608
11,961
380,633
Information
Technology
(9.8%):
Accenture
PLC
,
Class
A
..................................................
167,476
44,153
Applied
Materials,
Inc.
...................................................
89,911
28,980
Cisco
Systems,
Inc.
.....................................................
578,112
45,278
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
117,216
9,619
Hewlett
Packard
Enterprise
Co.
.............................................
510,227
10,980
HP,
Inc.
..............................................................
457,240
8,889
International
Business
Machines
Corp.
........................................
92,113
28,251
KLA
Corp.
...........................................................
11,360
16,221
Lam
Research
Corp.
.....................................................
80,644
18,827
Victory
Portfolios
III
Victory
Income
Stock
Fund
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
NetApp,
Inc.
..........................................................
191,186
$
18,421
QUALCOMM,
Inc.
.....................................................
243,383
36,895
266,514
Materials
(4.6%):
CF
Industries
Holdings,
Inc.
...............................................
427,716
39,876
Corteva,
Inc.
..........................................................
122,144
8,892
CRH
PLC
............................................................
63,424
7,764
Ecolab,
Inc.
...........................................................
35,445
9,995
LyondellBasell
Industries
NV
,
Class
A
........................................
168,847
8,273
Packaging
Corp.
of
America
...............................................
33,204
7,390
Reliance,
Inc.
..........................................................
63,706
20,991
Steel
Dynamics,
Inc.
.....................................................
60,694
10,899
The
Mosaic
Co.
........................................................
406,872
11,189
125,269
Real
Estate
(4.2%):
American
Healthcare
REIT,
Inc.
............................................
81,014
3,800
American
Tower
Corp.
...................................................
30,536
5,475
Brixmor
Property
Group,
Inc.
..............................................
184,881
4,953
Camden
Property
Trust
...................................................
44,147
4,814
CareTrust
REIT,
Inc.
....................................................
111,268
4,155
Cousins
Properties,
Inc.
..................................................
136,139
3,436
Digital
Realty
Trust,
Inc.
..................................................
36,164
6,001
Equinix,
Inc.
..........................................................
7,345
6,030
Equity
Residential
......................................................
95,087
5,926
First
Industrial
Realty
Trust,
Inc.
............................................
92,391
5,361
Invitation
Homes,
Inc.
...................................................
181,585
4,854
Kimco
Realty
Corp.
.....................................................
265,815
5,603
Omega
Healthcare
Investors,
Inc.
...........................................
137,637
6,040
Prologis,
Inc.
..........................................................
60,845
7,944
Public
Storage
.........................................................
20,375
5,627
Simon
Property
Group,
Inc.
...............................................
51,108
9,778
Ventas,
Inc.
...........................................................
107,673
8,363
Welltower,
Inc.
.........................................................
84,800
15,973
114,133
Utilities
(4.5%):
Ameren
Corp.
.........................................................
80,505
8,314
Edison
International
.....................................................
499,981
31,139
Evergy,
Inc.
...........................................................
284,656
21,842
National
Fuel
Gas
Co.
...................................................
217,788
18,240
NiSource,
Inc.
.........................................................
202,660
8,976
NRG
Energy,
Inc.
.......................................................
65,167
9,946
OGE
Energy
Corp.
......................................................
118,308
5,168
WEC
Energy
Group,
Inc.
.................................................
179,647
19,881
123,506
Total
Common
Stocks
(Cost
$2,144,082)
a
a
a
2,717,784
Total
Investments
(Cost
$2,144,082)
—
99.7%
2,717,784
Other
assets
in
excess
of
liabilities
—  0.3%
8,553
NET
ASSETS
-
100.00%
$
2,726,337
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
62
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.5%)
Australia
(0.1%):
Information
Technology
(0.1%):
Atlassian
Corp.
,
Class
A
(a)
................................................
14,440
$
1,707
Belgium
(0.0%):(b)
Health
Care
(0.0%):(b)
UCB
SA
.............................................................
530
162
Canada
(0.7%):
Health
Care
(0.0%):(b)
Xenon
Pharmaceuticals,
Inc.
(a)
.............................................
1,137
47
Information
Technology
(0.7%):
Celestica,
Inc.
(a)
.......................................................
21,644
6,082
Shopify,
Inc.
,
Class
A
(a)
..................................................
27,000
3,543
9,625
9,672
China
(0.0%):(b)
Health
Care
(0.0%):(b)
GenFleet
Therapeutics
Shanghai,
Inc.
,
Class
H
(a)
................................
8,600
34
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.
,
Class
H
(a)
.............................
4,318
38
72
Denmark
(0.0%):(b)
Health
Care
(0.0%):(b)
Ascendis
Pharma
A/S
,
ADR
(a)
.............................................
325
73
Germany
(0.1%):
Information
Technology
(0.1%):
SAP
SE
,
ADR
.........................................................
9,289
1,867
Ireland
(0.5%):
Health
Care
(0.0%):(b)
ICON
PLC
(a)
.........................................................
362
65
Medtronic
PLC
........................................................
2,589
267
332
Information
Technology
(0.5%):
TE
Connectivity
PLC
....................................................
27,312
6,084
6,416
Israel
(1.2%):
Information
Technology
(1.2%):
CyberArk
Software
Ltd.
(a)
................................................
24,161
10,409
Monday.com
Ltd.
(a)
.....................................................
16,121
1,850
Wix.com
Ltd.
(a)
........................................................
46,330
4,023
16,282
Netherlands
(0.5%):
Health
Care
(0.0%):(b)
Argenx
SE
,
ADR
(a)
.....................................................
137
115
Newamsterdam
Pharma
Co.
NV
(a)
..........................................
878
28
Pharvaris
NV
(a)
........................................................
2,001
54
QIAGEN
NV
..........................................................
1,120
60
257
Information
Technology
(0.5%):
ASML
Holding
NV
,
Registered
Shares
,
NYS
...................................
2,367
3,368
NXP
Semiconductors
NV
.................................................
12,058
2,727
6,095
6,352
South
Korea
(0.4%):
Information
Technology
(0.4%):
SK
hynix,
Inc.
.........................................................
8,492
5,303
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Switzerland
(0.0%):(b)
Health
Care
(0.0%):(b)
Galderma
Group
AG
....................................................
434
$
81
Oculis
Holding
AG
(a)
....................................................
2,198
62
143
Taiwan
(1.1%):
Information
Technology
(1.1%):
Silicon
Motion
Technology
Corp.
,
ADR
.......................................
75,238
8,948
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
96,505
5,337
14,285
Thailand
(0.9%):
Information
Technology
(0.9%):
Fabrinet
(a)
............................................................
23,330
11,419
United
Kingdom
(0.0%):(b)
Health
Care
(0.0%):(b)
AstraZeneca
PLC
,
ADR
..................................................
1,036
96
GSK
PLC
............................................................
5,454
141
Immunocore
Holdings
PLC
,
ADR
(a)
.........................................
1,149
38
275
United
States
(93.9%):
Communication
Services
(14.3%):
Alphabet,
Inc.
,
Class
A
...................................................
158,700
53,641
Meta
Platforms,
Inc.
,
Class
A
..............................................
124,746
89,380
Netflix,
Inc.
(a)
.........................................................
249,240
20,809
Pinterest,
Inc.
,
Class
A
(a)
.................................................
56,803
1,257
Reddit,
Inc.
,
Class
A
(a)
...................................................
63,887
11,517
ROBLOX
Corp.
,
Class
A
(a)
...............................................
70,038
4,606
Take-Two
Interactive
Software,
Inc.
(a)
........................................
41,005
9,033
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
42,790
1,298
191,541
Consumer
Discretionary
(4.5%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
15,598
2,018
Amazon.com,
Inc.
(a)
....................................................
240,293
57,502
Navan,
Inc.
,
Class
A
(a)
(c)
.................................................
4,900
56
59,576
Consumer
Staples
(0.4%):
Maplebear,
Inc.
(a)
......................................................
133,277
4,952
Financials
(2.9%):
Block,
Inc.
,
Class
A
(a)
...................................................
25,622
1,548
Corpay,
Inc.
(a)
.........................................................
6,630
2,086
Euronet
Worldwide,
Inc.
(a)
................................................
41,820
3,030
HCI
Group,
Inc.
........................................................
26,010
4,127
Mastercard,
Inc.
,
Class
A
.................................................
19,797
10,667
Toast,
Inc.
,
Class
A
(a)
....................................................
76,802
2,389
Visa,
Inc.
,
Class
A
......................................................
48,307
15,547
39,394
Health
Care
(13.6%):
Abbott
Laboratories
.....................................................
2,960
324
AbbVie,
Inc.
..........................................................
1,825
407
Absci
Corp.
(a)
(c)
.......................................................
363,982
1,088
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
2,694
36
Adaptive
Biotechnologies
Corp.
(a)
..........................................
1,379
25
Agilent
Technologies,
Inc.
.................................................
998
134
Aktis
Oncology,
Inc.
(a)
...................................................
1,240
25
Alignment
Healthcare,
Inc.
(a)
..............................................
2,927
66
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
184
62
AnaptysBio,
Inc.
(a)
.....................................................
188,887
8,955
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
1,943
44
Apogee
Therapeutics,
Inc.
(a)
...............................................
76,490
5,011
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Arcellx,
Inc.
(a)
........................................................
52,168
$
3,564
Arcus
Biosciences,
Inc.
(a)
.................................................
2,707
57
Avantor,
Inc.
(a)
........................................................
6,234
68
Biogen,
Inc.
(a)
.........................................................
567
102
Bio-Techne
Corp.
.......................................................
1,182
76
Boston
Scientific
Corp.
(a)
.................................................
1,644
154
Bridgebio
Pharma,
Inc.
(a)
.................................................
126,149
9,748
Bristol-Myers
Squibb
Co.
.................................................
1,201
66
CAMP4
Therapeutics
Corp.
(a)
(c)
...........................................
227,800
843
Cardinal
Health,
Inc.
....................................................
719
154
Celldex
Therapeutics,
Inc.
(a)
...............................................
2,222
55
Cencora,
Inc.
..........................................................
789
283
CG
oncology,
Inc.
(a)
....................................................
178
9
Corvus
Pharmaceuticals,
Inc.
(a)
............................................
400
8
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
143,415
7,162
CVS
Health
Corp.
......................................................
2,193
163
Cytokinetics,
Inc.
(a)
.....................................................
918
58
Danaher
Corp.
.........................................................
1,478
324
Dexcom,
Inc.
(a)
........................................................
1,447
106
Dianthus
Therapeutics,
Inc.
(a)
..............................................
830
44
Disc
Medicine,
Inc.
,
Class
A
(a)
.............................................
92,321
7,138
Dyne
Therapeutics,
Inc.
(a)
................................................
103,201
1,846
Edwards
Lifesciences
Corp.
(a)
.............................................
3,685
300
Elanco
Animal
Health,
Inc.
(a)
..............................................
2,935
71
Elevance
Health,
Inc.
....................................................
540
187
Eli
Lilly
&
Co.
.........................................................
12,673
13,144
Encompass
Health
Corp.
..................................................
648
61
Guardant
Health,
Inc.
(a)
..................................................
223,234
25,458
HCA
Healthcare,
Inc.
....................................................
347
169
HeartFlow,
Inc.
(a)
(c)
....................................................
1,167
35
Ideaya
Biosciences,
Inc.
(a)
................................................
161,707
5,205
Immunome,
Inc.
(a)
......................................................
1,553
38
Incyte
Corp.
(a)
.........................................................
656
66
Insmed,
Inc.
(a)
.........................................................
85,089
13,348
Inspire
Medical
Systems,
Inc.
(a)
............................................
528
40
Intuitive
Surgical,
Inc.
(a)
.................................................
738
372
Ionis
Pharmaceuticals,
Inc.
(a)
..............................................
1,056
87
Johnson
&
Johnson
.....................................................
2,360
536
Kymera
Therapeutics,
Inc.
(a)
..............................................
27,329
1,987
Madrigal
Pharmaceuticals,
Inc.
(a)
...........................................
119
58
Merck
&
Co.,
Inc.
......................................................
5,520
609
Mineralys
Therapeutics,
Inc.
(a)
.............................................
828
26
Mirum
Pharmaceuticals,
Inc.
(a)
.............................................
507
52
Natera,
Inc.
(a)
.........................................................
53,244
12,307
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
388
40
Olema
Pharmaceuticals,
Inc.
(a)
(c)
...........................................
256,131
6,588
Option
Care
Health,
Inc.
(a)
................................................
1,907
65
ORIC
Pharmaceuticals,
Inc.
(a)
.............................................
360,193
3,696
Protagonist
Therapeutics,
Inc.
(a)
............................................
78,369
6,411
PTC
Therapeutics,
Inc.
(a)
.................................................
694
52
Regeneron
Pharmaceuticals,
Inc.
............................................
108
80
Revolution
Medicines,
Inc.
(a)
..............................................
153,589
14,890
Scholar
Rock
Holding
Corp.
(a)
.............................................
749
33
Soleno
Therapeutics,
Inc.
(a)
...............................................
1,086
42
Spyre
Therapeutics,
Inc.
(a)
................................................
77,126
2,466
STERIS
PLC
..........................................................
376
99
Structure
Therapeutics,
Inc.
,
ADR
(a)
.........................................
757
67
Stryker
Corp.
..........................................................
339
125
Thermo
Fisher
Scientific,
Inc.
..............................................
344
199
Trevi
Therapeutics,
Inc.
(a)
................................................
2,704
28
Twist
Bioscience
Corp.
(a)
.................................................
83,568
3,432
United
Therapeutics
Corp.
(a)
..............................................
244
115
UnitedHealth
Group,
Inc.
.................................................
1,714
492
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
Vaxcyte,
Inc.
(a)
........................................................
1,021
$
55
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
16,295
3,323
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
16,970
7,974
Viridian
Therapeutics,
Inc.
(a)
..............................................
250,211
8,257
Zymeworks,
Inc.
(a)
.....................................................
82,922
1,868
182,758
Information
Technology
(58.2%):
Adobe,
Inc.
(a)
.........................................................
14,737
4,322
Advanced
Micro
Devices,
Inc.
(a)
............................................
18,769
4,443
Amphenol
Corp.
,
Class
A
.................................................
99,947
14,400
Appfolio,
Inc.
,
Class
A
(a)
.................................................
9,943
1,888
Apple,
Inc.
...........................................................
110,357
28,635
AppLovin
Corp.
,
Class
A
(a)
...............................................
68,013
32,178
Arista
Networks,
Inc.
(a)
..................................................
167,737
23,775
Autodesk,
Inc.
(a)
.......................................................
24,879
6,291
Broadcom,
Inc.
........................................................
112,915
37,409
Cadence
Design
Systems,
Inc.
(a)
............................................
30,611
9,072
Coherent
Corp.
(a)
......................................................
114,100
24,210
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
84,413
10,575
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
1,746
771
Docusign,
Inc.
,
Class
A
(a)
.................................................
40,217
2,113
Dropbox,
Inc.
,
Class
A
(a)
.................................................
193,182
4,922
Dynatrace,
Inc.
(a)
......................................................
126,144
4,805
Elastic
NV
(a)
..........................................................
25,625
1,689
Fair
Isaac
Corp.
(a)
......................................................
4,878
7,137
First
Solar,
Inc.
(a)
......................................................
6,165
1,390
Flex
Ltd.
(a)
...........................................................
42,301
2,667
Fortinet,
Inc.
(a)
........................................................
53,041
4,310
Gartner,
Inc.
(a)
........................................................
5,809
1,218
Gitlab,
Inc.
,
Class
A
(a)
...................................................
73,206
2,561
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
22,701
2,282
Impinj,
Inc.
(a)
.........................................................
42,956
5,932
Intuit,
Inc.
............................................................
14,687
7,328
Jabil,
Inc.
............................................................
2,652
629
JFrog
Ltd.
(a)
..........................................................
193,638
10,611
KLA
Corp.
...........................................................
5,438
7,765
Klaviyo,
Inc.
,
Class
A
(a)
..................................................
307,600
6,832
Lam
Research
Corp.
.....................................................
146,143
34,119
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
142,052
31,118
Manhattan
Associates,
Inc.
(a)
..............................................
10,594
1,600
MaxLinear,
Inc.
,
Class
A
(a)
................................................
531,773
9,226
Microsoft
Corp.
........................................................
184,729
79,487
MKS,
Inc.
............................................................
14,342
3,376
Monolithic
Power
Systems,
Inc.
............................................
22,809
25,641
Motorola
Solutions,
Inc.
..................................................
7,653
3,081
Novanta,
Inc.
(a)
........................................................
42,588
5,730
Nutanix,
Inc.
,
Class
A
(a)
..................................................
54,975
2,162
NVIDIA
Corp.
.........................................................
768,853
146,951
Oracle
Corp.
..........................................................
122,469
20,156
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
85,180
12,487
Palo
Alto
Networks,
Inc.
(a)
................................................
15,214
2,692
Pegasystems,
Inc.
.......................................................
76,221
3,330
PTC,
Inc.
(a)
...........................................................
3,321
518
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
39,670
2,759
QUALCOMM,
Inc.
.....................................................
22,274
3,377
Red
Cat
Holdings,
Inc.
(a)
(c)
...............................................
303,637
4,099
RingCentral,
Inc.
,
Class
A
(a)
...............................................
82,977
2,147
Riot
Platforms,
Inc.
(a)
...................................................
232,927
3,603
Salesforce,
Inc.
........................................................
19,454
4,130
Samsara,
Inc.
,
Class
A
(a)
.................................................
90,056
2,526
Sandisk
Corp.
(a)
.......................................................
3,540
2,040
Seagate
Technology
Holdings
PLC
..........................................
26,507
10,807
Semtech
Corp.
(a)
.......................................................
186,142
14,845
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
Value
(000)
ServiceNow,
Inc.
(a)
.....................................................
169,415
$
19,823
Snowflake,
Inc.
,
Class
A
(a)
................................................
96,296
18,556
Strategy,
Inc.
,
Class
A
(a)
..................................................
13,464
2,016
Synopsys,
Inc.
(a)
.......................................................
28,779
13,386
Trimble,
Inc.
(a)
........................................................
55,386
3,744
Varonis
Systems,
Inc.
,
Class
B
(a)
...........................................
354,770
10,586
Workday,
Inc.
,
Class
A
(a)
.................................................
18,847
3,310
Zscaler,
Inc.
(a)
.........................................................
26,120
5,224
780,812
1,259,033
Uruguay
(0.1%):
Consumer
Discretionary
(0.1%):
MercadoLibre,
Inc.
(a)
....................................................
703
1,510
Total
Common
Stocks
(Cost
$679,098)
1,334,571
Rights
(0.0%)(b)
United
States
(0.0%):(b)
Health
Care
(0.0%):(b)
ABIOMED,
Inc.,
CVR
,
expiring
1/4/27
(a)
(d)
...................................
145
—
(e)
Total
Rights
(Cost
$–)
—
(e)
Warrants
(0.0%)(b)
United
States
(0.0%):(b)
Health
Care
(0.0%):(b)
Athenex,
Inc.
,
expiring
8/15/27
(a)
(d)
.........................................
5,153,482
—
(e)
Total
Warrants
(Cost
$52)
—
(e)
Exchange-Traded
Funds
(0.4%)
United
States
(0.4%):
iShares
Expanded
Tech
Sector
ETF
(c)
........................................
39,399
5,082
Total
Exchange-Traded
Funds
(Cost
$4,601)
5,082
Collateral
for
Securities
Loaned
(0.6%)^
United
States
(0.6%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(f)
........
2,139,498
2,139
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(f)
............
2,139,498
2,140
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(f)
................
2,139,498
2,140
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(f)
.
2,139,498
2,139
Total
Collateral
for
Securities
Loaned
(Cost
$8,558)
8,558
Total
Investments
(Cost
$692,309)
—
100.5%
1,348,211
Liabilities
in
excess
of
other
assets
—
(0.5)%
(
7,413
)
NET
ASSETS
-
100.00%
$
1,340,798
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2026.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
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
January
31,
2026
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
67
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.2%)
Communication
Services
(2.3%):
Cable
One,
Inc.
(a)
......................................................
5,161
$
418
Cargurus,
Inc.
,
Class
A
(b)
.................................................
40,059
1,298
Cinemark
Holdings,
Inc.
..................................................
55,176
1,307
Cogent
Communications
Holdings,
Inc.
.......................................
49,117
1,194
Gray
Media,
Inc.
.......................................................
174,295
786
IDT
Corp.
,
Class
B
......................................................
26,328
1,280
Madison
Square
Garden
Sports
Corp.
(b)
......................................
3,000
851
Magnite,
Inc.
(b)
........................................................
353,035
5,107
MediaAlpha,
Inc.
,
Class
A
(b)
..............................................
55,210
565
Nexstar
Media
Group,
Inc.
,
Class
A
..........................................
6,100
1,296
Nexxen
International
Ltd.
(a)
(b)
.............................................
120,471
745
Playtika
Holding
Corp.
...................................................
278,964
1,010
Yelp,
Inc.
,
Class
A
(b)
....................................................
68,353
1,872
Ziff
Davis,
Inc.
(b)
......................................................
53,294
2,036
19,765
Consumer
Discretionary
(9.8%):
Academy
Sports
&
Outdoors,
Inc.
...........................................
42,274
2,325
American
Eagle
Outfitters,
Inc.
.............................................
76,547
1,784
Bath
&
Body
Works,
Inc.
.................................................
70,780
1,543
Boot
Barn
Holdings,
Inc.
(b)
...............................................
9,072
1,619
Brinker
International,
Inc.
(b)
...............................................
14,142
2,230
Brunswick
Corp.
.......................................................
16,475
1,322
Build-A-Bear
Workshop,
Inc.
..............................................
39,574
2,362
Callaway
Golf
Co.
(b)
....................................................
45,380
651
Cava
Group,
Inc.
(b)
.....................................................
5,117
310
Cricut,
Inc.
,
Class
A
(a)
...................................................
181,369
811
First
Watch
Restaurant
Group,
Inc.
(b)
........................................
51,608
825
Frontdoor,
Inc.
(b)
.......................................................
37,822
2,236
Garrett
Motion,
Inc.
.....................................................
250,392
4,517
Genius
Sports
Ltd.
(b)
....................................................
173,897
1,513
G-III
Apparel
Group
Ltd.
.................................................
54,528
1,600
Global-e
Online
Ltd.
(b)
..................................................
47,070
1,720
Group
1
Automotive,
Inc.
.................................................
1,590
563
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
...................................
30,243
577
Installed
Building
Products,
Inc.
............................................
8,609
2,481
KB
Home
............................................................
32,731
1,883
Kontoor
Brands,
Inc.
....................................................
16,489
985
Kura
Sushi
USA,
Inc.
,
Class
A
(a)
(b)
.........................................
18,576
1,241
Latham
Group,
Inc.
(b)
...................................................
63,180
397
Life
Time
Group
Holdings,
Inc.
(b)
...........................................
55,778
1,627
Lindblad
Expeditions
Holdings,
Inc.
(b)
.......................................
49,859
831
Marriott
Vacations
Worldwide
Corp.
.........................................
12,450
676
Monarch
Casino
&
Resort,
Inc.
.............................................
19,551
1,790
National
Vision
Holdings,
Inc.
(b)
...........................................
25,875
682
Penn
Entertainment,
Inc.
(b)
................................................
47,500
610
Phinia,
Inc.
...........................................................
52,127
3,710
Phoenix
Education
Partners,
Inc.
(a)
..........................................
14,833
453
PVH
Corp.
...........................................................
12,900
804
Sally
Beauty
Holdings,
Inc.
(b)
.............................................
90,000
1,370
SharkNinja,
Inc.
(b)
......................................................
15,874
1,876
Signet
Jewelers
Ltd.
.....................................................
53,384
4,927
Sportradar
Group
AG
,
Class
A
(a)
(b)
.........................................
138,201
2,503
Steven
Madden
Ltd.
.....................................................
40,300
1,768
Sweetgreen,
Inc.
,
Class
A
(b)
...............................................
26,505
163
Taylor
Morrison
Home
Corp.
,
Class
A
(b)
......................................
94,101
5,736
The
Buckle,
Inc.
........................................................
73,312
3,468
The
Cheesecake
Factory,
Inc.
(a)
............................................
15,050
872
The
Goodyear
Tire
&
Rubber
Co.
(b)
.........................................
160,000
1,506
Tri
Pointe
Homes,
Inc.
(b)
.................................................
101,177
3,374
Universal
Technical
Institute,
Inc.
(b)
.........................................
80,721
2,246
Valvoline,
Inc.
(b)
.......................................................
43,060
1,409
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Victoria's
Secret
&
Co.
(b)
.................................................
20,250
$
1,104
Visteon
Corp.
..........................................................
12,700
1,154
Winmark
Corp.
........................................................
1,337
603
Winnebago
Industries,
Inc.
................................................
37,155
1,706
YETI
Holdings,
Inc.
(b)
...................................................
18,540
847
83,310
Consumer
Staples
(2.4%):
Cal-Maine
Foods,
Inc.
...................................................
31,998
2,673
Dole
PLC
............................................................
142,811
2,275
Edgewell
Personal
Care
Co.
...............................................
11,331
221
elf
Beauty,
Inc.
(b)
......................................................
9,301
790
Herbalife
Ltd.
(b)
.......................................................
58,950
1,016
Interparfums,
Inc.
.......................................................
12,496
1,219
Medifast,
Inc.
(a)
(b)
.....................................................
41,773
478
Nomad
Foods
Ltd.
......................................................
89,320
1,134
Oddity
Tech
Ltd.
,
Class
A
(a)
(b)
.............................................
55,120
1,810
Sprouts
Farmers
Market,
Inc.
(b)
............................................
6,978
495
SunOpta,
Inc.
(b)
.......................................................
354,764
1,625
The
Andersons,
Inc.
.....................................................
35,342
2,191
The
Chefs'
Warehouse,
Inc.
(b)
..............................................
47,963
3,017
United
Natural
Foods,
Inc.
(b)
..............................................
31,400
1,169
20,113
Energy
(4.9%):
Cactus,
Inc.
,
Class
A
.....................................................
36,510
2,053
California
Resources
Corp.
................................................
31,300
1,675
Centrus
Energy
Corp.
,
Class
A
(a)
(b)
.........................................
5,465
1,521
Core
Natural
Resources,
Inc.
...............................................
29,984
2,860
DHT
Holdings,
Inc.
.....................................................
72,000
1,032
Gulfport
Energy
Corp.
(b)
.................................................
11,240
2,295
Innovex
International,
Inc.
(b)
..............................................
37,367
929
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
73,541
1,876
Matador
Resources
Co.
...................................................
21,935
992
Murphy
Oil
Corp.
......................................................
182,343
5,486
Noble
Corp.
PLC
.......................................................
24,101
858
Northern
Oil
&
Gas,
Inc.
..................................................
43,500
1,088
Patterson-UTI
Energy,
Inc.
................................................
203,343
1,531
Plains
GP
Holdings
LP
,
Class
A
(b)
...........................................
73,090
1,497
Ranger
Energy
Services,
Inc.
,
Class
A
........................................
123,319
1,902
Scorpio
Tankers,
Inc.
....................................................
84,975
5,406
SM
Energy
Co.
........................................................
100,684
1,960
Talos
Energy,
Inc.
(b)
....................................................
98,000
1,168
Teekay
Corp.
Ltd.
......................................................
179,520
1,836
Teekay
Tankers
Ltd.
,
Class
A
...............................................
37,550
2,423
Tidewater,
Inc.
(b)
.......................................................
17,460
1,091
41,479
Financials
(18.6%):
Acadian
Asset
Management,
Inc.
............................................
57,385
3,180
Adamas
Trust,
Inc.
......................................................
20,455
164
AGNC
Investment
Corp.
(a)
...............................................
81,000
923
Amalgamated
Financial
Corp.
..............................................
84,767
3,292
Ameris
Bancorp
........................................................
55,565
4,480
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
63,503
686
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
96,842
4,311
Atlanticus
Holdings
Corp.
(b)
..............................................
26,967
1,392
BancFirst
Corp.
........................................................
17,569
1,932
Bank
of
Hawaii
Corp.
....................................................
25,700
1,922
Bank7
Corp.
..........................................................
6,104
271
BOK
Financial
Corp.
(a)
..................................................
13,590
1,766
Bread
Financial
Holdings,
Inc.
.............................................
46,767
3,392
Cathay
General
Bancorp
..................................................
49,168
2,516
Chime
Financial,
Inc.
,
Class
A
(b)
...........................................
18,299
465
CNO
Financial
Group,
Inc.
................................................
34,600
1,455
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Coastal
Financial
Corp.
(b)
................................................
26,871
$
2,574
Cohen
&
Steers,
Inc.
....................................................
30,114
1,935
Commerce
Bancshares,
Inc.
...............................................
29,220
1,538
CVB
Financial
Corp.
....................................................
89,800
1,770
Dave,
Inc.
(b)
..........................................................
2,905
476
Dime
Community
Bancshares,
Inc.
..........................................
37,646
1,281
Donnelley
Financial
Solutions,
Inc.
(b)
........................................
16,312
844
Dynex
Capital,
Inc.
.....................................................
98,500
1,367
Enova
International,
Inc.
(b)
................................................
28,382
4,688
Essent
Group
Ltd.
......................................................
77,865
4,899
Ethos
Technologies,
Inc.
,
Class
A
(a)
(b)
.......................................
37,794
569
Euronet
Worldwide,
Inc.
(b)
................................................
17,380
1,259
Figure
Technology
Solutions,
Inc.
,
Class
A
(a)
(b)
.................................
23,359
1,329
First
American
Financial
Corp.
.............................................
14,600
922
First
Bancorp
NC
.......................................................
15,900
921
First
Bancorp
Puerto
Rico
.................................................
154,178
3,410
First
Financial
Bancorp
...................................................
105,596
3,035
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
54,365
1,928
First
Merchants
Corp.
....................................................
46,000
1,829
Flagstar
Bank
NA
.......................................................
105,650
1,397
FNB
Corp.
............................................................
137,010
2,405
Franklin
BSP
Realty
Trust,
Inc.
.............................................
73,133
750
Glacier
Bancorp,
Inc.
....................................................
45,700
2,316
Globe
Life,
Inc.
........................................................
18,470
2,590
Hamilton
Insurance
Group
Ltd.
,
Class
B
(b)
....................................
98,696
2,739
Hancock
Whitney
Corp.
..................................................
66,220
4,556
International
Bancshares
Corp.
.............................................
47,135
3,282
Jackson
Financial,
Inc.
,
Class
A
.............................................
38,096
4,530
Kinsale
Capital
Group,
Inc.
................................................
5,077
2,010
Ladder
Capital
Corp.
,
Class
A
..............................................
198,382
2,176
Live
Oak
Bancshares,
Inc.
................................................
43,406
1,735
Marex
Group
PLC
......................................................
35,556
1,404
MFA
Financial,
Inc.
.....................................................
59,613
575
NBT
Bancorp,
Inc.
......................................................
39,350
1,748
Northeast
Community
Bancorp,
Inc.
.........................................
28,725
678
Northwest
Bancshares,
Inc.
................................................
137,000
1,765
OFG
Bancorp
.........................................................
70,308
2,833
Old
National
Bancorp
....................................................
96,270
2,352
Old
Second
Bancorp,
Inc.
.................................................
131,764
2,614
PJT
Partners,
Inc.
,
Class
A
................................................
18,382
3,181
Primerica,
Inc.
.........................................................
4,190
1,102
Prosperity
Bancshares,
Inc.
................................................
21,590
1,490
QCR
Holdings,
Inc.
.....................................................
52,112
4,704
Renasant
Corp.
........................................................
44,530
1,679
RLI
Corp.
............................................................
21,880
1,278
Skyward
Specialty
Insurance
Group,
Inc.
(b)
....................................
50,200
2,240
SouthState
Bank
Corp.
...................................................
34,324
3,512
StepStone
Group,
Inc.
,
Class
A
.............................................
6,910
488
Stewart
Information
Services
Corp.
..........................................
20,000
1,349
Texas
Capital
Bancshares,
Inc.
(b)
...........................................
40,839
4,132
The
Bancorp,
Inc.
(b)
....................................................
43,678
2,596
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
96,732
5,012
Toast,
Inc.
,
Class
A
(b)
...................................................
28,028
872
UMB
Financial
Corp.
....................................................
19,860
2,525
United
Bankshares,
Inc.
..................................................
26,620
1,127
Universal
Insurance
Holdings,
Inc.
..........................................
84,190
2,564
Valley
National
Bancorp
..................................................
106,980
1,333
Virtus
Investment
Partners,
Inc.
.............................................
7,570
1,236
Western
Alliance
Bancorp
.................................................
13,150
1,172
White
Mountains
Insurance
Group
Ltd.
.......................................
430
879
World
Acceptance
Corp.
(b)
................................................
14,675
1,779
159,426
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Health
Care
(15.3%):
ACADIA
Pharmaceuticals,
Inc.
(b)
...........................................
1,957
$
49
AdaptHealth
Corp.
,
Class
A
(b)
.............................................
113,445
1,140
Agios
Pharmaceuticals,
Inc.
(b)
.............................................
8,921
245
Akebia
Therapeutics,
Inc.
(a)
(b)
.............................................
212,382
299
Align
Technology,
Inc.
(b)
.................................................
6,315
1,030
Alignment
Healthcare,
Inc.
(b)
..............................................
184,330
4,152
Amphastar
Pharmaceuticals,
Inc.
(b)
..........................................
33,170
879
AnaptysBio,
Inc.
(b)
.....................................................
36,513
1,731
Apogee
Therapeutics,
Inc.
(b)
..............................................
25,478
1,669
Arcellx,
Inc.
(b)
........................................................
4,741
324
Arcutis
Biotherapeutics,
Inc.
(b)
.............................................
51,944
1,318
Arrowhead
Pharmaceuticals,
Inc.
(b)
.........................................
29,785
2,065
aTyr
Pharma,
Inc.
(a)
(b)
...................................................
174,885
154
Avanos
Medical,
Inc.
(b)
..................................................
70,347
937
Azenta,
Inc.
(b)
.........................................................
69,808
2,714
Beam
Therapeutics,
Inc.
(b)
................................................
19,642
543
Beta
Bionics,
Inc.
(b)
.....................................................
36,377
503
BioLife
Solutions,
Inc.
(b)
.................................................
119,320
2,601
Bridgebio
Pharma,
Inc.
(b)
.................................................
58,314
4,505
Brookdale
Senior
Living,
Inc.
(b)
............................................
97,161
1,457
Catalyst
Pharmaceuticals,
Inc.
(b)
............................................
42,800
1,040
Celcuity,
Inc.
(b)
........................................................
27,563
3,016
Celldex
Therapeutics,
Inc.
(b)
..............................................
19,216
473
Certara,
Inc.
(b)
........................................................
110,110
968
Charles
River
Laboratories
International,
Inc.
(b)
.................................
5,600
1,179
Cogent
Biosciences,
Inc.
(b)
................................................
35,362
1,270
Collegium
Pharmaceutical,
Inc.
(b)
...........................................
21,741
998
Corcept
Therapeutics,
Inc.
(b)
..............................................
13,576
541
CorVel
Corp.
(b)
........................................................
27,854
1,939
Crinetics
Pharmaceuticals,
Inc.
(b)
...........................................
19,935
996
Cytokinetics,
Inc.
(b)
.....................................................
22,725
1,436
Dianthus
Therapeutics,
Inc.
(b)
..............................................
10,616
567
Edgewise
Therapeutics,
Inc.
(b)
.............................................
59,528
1,676
Encompass
Health
Corp.
..................................................
10,210
965
Envista
Holdings
Corp.
(b)
................................................
65,400
1,535
EyePoint,
Inc.
(b)
.......................................................
85,169
1,151
GeneDx
Holdings
Corp.
,
Class
A
(b)
.........................................
13,266
1,277
GRAIL,
Inc.
(b)
........................................................
25,931
2,537
HealthEquity,
Inc.
(b)
....................................................
24,126
2,067
ICU
Medical,
Inc.
(b)
....................................................
10,992
1,648
Immunome,
Inc.
(a)
(b)
...................................................
90,252
2,222
Immunovant,
Inc.
(b)
.....................................................
54,623
1,420
Inhibrx
Biosciences,
Inc.
(a)
(b)
.............................................
10,370
791
Innoviva,
Inc.
(b)
.......................................................
77,494
1,550
Insmed,
Inc.
(b)
........................................................
5,049
792
Integra
LifeSciences
Holdings
Corp.
(b)
.......................................
139,609
1,555
Intellia
Therapeutics,
Inc.
(a)
(b)
.............................................
60,035
789
iRadimed
Corp.
........................................................
22,165
2,170
IRhythm
Holdings,
Inc.
(b)
................................................
2,014
311
Kiniksa
Pharmaceuticals
International
PLC
,
Class
A
(b)
............................
64,549
2,835
Kodiak
Sciences,
Inc.
(b)
..................................................
36,913
841
Kymera
Therapeutics,
Inc.
(b)
..............................................
13,340
970
Lantheus
Holdings,
Inc.
(b)
................................................
25,483
1,705
LENZ
Therapeutics,
Inc.
(a)
(b)
.............................................
77,427
1,225
Ligand
Pharmaceuticals,
Inc.
(b)
............................................
6,203
1,192
LivaNova
PLC
(b)
......................................................
25,750
1,692
Madrigal
Pharmaceuticals,
Inc.
(b)
...........................................
2,915
1,426
Mineralys
Therapeutics,
Inc.
(b)
.............................................
25,365
784
Mirum
Pharmaceuticals,
Inc.
(b)
.............................................
8,263
853
MoonLake
Immunotherapeutics
,
Class
A
(b)
....................................
52,093
816
Niagen
Bioscience,
Inc.
(b)
................................................
278,258
1,667
Novavax,
Inc.
(a)
(b)
.....................................................
9,063
80
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Nuvalent,
Inc.
,
Class
A
(b)
.................................................
9,859
$
1,014
OptimizeRx
Corp.
(b)
....................................................
16,814
181
Option
Care
Health,
Inc.
(b)
................................................
40,686
1,383
OrthoPediatrics
Corp.
(b)
..................................................
114,581
2,001
Owlet,
Inc.
,
Class
A
(b)
...................................................
90,292
1,090
Pacira
BioSciences,
Inc.
(b)
................................................
66,238
1,361
Palvella
Therapeutics,
Inc.
(b)
..............................................
12,681
973
Pediatrix
Medical
Group,
Inc.
(b)
............................................
48,219
1,031
Precigen,
Inc.
(a)
(b)
.....................................................
210,915
947
Progyny,
Inc.
(b)
........................................................
103,345
2,467
Protagonist
Therapeutics,
Inc.
(b)
............................................
9,358
765
PTC
Therapeutics,
Inc.
(b)
.................................................
7,774
587
RadNet,
Inc.
(b)
........................................................
4,070
285
REGENXBIO,
Inc.
(b)
...................................................
30,731
343
Repligen
Corp.
(b)
......................................................
17,440
2,605
Revolution
Medicines,
Inc.
(b)
..............................................
11,225
1,088
Rhythm
Pharmaceuticals,
Inc.
(b)
............................................
25,792
2,644
Scholar
Rock
Holding
Corp.
(b)
.............................................
57,935
2,569
Select
Medical
Holdings
Corp.
.............................................
87,089
1,311
SI-BONE,
Inc.
(b)
.......................................................
156,713
2,598
SIGA
Technologies,
Inc.
..................................................
232,329
1,557
Soleno
Therapeutics,
Inc.
(b)
...............................................
25,791
995
Stoke
Therapeutics,
Inc.
(a)
(b)
..............................................
80,088
2,430
Supernus
Pharmaceuticals,
Inc.
(b)
...........................................
25,250
1,216
Surgery
Partners,
Inc.
(b)
..................................................
48,170
716
Syndax
Pharmaceuticals,
Inc.
(b)
............................................
75,732
1,538
Talkspace,
Inc.
(b)
.......................................................
83,228
336
Taysha
Gene
Therapies,
Inc.
(b)
.............................................
342,932
1,547
The
Ensign
Group,
Inc.
...................................................
7,740
1,329
The
Pennant
Group,
Inc.
(b)
................................................
37,560
1,037
Travere
Therapeutics,
Inc.
(b)
...............................................
28,502
886
Twist
Bioscience
Corp.
(b)
.................................................
2,659
109
Vera
Therapeutics,
Inc.
,
Class
A
(b)
..........................................
8,855
383
Viking
Therapeutics,
Inc.
(a)
(b)
.............................................
49,480
1,437
Xenon
Pharmaceuticals,
Inc.
(b)
.............................................
23,427
961
Xeris
Biopharma
Holdings,
Inc.
(b)
..........................................
254,687
1,874
Zymeworks,
Inc.
(b)
.....................................................
58,756
1,324
130,198
Industrials
(18.2%):
ACCO
Brands
Corp.
....................................................
470,820
1,841
Ameresco,
Inc.
,
Class
A
(b)
................................................
46,934
1,471
Amprius
Technologies,
Inc.
(b)
..............................................
25,414
316
Apogee
Enterprises,
Inc.
..................................................
37,991
1,411
Applied
Industrial
Technologies,
Inc.
.........................................
5,827
1,517
ArcBest
Corp.
.........................................................
26,748
2,413
Archer
Aviation,
Inc.
,
Class
A
(b)
............................................
156,125
1,123
Argan,
Inc.
...........................................................
12,610
4,377
Atkore,
Inc.
...........................................................
45,821
3,182
Atmus
Filtration
Technologies,
Inc.
..........................................
30,400
1,762
Beta
Technologies,
Inc.
,
Class
A
(b)
..........................................
22,803
490
BlueLinx
Holdings,
Inc.
(b)
................................................
14,703
1,023
Boise
Cascade
Co.
......................................................
27,108
2,191
BWX
Technologies,
Inc.
..................................................
8,202
1,685
Carpenter
Technology
Corp.
...............................................
16,386
5,208
Casella
Waste
Systems,
Inc.
,
Class
A
(b)
.......................................
58,915
5,943
CECO
Environmental
Corp.
(b)
.............................................
17,774
1,199
Columbus
McKinnon
Corp.
...............................................
76,206
1,606
Costamare,
Inc.
........................................................
20,875
350
Deluxe
Corp.
..........................................................
105,769
2,792
DNOW,
Inc.
(b)
........................................................
159,493
2,423
Electrovaya,
Inc.
(b)
.....................................................
23,566
255
Enovix
Corp.
(a)
(b)
......................................................
83,374
552
ExlService
Holdings,
Inc.
(b)
...............................................
11,468
449
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Exponent,
Inc.
.........................................................
25,232
$
1,813
Fluor
Corp.
(b)
.........................................................
18,200
841
FTAI
Aviation
Ltd.
......................................................
19,813
5,395
Gates
Industrial
Corp.
PLC
(b)
..............................................
279,829
6,443
Genco
Shipping
&
Trading
Ltd.
.............................................
76,346
1,596
Granite
Construction,
Inc.
.................................................
11,740
1,417
Griffon
Corp.
..........................................................
29,063
2,367
Hayward
Holdings,
Inc.
(b)
................................................
62,720
1,012
Helios
Technologies,
Inc.
.................................................
14,740
955
Hub
Group,
Inc.
,
Class
A
.................................................
36,220
1,723
Huron
Consulting
Group,
Inc.
(b)
............................................
13,017
2,200
ICF
International,
Inc.
...................................................
18,120
1,690
JBT
Marel
Corp.
.......................................................
14,353
2,258
Kforce,
Inc.
...........................................................
33,160
1,172
Korn
Ferry
...........................................................
41,075
2,853
Kornit
Digital
Ltd.
(b)
....................................................
57,472
744
Legalzoom.com,
Inc.
(b)
..................................................
200,304
1,781
Liquidity
Services,
Inc.
(b)
.................................................
74,451
2,382
Masterbrand,
Inc.
(b)
.....................................................
167,360
2,028
Matson,
Inc.
..........................................................
29,255
4,690
Mayville
Engineering
Co.,
Inc.
(b)
...........................................
58,117
1,139
Modine
Manufacturing
Co.
(b)
..............................................
32,224
5,950
Montrose
Environmental
Group,
Inc.
(b)
.......................................
29,400
655
Mueller
Industries,
Inc.
...................................................
21,445
2,920
Nextpower,
Inc.
,
Class
A
(b)
...............................................
19,756
2,313
NPK
International,
Inc.
(b)
.................................................
80,620
1,113
Power
Solutions
International,
Inc.
(a)
(b)
......................................
29,788
2,135
QXO,
Inc.
(b)
..........................................................
21,544
478
RBC
Bearings,
Inc.
(b)
...................................................
10,905
5,449
Redwire
Corp.
(a)
(b)
.....................................................
30,144
354
Resideo
Technologies,
Inc.
(b)
..............................................
79,835
2,735
Ryder
System,
Inc.
......................................................
8,980
1,718
Sensata
Technologies
Holding
PLC
..........................................
43,670
1,511
Shoals
Technologies
Group,
Inc.
,
Class
A
(b)
....................................
47,335
447
SkyWest,
Inc.
(b)
.......................................................
15,600
1,506
Sterling
Infrastructure,
Inc.
(b)
..............................................
20,233
7,243
Sun
Country
Airlines
Holdings,
Inc.
(b)
.......................................
135,379
2,375
Tecogen,
Inc.
(a)
(b)
......................................................
33,608
126
Terex
Corp.
...........................................................
96,496
5,500
The
Brink's
Co.
........................................................
13,354
1,696
The
Greenbrier
Cos.,
Inc.
.................................................
23,900
1,205
The
Timken
Co.
........................................................
36,498
3,401
Titan
International,
Inc.
(b)
................................................
104,000
992
Titan
Machinery,
Inc.
(b)
..................................................
36,447
593
Transcat,
Inc.
(b)
........................................................
3,601
217
TriNet
Group,
Inc.
......................................................
17,452
1,069
UFP
Industries,
Inc.
.....................................................
15,000
1,549
V2X,
Inc.
(b)
..........................................................
43,780
3,013
Valmont
Industries,
Inc.
..................................................
3,520
1,568
Wabash
National
Corp.
...................................................
86,317
874
WillScot
Holdings
Corp.
..................................................
74,600
1,494
York
Space
Systems,
Inc.
(a)
(b)
.............................................
20,014
679
154,956
Information
Technology
(16.0%):
908
Devices,
Inc.
(b)
.....................................................
19,503
123
A10
Networks,
Inc.
.....................................................
137,921
2,405
ACI
Worldwide,
Inc.
(b)
..................................................
27,240
1,181
Adeia,
Inc.
............................................................
152,585
2,760
Agilysys,
Inc.
(b)
.......................................................
6,707
582
Alkami
Technology,
Inc.
(a)
(b)
..............................................
81,992
1,737
Allegro
MicroSystems,
Inc.
(b)
.............................................
53,574
1,977
Arlo
Technologies,
Inc.
(b)
.................................................
56,255
714
Arteris,
Inc.
(b)
.........................................................
50,411
757
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
ASGN,
Inc.
(b)
.........................................................
32,655
$
1,701
Bel
Fuse,
Inc.
,
Class
B
...................................................
4,206
846
Belden,
Inc.
...........................................................
36,589
4,300
Benchmark
Electronics,
Inc.
...............................................
43,194
2,252
Box,
Inc.
,
Class
A
(b)
....................................................
82,767
2,098
Cellebrite
DI
Ltd.
(b)
.....................................................
181,344
2,668
Clear
Secure,
Inc.
,
Class
A
................................................
76,077
2,482
Commvault
Systems,
Inc.
(b)
...............................................
38,435
3,294
Consensus
Cloud
Solutions,
Inc.
(b)
..........................................
62,330
1,331
Core
Scientific,
Inc.
(b)
...................................................
83,502
1,502
Crane
NXT
Co.
........................................................
26,590
1,343
Credo
Technology
Group
Holding
Ltd.
(b)
.....................................
20,178
2,528
Digital
Turbine,
Inc.
(b)
...................................................
971,625
5,072
Diodes,
Inc.
(b)
.........................................................
70,100
4,149
Extreme
Networks,
Inc.
(b)
................................................
232,692
3,393
Fabrinet
(b)
...........................................................
2,237
1,095
indie
Semiconductor,
Inc.
,
Class
A
(a)
(b)
......................................
1,076,448
4,413
Insight
Enterprises,
Inc.
(b)
................................................
19,048
1,600
InterDigital,
Inc.
.......................................................
9,631
3,144
IonQ,
Inc.
(a)
(b)
........................................................
17,225
689
JFrog
Ltd.
(b)
..........................................................
32,795
1,797
Klaviyo,
Inc.
,
Class
A
(b)
..................................................
20,360
452
Knowles
Corp.
(b)
.......................................................
163,401
3,961
Kulicke
&
Soffa
Industries,
Inc.
.............................................
59,858
3,432
Lattice
Semiconductor
Corp.
(b)
.............................................
13,127
1,057
LightPath
Technologies,
Inc.
,
Class
A
(a)
(b)
....................................
168,994
1,761
Littelfuse,
Inc.
.........................................................
3,785
1,225
Lumentum
Holdings,
Inc.
(b)
...............................................
5,823
2,282
Napco
Security
Technologies,
Inc.
...........................................
34,728
1,281
NetScout
Systems,
Inc.
(b)
.................................................
81,003
2,253
Netskope,
Inc.
,
Class
A
(a)
(b)
...............................................
48,202
716
Nova
Ltd.
(b)
..........................................................
1,991
912
Nutanix,
Inc.
,
Class
A
(b)
..................................................
31,546
1,241
Okta,
Inc.
,
Class
A
(b)
....................................................
6,590
557
Onto
Innovation,
Inc.
(b)
..................................................
22,134
4,472
Photronics,
Inc.
(b)
......................................................
96,284
3,329
Plexus
Corp.
(b)
........................................................
8,730
1,740
Porch
Group,
Inc.
(b)
.....................................................
669,404
5,282
Qualys,
Inc.
(b)
.........................................................
17,748
2,341
Rambus,
Inc.
(b)
........................................................
22,403
2,550
Red
Cat
Holdings,
Inc.
(a)
(b)
...............................................
18,973
256
Rigetti
Computing,
Inc.
(a)
(b)
..............................................
68,342
1,242
Sanmina
Corp.
(b)
.......................................................
26,597
3,768
ScanSource,
Inc.
(b)
.....................................................
47,526
2,043
Semtech
Corp.
(b)
.......................................................
12,043
960
Silicon
Laboratories,
Inc.
(b)
...............................................
17,386
2,477
Silicon
Motion
Technology
Corp.
,
ADR
.......................................
34,497
4,103
Synaptics,
Inc.
(b)
.......................................................
23,755
1,960
The
Descartes
Systems
Group,
Inc.
(b)
........................................
7,856
587
Tower
Semiconductor
Ltd.
(b)
..............................................
14,801
1,994
TTM
Technologies,
Inc.
(b)
................................................
20,554
2,018
Unusual
Machines,
Inc.
(b)
................................................
140,629
1,948
Varonis
Systems,
Inc.
,
Class
B
(b)
...........................................
53,096
1,584
Veeco
Instruments,
Inc.
(b)
................................................
82,734
2,584
Vishay
Intertechnology,
Inc.
...............................................
150,261
3,028
Weave
Communications,
Inc.
(b)
............................................
39,810
259
Zeta
Global
Holdings
Corp.
,
Class
A
(b)
.......................................
54,111
1,005
136,593
Materials
(3.8%):
AdvanSix,
Inc.
.........................................................
60,807
963
Avient
Corp.
..........................................................
33,850
1,224
Cabot
Corp.
...........................................................
23,223
1,676
Coeur
Mining,
Inc.
(b)
....................................................
37,820
773
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Commercial
Metals
Co.
..................................................
52,451
$
4,031
Element
Solutions,
Inc.
...................................................
35,000
1,019
Hawkins,
Inc.
.........................................................
19,490
2,538
Ingevity
Corp.
(b)
.......................................................
25,666
1,689
Knife
River
Corp.
(b)
....................................................
14,910
1,002
Materion
Corp.
........................................................
30,927
4,276
Methanex
Corp.
........................................................
26,520
1,266
MP
Materials
Corp.
(a)
(b)
.................................................
27,336
1,607
O-I
Glass,
Inc.
(b)
.......................................................
143,843
2,198
Olin
Corp.
............................................................
40,973
853
Ryerson
Holding
Corp.
...................................................
78,295
2,209
Solstice
Advanced
Materials,
Inc.
(b)
.........................................
25,200
1,557
SunCoke
Energy,
Inc.
....................................................
224,483
1,764
Sylvamo
Corp.
.........................................................
31,421
1,538
United
States
Antimony
Corp.
(a)
(b)
..........................................
61,065
448
32,631
Real
Estate
(5.3%):
Acadia
Realty
Trust
.....................................................
32,145
643
American
Healthcare
REIT,
Inc.
............................................
47,636
2,235
Apple
Hospitality
REIT,
Inc.
...............................................
60,433
703
Broadstone
Net
Lease,
Inc.
,
Class
A
..........................................
157,844
2,921
CareTrust
REIT,
Inc.
....................................................
72,916
2,722
Compass,
Inc.
,
Class
A
(b)
.................................................
144,954
1,815
COPT
Defense
Properties
.................................................
37,210
1,146
Curbline
Properties
Corp.
.................................................
68,850
1,670
Cushman
&
Wakefield
Ltd.
(b)
..............................................
185,859
3,055
DiamondRock
Hospitality
Co.
..............................................
87,100
800
Diversified
Healthcare
Trust
...............................................
81,862
476
Douglas
Emmett,
Inc.
....................................................
140,680
1,486
Easterly
Government
Properties,
Inc.
,
Class
A
..................................
46,500
1,088
Essential
Properties
Realty
Trust,
Inc.
........................................
84,692
2,570
Four
Corners
Property
Trust,
Inc.
............................................
63,480
1,565
Howard
Hughes
Holdings,
Inc.
(b)
...........................................
13,320
1,088
Independence
Realty
Trust,
Inc.
.............................................
50,910
850
Innovative
Industrial
Properties,
Inc.
,
Class
A
...................................
5,622
272
LXP
Industrial
Trust
.....................................................
31,700
1,571
National
Health
Investors,
Inc.
.............................................
10,541
866
Newmark
Group,
Inc.
,
Class
A
.............................................
56,635
1,010
Peakstone
Realty
Trust
...................................................
23,118
361
Phillips
Edison
&
Co.,
Inc.
................................................
18,475
669
Ryman
Hospitality
Properties,
Inc.
...........................................
9,143
866
Sabra
Health
Care
REIT,
Inc.
..............................................
107,138
2,007
Sila
Realty
Trust,
Inc.
....................................................
51,120
1,245
SL
Green
Realty
Corp.
...................................................
14,544
651
STAG
Industrial,
Inc.
....................................................
19,800
743
Summit
Hotel
Properties,
Inc.
..............................................
152,500
674
Sunstone
Hotel
Investors,
Inc.
..............................................
49,204
432
Tanger,
Inc.
...........................................................
19,844
649
Terreno
Realty
Corp.
....................................................
14,904
917
The
Macerich
Co.
......................................................
45,028
852
The
St.
Joe
Co.
........................................................
38,330
2,537
Urban
Edge
Properties
...................................................
41,364
804
Veris
Residential,
Inc.
....................................................
79,000
1,200
45,159
Utilities
(2.6%):
Avista
Corp.
..........................................................
55,927
2,309
Black
Hills
Corp.
.......................................................
82,587
6,027
Genie
Energy
Ltd.
,
Class
B
................................................
74,999
1,033
H2O
America
.........................................................
27,820
1,448
MGE
Energy,
Inc.
......................................................
5,099
407
National
Fuel
Gas
Co.
...................................................
10,400
871
New
Jersey
Resources
Corp.
...............................................
21,380
1,058
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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)
Northwestern
Energy
Group,
Inc.
...........................................
25,450
$
1,727
ONE
Gas,
Inc.
.........................................................
18,829
1,498
Portland
General
Electric
Co.
..............................................
31,001
1,558
Southwest
Gas
Holdings,
Inc.
..............................................
19,000
1,574
Spire,
Inc.
............................................................
22,119
1,869
Unitil
Corp.
...........................................................
16,250
827
22,206
Total
Common
Stocks
(Cost
$684,856)
a
a
a
845,836
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
Flexion
Therapeutics,
Inc.,
CVR
,
expiring
6/1/26
(b)
(d)
............................
58,207
1
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
,
expiring
11/1/27
(b)
(d)
(e)
(f)
............
7,105
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
,
expiring
11/1/27
(b)
(d)
(e)
(f)
............
7,105
—
1
Total
Rights
(Cost
$36)
a
a
a
1
Collateral
for
Securities
Loaned
(3.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(g)
........
7,247,154
7,248
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(g)
............
7,247,154
7,247
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(g)
...............
7,247,154
7,247
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(g)
.
7,247,154
7,247
Total
Collateral
for
Securities
Loaned
(Cost
$28,989)
a
a
a
28,989
Total
Investments
(Cost
$713,881)
—
102.6%
874,826
Liabilities
in
excess
of
other
assets
—  (2.6)%
(21,791)
NET
ASSETS
-
100.00%
$
853,035
At
January
31,
2026,
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
January
31,
2026.
(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
January
31,
2026.
(g)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Value
Fund
76
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.7%)
Communication
Services
(6.2%):
Alphabet,
Inc.
,
Class
A
...................................................
147,805
$
49,958
AT&T,
Inc.
...........................................................
178,416
4,676
Comcast
Corp.
,
Class
A
..................................................
165,263
4,917
Match
Group,
Inc.
......................................................
78,380
2,442
Meta
Platforms,
Inc.
,
Class
A
..............................................
4,550
3,260
Omnicom
Group,
Inc.
....................................................
63,345
4,880
Take-Two
Interactive
Software,
Inc.
(a)
........................................
29,300
6,455
T-Mobile
US,
Inc.
......................................................
19,782
3,901
Verizon
Communications,
Inc.
..............................................
147,982
6,588
Versant
Media
Group,
Inc.
(a)
..............................................
6,610
215
87,292
Consumer
Discretionary
(8.2%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
21,564
2,790
Amazon.com,
Inc.
(a)
....................................................
57,100
13,664
Aptiv
PLC
(a)
..........................................................
51,968
3,937
BorgWarner,
Inc.
.......................................................
132,787
6,295
Darden
Restaurants,
Inc.
..................................................
27,000
5,382
Deckers
Outdoor
Corp.
(a)
.................................................
58,302
6,958
Domino's
Pizza,
Inc.
.....................................................
8,848
3,631
Etsy,
Inc.
(a)
...........................................................
70,004
3,707
Expedia
Group,
Inc.
.....................................................
22,123
5,859
General
Motors
Co.
.....................................................
48,013
4,033
H&R
Block,
Inc.
.......................................................
73,074
2,883
Lear
Corp.
............................................................
23,182
2,714
Lennar
Corp.
,
Class
A
....................................................
37,335
4,083
Lowe's
Cos.,
Inc.
.......................................................
23,851
6,370
Mattel,
Inc.
(a)
.........................................................
587,500
12,273
NVR,
Inc.
(a)
..........................................................
713
5,444
PulteGroup,
Inc.
........................................................
49,776
6,226
Toll
Brothers,
Inc.
......................................................
90,256
13,041
Ulta
Beauty,
Inc.
(a)
.....................................................
8,962
5,802
115,092
Consumer
Staples
(6.3%):
Altria
Group,
Inc.
.......................................................
167,425
10,379
Archer-Daniels-Midland
Co.
...............................................
63,470
4,272
Coca-Cola
Consolidated,
Inc.
..............................................
37,747
5,740
Colgate-Palmolive
Co.
...................................................
87,953
7,941
Ingredion,
Inc.
.........................................................
54,058
6,384
Keurig
Dr.
Pepper,
Inc.
...................................................
202,592
5,559
Mondelez
International,
Inc.
,
Class
A
.........................................
158,900
9,291
PepsiCo,
Inc.
..........................................................
24,264
3,728
Sysco
Corp.
...........................................................
81,562
6,839
The
Procter
&
Gamble
Co.
................................................
96,643
14,668
U.S.
Foods
Holding
Corp.
(a)
...............................................
173,000
14,466
89,267
Energy
(5.6%):
Devon
Energy
Corp.
.....................................................
184,247
7,409
Enterprise
Products
Partners
LP
.............................................
439,124
14,574
EOG
Resources,
Inc.
....................................................
70,794
7,938
Exxon
Mobil
Corp.
.....................................................
140,200
19,824
Marathon
Petroleum
Corp.
................................................
31,243
5,505
TechnipFMC
PLC
......................................................
75,841
4,226
Valero
Energy
Corp.
.....................................................
111,355
20,203
79,679
Financials
(20.3%):
American
Express
Co.
...................................................
15,119
5,324
Ameriprise
Financial,
Inc.
.................................................
15,117
7,970
Cboe
Global
Markets,
Inc.
................................................
52,500
13,916
Citigroup,
Inc.
.........................................................
242,200
28,025
Victory
Portfolios
III
Victory
Value
Fund
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Corpay,
Inc.
(a)
.........................................................
51,600
$
16,235
East
West
Bancorp,
Inc.
..................................................
71,315
8,161
Evercore,
Inc.
,
Class
A
...................................................
18,333
6,477
Everest
Group
Ltd.
......................................................
21,913
7,259
Fairfax
Financial
Holdings
Ltd.
.............................................
7,200
11,883
Fidelity
National
Financial,
Inc.
............................................
130,607
7,104
Fiserv,
Inc.
(a)
..........................................................
63,801
4,066
Global
Payments,
Inc.
....................................................
46,215
3,316
JPMorgan
Chase
&
Co.
..................................................
110,629
33,840
KeyCorp
.............................................................
1,270,900
27,350
MGIC
Investment
Corp.
..................................................
117,403
3,161
PayPal
Holdings,
Inc.
....................................................
73,703
3,883
Principal
Financial
Group,
Inc.
.............................................
55,815
5,287
Regions
Financial
Corp.
..................................................
150,569
4,291
RLI
Corp.
............................................................
28,189
1,647
Rocket
Cos.,
Inc.
,
Class
A
.................................................
239,000
4,285
SEI
Investments
Co.
.....................................................
69,444
6,101
Synchrony
Financial
.....................................................
98,033
7,120
The
Allstate
Corp.
......................................................
30,335
6,036
The
Goldman
Sachs
Group,
Inc.
............................................
7,244
6,776
The
PNC
Financial
Services
Group,
Inc.
......................................
15,640
3,492
The
Progressive
Corp.
...................................................
41,746
8,683
U.S.
Bancorp
..........................................................
450,119
25,256
Unum
Group
..........................................................
125,900
9,565
Voya
Financial,
Inc.
.....................................................
42,785
3,280
W.R.
Berkley
Corp.
(b)
...................................................
33,472
2,296
Zions
Bancorp
NA
......................................................
84,742
5,077
287,162
Health
Care
(15.2%):
AbbVie,
Inc.
..........................................................
61,463
13,707
Bristol-Myers
Squibb
Co.
.................................................
160,557
8,839
Cardinal
Health,
Inc.
....................................................
10,882
2,338
Chemed
Corp.
.........................................................
9,369
4,002
CVS
Health
Corp.
......................................................
193,688
14,434
Elevance
Health,
Inc.
....................................................
14,780
5,110
Exelixis,
Inc.
(a)
........................................................
99,122
4,100
GE
HealthCare
Technologies,
Inc.
...........................................
82,900
6,546
Gilead
Sciences,
Inc.
....................................................
79,999
11,356
Humana,
Inc.
..........................................................
12,123
2,366
Johnson
&
Johnson
.....................................................
120,278
27,333
McKesson
Corp.
.......................................................
4,736
3,936
Medpace
Holdings,
Inc.
(a)
................................................
6,814
3,969
Medtronic
PLC
........................................................
145,200
14,950
Merck
&
Co.,
Inc.
......................................................
93,606
10,322
Mettler-Toledo
International,
Inc.
(a)
.........................................
1,819
2,498
Pfizer,
Inc.
............................................................
207,776
5,493
Regeneron
Pharmaceuticals,
Inc.
............................................
19,131
14,185
Royalty
Pharma
PLC
,
Class
A
..............................................
83,927
3,498
Tenet
Healthcare
Corp.
(a)
.................................................
20,657
3,910
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(a)
...................................
687,900
23,444
The
Cigna
Group
.......................................................
79,387
21,761
UnitedHealth
Group,
Inc.
.................................................
23,581
6,766
214,863
Industrials
(17.4%):
A.O.
Smith
Corp.
.......................................................
81,970
6,024
Allison
Transmission
Holdings,
Inc.
.........................................
23,624
2,568
AMETEK,
Inc.
........................................................
65,400
14,648
Automatic
Data
Processing,
Inc.
............................................
20,448
5,047
CACI
International,
Inc.
,
Class
A
(a)
.........................................
18,900
11,729
Carlisle
Cos.,
Inc.
.......................................................
9,635
3,284
Caterpillar,
Inc.
........................................................
13,061
8,586
Comfort
Systems
USA,
Inc.
...............................................
2,666
3,045
Victory
Portfolios
III
Victory
Value
Fund
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Delta
Air
Lines,
Inc.
.....................................................
55,697
$
3,670
Dover
Corp.
...........................................................
49,200
9,913
Eaton
Corp.
PLC
.......................................................
36,200
12,721
EMCOR
Group,
Inc.
....................................................
6,623
4,773
Expeditors
International
of
Washington,
Inc.
....................................
32,855
5,275
FedEx
Corp.
..........................................................
61,820
19,922
Ferguson
Enterprises,
Inc.
.................................................
17,398
4,392
Genpact
Ltd.
..........................................................
72,605
3,202
Honeywell
International,
Inc.
..............................................
69,300
15,767
Leidos
Holdings,
Inc.
....................................................
76,221
14,351
Lennox
International,
Inc.
.................................................
6,682
3,308
Lincoln
Electric
Holdings,
Inc.
.............................................
16,942
4,496
Lockheed
Martin
Corp.
...................................................
19,244
12,205
Masco
Corp.
..........................................................
78,595
5,194
Otis
Worldwide
Corp.
....................................................
64,936
5,547
Owens
Corning
........................................................
42,656
5,112
PACCAR,
Inc.
.........................................................
50,647
6,225
RTX
Corp.
............................................................
61,767
12,411
SS&C
Technologies
Holdings,
Inc.
..........................................
207,000
16,951
Textron,
Inc.
..........................................................
30,830
2,715
Union
Pacific
Corp.
.....................................................
52,100
12,249
United
Airlines
Holdings,
Inc.
(a)
............................................
33,615
3,440
United
Parcel
Service,
Inc.
,
Class
B
..........................................
29,251
3,107
Verisk
Analytics,
Inc.
,
Class
A
..............................................
13,986
3,041
244,918
Information
Technology
(10.9%):
Accenture
PLC
,
Class
A
..................................................
36,689
9,673
Adobe,
Inc.
(a)
.........................................................
24,700
7,243
Amdocs
Ltd.
..........................................................
59,796
4,900
Amphenol
Corp.
,
Class
A
.................................................
43,200
6,224
Analog
Devices,
Inc.
....................................................
39,800
12,373
Apple,
Inc.
...........................................................
14,387
3,733
Applied
Materials,
Inc.
...................................................
43,917
14,155
Check
Point
Software
Technologies
Ltd.
(a)
(b)
..................................
74,700
13,409
Cisco
Systems,
Inc.
.....................................................
75,702
5,929
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
37,504
3,078
Dropbox,
Inc.
,
Class
A
(a)
.................................................
153,880
3,921
Fair
Isaac
Corp.
(a)
......................................................
1,987
2,907
Gen
Digital,
Inc.
.......................................................
134,240
3,220
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
19,395
1,950
Jabil,
Inc.
............................................................
21,092
5,003
Lam
Research
Corp.
.....................................................
20,169
4,709
Manhattan
Associates,
Inc.
(a)
..............................................
15,291
2,309
NetApp,
Inc.
..........................................................
64,250
6,190
ON
Semiconductor
Corp.
(a)
...............................................
77,238
4,626
QUALCOMM,
Inc.
.....................................................
40,888
6,198
Salesforce,
Inc.
........................................................
73,070
15,512
Zebra
Technologies
Corp.
(a)
...............................................
54,000
12,689
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
34,870
3,212
153,163
Materials
(2.7%):
Avery
Dennison
Corp.
...................................................
30,225
5,607
CF
Industries
Holdings,
Inc.
...............................................
68,647
6,400
PPG
Industries,
Inc.
.....................................................
96,400
11,147
Reliance,
Inc.
..........................................................
11,241
3,704
Steel
Dynamics,
Inc.
.....................................................
37,931
6,811
The
Mosaic
Co.
........................................................
140,968
3,876
37,545
Real
Estate
(2.4%):
Equinix,
Inc.
..........................................................
4,439
3,644
Equity
LifeStyle
Properties,
Inc.
............................................
174,400
11,017
Equity
Residential
......................................................
37,111
2,313
Victory
Portfolios
III
Victory
Value
Fund
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Invitation
Homes,
Inc.
...................................................
75,059
$
2,006
Prologis,
Inc.
..........................................................
26,245
3,426
Public
Storage
.........................................................
7,756
2,142
Simon
Property
Group,
Inc.
...............................................
14,198
2,716
Ventas,
Inc.
...........................................................
30,328
2,356
Welltower,
Inc.
.........................................................
24,191
4,557
34,177
Utilities
(3.5%):
American
Electric
Power
Co.,
Inc.
...........................................
98,300
11,774
Edison
International
.....................................................
125,154
7,795
Exelon
Corp.
..........................................................
339,200
15,189
National
Fuel
Gas
Co.
...................................................
92,285
7,729
NRG
Energy,
Inc.
.......................................................
18,250
2,786
PG&E
Corp.
..........................................................
114,815
1,770
Talen
Energy
Corp.
(a)
...................................................
6,465
2,252
49,295
Total
Common
Stocks
(Cost
$1,093,182)
a
a
a
1,392,453
Collateral
for
Securities
Loaned
(0.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(c)
........
789,058
789
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(c)
............
789,058
789
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
...............
789,058
789
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
.
789,058
789
Total
Collateral
for
Securities
Loaned
(Cost
$3,156)
a
a
a
3,156
Total
Investments
(Cost
$1,096,338)
—
98.9%
1,395,609
Other
assets
in
excess
of
liabilities
—  1.1%
15,724
NET
ASSETS
-
100.00%
$
1,411,333
At
January
31,
2026,
the
Fund's
investments
in
foreign
securities
were
7.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
500
Index
Fund
80
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.8%)
Communication
Services
(11.4%):
Alphabet,
Inc.
,
Class
A
...................................................
1,407,661
$
475,789
Alphabet,
Inc.
,
Class
C
...................................................
1,218,713
412,571
AT&T,
Inc.
...........................................................
1,716,214
44,982
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
...................................
20,674
4,261
Comcast
Corp.
,
Class
A
..................................................
873,965
26,001
Electronic
Arts,
Inc.
.....................................................
54,204
11,053
Fox
Corp.
,
Class
A
......................................................
48,943
3,562
Fox
Corp.
,
Class
B
......................................................
34,788
2,281
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
............................
4,845
386
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
(a)
............................
53,379
4,645
Live
Nation
Entertainment,
Inc.
(a)
...........................................
37,321
5,428
Meta
Platforms,
Inc.
,
Class
A
..............................................
527,758
378,139
Netflix,
Inc.
(a)
.........................................................
1,102,136
92,017
News
Corp.
,
Class
A
.....................................................
87,859
2,375
News
Corp.
,
Class
B
(b)
..................................................
24,950
776
Omnicom
Group,
Inc.
....................................................
75,143
5,789
Pinterest,
Inc.
,
Class
A
(a)
.................................................
140,602
3,112
Reddit,
Inc.
,
Class
A
(a)
...................................................
32,046
5,777
ROBLOX
Corp.
,
Class
A
(a)
...............................................
146,570
9,639
Spotify
Technology
SA
(a)
.................................................
36,225
18,125
Take-Two
Interactive
Software,
Inc.
(a)
........................................
41,215
9,080
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
104,094
3,157
The
Walt
Disney
Co.
....................................................
432,577
48,795
T-Mobile
US,
Inc.
......................................................
117,741
23,220
Verizon
Communications,
Inc.
..............................................
1,021,617
45,482
Warner
Bros
Discovery,
Inc.
(a)
.............................................
567,071
15,617
1,652,059
Communications
Equipment
(1.0%):
Arista
Networks,
Inc.
(a)
..................................................
252,373
35,771
Ciena
Corp.
(a)
.........................................................
33,390
8,408
Cisco
Systems,
Inc.
.....................................................
956,329
74,900
F5,
Inc.
(a)
............................................................
13,701
3,776
Lumentum
Holdings,
Inc.
(a)
...............................................
16,422
6,435
Motorola
Solutions,
Inc.
..................................................
40,084
16,135
145,425
Consumer
Discretionary
(9.9%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
100,491
13,001
Amazon.com,
Inc.
(a)
....................................................
2,350,828
562,553
AutoZone,
Inc.
(a)
.......................................................
4,004
14,832
Best
Buy
Co.,
Inc.
......................................................
46,166
3,005
Booking
Holdings,
Inc.
...................................................
7,797
38,999
Burlington
Stores,
Inc.
(a)
.................................................
14,933
4,418
Carnival
Corp.
(a)
.......................................................
257,032
7,716
Carvana
Co.
,
Class
A
(a)
..................................................
31,956
12,818
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
316,682
12,309
D.R.
Horton,
Inc.
.......................................................
61,392
9,138
Darden
Restaurants,
Inc.
..................................................
27,767
5,535
Domino's
Pizza,
Inc.
.....................................................
7,962
3,267
DoorDash,
Inc.
,
Class
A
(a)
................................................
84,606
17,312
DraftKings,
Inc.
(a)
......................................................
114,369
3,146
eBay,
Inc.
............................................................
108,626
9,909
Expedia
Group,
Inc.
.....................................................
27,815
7,367
Ford
Motor
Co.
........................................................
941,910
13,074
Garmin
Ltd.
...........................................................
39,282
7,921
General
Motors
Co.
.....................................................
225,230
18,919
Genuine
Parts
Co.
......................................................
33,029
4,591
Hilton
Worldwide
Holdings,
Inc.
............................................
56,924
16,992
Las
Vegas
Sands
Corp.
...................................................
68,851
3,631
Lennar
Corp.
,
Class
A
....................................................
52,777
5,771
Lennar
Corp.
,
Class
B
(b)
.................................................
1,514
153
Victory
Portfolios
III
Victory
500
Index
Fund
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Lowe's
Cos.,
Inc.
.......................................................
135,798
$
36,266
Lululemon
Athletica,
Inc.
(a)
...............................................
24,663
4,304
Marriott
International,
Inc.
,
Class
A
..........................................
53,266
16,795
McDonald's
Corp.
......................................................
172,639
54,381
NIKE,
Inc.
,
Class
B
.....................................................
282,871
17,484
NVR,
Inc.
(a)
..........................................................
644
4,917
O'Reilly
Automotive,
Inc.
(a)
...............................................
202,543
19,932
PulteGroup,
Inc.
........................................................
46,412
5,806
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
........................................
190,813
2,815
Ross
Stores,
Inc.
.......................................................
76,419
14,416
Royal
Caribbean
Cruises
Ltd.
..............................................
61,291
19,898
Somnigroup
International,
Inc.
.............................................
44,519
3,911
Starbucks
Corp.
........................................................
274,689
25,258
Tapestry,
Inc.
..........................................................
48,845
6,199
Tesla,
Inc.
(a)
..........................................................
579,731
249,522
The
Home
Depot,
Inc.
...................................................
241,399
90,426
The
TJX
Cos.,
Inc.
......................................................
268,802
40,269
Tractor
Supply
Co.
......................................................
126,330
6,428
Ulta
Beauty,
Inc.
(a)
.....................................................
10,628
6,880
Viking
Holdings
Ltd.
(a)
..................................................
49,197
3,550
Williams-Sonoma,
Inc.
...................................................
28,070
5,745
Yum!
Brands,
Inc.
......................................................
66,817
10,390
1,441,969
Consumer
Staples
(5.0%):
Altria
Group,
Inc.
.......................................................
405,809
25,156
Archer-Daniels-Midland
Co.
...............................................
114,579
7,712
Brown-Forman
Corp.
,
Class
A
..............................................
7,551
210
Brown-Forman
Corp.
,
Class
B
(b)
...........................................
66,023
1,807
Bunge
Global
SA
.......................................................
38,049
4,333
Casey's
General
Stores,
Inc.
...............................................
8,820
5,349
Church
&
Dwight
Co.,
Inc.
................................................
57,277
5,513
Colgate-Palmolive
Co.
...................................................
194,510
17,562
Constellation
Brands,
Inc.
,
Class
A
..........................................
36,581
5,732
Costco
Wholesale
Corp.
..................................................
107,529
101,104
Dollar
General
Corp.
....................................................
52,696
7,558
Dollar
Tree,
Inc.
(a)
......................................................
47,607
5,598
General
Mills,
Inc.
......................................................
127,215
5,885
Kenvue,
Inc.
..........................................................
460,297
8,009
Keurig
Dr.
Pepper,
Inc.
...................................................
311,499
8,548
Kimberly-Clark
Corp.
....................................................
79,644
7,964
McCormick
&
Co.,
Inc.
..................................................
63,162
3,905
Mondelez
International,
Inc.
,
Class
A
.........................................
311,362
18,205
Monster
Beverage
Corp.
(a)
................................................
167,753
13,548
PepsiCo,
Inc.
..........................................................
330,397
50,759
Philip
Morris
International,
Inc.
.............................................
377,001
67,649
Sysco
Corp.
...........................................................
115,009
9,644
Target
Corp.
..........................................................
108,944
11,490
The
Coca-Cola
Co.
......................................................
1,036,596
77,548
The
Estee
Lauder
Cos.,
Inc.
,
Class
A
.........................................
58,828
6,782
The
Hershey
Co.
.......................................................
34,903
6,798
The
Kraft
Heinz
Co.
.....................................................
282,918
6,717
The
Kroger
Co.
........................................................
158,249
9,946
The
Procter
&
Gamble
Co.
................................................
566,563
85,987
Tyson
Foods,
Inc.
,
Class
A
................................................
66,251
4,328
U.S.
Foods
Holding
Corp.
(a)
...............................................
52,739
4,410
Walmart,
Inc.
..........................................................
1,058,088
126,061
721,817
Electronic
Equipment,
Instruments
&
Components
(0.8%):
Amphenol
Corp.
,
Class
A
.................................................
294,991
42,502
CDW
Corp.
...........................................................
30,883
3,903
Coherent
Corp.
(a)
......................................................
37,449
7,946
Corning,
Inc.
..........................................................
190,252
19,643
Victory
Portfolios
III
Victory
500
Index
Fund
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Jabil,
Inc.
............................................................
25,052
$
5,942
Keysight
Technologies,
Inc.
(a)
.............................................
41,005
8,871
TE
Connectivity
PLC
....................................................
71,028
15,824
Teledyne
Technologies,
Inc.
(a)
.............................................
11,146
6,914
111,545
Energy
(3.2%):
Baker
Hughes
Co.
,
Class
A
................................................
237,714
13,322
Cheniere
Energy,
Inc.
....................................................
51,490
10,891
Chevron
Corp.
.........................................................
486,028
85,978
ConocoPhillips
Co.
.....................................................
299,082
31,173
Coterra
Energy,
Inc.
.....................................................
178,768
5,157
Devon
Energy
Corp.
.....................................................
140,749
5,660
Diamondback
Energy,
Inc.
................................................
43,347
7,107
EOG
Resources,
Inc.
....................................................
130,717
14,657
EQT
Corp.
............................................................
144,175
8,323
Expand
Energy
Corp.
....................................................
56,791
6,384
Exxon
Mobil
Corp.
.....................................................
1,021,604
144,455
Halliburton
Co.
........................................................
201,045
6,739
Kinder
Morgan,
Inc.
.....................................................
468,286
14,278
Marathon
Petroleum
Corp.
................................................
72,350
12,747
Occidental
Petroleum
Corp.
(b)
.............................................
236,585
10,739
ONEOK,
Inc.
..........................................................
151,445
11,993
Phillips
66
Co.
.........................................................
97,146
13,946
SLB
Ltd.
.............................................................
360,391
17,436
Targa
Resources
Corp.
...................................................
50,902
10,230
Texas
Pacific
Land
Corp.
.................................................
16,459
5,734
The
Williams
Cos.,
Inc.
..................................................
293,888
19,767
Valero
Energy
Corp.
.....................................................
73,244
13,289
470,005
Financials
(13.0%):
Affirm
Holdings,
Inc.
,
Class
A
(a)
............................................
66,065
3,984
Aflac,
Inc.
............................................................
112,874
12,523
American
Express
Co.
...................................................
166,902
58,778
American
International
Group,
Inc.
..........................................
129,675
9,710
Ameriprise
Financial,
Inc.
.................................................
22,353
11,784
Aon
PLC
,
Class
A
......................................................
51,374
17,962
Apollo
Global
Management,
Inc.
............................................
99,264
13,355
Arch
Capital
Group
Ltd.
(a)
................................................
84,101
8,077
Ares
Management
Corp.
,
Class
A
...........................................
49,894
7,468
Arthur
J.
Gallagher
&
Co.
.................................................
61,461
15,327
Bank
of
America
Corp.
...................................................
1,768,920
94,107
Berkshire
Hathaway,
Inc.
,
Class
A
(a)
.........................................
79
57,077
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
331,935
159,505
BlackRock,
Inc.
........................................................
34,918
39,071
Blackstone,
Inc.
........................................................
177,063
25,217
Block,
Inc.
,
Class
A
(a)
...................................................
127,846
7,726
Brown
&
Brown,
Inc.
....................................................
69,668
5,023
Capital
One
Financial
Corp.
...............................................
152,786
33,449
Cboe
Global
Markets,
Inc.
................................................
25,048
6,639
Chubb
Ltd.
...........................................................
94,943
29,391
Cincinnati
Financial
Corp.
................................................
36,728
5,909
Citigroup,
Inc.
.........................................................
432,414
50,035
Citizens
Financial
Group,
Inc.
..............................................
101,993
6,423
CME
Group,
Inc.
,
Class
A
.................................................
86,901
25,120
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
53,266
10,373
Corebridge
Financial,
Inc.
.................................................
96,065
2,962
Corpay,
Inc.
(a)
.........................................................
16,129
5,075
Erie
Indemnity
Co.
,
Class
A
...............................................
5,825
1,649
Fidelity
National
Information
Services,
Inc.
....................................
124,384
6,872
Fifth
Third
Bancorp
.....................................................
157,978
7,934
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
1,964
4,065
Fiserv,
Inc.
(a)
..........................................................
128,352
8,180
Victory
Portfolios
III
Victory
500
Index
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Global
Payments,
Inc.
....................................................
55,901
$
4,010
Huntington
Bancshares,
Inc.
...............................................
373,891
6,536
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
103,417
7,744
Intercontinental
Exchange,
Inc.
.............................................
137,062
23,819
JPMorgan
Chase
&
Co.
..................................................
658,262
201,356
KeyCorp
.............................................................
260,785
5,612
KKR
&
Co.,
Inc.
.......................................................
165,913
18,957
Loews
Corp.
..........................................................
40,393
4,264
LPL
Financial
Holdings,
Inc.
...............................................
19,076
6,953
M&T
Bank
Corp.
.......................................................
36,805
8,155
Markel
Group,
Inc.
(a)
....................................................
2,960
6,040
Marsh
&
McLennan
Cos.,
Inc.
.............................................
118,448
22,291
Mastercard,
Inc.
,
Class
A
.................................................
198,872
107,150
MetLife,
Inc.
..........................................................
132,297
10,436
Moody's
Corp.
.........................................................
43,133
22,238
Morgan
Stanley
........................................................
293,168
53,591
MSCI,
Inc.
,
Class
A
.....................................................
17,481
10,650
Nasdaq,
Inc.
..........................................................
108,710
10,533
Northern
Trust
Corp.
....................................................
44,605
6,665
PayPal
Holdings,
Inc.
....................................................
225,588
11,886
Principal
Financial
Group,
Inc.
.............................................
52,087
4,934
Prudential
Financial,
Inc.
.................................................
84,149
9,350
Raymond
James
Financial,
Inc.
.............................................
42,327
7,020
Regions
Financial
Corp.
..................................................
209,484
5,970
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
183,689
18,273
Rocket
Cos.,
Inc.
,
Class
A
.................................................
200,715
3,599
S&P
Global,
Inc.
.......................................................
73,283
38,678
SoFi
Technologies,
Inc.
(a)
.................................................
299,871
6,840
State
Street
Corp.
.......................................................
66,848
8,748
Synchrony
Financial
.....................................................
86,049
6,250
T.
Rowe
Price
Group,
Inc.
.................................................
51,248
5,416
The
Allstate
Corp.
......................................................
62,843
12,505
The
Bank
of
New
York
Mellon
Corp.
.........................................
168,315
20,184
The
Carlyle
Group,
Inc.
..................................................
62,393
3,667
The
Charles
Schwab
Corp.
................................................
405,741
42,165
The
Goldman
Sachs
Group,
Inc.
............................................
72,387
67,711
The
Hartford
Insurance
Group,
Inc.
..........................................
66,836
9,027
The
PNC
Financial
Services
Group,
Inc.
......................................
94,504
21,103
The
Progressive
Corp.
...................................................
141,652
29,464
The
Travelers
Cos.,
Inc.
..................................................
53,659
15,266
Toast,
Inc.
,
Class
A
(a)
....................................................
112,734
3,507
Truist
Financial
Corp.
....................................................
308,583
15,867
U.S.
Bancorp
..........................................................
375,200
21,052
Visa,
Inc.
,
Class
A
......................................................
408,260
131,390
W.R.
Berkley
Corp.
.....................................................
71,103
4,876
Wells
Fargo
&
Co.
......................................................
760,139
68,785
Willis
Towers
Watson
PLC
................................................
22,930
7,280
1,888,583
Health
Care
(9.6%):
Abbott
Laboratories
.....................................................
418,864
45,782
AbbVie,
Inc.
..........................................................
428,492
95,558
Agilent
Technologies,
Inc.
.................................................
67,864
9,084
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
31,304
10,583
Amgen,
Inc.
...........................................................
130,288
44,543
Becton
Dickinson
&
Co.
..................................................
68,799
13,999
Biogen,
Inc.
(a)
.........................................................
35,125
6,319
Boston
Scientific
Corp.
(a)
.................................................
357,813
33,466
Bristol-Myers
Squibb
Co.
.................................................
492,131
27,092
Cardinal
Health,
Inc.
....................................................
57,176
12,286
Cencora,
Inc.
..........................................................
44,886
16,124
Centene
Corp.
(a)
.......................................................
114,622
4,965
CVS
Health
Corp.
......................................................
306,869
22,868
Danaher
Corp.
.........................................................
155,943
34,134
Victory
Portfolios
III
Victory
500
Index
Fund
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Dexcom,
Inc.
(a)
........................................................
92,191
$
6,734
Edwards
Lifesciences
Corp.
(a)
.............................................
138,047
11,232
Elevance
Health,
Inc.
....................................................
53,602
18,532
Eli
Lilly
&
Co.
.........................................................
206,605
214,280
Exact
Sciences
Corp.
(a)
..................................................
44,558
4,560
GE
HealthCare
Technologies,
Inc.
...........................................
109,358
8,636
Gilead
Sciences,
Inc.
....................................................
300,058
42,593
HCA
Healthcare,
Inc.
....................................................
37,806
18,460
Hologic,
Inc.
(a)
........................................................
52,186
3,910
Humana,
Inc.
..........................................................
28,854
5,632
IDEXX
Laboratories,
Inc.
(a)
...............................................
19,066
12,783
Illumina,
Inc.
(a)
........................................................
35,520
5,144
Incyte
Corp.
(a)
.........................................................
46,413
4,645
Insmed,
Inc.
(a)
.........................................................
50,597
7,937
Insulet
Corp.
(a)
........................................................
16,727
4,279
Intuitive
Surgical,
Inc.
(a)
.................................................
85,425
43,073
IQVIA
Holdings,
Inc.
(a)
..................................................
40,662
9,358
Johnson
&
Johnson
.....................................................
584,087
132,734
Labcorp
Holdings,
Inc.
...................................................
19,749
5,362
McKesson
Corp.
.......................................................
29,870
24,828
Medtronic
PLC
........................................................
310,323
31,951
Merck
&
Co.,
Inc.
......................................................
601,463
66,323
Mettler-Toledo
International,
Inc.
(a)
.........................................
4,870
6,688
Natera,
Inc.
(a)
.........................................................
31,640
7,313
Pfizer,
Inc.
............................................................
1,376,485
36,394
Quest
Diagnostics,
Inc.
...................................................
26,439
4,945
Regeneron
Pharmaceuticals,
Inc.
............................................
24,467
18,141
ResMed,
Inc.
..........................................................
34,916
9,019
STERIS
PLC
..........................................................
23,447
6,157
Stryker
Corp.
..........................................................
86,922
32,123
Tenet
Healthcare
Corp.
(a)
.................................................
20,781
3,933
The
Cigna
Group
.......................................................
63,531
17,415
The
Cooper
Cos.,
Inc.
(a)
..................................................
46,317
3,769
Thermo
Fisher
Scientific,
Inc.
..............................................
90,917
52,606
United
Therapeutics
Corp.
(a)
..............................................
9,918
4,656
UnitedHealth
Group,
Inc.
.................................................
219,321
62,930
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
36,068
7,355
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
61,270
28,791
Waters
Corp.
(a)
........................................................
14,235
5,277
West
Pharmaceutical
Services,
Inc.
..........................................
17,070
3,945
Zimmer
Biomet
Holdings,
Inc.
.............................................
47,161
4,106
Zoetis,
Inc.
,
Class
A
.....................................................
106,192
13,255
1,388,607
Industrials
(8.9%):
3M
Co.
..............................................................
128,427
19,670
AMETEK,
Inc.
........................................................
55,286
12,383
Automatic
Data
Processing,
Inc.
............................................
97,777
24,133
Axon
Enterprise,
Inc.
(a)
..................................................
18,037
8,722
Bloom
Energy
Corp.
,
Class
A
(a)
............................................
52,498
7,947
Broadridge
Financial
Solutions,
Inc.
.........................................
27,844
5,488
C.H.
Robinson
Worldwide,
Inc.
.............................................
28,049
5,468
Carrier
Global
Corp.
.....................................................
190,623
11,357
Caterpillar,
Inc.
........................................................
113,306
74,483
Cintas
Corp.
..........................................................
82,640
15,816
Comfort
Systems
USA,
Inc.
...............................................
8,375
9,565
Copart,
Inc.
(a)
.........................................................
212,806
8,636
CSX
Corp.
............................................................
449,150
16,960
Cummins,
Inc.
.........................................................
33,270
19,257
Curtiss-Wright
Corp.
....................................................
8,788
5,771
Deere
&
Co.
..........................................................
60,598
31,996
Delta
Air
Lines,
Inc.
.....................................................
156,852
10,335
Dover
Corp.
...........................................................
32,760
6,601
Eaton
Corp.
PLC
.......................................................
93,904
33,000
Victory
Portfolios
III
Victory
500
Index
Fund
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
EMCOR
Group,
Inc.
....................................................
10,600
$
7,640
Emerson
Electric
Co.
....................................................
135,506
19,914
Equifax,
Inc.
..........................................................
29,122
5,865
Expeditors
International
of
Washington,
Inc.
....................................
31,823
5,109
Fastenal
Co.
...........................................................
276,368
11,983
FedEx
Corp.
..........................................................
52,172
16,812
Ferguson
Enterprises,
Inc.
.................................................
47,064
11,882
Fortive
Corp.
..........................................................
75,311
3,977
FTAI
Aviation
Ltd.
......................................................
24,185
6,586
GE
Vernova,
Inc.
.......................................................
65,727
47,742
General
Dynamics
Corp.
..................................................
64,996
22,819
General
Electric
Co.
.....................................................
255,309
78,326
Graco,
Inc.
...........................................................
38,964
3,403
HEICO
Corp.
..........................................................
10,069
3,332
HEICO
Corp.
,
Class
A
...................................................
18,242
4,644
Honeywell
International,
Inc.
..............................................
153,662
34,961
Howmet
Aerospace,
Inc.
..................................................
96,270
20,032
Hubbell,
Inc.
,
Class
B
....................................................
12,687
6,191
Illinois
Tool
Works,
Inc.
..................................................
69,890
18,259
Ingersoll
Rand,
Inc.
.....................................................
94,819
8,163
J.B.
Hunt
Transport
Services,
Inc.
...........................................
18,000
3,649
Jacobs
Solutions,
Inc.
....................................................
28,221
3,817
Johnson
Controls
International
PLC
..........................................
147,249
17,561
L3Harris
Technologies,
Inc.
...............................................
45,051
15,446
Leidos
Holdings,
Inc.
....................................................
30,415
5,727
Lennox
International,
Inc.
.................................................
7,561
3,743
Lockheed
Martin
Corp.
...................................................
56,014
35,525
Norfolk
Southern
Corp.
..................................................
54,187
15,781
Northrop
Grumman
Corp.
.................................................
34,459
23,855
nVent
Electric
PLC
......................................................
37,912
4,256
Old
Dominion
Freight
Line,
Inc.
............................................
43,241
7,489
Otis
Worldwide
Corp.
....................................................
93,657
8,000
PACCAR,
Inc.
.........................................................
124,495
15,302
Parker-Hannifin
Corp.
...................................................
30,509
28,552
Paychex,
Inc.
..........................................................
77,608
8,004
Pentair
PLC
...........................................................
38,708
4,079
Quanta
Services,
Inc.
....................................................
35,654
16,922
Republic
Services,
Inc.
,
Class
A
............................................
48,021
10,329
Rocket
Lab
Corp.
(a)
.....................................................
116,454
9,325
Rockwell
Automation,
Inc.
................................................
27,016
11,391
Rollins,
Inc.
...........................................................
75,312
4,770
RTX
Corp.
............................................................
325,014
65,305
Snap-on,
Inc.
..........................................................
12,128
4,440
Southwest
Airlines
Co.
...................................................
122,165
5,805
SS&C
Technologies
Holdings,
Inc.
..........................................
50,259
4,116
Textron,
Inc.
..........................................................
41,643
3,667
The
Boeing
Co.
(a)
......................................................
189,593
44,312
Trane
Technologies
PLC
..................................................
53,515
22,507
TransDigm
Group,
Inc.
...................................................
13,409
19,142
TransUnion
...........................................................
45,556
3,600
Uber
Technologies,
Inc.
(a)
................................................
483,932
38,739
Union
Pacific
Corp.
.....................................................
143,483
33,733
United
Airlines
Holdings,
Inc.
(a)
............................................
77,471
7,927
United
Parcel
Service,
Inc.
,
Class
B
..........................................
178,694
18,981
United
Rentals,
Inc.
.....................................................
15,278
11,948
Veralto
Corp.
..........................................................
59,380
5,877
Verisk
Analytics,
Inc.
,
Class
A
..............................................
33,402
7,264
Vertiv
Holdings
Co.
,
Class
A
...............................................
90,679
16,883
W.W.
Grainger,
Inc.
.....................................................
10,754
11,614
Waste
Management,
Inc.
..................................................
97,233
21,609
Watsco,
Inc.
...........................................................
8,232
3,181
Westinghouse
Air
Brake
Technologies
Corp.
....................................
40,716
9,370
Woodward,
Inc.
........................................................
13,488
4,287
Victory
Portfolios
III
Victory
500
Index
Fund
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
XPO,
Inc.
(a)
..........................................................
27,123
$
4,017
Xylem,
Inc.
...........................................................
58,399
8,052
1,295,127
IT
Services
(1.2%):
Accenture
PLC
,
Class
A
..................................................
149,925
39,526
Cloudflare,
Inc.
,
Class
A
(a)
................................................
75,395
13,371
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
115,751
9,499
CoreWeave,
Inc.
,
Class
A
(a)
(b)
.............................................
76,760
7,153
Gartner,
Inc.
(a)
........................................................
16,598
3,479
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
31,849
3,202
International
Business
Machines
Corp.
........................................
226,549
69,483
MongoDB,
Inc.
,
Class
A
(a)
................................................
18,885
7,013
Okta,
Inc.
,
Class
A
(a)
....................................................
40,095
3,387
Snowflake,
Inc.
,
Class
A
(a)
................................................
79,789
15,375
Twilio,
Inc.
,
Class
A
(a)
...................................................
34,521
4,158
VeriSign,
Inc.
..........................................................
21,984
5,369
181,015
Materials
(1.7%):
Air
Products
and
Chemicals,
Inc.
............................................
53,536
14,588
Amcor
PLC
...........................................................
109,991
4,867
Corteva,
Inc.
..........................................................
162,712
11,845
Dow,
Inc.
............................................................
168,894
4,653
DuPont
de
Nemours,
Inc.
.................................................
99,560
4,373
Ecolab,
Inc.
...........................................................
61,299
17,286
Freeport-McMoRan,
Inc.
.................................................
345,375
20,802
International
Flavors
&
Fragrances,
Inc.
.......................................
59,790
4,174
International
Paper
Co.
...................................................
125,137
5,045
Linde
PLC
............................................................
112,646
51,476
LyondellBasell
Industries
NV
,
Class
A
........................................
60,394
2,959
Martin
Marietta
Materials,
Inc.
.............................................
14,419
9,400
Newmont
Corp.
........................................................
264,032
29,664
Nucor
Corp.
...........................................................
54,730
9,727
Packaging
Corp.
of
America
...............................................
20,960
4,665
PPG
Industries,
Inc.
.....................................................
53,688
6,208
Reliance,
Inc.
..........................................................
12,385
4,081
RPM
International,
Inc.
..................................................
30,002
3,209
Smurfit
Westrock
PLC
...................................................
124,342
5,176
Steel
Dynamics,
Inc.
.....................................................
32,649
5,863
The
Sherwin-Williams
Co.
................................................
55,626
19,727
Vulcan
Materials
Co.
....................................................
31,788
9,554
249,342
Real
Estate
(1.7%):
American
Tower
Corp.
...................................................
112,968
20,253
AvalonBay
Communities,
Inc.
..............................................
33,807
6,007
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
71,257
12,137
CoStar
Group,
Inc.
(a)
....................................................
100,290
6,168
Crown
Castle,
Inc.
......................................................
104,520
9,073
Digital
Realty
Trust,
Inc.
..................................................
82,781
13,738
Equinix,
Inc.
..........................................................
23,618
19,389
Equity
Residential
......................................................
90,221
5,623
Essex
Property
Trust,
Inc.
.................................................
15,208
3,830
Extra
Space
Storage,
Inc.
.................................................
50,456
6,961
Invitation
Homes,
Inc.
...................................................
145,226
3,882
Iron
Mountain,
Inc.
.....................................................
70,323
6,479
Mid-America
Apartment
Communities,
Inc.
....................................
27,576
3,703
Prologis,
Inc.
..........................................................
224,370
29,294
Public
Storage
.........................................................
37,971
10,487
Realty
Income
Corp.
....................................................
221,782
13,564
SBA
Communications
Corp.
,
Class
A
.........................................
25,101
4,621
Simon
Property
Group,
Inc.
...............................................
78,127
14,947
Sun
Communities,
Inc.
...................................................
29,001
3,696
Ventas,
Inc.
...........................................................
112,439
8,733
Victory
Portfolios
III
Victory
500
Index
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
VICI
Properties,
Inc.
,
Class
A
..............................................
255,953
$
7,187
Welltower,
Inc.
.........................................................
166,188
31,303
Weyerhaeuser
Co.
......................................................
171,138
4,412
Zillow
Group,
Inc.
,
Class
A
(a)
..............................................
10,332
643
Zillow
Group,
Inc.
,
Class
C
(a)
..............................................
39,413
2,484
248,614
Semiconductors
&
Semiconductor
Equipment
(14.3%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
393,084
93,055
Analog
Devices,
Inc.
....................................................
118,286
36,773
Applied
Materials,
Inc.
...................................................
192,491
62,044
Astera
Labs,
Inc.
(a)
.....................................................
32,105
4,836
Broadcom,
Inc.
........................................................
1,123,907
372,350
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
38,272
4,795
First
Solar,
Inc.
(a)
......................................................
24,326
5,486
Intel
Corp.
(a)
..........................................................
1,029,197
47,827
KLA
Corp.
...........................................................
31,824
45,443
Lam
Research
Corp.
.....................................................
303,679
70,897
Marvell
Technology,
Inc.
.................................................
203,985
16,098
Microchip
Technology,
Inc.
................................................
127,395
9,672
Micron
Technology,
Inc.
..................................................
272,343
112,990
Monolithic
Power
Systems,
Inc.
............................................
11,029
12,398
NVIDIA
Corp.
.........................................................
5,658,456
1,081,501
ON
Semiconductor
Corp.
(a)
...............................................
95,860
5,741
QUALCOMM,
Inc.
.....................................................
259,404
39,323
Teradyne,
Inc.
.........................................................
37,588
9,060
Texas
Instruments,
Inc.
...................................................
219,896
47,398
2,077,687
Software
(8.8%):
Adobe,
Inc.
(a)
.........................................................
101,031
29,627
AppLovin
Corp.
,
Class
A
(a)
...............................................
54,184
25,635
Atlassian
Corp.
,
Class
A
(a)
................................................
37,866
4,475
Autodesk,
Inc.
(a)
.......................................................
51,008
12,898
Cadence
Design
Systems,
Inc.
(a)
............................................
65,574
19,433
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
59,002
26,044
Datadog,
Inc.
,
Class
A
(a)
.................................................
76,595
9,905
Docusign,
Inc.
,
Class
A
(a)
.................................................
46,918
2,465
Dynatrace,
Inc.
(a)
......................................................
70,575
2,688
Fair
Isaac
Corp.
(a)
......................................................
5,538
8,103
Fortinet,
Inc.
(a)
........................................................
148,164
12,040
Gen
Digital,
Inc.
.......................................................
132,433
3,177
Guidewire
Software,
Inc.
(a)
...............................................
20,056
2,823
HubSpot,
Inc.
(a)
.......................................................
12,023
3,366
Intuit,
Inc.
............................................................
65,850
32,854
Microsoft
Corp.
........................................................
1,777,441
764,815
Oracle
Corp.
..........................................................
409,010
67,315
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
529,267
77,585
Palo
Alto
Networks,
Inc.
(a)
................................................
167,337
29,614
PTC,
Inc.
(a)
...........................................................
28,430
4,439
Roper
Technologies,
Inc.
..................................................
25,851
9,597
Salesforce,
Inc.
........................................................
221,283
46,976
ServiceNow,
Inc.
(a)
.....................................................
250,386
29,298
Strategy,
Inc.
,
Class
A
(a)
..................................................
64,414
9,643
Synopsys,
Inc.
(a)
.......................................................
44,359
20,632
Trimble,
Inc.
(a)
........................................................
56,565
3,824
Tyler
Technologies,
Inc.
(a)
................................................
10,224
3,777
Unity
Software,
Inc.
(a)
...................................................
81,774
2,380
Workday,
Inc.
,
Class
A
(a)
.................................................
50,900
8,940
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
63,391
5,838
Zscaler,
Inc.
(a)
.........................................................
24,598
4,920
1,285,126
Technology
Hardware,
Storage
&
Peripherals
(7.1%):
Apple,
Inc.
...........................................................
3,582,822
929,671
Victory
Portfolios
III
Victory
500
Index
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Dell
Technologies,
Inc.
,
Class
C
............................................
75,199
$
8,606
Hewlett
Packard
Enterprise
Co.
.............................................
315,300
6,785
HP,
Inc.
..............................................................
218,538
4,248
IonQ,
Inc.
(a)
(b)
........................................................
82,038
3,280
NetApp,
Inc.
..........................................................
47,126
4,541
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
74,812
5,202
Sandisk
Corp.
(a)
.......................................................
33,320
19,201
Seagate
Technology
Holdings
PLC
..........................................
51,411
20,960
Super
Micro
Computer,
Inc.
(a)
.............................................
121,867
3,547
Western
Digital
Corp.
....................................................
81,946
20,505
1,026,546
Utilities
(2.2%):
Alliant
Energy
Corp.
....................................................
61,046
4,023
Ameren
Corp.
.........................................................
64,612
6,673
American
Electric
Power
Co.,
Inc.
...........................................
128,647
15,409
American
Water
Works
Co.,
Inc.
............................................
46,648
6,024
Atmos
Energy
Corp.
.....................................................
38,616
6,423
CenterPoint
Energy,
Inc.
..................................................
155,669
6,178
CMS
Energy
Corp.
......................................................
72,298
5,169
Consolidated
Edison,
Inc.
.................................................
86,669
9,241
Constellation
Energy
Corp.
................................................
75,460
21,180
Dominion
Energy,
Inc.
...................................................
205,745
12,380
DTE
Energy
Co.
.......................................................
49,627
6,669
Duke
Energy
Corp.
......................................................
187,910
22,803
Edison
International
.....................................................
91,978
5,728
Entergy
Corp.
.........................................................
107,325
10,291
Evergy,
Inc.
...........................................................
54,046
4,147
Eversource
Energy
......................................................
89,793
6,207
Exelon
Corp.
..........................................................
243,340
10,897
FirstEnergy
Corp.
.......................................................
138,271
6,546
NextEra
Energy,
Inc.
....................................................
504,250
44,324
NiSource,
Inc.
.........................................................
113,674
5,035
NRG
Energy,
Inc.
.......................................................
45,556
6,953
PG&E
Corp.
..........................................................
525,857
8,109
PPL
Corp.
............................................................
177,116
6,420
Public
Service
Enterprise
Group,
Inc.
.........................................
120,027
9,885
Sempra
..............................................................
157,448
13,700
Talen
Energy
Corp.
(a)
...................................................
10,810
3,766
The
Southern
Co.
.......................................................
266,218
23,776
Vistra
Corp.
...........................................................
80,928
12,815
WEC
Energy
Group,
Inc.
.................................................
78,108
8,644
Xcel
Energy,
Inc.
.......................................................
142,304
10,824
320,239
Total
Common
Stocks
(Cost
$2,977,258)
a
a
a
14,503,706
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(c)
........
2,978,144
2,978
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(c)
............
2,978,144
2,978
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
...............
2,978,144
2,978
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
.
2,978,144
2,979
Total
Collateral
for
Securities
Loaned
(Cost
$11,913)
a
a
a
11,913
Total
Investments
(Cost
$2,989,171)
—
99.9%
14,515,619
Other
assets
in
excess
of
liabilities
—  0.1%
8,028
NET
ASSETS
-
100.00%
$
14,523,647
^
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
January
31,
2026.
PLC
—
Public
Limited
Company
Victory
Portfolios
III
Victory
500
Index
Fund
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
47
3/20/26
$
16,020
$
16,370
$
350
Total
unrealized
appreciation
$
350
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
350
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
90
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.5%)
Communication
Services
(3.2%):
Advantage
Solutions,
Inc.
(a)
(b)
.............................................
8,864
$
10
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
................................
57,986
81
AMC
Networks,
Inc.
,
Class
A
(a)
............................................
3,418
26
Angel
Studios,
Inc.
(a)
(b)
..................................................
8,950
35
Angi,
Inc.
,
Class
A
(a)
....................................................
3,829
50
Anterix,
Inc.
(a)
........................................................
2,022
53
Array
Digital
Infrastructure,
Inc.
............................................
1,710
82
AST
SpaceMobile,
Inc.
,
Class
A
(a)
(b)
........................................
25,427
2,828
Atlanta
Braves
Holdings,
Inc.
,
Class
C
(a)
......................................
6,511
260
ATN
International,
Inc.
...................................................
1,064
26
Bandwidth,
Inc.
,
Class
A
(a)
................................................
3,113
44
Boston
Omaha
Corp.
,
Class
A
(a)
............................................
3,368
41
Bumble,
Inc.
,
Class
A
(a)
..................................................
6,965
23
Cable
One,
Inc.
........................................................
515
42
Cargurus,
Inc.
,
Class
A
(a)
.................................................
8,929
289
Cars.com,
Inc.
(a)
.......................................................
6,058
69
Cinemark
Holdings,
Inc.
..................................................
12,046
285
Clear
Channel
Outdoor
Holdings,
Inc.
,
Class
A
(a)
................................
42,163
88
Cogent
Communications
Holdings,
Inc.
(b)
.....................................
5,309
129
CuriosityStream,
Inc.
....................................................
4,183
16
DoubleVerify
Holdings,
Inc.
(a)
.............................................
16,125
174
EchoStar
Corp.
,
Class
A
(a)
(b)
..............................................
14,642
1,658
Entravision
Communications
Corp.
,
Class
A
....................................
6,793
20
Eventbrite,
Inc.
,
Class
A
(a)
................................................
8,391
37
EverQuote,
Inc.
,
Class
A
(a)
................................................
3,116
71
fuboTV,
Inc.
,
Class
A
(a)
(b)
................................................
38,050
85
GCI
Liberty,
Inc.
(a)
(c)
...................................................
12,260
—
(d)
GCI
Liberty,
Inc.
,
Class
C
(a)
...............................................
2,999
111
Getty
Images
Holdings,
Inc.
(a)
(b)
...........................................
12,312
16
Globalstar,
Inc.
(a)
......................................................
5,772
356
Gogo,
Inc.
(a)
..........................................................
8,622
40
Gray
Media,
Inc.
.......................................................
10,049
45
IAC,
Inc.
(a)
...........................................................
7,417
274
Ibotta,
Inc.
,
Class
A
(a)
(b)
.................................................
1,306
27
IDT
Corp.
,
Class
B
......................................................
2,313
112
iHeartMedia,
Inc.
,
Class
A
(a)
..............................................
12,953
42
Iridium
Communications,
Inc.
..............................................
10,417
208
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
4,674
146
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
14,990
721
Liberty
Global
Ltd.
,
Class
A
(a)
.............................................
33,916
376
Liberty
Latin
America
Ltd.
,
Class
C
(a)
........................................
18,435
143
Liberty
Live
Holdings,
Inc.
,
Class
C
(a)
.......................................
9,608
793
Lionsgate
Studios
Corp.
(a)
................................................
22,500
212
Lumen
Technologies,
Inc.
(a)
...............................................
108,491
957
Madison
Square
Garden
Entertainment
Corp.
,
Class
A
(a)
..........................
4,454
276
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
1,943
551
Magnite,
Inc.
(a)
........................................................
16,119
233
Match
Group,
Inc.
......................................................
26,984
841
MediaAlpha,
Inc.
,
Class
A
(a)
..............................................
3,452
35
MNTN,
Inc.
,
Class
A
(a)
..................................................
2,187
20
National
CineMedia,
Inc.
.................................................
7,184
26
Newsmax,
Inc.
,
Class
B
(a)
(b)
..............................................
7,396
51
Nexstar
Media
Group,
Inc.
,
Class
A
..........................................
3,259
692
Nextdoor
Holdings,
Inc.
(a)
................................................
24,417
48
Optimum
Communications,
Inc.
,
Class
A
(a)
....................................
27,539
42
Paramount
Skydance
Corp.
,
Class
B
(b)
.......................................
98,288
1,102
Playtika
Holding
Corp.
...................................................
8,363
30
PubMatic,
Inc.
,
Class
A
(a)
................................................
4,184
30
QuinStreet,
Inc.
(a)
......................................................
5,860
78
Reservoir
Media,
Inc.
(a)
..................................................
3,709
28
Roku,
Inc.
,
Class
A
(a)
....................................................
14,947
1,423
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Rumble,
Inc.
(a)
(b)
......................................................
12,359
$
70
Scholastic
Corp.
........................................................
2,273
80
Shenandoah
Telecommunications
Co.
........................................
5,530
66
Shutterstock,
Inc.
.......................................................
2,734
54
Sinclair,
Inc.
..........................................................
4,456
65
Sirius
XM
Holdings,
Inc.
.................................................
37,970
773
Snap,
Inc.
,
Class
A
(a)
....................................................
129,194
895
Sphere
Entertainment
Co.
(a)
...............................................
3,062
292
Spok
Holdings,
Inc.
.....................................................
2,226
31
Stagwell,
Inc.
,
Class
A
(a)
.................................................
11,731
71
TechTarget,
Inc.
(a)
......................................................
3,063
16
TEGNA,
Inc.
..........................................................
18,275
350
Telephone
and
Data
Systems,
Inc.
...........................................
11,493
519
The
Arena
Group
Holdings,
Inc.
(a)
..........................................
935
4
The
E.W.
Scripps
Co.
,
Class
A
(a)
...........................................
6,961
23
The
Marcus
Corp.
......................................................
2,461
37
The
New
York
Times
Co.
,
Class
A
...........................................
18,287
1,341
Thryv
Holdings,
Inc.
(a)
..................................................
4,402
21
TKO
Group
Holdings,
Inc.
,
Class
A
..........................................
7,549
1,529
TripAdvisor,
Inc.
(a)
.....................................................
12,399
165
Trump
Media
&
Technology
Group
Corp.
(a)
...................................
18,573
237
Uniti
Group,
Inc.
(a)
.....................................................
25,770
214
USA
TODAY
Co.,
Inc.
(a)
.................................................
14,484
86
Warner
Music
Group
Corp.
,
Class
A
(b)
.......................................
16,536
496
Yelp,
Inc.
,
Class
A
(a)
....................................................
6,829
187
Ziff
Davis,
Inc.
(a)
.......................................................
4,346
166
ZipRecruiter,
Inc.
(a)
.....................................................
6,665
16
ZoomInfo
Technologies,
Inc.
,
Class
A
(a)
......................................
29,668
239
24,650
Consumer
Discretionary
(11.2%):
1-800-Flowers.com,
Inc.
,
Class
A
(a)
(b)
.......................................
3,276
14
1stdibs.com,
Inc.
(a)
.....................................................
2,491
14
Abercrombie
&
Fitch
Co.
(a)
...............................................
5,152
503
Academy
Sports
&
Outdoors,
Inc.
...........................................
7,563
416
Accel
Entertainment,
Inc.
,
Class
A
(a)
.........................................
5,721
65
Acushnet
Holdings
Corp.
.................................................
3,140
304
ADT,
Inc.
............................................................
74,535
596
Adtalem
Global
Education,
Inc.
(a)
...........................................
4,065
421
Advance
Auto
Parts,
Inc.
(b)
...............................................
6,764
325
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
(b)
.............................
12,611
101
American
Eagle
Outfitters,
Inc.
.............................................
17,695
412
American
Public
Education,
Inc.
(a)
..........................................
1,925
80
America's
Car-Mart,
Inc.
(a)
................................................
832
21
Aptiv
PLC
(a)
..........................................................
24,577
1,862
Aramark
.............................................................
30,048
1,157
Arhaus,
Inc.
,
Class
A
(a)
..................................................
5,792
59
Arko
Corp.
...........................................................
8,066
43
Asbury
Automotive
Group,
Inc.
(a)
...........................................
2,217
520
AutoNation,
Inc.
(a)
.....................................................
3,089
633
BARK,
Inc.
(a)
(b)
.......................................................
9,750
9
Barnes
&
Noble
Education,
Inc.
(a)
..........................................
1,166
10
Bassett
Furniture
Industries,
Inc.
............................................
749
12
Bath
&
Body
Works,
Inc.
.................................................
24,647
537
Beazer
Homes
USA,
Inc.
(a)
...............................................
3,023
65
Bed
Bath
&
Beyond,
Inc.
(a)
(b)
.............................................
7,622
45
Biglari
Holdings,
Inc.
,
Class
B
(a)
...........................................
354
133
BJ's
Restaurants,
Inc.
(a)
..................................................
2,179
91
Black
Rock
Coffee
Bar,
Inc.
,
Class
A
(a)
(b)
.....................................
1,869
28
Bloomin'
Brands,
Inc.
....................................................
9,395
56
Boot
Barn
Holdings,
Inc.
(a)
...............................................
3,486
622
BorgWarner,
Inc.
.......................................................
24,420
1,158
Boyd
Gaming
Corp.
.....................................................
6,262
529
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....................................
6,441
597
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Brightstar
Lottery
PLC
...................................................
12,372
$
179
Brinker
International,
Inc.
(a)
...............................................
5,042
795
Brunswick
Corp.
.......................................................
7,386
592
Build-A-Bear
Workshop,
Inc.
..............................................
1,408
84
Caesars
Entertainment,
Inc.
(a)
..............................................
21,952
454
Caleres,
Inc.
..........................................................
3,637
44
Callaway
Golf
Co.
(a)
....................................................
14,855
213
Camping
World
Holdings,
Inc.
,
Class
A
.......................................
6,725
89
Capri
Holdings
Ltd.
(a)
...................................................
13,332
301
CarMax,
Inc.
(a)
........................................................
16,819
749
Carriage
Services,
Inc.
,
Class
A
.............................................
1,623
70
Carter's,
Inc.
..........................................................
4,123
143
Cava
Group,
Inc.
(a)
(b)
...................................................
11,429
693
Cavco
Industries,
Inc.
(a)
..................................................
887
436
Century
Communities,
Inc.
................................................
2,922
184
Champion
Homes,
Inc.
(a)
.................................................
6,303
494
Chewy,
Inc.
,
Class
A
(a)
..................................................
25,480
742
Choice
Hotels
International,
Inc.
(b)
..........................................
2,964
305
Churchill
Downs,
Inc.
....................................................
7,551
743
Citi
Trends,
Inc.
(a)
......................................................
825
36
Clarus
Corp.
..........................................................
2,927
11
Columbia
Sportswear
Co.
.................................................
2,830
156
Cooper-Standard
Holdings,
Inc.
(a)
...........................................
1,890
59
Coursera,
Inc.
(a)
.......................................................
16,025
97
Cracker
Barrel
Old
Country
Store,
Inc.
(b)
.....................................
2,481
75
Cricut,
Inc.
,
Class
A
(b)
...................................................
4,694
21
Crocs,
Inc.
(a)
(b)
........................................................
5,745
482
Dana,
Inc.
............................................................
13,174
381
Dave
&
Buster's
Entertainment,
Inc.
(a)
.......................................
3,825
72
Deckers
Outdoor
Corp.
(a)
.................................................
16,586
1,979
Designer
Brands,
Inc.
,
Class
A
(b)
...........................................
3,785
24
Dick's
Sporting
Goods,
Inc.
................................................
7,403
1,495
Dillard's,
Inc.
,
Class
A
...................................................
871
529
Dine
Brands
Global,
Inc.
.................................................
1,556
54
Dorman
Products,
Inc.
(a)
.................................................
3,039
377
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
(b)
.....................................
3,267
60
Driven
Brands
Holdings,
Inc.
(a)
............................................
6,689
104
Duolingo,
Inc.
,
Class
A
(a)
.................................................
4,369
586
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
14,311
778
El
Pollo
Loco
Holdings,
Inc.
(a)
.............................................
3,003
30
Empery
Digital,
Inc.
(a)
...................................................
3,659
18
Envela
Corp.
(a)
........................................................
666
9
Escalade,
Inc.
.........................................................
865
13
Ethan
Allen
Interiors,
Inc.
.................................................
2,606
60
Etsy,
Inc.
(a)
...........................................................
11,215
594
European
Wax
Center,
Inc.
,
Class
A
(a)
........................................
2,940
12
EVgo,
Inc.
,
Class
A
(a)
...................................................
14,259
43
Faraday
Future
Intelligent
Electric,
Inc.
(a)
(b)
...................................
16,800
17
Figs,
Inc.
,
Class
A
(a)
....................................................
16,989
184
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
6,132
98
Five
Below,
Inc.
(a)
......................................................
6,199
1,188
Flexsteel
Industries,
Inc.
..................................................
353
14
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
12,278
810
Fossil
Group,
Inc.
(a)
.....................................................
5,226
18
Fox
Factory
Holding
Corp.
(a)
..............................................
4,691
86
Frontdoor,
Inc.
(a)
.......................................................
8,240
487
Funko,
Inc.
,
Class
A
(a)
...................................................
4,088
17
GameStop
Corp.
,
Class
A
(a)
(b)
.............................................
47,135
1,126
Garrett
Motion,
Inc.
.....................................................
22,014
397
Genesco,
Inc.
(a)
........................................................
1,090
32
Genius
Sports
Ltd.
(a)
....................................................
25,164
219
Gentex
Corp.
..........................................................
25,118
578
Gentherm,
Inc.
(a)
.......................................................
3,391
108
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
GigaCloud
Technology,
Inc.
,
Class
A
(a)
.......................................
2,798
$
112
G-III
Apparel
Group
Ltd.
.................................................
4,096
120
Global
Business
Travel
Group,
Inc.
(a)
(b)
......................................
26,756
183
Gold.com,
Inc.
.........................................................
2,085
108
Golden
Entertainment,
Inc.
................................................
2,141
58
GoPro,
Inc.
,
Class
A
(a)
...................................................
12,385
14
Graham
Holdings
Co.
,
Class
B
.............................................
371
433
Grand
Canyon
Education,
Inc.
(a)
............................................
3,148
547
Green
Brick
Partners,
Inc.
(a)
...............................................
4,596
319
Group
1
Automotive,
Inc.
.................................................
1,405
498
Groupon,
Inc.
,
Class
A
(a)
(b)
...............................................
2,495
35
H&R
Block,
Inc.
.......................................................
14,350
566
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
...................................
527
10
Harley-Davidson,
Inc.
...................................................
13,441
266
Hasbro,
Inc.
...........................................................
16,057
1,434
Haverty
Furniture
Cos.,
Inc.
...............................................
1,489
38
Helen
of
Troy
Ltd.
(a)
....................................................
2,531
42
Hilton
Grand
Vacations,
Inc.
(a)
.............................................
7,531
340
Holley,
Inc.
(a)
.........................................................
8,454
33
Hooker
Furnishings
Corp.
.................................................
1,081
14
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
.......................................
503
57
Hyatt
Hotels
Corp.
,
Class
A
................................................
4,618
722
Inspired
Entertainment,
Inc.
(a)
.............................................
2,726
24
Installed
Building
Products,
Inc.
............................................
2,653
764
J.
Jill,
Inc.
............................................................
690
11
Jack
in
the
Box,
Inc.
(b)
...................................................
1,883
39
JAKKS
Pacific,
Inc.
.....................................................
959
18
Johnson
Outdoors,
Inc.
,
Class
A
............................................
932
42
KB
Home
............................................................
7,111
409
KinderCare
Learning
Cos.,
Inc.
(a)
...........................................
3,297
15
Kodiak
AI,
Inc.
(a)
(b)
....................................................
10,414
95
Kohl's
Corp.
..........................................................
12,365
216
Kontoor
Brands,
Inc.
....................................................
6,284
375
Krispy
Kreme,
Inc.
(b)
....................................................
9,935
31
Kura
Sushi
USA,
Inc.
,
Class
A
(a)
(b)
.........................................
711
47
Lakeland
Industries,
Inc.
(b)
................................................
811
8
Lands'
End,
Inc.
(a)
......................................................
878
16
Latham
Group,
Inc.
(a)
...................................................
5,465
34
Laureate
Education,
Inc.
,
Class
A
(a)
.........................................
14,391
494
La-Z-Boy,
Inc.
.........................................................
4,627
168
LCI
Industries
.........................................................
2,626
385
Lear
Corp.
............................................................
5,945
696
Legacy
Education,
Inc.
(a)
.................................................
951
10
Legacy
Housing
Corp.
(a)
.................................................
942
20
Leggett
&
Platt,
Inc.
.....................................................
15,110
176
Levi
Strauss
&
Co.
,
Class
A
...............................................
11,733
233
LGI
Homes,
Inc.
(a)
.....................................................
2,296
115
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
17,116
499
Lincoln
Educational
Services
Corp.
(a)
........................................
3,312
88
Lindblad
Expeditions
Holdings,
Inc.
(a)
.......................................
4,287
71
Lithia
Motors,
Inc.
,
Class
A
................................................
2,744
888
LKQ
Corp.
...........................................................
29,284
962
Lucid
Group,
Inc.
,
Class
A
(a)
(b)
............................................
14,870
165
Lucky
Strike
Entertainment
Corp.
(b)
.........................................
8,614
70
M/I
Homes,
Inc.
(a)
......................................................
2,933
392
Macy's,
Inc.
...........................................................
30,508
611
Malibu
Boats,
Inc.
,
Class
A
(a)
..............................................
2,112
69
Marine
Products
Corp.
...................................................
850
8
MarineMax,
Inc.
(a)
.....................................................
2,145
58
Marriott
Vacations
Worldwide
Corp.
.........................................
3,643
198
MasterCraft
Boat
Holdings,
Inc.
(a)
..........................................
1,762
38
Mattel,
Inc.
(a)
.........................................................
35,498
742
Matthews
International
Corp.
,
Class
A
........................................
3,308
87
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Meritage
Homes
Corp.
...................................................
7,901
$
549
MGM
Resorts
International
(a)
..............................................
23,665
794
Mister
Car
Wash,
Inc.
(a)
..................................................
11,342
63
Mobileye
Global,
Inc.
,
Class
A
(a)
...........................................
23,892
215
Mohawk
Industries,
Inc.
(a)
................................................
5,854
693
Monarch
Casino
&
Resort,
Inc.
.............................................
1,430
131
Monro,
Inc.
...........................................................
2,678
50
Motorcar
Parts
of
America,
Inc.
(a)
...........................................
1,632
20
Movado
Group,
Inc.
.....................................................
1,642
37
Murphy
USA,
Inc.
......................................................
1,963
829
Nathan's
Famous,
Inc.
....................................................
314
32
National
Vision
Holdings,
Inc.
(a)
............................................
8,898
234
Newell
Brands,
Inc.
.....................................................
47,743
203
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
52,150
1,145
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
7,041
777
OneSpaWorld
Holdings
Ltd.
...............................................
11,258
221
OneWater
Marine,
Inc.
,
Class
A
(a)
...........................................
1,274
17
Outdoor
Holding
Co.
(a)
(b)
................................................
9,335
15
Oxford
Industries,
Inc.
...................................................
1,553
57
Papa
John's
International,
Inc.
..............................................
3,696
130
Patrick
Industries,
Inc.
...................................................
3,665
462
Pattern
Group,
Inc.
,
Class
A
(a)
(b)
...........................................
3,556
49
Peloton
Interactive,
Inc.
,
Class
A
(a)
..........................................
44,929
251
Penn
Entertainment,
Inc.
(a)
................................................
14,974
192
Penske
Automotive
Group,
Inc.
.............................................
2,039
320
Perdoceo
Education
Corp.
.................................................
7,163
229
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
..................................
15,458
42
Phinia,
Inc.
...........................................................
4,313
307
Planet
Fitness,
Inc.
,
Class
A
(a)
.............................................
9,516
866
Playboy,
Inc.
(a)
........................................................
4,920
7
Polaris,
Inc.
...........................................................
6,040
386
Pool
Corp.
............................................................
4,156
1,056
Portillo's,
Inc.
,
Class
A
(a)
(b)
...............................................
7,726
44
Pursuit
Attractions
and
Hospitality,
Inc.
(a)
.....................................
2,365
82
PVH
Corp.
...........................................................
5,210
325
QuantumScape
Corp.
,
Class
A
(a)
............................................
51,956
460
Ralph
Lauren
Corp.
,
Class
A
...............................................
4,324
1,528
RCI
Hospitality
Holdings,
Inc.
(b)
...........................................
864
21
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
5,497
347
Revolve
Group,
Inc.
,
Class
A
(a)
............................................
4,586
127
RH
(a)
...............................................................
1,757
349
RideNow
Group,
Inc.
,
Class
B
(a)
...........................................
2,384
12
Rocky
Brands,
Inc.
......................................................
788
25
Rush
Street
Interactive,
Inc.
(a)
.............................................
10,817
191
Sabre
Corp.
(a)
(b)
.......................................................
41,052
53
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
11,093
169
Savers
Value
Village,
Inc.
(a)
(b)
.............................................
4,315
45
Serve
Robotics,
Inc.
(a)
(b)
.................................................
7,187
75
Service
Corp.
International
................................................
15,665
1,260
Shake
Shack,
Inc.
,
Class
A
(a)
..............................................
4,409
391
SharkNinja,
Inc.
(a)
......................................................
9,666
1,143
Sharplink
Gaming,
Inc.
(a)
(b)
...............................................
22,052
196
Shoe
Carnival,
Inc.
......................................................
1,965
37
Signet
Jewelers
Ltd.
.....................................................
4,483
414
Six
Flags
Entertainment
Corp.
(a)
............................................
11,340
204
Sleep
Number
Corp.
(a)
(b)
.................................................
1,767
21
Smith
&
Wesson
Brands,
Inc.
..............................................
4,859
53
Smith
Douglas
Homes
Corp.
,
Class
A
(a)
......................................
873
16
Solid
Power,
Inc.
(a)
.....................................................
17,066
76
Sonic
Automotive,
Inc.
,
Class
A
............................................
1,496
90
Sonos,
Inc.
(a)
.........................................................
13,424
193
Standard
Motor
Products,
Inc.
..............................................
2,365
94
Steven
Madden
Ltd.
.....................................................
8,162
358
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Stitch
Fix,
Inc.
,
Class
A
(a)
................................................
12,429
$
60
Stoneridge,
Inc.
(a)
......................................................
2,879
19
Strategic
Education,
Inc.
..................................................
2,594
221
Strattec
Security
Corp.
(a)
.................................................
449
36
Stride,
Inc.
(a)
..........................................................
4,891
414
Stubhub
Holdings,
Inc.
,
Class
A
(a)
(b)
........................................
21,064
297
Sturm
Ruger
&
Co.,
Inc.
..................................................
1,558
57
Superior
Group
of
Cos.,
Inc.
...............................................
1,083
11
Sweetgreen,
Inc.
,
Class
A
(a)
...............................................
11,296
69
Target
Hospitality
Corp.
(a)
................................................
3,569
25
Taylor
Morrison
Home
Corp.
,
Class
A
(a)
......................................
10,941
667
Texas
Roadhouse,
Inc.
,
Class
A
.............................................
7,574
1,362
The
Buckle,
Inc.
........................................................
3,600
170
The
Cheesecake
Factory,
Inc.
(b)
............................................
5,272
306
The
Children's
Place,
Inc.
(a)
...............................................
483
2
The
Gap,
Inc.
..........................................................
28,505
798
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
31,548
297
The
Lovesac
Co.
(a)
.....................................................
1,417
19
The
RealReal,
Inc.
(a)
....................................................
11,795
173
The
Wendy's
Co.
(b)
.....................................................
19,764
154
Thor
Industries,
Inc.
.....................................................
5,799
649
ThredUp,
Inc.
,
Class
A
(a)
.................................................
10,546
54
Toll
Brothers,
Inc.
......................................................
11,029
1,594
TopBuild
Corp.
(a)
......................................................
3,210
1,502
Torrid
Holdings,
Inc.
(a)
(b)
................................................
2,607
3
Traeger,
Inc.
(a)
........................................................
5,646
6
Travel
+
Leisure
Co.
.....................................................
7,085
493
Tri
Pointe
Homes,
Inc.
(a)
.................................................
9,517
317
Udemy,
Inc.
(a)
.........................................................
10,270
49
Under
Armour,
Inc.
,
Class
A
(a)
(b)
...........................................
34,067
210
United
Parks
&
Resorts,
Inc.
(a)
.............................................
6,111
230
Universal
Technical
Institute,
Inc.
(a)
.........................................
5,992
167
Upbound
Group,
Inc.
....................................................
5,961
113
Urban
Outfitters,
Inc.
(a)
..................................................
6,402
454
Vail
Resorts,
Inc.
(b)
.....................................................
4,050
539
Valvoline,
Inc.
(a)
.......................................................
14,578
477
Venu
Holding
Corp.
(a)
(b)
.................................................
2,882
16
VF
Corp.
.............................................................
42,163
826
Victoria's
Secret
&
Co.
(a)
.................................................
7,903
431
Visteon
Corp.
..........................................................
3,082
280
Warby
Parker,
Inc.
,
Class
A
(a)
..............................................
11,409
291
Wayfair,
Inc.
,
Class
A
(a)
..................................................
11,325
1,172
Weyco
Group,
Inc.
......................................................
613
19
Whirlpool
Corp.
(b)
......................................................
6,217
497
Wingstop,
Inc.
.........................................................
3,184
845
Winmark
Corp.
........................................................
338
152
Winnebago
Industries,
Inc.
................................................
3,084
142
Wolverine
World
Wide,
Inc.
...............................................
9,205
163
WW
International,
Inc.
(a)
.................................................
1,096
22
Wyndham
Hotels
&
Resorts,
Inc.
............................................
8,500
619
Wynn
Resorts
Ltd.
......................................................
8,612
925
XMAX,
Inc.
(a)
........................................................
4,478
25
XPEL,
Inc.
(a)
.........................................................
2,867
148
Xponential
Fitness,
Inc.
,
Class
A
(a)
..........................................
2,928
23
YETI
Holdings,
Inc.
(a)
...................................................
8,857
405
Zeta
Network
Group
,
Class
A
(a)
(b)
..........................................
14,609
12
Zumiez,
Inc.
(a)
........................................................
1,437
35
85,458
Consumer
Staples
(3.3%):
Albertsons
Cos.,
Inc.
,
Class
A
..............................................
44,690
744
Alico,
Inc.
............................................................
600
25
B&G
Foods,
Inc.
(b)
.....................................................
8,527
37
BellRing
Brands,
Inc.
(a)
..................................................
13,543
337
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Beyond
Meat,
Inc.
(a)
(b)
..................................................
48,536
$
37
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
14,953
1,382
BRC,
Inc.
,
Class
A
(a)
....................................................
10,703
9
Calavo
Growers,
Inc.
....................................................
1,855
47
Cal-Maine
Foods,
Inc.
...................................................
4,880
408
Celsius
Holdings,
Inc.
(a)
..................................................
20,848
1,094
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
6,632
203
Coca-Cola
Consolidated,
Inc.
..............................................
8,679
1,320
Conagra
Brands,
Inc.
....................................................
54,727
1,013
Coty,
Inc.
,
Class
A
(a)
....................................................
42,052
133
Darling
Ingredients,
Inc.
(a)
................................................
18,004
822
Edgewell
Personal
Care
Co.
...............................................
5,193
101
elf
Beauty,
Inc.
(a)
.......................................................
6,663
566
Energizer
Holdings,
Inc.
..................................................
6,918
151
FitLife
Brands,
Inc.
(a)
...................................................
823
13
Flowers
Foods,
Inc.
.....................................................
22,454
257
Fresh
Del
Monte
Produce,
Inc.
.............................................
4,477
178
Freshpet,
Inc.
(a)
........................................................
5,518
385
Grocery
Outlet
Holding
Corp.
(a)
............................................
10,629
101
Herbalife
Ltd.
(a)
.......................................................
11,487
198
HF
Foods
Group,
Inc.
(a)
..................................................
3,660
7
Hormel
Foods
Corp.
.....................................................
33,435
823
Ingles
Markets,
Inc.
,
Class
A
...............................................
1,646
123
Ingredion,
Inc.
.........................................................
7,255
857
Interparfums,
Inc.
.......................................................
2,069
202
Ispire
Technology,
Inc.
(a)
.................................................
1,664
6
J
&
J
Snack
Foods
Corp.
..................................................
1,731
164
John
B
Sanfilippo
&
Son,
Inc.
..............................................
880
71
Lamb
Weston
Holdings,
Inc.
...............................................
15,881
729
Lifeway
Foods,
Inc.
(a)
...................................................
563
12
Limoneira
Co.
.........................................................
1,786
26
Mama's
Creations,
Inc.
(a)
.................................................
4,092
62
Maplebear,
Inc.
(a)
......................................................
23,991
891
Medifast,
Inc.
(a)
(b)
.....................................................
1,103
13
MGP
Ingredients,
Inc.
....................................................
1,646
41
Mission
Produce,
Inc.
(a)
..................................................
4,752
64
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
18,280
878
National
Beverage
Corp.
(a)
................................................
2,692
92
Natural
Grocers
by
Vitamin
Cottage,
Inc.
......................................
1,032
28
Nature's
Sunshine
Products,
Inc.
(a)
..........................................
1,775
45
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
5,348
57
Oil-Dri
Corp.
of
America
.................................................
1,106
67
Olaplex
Holdings,
Inc.
(a)
(b)
...............................................
14,887
24
Performance
Food
Group
Co.
(a)
............................................
17,632
1,683
Post
Holdings,
Inc.
(a)
....................................................
5,176
530
PriceSmart,
Inc.
........................................................
2,925
416
Reynolds
Consumer
Products,
Inc.
..........................................
6,165
143
Seaboard
Corp.
........................................................
28
142
Seneca
Foods
Corp.
,
Class
A
(a)
.............................................
577
69
Spectrum
Brands
Holdings,
Inc.
............................................
2,569
164
Sprouts
Farmers
Market,
Inc.
(a)
............................................
11,136
790
The
Andersons,
Inc.
.....................................................
3,656
227
The
Beauty
Health
Co.
(a)
.................................................
7,915
12
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
886
189
The
Campbell's
Company
.................................................
22,020
616
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
4,174
263
The
Clorox
Co.
........................................................
13,960
1,575
The
Honest
Co.,
Inc.
(a)
...................................................
10,393
26
The
J.M.
Smucker
Co.
...................................................
12,017
1,260
The
Marzetti
Company
...................................................
2,206
378
The
Simply
Good
Foods
Co.
(a)
.............................................
10,545
198
The
Vita
Coco
Co.,
Inc.
(a)
................................................
5,459
291
Tootsie
Roll
Industries,
Inc.
................................................
1,925
73
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
TreeHouse
Foods,
Inc.
(a)
.................................................
5,702
$
140
Turning
Point
Brands,
Inc.
................................................
2,047
248
United
Natural
Foods,
Inc.
(a)
..............................................
6,857
255
Universal
Corp.
........................................................
2,734
155
Upexi,
Inc.
(a)
(b)
.......................................................
5,775
10
USANA
Health
Sciences,
Inc.
(a)
............................................
1,170
25
Utz
Brands,
Inc.
........................................................
8,005
84
Village
Super
Market,
Inc.
,
Class
A
..........................................
1,121
40
Vital
Farms,
Inc.
(a)
.....................................................
3,972
113
WD-40
Co.
...........................................................
1,546
357
Weis
Markets,
Inc.
......................................................
1,541
110
Westrock
Coffee
Co.
(a)
(b)
................................................
3,704
18
Zevia
PBC
,
Class
A
(a)
...................................................
4,964
9
25,452
Energy
(3.9%):
Aemetis,
Inc.
(a)
........................................................
6,072
9
American
Resources
Corp.
,
Class
A
(a)
........................................
8,795
28
Amplify
Energy
Corp.
(a)
.................................................
3,378
17
Antero
Midstream
Corp.
..................................................
38,051
716
Antero
Resources
Corp.
(a)
................................................
32,987
1,200
APA
Corp.
............................................................
40,647
1,073
Archrock,
Inc.
.........................................................
19,625
581
Ardmore
Shipping
Corp.
..................................................
3,886
50
Atlas
Energy
Solutions,
Inc.
,
Class
A
(b)
.......................................
8,951
104
Bristow
Group,
Inc.
(a)
...................................................
3,199
141
Cactus,
Inc.
,
Class
A
.....................................................
7,828
440
California
Resources
Corp.
................................................
8,921
477
Calumet,
Inc.
(a)
........................................................
7,706
173
Centrus
Energy
Corp.
,
Class
A
(a)
(b)
.........................................
1,934
538
Chord
Energy
Corp.
.....................................................
6,140
615
Clean
Energy
Fuels
Corp.
(a)
...............................................
15,622
34
CNX
Resources
Corp.
(a)
.................................................
16,279
632
Comstock
Resources,
Inc.
(a)
...............................................
7,178
175
Comstock,
Inc.
(a)
.......................................................
5,390
16
Core
Laboratories,
Inc.
...................................................
5,238
102
Core
Natural
Resources,
Inc.
...............................................
5,762
550
Crescent
Energy
Co.
,
Class
A
..............................................
24,912
243
CVR
Energy,
Inc.
(a)
.....................................................
3,412
78
Delek
US
Holdings,
Inc.
..................................................
6,678
197
DHT
Holdings,
Inc.
.....................................................
15,483
222
Diversified
Energy
Co.
...................................................
6,759
91
DMC
Global,
Inc.
(a)
....................................................
1,812
16
Dorian
LPG
Ltd.
.......................................................
4,173
123
DT
Midstream,
Inc.
.....................................................
11,661
1,470
Energy
Services
of
America
Corp.
...........................................
1,156
10
Evolution
Petroleum
Corp.
................................................
3,181
13
Excelerate
Energy,
Inc.
,
Class
A
............................................
3,558
133
Expro
Group
Holdings
NV
(a)
..............................................
12,903
207
Flowco
Holdings,
Inc.
,
Class
A
.............................................
2,486
52
Forum
Energy
Technologies,
Inc.
(a)
.........................................
1,176
53
FutureFuel
Corp.
.......................................................
2,574
8
Geospace
Technologies
Corp.
(a)
............................................
1,287
20
Gevo,
Inc.
(a)
..........................................................
25,911
51
Golar
LNG
Ltd.
........................................................
10,171
413
Gran
Tierra
Energy,
Inc.
(a)
................................................
3,319
18
Granite
Ridge
Resources,
Inc.
..............................................
7,026
35
Green
Plains,
Inc.
(a)
.....................................................
7,673
88
Gulfport
Energy
Corp.
(a)
.................................................
2,200
449
Helix
Energy
Solutions
Group,
Inc.
(a)
........................................
15,623
124
Helmerich
&
Payne,
Inc.
..................................................
10,857
368
HF
Sinclair
Corp.
.......................................................
19,606
1,019
Infinity
Natural
Resources,
Inc.
,
Class
A
(a)
....................................
1,592
25
Innovex
International,
Inc.
(a)
..............................................
4,313
107
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
International
Seaways,
Inc.
................................................
5,569
$
332
Kinetik
Holdings,
Inc.
,
Class
A
(b)
...........................................
4,902
201
Kodiak
Gas
Services,
Inc.
.................................................
8,659
364
Kosmos
Energy
Ltd.
(a)
...................................................
51,838
82
Liberty
Energy,
Inc.
,
Class
A
...............................................
17,913
442
Lightbridge
Corp.
(a)
.....................................................
3,433
53
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
20,531
524
Matador
Resources
Co.
...................................................
13,256
600
Murphy
Oil
Corp.
......................................................
15,321
461
Nabors
Industries
Ltd.
(a)
.................................................
1,567
105
NACCO
Industries,
Inc.
,
Class
A
............................................
389
19
National
Energy
Services
Reunited
Corp.
(a)
....................................
9,777
192
Natural
Gas
Services
Group,
Inc.
............................................
1,164
40
New
Era
Energy
&
Digital,
Inc.
(a)
...........................................
5,104
35
New
Fortress
Energy,
Inc.
,
Class
A
(a)
(b)
......................................
20,778
28
NextDecade
Corp.
(a)
(b)
..................................................
17,009
90
NextNRG,
Inc.
(a)
(b)
....................................................
3,736
3
Nordic
American
Tankers
Ltd.
..............................................
24,067
100
Northern
Oil
&
Gas,
Inc.
..................................................
10,859
271
NOV,
Inc.
............................................................
41,619
764
Oceaneering
International,
Inc.
(a)
...........................................
11,208
337
Oil
States
International,
Inc.
(a)
.............................................
6,186
52
Ovintiv,
Inc.
..........................................................
29,026
1,262
Par
Pacific
Holdings,
Inc.
(a)
...............................................
5,582
211
Patterson-UTI
Energy,
Inc.
................................................
39,135
295
PBF
Energy,
Inc.
,
Class
A
.................................................
9,452
316
Peabody
Energy
Corp.
...................................................
13,091
462
Permian
Resources
Corp.
,
Class
A
...........................................
77,625
1,252
Prairie
Operating
Co.
(a)
(b)
................................................
2,609
5
PrimeEnergy
Resources
Corp.
(a)
............................................
72
13
ProPetro
Holding
Corp.
(a)
................................................
9,007
103
Range
Resources
Corp.
...................................................
26,917
1,019
Ranger
Energy
Services,
Inc.
,
Class
A
........................................
2,165
33
REX
American
Resources
Corp.
(a)
..........................................
3,281
111
Riley
Exploration
Permian,
Inc.
.............................................
1,126
32
Ring
Energy,
Inc.
(a)
.....................................................
19,698
23
RPC,
Inc.
............................................................
11,361
76
SandRidge
Energy,
Inc.
..................................................
3,508
56
Scorpio
Tankers,
Inc.
....................................................
5,174
329
SEACOR
Marine
Holdings,
Inc.
(a)
..........................................
2,129
14
Select
Water
Solutions,
Inc.
,
Class
A
.........................................
10,638
129
SFL
Corp.
Ltd.
,
Class
B
..................................................
11,765
104
SM
Energy
Co.
........................................................
26,097
508
Smart
Sand,
Inc.
........................................................
3,140
15
Solaris
Energy
Infrastructure,
Inc.
,
Class
A
.....................................
4,241
234
Summit
Midstream
Corp.
(a)
...............................................
1,112
32
Talos
Energy,
Inc.
(a)
.....................................................
14,182
169
Tamboran
Resources
Corp.
(a)
(b)
............................................
1,666
50
Teekay
Corp.
Ltd.
......................................................
5,778
59
Teekay
Tankers
Ltd.
,
Class
A
...............................................
2,730
176
TETRA
Technologies,
Inc.
(a)
..............................................
14,391
164
Tidewater,
Inc.
(a)
.......................................................
5,345
334
Transocean
Ltd.
(a)
......................................................
109,377
544
Uranium
Energy
Corp.
(a)
.................................................
54,644
942
VAALCO
Energy,
Inc.
...................................................
11,332
58
Venture
Global,
Inc.
,
Class
A
(b)
............................................
54,134
531
Viper
Energy,
Inc.
,
Class
A
................................................
19,117
809
Vitesse
Energy,
Inc.
(b)
...................................................
3,154
66
W&T
Offshore,
Inc.
(b)
...................................................
10,571
23
WaterBridge
Infrastructure
LLC
,
Class
A
(a)
....................................
3,925
86
Weatherford
International
PLC
.............................................
8,207
772
World
Kinect
Corp.
.....................................................
6,102
164
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
XCF
Global,
Inc.
,
Class
A
(a)
(b)
............................................
13,988
$
3
29,983
Financials
(17.3%):
1st
Source
Corp.
.......................................................
2,056
138
Acacia
Research
Corp.
(a)
.................................................
10,606
42
Acadian
Asset
Management,
Inc.
............................................
4,011
222
ACNB
Corp.
..........................................................
1,122
57
ACRES
Commercial
Realty
Corp.
(a)
.........................................
623
12
Adamas
Trust,
Inc.
......................................................
9,478
76
Affiliated
Managers
Group,
Inc.
............................................
3,116
976
Affinity
Bancshares,
Inc.
..................................................
428
9
AGNC
Investment
Corp.
(b)
...............................................
122,708
1,399
Alerus
Financial
Corp.
...................................................
2,584
64
Ally
Financial,
Inc.
......................................................
35,121
1,485
Amalgamated
Financial
Corp.
..............................................
2,009
78
Amerant
Bancorp,
Inc.
,
Class
A
.............................................
4,207
91
American
Coastal
Insurance
Corp.
...........................................
2,750
30
American
Financial
Group,
Inc.
.............................................
8,012
1,044
American
Integrity
Insurance
Group,
Inc.
(a)
....................................
657
12
Ameris
Bancorp
........................................................
7,432
599
AMERISAFE,
Inc.
......................................................
2,105
79
Ames
National
Corp.
....................................................
946
25
Angel
Oak
Mortgage
REIT,
Inc.
............................................
1,991
18
Annaly
Capital
Management,
Inc.
...........................................
78,464
1,805
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
15,706
170
Arbor
Realty
Trust,
Inc.
(b)
................................................
21,479
165
Ares
Commercial
Real
Estate
Corp.
(b)
........................................
5,670
30
ARMOUR
Residential
REIT,
Inc.
...........................................
12,793
223
Arrow
Financial
Corp.
...................................................
1,795
61
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
7,864
350
Associated
Banc-Corp.
...................................................
18,866
514
Assurant,
Inc.
.........................................................
5,725
1,363
Assured
Guaranty
Ltd.
...................................................
4,964
421
Atlantic
Union
Bankshares
Corp.
............................................
16,252
631
Atlanticus
Holdings
Corp.
(a)
...............................................
1,064
55
Avidbank
Holdings,
Inc.
(a)
................................................
889
26
Avidia
Bancorp,
Inc.
(a)
...................................................
1,973
36
Axis
Capital
Holdings
Ltd.
................................................
8,799
908
Axos
Financial,
Inc.
(a)
...................................................
6,205
614
Bakkt,
Inc.
,
Class
A
(a)
(b)
.................................................
2,502
34
Banc
of
California,
Inc.
..................................................
15,280
305
BancFirst
Corp.
........................................................
2,370
261
Bank
First
Corp.
.......................................................
1,028
143
Bank
of
Hawaii
Corp.
....................................................
4,487
336
Bank
of
Marin
Bancorp
..................................................
1,617
43
Bank
OZK
............................................................
13,243
630
Bank7
Corp.
..........................................................
433
19
BankUnited,
Inc.
.......................................................
8,552
406
Bankwell
Financial
Group,
Inc.
.............................................
683
33
Banner
Corp.
..........................................................
3,811
236
Bar
Harbor
Bankshares,
Inc.
...............................................
1,825
62
BayCom
Corp.
.........................................................
1,129
33
BCB
Bancorp,
Inc.
......................................................
1,586
13
Beacon
Financial
Corp.
..................................................
9,476
269
BGC
Group,
Inc.
,
Class
A
.................................................
40,811
372
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
......................................
18,046
347
Blue
Foundry
Bancorp
(a)
.................................................
1,946
26
Blue
Owl
Capital,
Inc.
,
Class
A
(b)
...........................................
71,949
981
Blue
Ridge
Bankshares,
Inc.
...............................................
6,942
30
BOK
Financial
Corp.
....................................................
2,828
367
Bowhead
Specialty
Holdings,
Inc.
(a)
.........................................
2,470
61
BRC
Group
Holdings,
Inc.
(a)
..............................................
2,165
18
Bread
Financial
Holdings,
Inc.
.............................................
5,167
375
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Bridgewater
Bancshares,
Inc.
(a)
............................................
2,289
$
44
Brighthouse
Financial,
Inc.
(a)
..............................................
6,497
416
BrightSpire
Capital,
Inc.
,
Class
A
...........................................
14,338
86
Burke
&
Herbert
Financial
Services
Corp.
.....................................
1,514
99
Business
First
Bancshares,
Inc.
.............................................
3,156
89
Byline
Bancorp,
Inc.
.....................................................
3,735
119
C&F
Financial
Corp.
....................................................
326
25
California
Bancorp
......................................................
2,600
47
Camden
National
Corp.
..................................................
1,875
89
Cannae
Holdings,
Inc.
...................................................
4,775
69
Cantaloupe,
Inc.
(a)
......................................................
7,781
84
Capital
Bancorp,
Inc.
....................................................
1,235
38
Capital
City
Bank
Group,
Inc.
..............................................
1,546
65
Capitol
Federal
Financial,
Inc.
..............................................
13,789
100
Carter
Bankshares,
Inc.
(a)
.................................................
2,372
51
Cass
Information
Systems,
Inc.
.............................................
1,296
58
Cathay
General
Bancorp
..................................................
7,469
382
CB
Financial
Services,
Inc.
................................................
481
17
Central
Pacific
Financial
Corp.
.............................................
2,982
97
CF
Bankshares,
Inc.
.....................................................
503
15
Chemung
Financial
Corp.
.................................................
377
23
Chicago
Atlantic
Real
Estate
Finance,
Inc.
.....................................
1,964
24
Chime
Financial,
Inc.
,
Class
A
(a)
...........................................
21,365
543
Chimera
Investment
Corp.
................................................
9,221
114
ChoiceOne
Financial
Services,
Inc.
..........................................
1,548
44
Citizens
&
Northern
Corp.
................................................
1,880
43
Citizens
Community
Bancorp,
Inc.
..........................................
948
17
Citizens
Financial
Services,
Inc.
............................................
495
31
Citizens,
Inc.
,
Class
A
(a)
(b)
...............................................
4,863
27
City
Holding
Co.
.......................................................
1,610
198
Civista
Bancshares,
Inc.
..................................................
2,111
51
Claros
Mortgage
Trust,
Inc.
(a)
..............................................
12,580
34
CNA
Financial
Corp.
....................................................
30,993
1,483
CNB
Financial
Corp.
....................................................
3,215
89
CNO
Financial
Group,
Inc.
................................................
10,633
447
Coastal
Financial
Corp.
(a)
................................................
1,452
139
CoastalSouth
Bancshares,
Inc.
(a)
............................................
936
22
Cohen
&
Steers,
Inc.
....................................................
3,120
200
Colony
Bankcorp,
Inc.
...................................................
2,184
43
Columbia
Banking
System,
Inc.
............................................
34,188
1,006
Columbia
Financial,
Inc.
(a)
................................................
2,935
48
Commerce
Bancshares,
Inc.
...............................................
15,506
816
Commercial
Bancgroup,
Inc.
(a)
.............................................
752
20
Community
Financial
System,
Inc.
..........................................
5,999
375
Community
Trust
Bancorp,
Inc.
.............................................
2,012
124
Community
West
Bancshares
..............................................
1,871
45
Compass
Diversified
Holdings
.............................................
7,417
49
ConnectOne
Bancorp,
Inc.
................................................
5,406
144
Consumer
Portfolio
Services,
Inc.
(a)
.........................................
896
8
Crawford
&
Co.
,
Class
A
.................................................
2,411
26
Credit
Acceptance
Corp.
(a)
(b)
..............................................
669
333
Cullen/Frost
Bankers,
Inc.
.................................................
6,869
947
Customers
Bancorp,
Inc.
(a)
................................................
3,618
286
CVB
Financial
Corp.
....................................................
14,704
290
Dave,
Inc.
(a)
..........................................................
1,221
200
DeFi
Development
Corp.
(a)
(b)
.............................................
1,382
7
Diamond
Hill
Investment
Group,
Inc.
........................................
273
47
DigitalBridge
Group,
Inc.
.................................................
20,718
319
Dime
Community
Bancshares,
Inc.
..........................................
4,786
163
Donegal
Group,
Inc.
,
Class
A
..............................................
1,857
35
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
2,848
147
Dynex
Capital,
Inc.
.....................................................
16,663
231
Eagle
Bancorp
Montana,
Inc.
..............................................
768
17
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Eagle
Bancorp,
Inc.
.....................................................
3,139
$
84
Eagle
Financial
Services,
Inc.
..............................................
480
18
East
West
Bancorp,
Inc.
..................................................
15,694
1,796
Eastern
Bankshares,
Inc.
..................................................
25,374
520
ECB
Bancorp,
Inc.
(a)
....................................................
758
13
eHealth,
Inc.
(a)
........................................................
2,794
8
Ellington
Financial,
Inc.
..................................................
11,938
153
Employers
Holdings,
Inc.
.................................................
2,506
109
Enact
Holdings,
Inc.
.....................................................
3,150
125
Encore
Capital
Group,
Inc.
(a)
..............................................
2,429
134
Enova
International,
Inc.
(a)
................................................
2,684
443
Enterprise
Financial
Services
Corp.
..........................................
4,157
238
Equitable
Holdings,
Inc.
..................................................
32,762
1,520
Equity
Bancshares,
Inc.
,
Class
A
............................................
1,698
78
Esquire
Financial
Holdings,
Inc.
............................................
816
87
Essent
Group
Ltd.
......................................................
10,730
675
Euronet
Worldwide,
Inc.
(a)
................................................
4,509
327
Evercore,
Inc.
,
Class
A
...................................................
4,151
1,466
Everest
Group
Ltd.
......................................................
4,757
1,576
EVERTEC,
Inc.
........................................................
7,222
217
EZCORP,
Inc.
,
Class
A
(a)
.................................................
6,259
134
F&G
Annuities
&
Life,
Inc.
................................................
16,841
497
FactSet
Research
Systems,
Inc.
.............................................
4,293
1,092
Farmers
&
Merchants
Bancorp,
Inc.
..........................................
1,385
37
Farmers
National
Banc
Corp.
..............................................
4,037
52
FB
Bancorp,
Inc.
(a)
.....................................................
1,906
25
FB
Financial
Corp.
......................................................
5,180
298
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
1,135
192
Federated
Hermes,
Inc.
,
Class
B
............................................
8,508
453
FG
Nexus,
Inc.
(a)
.......................................................
3,795
11
Fidelis
Insurance
Holdings
Ltd.
.............................................
5,551
106
Fidelity
D&D
Bancorp,
Inc.
...............................................
507
23
Fidelity
National
Financial,
Inc.
............................................
29,452
1,602
Figure
Technology
Solutions,
Inc.
,
Class
A
(a)
(b)
.................................
11,002
626
Finance
of
America
Cos.,
Inc.
,
Class
A
(a)
......................................
166
4
Financial
Institutions,
Inc.
.................................................
2,203
73
Finward
Bancorp
.......................................................
359
13
Finwise
Bancorp
(a)
.....................................................
985
17
First
American
Financial
Corp.
.............................................
11,213
708
First
Bancorp
NC
.......................................................
4,589
266
First
Bancorp
Puerto
Rico
.................................................
17,724
392
First
Bank
............................................................
2,499
42
First
Busey
Corp.
.......................................................
9,671
238
First
Business
Financial
Services,
Inc.
........................................
854
49
First
Capital,
Inc.
.......................................................
337
20
First
Commonwealth
Financial
Corp.
.........................................
11,615
209
First
Community
Bankshares,
Inc.
...........................................
1,730
62
First
Community
Corp.
...................................................
778
23
First
Financial
Bancorp
...................................................
11,771
338
First
Financial
Bankshares,
Inc.
.............................................
15,882
505
First
Financial
Corp.
.....................................................
1,285
84
First
Financial
Northwest,
Inc.
(a)
(c)
..........................................
869
—
First
Foundation,
Inc.
(a)
..................................................
8,204
52
First
Hawaiian,
Inc.
.....................................................
14,104
374
First
Horizon
Corp.
.....................................................
56,010
1,372
First
Internet
Bancorp
....................................................
794
17
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
10,193
362
First
Merchants
Corp.
....................................................
6,522
259
First
Mid
Bancshares,
Inc.
................................................
2,425
102
First
National
Corp.
.....................................................
823
22
First
Savings
Financial
Group,
Inc.
..........................................
594
20
First
United
Corp.
......................................................
668
26
First
Western
Financial,
Inc.
(a)
.............................................
862
22
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
FirstCash
Holdings,
Inc.
..................................................
4,474
$
763
Firstsun
Capital
Bancorp
(a)
................................................
1,373
54
Five
Star
Bancorp
......................................................
1,707
68
Flagstar
Bank
NA
.......................................................
34,668
458
Flushing
Financial
Corp.
..................................................
3,534
56
Flywire
Corp.
(a)
.......................................................
12,924
163
FNB
Corp.
............................................................
40,605
713
Fold
Holdings,
Inc.
(a)
....................................................
844
2
Forge
Global
Holdings,
Inc.
(a)
.............................................
941
42
Franklin
BSP
Realty
Trust,
Inc.
.............................................
9,099
93
Franklin
Financial
Services
Corp.
...........................................
450
23
Franklin
Resources,
Inc.
..................................................
31,773
846
Freedom
Holding
Corp.
(a)
................................................
2,056
254
FS
Bancorp,
Inc.
.......................................................
701
29
Fulton
Financial
Corp.
...................................................
20,501
423
FVCBankcorp,
Inc.
.....................................................
1,606
24
Galaxy
Digital,
Inc.
,
Class
A
(a)
.............................................
21,680
613
GBank
Financial
Holdings,
Inc.
(a)
(b)
.........................................
1,049
34
GCM
Grosvenor,
Inc.
,
Class
A
.............................................
6,852
78
Gemini
Space
Station,
Inc.
,
Class
A
(a)
(b)
......................................
3,961
33
Genworth
Financial,
Inc.
,
Class
A
(a)
.........................................
44,902
374
German
American
Bancorp,
Inc.
............................................
4,088
172
Glacier
Bancorp,
Inc.
....................................................
14,878
754
Globe
Life,
Inc.
........................................................
9,100
1,276
Goosehead
Insurance,
Inc.
,
Class
A
(a)
........................................
2,695
167
Granite
Point
Mortgage
Trust,
Inc.
...........................................
4,437
9
Great
Southern
Bancorp,
Inc.
..............................................
910
56
Green
Dot
Corp.
,
Class
A
(a)
...............................................
5,511
67
Greene
County
Bancorp,
Inc.
..............................................
732
17
Greenlight
Capital
Re
Ltd.
,
Class
A
(a)
........................................
2,849
40
HA
Sustainable
Infrastructure
Capital,
Inc.
.....................................
14,269
491
Hagerty,
Inc.
,
Class
A
(a)
..................................................
11,019
139
Hamilton
Insurance
Group
Ltd.
,
Class
B
(a)
....................................
6,645
184
Hamilton
Lane,
Inc.
,
Class
A
...............................................
3,741
528
Hancock
Whitney
Corp.
..................................................
9,530
656
Hanmi
Financial
Corp.
...................................................
3,334
89
Hanover
Bancorp,
Inc.
...................................................
465
11
Hawthorn
Bancshares,
Inc.
................................................
602
21
HBT
Financial,
Inc.
.....................................................
1,366
37
HCI
Group,
Inc.
........................................................
1,221
194
Heritage
Commerce
Corp.
................................................
6,730
86
Heritage
Financial
Corp.
..................................................
3,789
98
Heritage
Insurance
Holdings,
Inc.
(a)
.........................................
2,764
72
Hilltop
Holdings,
Inc.
....................................................
4,759
178
Hippo
Holdings,
Inc.
(a)
..................................................
1,872
56
Home
Bancorp,
Inc.
.....................................................
787
47
Home
Bancshares,
Inc.
...................................................
21,103
610
HomeTrust
Bancshares,
Inc.
...............................................
1,781
77
Hope
Bancorp,
Inc.
.....................................................
13,936
167
Horace
Mann
Educators
Corp.
..............................................
4,603
206
Horizon
Bancorp,
Inc.
...................................................
5,694
100
Houlihan
Lokey,
Inc.
,
Class
A
..............................................
6,268
1,055
Independent
Bank
Corp.
MA
...............................................
5,606
453
Independent
Bank
Corp.
MI
...............................................
2,233
78
Innventure,
Inc.
(a)
......................................................
3,127
10
International
Bancshares
Corp.
.............................................
6,456
450
International
Money
Express,
Inc.
(a)
.........................................
3,100
48
Invesco
Ltd.
...........................................................
50,904
1,389
Invesco
Mortgage
Capital,
Inc.
.............................................
7,989
69
Investar
Holding
Corp.
...................................................
945
27
Investors
Title
Co.
......................................................
151
39
Isabella
Bank
Corp.
.....................................................
732
35
Jack
Henry
&
Associates,
Inc.
..............................................
8,286
1,485
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Jackson
Financial,
Inc.
,
Class
A
.............................................
7,635
$
908
James
River
Group
Holdings,
Inc.
...........................................
3,994
27
Jefferies
Financial
Group,
Inc.
..............................................
18,862
1,154
Jefferson
Capital,
Inc.
....................................................
1,458
31
John
Marshall
Bancorp,
Inc.
...............................................
1,350
28
Kearny
Financial
Corp.
...................................................
6,435
50
Kemper
Corp.
.........................................................
6,644
262
Kestrel
Group
Ltd.
(a)
(b)
..................................................
682
8
Kingstone
Cos.,
Inc.
.....................................................
1,198
19
Kingsway
Financial
Services,
Inc.
(a)
.........................................
2,247
30
Kinsale
Capital
Group,
Inc.
................................................
2,536
1,004
KKR
Real
Estate
Finance
Trust,
Inc.
.........................................
7,065
58
Ladder
Capital
Corp.
,
Class
A
..............................................
12,801
140
Lakeland
Financial
Corp.
.................................................
2,824
168
Landmark
Bancorp,
Inc.
..................................................
529
14
Lazard,
Inc.
,
Class
A
.....................................................
10,712
575
LCNB
Corp.
..........................................................
1,436
25
Lemonade,
Inc.
(a)
......................................................
7,388
641
LendingClub
Corp.
(a)
....................................................
12,830
217
LendingTree,
Inc.
(a)
.....................................................
1,258
71
Lesaka
Technologies,
Inc.
(a)
...............................................
5,397
25
Lincoln
National
Corp.
...................................................
21,688
902
LINKBANCORP,
Inc.
...................................................
2,626
23
Live
Oak
Bancshares,
Inc.
................................................
4,017
161
loanDepot,
Inc.
,
Class
A
(a)
................................................
11,148
24
LUB
Liquidating
Trust
(a)
(c)
...............................................
2,351
1
MainStreet
Bancshares,
Inc.
...............................................
661
14
MarketAxess
Holdings,
Inc.
...............................................
4,184
708
Marqeta,
Inc.
,
Class
A
(a)
.................................................
41,269
170
MBIA,
Inc.
(a)
.........................................................
5,009
32
Mechanics
Bancorp
.....................................................
5,387
81
Medallion
Financial
Corp.
................................................
1,512
16
Mercantile
Bank
Corp.
...................................................
1,766
92
Merchants
Bancorp
.....................................................
2,335
97
Mercury
General
Corp.
...................................................
3,049
267
Meridian
Corp.
........................................................
924
17
Metrocity
Bankshares,
Inc.
................................................
2,431
68
Metropolitan
Bank
Holding
Corp.
...........................................
998
92
MFA
Financial,
Inc.
.....................................................
11,535
111
MGIC
Investment
Corp.
..................................................
25,299
681
Miami
International
Holdings,
Inc.
(a)
(b)
......................................
8,320
347
Mid
Penn
Bancorp,
Inc.
..................................................
2,128
70
Middlefield
Banc
Corp.
..................................................
790
26
Midland
States
Bancorp,
Inc.
(b)
............................................
2,256
52
MidWestOne
Financial
Group,
Inc.
..........................................
2,271
105
Moelis
&
Co.
,
Class
A
...................................................
8,429
604
Morningstar,
Inc.
.......................................................
2,613
528
MVB
Financial
Corp.
....................................................
1,258
36
National
Bank
Holdings
Corp.
,
Class
A
.......................................
4,237
170
National
Bankshares,
Inc.
.................................................
666
24
Navient
Corp.
.........................................................
10,819
106
NB
Bancorp,
Inc.
.......................................................
4,501
98
NBT
Bancorp,
Inc.
......................................................
5,878
261
NCR
Atleos
Corp.
(a)
....................................................
8,301
310
Nelnet,
Inc.
,
Class
A
.....................................................
1,863
246
Neptune
Insurance
Holdings,
Inc.
,
Class
A
(a)
...................................
2,525
64
NerdWallet,
Inc.
,
Class
A
(a)
...............................................
4,376
53
NewtekOne,
Inc.
.......................................................
2,772
37
Nexpoint
Real
Estate
Finance,
Inc.
..........................................
1,814
27
NI
Holdings,
Inc.
(a)
.....................................................
650
9
Nicolet
Bankshares,
Inc.
..................................................
1,491
218
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
8,652
335
Northeast
Bank
........................................................
887
102
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Northeast
Community
Bancorp,
Inc.
.........................................
1,496
$
35
Northfield
Bancorp,
Inc.
..................................................
4,033
50
Northpointe
Bancshares,
Inc.
...............................................
1,971
34
Northrim
Bancorp,
Inc.
...................................................
2,425
57
Northwest
Bancshares,
Inc.
................................................
15,924
205
Norwood
Financial
Corp.
.................................................
922
28
Oak
Valley
Bancorp
.....................................................
746
24
OceanFirst
Financial
Corp.
................................................
6,321
119
Octave
Specialty
Group,
Inc.
(a)
.............................................
4,501
26
OFG
Bancorp
.........................................................
4,971
200
Ohio
Valley
Banc
Corp.
..................................................
396
16
Old
National
Bancorp
....................................................
39,707
970
Old
Republic
International
Corp.
............................................
26,272
1,029
Old
Second
Bancorp,
Inc.
.................................................
5,652
112
OneMain
Holdings,
Inc.
,
Class
A
............................................
13,457
882
Onity
Group,
Inc.
(a)
.....................................................
729
33
OP
Bancorp
...........................................................
1,233
17
Open
Lending
Corp.
(a)
...................................................
10,794
19
Oportun
Financial
Corp.
(a)
................................................
4,019
22
Oppenheimer
Holdings,
Inc.
,
Class
A
.........................................
671
56
OppFi,
Inc.
...........................................................
2,818
27
Orange
County
Bancorp,
Inc.
..............................................
1,242
38
Orchid
Island
Capital,
Inc.
(b)
..............................................
17,285
135
Origin
Bancorp,
Inc.
.....................................................
3,189
137
Orrstown
Financial
Services,
Inc.
...........................................
2,095
75
Oscar
Health,
Inc.
,
Class
A
(a)
..............................................
24,208
347
P10,
Inc.
,
Class
A
.......................................................
6,667
72
Palomar
Holdings,
Inc.
(a)
.................................................
2,976
368
Park
National
Corp.
.....................................................
1,794
292
Parke
Bancorp,
Inc.
.....................................................
1,073
29
Pathward
Financial,
Inc.
..................................................
2,516
227
Patria
Investments
Ltd.
,
Class
A
............................................
6,885
101
Patriot
National
Bancorp,
Inc.
(a)
(b)
..........................................
8,227
13
Paymentus
Holdings,
Inc.
,
Class
A
(a)
........................................
5,781
155
Payoneer
Global,
Inc.
(a)
..................................................
30,891
197
Paysafe
Ltd.
(a)
.........................................................
3,370
23
Paysign,
Inc.
(a)
........................................................
3,752
16
PCB
Bancorp
..........................................................
1,209
27
Peapack-Gladstone
Financial
Corp.
..........................................
1,671
53
PennyMac
Financial
Services,
Inc.
..........................................
5,730
573
PennyMac
Mortgage
Investment
Trust
........................................
9,816
116
Peoples
Bancorp
of
North
Carolina,
Inc.
.......................................
478
18
Peoples
Bancorp,
Inc.
....................................................
3,930
128
Peoples
Financial
Services
Corp.
............................................
1,029
54
Perella
Weinberg
Partners
,
Class
A
...........................................
7,073
158
Pinnacle
Financial
Partners,
Inc.
............................................
17,083
1,624
Pioneer
Bancorp,
Inc.
(a)
..................................................
1,085
15
Piper
Sandler
Cos.
......................................................
1,973
683
PJT
Partners,
Inc.
,
Class
A
................................................
2,590
448
Plumas
Bancorp
........................................................
711
36
Ponce
Financial
Group,
Inc.
(a)
.............................................
2,140
36
Popular,
Inc.
..........................................................
7,490
1,000
PRA
Group,
Inc.
(a)
.....................................................
4,290
55
Preferred
Bank
.........................................................
1,530
131
Primerica,
Inc.
.........................................................
3,650
960
Primis
Financial
Corp.
...................................................
2,174
29
Princeton
Bancorp,
Inc.
..................................................
517
19
Priority
Technology
Holdings,
Inc.
(a)
(b)
......................................
3,099
18
ProAssurance
Corp.
(a)
...................................................
5,770
140
PROG
Holdings,
Inc.
....................................................
4,376
142
Prosperity
Bancshares,
Inc.
................................................
10,462
722
Provident
Financial
Services,
Inc.
...........................................
14,116
313
QCR
Holdings,
Inc.
.....................................................
1,853
167
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Radian
Group,
Inc.
......................................................
15,346
$
505
RBB
Bancorp
.........................................................
1,774
37
Ready
Capital
Corp.
.....................................................
16,137
34
Red
River
Bancshares,
Inc.
................................................
536
45
Redwood
Trust,
Inc.
.....................................................
14,149
78
Regional
Management
Corp.
...............................................
979
36
Reinsurance
Group
of
America,
Inc.
.........................................
7,543
1,529
Remitly
Global,
Inc.
(a)
...................................................
19,210
254
RenaissanceRe
Holdings
Ltd.
..............................................
5,047
1,422
Renasant
Corp.
........................................................
10,703
404
Repay
Holdings
Corp.
,
Class
A
(a)
...........................................
7,041
25
Republic
Bancorp,
Inc.
,
Class
A
............................................
921
67
Rhinebeck
Bancorp,
Inc.
(a)
................................................
398
5
Richmond
Mutual
Bancorp,
Inc.
............................................
833
12
Rithm
Capital
Corp.
.....................................................
63,497
695
Rithm
Property
Trust,
Inc.
.................................................
773
13
RLI
Corp.
............................................................
9,559
559
Root,
Inc.
,
Class
A
(a)
....................................................
1,227
76
Runway
Growth
Finance
Corp.
(b)
...........................................
3,950
36
Ryan
Specialty
Holdings,
Inc.
,
Class
A
........................................
12,516
604
S&T
Bancorp,
Inc.
......................................................
4,316
184
Safety
Insurance
Group,
Inc.
...............................................
1,664
131
SB
Financial
Group,
Inc.
.................................................
583
13
Seacoast
Banking
Corp.
of
Florida
...........................................
11,044
369
Security
National
Financial
Corp.
,
Class
A
(a)
...................................
1,806
16
SEI
Investments
Co.
.....................................................
11,563
1,016
Selective
Insurance
Group,
Inc.
.............................................
6,888
579
Selectquote,
Inc.
(a)
.....................................................
14,838
21
ServisFirst
Bancshares,
Inc.
...............................................
5,862
480
Seven
Hills
Realty
Trust
..................................................
1,529
13
Sezzle,
Inc.
(a)
(b)
.......................................................
1,930
122
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
.........................................
7,548
446
Shore
Bancshares,
Inc.
...................................................
3,404
65
Siebert
Financial
Corp.
(a)
.................................................
1,248
4
Sierra
Bancorp
.........................................................
1,339
47
Silvercrest
Asset
Management
Group,
Inc.
,
Class
A
...............................
803
12
Simmons
First
National
Corp.
,
Class
A
.......................................
16,376
333
SiriusPoint
Ltd.
(a)
......................................................
11,854
242
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
4,284
191
Slide
Insurance
Holdings,
Inc.
(a)
............................................
8,167
141
SLM
Corp.
...........................................................
23,007
625
SmartFinancial,
Inc.
.....................................................
1,601
64
Sound
Financial
Bancorp,
Inc.
..............................................
211
9
South
Plains
Financial,
Inc.
................................................
1,381
58
Southern
First
Bancshares,
Inc.
(a)
...........................................
835
46
Southern
Missouri
Bancorp,
Inc.
............................................
1,086
68
Southside
Bancshares,
Inc.
................................................
3,220
104
SouthState
Bank
Corp.
...................................................
11,446
1,171
SR
Bancorp,
Inc.
.......................................................
720
12
Starwood
Property
Trust,
Inc.
..............................................
40,264
722
Stellar
Bancorp,
Inc.
.....................................................
5,279
196
StepStone
Group,
Inc.
,
Class
A
.............................................
8,445
597
Sterling
Bancorp,
Inc.
(a)
(c)
................................................
2,117
—
(d)
Stewart
Information
Services
Corp.
..........................................
3,148
212
Stifel
Financial
Corp.
....................................................
11,347
1,399
Stock
Yards
Bancorp,
Inc.
.................................................
3,119
211
StoneX
Group,
Inc.
(a)
...................................................
5,199
584
Strive,
Inc.
,
Class
B
(a)
(b)
.................................................
106,804
88
Sui
Group
Holdings
Ltd.
(a)
................................................
8,163
13
Sunrise
Realty
Trust,
Inc.
.................................................
962
9
SWK
Holdings
Corp.
....................................................
1,229
22
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
5,116
518
TFS
Financial
Corp.
(b)
...................................................
32,102
452
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
The
Baldwin
Insurance
Group,
Inc.
,
Class
A
(a)
..................................
8,153
$
179
The
Bancorp,
Inc.
(a)
.....................................................
4,730
281
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
5,317
275
The
First
Bancorp,
Inc.
...................................................
1,072
29
The
Hanover
Insurance
Group,
Inc.
..........................................
4,054
706
The
Hingham
Institution
for
Savings
(b)
.......................................
195
58
The
Western
Union
Co.
...................................................
36,213
339
Third
Coast
Bancshares,
Inc.
(a)
.............................................
1,225
50
Timberland
Bancorp,
Inc.
.................................................
815
32
Tiptree,
Inc.
...........................................................
2,420
43
Tompkins
Financial
Corp.
.................................................
1,512
121
Towne
Bank
..........................................................
9,308
326
TPG
Mortgage
Investment
Trust,
Inc.
........................................
3,125
27
TPG
RE
Finance
Trust,
Inc.
...............................................
8,015
72
TPG,
Inc.
,
Class
A
......................................................
15,161
893
Tradeweb
Markets,
Inc.
,
Class
A
............................................
13,327
1,374
TriCo
Bancshares
.......................................................
3,411
170
Triumph
Financial,
Inc.
(a)
.................................................
2,552
161
Trupanion,
Inc.
(a)
(b)
....................................................
3,925
126
TrustCo
Bank
Corp.
.....................................................
2,016
87
Trustmark
Corp.
........................................................
6,331
269
TWFG,
Inc.
,
Class
A
(a)
..................................................
1,503
38
Two
Harbors
Investment
Corp.
.............................................
11,782
135
UMB
Financial
Corp.
....................................................
8,395
1,067
United
Bankshares,
Inc.
..................................................
15,796
669
United
Community
Banks,
Inc.
.............................................
13,873
478
United
Fire
Group,
Inc.
...................................................
2,434
87
United
Security
Bancshares
................................................
1,363
15
Unity
Bancorp,
Inc.
.....................................................
752
41
Universal
Insurance
Holdings,
Inc.
..........................................
2,885
88
Univest
Financial
Corp.
..................................................
3,192
106
Unum
Group
..........................................................
19,075
1,449
Upstart
Holdings,
Inc.
(a)
(b)
...............................................
9,740
382
USCB
Financial
Holdings,
Inc.
.............................................
1,237
23
UWM
Holdings
Corp.
(b)
.................................................
25,052
123
Valley
National
Bancorp
..................................................
54,857
684
Velocity
Financial,
Inc.
(a)
.................................................
2,698
55
Victory
Capital
Holdings,
Inc.
,
Class
A
(e)
.....................................
5,741
405
Virginia
National
Bankshares
Corp.
..........................................
497
20
Virtu
Financial,
Inc.
,
Class
A
...............................................
9,225
383
Virtus
Investment
Partners,
Inc.
.............................................
721
118
Voya
Financial,
Inc.
.....................................................
10,917
837
WaFd,
Inc.
............................................................
8,658
282
Walker
&
Dunlop,
Inc.
...................................................
3,759
236
Washington
Trust
Bancorp,
Inc.
.............................................
2,108
72
Waterstone
Financial,
Inc.
.................................................
1,655
30
Webster
Financial
Corp.
..................................................
18,410
1,211
WesBanco,
Inc.
........................................................
10,808
381
West
Bancorp,
Inc.
......................................................
1,649
39
Westamerica
Bancorp
....................................................
2,702
137
Western
Alliance
Bancorp
.................................................
12,021
1,072
Western
New
England
Bancorp,
Inc.
.........................................
1,949
26
Westwood
Holdings
Group,
Inc.
............................................
774
14
WEX,
Inc.
(a)
..........................................................
3,903
601
White
Mountains
Insurance
Group
Ltd.
.......................................
283
579
Wintrust
Financial
Corp.
..................................................
7,595
1,120
WisdomTree,
Inc.
(b)
.....................................................
13,942
226
World
Acceptance
Corp.
(a)
................................................
459
56
WSFS
Financial
Corp.
...................................................
6,218
402
Zions
Bancorp
NA
......................................................
16,743
1,003
132,805
Health
Care
(13.8%):
10X
Genomics,
Inc.
,
Class
A
(a)
.............................................
12,853
260
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
4D
Molecular
Therapeutics,
Inc.
(a)
..........................................
5,827
$
52
Aardvark
Therapeutics,
Inc.
(a)
(b)
...........................................
1,344
17
Abeona
Therapeutics,
Inc.
(a)
(b)
............................................
5,417
28
Absci
Corp.
(a)
(b)
.......................................................
15,230
46
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
10,184
137
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
19,236
483
Accendra
Health,
Inc.
(a)
..................................................
8,000
18
Accuray,
Inc.
(a)
........................................................
10,752
9
Achieve
Life
Sciences,
Inc.
(a)
..............................................
5,114
21
Aclaris
Therapeutics,
Inc.
(a)
...............................................
10,144
36
Acme
United
Corp.
.....................................................
351
15
Actuate
Therapeutics,
Inc.
(a)
(b)
............................................
837
4
Acumen
Pharmaceuticals,
Inc.
(a)
............................................
4,702
12
AdaptHealth
Corp.
,
Class
A
(a)
.............................................
10,140
102
Adaptive
Biotechnologies
Corp.
(a)
..........................................
16,823
311
Addus
HomeCare
Corp.
(a)
................................................
2,062
213
ADMA
Biologics,
Inc.
(a)
.................................................
26,437
457
Agenus,
Inc.
(a)
........................................................
3,422
10
agilon
health,
Inc.
(a)
.....................................................
33,565
28
Agios
Pharmaceuticals,
Inc.
(a)
.............................................
6,286
172
AirSculpt
Technologies,
Inc.
(a)
.............................................
1,099
3
Akebia
Therapeutics,
Inc.
(a)
(b)
.............................................
28,545
40
Aldeyra
Therapeutics,
Inc.
(a)
..............................................
6,369
34
Alector,
Inc.
(a)
.........................................................
8,013
15
Align
Technology,
Inc.
(a)
.................................................
7,703
1,256
Alignment
Healthcare,
Inc.
(a)
..............................................
18,555
418
Alkermes
PLC
(a)
.......................................................
18,570
629
Allogene
Therapeutics,
Inc.
(a)
..............................................
17,611
32
Alpha
Teknova,
Inc.
(a)
...................................................
877
2
Alphatec
Holdings,
Inc.
(a)
................................................
13,249
196
ALT5
Sigma
Corp.
(a)
....................................................
11,715
25
Altimmune,
Inc.
(a)
......................................................
11,595
65
Alto
Neuroscience,
Inc.
(a)
................................................
3,127
48
Alumis,
Inc.
(a)
.........................................................
7,009
172
Amicus
Therapeutics,
Inc.
(a)
...............................................
34,750
497
AMN
Healthcare
Services,
Inc.
(a)
...........................................
4,316
92
Amneal
Pharmaceuticals,
Inc.
(a)
............................................
17,972
246
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
3,787
100
Amylyx
Pharmaceuticals,
Inc.
(a)
............................................
10,464
150
AnaptysBio,
Inc.
(a)
.....................................................
2,954
140
Anavex
Life
Sciences
Corp.
(a)
.............................................
9,669
45
AngioDynamics,
Inc.
(a)
..................................................
4,337
45
ANI
Pharmaceuticals,
Inc.
(a)
..............................................
2,203
180
Anika
Therapeutics,
Inc.
(a)
................................................
1,444
13
Anixa
Biosciences,
Inc.
(a)
................................................
3,136
10
Annexon,
Inc.
(a)
.......................................................
14,560
91
Annovis
Bio,
Inc.
(a)
.....................................................
2,100
6
Anteris
Technologies
Global
Corp.
(a)
(b)
......................................
4,416
26
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
11,895
269
Apogee
Therapeutics,
Inc.
(a)
(b)
............................................
5,505
361
Apyx
Medical
Corp.
(a)
...................................................
3,711
15
Aquestive
Therapeutics,
Inc.
(a)
(b)
...........................................
12,761
38
Arcellx,
Inc.
(a)
........................................................
5,035
344
Arcturus
Therapeutics
Holdings,
Inc.
(a)
(b)
.....................................
2,810
21
Arcus
Biosciences,
Inc.
(a)
.................................................
9,139
192
Arcutis
Biotherapeutics,
Inc.
(a)
.............................................
12,357
313
Ardelyx,
Inc.
(a)
........................................................
26,720
205
Armata
Pharmaceuticals,
Inc.
(a)
............................................
1,017
7
ArriVent
Biopharma,
Inc.
(a)
(b)
.............................................
2,967
67
Arrowhead
Pharmaceuticals,
Inc.
(a)
..........................................
14,486
1,004
ARS
Pharmaceuticals,
Inc.
(a)
(b)
............................................
6,760
68
Artivion,
Inc.
(a)
........................................................
5,176
211
Arvinas,
Inc.
(a)
........................................................
6,114
82
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Assembly
Biosciences,
Inc.
(a)
..............................................
1,104
$
28
Astrana
Health,
Inc.
(a)
...................................................
4,433
101
Atea
Pharmaceuticals,
Inc.
(a)
..............................................
6,746
29
Atlantic
International
Corp.
(a)
(b)
............................................
1,895
7
AtriCure,
Inc.
(a)
.......................................................
5,483
202
Aura
Biosciences,
Inc.
(a)
.................................................
5,145
29
Avalo
Therapeutics,
Inc.
(a)
................................................
1,694
26
Avanos
Medical,
Inc.
(a)
..................................................
5,029
67
Avantor,
Inc.
(a)
........................................................
76,361
834
Aveanna
Healthcare
Holdings,
Inc.
(a)
........................................
7,794
65
Avidity
Biosciences,
Inc.
(a)
...............................................
15,908
1,154
Avita
Medical,
Inc.
(a)
(b)
..................................................
3,054
13
Axogen,
Inc.
(a)
........................................................
5,138
179
Axsome
Therapeutics,
Inc.
(a)
..............................................
4,776
880
Azenta,
Inc.
(a)
.........................................................
5,130
199
Baxter
International,
Inc.
.................................................
58,870
1,182
Beam
Therapeutics,
Inc.
(a)
................................................
10,522
291
Benitec
Biopharma,
Inc.
(a)
................................................
3,680
45
Beta
Bionics,
Inc.
(a)
.....................................................
3,765
52
Bicara
Therapeutics,
Inc.
(a)
...............................................
3,616
61
BioAge
Labs,
Inc.
(a)
....................................................
2,531
48
BioCryst
Pharmaceuticals,
Inc.
(a)
...........................................
25,613
169
Biohaven
Ltd.
(a)
.......................................................
12,343
146
BioLife
Solutions,
Inc.
(a)
.................................................
5,290
115
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
21,796
1,232
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
2,080
611
Bio-Techne
Corp.
.......................................................
17,725
1,136
Bioventus,
Inc.
,
Class
A
(a)
................................................
5,120
41
Black
Diamond
Therapeutics,
Inc.
(a)
.........................................
4,635
12
Bridgebio
Pharma,
Inc.
(a)
.................................................
18,945
1,464
BrightSpring
Health
Services,
Inc.
(a)
.........................................
13,181
518
Brookdale
Senior
Living,
Inc.
(a)
............................................
24,584
369
Bruker
Corp.
..........................................................
11,874
526
Butterfly
Network,
Inc.
,
Class
A
(a)
(b)
........................................
21,802
86
C4
Therapeutics,
Inc.
(a)
..................................................
8,415
16
Cabaletta
Bio,
Inc.
(a)
....................................................
9,057
23
CAMP4
Therapeutics
Corp.
(a)
(b)
...........................................
1,858
7
Candel
Therapeutics,
Inc.
(a)
(b)
.............................................
4,497
26
Capricor
Therapeutics,
Inc.
(a)
..............................................
5,455
119
CapsoVision,
Inc.
(a)
.....................................................
3,061
15
Cardiff
Oncology,
Inc.
(a)
(b)
...............................................
6,555
11
CareCloud,
Inc.
(a)
......................................................
3,629
10
CareDx,
Inc.
(a)
........................................................
5,261
108
Caribou
Biosciences,
Inc.
(a)
...............................................
8,634
12
Caris
Life
Sciences,
Inc.
(a)
(b)
..............................................
13,245
307
Carlsmed,
Inc.
(a)
.......................................................
955
12
Cartesian
Therapeutics,
Inc.
(a)
(b)
...........................................
894
6
Cassava
Sciences,
Inc.
(a)
.................................................
4,103
8
Castle
Biosciences,
Inc.
(a)
................................................
3,245
128
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
12,707
309
Celcuity,
Inc.
(a)
(b)
......................................................
3,939
431
Celldex
Therapeutics,
Inc.
(a)
...............................................
7,391
182
Ceribell,
Inc.
(a)
........................................................
2,504
52
Certara,
Inc.
(a)
.........................................................
12,684
111
Cerus
Corp.
(a)
.........................................................
20,577
48
CG
oncology,
Inc.
(a)
....................................................
5,818
303
Charles
River
Laboratories
International,
Inc.
(a)
.................................
5,601
1,179
Chemed
Corp.
.........................................................
1,598
683
Claritev
Corp.
,
Class
A
(a)
(b)
...............................................
974
26
ClearPoint
Neuro,
Inc.
(a)
(b)
...............................................
2,722
35
Climb
Bio,
Inc.
(a)
......................................................
6,842
31
Clover
Health
Investments
Corp.
,
Class
A
(a)
...................................
44,619
100
Codexis,
Inc.
(a)
........................................................
9,247
11
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Cogent
Biosciences,
Inc.
(a)
................................................
14,410
$
517
Cognition
Therapeutics,
Inc.
(a)
.............................................
8,212
9
Coherus
Oncology,
Inc.
(a)
(b)
..............................................
10,975
24
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
3,488
160
Community
Health
Systems,
Inc.
(a)
..........................................
12,614
40
Compass
Therapeutics,
Inc.
(a)
..............................................
14,079
90
Concentra
Group
Holdings
Parent,
Inc.
.......................................
13,127
291
CONMED
Corp.
.......................................................
3,426
132
Contineum
Therapeutics,
Inc.
,
Class
A
(a)
......................................
2,061
29
Corbus
Pharmaceuticals
Holdings,
Inc.
(a)
.....................................
1,677
14
Corcept
Therapeutics,
Inc.
(a)
..............................................
10,707
427
CorMedix,
Inc.
(a)
(b)
....................................................
7,803
61
CorVel
Corp.
(a)
........................................................
3,296
229
Corvus
Pharmaceuticals,
Inc.
(a)
............................................
6,401
132
Coya
Therapeutics,
Inc.
(a)
................................................
1,975
9
Crescent
Biopharma,
Inc.
(a)
(b)
.............................................
1,291
12
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
10,145
507
Cross
Country
Healthcare,
Inc.
(a)
...........................................
3,400
32
CryoPort,
Inc.
(a)
.......................................................
5,381
51
Cullinan
Therapeutics,
Inc.
(a)
..............................................
4,416
53
CVRx,
Inc.
(a)
.........................................................
1,575
11
Cytek
Biosciences,
Inc.
(a)
.................................................
13,114
66
Cytokinetics,
Inc.
(a)
.....................................................
13,287
840
CytomX
Therapeutics,
Inc.
(a)
..............................................
14,402
82
DaVita,
Inc.
(a)
.........................................................
7,689
841
Day
One
Biopharmaceuticals,
Inc.
(a)
.........................................
8,357
93
Definitive
Healthcare
Corp.
,
Class
A
(a)
.......................................
2,774
6
Delcath
Systems,
Inc.
(a)
..................................................
3,751
37
Denali
Therapeutics,
Inc.
(a)
...............................................
15,009
326
DENTSPLY
SIRONA,
Inc.
................................................
22,740
284
Design
Therapeutics,
Inc.
(a)
...............................................
3,458
35
Dianthus
Therapeutics,
Inc.
(a)
..............................................
3,720
199
Disc
Medicine,
Inc.
,
Class
A
(a)
.............................................
3,084
238
Doximity,
Inc.
,
Class
A
(a)
.................................................
15,356
575
Dynavax
Technologies
Corp.
(a)
.............................................
13,362
207
Dyne
Therapeutics,
Inc.
(a)
................................................
12,019
215
Edgewise
Therapeutics,
Inc.
(a)
.............................................
8,764
247
Editas
Medicine,
Inc.
(a)
..................................................
10,536
21
Elanco
Animal
Health,
Inc.
(a)
..............................................
56,683
1,365
Electromed,
Inc.
(a)
......................................................
699
21
Eledon
Pharmaceuticals,
Inc.
(a)
.............................................
7,334
16
Elicio
Therapeutics,
Inc.
(a)
(b)
..............................................
1,142
9
Embecta
Corp.
.........................................................
6,099
65
Emergent
BioSolutions,
Inc.
(a)
.............................................
5,696
65
Enanta
Pharmaceuticals,
Inc.
(a)
.............................................
3,057
39
Encompass
Health
Corp.
..................................................
11,441
1,081
Enhabit,
Inc.
(a)
........................................................
4,945
53
Enliven
Therapeutics,
Inc.
(a)
...............................................
4,936
131
Enovis
Corp.
(a)
........................................................
6,359
140
Entrada
Therapeutics,
Inc.
(a)
...............................................
2,366
27
Envista
Holdings
Corp.
(a)
.................................................
18,473
434
Erasca,
Inc.
(a)
.........................................................
18,242
192
Esperion
Therapeutics,
Inc.
(a)
(b)
............................................
26,737
91
Establishment
Labs
Holdings,
Inc.
(a)
.........................................
2,998
204
Ethzilla
Corp.
(a)
.......................................................
1,058
5
Eton
Pharmaceuticals,
Inc.
(a)
..............................................
2,542
38
Evolent
Health,
Inc.
,
Class
A
(a)
.............................................
11,505
37
Evolus,
Inc.
(a)
.........................................................
5,448
26
Exagen,
Inc.
(a)
........................................................
1,475
5
Exelixis,
Inc.
(a)
........................................................
29,896
1,236
eXoZymes,
Inc.
(a)
......................................................
99
1
EyePoint,
Inc.
(a)
.......................................................
8,361
113
Fate
Therapeutics,
Inc.
(a)
.................................................
11,270
13
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Foghorn
Therapeutics,
Inc.
(a)
..............................................
2,900
$
17
Forte
Biosciences,
Inc.
(a)
.................................................
1,190
35
Fortrea
Holdings,
Inc.
(a)
..................................................
10,514
177
Fractyl
Health,
Inc.
(a)
(b)
.................................................
12,374
6
Fulcrum
Therapeutics,
Inc.
(a)
..............................................
5,392
58
Fulgent
Genetics,
Inc.
(a)
..................................................
2,251
59
Gain
Therapeutics,
Inc.
(a)
.................................................
3,611
6
Galectin
Therapeutics,
Inc.
(a)
(b)
............................................
4,772
13
GeneDx
Holdings
Corp.
,
Class
A
(a)
..........................................
2,912
280
Genelux
Corp.
(a)
(b)
.....................................................
3,259
9
Geron
Corp.
(a)
.........................................................
68,931
94
Glaukos
Corp.
(a)
.......................................................
6,330
756
Globus
Medical,
Inc.
,
Class
A
(a)
............................................
12,825
1,163
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
9,502
22
Gossamer
Bio,
Inc.
(a)
....................................................
20,838
47
GRAIL,
Inc.
(a)
........................................................
3,899
381
Greenwich
Lifesciences,
Inc.
(a)
(b)
..........................................
711
21
Guardant
Health,
Inc.
(a)
..................................................
14,310
1,632
Guardian
Pharmacy
Services,
Inc.
,
Class
A
(a)
...................................
2,521
76
Haemonetics
Corp.
(a)
....................................................
5,292
353
Halozyme
Therapeutics,
Inc.
(a)
.............................................
13,385
960
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
5,602
205
Harrow,
Inc.
(a)
(b)
......................................................
3,559
146
Health
Catalyst,
Inc.
(a)
...................................................
6,999
15
HealthEquity,
Inc.
(a)
....................................................
9,615
824
HealthStream,
Inc.
......................................................
2,622
58
HeartFlow,
Inc.
(a)
(b)
....................................................
6,139
183
Henry
Schein,
Inc.
(a)
....................................................
11,321
854
Heron
Therapeutics,
Inc.
(a)
................................................
19,971
26
Hims
&
Hers
Health,
Inc.
(a)
(b)
.............................................
23,561
638
Hinge
Health,
Inc.
,
Class
A
(a)
..............................................
2,298
80
Humacyte,
Inc.
(a)
(b)
....................................................
16,927
17
ICU
Medical,
Inc.
(a)
....................................................
2,748
412
Ideaya
Biosciences,
Inc.
(a)
................................................
9,625
310
Immix
Biopharma,
Inc.
(a)
.................................................
3,584
21
Immuneering
Corp.
,
Class
A
(a)
(b)
...........................................
5,287
24
ImmunityBio,
Inc.
(a)
(b)
..................................................
37,672
235
Immunome,
Inc.
(a)
(b)
...................................................
10,221
252
Immunovant,
Inc.
(a)
.....................................................
8,497
221
Incannex
Healthcare,
Inc.
(a)
(b)
.............................................
35,735
11
InfuSystem
Holdings,
Inc.
(a)
...............................................
1,942
16
Inhibikase
Therapeutics,
Inc.
(a)
(b)
...........................................
10,571
16
Inhibrx
Biosciences,
Inc.
(a)
................................................
1,155
88
Innoviva,
Inc.
(a)
.......................................................
8,444
169
Inogen,
Inc.
(a)
.........................................................
2,519
15
Inovio
Pharmaceuticals,
Inc.
(a)
(b)
...........................................
7,005
11
Insight
Molecular
Diagnostics,
Inc.
(a)
........................................
2,670
17
Inspire
Medical
Systems,
Inc.
(a)
............................................
3,185
241
Integer
Holdings
Corp.
(a)
.................................................
3,949
343
Integra
LifeSciences
Holdings
Corp.
(a)
.......................................
7,480
83
Intellia
Therapeutics,
Inc.
(a)
(b)
.............................................
12,606
166
Invivyd,
Inc.
(a)
........................................................
25,431
44
Ionis
Pharmaceuticals,
Inc.
(a)
..............................................
18,289
1,512
Iovance
Biotherapeutics,
Inc.
(a)
(b)
..........................................
38,455
98
iRadimed
Corp.
........................................................
920
90
IRhythm
Holdings,
Inc.
(a)
................................................
3,645
563
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
(a)
....................................
17,756
87
Jade
Biosciences,
Inc.
(b)
..................................................
4,289
67
Janux
Therapeutics,
Inc.
(a)
................................................
6,103
84
Jazz
Pharmaceuticals
PLC
(a)
..............................................
6,678
1,098
Journey
Medical
Corp.
(a)
(b)
...............................................
1,378
12
KalVista
Pharmaceuticals,
Inc.
(a)
...........................................
4,259
66
Keros
Therapeutics,
Inc.
(a)
................................................
3,201
57
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Kiniksa
Pharmaceuticals
International
PLC
,
Class
A
(a)
............................
4,959
$
218
Kodiak
Sciences,
Inc.
(a)
..................................................
5,600
127
KORU
Medical
Systems,
Inc.
(a)
............................................
4,792
26
Krystal
Biotech,
Inc.
(a)
...................................................
2,864
800
Kura
Oncology,
Inc.
(a)
...................................................
9,576
78
Kymera
Therapeutics,
Inc.
(a)
..............................................
7,530
547
Kyverna
Therapeutics,
Inc.
(a)
(b)
............................................
2,367
19
Lantheus
Holdings,
Inc.
(a)
................................................
7,449
498
Larimar
Therapeutics,
Inc.
(a)
..............................................
5,079
18
LB
Pharmaceuticals,
Inc.
(a)
...............................................
2,092
45
LeMaitre
Vascular,
Inc.
...................................................
2,387
203
LENSAR,
Inc.
(a)
.......................................................
996
13
LENZ
Therapeutics,
Inc.
(a)
(b)
.............................................
3,163
50
Lexeo
Therapeutics,
Inc.
(a)
................................................
6,761
50
Lexicon
Pharmaceuticals,
Inc.
(a)
............................................
20,065
23
Lifecore
Biomedical,
Inc.
(a)
...............................................
3,768
33
LifeMD,
Inc.
(a)
........................................................
4,171
13
LifeStance
Health
Group,
Inc.
(a)
............................................
18,248
129
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
2,208
424
Lineage
Cell
Therapeutics,
Inc.
(a)
...........................................
24,233
36
Liquidia
Corp.
(a)
.......................................................
7,961
337
Lucid
Diagnostics,
Inc.
(a)
.................................................
9,639
11
Lyell
Immunopharma,
Inc.
(a)
..............................................
741
18
Madrigal
Pharmaceuticals,
Inc.
(a)
...........................................
2,379
1,164
MannKind
Corp.
(a)
.....................................................
34,151
197
MapLight
Therapeutics,
Inc.
(a)
(b)
...........................................
2,001
35
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.................................
11,827
40
Masimo
Corp.
(a)
.......................................................
5,793
796
MaxCyte,
Inc.
(a)
.......................................................
10,240
9
Maze
Therapeutics,
Inc.
(a)
................................................
2,977
130
MBX
Biosciences,
Inc.
(a)
.................................................
3,017
111
Medpace
Holdings,
Inc.
(a)
................................................
2,577
1,501
MeiraGTx
Holdings
PLC
(a)
...............................................
6,527
50
Merit
Medical
Systems,
Inc.
(a)
.............................................
6,656
540
Merrimack
Pharmaceuticals,
Inc.
(a)
(c)
........................................
1,827
—
(d)
Mesa
Laboratories,
Inc.
..................................................
600
47
Microbot
Medical,
Inc.
(a)
.................................................
7,033
13
MiMedx
Group,
Inc.
(a)
...................................................
13,206
67
Mineralys
Therapeutics,
Inc.
(a)
.............................................
6,458
199
Mirum
Pharmaceuticals,
Inc.
(a)
(b)
...........................................
4,858
501
Moderna,
Inc.
(a)
(b)
.....................................................
41,233
1,817
Molina
Healthcare,
Inc.
(a)
................................................
5,841
1,049
Monopar
Therapeutics,
Inc.
(a)
(b)
...........................................
499
30
Monte
Rosa
Therapeutics,
Inc.
(a)
...........................................
4,665
96
MoonLake
Immunotherapeutics
,
Class
A
(a)
....................................
7,253
114
Myriad
Genetics,
Inc.
(a)
..................................................
9,987
56
Nakamoto,
Inc.
(a)
......................................................
41,599
15
National
HealthCare
Corp.
................................................
1,310
187
National
Research
Corp.
..................................................
1,277
26
Nautilus
Biotechnology,
Inc.
,
Class
A
(a)
......................................
6,171
12
Nektar
Therapeutics
(a)
...................................................
2,276
85
Neogen
Corp.
(a)
.......................................................
24,706
252
NeoGenomics,
Inc.
(a)
....................................................
14,079
170
Neumora
Therapeutics,
Inc.
(a)
.............................................
6,016
12
Neurocrine
Biosciences,
Inc.
(a)
.............................................
11,177
1,521
Neurogene,
Inc.
(a)
......................................................
1,341
24
NeuroPace,
Inc.
(a)
......................................................
2,778
42
Niagen
Bioscience,
Inc.
(a)
................................................
5,841
35
Nkarta,
Inc.
(a)
.........................................................
5,847
13
NovaBay
Pharmaceuticals,
Inc.
.............................................
14,273
27
Novavax,
Inc.
(a)
(b)
.....................................................
17,675
156
Novocure
Ltd.
(a)
.......................................................
11,477
142
Nurix
Therapeutics,
Inc.
(a)
................................................
11,438
189
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Nutex
Health,
Inc.
(a)
(b)
..................................................
578
$
86
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
5,508
567
Nuvation
Bio,
Inc.
(a)
(b)
..................................................
27,390
144
Nuvectis
Pharma,
Inc.
(a)
(b)
...............................................
1,517
12
Ocugen,
Inc.
(a)
........................................................
34,715
50
Ocular
Therapeutix,
Inc.
(a)
................................................
21,422
196
Olema
Pharmaceuticals,
Inc.
(a)
.............................................
7,514
193
Omada
Health,
Inc.
(a)
...................................................
2,123
32
Omeros
Corp.
(a)
.......................................................
7,752
91
OmniAb,
Inc.
(a)
........................................................
11,797
21
Omnicell,
Inc.
(a)
.......................................................
4,992
242
OPKO
Health,
Inc.
(a)
....................................................
44,000
55
OptimizeRx
Corp.
(a)
....................................................
1,664
18
Option
Care
Health,
Inc.
(a)
................................................
18,025
613
Opus
Genetics,
Inc.
(a)
...................................................
5,171
12
Oramed
Pharmaceuticals,
Inc.
..............................................
3,442
12
OraSure
Technologies,
Inc.
(a)
..............................................
7,245
20
Organogenesis
Holdings,
Inc.
,
Class
A
(a)
......................................
6,418
26
Organon
&
Co.
........................................................
29,698
254
ORIC
Pharmaceuticals,
Inc.
(a)
.............................................
6,132
63
Orthofix
Medical,
Inc.
(a)
.................................................
4,376
58
OrthoPediatrics
Corp.
(a)
..................................................
1,844
32
Oruka
Therapeutics,
Inc.
(a)
(b)
..............................................
4,876
167
Ovid
Therapeutics,
Inc.
(a)
.................................................
5,966
9
Owlet,
Inc.
,
Class
A
(a)
...................................................
1,607
19
Pacific
Biosciences
of
California,
Inc.
(a)
(b)
....................................
30,580
69
Pacira
BioSciences,
Inc.
(a)
................................................
4,777
98
PACS
Group,
Inc.
(a)
.....................................................
5,056
171
Palisade
Bio,
Inc.
(a)
(b)
...................................................
15,348
23
Palvella
Therapeutics,
Inc.
(a)
..............................................
919
70
PDL
BioPharma,
Inc.
(a)
(b)
(c)
..............................................
17,605
1
Pediatrix
Medical
Group,
Inc.
(a)
............................................
9,666
207
Penumbra,
Inc.
(a)
.......................................................
4,368
1,564
PepGen,
Inc.
(a)
........................................................
6,578
34
Perrigo
Co.
PLC
.......................................................
15,690
223
Personalis,
Inc.
(a)
(b)
....................................................
5,958
56
Perspective
Therapeutics,
Inc.
(a)
............................................
6,546
25
Phathom
Pharmaceuticals,
Inc.
(a)
(b)
.........................................
4,678
64
Phibro
Animal
Health
Corp.
,
Class
A
.........................................
2,307
93
Phreesia,
Inc.
(a)
........................................................
6,354
85
Picard
Medical,
Inc.
(a)
(b)
.................................................
2,163
4
Praxis
Precision
Medicines,
Inc.
(a)
..........................................
2,665
837
Precigen,
Inc.
(a)
(b)
.....................................................
16,880
76
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
5,443
351
Prime
Medicine,
Inc.
(a)
(b)
................................................
10,482
40
Privia
Health
Group,
Inc.
(a)
...............................................
12,538
291
PROCEPT
BioRobotics
Corp.
(a)
(b)
..........................................
6,061
176
Pro-Dex,
Inc.
(a)
(b)
......................................................
203
8
Progyny,
Inc.
(a)
........................................................
8,246
197
ProKidney
Corp.
,
Class
A
(a)
(b)
.............................................
11,538
23
Protagonist
Therapeutics,
Inc.
(a)
............................................
6,799
556
Protalix
BioTherapeutics,
Inc.
(a)
............................................
7,571
18
Protara
Therapeutics,
Inc.
(a)
...............................................
5,025
36
PTC
Therapeutics,
Inc.
(a)
.................................................
8,885
671
Pulse
Biosciences,
Inc.
(a)
(b)
...............................................
1,927
27
Puma
Biotechnology,
Inc.
(a)
...............................................
4,174
27
Pyxis
Oncology,
Inc.
(a)
..................................................
4,794
7
Quanterix
Corp.
(a)
......................................................
4,200
27
Quantum-Si,
Inc.
(a)
(b)
...................................................
18,677
21
QuidelOrtho
Corp.
(a)
....................................................
7,713
210
Quince
Therapeutics,
Inc.
(a)
...............................................
5,089
1
RadNet,
Inc.
(a)
........................................................
7,983
560
Rani
Therapeutics
Holdings,
Inc.
,
Class
A
(a)
(b)
.................................
5,918
7
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Rapid
Micro
Biosystems,
Inc.
,
Class
A
(a)
......................................
2,294
$
10
Rapport
Therapeutics,
Inc.
(a)
..............................................
3,264
87
RAPT
Therapeutics,
Inc.
(a)
................................................
2,020
116
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
..................................
49,452
207
REGENXBIO,
Inc.
(a)
...................................................
5,225
58
Relay
Therapeutics,
Inc.
(a)
................................................
14,866
114
Relmada
Therapeutics,
Inc.
(a)
..............................................
6,908
25
Repligen
Corp.
(a)
.......................................................
6,131
916
Replimune
Group,
Inc.
(a)
.................................................
8,042
57
Revolution
Medicines,
Inc.
(a)
..............................................
19,032
1,845
Revvity,
Inc.
(b)
........................................................
12,996
1,414
Rezolute,
Inc.
(a)
.......................................................
7,991
27
Rhythm
Pharmaceuticals,
Inc.
(a)
............................................
7,177
736
Rigel
Pharmaceuticals,
Inc.
(a)
..............................................
2,001
70
Rocket
Pharmaceuticals,
Inc.
(a)
.............................................
11,109
39
Royalty
Pharma
PLC
,
Class
A
..............................................
38,677
1,612
RxSight,
Inc.
(a)
........................................................
4,302
37
SAB
Biotherapeutics,
Inc.
(a)
(b)
.............................................
3,596
16
Sagimet
Biosciences,
Inc.
,
Class
A
(a)
.........................................
2,805
16
Sana
Biotechnology,
Inc.
(a)
(b)
.............................................
18,832
83
Sanara
Medtech,
Inc.
(a)
..................................................
295
6
Sangamo
Therapeutics,
Inc.
(a)
.............................................
34,680
19
SANUWAVE
Health,
Inc.
(a)
(b)
.............................................
878
24
Sarepta
Therapeutics,
Inc.
(a)
...............................................
11,370
231
Savara,
Inc.
(a)
.........................................................
11,709
63
Scholar
Rock
Holding
Corp.
(a)
.............................................
9,499
421
Schrodinger,
Inc.
(a)
.....................................................
7,157
100
Select
Medical
Holdings
Corp.
.............................................
12,181
183
SELLAS
Life
Sciences
Group,
Inc.
(a)
(b)
......................................
16,029
60
Senseonics
Holdings,
Inc.
(a)
(b)
.............................................
3,995
29
Septerna,
Inc.
(a)
........................................................
3,055
71
Sera
Prognostics,
Inc.
,
Class
A
(a)
...........................................
2,659
7
Seres
Therapeutics,
Inc.
(a)
................................................
684
10
Shattuck
Labs,
Inc.
(a)
....................................................
5,420
21
Shoulder
Innovations,
Inc.
(a)
..............................................
1,016
14
SI-BONE,
Inc.
(a)
.......................................................
4,378
73
SIGA
Technologies,
Inc.
..................................................
4,464
30
Sight
Sciences,
Inc.
(a)
...................................................
3,078
19
Simulations
Plus,
Inc.
(a)
..................................................
1,847
31
Sionna
Therapeutics,
Inc.
(a)
...............................................
2,811
119
Solana
Co.
(a)
..........................................................
2,315
6
Soleno
Therapeutics,
Inc.
(a)
...............................................
5,646
218
Solid
Biosciences,
Inc.
(a)
.................................................
6,532
42
Solventum
Corp.
(a)
.....................................................
17,002
1,309
Sonida
Senior
Living,
Inc.
(a)
..............................................
2,021
64
Sotera
Health
Co.
(a)
.....................................................
23,431
425
Spero
Therapeutics,
Inc.
(a)
................................................
4,132
9
Spyre
Therapeutics,
Inc.
(a)
................................................
7,743
248
STAAR
Surgical
Co.
(a)
..................................................
5,624
107
Standard
BioTools,
Inc.
(a)
................................................
41,617
58
Stereotaxis,
Inc.
(a)
......................................................
8,422
18
Stoke
Therapeutics,
Inc.
(a)
................................................
5,297
161
Strata
Critical
Medical,
Inc.
(a)
(b)
...........................................
6,916
34
Streamex
Corp.
(a)
(b)
....................................................
3,445
12
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
6,251
301
Surgery
Partners,
Inc.
(a)
..................................................
8,854
132
Surrozen,
Inc.
(a)
.......................................................
403
9
Syndax
Pharmaceuticals,
Inc.
(a)
............................................
9,654
196
Tactile
Systems
Technology,
Inc.
(a)
..........................................
2,424
70
Talkspace,
Inc.
(a)
.......................................................
15,422
62
Tandem
Diabetes
Care,
Inc.
(a)
..............................................
7,667
152
Tango
Therapeutics,
Inc.
(a)
(b)
..............................................
10,091
117
Tarsus
Pharmaceuticals,
Inc.
(a)
.............................................
4,494
290
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Taysha
Gene
Therapies,
Inc.
(a)
.............................................
25,465
$
115
Tectonic
Therapeutic,
Inc.
(a)
(b)
.............................................
1,135
23
Teladoc
Health,
Inc.
(a)
(b)
.................................................
20,033
109
Teleflex,
Inc.
..........................................................
5,046
527
Tempus
AI,
Inc.
,
Class
A
(a)
(b)
.............................................
11,940
714
Tenaya
Therapeutics,
Inc.
(a)
...............................................
15,726
12
Terns
Pharmaceuticals,
Inc.
(a)
..............................................
8,741
302
TG
Therapeutics,
Inc.
(a)
..................................................
17,021
501
The
Ensign
Group,
Inc.
...................................................
6,437
1,105
The
Joint
Corp.
(a)
......................................................
1,324
13
The
Oncology
Institute,
Inc.
(a)
.............................................
7,598
21
The
Pennant
Group,
Inc.
(a)
................................................
3,748
104
Theravance
Biopharma,
Inc.
(a)
.............................................
5,382
102
Third
Harmonic
Bio,
Inc.
(a)
(c)
.............................................
2,389
—
(d)
Tonix
Pharmaceuticals
Holding
Corp.
(a)
(b)
....................................
1,270
22
TransMedics
Group,
Inc.
(a)
................................................
3,797
509
Travere
Therapeutics,
Inc.
(a)
...............................................
10,069
313
Treace
Medical
Concepts,
Inc.
(a)
............................................
4,748
11
Trevi
Therapeutics,
Inc.
(a)
................................................
9,536
100
TruBridge,
Inc.
(a)
......................................................
1,597
31
Twist
Bioscience
Corp.
(a)
.................................................
6,690
275
Tyra
Biosciences,
Inc.
(a)
..................................................
4,156
128
U.S.
Physical
Therapy,
Inc.
................................................
1,702
143
UFP
Technologies,
Inc.
(a)
.................................................
849
213
Ultragenyx
Pharmaceutical,
Inc.
(a)
..........................................
10,295
248
Unicycive
Therapeutics,
Inc.
(a)
.............................................
1,967
12
Universal
Health
Services,
Inc.
,
Class
B
.......................................
6,057
1,219
Upstream
Bio,
Inc.
(a)
(b)
..................................................
2,914
91
Utah
Medical
Products,
Inc.
...............................................
319
19
Vanda
Pharmaceuticals,
Inc.
(a)
.............................................
6,158
46
Varex
Imaging
Corp.
(a)
..................................................
4,609
64
Vaxcyte,
Inc.
(a)
........................................................
14,615
783
Ventyx
Biosciences,
Inc.
(a)
................................................
7,286
102
Vera
Therapeutics,
Inc.
,
Class
A
(a)
..........................................
5,584
242
Veracyte,
Inc.
(a)
........................................................
8,881
338
Verastem,
Inc.
(a)
.......................................................
7,310
45
Vericel
Corp.
(a)
........................................................
5,732
206
Viatris,
Inc.
...........................................................
129,476
1,695
Viking
Therapeutics,
Inc.
(a)
(b)
.............................................
12,625
367
Vir
Biotechnology,
Inc.
(a)
.................................................
10,599
79
Viridian
Therapeutics,
Inc.
(a)
..............................................
9,872
326
Vistagen
Therapeutics,
Inc.
(a)
..............................................
1,770
1
Vor
BioPharma,
Inc.
(a)
(b)
.................................................
2,135
28
Voyager
Therapeutics,
Inc.
(a)
..............................................
4,931
19
WaVe
Life
Sciences
Ltd.
(a)
................................................
15,656
203
Waystar
Holding
Corp.
(a)
.................................................
15,705
417
X4
Pharmaceuticals,
Inc.
(a)
...............................................
8,654
32
Xencor,
Inc.
(a)
.........................................................
7,637
92
Xeris
Biopharma
Holdings,
Inc.
(a)
..........................................
17,681
130
XOMA
Royalty
Corp.
(a)
(b)
...............................................
1,350
35
Zenas
Biopharma,
Inc.
(a)
(b)
...............................................
2,460
45
Zevra
Therapeutics,
Inc.
(a)
................................................
6,280
57
Zymeworks,
Inc.
(a)
.....................................................
8,348
188
105,329
Industrials
(19.8%):
3D
Systems
Corp.
(a)
....................................................
13,535
30
A.O.
Smith
Corp.
.......................................................
12,833
943
AAON,
Inc.
(b)
.........................................................
7,767
707
AAR
Corp.
(a)
.........................................................
4,453
472
ABM
Industries,
Inc.
....................................................
6,931
319
ACCO
Brands
Corp.
....................................................
9,590
38
Acuity,
Inc.
...........................................................
3,511
1,086
ACV
Auctions,
Inc.
,
Class
A
(a)
.............................................
18,689
146
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Advanced
Drainage
Systems,
Inc.
...........................................
8,220
$
1,250
AECOM
.............................................................
15,110
1,457
AeroVironment,
Inc.
(a)
...................................................
4,315
1,201
AerSale
Corp.
(a)
.......................................................
3,468
26
AGCO
Corp.
..........................................................
7,123
808
Air
Lease
Corp.
,
Class
A
..................................................
11,989
775
AIRO
Group
Holdings,
Inc.
(a)
(b)
...........................................
2,167
22
Alamo
Group,
Inc.
......................................................
1,330
260
Alaska
Air
Group,
Inc.
(a)
.................................................
13,279
675
Albany
International
Corp.
,
Class
A
..........................................
3,249
180
Alight,
Inc.
,
Class
A
.....................................................
53,047
81
Allegiant
Travel
Co.
(a)
...................................................
1,636
145
Allegion
PLC
.........................................................
9,870
1,632
Alliance
Laundry
Holdings,
Inc.
(a)
..........................................
5,194
115
Allient,
Inc.
(b)
.........................................................
1,631
100
Allison
Transmission
Holdings,
Inc.
.........................................
9,519
1,035
Alta
Equipment
Group,
Inc.
...............................................
1,994
13
Amentum
Holdings,
Inc.
(a)
................................................
22,647
810
Ameresco,
Inc.
,
Class
A
(a)
................................................
3,629
114
American
Airlines
Group,
Inc.
(a)
............................................
74,830
995
American
Superconductor
Corp.
(a)
..........................................
4,965
149
American
Woodmark
Corp.
(a)
..............................................
1,604
95
Amprius
Technologies,
Inc.
(a)
..............................................
12,684
158
API
Group
Corp.
(a)
.....................................................
42,912
1,784
Apogee
Enterprises,
Inc.
..................................................
2,385
89
Applied
Industrial
Technologies,
Inc.
.........................................
4,306
1,121
ArcBest
Corp.
.........................................................
2,528
228
Archer
Aviation,
Inc.
,
Class
A
(a)
(b)
..........................................
71,017
511
Arcosa,
Inc.
...........................................................
5,542
634
Argan,
Inc.
...........................................................
1,529
531
Armstrong
World
Industries,
Inc.
............................................
4,905
901
Array
Technologies,
Inc.
(a)
................................................
17,178
195
Astec
Industries,
Inc.
....................................................
2,567
125
Astronics
Corp.
(a)
......................................................
3,538
268
Asure
Software,
Inc.
(a)
...................................................
2,628
25
ATI,
Inc.
(a)
...........................................................
15,497
1,864
Atkore,
Inc.
...........................................................
3,793
263
Atmus
Filtration
Technologies,
Inc.
..........................................
9,312
540
Avis
Budget
Group,
Inc.
(a)
(b)
..............................................
3,968
456
AZZ,
Inc.
............................................................
3,396
422
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
........................................
11,925
115
Barrett
Business
Services,
Inc.
.............................................
2,814
107
BlackSky
Technology,
Inc.
,
Class
A
(a)
(b)
......................................
3,359
74
Blink
Charging
Co.
(a)
(b)
.................................................
11,063
8
Blue
Bird
Corp.
(a)
......................................................
3,566
179
BlueLinx
Holdings,
Inc.
(a)
................................................
856
60
Boise
Cascade
Co.
......................................................
4,190
339
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
...................................
13,797
1,220
Bowman
Consulting
Group
Ltd.
(a)
..........................................
1,578
55
Brady
Corp.
,
Class
A
....................................................
4,875
422
BrightView
Holdings,
Inc.
(a)
..............................................
8,042
107
Builders
FirstSource,
Inc.
(a)
...............................................
12,367
1,415
BWX
Technologies,
Inc.
..................................................
10,486
2,154
Byrna
Technologies,
Inc.
(a)
(b)
.............................................
1,942
27
CACI
International,
Inc.
,
Class
A
(a)
.........................................
2,511
1,558
Cadre
Holdings,
Inc.
.....................................................
3,209
128
Carlisle
Cos.,
Inc.
.......................................................
4,752
1,620
Carpenter
Technology
Corp.
...............................................
5,456
1,734
Casella
Waste
Systems,
Inc.
,
Class
A
(a)
(b)
.....................................
7,147
721
CBIZ,
Inc.
(a)
(b)
........................................................
5,615
221
CEA
Industries,
Inc.
(a)
...................................................
4,477
22
CECO
Environmental
Corp.
(a)
.............................................
3,471
234
Centuri
Holdings,
Inc.
(a)
.................................................
9,693
268
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
ChargePoint
Holdings,
Inc.
(a)
(b)
............................................
2,216
$
13
Chart
Industries,
Inc.
(a)
..................................................
5,137
1,065
Civeo
Corp.
...........................................................
1,187
30
Clean
Harbors,
Inc.
(a)
...................................................
5,816
1,512
Columbus
McKinnon
Corp.
...............................................
3,149
66
Concentrix
Corp.
(b)
.....................................................
4,985
186
Concrete
Pumping
Holdings,
Inc.
(a)
.........................................
2,248
13
Conduent,
Inc.
(a)
.......................................................
14,956
21
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
5,405
594
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
21,691
1,157
CoreCivic,
Inc.
(a)
......................................................
11,640
216
Covenant
Logistics
Group,
Inc.
,
Class
A
.......................................
1,618
40
CRA
International,
Inc.
...................................................
719
136
Crane
Co.
............................................................
6,568
1,200
CSG
Systems
International,
Inc.
............................................
3,121
249
CSW
Industrials,
Inc.
....................................................
1,895
512
Custom
Truck
One
Source,
Inc.
(a)
...........................................
6,664
42
Dayforce,
Inc.
(a)
.......................................................
17,755
1,230
Deluxe
Corp.
..........................................................
5,017
132
Distribution
Solutions
Group,
Inc.
(a)
.........................................
969
28
DNOW,
Inc.
(a)
........................................................
21,008
319
Donaldson
Co.,
Inc.
.....................................................
13,198
1,345
Douglas
Dynamics,
Inc.
..................................................
2,533
95
Ducommun,
Inc.
(a)
.....................................................
1,587
180
DXP
Enterprises,
Inc.
(a)
..................................................
1,468
191
Dycom
Industries,
Inc.
(a)
.................................................
3,290
1,199
Energy
Recovery,
Inc.
(a)
.................................................
5,777
84
Energy
Vault
Holdings,
Inc.
(a)
.............................................
11,367
53
Enerpac
Tool
Group
Corp.
,
Class
A
..........................................
5,976
241
EnerSys
..............................................................
4,168
751
Ennis,
Inc.
............................................................
2,760
54
Enovix
Corp.
(a)
(b)
......................................................
21,491
142
Enpro,
Inc.
...........................................................
2,404
574
Enviri
Corp.
(a)
.........................................................
8,706
165
Eos
Energy
Enterprises,
Inc.
(a)
.............................................
36,267
531
Esab
Corp.
............................................................
6,540
792
ESCO
Technologies,
Inc.
.................................................
2,962
676
Espey
Mfg.
&
Electronics
Corp.
............................................
222
12
Eve
Holding,
Inc.
(a)
.....................................................
10,835
43
Everus
Construction
Group,
Inc.
(a)
..........................................
5,846
517
EVI
Industries,
Inc.
.....................................................
840
22
ExlService
Holdings,
Inc.
(a)
...............................................
17,557
687
Exponent,
Inc.
.........................................................
5,674
408
Federal
Signal
Corp.
.....................................................
6,831
738
Firefly
Aerospace,
Inc.
(a)
(b)
...............................................
9,453
238
First
Advantage
Corp.
(a)
..................................................
9,009
122
Flowserve
Corp.
........................................................
14,564
1,138
Fluence
Energy,
Inc.
,
Class
A
(a)
(b)
..........................................
10,291
317
Fluor
Corp.
(a)
.........................................................
18,267
844
Forrester
Research,
Inc.
(a)
................................................
1,123
9
Fortune
Brands
Innovations,
Inc.
............................................
13,755
744
Forward
Air
Corp.
(a)
....................................................
2,420
67
Franklin
Covey
Co.
(a)
...................................................
1,075
22
Franklin
Electric
Co.,
Inc.
.................................................
4,383
437
FreightCar
America,
Inc.
(a)
................................................
1,527
18
Frontier
Group
Holdings,
Inc.
(a)
............................................
9,528
44
FTAI
Infrastructure,
Inc.
(b)
................................................
12,119
71
FTC
Solar,
Inc.
(a)
......................................................
1,082
11
FTI
Consulting,
Inc.
(a)
...................................................
3,472
606
FuelCell
Energy,
Inc.
(a)
..................................................
5,293
43
Gates
Industrial
Corp.
PLC
(a)
..............................................
29,198
672
GATX
Corp.
..........................................................
4,061
739
Genco
Shipping
&
Trading
Ltd.
.............................................
3,559
74
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Gencor
Industries,
Inc.
(a)
.................................................
1,070
$
15
Generac
Holdings,
Inc.
(a)
.................................................
6,645
1,117
Genpact
Ltd.
..........................................................
18,174
801
Gibraltar
Industries,
Inc.
(a)
................................................
3,346
172
Global
Industrial
Co.
....................................................
890
27
GrafTech
International
Ltd.
(a)
..............................................
1,799
27
Graham
Corp.
(a)
.......................................................
1,171
82
Granite
Construction,
Inc.
(b)
...............................................
4,972
600
Great
Lakes
Dredge
&
Dock
Corp.
(a)
........................................
7,500
112
Griffon
Corp.
..........................................................
4,380
357
GXO
Logistics,
Inc.
(a)
...................................................
12,903
730
Hayward
Holdings,
Inc.
(a)
................................................
24,226
391
Healthcare
Services
Group,
Inc.
(a)
...........................................
7,958
150
Heartland
Express,
Inc.
...................................................
4,755
48
Helios
Technologies,
Inc.
.................................................
3,764
244
Herc
Holdings,
Inc.
.....................................................
3,747
537
Hertz
Global
Holdings,
Inc.
(a)
(b)
...........................................
34,142
167
Hexcel
Corp.
..........................................................
9,089
753
Hillenbrand,
Inc.
.......................................................
8,000
255
Hillman
Solutions
Corp.
(a)
................................................
22,206
208
HireQuest,
Inc.
........................................................
199
2
HNI
Corp.
............................................................
7,988
382
Hub
Group,
Inc.
,
Class
A
.................................................
6,788
323
Hudson
Technologies,
Inc.
(a)
..............................................
4,191
30
Huntington
Ingalls
Industries,
Inc.
...........................................
4,472
1,881
Huron
Consulting
Group,
Inc.
(a)
............................................
1,938
328
Hyliion
Holdings
Corp.
(a)
(b)
..............................................
13,052
27
Hyster-Yale,
Inc.
.......................................................
1,055
35
IBEX
Holdings
Ltd.
(a)
...................................................
1,264
47
ICF
International,
Inc.
...................................................
2,079
194
IDEX
Corp.
...........................................................
8,589
1,705
IES
Holdings,
Inc.
(a)
....................................................
2,228
847
Innodata,
Inc.
(a)
(b)
.....................................................
3,467
192
Innovative
Solutions
and
Support,
Inc.
(a)
......................................
1,690
31
Insperity,
Inc.
..........................................................
4,086
175
Insteel
Industries,
Inc.
....................................................
2,084
69
Interface,
Inc.
,
Class
A
...................................................
6,518
205
Intuitive
Machines,
Inc.
,
Class
A
(a)
(b)
........................................
12,336
234
ITT,
Inc.
.............................................................
8,926
1,627
Janus
International
Group,
Inc.
(a)
...........................................
15,055
103
JBT
Marel
Corp.
.......................................................
5,890
927
JELD-WEN
Holding,
Inc.
(a)
...............................................
9,063
25
JetBlue
Airways
Corp.
(a)
.................................................
33,614
164
JFB
Construction
Holdings
(a)
..............................................
304
8
Joby
Aviation,
Inc.
(a)
....................................................
62,755
663
Kadant,
Inc.
...........................................................
1,339
430
Karat
Packaging,
Inc.
....................................................
942
23
Karman
Holdings,
Inc.
(a)
.................................................
9,821
1,019
KBR,
Inc.
............................................................
14,398
616
Kelly
Services,
Inc.
,
Class
A
...............................................
3,344
36
Kennametal,
Inc.
.......................................................
8,499
292
Kforce,
Inc.
...........................................................
1,917
68
Kirby
Corp.
(a)
.........................................................
6,193
729
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..............................
18,102
997
Korn
Ferry
...........................................................
5,917
411
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
...................................
19,058
1,963
KULR
Technology
Group,
Inc.
(a)
(b)
.........................................
4,582
16
L.B.
Foster
Co.
,
Class
A
(a)
................................................
1,043
31
Landstar
System,
Inc.
....................................................
3,918
585
Legalzoom.com,
Inc.
(a)
..................................................
13,559
121
Legence
Corp.
,
Class
A
(a)
................................................
3,129
147
Leonardo
DRS,
Inc.
.....................................................
8,669
356
Limbach
Holdings,
Inc.
(a)
(b)
..............................................
1,192
103
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Lincoln
Electric
Holdings,
Inc.
.............................................
6,206
$
1,647
Lindsay
Corp.
.........................................................
1,198
150
Liquidity
Services,
Inc.
(a)
.................................................
2,620
84
Loar
Holdings,
Inc.
(a)
...................................................
8,691
596
LSI
Industries,
Inc.
......................................................
3,056
68
Lyft,
Inc.
,
Class
A
(a)
....................................................
43,776
739
ManpowerGroup,
Inc.
...................................................
5,204
189
Marten
Transport
Ltd.
....................................................
6,520
80
Masco
Corp.
..........................................................
23,841
1,576
MasTec,
Inc.
(a)
........................................................
6,928
1,666
Masterbrand,
Inc.
(a)
.....................................................
14,334
174
Matrix
Service
Co.
(a)
....................................................
2,901
42
Matson,
Inc.
..........................................................
3,502
561
Maximus,
Inc.
.........................................................
6,172
583
Mayville
Engineering
Co.,
Inc.
(a)
...........................................
1,585
31
McGrath
RentCorp
......................................................
2,790
312
Mercury
Systems,
Inc.
(a)
.................................................
6,798
638
Microvast
Holdings,
Inc.
(a)
(b)
.............................................
22,691
59
Miller
Industries,
Inc.
....................................................
1,219
50
MillerKnoll,
Inc.
.......................................................
7,774
156
Mistras
Group,
Inc.
(a)
...................................................
2,061
29
Modine
Manufacturing
Co.
(a)
..............................................
5,960
1,101
Montrose
Environmental
Group,
Inc.
(a)
.......................................
3,701
82
Moog,
Inc.
,
Class
A
.....................................................
3,306
1,009
MSA
Safety,
Inc.
.......................................................
4,229
749
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
......................................
5,223
441
Mueller
Industries,
Inc.
...................................................
12,498
1,701
Mueller
Water
Products,
Inc.
,
Class
A
........................................
17,696
479
MYR
Group,
Inc.
(a)
.....................................................
1,751
438
NANO
Nuclear
Energy,
Inc.
(a)
(b)
...........................................
4,521
133
National
Presto
Industries,
Inc.
.............................................
598
76
NeoVolta,
Inc.
(a)
(b)
.....................................................
3,024
13
Net
Power,
Inc.
(a)
......................................................
8,731
21
Nextpower,
Inc.
,
Class
A
(a)
................................................
16,821
1,970
Nordson
Corp.
.........................................................
5,868
1,611
NPK
International,
Inc.
(a)
.................................................
9,104
126
NuScale
Power
Corp.
(a)
..................................................
20,637
361
NWPX
Infrastructure,
Inc.
(a)
..............................................
1,052
71
Odyssey
Marine
Exploration,
Inc.
,
Class
B
(a)
...................................
4,773
9
Omega
Flex,
Inc.
.......................................................
360
12
OPENLANE,
Inc.
(a)
....................................................
12,093
363
Orion
Group
Holdings,
Inc.
(a)
..............................................
4,197
51
Oshkosh
Corp.
.........................................................
7,232
1,040
Owens
Corning
........................................................
9,364
1,122
Palladyne
AI
Corp.
(a)
(b)
..................................................
3,142
20
PAMT
Corp.
(a)
........................................................
427
5
Pangaea
Logistics
Solutions
Ltd.
............................................
3,241
27
Park
Aerospace
Corp.
....................................................
1,932
47
Park-Ohio
Holdings
Corp.
................................................
1,047
24
Parsons
Corp.
(a)
.......................................................
12,106
848
Paycom
Software,
Inc.
...................................................
5,728
772
Paylocity
Holding
Corp.
(a)
................................................
5,003
675
Perma-Fix
Environmental
Services,
Inc.
(a)
(b)
...................................
1,874
29
Perma-Pipe
International
Holdings,
Inc.
(a)
.....................................
786
23
Pitney
Bowes,
Inc.
......................................................
18,204
190
Planet
Labs
PBC
(a)
.....................................................
26,980
674
Plug
Power,
Inc.
(a)
(b)
....................................................
152,552
323
Powell
Industries,
Inc.
...................................................
1,079
479
Power
Solutions
International,
Inc.
(a)
(b)
......................................
964
69
Preformed
Line
Products
Co.
..............................................
385
97
Primoris
Services
Corp.
..................................................
6,167
914
Proficient
Auto
Logistics,
Inc.
(a)
............................................
2,645
27
Proto
Labs,
Inc.
(a)
......................................................
2,664
140
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Quad/Graphics,
Inc.
.....................................................
2,704
$
17
Quanex
Building
Products
Corp.
............................................
5,155
97
QXO,
Inc.
(a)
(b)
........................................................
72,048
1,598
Radiant
Logistics,
Inc.
(a)
.................................................
3,888
26
RBC
Bearings,
Inc.
(a)
...................................................
3,580
1,789
RCM
Technologies,
Inc.
(a)
................................................
486
10
Redwire
Corp.
(a)
(b)
.....................................................
6,539
77
Regal
Rexnord
Corp.
....................................................
7,600
1,227
Resideo
Technologies,
Inc.
(a)
..............................................
15,135
519
Resolute
Holdings
Management,
Inc.
(a)
.......................................
476
97
Resources
Connection,
Inc.
................................................
3,393
15
REV
Group,
Inc.
.......................................................
5,520
353
Richtech
Robotics,
Inc.
,
Class
B
(a)
(b)
........................................
17,362
62
Robert
Half,
Inc.
.......................................................
11,232
389
Rush
Enterprises,
Inc.
,
Class
A
.............................................
7,849
504
RXO,
Inc.
(a)
..........................................................
18,442
269
Ryder
System,
Inc.
......................................................
4,494
860
Safe
Bulkers,
Inc.
.......................................................
5,573
32
Saia,
Inc.
(a)
...........................................................
3,058
1,024
Satellogic,
Inc.
,
Class
A
(a)
(b)
..............................................
9,413
43
Schneider
National,
Inc.
,
Class
B
............................................
5,894
158
Science
Applications
International
Corp.
......................................
5,148
524
Sensata
Technologies
Holding
PLC
..........................................
16,611
575
SES
AI
Corp.
(a)
(b)
......................................................
24,988
51
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
18,805
178
Simpson
Manufacturing
Co.,
Inc.
...........................................
4,753
840
SiteOne
Landscape
Supply,
Inc.
(a)
...........................................
5,045
724
Sky
Harbour
Group
Corp.
,
Class
A
(a)
(b)
......................................
2,295
21
SkyWest,
Inc.
(a)
........................................................
4,510
435
SKYX
Platforms
Corp.
(a)
(b)
...............................................
7,357
18
Spire
Global,
Inc.
(a)
.....................................................
2,995
34
SPX
Technologies,
Inc.
(a)
.................................................
5,557
1,158
StandardAero,
Inc.
(a)
(b)
..................................................
20,643
638
Standex
International
Corp.
................................................
1,364
327
Stanley
Black
&
Decker,
Inc.
..............................................
17,790
1,399
Stem,
Inc.
(a)
..........................................................
822
13
Sterling
Infrastructure,
Inc.
(a)
..............................................
3,432
1,228
Stratasys
Ltd.
(a)
........................................................
7,036
75
Sun
Country
Airlines
Holdings,
Inc.
(a)
........................................
5,134
90
Sunrun,
Inc.
(a)
.........................................................
25,738
489
Surf
Air
Mobility,
Inc.
(a)
(b)
...............................................
5,016
10
Symbotic,
Inc.
,
Class
A
(a)
.................................................
6,001
326
T1
Energy,
Inc.
(a)
(b)
....................................................
18,692
156
TaskUS,
Inc.
,
Class
A
(a)
..................................................
1,833
20
Taylor
Devices,
Inc.
(a)
...................................................
334
24
Tecogen,
Inc.
(a)
........................................................
1,796
7
Tennant
Co.
...........................................................
2,040
155
Terex
Corp.
...........................................................
7,355
419
Tetra
Tech,
Inc.
........................................................
29,873
1,125
The
Brink's
Co.
........................................................
4,732
601
The
Eastern
Co.
........................................................
563
11
The
GEO
Group,
Inc.
(a)
..................................................
15,159
242
The
Gorman-Rupp
Co.
...................................................
2,357
128
The
Greenbrier
Cos.,
Inc.
.................................................
3,412
172
The
Manitowoc
Co.,
Inc.
(a)
...............................................
3,786
49
The
Middleby
Corp.
(a)
...................................................
5,710
840
The
Timken
Co.
........................................................
7,297
680
The
Toro
Co.
..........................................................
11,212
1,026
Thermon
Group
Holdings,
Inc.
(a)
...........................................
3,645
165
Titan
International,
Inc.
(a)
.................................................
5,384
51
Titan
Machinery,
Inc.
(a)
..................................................
2,309
38
Transcat,
Inc.
(a)
........................................................
1,030
62
Trex
Co.,
Inc.
(a)
........................................................
12,248
507
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
TriNet
Group,
Inc.
......................................................
5,402
$
331
Trinity
Industries,
Inc.
...................................................
9,070
261
TrueBlue,
Inc.
(a)
.......................................................
3,012
16
TTEC
Holdings,
Inc.
(a)
..................................................
1,863
6
Tutor
Perini
Corp.
......................................................
5,163
407
Twin
Disc,
Inc.
........................................................
1,366
23
UFP
Industries,
Inc.
.....................................................
6,562
678
U-Haul
Holding
Co.
.....................................................
12,464
640
UL
Solutions,
Inc.
,
Class
A
................................................
7,134
501
UniFirst
Corp.
.........................................................
1,646
354
Universal
Logistics
Holdings,
Inc.
...........................................
686
11
Upwork,
Inc.
(a)
........................................................
13,920
279
V2X,
Inc.
(a)
..........................................................
2,850
196
Valmont
Industries,
Inc.
..................................................
2,234
995
Velo3D,
Inc.
(a)
(b)
......................................................
886
12
Verra
Mobility
Corp.
,
Class
A
(a)
............................................
18,185
351
Vestis
Corp.
(b)
.........................................................
14,703
96
Vicor
Corp.
(a)
.........................................................
2,595
409
Virco
Mfg.
Corp.
.......................................................
1,258
9
Virgin
Galactic
Holdings,
Inc.
(a)
(b)
..........................................
6,761
19
Voyager
Technologies,
Inc.
,
Class
A
(a)
(b)
.....................................
5,859
179
VSE
Corp.
............................................................
2,480
542
Wabash
National
Corp.
...................................................
4,312
44
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
3,108
930
Werner
Enterprises,
Inc.
..................................................
6,725
230
WESCO
International,
Inc.
................................................
5,480
1,586
Westwater
Resources,
Inc.
(a)
..............................................
11,401
11
Wheels
Up
Experience,
Inc.
(a)
(b)
...........................................
50,548
32
Willdan
Group,
Inc.
(a)
...................................................
1,635
206
Willis
Lease
Finance
Corp.
................................................
269
49
WillScot
Holdings
Corp.
..................................................
20,309
407
Worthington
Enterprises,
Inc.
..............................................
3,553
197
Xometry,
Inc.
,
Class
A
(a)
(b)
...............................................
4,950
283
Zurn
Elkay
Water
Solutions
Corp.
...........................................
17,041
786
151,684
Information
Technology
(12.0%):
8x8,
Inc.
(a)
...........................................................
14,544
24
908
Devices,
Inc.
(a)
.....................................................
2,833
18
A10
Networks,
Inc.
.....................................................
7,902
138
ACI
Worldwide,
Inc.
(a)
..................................................
11,658
506
ACM
Research,
Inc.
,
Class
A
(a)
............................................
6,225
362
Adeia,
Inc.
............................................................
11,707
212
ADTRAN
Holdings,
Inc.
(a)
...............................................
7,853
72
Advanced
Energy
Industries,
Inc.
...........................................
4,305
1,099
Aehr
Test
Systems
(a)
(b)
..................................................
3,156
81
Aeluma,
Inc.
(a)
(b)
......................................................
1,386
22
Aeva
Technologies,
Inc.
(a)
(b)
..............................................
4,393
56
AEye,
Inc.
(a)
..........................................................
4,377
7
Agilysys,
Inc.
(a)
.......................................................
2,945
255
Akamai
Technologies,
Inc.
(a)
..............................................
16,216
1,575
Alarm.com
Holdings,
Inc.
(a)
...............................................
5,404
264
Alkami
Technology,
Inc.
(a)
(b)
..............................................
7,606
161
Allegro
MicroSystems,
Inc.
(a)
..............................................
14,168
523
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.......................................
2,762
61
Ambarella,
Inc.
(a)
......................................................
4,664
299
Ambiq
Micro,
Inc.
(a)
(b)
..................................................
1,665
51
Amdocs
Ltd.
..........................................................
12,576
1,030
American
Bitcoin
Corp.
,
Class
A
(a)
..........................................
12,656
19
Amplitude,
Inc.
,
Class
A
(a)
................................................
8,841
81
Amtech
Systems,
Inc.
(a)
..................................................
1,184
20
Appfolio,
Inc.
,
Class
A
(a)
.................................................
2,471
469
Appian
Corp.
,
Class
A
(a)
.................................................
4,365
122
Applied
Digital
Corp.
(a)
(b)
................................................
26,453
896
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Applied
Optoelectronics,
Inc.
(a)
............................................
7,391
$
322
Arlo
Technologies,
Inc.
(a)
.................................................
11,701
148
Arrow
Electronics,
Inc.
(a)
.................................................
5,887
780
Arteris,
Inc.
(a)
.........................................................
3,417
51
Asana,
Inc.
,
Class
A
(a)
...................................................
9,964
102
ASGN,
Inc.
(a)
.........................................................
4,673
243
AudioEye,
Inc.
(a)
.......................................................
746
7
Aurora
Innovation,
Inc.
,
Class
A
(a)
(b)
........................................
134,543
565
AvePoint,
Inc.
(a)
.......................................................
15,597
181
Aviat
Networks,
Inc.
(a)
...................................................
1,247
27
Avnet,
Inc.
............................................................
9,252
577
Axcelis
Technologies,
Inc.
(a)
..............................................
3,510
309
AXT,
Inc.
(a)
..........................................................
4,894
91
Backblaze,
Inc.
,
Class
A
(a)
................................................
6,000
27
Badger
Meter,
Inc.
......................................................
3,373
494
Bel
Fuse,
Inc.
,
Class
B
...................................................
1,345
271
Belden,
Inc.
...........................................................
4,453
523
Benchmark
Electronics,
Inc.
...............................................
3,969
207
Bentley
Systems,
Inc.
,
Class
B
.............................................
13,793
484
BigBear.ai
Holdings,
Inc.
(a)
(b)
.............................................
49,559
250
BILL
Holdings,
Inc.
(a)
...................................................
10,196
440
Bit
Digital,
Inc.
(a)
(b)
....................................................
36,169
73
Bitdeer
Technologies
Group
,
Class
A
(a)
(b)
.....................................
13,809
180
BitMine
Immersion
Technologies,
Inc.
........................................
47,222
1,185
BK
Technologies
Corp.
(a)
.................................................
311
24
Blackbaud,
Inc.
(a)
......................................................
4,256
229
BlackLine,
Inc.
(a)
......................................................
5,532
257
Blend
Labs,
Inc.
,
Class
A
(a)
...............................................
21,593
51
Box,
Inc.
,
Class
A
(a)
....................................................
15,853
402
Braze,
Inc.
,
Class
A
(a)
...................................................
9,313
194
BTCS,
Inc.
(a)
.........................................................
4,077
9
C3.ai,
Inc.
,
Class
A
(a)
(b)
.................................................
14,735
162
Calix,
Inc.
(a)
..........................................................
6,915
309
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
....................................
69,361
526
Cellebrite
DI
Ltd.
(a)
.....................................................
13,088
193
Cerence,
Inc.
(a)
........................................................
4,625
52
CEVA,
Inc.
(a)
.........................................................
2,928
62
Cipher
Mining,
Inc.
(a)
(b)
.................................................
37,052
591
Circle
Internet
Group,
Inc.
,
Class
A
(a)
........................................
15,600
997
Cirrus
Logic,
Inc.
(a)
.....................................................
5,837
761
Cleanspark,
Inc.
(a)
(b)
....................................................
28,263
335
Clear
Secure,
Inc.
,
Class
A
................................................
10,208
333
Clearfield,
Inc.
(a)
.......................................................
1,263
38
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
.................................
31,823
767
Climb
Global
Solutions,
Inc.
...............................................
435
52
Cognex
Corp.
.........................................................
19,240
745
Cohu,
Inc.
(a)
..........................................................
5,186
148
Commerce.com,
Inc.
(a)
..................................................
7,203
22
Commvault
Systems,
Inc.
(a)
...............................................
5,000
429
Confluent,
Inc.
,
Class
A
(a)
................................................
34,275
1,047
Consensus
Cloud
Solutions,
Inc.
(a)
..........................................
2,052
44
Core
Scientific,
Inc.
(a)
(b)
.................................................
33,821
608
Corsair
Gaming,
Inc.
(a)
..................................................
5,072
26
CPI
Card
Group,
Inc.
(a)
..................................................
557
7
Crane
NXT
Co.
........................................................
5,684
287
Crexendo,
Inc.
(a)
.......................................................
1,764
12
CS
Disco,
Inc.
(a)
.......................................................
2,736
17
CSP,
Inc.
.............................................................
664
8
CTS
Corp.
............................................................
3,246
167
Daily
Journal
Corp.
(a)
(b)
.................................................
140
82
Daktronics,
Inc.
(a)
......................................................
4,909
114
Datavault
AI,
Inc.
(a)
(b)
...................................................
25,322
17
Diebold
Nixdorf,
Inc.
(a)
..................................................
4,037
279
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Digi
International,
Inc.
(a)
.................................................
4,123
$
178
Digimarc
Corp.
(a)
......................................................
1,666
10
Digital
Turbine,
Inc.
(a)
...................................................
11,007
57
DigitalOcean
Holdings,
Inc.
(a)
.............................................
7,709
426
Diodes,
Inc.
(a)
.........................................................
5,163
306
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
6,907
443
Domo,
Inc.
,
Class
B
(a)
...................................................
3,774
22
Dropbox,
Inc.
,
Class
A
(a)
.................................................
18,706
477
Duos
Technologies
Group,
Inc.
(a)
...........................................
1,886
18
D-Wave
Quantum,
Inc.
(a)
(b)
...............................................
38,834
824
DXC
Technology
Co.
(a)
..................................................
19,512
282
Eastman
Kodak
Co.
(a)
...................................................
7,536
55
eGain
Corp.
(a)
.........................................................
1,864
19
Elastic
NV
(a)
..........................................................
10,557
696
Enphase
Energy,
Inc.
(a)
..................................................
14,481
536
Entegris,
Inc.
..........................................................
17,317
2,045
EPAM
Systems,
Inc.
(a)
...................................................
6,116
1,276
ePlus,
Inc.
............................................................
2,965
254
Everspin
Technologies,
Inc.
(a)
(b)
...........................................
1,995
26
Evolv
Technologies
Holdings,
Inc.
(a)
.........................................
18,303
113
Exodus
Movement,
Inc.
,
Class
A
(a)
..........................................
353
5
Expensify,
Inc.
,
Class
A
(a)
................................................
6,045
9
Extreme
Networks,
Inc.
(a)
................................................
14,830
216
Fabrinet
(a)
............................................................
4,107
2,010
Fastly,
Inc.
,
Class
A
(a)
...................................................
15,618
144
Figma,
Inc.
,
Class
A
(a)
...................................................
19,670
510
Five9,
Inc.
(a)
..........................................................
8,702
154
FormFactor,
Inc.
(a)
.....................................................
8,834
623
Forward
Industries,
Inc.
(a)
(b)
..............................................
6,905
45
Frequency
Electronics,
Inc.
(a)
..............................................
964
51
Freshworks,
Inc.
,
Class
A
(a)
...............................................
22,468
242
Gitlab,
Inc.
,
Class
A
(a)
...................................................
16,202
567
Globant
SA
(a)
.........................................................
4,930
330
GPGI,
Inc.
,
Class
A
(a)
...................................................
7,705
182
Grid
Dynamics
Holdings,
Inc.
(a)
............................................
7,428
61
GSI
Technology,
Inc.
(a)
(b)
................................................
3,107
22
Harmonic,
Inc.
(a)
.......................................................
12,590
122
Hut
8
Corp.
(a)
.........................................................
11,205
626
I3
Verticals,
Inc.
,
Class
A
(a)
...............................................
2,561
57
Ichor
Holdings
Ltd.
(a)
...................................................
3,792
115
Immersion
Corp.
(b)
.....................................................
2,893
19
Impinj,
Inc.
(a)
.........................................................
3,362
464
indie
Semiconductor,
Inc.
,
Class
A
(a)
(b)
......................................
22,458
92
Information
Services
Group,
Inc.
............................................
3,649
20
Innoviz
Technologies
Ltd.
(a)
(b)
.............................................
22,176
21
Inseego
Corp.
(a)
.......................................................
1,556
17
Insight
Enterprises,
Inc.
(a)
................................................
3,502
294
Intapp,
Inc.
(a)
.........................................................
8,471
288
Intellicheck,
Inc.
(a)
.....................................................
1,956
11
InterDigital,
Inc.
.......................................................
2,903
948
IPG
Photonics
Corp.
(a)
...................................................
2,814
260
Itron,
Inc.
(a)
..........................................................
4,938
489
Jamf
Holding
Corp.
(a)
...................................................
8,522
111
Kaltura,
Inc.
(a)
........................................................
8,717
14
Kimball
Electronics,
Inc.
(a)
...............................................
2,705
82
Klaviyo,
Inc.
,
Class
A
(a)
..................................................
11,994
266
Knowles
Corp.
(a)
.......................................................
9,500
230
Kopin
Corp.
(a)
(b)
......................................................
19,049
49
Kulicke
&
Soffa
Industries,
Inc.
.............................................
5,792
332
KVH
Industries,
Inc.
(a)
..................................................
1,124
8
Kyndryl
Holdings,
Inc.
(a)
.................................................
25,773
593
Lantronix,
Inc.
(a)
.......................................................
3,202
21
Lattice
Semiconductor
Corp.
(a)
.............................................
15,501
1,248
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Life360,
Inc.
(a)
(b)
......................................................
8,293
$
475
LightPath
Technologies,
Inc.
,
Class
A
(a)
......................................
4,779
50
Lightwave
Logic,
Inc.
(a)
(b)
...............................................
14,885
49
Littelfuse,
Inc.
.........................................................
2,829
916
LiveRamp
Holdings,
Inc.
(a)
...............................................
7,029
171
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
7,626
1,671
Manhattan
Associates,
Inc.
(a)
..............................................
6,843
1,033
MARA
Holdings,
Inc.
(a)
(b)
...............................................
42,756
406
MaxLinear,
Inc.
,
Class
A
(a)
................................................
9,313
162
Methode
Electronics,
Inc.
.................................................
3,684
29
MicroVision,
Inc.
(a)
(b)
...................................................
33,266
27
Mirion
Technologies,
Inc.
,
Class
A
(a)
........................................
27,454
682
Mitek
Systems,
Inc.
(a)
...................................................
4,884
49
MKS,
Inc.
............................................................
7,686
1,809
M-Tron
Industries,
Inc.
(a)
.................................................
285
19
N-able,
Inc.
(a)
.........................................................
7,464
45
Napco
Security
Technologies,
Inc.
...........................................
3,895
144
Navitas
Semiconductor
Corp.
,
Class
A
(a)
(b)
....................................
21,513
185
nCino,
Inc.
(a)
.........................................................
12,597
269
NCR
Voyix
Corp.
(a)
.....................................................
15,715
156
NETGEAR,
Inc.
(a)
.....................................................
3,027
63
NetScout
Systems,
Inc.
(a)
.................................................
7,960
221
Netskope,
Inc.
,
Class
A
(a)
(b)
...............................................
5,288
79
NextNav,
Inc.
(a)
........................................................
10,325
148
nLight,
Inc.
(a)
.........................................................
5,380
245
Novanta,
Inc.
(a)
........................................................
4,080
549
Nutanix,
Inc.
,
Class
A
(a)
..................................................
30,356
1,194
NVE
Corp.
...........................................................
529
36
ON24,
Inc.
(a)
.........................................................
3,904
31
Ondas,
Inc.
(a)
(b)
.......................................................
41,566
431
One
Stop
Systems,
Inc.
(a)
.................................................
2,243
22
OneSpan,
Inc.
.........................................................
4,180
49
Onestream,
Inc.
,
Class
A
(a)
................................................
9,735
230
Onto
Innovation,
Inc.
(a)
..................................................
5,601
1,132
Ooma,
Inc.
(a)
.........................................................
2,671
31
OSI
Systems,
Inc.
(a)
(b)
..................................................
1,834
459
Ouster,
Inc.
(a)
.........................................................
6,323
132
PagerDuty,
Inc.
(a)
......................................................
9,671
103
PAR
Technology
Corp.
(a)
.................................................
4,559
120
PC
Connection,
Inc.
.....................................................
1,032
61
PDF
Solutions,
Inc.
(a)
...................................................
3,613
115
Pegasystems,
Inc.
.......................................................
10,523
460
Penguin
Solutions,
Inc.
(a)
.................................................
5,792
111
Photronics,
Inc.
(a)
......................................................
6,455
223
Plexus
Corp.
(a)
........................................................
3,032
604
Porch
Group,
Inc.
(a)
.....................................................
7,939
63
Power
Integrations,
Inc.
..................................................
6,204
285
Powerfleet,
Inc.
(a)
......................................................
14,220
73
Procore
Technologies,
Inc.
(a)
..............................................
14,262
806
Progress
Software
Corp.
(a)
................................................
4,817
197
Q2
Holdings,
Inc.
(a)
.....................................................
6,889
422
Qnity
Electronics,
Inc.
...................................................
24,068
2,315
Qorvo,
Inc.
(a)
.........................................................
10,548
824
Qualys,
Inc.
(a)
.........................................................
4,069
537
Quantum
Computing,
Inc.
(a)
(b)
.............................................
22,779
211
Rackspace
Technology,
Inc.
(a)
.............................................
9,598
6
Ralliant
Corp.
.........................................................
12,922
684
Rambus,
Inc.
(a)
........................................................
12,308
1,401
Rapid7,
Inc.
(a)
.........................................................
7,193
86
Red
Cat
Holdings,
Inc.
(a)
(b)
...............................................
11,980
162
Red
Violet,
Inc.
(a)
......................................................
1,283
58
Rekor
Systems,
Inc.
(a)
...................................................
13,146
15
ReposiTrak,
Inc.
(b)
.....................................................
1,263
13
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Ribbon
Communications,
Inc.
(a)
............................................
16,060
$
42
Richardson
Electronics
Ltd.
...............................................
1,246
15
Rigetti
Computing,
Inc.
(a)
(b)
..............................................
37,215
676
Rimini
Street,
Inc.
(a)
....................................................
5,166
18
RingCentral,
Inc.
,
Class
A
(a)
...............................................
8,506
220
Riot
Platforms,
Inc.
(a)
...................................................
37,728
584
Rogers
Corp.
(a)
........................................................
2,037
198
Rubrik,
Inc.
,
Class
A
(a)
..................................................
15,711
879
Samsara,
Inc.
,
Class
A
(a)
.................................................
39,181
1,099
Sanmina
Corp.
(a)
.......................................................
6,060
859
ScanSource,
Inc.
(a)
.....................................................
2,446
105
SEMrush
Holdings,
Inc.
,
Class
A
(a)
..........................................
4,745
56
Semtech
Corp.
(a)
.......................................................
10,585
844
SentinelOne,
Inc.
,
Class
A
(a)
...............................................
36,175
506
ServiceTitan,
Inc.
,
Class
A
(a)
(b)
............................................
5,653
443
Silicon
Laboratories,
Inc.
(a)
...............................................
3,693
526
Silvaco
Group,
Inc.
(a)
...................................................
652
3
SiTime
Corp.
(a)
........................................................
2,488
903
SkyWater
Technology,
Inc.
(a)
(b)
............................................
3,431
109
Skyworks
Solutions,
Inc.
.................................................
17,033
950
SmartRent,
Inc.
,
Class
A
(a)
................................................
17,737
29
SolarEdge
Technologies,
Inc.
(a)
(b)
..........................................
6,704
208
Soluna
Holdings,
Inc.
(a)
(b)
................................................
8,501
9
SoundHound
AI,
Inc.
,
Class
A
(a)
(b)
..........................................
43,552
368
Sprinklr,
Inc.
,
Class
A
(a)
..................................................
12,701
81
Sprout
Social,
Inc.
,
Class
A
(a)
..............................................
5,785
52
SPS
Commerce,
Inc.
(a)
...................................................
4,280
382
Synaptics,
Inc.
(a)
.......................................................
4,348
359
TD
SYNNEX
Corp.
.....................................................
8,735
1,386
Telos
Corp.
(a)
.........................................................
5,716
31
Tenable
Holdings,
Inc.
(a)
.................................................
13,425
296
Teradata
Corp.
(a)
.......................................................
10,454
298
Terawulf,
Inc.
(a)
(b)
.....................................................
30,806
412
The
Hackett
Group,
Inc.
..................................................
2,699
49
TON
Strategy
Co.
(a)
....................................................
4,533
12
TSS,
Inc.
(a)
(b)
.........................................................
2,672
27
TTM
Technologies,
Inc.
(a)
................................................
11,491
1,128
Tucows,
Inc.
,
Class
A
(a)
..................................................
937
21
Turtle
Beach
Corp.
(a)
....................................................
1,423
17
UiPath,
Inc.
,
Class
A
(a)
(b)
................................................
47,436
597
Ultra
Clean
Holdings,
Inc.
(a)
..............................................
5,043
220
Unisys
Corp.
(a)
........................................................
7,180
19
Universal
Display
Corp.
..................................................
5,048
580
Unusual
Machines,
Inc.
(a)
................................................
3,829
53
Varonis
Systems,
Inc.
,
Class
B
(a)
...........................................
12,946
386
Veeco
Instruments,
Inc.
(a)
.................................................
6,731
210
Veritone,
Inc.
(a)
........................................................
9,040
32
Vertex,
Inc.
,
Class
A
(a)
...................................................
8,300
154
Via
Transportation,
Inc.
,
Class
A
(a)
(b)
........................................
3,471
81
Viant
Technology,
Inc.
,
Class
A
(a)
...........................................
1,596
19
Viasat,
Inc.
(a)
.........................................................
14,540
657
Viavi
Solutions,
Inc.
(a)
...................................................
25,207
617
Vishay
Intertechnology,
Inc.
...............................................
14,019
282
Vishay
Precision
Group,
Inc.
(a)
.............................................
1,327
66
Vistance
Networks,
Inc.
(a)
................................................
24,448
440
VMware,
Inc.
(a)
(c)
.....................................................
7,799
—
(d)
Vontier
Corp.
..........................................................
16,608
623
Vuzix
Corp.
(a)
(b)
.......................................................
7,326
19
Weave
Communications,
Inc.
(a)
............................................
7,609
49
Wolfspeed,
Inc.
(a)
(b)
....................................................
677
11
Workiva,
Inc.
,
Class
A
(a)
.................................................
5,736
442
Wrap
Technologies,
Inc.
(a)
(b)
..............................................
3,679
8
Xerox
Holdings
Corp.
(b)
.................................................
13,086
29
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Xperi,
Inc.
(a)
..........................................................
4,812
$
27
Yext,
Inc.
(a)
...........................................................
11,257
81
Zebra
Technologies
Corp.
(a)
...............................................
5,779
1,358
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
(b)
.....................................
22,708
422
91,430
Materials
(5.3%):
AdvanSix,
Inc.
.........................................................
2,900
46
Albemarle
Corp.
.......................................................
13,462
2,297
Alcoa
Corp.
...........................................................
29,691
1,687
Algoma
Steel
Group,
Inc.
.................................................
10,772
45
Alpha
Metallurgical
Resources,
Inc.
(a)
........................................
1,222
256
Alto
Ingredients,
Inc.
(a)
..................................................
7,250
18
American
Battery
Technology
Co.
(a)
(b)
.......................................
14,189
57
American
Infrastructure
Corp.
(a)
(b)
(c)
........................................
242
—
(d)
American
Vanguard
Corp.
(a)
...............................................
2,670
14
AptarGroup,
Inc.
.......................................................
7,481
935
Ardagh
Metal
Packaging
SA
...............................................
15,568
68
Arq,
Inc.
(a)
...........................................................
3,510
12
Arras
Minerals
Corp.
(a)
..................................................
4,451
2
Ascent
Industries
Co.
(a)
..................................................
871
14
Ashland,
Inc.
..........................................................
5,183
317
ASP
Isotopes,
Inc.
(a)
(b)
..................................................
11,050
70
Aspen
Aerogels,
Inc.
(a)
..................................................
7,537
25
Atlas
Lithium
Corp.
(a)
(b)
.................................................
1,790
9
Aura
Minerals,
Inc.
.....................................................
4,036
257
Avery
Dennison
Corp.
...................................................
8,824
1,637
Avient
Corp.
..........................................................
10,429
377
Axalta
Coating
Systems
Ltd.
(a)
.............................................
24,457
821
Balchem
Corp.
.........................................................
3,709
631
Ball
Corp.
............................................................
30,752
1,749
Cabot
Corp.
...........................................................
5,979
432
Celanese
Corp.
,
Class
A
..................................................
12,537
557
Century
Aluminum
Co.
(a)
.................................................
6,418
291
CF
Industries
Holdings,
Inc.
...............................................
17,792
1,659
Clearwater
Paper
Corp.
(a)
.................................................
1,701
29
Cleveland-Cliffs,
Inc.
(a)
..................................................
64,565
888
Coeur
Mining,
Inc.
(a)
....................................................
72,813
1,488
Commercial
Metals
Co.
..................................................
12,702
976
Compass
Minerals
International,
Inc.
(a)
.......................................
3,479
87
Contango
ORE,
Inc.
(a)
...................................................
1,216
34
Core
Molding
Technologies,
Inc.
(a)
..........................................
821
16
Critical
Metals
Corp.
(a)
(b)
................................................
6,003
79
Crown
Holdings,
Inc.
....................................................
13,159
1,377
Dakota
Gold
Corp.
(a)
....................................................
9,635
58
Eagle
Materials,
Inc.
.....................................................
3,650
744
Eastman
Chemical
Co.
...................................................
13,038
904
Ecovyst,
Inc.
(a)
........................................................
12,818
136
Eightco
Holdings,
Inc.
(a)
.................................................
16,479
24
Element
Solutions,
Inc.
...................................................
26,029
757
Flotek
Industries,
Inc.
(a)
(b)
................................................
1,528
27
FMC
Corp.
...........................................................
14,194
224
Friedman
Industries,
Inc.
.................................................
695
14
Ginkgo
Bioworks
Holdings,
Inc.
(a)
..........................................
4,741
42
Gold
Resource
Corp.
(a)
..................................................
17,210
23
Graphic
Packaging
Holding
Co.
............................................
33,438
490
Greif,
Inc.
,
Class
A
......................................................
2,909
205
H.B.
Fuller
Co.
........................................................
6,188
372
Hawkins,
Inc.
.........................................................
2,197
286
Hecla
Mining
Co.
.......................................................
76,150
1,715
Huntsman
Corp.
........................................................
18,763
203
Hycroft
Mining
Holding
Corp.
,
Class
A
(a)
(b)
...................................
5,800
217
Idaho
Strategic
Resources,
Inc.
(a)
...........................................
1,659
60
Ingevity
Corp.
(a)
.......................................................
4,064
267
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Innospec,
Inc.
.........................................................
2,800
$
229
Intrepid
Potash,
Inc.
(a)
...................................................
1,206
40
Kaiser
Aluminum
Corp.
..................................................
1,810
222
Knife
River
Corp.
(a)
....................................................
6,482
435
Koppers
Holdings,
Inc.
...................................................
2,094
62
Louisiana-Pacific
Corp.
..................................................
7,883
660
LSB
Industries,
Inc.
(a)
...................................................
5,477
51
Magnera
Corp.
(a)
.......................................................
3,972
52
Materion
Corp.
........................................................
2,338
323
Mativ
Holdings,
Inc.
.....................................................
6,087
73
McEwen,
Inc.
(a)
(b)
.....................................................
5,232
126
Mercer
International,
Inc.
.................................................
3,887
8
Metallus,
Inc.
(a)
........................................................
4,014
80
Minerals
Technologies,
Inc.
................................................
3,522
232
MP
Materials
Corp.
(a)
(b)
.................................................
16,391
963
Myers
Industries,
Inc.
....................................................
4,153
86
NewMarket
Corp.
......................................................
905
607
Novusterra,
Inc.
(a)
(c)
....................................................
579
—
O-I
Glass,
Inc.
(a)
.......................................................
17,204
263
Olin
Corp.
............................................................
13,040
271
Olympic
Steel,
Inc.
......................................................
1,103
53
Orion
SA
.............................................................
6,025
37
Perimeter
Solutions,
Inc.
(a)
................................................
16,084
421
Perpetua
Resources
Corp.
(a)
...............................................
13,013
346
PureCycle
Technologies,
Inc.
(a)
(b)
..........................................
20,078
192
Quaker
Chemical
Corp.
..................................................
1,552
239
Ramaco
Resources,
Inc.
,
Class
A
(a)
..........................................
5,261
103
Ranpak
Holdings
Corp.
,
Class
A
(a)
..........................................
8,083
41
Rayonier
Advanced
Materials,
Inc.
(a)
........................................
7,164
56
Royal
Gold,
Inc.
........................................................
9,688
2,551
Ryerson
Holding
Corp.
...................................................
3,048
86
Sealed
Air
Corp.
.......................................................
16,668
698
Sensient
Technologies
Corp.
...............................................
4,812
455
Silgan
Holdings,
Inc.
....................................................
9,989
431
Smith-Midland
Corp.
(a)
..................................................
487
17
Solesence,
Inc.
(a)
.......................................................
1,141
2
Sonoco
Products
Co.
....................................................
11,216
538
Stepan
Co.
............................................................
2,459
142
SunCoke
Energy,
Inc.
....................................................
9,489
75
Sylvamo
Corp.
.........................................................
3,726
182
The
Chemours
Co.
......................................................
17,062
256
The
Mosaic
Co.
........................................................
36,401
1,001
The
Scotts
Miracle-Gro
Co.
...............................................
5,078
326
TMC
the
metals
Co.,
Inc.
(a)
(b)
.............................................
21,157
140
Tredegar
Corp.
(a)
.......................................................
3,248
28
TriMas
Corp.
..........................................................
3,591
125
Tronox
Holdings
PLC
...................................................
13,211
80
U.S.
Gold
Corp.
(a)
......................................................
1,318
23
United
States
Antimony
Corp.
(a)
(b)
..........................................
13,762
101
United
States
Lime
&
Minerals,
Inc.
.........................................
1,227
148
US
Goldmining,
Inc.
(a)
..................................................
192
3
Vista
Gold
Corp.
(a)
.....................................................
13,466
30
Warrior
Met
Coal,
Inc.
...................................................
5,926
529
Westlake
Corp.
(b)
......................................................
3,777
300
Worthington
Steel,
Inc.
...................................................
3,706
149
40,712
Real
Estate
(7.3%):
Acadia
Realty
Trust
.....................................................
14,967
300
Agree
Realty
Corp.
.....................................................
12,998
939
Alexander
&
Baldwin,
Inc.
................................................
8,210
170
Alexander's,
Inc.
.......................................................
238
58
Alexandria
Real
Estate
Equities,
Inc.
.........................................
19,646
1,073
Alpine
Income
Property
Trust,
Inc.
..........................................
1,387
24
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
American
Assets
Trust,
Inc.
................................................
5,401
$
98
American
Healthcare
REIT,
Inc.
............................................
21,188
994
American
Homes
4
Rent
,
Class
A
...........................................
39,303
1,231
Americold
Realty
Trust,
Inc.
...............................................
32,723
406
AMREP
Corp.
(a)
.......................................................
214
4
Apartment
Investment
and
Management
Co.
....................................
15,024
88
Apple
Hospitality
REIT,
Inc.
...............................................
25,221
294
Armada
Hoffler
Properties,
Inc.
(b)
...........................................
8,903
62
Belpointe
Prep
LLC
,
Class
A
(a)
............................................
409
22
Braemar
Hotels
&
Resorts,
Inc.
.............................................
5,980
16
Brandywine
Realty
Trust
.................................................
18,835
53
Brixmor
Property
Group,
Inc.
..............................................
34,979
937
Broadstone
Net
Lease,
Inc.
,
Class
A
..........................................
21,518
398
BRT
Apartments
Corp.
...................................................
1,079
16
BXP,
Inc.
.............................................................
18,171
1,175
Camden
Property
Trust
...................................................
12,007
1,309
CareTrust
REIT,
Inc.
....................................................
25,592
956
CBL
&
Associates
Properties,
Inc.
...........................................
3,065
110
Centerspace
...........................................................
1,893
122
Chatham
Lodging
Trust
..................................................
5,229
37
Community
Healthcare
Trust,
Inc.
...........................................
3,001
52
Compass,
Inc.
,
Class
A
(a)
.................................................
71,130
891
Comstock
Holding
Cos.,
Inc.
,
Class
A
(a)
......................................
281
3
COPT
Defense
Properties
.................................................
12,962
399
Cousins
Properties,
Inc.
..................................................
19,152
483
CTO
Realty
Growth,
Inc.
.................................................
3,488
62
CubeSmart
...........................................................
26,023
977
Curbline
Properties
Corp.
.................................................
11,005
267
Cushman
&
Wakefield
Ltd.
(a)
..............................................
26,491
436
DiamondRock
Hospitality
Co.
..............................................
23,069
212
Diversified
Healthcare
Trust
...............................................
24,811
144
Douglas
Elliman,
Inc.
(a)
..................................................
7,665
21
Douglas
Emmett,
Inc.
....................................................
18,581
196
Easterly
Government
Properties,
Inc.
,
Class
A
..................................
4,929
115
EastGroup
Properties,
Inc.
................................................
6,084
1,105
Elme
Communities
......................................................
9,989
22
Empire
State
Realty
Trust,
Inc.
,
Class
A
.......................................
15,819
105
EPR
Properties
........................................................
8,570
465
Equity
LifeStyle
Properties,
Inc.
............................................
22,069
1,394
Essential
Properties
Realty
Trust,
Inc.
........................................
22,677
688
eXp
World
Holdings,
Inc.
(b)
...............................................
10,449
94
Farmland
Partners,
Inc.
...................................................
4,432
51
Federal
Realty
Investment
Trust
............................................
9,845
996
Fermi,
Inc.
(a)
(b)
.......................................................
26,288
229
First
Industrial
Realty
Trust,
Inc.
............................................
15,118
877
Five
Point
Holdings
LLC
,
Class
A
(a)
.........................................
5,513
29
Forestar
Group,
Inc.
(a)
...................................................
2,101
55
Four
Corners
Property
Trust,
Inc.
............................................
12,025
296
FrontView
REIT,
Inc.
....................................................
2,099
34
FRP
Holdings,
Inc.
(a)
....................................................
1,634
39
Gaming
and
Leisure
Properties,
Inc.
.........................................
31,183
1,395
Getty
Realty
Corp.
......................................................
6,178
185
Gladstone
Commercial
Corp.
..............................................
5,383
63
Gladstone
Land
Corp.
....................................................
3,856
43
Global
Medical
REIT,
Inc.
................................................
1,377
48
Global
Net
Lease,
Inc.
...................................................
22,384
212
Healthcare
Realty
Trust,
Inc.
,
Class
A
........................................
40,066
673
Healthpeak
Properties,
Inc.
................................................
79,755
1,375
Highwoods
Properties,
Inc.
................................................
12,385
320
Host
Hotels
&
Resorts,
Inc.
................................................
78,100
1,447
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
6,765
552
Hudson
Pacific
Properties,
Inc.
(a)
...........................................
6,006
52
Independence
Realty
Trust,
Inc.
.............................................
27,270
455
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Industrial
Logistics
Properties
Trust
..........................................
5,838
$
31
Innovative
Industrial
Properties,
Inc.
,
Class
A
...................................
3,150
152
InvenTrust
Properties
Corp.
...............................................
8,841
260
JBG
SMITH
Properties
(b)
................................................
6,707
113
Jones
Lang
LaSalle,
Inc.
(a)
................................................
5,388
1,928
Kennedy-Wilson
Holdings,
Inc.
.............................................
10,093
99
Kilroy
Realty
Corp.
.....................................................
13,450
464
Kimco
Realty
Corp.
.....................................................
76,293
1,608
Kite
Realty
Group
Trust
..................................................
24,649
579
Lamar
Advertising
Co.
,
Class
A
.............................................
9,916
1,272
Landbridge
Co.
LLC
,
Class
A
(b)
............................................
2,731
157
Lineage,
Inc.
..........................................................
8,074
288
Linkhome
Holdings,
Inc.
(a)
...............................................
595
1
LTC
Properties,
Inc.
.....................................................
5,338
195
LXP
Industrial
Trust
.....................................................
6,600
327
Marcus
&
Millichap,
Inc.
.................................................
2,644
72
Maui
Land
&
Pineapple
Co.,
Inc.
(a)
..........................................
698
12
Medical
Properties
Trust,
Inc.
(b)
............................................
56,970
286
Millrose
Properties,
Inc.
..................................................
17,660
526
Modiv
Industrial,
Inc.
,
Class
C
.............................................
981
15
National
Health
Investors,
Inc.
.............................................
5,226
429
National
Storage
Affiliates
Trust
............................................
8,159
260
NET
Lease
Office
Properties
...............................................
1,624
32
NETSTREIT
Corp.
(b)
...................................................
9,427
178
Newmark
Group,
Inc.
,
Class
A
.............................................
17,883
319
NexPoint
Diversified
Real
Estate
Trust
(b)
.....................................
4,377
21
NexPoint
Residential
Trust,
Inc.
............................................
2,369
72
NNN
REIT,
Inc.
........................................................
21,667
903
Omega
Healthcare
Investors,
Inc.
...........................................
33,952
1,490
One
Liberty
Properties,
Inc.
...............................................
1,718
37
Opendoor
Technologies,
Inc.
(a)
.............................................
94,363
486
Orion
Properties,
Inc.
....................................................
5,342
12
Outfront
Media,
Inc.
.....................................................
17,071
415
Park
Hotels
&
Resorts,
Inc.
................................................
21,071
230
Pebblebrook
Hotel
Trust
..................................................
12,654
145
Phillips
Edison
&
Co.,
Inc.
................................................
14,384
521
Piedmont
Realty
Trust,
Inc.
,
Class
A
.........................................
14,042
118
Postal
Realty
Trust,
Inc.
,
Class
A
............................................
2,760
50
PotlatchDeltic
Corp.
.....................................................
8,739
365
Rayonier,
Inc.
.........................................................
17,517
398
RE/MAX
Holdings,
Inc.
,
Class
A
(a)
.........................................
1,722
13
Regency
Centers
Corp.
...................................................
20,908
1,524
Rexford
Industrial
Realty,
Inc.
..............................................
26,615
1,079
RLJ
Lodging
Trust
......................................................
14,911
111
Ryman
Hospitality
Properties,
Inc.
...........................................
7,031
666
Sabra
Health
Care
REIT,
Inc.
..............................................
28,177
528
Safehold,
Inc.
.........................................................
5,581
79
Saul
Centers,
Inc.
.......................................................
1,461
46
Seaport
Entertainment
Group,
Inc.
(a)
.........................................
1,359
26
Seritage
Growth
Properties
,
Class
A
(a)
........................................
3,918
13
Service
Properties
Trust
..................................................
16,977
34
Sila
Realty
Trust,
Inc.
(b)
..................................................
6,233
152
SITE
Centers
Corp.
.....................................................
5,507
34
SL
Green
Realty
Corp.
...................................................
8,157
365
Smartstop
Self
Storage
REIT,
Inc.
...........................................
6,329
199
STAG
Industrial,
Inc.
....................................................
21,380
802
Strawberry
Fields
REIT,
Inc.
...............................................
794
10
Summit
Hotel
Properties,
Inc.
..............................................
11,536
51
Sunstone
Hotel
Investors,
Inc.
..............................................
21,448
188
Tanger,
Inc.
...........................................................
12,916
423
Tejon
Ranch
Co.
(a)
.....................................................
2,744
44
Terreno
Realty
Corp.
....................................................
11,628
716
The
Macerich
Co.
......................................................
29,292
555
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
The
RMR
Group,
Inc.
,
Class
A
.............................................
1,690
$
26
The
St.
Joe
Co.
........................................................
6,547
433
UDR,
Inc.
............................................................
37,834
1,406
UMH
Properties,
Inc.
....................................................
9,133
143
Universal
Health
Realty
Income
Trust
........................................
1,431
57
Urban
Edge
Properties
...................................................
14,426
280
Veris
Residential,
Inc.
....................................................
10,363
157
Vornado
Realty
Trust
....................................................
20,524
654
Whitestone
REIT
,
Class
B
.................................................
4,986
71
WP
Carey,
Inc.
.........................................................
24,901
1,737
Xenia
Hotels
&
Resorts,
Inc.
...............................................
10,718
158
56,095
Utilities
(2.4%):
American
States
Water
Co.
................................................
4,405
321
Artesian
Resources
Corp.
,
Class
A
...........................................
1,000
33
Avista
Corp.
..........................................................
9,255
382
Black
Hills
Corp.
.......................................................
8,641
631
Cadiz,
Inc.
(a)
..........................................................
6,160
35
California
Water
Service
Group
.............................................
6,790
304
Chesapeake
Utilities
Corp.
................................................
2,671
344
Clearway
Energy,
Inc.
,
Class
C
.............................................
13,231
478
Consolidated
Water
Co.
Ltd.
...............................................
1,686
64
Essential
Utilities,
Inc.
...................................................
32,505
1,261
Genie
Energy
Ltd.
,
Class
B
................................................
1,281
18
Global
Water
Resources,
Inc.
..............................................
1,406
12
H2O
America
.........................................................
3,778
197
Hallador
Energy
Co.
(a)
...................................................
3,644
67
Hawaiian
Electric
Industries,
Inc.
(a)
.........................................
19,763
303
IDACORP,
Inc.
........................................................
6,195
823
MDU
Resources
Group,
Inc.
...............................................
22,698
466
MGE
Energy,
Inc.
......................................................
4,187
334
Middlesex
Water
Co.
....................................................
1,997
105
Montauk
Renewables,
Inc.
(a)
..............................................
3,921
7
National
Fuel
Gas
Co.
...................................................
10,256
859
New
Jersey
Resources
Corp.
...............................................
11,518
570
Northwest
Natural
Holding
Co.
.............................................
4,713
219
Northwestern
Energy
Group,
Inc.
...........................................
7,005
475
OGE
Energy
Corp.
......................................................
23,542
1,028
Oklo,
Inc.
,
Class
A
(a)
(b)
..................................................
14,073
1,120
ONE
Gas,
Inc.
.........................................................
6,814
542
Ormat
Technologies,
Inc.
.................................................
6,986
873
Otter
Tail
Corp.
........................................................
4,384
391
Pinnacle
West
Capital
Corp.
...............................................
13,743
1,286
Portland
General
Electric
Co.
..............................................
12,884
647
Pure
Cycle
Corp.
(a)
.....................................................
2,516
29
ReNew
Energy
Global
PLC
(a)
.............................................
16,672
90
RGC
Resources,
Inc.
....................................................
879
19
Southwest
Gas
Holdings,
Inc.
..............................................
7,558
626
Spire,
Inc.
............................................................
6,626
560
The
AES
Corp.
........................................................
81,591
1,195
The
York
Water
Co.
.....................................................
1,602
54
TXNM
Energy,
Inc.
.....................................................
12,407
731
UGI
Corp.
............................................................
24,669
989
Unitil
Corp.
...........................................................
1,997
102
18,590
Total
Common
Stocks
(Cost
$449,849)
a
a
a
762,188
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Preferred
Stocks
(0.0%)
Information
Technology
(0.0%):
SRAX,
Inc.
(a)
(c)
.......................................................
$
3,374
$
—
Total
Preferred
Stocks
(Cost
$—(d))
a
a
a
—
Rights
(0.0%)(f)
Financials
(0.0%):(f)
Sycamore
Partners
LLC,
CVR
,
expiring
8/29/29
(a)
(c)
.............................
83,950
45
Health
Care
(0.0%):(f)
Akouos,
Inc.,
CVR
,
expiring
6/1/26
(a)
(c)
......................................
2,413
2
Albireo
Pharma,
Inc.,
CVR
,
expiring
3/2/26
(a)
(c)
................................
2,070
5
Applied
Genetics,
CVR
,
expiring
6/1/26
(a)
(c)
..................................
7,439
—
(d)
AstraZeneca
PLC,
CVR
,
expiring
6/1/26
(a)
(c)
..................................
4,321
1
Carisma
Therapeutics,
Inc.,
CVR
,
expiring
1/4/27
(a)
(c)
............................
22,411
—
Cartesian
Therapeutics,
Inc.,
RTS
,
expiring
1/11/27
(a)
(c)
...........................
14,929
3
Checkpoint
Therapeutics,
Inc.,
CVR
,
expiring
6/4/29
(a)
(c)
.........................
3,863
1
Chinook
Therapeutics,
Inc.,
RTS
,
expiring
6/1/26
(a)
(c)
............................
5,192
5
Coherus
Biosciences,
Inc.,
CVR
,
expiring
9/12/28
(a)
(c)
...........................
5,561
1
Concentra
Biosciences,
CVR
,
expiring
8/20/29
(a)
(c)
..............................
3,564
—
(d)
Concentra
Biosciences,
CVR
,
expiring
9/4/29
(a)
(c)
...............................
4,102
1
Concert
Pharmaceuticals,
Inc.,
CVR
,
expiring
3/5/26
(a)
(c)
.........................
5,168
2
Epizyme,
Inc.,
CVR
,
expiring
12/31/26
(a)
(c)
...................................
15,309
—
(d)
Flexion
Therapeutics,
Inc.,
CVR
,
expiring
6/1/26
(a)
(b)
(c)
..........................
6,526
—
(d)
F-star
Therapeutics,
Inc.,
CVR
,
expiring
12/30/49
(a)
(c)
............................
1,298
—
(d)
Imara,
Inc.,
CVR
,
expiring
1/4/27
(a)
(c)
.......................................
1,789
1
Inhibrx,
Inc.,
CVR
,
expiring
6/2/28
(a)
(c)
......................................
4,624
3
Magenta
Therapeutics,
Inc.,
RTS
,
expiring
1/11/27
(a)
(c)
...........................
4,843
—
(d)
MannKind
Corp.,
CVR
,
expiring
10/8/29
(a)
(c)
..................................
4,175
1
MediPacific,
Inc.,
CVR
,
expiring
6/1/26
(a)
(c)
...................................
5,536
—
(d)
Mersana
Therapeutics,
Inc.,
CVR
,
expiring
1/7/30
(a)
(c)
...........................
448
2
Novartis
AG,
CVR
,
expiring
12/31/26
(a)
(c)
....................................
6,837
8
NOVO
Nordisk,
CVR
,
expiring
6/30/31
(a)
(c)
...................................
8,051
5
Ocuphire
Pharma,
Inc.,
CVR
,
expiring
11/5/35
(a)
(c)
..............................
168
—
(d)
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
,
expiring
11/1/27
(a)
(c)
................
698
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
,
expiring
11/1/27
(a)
(c)
................
698
—
Opiant
Pharma,
Inc.,
CVR
,
expiring
6/1/26
(a)
(c)
.................................
533
—
(d)
Paratek
Pharmaceuticals,
Inc.,
CVR
,
expiring
1/5/27
(a)
(b)
(c)
........................
5,165
—
(d)
Pfizer,
Inc.,
CVR
,
expiring
12/31/27
(a)
(b)
(c)
...................................
5,320
26
Prevail
Therapeutics,
Inc.,
CVR
,
expiring
12/4/28
(a)
(c)
............................
4,938
2
Spectrum
Pharmaceuticals,
Inc.,
CVR
,
expiring
6/1/26
(a)
(c)
........................
20,024
—
Supernus
Pharmaceuticals,
CVR
,
expiring
12/31/26
(a)
(c)
..........................
6,407
1
Tetraphase
Pharmaceuticals,
Inc.,
CVR
,
expiring
6/1/26
(a)
(c)
.......................
1,178
—
Verve
Therapeutics,
Inc.,
CVR
,
expiring
12/31/26
(a)
(c)
............................
7,841
5
Vigil
Neuroscience,
Inc.,
CVR
,
expiring
12/31/26
(a)
(c)
............................
3,386
—
(d)
Zimmer
Biomet
Holdings,
Inc.,
CVR
,
expiring
1/4/27
(a)
(c)
.........................
5,527
1
Zynerba
Pharmaceuticals,
Inc.,
CVR
,
expiring
6/1/26
(a)
(b)
(c)
.......................
5,691
1
77
Information
Technology
(0.0%):(f)
Communications
Systems,
Inc.,
CVR
,
expiring
1/2/29
(a)
(c)
.........................
259
—
(d)
Total
Rights
(Cost
$7)
a
a
a
122
Warrants
(0.0%)(f)
Health
Care
(0.0%):(f)
Galectin
Therapeutics,
Inc.
,
expiring
5/23/26
(a)
.................................
7,552
—
(d)
Information
Technology
(0.0%):
Datavault
AI,
Inc.
,
expiring
7/1/31
(a)
(c)
.......................................
454
—
Total
Warrants
(Cost
$—)
a
a
a
—
(d)
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Collateral
for
Securities
Loaned
(5.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(g)
........
10,215,020
$
10,215
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(g)
............
10,215,020
10,215
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(g)
...............
10,215,020
10,215
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(g)
.
10,215,020
10,215
Total
Collateral
for
Securities
Loaned
(Cost
$40,860)
a
a
a
40,860
Total
Investments
(Cost
$490,716)
—
104.8%
803,170
Liabilities
in
excess
of
other
assets
—  (4.8)%
(36,722)
NET
ASSETS
-
100.00%
$
766,448
^
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
January
31,
2026.
(d)
Rounds
to
less
than
$1
thousand.
(e)
Affiliated
security.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
CVR
—
Contingent
Value
Right
LLC
—
Limited
Liability
Company
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
Russell
2000
Index
Futures
......
32
3/20/26
$
4,171
$
4,199
$
28
Total
unrealized
appreciation
$
28
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
28
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
1/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
Capital
Holdings,
Inc.
,
Class
A
..............
$
341
$
20
$
(
35
)
$
3
$
76
$
405
5,741
$
9
$
—
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
132
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(15.9%):
Alphabet,
Inc.
,
Class
A
...................................................
920,880
$
311,257
Alphabet,
Inc.
,
Class
C
...................................................
855,767
289,703
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
...................................
55,123
11,362
Comcast
Corp.
,
Class
A
..................................................
1,580,358
47,016
Electronic
Arts,
Inc.
.....................................................
108,026
22,029
Meta
Platforms,
Inc.
,
Class
A
..............................................
462,751
331,561
Netflix,
Inc.
(a)
.........................................................
1,847,427
154,242
Take-Two
Interactive
Software,
Inc.
(a)
........................................
79,653
17,547
T-Mobile
US,
Inc.
......................................................
487,728
96,185
Warner
Bros
Discovery,
Inc.
(a)
.............................................
1,073,833
29,573
1,310,475
Communications
Equipment
(1.6%):
Cisco
Systems,
Inc.
.....................................................
1,717,643
134,526
Consumer
Discretionary
(12.8%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
183,875
23,788
Amazon.com,
Inc.
(a)
....................................................
1,692,451
405,003
Booking
Holdings,
Inc.
...................................................
13,948
69,765
DoorDash,
Inc.
,
Class
A
(a)
................................................
176,375
36,090
Marriott
International,
Inc.
,
Class
A
..........................................
116,488
36,729
MercadoLibre,
Inc.
(a)
....................................................
22,050
47,359
O'Reilly
Automotive,
Inc.
(a)
...............................................
364,361
35,857
PDD
Holdings,
Inc.
,
ADR
(a)
...............................................
289,403
29,244
Ross
Stores,
Inc.
.......................................................
140,751
26,553
Starbucks
Corp.
........................................................
492,386
45,275
Tesla,
Inc.
(a)
..........................................................
700,166
301,358
1,057,021
Consumer
Staples
(7.7%):
Coca-Cola
Europacific
Partners
PLC
.........................................
197,359
18,098
Costco
Wholesale
Corp.
..................................................
192,365
180,871
Keurig
Dr.
Pepper,
Inc.
...................................................
583,907
16,022
Mondelez
International,
Inc.
,
Class
A
.........................................
554,881
32,444
Monster
Beverage
Corp.
(a)
................................................
423,881
34,233
PepsiCo,
Inc.
..........................................................
596,181
91,591
The
Kraft
Heinz
Co.
.....................................................
505,785
12,007
Walmart,
Inc.
..........................................................
2,132,244
254,036
639,302
Energy
(0.5%):
Baker
Hughes
Co.
,
Class
A
................................................
426,713
23,913
Diamondback
Energy,
Inc.
................................................
123,637
20,270
44,183
Financials
(0.3%):
PayPal
Holdings,
Inc.
....................................................
403,981
21,286
Health
Care
(4.9%):
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
56,986
19,265
Amgen,
Inc.
...........................................................
232,001
79,317
Dexcom,
Inc.
(a)
........................................................
166,754
12,180
GE
HealthCare
Technologies,
Inc.
...........................................
195,683
15,453
Gilead
Sciences,
Inc.
....................................................
531,650
75,468
IDEXX
Laboratories,
Inc.
(a)
...............................................
34,517
23,142
Insmed,
Inc.
(a)
.........................................................
91,520
14,357
Intuitive
Surgical,
Inc.
(a)
.................................................
154,497
77,900
Regeneron
Pharmaceuticals,
Inc.
............................................
44,802
33,218
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
109,688
51,542
401,842
Industrials
(4.1%):
Automatic
Data
Processing,
Inc.
............................................
174,884
43,165
Axon
Enterprise,
Inc.
(a)
..................................................
33,974
16,429
Cintas
Corp.
..........................................................
174,302
33,360
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Copart,
Inc.
(a)
.........................................................
416,472
$
16,900
CSX
Corp.
............................................................
807,054
30,474
Fastenal
Co.
...........................................................
495,786
21,497
Ferrovial
SE
..........................................................
316,479
21,517
Honeywell
International,
Inc.
..............................................
274,505
62,455
Old
Dominion
Freight
Line,
Inc.
............................................
89,859
15,564
PACCAR,
Inc.
.........................................................
227,448
27,956
Paychex,
Inc.
..........................................................
154,707
15,955
Thomson
Reuters
Corp.
..................................................
192,151
21,258
Verisk
Analytics,
Inc.
,
Class
A
..............................................
59,680
12,978
339,508
IT
Services
(1.1%):
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
207,749
17,048
Shopify,
Inc.
,
Class
A
(a)
..................................................
526,169
69,049
86,097
Materials
(1.1%):
Linde
PLC
............................................................
202,400
92,491
Real
Estate
(0.1%):
CoStar
Group,
Inc.
(a)
....................................................
180,635
11,109
Semiconductors
&
Semiconductor
Equipment
(26.0%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
710,918
168,296
Analog
Devices,
Inc.
....................................................
213,271
66,302
Applied
Materials,
Inc.
...................................................
347,594
112,036
ARM
Holdings
PLC
,
ADR
(a)
..............................................
57,888
6,099
ASML
Holding
NV
,
Registered
Shares
,
NYS
...................................
38,176
54,324
Broadcom,
Inc.
........................................................
747,295
247,579
Intel
Corp.
(a)
..........................................................
2,080,443
96,678
KLA
Corp.
...........................................................
57,296
81,815
Lam
Research
Corp.
.....................................................
548,189
127,980
Marvell
Technology,
Inc.
.................................................
373,571
29,482
Microchip
Technology,
Inc.
................................................
232,787
17,673
Micron
Technology,
Inc.
..................................................
491,541
203,931
Monolithic
Power
Systems,
Inc.
............................................
20,711
23,282
NVIDIA
Corp.
.........................................................
3,848,297
735,525
NXP
Semiconductors
NV
.................................................
108,865
24,619
QUALCOMM,
Inc.
.....................................................
466,580
70,729
Texas
Instruments,
Inc.
...................................................
392,269
84,554
2,150,904
Software
(13.8%):
Adobe,
Inc.
(a)
.........................................................
181,671
53,275
AppLovin
Corp.
,
Class
A
(a)
...............................................
134,029
63,410
Atlassian
Corp.
,
Class
A
(a)
................................................
71,180
8,412
Autodesk,
Inc.
(a)
.......................................................
91,423
23,118
Cadence
Design
Systems,
Inc.
(a)
............................................
118,117
35,005
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
106,972
47,218
Datadog,
Inc.
,
Class
A
(a)
.................................................
140,205
18,131
Fortinet,
Inc.
(a)
........................................................
321,782
26,148
Intuit,
Inc.
............................................................
119,165
59,454
Microsoft
Corp.
........................................................
1,176,837
506,381
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
997,216
146,182
Palo
Alto
Networks,
Inc.
(a)
................................................
298,990
52,912
Roper
Technologies,
Inc.
..................................................
46,105
17,116
Strategy,
Inc.
,
Class
A
(a)
..................................................
115,043
17,223
Synopsys,
Inc.
(a)
.......................................................
80,429
37,409
Workday,
Inc.
,
Class
A
(a)
.................................................
91,539
16,077
Zscaler,
Inc.
(a)
.........................................................
68,010
13,603
1,141,074
Technology
Hardware,
Storage
&
Peripherals
(8.3%):
Apple,
Inc.
...........................................................
2,339,887
607,154
Seagate
Technology
Holdings
PLC
..........................................
92,769
37,821
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Western
Digital
Corp.
....................................................
148,518
$
37,164
682,139
Utilities
(1.4%):
American
Electric
Power
Co.,
Inc.
...........................................
231,285
27,702
Constellation
Energy
Corp.
................................................
158,483
44,483
Exelon
Corp.
..........................................................
435,697
19,511
Xcel
Energy,
Inc.
.......................................................
255,104
19,403
111,099
Total
Common
Stocks
(Cost
$2,687,780)
a
a
a
8,223,056
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(c)
........
2,666,728
2,666
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(c)
............
2,666,728
2,667
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
...............
2,666,728
2,667
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(c)
.
2,666,728
2,667
Total
Collateral
for
Securities
Loaned
(Cost
$10,667)
a
a
a
10,667
Total
Investments
(Cost
$2,698,447)
—
99.7%
8,233,723
Other
assets
in
excess
of
liabilities
—  0.3%
28,452
NET
ASSETS
-
100.00%
$
8,262,175
^
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
January
31,
2026.
ADR
—
American
Depositary
Receipt
NYS
—
New
York
Registered
Shares
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
NASDAQ
100
E-Mini
Futures
.........
77
3/20/26
$
39,494
$
39,532
$
38
Total
unrealized
appreciation
$
38
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
38
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Income
Fund
135
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(11.3%)
ABS
Auto
(5.2%):
Ally
Auto
Receivables
Trust
,
Series
2024-1
,
Class
C
,
5
.41
%
,
11/15/29
,
Callable
9/15/27
@
100
$
1,500
$
1,522
ARI
Fleet
Lease
Trust
....................................................
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
10/15/27
@
100
(a)
..............
1,100
1,131
Series
2025-A
,
Class
A3
,
4
.46
%
,
1/17/34
,
Callable
9/15/28
@
100
(a)
..............
1,000
1,010
AutoNation
Finance
Trust
,
Series
2026-1A
,
Class
B
,
4
.42
%
,
6/11/31
,
Callable
11/11/29
@
100
(a)
...........................................................
2,000
2,006
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
1,750
1,756
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
4,000
4,210
BofA
Auto
Trust
,
Series
2024-1A
,
Class
A4
,
5
.31
%
,
6/17/30
,
Callable
4/15/27
@
100
(a)
....
1,350
1,374
CarMax
Auto
Owner
Trust
................................................
Series
2022-3
,
Class
D
,
6
.20
%
,
1/16/29
,
Callable
10/15/26
@
100
................
2,930
2,957
Series
2023-2
,
Class
B
,
5
.18
%
,
11/15/28
,
Callable
5/15/27
@
100
................
5,000
5,071
CarMax
Select
Receivables
Trust
...........................................
Series
2024-A
,
Class
B
,
5
.35
%
,
1/15/30
,
Callable
4/15/28
@
100
.................
2,400
2,439
Series
2025-A
,
Class
B
,
5
.01
%
,
9/16/30
,
Callable
11/15/28
@
100
................
2,000
2,029
Carvana
Auto
Receivables
Trust
,
Series
2021-N4
,
Class
A2
,
1
.80
%
,
9/11/28
,
Callable
11/10/27
@
100
...........................................................
1,067
1,050
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA
,
Class
C
,
6
.24
%
,
9/25/29
,
Callable
1/25/28
@
100
(a)
.............
2,750
2,860
Series
2024-1A
,
Class
B
,
5
.16
%
,
11/26/29
,
Callable
12/25/27
@
100
(a)
............
964
988
Series
2024-2A
,
Class
B
,
5
.55
%
,
1/25/30
,
Callable
12/25/27
@
100
(a)
.............
2,500
2,584
Series
2024-3A
,
Class
A4
,
5
.08
%
,
12/25/29
,
Callable
2/25/28
@
100
(a)
............
2,000
2,045
Series
2024-4A
,
Class
B
,
5
.23
%
,
4/25/30
,
Callable
2/25/28
@
100
(a)
..............
1,500
1,537
Series
2025-2A
,
Class
B
,
4
.32
%
,
3/25/31
,
Callable
3/25/29
@
100
(a)
..............
1,367
1,372
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
...........................................................
1,000
1,005
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A3
,
5
.84
%
,
1/18/28
,
Callable
2/15/27
@
100
(a)
..............
981
987
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
2/15/27
@
100
(a)
.............
2,000
2,032
Corporate
One
Auto
Receivables
Trust
........................................
Series
2026-1A
,
Class
A4
,
4
.27
%
,
12/16/30
,
Callable
6/15/29
@
100
(a)
............
2,395
2,394
Series
2026-1A
,
Class
B
,
4
.59
%
,
1/15/31
,
Callable
6/15/29
@
100
(a)
..............
556
555
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-2A
,
Class
A
,
5
.92
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
165
166
Series
2023-2A
,
Class
B
,
6
.61
%
,
7/15/33
,
Callable
11/15/26
@
100
(a)
.............
2,000
2,014
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
2,842
2,885
Series
2024-3A
,
Class
A
,
4
.68
%
,
9/15/34
,
Callable
5/15/28
@
100
(a)
..............
2,000
2,011
Series
2025-2A
,
Class
B
,
4
.87
%
,
1/15/36
,
Callable
9/15/29
@
100
(a)
..............
829
824
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
...........................................................
1,750
1,788
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
4,000
4,033
Series
2023-1
,
Class
A3
,
5
.42
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
2,222
2,244
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
1/20/27
@
100
(a)
..............
1,026
1,031
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
8/20/27
@
100
(a)
..............
3,000
3,055
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
3/15/28
@
100
(a)
.............
3,232
3,298
Series
2025-1A
,
Class
B
,
5
.36
%
,
9/15/31
,
Callable
8/15/28
@
100
(a)
..............
647
662
First
Investors
Auto
Owner
Trust
,
Series
2025-1A
,
Class
B
,
4
.39
%
,
1/15/31
,
Callable
8/15/30
@
100
(a)
.........................................................
2,000
2,001
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
2,467
2,517
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
6,150
6,390
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
7/15/27
@
100
(a)
............................................
2,143
2,155
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
4/15/28
@
100
(a)
..............
1,660
1,703
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
4/15/28
@
100
(a)
..............
998
1,033
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
.............
1,000
998
Victory
Portfolios
III
Victory
Income
Fund
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2021-4A
,
Class
E
,
4
.43
%
,
10/16/28
,
Callable
2/15/27
@
100
(a)
.............
$
750
$
750
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
B
,
6
.67
%
,
12/17/29
,
Callable
8/15/28
@
100
(a)
.............
3,110
3,199
Series
2025-1A
,
Class
A2
,
4
.71
%
,
4/15/30
,
Callable
10/15/28
@
100
(a)
............
994
1,000
GM
Financial
Automobile
Leasing
Trust
,
Series
2024-1
,
Class
B
,
5
.33
%
,
3/20/28
,
Callable
6/20/26
@
100
.....................................................
70
70
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2025-1
,
Class
B
,
5
.00
%
,
8/16/30
,
Callable
2/16/28
@
100
........................................
2,000
2,041
GreenState
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.17
%
,
1/15/30
,
Callable
1/15/28
@
100
(a)
...................................................
4,000
4,064
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
1/15/27
@
100
(a)
...........................................................
7,000
7,035
Hertz
Vehicle
Financing
III
LLC
,
Series
2023-1A
,
Class
B
,
6
.22
%
,
6/25/27
(a)
...........
833
837
Hertz
Vehicle
Financing
LLC
,
Series
2022-2A
,
Class
C
,
2
.95
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
...........................................................
3,500
3,413
LAD
Auto
Receivables
Trust
...............................................
Series
2023-2A
,
Class
B
,
5
.45
%
,
4/15/28
,
Callable
5/15/27
@
100
(a)
..............
2,719
2,722
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
9/15/27
@
100
(a)
..............
2,307
2,323
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
12/15/27
@
100
(a)
............
1,450
1,470
M&T
Bank
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
A4
,
4
.89
%
,
7/15/32
,
Callable
9/15/28
@
100
(a)
...................................................
1,800
1,841
Mercedes-Benz
Auto
Receivables
Trust
,
Series
2025-1
,
Class
A4
,
4
.92
%
,
4/15/31
,
Callable
4/15/28
@
100
.....................................................
3,000
3,067
Merchants
Fleet
Funding
LLC
,
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
1/20/27
@
100
(a)
...........................................................
4,299
4,360
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
8/15/27
@
100
(a)
..............
1,500
1,547
Series
2025-1A
,
Class
A4
,
4
.79
%
,
1/15/31
,
Callable
3/15/29
@
100
(a)
.............
2,000
2,029
Series
2025-1A
,
Class
B
,
4
.94
%
,
4/15/31
,
Callable
3/15/29
@
100
(a)
..............
1,215
1,226
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2024-A
,
Class
A4
,
4
.75
%
,
3/15/30
,
Callable
9/15/28
@
100
(a)
..............
4,500
4,556
Series
2025-A
,
Class
A4
,
4
.19
%
,
5/15/31
,
Callable
5/15/29
@
100
(a)
..............
1,500
1,503
Series
2025-A
,
Class
B
,
4
.37
%
,
7/15/31
,
Callable
5/15/29
@
100
(a)
...............
667
659
Prestige
Auto
Receivables
Trust
,
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
(a)
...........
1,646
1,649
SBNA
Auto
Lease
Trust
,
Series
2024-B
,
Class
A4
,
5
.55
%
,
12/20/28
,
Callable
4/20/27
@
100
(a)
1,182
1,196
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A
,
Class
A4
,
5
.21
%
,
4/16/29
,
Callable
7/15/28
@
100
(a)
..............
3,450
3,478
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
7/15/28
@
100
(a)
...............
3,450
3,493
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
10/15/27
@
100
(a)
............
900
917
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
10/15/27
@
100
(a)
............
3,000
3,079
Series
2024-1A
,
Class
B
,
5
.33
%
,
7/15/30
,
Callable
4/15/28
@
100
(a)
..............
3,980
4,045
Series
2025-1A
,
Class
B
,
4
.78
%
,
12/15/31
,
Callable
4/15/29
@
100
(a)
.............
3,000
3,025
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
3/25/28
@
100
(a)
...............
801
809
Series
2026-A
,
Class
B
,
4
.28
%
,
3/25/33
,
Callable
9/25/29
@
100
(a)
...............
1,500
1,502
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
B
,
5
.71
%
,
1/22/30
,
Callable
8/20/27
@
100
(a)
..............
1,500
1,533
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
2/20/28
@
100
(a)
..............
1,218
1,245
Series
2024-2A
,
Class
B
,
5
.41
%
,
8/20/30
,
Callable
5/20/28
@
100
(a)
..............
4,349
4,457
Series
2024-3A
,
Class
B
,
4
.76
%
,
11/20/31
,
Callable
8/20/28
@
100
(a)
.............
3,000
3,041
Tesla
Auto
Lease
Trust
,
Series
2024-A
,
Class
A4
,
5
.31
%
,
12/20/27
,
Callable
7/20/26
@
100
(a)
3,000
3,018
Tesla
Lease
Electric
Vehicle
Securitization
LLC
,
Series
2025-A
,
Class
A4
,
4
.37
%
,
5/21/29
,
Callable
12/20/27
@
100
(a)
...........................................
1,500
1,510
Toyota
Auto
Receivables
Owner
Trust
,
Series
2024-D
,
Class
A4
,
4
.43
%
,
4/15/30
,
Callable
5/15/28
@
100
.....................................................
2,883
2,917
Truist
Bank
Auto
Credit-Linked
Notes
,
Series
2025-1
,
Class
B
,
4
.73
%
,
9/26/33
,
Callable
12/25/28
@
100
(a)
..................................................
809
813
United
Auto
Credit
Securitization
Trust
,
Series
2026-1
,
Class
B
,
4
.63
%
,
5/10/29
,
Callable
4/10/29
@
100
(a)
...................................................
1,500
1,501
USB
Auto
Owner
Trust
...................................................
Series
2025-1A
,
Class
A4
,
4
.62
%
,
12/16/30
,
Callable
3/15/28
@
100
(a)
............
1,500
1,522
Series
2025-1A
,
Class
B
,
4
.81
%
,
1/15/31
,
Callable
3/15/28
@
100
(a)
..............
1,000
1,016
Victory
Portfolios
III
Victory
Income
Fund
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
10/15/27
@
100
(a)
...........
$
3,000
$
3,034
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
10/15/27
@
100
(a)
.............
1,600
1,631
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
10/15/27
@
100
(a)
.............
3,500
3,600
Western
Funding
Auto
Loan
Trust
,
Series
2025-1
,
Class
A
,
4
.75
%
,
7/16/35
(a)
............
2,000
2,018
Westlake
Automobile
Receivables
Trust
,
Series
2025-1A
,
Class
B
,
4
.98
%
,
9/16/30
,
Callable
7/15/28
@
100
(a)
...................................................
1,563
1,581
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
1,137
1,144
Series
2024-1A
,
Class
B
,
5
.50
%
,
2/18/39
(a)
................................
3,167
3,236
197,444
ABS
Card
(0.8%):
American
Express
Credit
Account
Master
Trust
,
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
....
1,985
2,066
Capital
One
Multi-Asset
Execution
Trust
,
Series
2021-A2
,
Class
A2
,
1
.39
%
,
7/15/30
.......
1,985
1,870
CARDS
II
Trust
,
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/15/29
(a)
.......................
1,575
1,580
Citibank
Credit
Card
Issuance
Trust
,
Series
2018-A7
,
Class
A7
,
3
.96
%
,
10/13/30
.........
5,000
5,015
Golden
Credit
Card
Trust
.................................................
Series
2021-1A
,
Class
B
,
1
.44
%
,
8/15/28
(a)
................................
4,500
4,432
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
................................
4,467
4,388
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
.................
2,344
2,295
Master
Credit
Card
Trust
II
,
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
..............
1,273
1,394
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-2A
,
Class
C
,
6
.32
%
,
3/26/33
(a)
................................
3,603
3,754
Series
2025-1A
,
Class
B
,
4
.41
%
,
9/26/30
(a)
................................
1,500
1,503
28,297
ABS
Other
(4.5%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
2/15/26
@
100
(a)
.........................................................
8,500
8,376
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
............................................
2,875
2,920
Amur
Equipment
Finance
Receivables
XIII
LLC
,
Series
2024-1A
,
Class
C
,
5
.55
%
,
1/21/31
,
Callable
12/20/27
@
100
(a)
...........................................
1,365
1,388
Ansley
Park
Capital
LLC
.................................................
Series
2025-A
,
Class
A2
,
4
.43
%
,
4/20/35
,
Callable
4/20/28
@
100
(a)
..............
981
987
Series
2025-A
,
Class
B
,
4
.60
%
,
4/20/35
,
Callable
4/20/28
@
100
(a)
...............
2,000
2,006
Auxilior
Term
Funding
LLC
,
Series
2024-1A
,
Class
A3
,
5
.49
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
...........................................................
85
86
Barings
Equipment
Finance
LLC
............................................
Series
2025-A
,
Class
A4
,
5
.02
%
,
6/13/50
,
Callable
1/13/30
@
100
(a)
..............
1,900
1,953
Series
2025-B
,
Class
A4
,
4
.29
%
,
9/13/50
,
Callable
10/13/30
@
100
(a)
.............
1,960
1,961
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
9/14/26
@
100
(a)
..............
277
278
Series
2023-1
,
Class
B
,
5
.99
%
,
9/16/30
,
Callable
9/14/26
@
100
(a)
...............
985
994
Series
2024-1
,
Class
B
,
5
.08
%
,
3/15/32
,
Callable
3/14/28
@
100
(a)
...............
4,000
4,061
Series
2025-1
,
Class
B
,
4
.69
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
990
1,000
CF
Hippolyta
Issuer
LLC
.................................................
Series
2020-1
,
Class
A1
,
1
.69
%
,
7/15/60
(a)
................................
474
398
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
2/15/26
@
100
(a)
.............
2,787
2,260
Crossroads
Asset
Trust
...................................................
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
2/20/28
@
100
(a)
...............
2,518
2,570
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
12/20/28
@
100
(a)
..............
228
231
CyrusOne
Data
Centers
Issuer
I
LLC
,
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
...................................................
3,256
3,195
Dell
Equipment
Finance
Trust
..............................................
Series
2023-3
,
Class
A3
,
5
.93
%
,
4/23/29
,
Callable
5/22/26
@
100
(a)
..............
460
462
Series
2025-2
,
Class
B
,
4
.34
%
,
3/24/31
,
Callable
6/22/28
@
100
(a)
...............
1,000
1,000
Dext
ABS
LLC
,
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
9/15/27
@
100
(a)
.......
2,333
2,469
Diamond
Infrastructure
Funding
LLC
,
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
2/20/26
@
100
(a)
...................................................
5,667
5,519
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
A
,
2
.31
%
,
11/20/51
,
Callable
2/20/26
@
100
(a)
.
4,875
4,719
DLLAA
LLC
,
Series
2025-1A
,
Class
A4
,
5
.08
%
,
4/20/33
,
Callable
10/20/28
@
100
(a)
.....
2,375
2,441
DLLAD
LLC
,
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
1/20/29
@
100
(a)
......
2,257
2,334
Victory
Portfolios
III
Victory
Income
Fund
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
DLLMT
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.34
%
,
3/22/27
,
Callable
2/20/27
@
100
(a)
.............
$
329
$
330
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
2/20/27
@
100
(a)
.............
2,286
2,306
Series
2024-1A
,
Class
A4
,
4
.98
%
,
4/20/32
,
Callable
5/20/28
@
100
(a)
.............
1,758
1,791
FirstKey
Homes
Trust
,
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
(b)
...............
6,538
6,424
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
....
1,597
1,603
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2025-1
,
Class
A4
,
4
.58
%
,
1/15/32
,
Callable
5/15/29
@
100
(a)
..............
1,990
2,017
Series
2025-2
,
Class
B
,
4
.50
%
,
9/15/32
,
Callable
1/15/30
@
100
(a)
...............
1,450
1,452
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
1/20/27
@
100
(a)
..............
1,909
1,914
Series
2025-1A
,
Class
B
,
4
.51
%
,
9/20/32
,
Callable
4/20/29
@
100
(a)
..............
2,000
2,015
John
Deere
Owner
Trust
,
Series
2024-B
,
Class
A4
,
5
.19
%
,
5/15/31
,
Callable
4/15/28
@
100
.
1,100
1,126
Kubota
Credit
Owner
Trust
,
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
3/15/28
@
100
(a)
...........................................................
1,300
1,335
M&T
Equipment
LEAF1
Notes
,
Series
2024-1A
,
Class
A4
,
4
.94
%
,
8/18/31
,
Callable
6/16/28
@
100
(a)
.........................................................
1,600
1,620
MMAF
Equipment
Finance
LLC
............................................
Series
2022-A
,
Class
A4
,
3
.32
%
,
6/13/44
(a)
................................
1,500
1,498
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
1,750
1,794
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
11/13/29
@
100
(a)
.............
210
217
MVW
LLC
,
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
3/20/27
@
100
(a)
.......
308
297
NMEF
Funding
LLC
....................................................
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
5/15/27
@
100
(a)
...............
1,985
2,015
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
1,404
1,423
Series
2025-B
,
Class
B
,
4
.73
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
2,000
2,007
NP
SPE
II
LLC
,
Series
2017-1A
,
Class
A2
,
4
.22
%
,
10/21/47
(a)
......................
15,586
13,591
NP
SPE
X
LP
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
.......................
4,143
3,387
Pawnee
Equipment
Receivables
LLC
,
Series
2022-1
,
Class
B
,
5
.40
%
,
7/17/28
,
Callable
7/15/26
@
100
(a)
.........................................................
548
548
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A
,
Class
A3
,
5
.64
%
,
11/20/30
,
Callable
1/20/28
@
100
(a)
............
3,500
3,563
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
9/20/28
@
100
(a)
.............
837
851
Series
2026-1A
,
Class
A3
,
4
.39
%
,
7/20/33
,
Callable
7/20/29
@
100
(a)
.............
1,714
1,719
Post
Road
Equipment
Finance
LLC
,
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
7/15/28
@
100
(a)
...................................................
2,061
2,082
Progress
Residential
Trust
.................................................
Series
2021-SFR6
,
Class
A
,
1
.52
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(b)
..........
4,356
4,309
Series
2021-SFR6
,
Class
B
,
1
.75
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(b)
..........
3,938
3,893
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
8,545
8,397
Retained
Vantage
Data
Centers
Issuer
LLC
,
Series
2025-1A
,
Class
A2A
,
5
.09
%
,
8/15/50
,
Callable
8/15/28
@
100
(a)
............................................
2,000
1,974
SCF
Equipment
Leasing
LLC
..............................................
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
9/20/29
@
100
(a)
..............
3,000
3,054
Series
2024-1A
,
Class
A3
,
5
.52
%
,
1/20/32
,
Callable
2/20/30
@
100
(a)
.............
2,945
3,008
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
,
Callable
3/25/28
@
100
(a)
...........................................................
4,000
3,935
Vantage
Data
Centers
LLC
,
Series
2025-1A
,
Class
A2
,
5
.13
%
,
8/15/55
,
Callable
8/15/28
@
100
(a)
...........................................................
2,000
1,978
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
............
4,000
3,905
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
2,438
2,412
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
.............
512
519
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
6/12/28
@
100
(a)
............
1,310
1,333
Verizon
Master
Trust
,
Series
2025-10
,
Class
A
,
4
.28
%
,
10/20/33
,
Callable
10/20/30
@
100
(a)
2,000
2,006
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A
,
Class
A4
,
4
.29
%
,
7/15/31
,
Callable
3/15/28
@
100
(a)
.............
3,500
3,521
Series
2025-1A
,
Class
A4
,
4
.53
%
,
10/15/31
,
Callable
12/15/28
@
100
(a)
...........
1,990
2,015
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
5,972
5,356
Zayo
Issuer
LLC
.......................................................
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.............
4,500
4,579
Victory
Portfolios
III
Victory
Income
Fund
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-2A
,
Class
A2
,
5
.95
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
............
$
2,000
$
2,054
170,781
Agency
ABS
Other
(0.8%):
CIT
Education
Loan
Trust
,
Series
2007-1
,
Class
B
,
4
.61
%
(
SOFR90A
+
56
bps
)
,
6/25/42
,
Callable
3/25/26
@
100
(a)
(c)
..........................................
1,603
1,309
Navient
Student
Loan
Trust
................................................
Series
2015-2
,
Class
B
,
5
.31
%
(
SOFR30A
+
161
bps
)
,
8/25/50
,
Callable
9/25/33
@
100
(c)
3,000
2,985
Series
2018-2A
,
Class
B
,
4
.96
%
(
SOFR30A
+
126
bps
)
,
3/25/67
,
Callable
10/25/37
@
100
(a)
(c)
.........................................................
3,500
3,225
Nelnet
Student
Loan
Trust
,
Series
2005-4
,
Class
B
,
4
.62
%
(
SOFR90A
+
54
bps
)
,
9/22/35
,
Callable
3/22/26
@
100
(c)
............................................
873
848
SLM
Student
Loan
Trust
..................................................
Series
2003-14
,
Class
B
,
4
.70
%
(
SOFR90A
+
81
bps
)
,
10/25/65
,
Callable
4/25/26
@
100
(c)
653
628
Series
2005-9
,
Class
B
,
4
.45
%
(
SOFR90A
+
56
bps
)
,
1/25/41
,
Callable
1/25/29
@
100
(c)
1,078
1,024
Series
2006-10
,
Class
B
,
4
.37
%
(
SOFR90A
+
48
bps
)
,
3/25/44
,
Callable
7/25/30
@
100
(c)
835
788
Series
2007-1
,
Class
B
,
4
.37
%
(
SOFR90A
+
48
bps
)
,
1/27/42
,
Callable
10/25/29
@
100
(c)
3,033
2,799
Series
2007-7
,
Class
B
,
4
.90
%
(
SOFR90A
+
101
bps
)
,
10/27/70
,
Callable
4/25/26
@
100
(c)
5,740
5,774
Series
2012-6
,
Class
B
,
4
.81
%
(
SOFR30A
+
111
bps
)
,
4/27/43
,
Callable
3/25/30
@
100
(c)
12,862
12,193
31,573
Total
Asset-Backed
Securities
(Cost
$428,488)
a
a
a
428,095
Collateralized
Mortgage
Obligations
(5.4%)
Agency
CMO
Other
(0.4%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
1,386
1,408
Federal
National
Mortgage
Association
,
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
........
1,375
1,382
Government
National
Mortgage
Association
....................................
Series
2024-1
,
Class
GA
,
4
.50
%
,
6/20/50
..................................
5,052
5,053
Series
2024-160
,
Class
MA
,
4
.50
%
,
6/20/52
................................
3,497
3,497
Series
2024-95
,
Class
AB
,
2
.50
%
,
6/20/45
.................................
1,670
1,543
Series
2025-114
,
Class
JA
,
4
.50
%
,
8/20/51
.................................
1,436
1,435
14,318
Agency
Commercial
MBS
(1.3%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K097
,
Class
A2
,
2
.51
%
,
7/25/29
...................................
8,000
7,642
Series
K100
,
Class
A2
,
2
.67
%
,
9/25/29
...................................
5,455
5,226
Series
K121
,
Class
A2
,
1
.55
%
,
10/25/30
..................................
435
389
Series
K135
,
Class
A2
,
2
.15
%
,
10/25/31
(d)
................................
1,200
1,080
Series
K138
,
Class
A2
,
2
.48
%
,
1/25/32
...................................
980
893
Series
KG02
,
Class
A2
,
2
.41
%
,
8/25/29
...................................
9,091
8,661
Series
KIR1
,
Class
A2
,
2
.85
%
,
3/25/26
...................................
12,000
11,961
Series
S8FX
,
Class
A1
,
3
.02
%
,
3/25/27
...................................
3,542
3,520
Federal
National
Mortgage
Association
.......................................
Series
2017-M2
,
Class
A2
,
2
.86
%
,
2/25/27
(d)
...............................
1,528
1,515
Series
2017-M7
,
Class
A2
,
2
.96
%
,
2/25/27
(d)
...............................
1,901
1,885
Series
2018-M4
,
Class
A2
,
3
.07
%
,
3/25/28
(d)
...............................
4,309
4,251
Series
2022-M12
,
Class
A
,
3
.02
%
,
12/25/28
(d)
..............................
2,287
2,237
49,260
Commercial
MBS
(3.7%):
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(c)
..........
3,000
3,025
Series
2025-OANA
,
Class
B
,
5
.52
%
(
TSFR1M
+
184
bps
)
,
6/15/40
(a)
(b)
(c)
..........
2,000
2,016
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM
,
Class
A
,
5
.33
%
(
TSFR1M
+
165
bps
)
,
8/15/42
(a)
(b)
(c)
..........
1,000
1,002
Series
2025-ATRM
,
Class
B
,
5
.78
%
(
TSFR1M
+
210
bps
)
,
8/15/42
(a)
(b)
(c)
..........
1,277
1,274
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
(d)
...............
5,000
4,960
BANK
,
Series
2017-BNK4
,
Class
B
,
4
.00
%
,
5/15/50
,
Callable
4/15/27
@
100
...........
5,600
5,355
Benchmark
Mortgage
Trust
,
Series
2020-B22
,
Class
A5
,
1
.97
%
,
1/15/54
,
Callable
1/15/31
@
100
.............................................................
2,000
1,777
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
4
.85
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
(c)
.............
4,904
4,901
Victory
Portfolios
III
Victory
Income
Fund
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2021-TY
,
Class
C
,
5
.50
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
(c)
.............
$
1,538
$
1,538
BX
Commercial
Mortgage
Trust
............................................
Series
2020-VIV4
,
Class
A
,
2
.84
%
,
3/9/44
,
Callable
3/9/30
@
100
(a)
(b)
............
2,265
2,111
Series
2022-CSMO
,
Class
A
,
5
.79
%
(
TSFR1M
+
211
bps
)
,
6/15/27
(a)
(b)
(c)
..........
1,985
1,987
Series
2022-CSMO
,
Class
B
,
6
.82
%
(
TSFR1M
+
314
bps
)
,
6/15/27
(a)
(b)
(c)
..........
5,000
5,001
BX
Trust
.............................................................
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
(b)
..........
9,231
8,789
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(b)
............................
4,000
3,987
Series
2025-ARIA
,
Class
A
,
5
.03
%
,
12/13/42
(a)
(b)
(d)
.........................
2,250
2,287
Series
2025-GW
,
Class
A
,
5
.28
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(c)
............
2,000
2,007
Series
2025-VOLT
,
Class
A
,
5
.38
%
(
TSFR1M
+
170
bps
)
,
12/15/44
(a)
(b)
(c)
..........
2,500
2,511
BXP
Trust
............................................................
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
6,500
5,513
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
(d)
..........................
3,500
2,845
COMM
Mortgage
Trust
..................................................
Series
2012-CR4
,
Class
AM
,
3
.25
%
,
10/15/45
,
Callable
2/15/26
@
100
(b)
..........
8,600
8,054
Series
2012-CR4
,
Class
XA
,
1
.14
%
,
10/15/45
,
Callable
2/15/26
@
100
(b)
(d)
........
10,719
181
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
(b)
..........
3,500
3,015
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(b)
............................
4,000
4,208
CSMC
Trust
,
Series
2020-WEST
,
Class
A
,
3
.04
%
,
2/15/35
,
Callable
2/15/30
@
100
(a)
(b)
...
2,500
2,134
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
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(c)
.............................................................
2,000
1,997
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(b)
...........................
1,697
1,498
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(b)
(d)
..........................
1,920
1,921
GS
Mortgage
Securities
Trust
,
Series
2020-GC45
,
Class
A5
,
2
.91
%
,
2/13/53
,
Callable
1/13/30
@
100
...........................................................
4,231
4,008
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR
,
Class
A
,
5
.46
%
,
2/5/45
(a)
(b)
(d)
.........
1,833
1,898
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(b)
..........
4,150
4,112
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
(d)
.........................
2,000
1,888
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(b)
(d)
..........................
3,242
3,360
HYT
Commercial
Mortgage
Trust
,
Series
2024-RGCY
,
Class
A
,
5
.52
%
(
TSFR1M
+
184
bps
)
,
9/15/41
(a)
(b)
(c)
....................................................
3,100
3,106
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPFX
,
Class
A
,
3
.38
%
,
3/15/32
(a)
(b)
......
6,000
5,480
IRV
Trust
,
Series
2025-200P
,
Class
A
,
5
.29
%
,
3/14/47
,
Callable
2/14/35
@
100
(a)
(b)
(d)
....
1,000
1,025
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(b)
(d)
.......................................................
2,407
2,422
MAD
Commercial
Mortgage
Trust
,
Series
2025-11MD
,
Class
A
,
4
.91
%
,
10/15/42
(a)
(b)
(d)
..
1,818
1,828
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(b)
............................
1,980
1,911
Series
2020-1MW
,
Class
C
,
2
.33
%
,
9/10/39
(a)
(b)
(d)
..........................
1,000
962
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
(b)
................
6,480
6,038
SCG
Commercial
Mortgage
Trust
,
Series
2025-FLWR
,
Class
A
,
4
.93
%
(
TSFR1M
+
125
bps
)
,
8/15/42
(a)
(b)
(c)
....................................................
1,000
1,001
SCOTT
Trust
,
Series
2023-SFS
,
Class
A
,
5
.91
%
,
3/10/40
(a)
(b)
......................
4,000
4,098
SLG
Office
Trust
,
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
(b)
...................
5,200
4,658
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.12
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(c)
....................................................
3,993
3,962
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2025-HI
,
Class
A
,
5
.37
%
(
TSFR1M
+
169
bps
)
,
10/15/42
(a)
(b)
(c)
...................................................
1,500
1,503
139,154
Total
Collateralized
Mortgage
Obligations
(Cost
$209,512)
a
a
a
202,732
Shares
Preferred
Stocks
(0.9%)
Consumer
Staples
(0.2%):
CHS,
Inc.
,
Series
1
,
7
.88
%
(f)
..............................................
190,818
4,998
Financials
(0.0%):(g)
Citigroup
Capital
XIII
,
10
.30
%
(
TSFR3M
+
663
bps
)
,
10/30/40
(c)
.....................
40,000
1,200
Victory
Portfolios
III
Victory
Income
Fund
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Real
Estate
(0.7%):
Mid-America
Apartment
Communities,
Inc.
,
Series
I
,
8
.50
%
(f)
......................
$
219,731
$
12,017
Prologis,
Inc.
,
Series
Q
,
8
.54
%
(f)
...........................................
283,503
15,014
27,031
Total
Preferred
Stocks
(Cost
$29,485)
a
a
a
33,229
Principal
Amount
(000)
Corporate
Bonds
(34.6%)
Communication
Services
(1.2%):
Alphabet,
Inc.
,
4
.70
%
,
11/15/35
,
Callable
8/15/35
@
100
..........................
1,500
1,493
AT&T,
Inc.
,
5
.13
%
,
4/30/36
,
Callable
1/30/36
@
100
.............................
3,000
2,985
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
3
.50
%
,
6/1/41
,
Callable
12/1/40
@
100
.........................................
5,000
3,576
Comcast
Corp.
3
.90
%
,
3/1/38
,
Callable
9/1/37
@
100
....................................
3,000
2,604
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
...................................
3,500
2,057
CSC
Holdings
LLC
,
5
.50
%
,
4/15/27
,
Callable
3/6/26
@
100
(a)
......................
3,000
2,644
Lincoln
Center
for
the
Performing
Arts,
Inc.
,
3
.71
%
,
12/1/35
,
Callable
9/1/35
@
100
.......
3,935
3,515
Meta
Platforms,
Inc.
,
5
.50
%
,
11/15/45
,
Callable
5/15/45
@
100
......................
2,800
2,693
Paramount
Global
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
4,000
3,890
4
.38
%
,
3/15/43
....................................................
1,500
1,031
T-Mobile
USA,
Inc.
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
7,500
7,368
2
.55
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
5,000
4,571
Verizon
Communications,
Inc.
4
.13
%
,
8/15/46
....................................................
5,000
3,992
2
.88
%
,
11/20/50
,
Callable
5/20/50
@
100
..................................
3,000
1,853
Warnermedia
Holdings,
Inc.
,
3
.76
%
,
3/15/27
,
Callable
2/15/27
@
100
.................
1,580
1,569
45,841
Consumer
Discretionary
(1.6%):
AutoNation,
Inc.
2
.40
%
,
8/1/31
,
Callable
5/1/31
@
100
....................................
3,750
3,319
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
4,500
4,245
Daimler
Truck
Finance
North
America
LLC
,
2
.38
%
,
12/14/28
(a)
.....................
5,600
5,340
Genuine
Parts
Co.
,
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
.........................
6,166
5,462
Hasbro,
Inc.
,
3
.90
%
,
11/19/29
,
Callable
8/19/29
@
100
............................
1,000
986
Kohl's
Corp.
,
5
.13
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
3,000
2,567
Marriott
International,
Inc.
4
.63
%
,
6/15/30
,
Callable
3/15/30
@
100
..................................
2,333
2,364
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................................
2,750
2,566
Mattel,
Inc.
3
.75
%
,
4/1/29
,
Callable
2/14/26
@
100.94
(a)
...............................
7,750
7,587
5
.00
%
,
11/17/30
,
Callable
10/17/30
@
100
.................................
464
469
Nordstrom,
Inc.
4
.38
%
,
4/1/30
,
Callable
1/1/30
@
100
(h)
..................................
2,000
1,910
4
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
....................................
4,250
3,920
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
5,367
4,596
Smithsonian
Institution
,
2
.65
%
,
9/1/39
........................................
2,000
1,582
Tapestry,
Inc.
,
5
.50
%
,
3/11/35
,
Callable
12/11/34
@
100
...........................
3,000
3,061
Tractor
Supply
Co.
,
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
4,000
4,122
Volkswagen
Group
of
America
Finance
LLC
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
3,000
3,215
5
.80
%
,
3/27/35
,
Callable
12/27/34
@
100
(a)
...............................
2,000
2,066
59,377
Consumer
Staples
(2.4%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
3,000
2,633
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
2,000
1,196
BAT
Capital
Corp.
,
4
.39
%
,
8/15/37
,
Callable
2/15/37
@
100
........................
10,000
9,171
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
3,400
3,460
Victory
Portfolios
III
Victory
Income
Fund
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
$
12,000
$
11,045
Cargill,
Inc.
,
2
.13
%
,
11/10/31
,
Callable
8/10/31
@
100
(a)
..........................
6,000
5,322
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
5,645
5,021
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
3,695
5
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
...............................
1,481
1,499
CVS
Pass-Through
Trust
,
6
.04
%
,
12/10/28
.....................................
2,110
2,147
General
Mills,
Inc.
,
4
.55
%
,
4/17/38
,
Callable
10/17/37
@
100
.......................
3,000
2,814
Keurig
Dr.
Pepper,
Inc.
,
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
....................
5,000
4,049
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
4,000
3,651
Mars,
Inc.
,
5
.65
%
,
5/1/45
,
Callable
11/1/44
@
100
(a)
.............................
2,000
2,015
McCormick
&
Co.,
Inc.
2
.50
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
2,000
1,860
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
2,000
1,768
Philip
Morris
International,
Inc.
,
5
.38
%
,
2/15/33
,
Callable
11/15/32
@
100
..............
2,000
2,080
SC
Johnson
&
Son,
Inc.
,
4
.35
%
,
9/30/44
,
Callable
3/30/44
@
100
(a)
..................
7,000
5,746
Smithfield
Foods,
Inc.
,
4
.25
%
,
2/1/27
,
Callable
11/1/26
@
100
(a)
....................
5,000
4,996
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
10,750
9,758
Sysco
Corp.
,
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
............................
5,000
4,486
The
Kroger
Co.
,
5
.00
%
,
9/15/34
,
Callable
6/15/34
@
100
..........................
4,000
4,002
92,414
Energy
(3.3%):
APA
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
..............................
5,404
3,916
Boardwalk
Pipelines
LP
,
5
.38
%
,
2/15/36
,
Callable
11/15/35
@
100
...................
3,000
3,006
Buckeye
Partners
LP
,
5
.60
%
,
10/15/44
,
Callable
4/15/44
@
100
......................
10,000
9,070
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
6,364
5,579
ConocoPhillips
Co.
4
.15
%
,
11/15/34
,
Callable
5/15/34
@
100
..................................
4,500
4,300
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
..................................
3,485
3,383
Coterra
Energy,
Inc.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
3,000
3,055
Diamondback
Energy,
Inc.
,
5
.75
%
,
4/18/54
,
Callable
10/18/53
@
100
.................
2,000
1,909
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
....................
3,000
3,112
Eastern
Energy
Gas
Holdings
LLC
5
.65
%
,
10/15/54
,
Callable
4/15/54
@
100
.................................
3,000
2,918
6
.20
%
,
1/15/55
,
Callable
7/15/54
@
100
..................................
3,385
3,528
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(c)
(f)
......................
2,000
2,009
4
.15
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
3,000
2,989
5
.35
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
2,049
2,046
EOG
Resources,
Inc.
,
5
.35
%
,
1/15/36
,
Callable
10/15/35
@
100
.....................
3,000
3,079
EQT
Corp.
,
7
.00
%
,
2/1/30
,
Callable
11/1/29
@
100
..............................
2,000
2,173
Florida
Gas
Transmission
Co.
LLC
,
2
.55
%
,
7/1/30
,
Callable
4/1/30
@
100
(a)
............
6,500
6,005
Helmerich
&
Payne,
Inc.
,
5
.50
%
,
12/1/34
,
Callable
9/1/34
@
100
(h)
..................
4,000
3,961
HF
Sinclair
Corp.
,
6
.25
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
3,000
3,138
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6
.25
%
,
11/1/28
,
Callable
3/6/26
@
101.04
(a)
...............................
4,000
4,031
6
.00
%
,
2/1/31
,
Callable
3/6/26
@
103
(a)
..................................
3,000
2,897
Marathon
Petroleum
Corp.
,
4
.75
%
,
9/15/44
,
Callable
3/15/44
@
100
..................
2,000
1,726
Murphy
Oil
USA,
Inc.
4
.75
%
,
9/15/29
,
Callable
2/19/26
@
101.58
................................
2,000
1,990
3
.75
%
,
2/15/31
,
Callable
2/19/26
@
101.88
(a)
..............................
1,332
1,250
Occidental
Petroleum
Corp.
6
.45
%
,
9/15/36
....................................................
1,461
1,557
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
..................................
10,235
7,737
ONEOK,
Inc.
5
.05
%
,
11/1/34
,
Callable
8/1/34
@
100
...................................
3,000
2,968
6
.25
%
,
10/15/55
,
Callable
4/15/55
@
100
.................................
1,000
1,006
Phillips
66
Co.
4
.65
%
,
11/15/34
,
Callable
5/15/34
@
100
..................................
1,000
978
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
...................................
750
652
Plains
All
American
Pipeline
LP
,
5
.95
%
,
6/15/35
,
Callable
3/15/35
@
100
..............
2,400
2,504
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
6,250
6,089
Victory
Portfolios
III
Victory
Income
Fund
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Rockies
Express
Pipeline
LLC
4
.95
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
................................
$
6,500
$
6,482
4
.80
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
................................
3,000
2,958
Sabal
Trail
Transmission
LLC
,
4
.68
%
,
5/1/38
,
Callable
11/1/37
@
100
(a)
...............
5,000
4,739
Targa
Resources
Corp.
,
5
.55
%
,
8/15/35
,
Callable
5/15/35
@
100
.....................
2,400
2,459
Western
Midstream
Operating
LP
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
...................................
1,000
980
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
....................................
500
429
122,608
Financials
(8.9%):
200
Park
Funding
Trust
,
5
.74
%
,
2/15/55
,
Callable
8/15/54
@
100
(a)
..................
4,000
3,984
Ally
Financial,
Inc.
,
4
.70
%
(
H15T5Y
+
387
bps
)
,
Callable
5/15/26
@
100
(c)
(f)
(h)
..........
2,000
1,989
American
Express
Co.
3
.55
%
(
H15T5Y
+
285
bps
)
,
Callable
9/15/26
@
100
(c)
(f)
.......................
1,000
988
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(c)
....................
6,000
6,081
American
Honda
Finance
Corp.
,
5
.20
%
,
3/5/35
..................................
1,500
1,515
American
International
Group,
Inc.
,
3
.88
%
,
1/15/35
,
Callable
7/15/34
@
100
............
7,000
6,520
American
National
Global
Funding
,
5
.55
%
,
1/28/30
(a)
............................
1,648
1,695
American
National
Group,
Inc.
,
6
.00
%
,
7/15/35
,
Callable
4/15/35
@
100
...............
3,000
3,021
Antares
Holdings
LP
,
6
.35
%
,
10/23/29
,
Callable
9/23/29
@
100
(a)
....................
5,000
5,115
Aon
North
America,
Inc.
5
.45
%
,
3/1/34
,
Callable
12/1/33
@
100
...................................
2,000
2,077
5
.75
%
,
3/1/54
,
Callable
9/1/53
@
100
....................................
2,000
1,991
Apollo
Global
Management,
Inc.
,
5
.15
%
,
8/12/35
,
Callable
5/12/35
@
100
..............
2,900
2,887
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(c)
(f)
.......................
3,500
3,480
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(c)
..................
3,000
2,706
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(c)
..................
2,500
2,192
Blue
Owl
Credit
Income
Corp.
,
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
...............
500
495
Brown
&
Brown,
Inc.
,
5
.55
%
,
6/23/35
,
Callable
3/23/35
@
100
......................
1,261
1,289
Capital
One
Financial
Corp.
,
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(c)
.....
3,500
3,644
Citizens
Financial
Group,
Inc.
5
.30
%
(
H15T5Y
+
145
bps
)
,
1/29/36
,
Callable
1/29/31
@
100
(c)
..................
1,364
1,370
5
.64
%
(
H15T5Y
+
275
bps
)
,
5/21/37
,
Callable
5/21/32
@
100
(c)
..................
2,500
2,548
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
1,845
1,994
CNO
Global
Funding
4
.95
%
,
9/9/29
(a)
...................................................
2,227
2,264
4
.70
%
,
12/11/30
(a)
..................................................
3,000
2,998
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.38
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(c)
..................................................
4,000
3,562
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
3,000
3,000
Cullen/Frost
Capital
Trust
II
,
5
.60
%
(
TSFR3M
+
181
bps
)
,
3/1/34
,
Callable
3/6/26
@
100
(c)
..
5,000
4,413
Equitable
Holdings,
Inc.
,
4
.57
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
.................
4,000
4,013
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
4,000
3,756
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
6,500
6,442
Fifth
Third
Bancorp
,
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(c)
(h)
.......
6,957
6,809
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
4,000
3,502
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
8,850
9,134
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
(h)
.................................
5,000
5,143
5
.63
%
,
8/21/33
,
Callable
5/21/33
@
100
..................................
1,550
1,593
4
.40
%
,
7/1/49
,
Callable
1/1/49
@
100
....................................
1,000
787
Ford
Motor
Credit
Co.
LLC
6
.80
%
,
11/7/28
,
Callable
10/7/28
@
100
..................................
2,000
2,106
6
.13
%
,
3/8/34
,
Callable
12/8/33
@
100
...................................
2,000
2,045
Fulton
Financial
Corp.
,
6
.00
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
3/15/26
@
100
(c)
.....
2,932
2,910
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
6,500
5,829
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
1,750
1,775
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
..................................
1,500
1,487
Globe
Life,
Inc.
,
5
.85
%
,
9/15/34
,
Callable
6/15/34
@
100
(h)
........................
2,308
2,422
Horizon
Mutual
Holdings,
Inc.
,
6
.20
%
,
11/15/34
,
Callable
8/15/34
@
100
(a)
............
6,589
6,435
Victory
Portfolios
III
Victory
Income
Fund
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(c)
......................
$
2,750
$
2,766
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(c)
..................
7,676
6,683
Huntington
Capital
Trust
I
,
4
.63
%
(
TSFR3M
+
96
bps
)
,
2/1/27
,
Callable
3/6/26
@
100
(c)
.....
2,300
2,252
ILFC
E-Capital
Trust
I
,
6
.35
%
,
12/21/65
,
Callable
3/6/26
@
100
(a)
...................
10,000
8,593
JPMorgan
Chase
&
Co.
4
.43
%
(
TSFR3M
+
76
bps
)
,
2/1/27
,
Callable
3/6/26
@
100
(c)
....................
4,000
3,978
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(c)
......................
2,750
2,448
5
.29
%
(
SOFR
+
146
bps
)
,
7/22/35
,
Callable
7/22/34
@
100
(c)
....................
7,250
7,441
KeyBank
NA
3
.40
%
,
5/20/26
,
MTN
................................................
2,500
2,495
3
.90
%
,
4/13/29
....................................................
3,000
2,952
4
.90
%
,
8/8/32
.....................................................
1,000
998
KeyCorp
,
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(c)
.........
3,784
3,777
Lincoln
National
Corp.
5
.35
%
,
11/15/35
,
Callable
8/15/35
@
100
..................................
2,500
2,500
6
.47
%
(
TSFR3M
+
262
bps
)
,
5/17/66
,
Callable
8/11/26
@
100
(c)
..................
2,341
2,037
LPL
Holdings,
Inc.
,
5
.75
%
,
6/15/35
,
Callable
3/15/35
@
100
........................
3,980
4,086
Midwest
Connector
Capital
Co.
LLC
,
4
.63
%
,
4/1/29
,
Callable
1/1/29
@
100
(a)
...........
2,500
2,500
Morgan
Stanley
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(c)
.............
2,000
1,794
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(c)
....................
1,500
1,537
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(c)
....................
8,000
7,031
NLG
Global
Funding
,
5
.40
%
,
1/23/30
(a)
......................................
3,000
3,092
Pinnacle
Financial
Partners,
Inc.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(c)
...............
10,000
10,496
PNC
Bank
NA
,
2
.70
%
,
10/22/29
............................................
6,000
5,676
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
4,000
3,637
Protective
Life
Corp.
,
5
.35
%
,
12/15/35
,
Callable
9/15/35
@
100
(a)
...................
2,000
2,009
Protective
Life
Global
Funding
,
5
.43
%
,
1/14/32
(a)
...............................
3,500
3,632
Prudential
Financial,
Inc.
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
...................................
2,500
1,932
6
.00
%
(
H15T5Y
+
323
bps
)
,
9/1/52
,
Callable
6/1/32
@
100
(c)
....................
6,000
6,197
Rayburn
Country
Securitization
LLC
,
2
.31
%
,
12/1/30
(a)
...........................
3,705
3,528
Raymond
James
Financial,
Inc.
,
4
.95
%
,
7/15/46
.................................
4,000
3,663
Regions
Bank
,
6
.45
%
,
6/26/37
.............................................
6,909
7,427
Repsol
E&P
Capital
Markets
US
LLC
,
5
.98
%
,
9/16/35
,
Callable
6/16/35
@
100
(a)
........
2,000
2,040
Santander
Holdings
USA,
Inc.
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(c)
....................
2,500
2,614
5
.35
%
(
SOFR
+
194
bps
)
,
9/6/30
,
Callable
9/6/29
@
100
(c)
......................
1,000
1,025
State
Street
Corp.
,
6
.12
%
(
SOFR
+
196
bps
)
,
11/21/34
,
Callable
11/21/33
@
100
(c)
.........
1,250
1,346
Stellantis
Finance
US,
Inc.
,
2
.69
%
,
9/15/31
,
Callable
6/15/31
@
100
(a)
................
13,800
12,148
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
8,500
7,674
Stonebriar
ABF
Issuer
LLC
,
8
.13
%
,
12/15/30
,
Callable
12/15/27
@
104.06
(a)
............
225
233
Teachers
Insurance
&
Annuity
Association
of
America
,
4
.90
%
,
9/15/44
(a)
..............
5,000
4,557
The
Allstate
Corp.
,
7
.05
%
(
TSFR3M
+
320
bps
)
,
8/15/53
,
Callable
3/6/26
@
100
(c)
.........
5,000
5,009
The
Bank
of
New
York
Mellon
Corp.
3
.75
%
(
H15T5Y
+
263
bps
)
,
Callable
12/20/26
@
100
(c)
(f)
......................
7,000
6,885
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(c)
....................
3,030
3,161
The
Charles
Schwab
Corp.
,
6
.14
%
(
SOFR
+
201
bps
)
,
8/24/34
,
Callable
8/24/33
@
100
(c)
....
1,385
1,504
The
Hartford
Insurance
Group,
Inc.
,
6
.24
%
(
TSFR3M
+
239
bps
)
,
2/12/47
,
Callable
3/6/26
@
100
(a)
(c)
.........................................................
8,000
7,601
The
Northwestern
Mutual
Life
Insurance
Co.
,
6
.17
%
,
5/29/55
,
Callable
11/29/54
@
100
(a)
..
1,255
1,339
The
PNC
Financial
Services
Group,
Inc.
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(c)
.................
1,382
1,368
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(c)
....................
1,408
1,476
Truist
Bank
,
4
.63
%
(
H15T5Y
+
115
bps
)
,
9/17/29
(c)
...............................
2,450
2,466
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(c)
(f)
.......................
2,000
2,014
5
.87
%
(
SOFR
+
236
bps
)
,
6/8/34
,
Callable
6/8/33
@
100
,
MTN
(c)
.................
3,000
3,176
U.S.
Bancorp
,
4
.97
%
(
SOFR
+
211
bps
)
,
7/22/33
,
Callable
7/22/32
@
100
(c)
.............
4,000
4,030
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
5,588
3,944
Wells
Fargo
&
Co.
,
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(c)
(f)
............
2,500
2,497
335,270
Victory
Portfolios
III
Victory
Income
Fund
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Health
Care
(2.3%):
180
Medical,
Inc.
,
5
.30
%
,
10/8/35
,
Callable
7/8/35
@
100
(a)
........................
$
989
$
981
Amgen,
Inc.
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
..................................
4,500
2,912
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
3,500
2,776
Baxter
International,
Inc.
5
.65
%
,
12/15/35
,
Callable
9/15/35
@
100
.................................
658
663
3
.13
%
,
12/1/51
,
Callable
6/1/51
@
100
(h)
.................................
10,000
6,284
Bristol-Myers
Squibb
Co.
,
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................
2,016
2,191
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
2,000
1,729
DENTSPLY
SIRONA,
Inc.
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................................
6,750
6,280
8
.38
%
(
H15T5Y
+
438
bps
)
,
9/12/55
,
Callable
6/12/30
@
100
(c)
..................
3,250
3,210
Eastern
Maine
Healthcare
Systems
,
5
.02
%
,
7/1/36
...............................
17,000
12,826
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(a)
...
6,500
5,792
HCA,
Inc.
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
2,156
1,839
5
.25
%
,
6/15/49
,
Callable
12/15/48
@
100
.................................
3,500
3,163
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
(a)
...........................................................
3,450
3,513
Humana,
Inc.
,
5
.55
%
,
5/1/35
,
Callable
2/1/35
@
100
..............................
1,500
1,503
Northwell
Healthcare,
Inc.
,
3
.39
%
,
11/1/27
,
Callable
8/1/27
@
100
...................
3,900
3,853
Orlando
Health
Obligated
Group
,
2
.89
%
,
10/1/35
................................
1,660
1,443
Revvity,
Inc.
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
2,000
1,815
2
.25
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
4,500
3,972
Solventum
Corp.
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
....................................
504
522
5
.45
%
,
3/13/31
,
Callable
1/13/31
@
100
..................................
1,300
1,356
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
.................................
1,300
1,351
5
.90
%
,
4/30/54
,
Callable
10/30/53
@
100
.................................
1,267
1,270
Southern
Illinois
Healthcare
Enterprises,
Inc.
,
3
.97
%
,
5/15/50
,
Callable
11/15/49
@
100
....
4,000
2,900
Tenet
Healthcare
Corp.
,
6
.13
%
,
6/15/30
,
Callable
3/6/26
@
103.06
...................
1,500
1,532
Trinity
Health
Corp.
,
2
.63
%
,
12/1/40
,
Callable
6/1/40
@
100
........................
3,000
2,194
Universal
Health
Services,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
..............
3,000
2,651
Vanderbilt
University
Medical
Center
,
4
.17
%
,
7/1/37
,
Callable
1/1/37
@
100
............
1,000
891
VSP
Optical
Group,
Inc.
,
5
.45
%
,
12/1/35
,
Callable
9/1/35
@
100
(a)
...................
1,207
1,209
Zoetis,
Inc.
,
5
.00
%
,
8/17/35
,
Callable
5/17/35
@
100
.............................
3,062
3,081
85,702
Industrials
(4.3%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
3,551
3,192
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
....................................................
4,391
4,373
4
.00
%
,
9/22/27
....................................................
5,499
5,435
3
.58
%
,
1/15/28
....................................................
2,193
2,161
4
.00
%
,
2/15/29
....................................................
2,956
2,863
3
.60
%
,
10/15/29
....................................................
5,941
5,643
5
.65
%
,
11/11/34
....................................................
571
575
4
.90
%
,
5/11/38
.....................................................
1,600
1,581
Ashtead
Capital,
Inc.
4
.00
%
,
5/1/28
,
Callable
2/14/26
@
100.67
(a)
...............................
2,500
2,480
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
................................
6,000
5,361
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
4,500
4,744
British
Airways
Pass
Through
Trust
3
.35
%
,
6/15/29
(a)
..................................................
2,743
2,671
3
.80
%
,
9/20/31
(a)
..................................................
1,947
1,905
Builders
FirstSource,
Inc.
,
6
.38
%
,
6/15/32
,
Callable
6/15/27
@
103.19
(a)
...............
2,500
2,580
Burlington
Northern
Santa
Fe
LLC
,
3
.90
%
,
8/1/46
,
Callable
2/1/46
@
100
..............
5,000
4,001
Carlisle
Cos.,
Inc.
,
5
.55
%
,
9/15/40
,
Callable
6/15/40
@
100
.........................
553
560
Colonial
Enterprises,
Inc.
,
3
.25
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
.................
4,000
3,764
Delta
Air
Lines
Pass
Through
Trust
,
3
.88
%
,
7/30/27
..............................
5,074
5,024
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
1,833
1,847
Fluor
Corp.
,
4
.25
%
,
9/15/28
,
Callable
6/15/28
@
100
.............................
4,000
3,970
Victory
Portfolios
III
Victory
Income
Fund
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
$
5,000
$
4,516
Hubbell,
Inc.
,
4
.80
%
,
11/15/35
,
Callable
8/15/35
@
100
...........................
836
826
JetBlue
Pass
Through
Trust
,
2
.95
%
,
5/15/28
....................................
7,020
6,482
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
5,295
5,340
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
1,000
785
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
5,000
5,342
RTX
Corp.
,
4
.20
%
,
12/15/44
,
Callable
6/15/44
@
100
.............................
5,000
4,166
Ryder
System,
Inc.
,
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
.....................
5,000
5,137
Southwest
Airlines
Co.
,
5
.25
%
,
11/15/35
,
Callable
8/15/35
@
100
....................
2,000
1,956
Spirit
Airlines
Pass
Through
Trust
4
.10
%
,
4/1/28
.....................................................
7,000
6,675
3
.38
%
,
2/15/30
....................................................
6,003
5,595
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
4,000
3,856
5
.71
%
,
5/1/40
,
Callable
11/1/39
@
100
...................................
6,000
6,134
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,250
2,220
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
6,400
6,141
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
.......................
4,550
4,795
Union
Pacific
Corp.
3
.38
%
,
2/1/35
,
Callable
8/1/34
@
100
....................................
2,000
1,800
4
.25
%
,
4/15/43
,
Callable
10/15/42
@
100
.................................
5,000
4,168
United
Airlines
Pass
Through
Trust
,
2
.90
%
,
5/1/28
...............................
3,626
3,482
United
Airlines,
Inc.
,
4
.63
%
,
4/15/29
,
Callable
10/15/28
@
100
(a)
....................
4,000
3,996
Verisk
Analytics,
Inc.
,
5
.25
%
,
6/5/34
,
Callable
3/5/34
@
100
........................
3,500
3,571
Weir
Group,
Inc.
,
5
.35
%
,
5/6/30
,
Callable
4/6/30
@
100
(a)
.........................
3,150
3,232
Worthington
Enterprises,
Inc.
,
4
.30
%
,
8/1/32
,
Callable
5/1/32
@
100
..................
5,890
5,495
160,440
Information
Technology
(1.6%):
Amphenol
Corp.
,
2
.20
%
,
9/15/31
,
Callable
6/15/31
@
100
.........................
4,875
4,358
Broadcom,
Inc.
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
..................................
5,000
4,395
3
.47
%
,
4/15/34
,
Callable
1/15/34
@
100
..................................
2,000
1,819
Dell
International
LLC/EMC
Corp.
4
.85
%
,
2/1/35
,
Callable
11/1/34
@
100
...................................
700
685
5
.10
%
,
2/15/36
,
Callable
11/15/35
@
100
(h)
...............................
3,044
2,992
Hewlett
Packard
Enterprise
Co.
,
5
.00
%
,
10/15/34
,
Callable
7/15/34
@
100
..............
3,000
2,951
HP,
Inc.
,
5
.50
%
,
1/15/33
,
Callable
10/15/32
@
100
...............................
3,000
3,069
International
Business
Machines
Corp.
,
4
.95
%
,
2/3/36
,
Callable
11/3/35
@
100
..........
3,355
3,344
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
4,776
4,434
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
3,365
3,385
Leidos,
Inc.
,
2
.30
%
,
2/15/31
,
Callable
11/15/30
@
100
............................
3,000
2,702
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
5,950
5,750
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
4,250
2,575
Motorola
Solutions,
Inc.
,
5
.60
%
,
6/1/32
,
Callable
3/1/32
@
100
......................
1,000
1,051
Oracle
Corp.
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
9,250
7,723
5
.38
%
,
7/15/40
....................................................
3,000
2,697
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
4,750
2,960
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
2,000
2,027
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
2,000
1,823
60,740
Materials
(2.3%):
Amcor
Flexibles
North
America,
Inc.
,
5
.50
%
,
3/17/35
,
Callable
12/17/34
@
100
..........
3,000
3,101
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
7,071
6,665
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
4,750
4,184
Ball
Corp.
,
3
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..............................
3,500
3,217
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
6,000
6,017
CF
Industries,
Inc.
,
5
.30
%
,
11/26/35
,
Callable
8/26/35
@
100
.......................
2,935
2,934
Commercial
Metals
Co.
,
3
.88
%
,
2/15/31
,
Callable
2/15/26
@
101.94
..................
4,500
4,274
Eagle
Materials,
Inc.
,
5
.00
%
,
3/15/36
,
Callable
12/15/35
@
100
......................
2,915
2,856
Victory
Portfolios
III
Victory
Income
Fund
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ecolab,
Inc.
2
.13
%
,
8/15/50
,
Callable
2/15/50
@
100
..................................
$
5,000
$
2,790
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
.................................
500
310
Freeport-McMoRan,
Inc.
,
4
.63
%
,
8/1/30
,
Callable
3/6/26
@
102.31
...................
2,000
2,016
Glencore
Funding
LLC
,
2
.50
%
,
9/1/30
,
Callable
6/1/30
@
100
(a)
....................
6,500
5,980
Huntsman
International
LLC
,
4
.50
%
,
5/1/29
,
Callable
2/1/29
@
100
..................
4,000
3,853
LYB
International
Finance
III
LLC
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
...................................
5,485
3,961
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,500
1,775
Martin
Marietta
Materials,
Inc.
,
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
...............
5,000
4,510
Monsanto
Co.
,
3
.95
%
,
4/15/45
,
Callable
10/15/44
@
100
..........................
5,000
3,568
NewMarket
Corp.
,
2
.70
%
,
3/18/31
,
Callable
12/18/30
@
100
........................
5,000
4,578
Olin
Corp.
,
6
.63
%
,
4/1/33
,
Callable
4/1/28
@
103.31
(a)
...........................
1,980
1,941
Packaging
Corp.
of
America
5
.20
%
,
8/15/35
,
Callable
5/15/35
@
100
..................................
1,042
1,056
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
...................................
5,875
3,840
Sonoco
Products
Co.
,
5
.00
%
,
9/1/34
,
Callable
6/1/34
@
100
(h)
......................
3,870
3,842
Syensqo
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(a)
...............
4,000
4,186
The
Dow
Chemical
Co.
,
4
.25
%
,
10/1/34
,
Callable
4/1/34
@
100
.....................
1,750
1,601
Vulcan
Materials
Co.
,
5
.35
%
,
12/1/34
,
Callable
9/1/34
@
100
.......................
1,400
1,446
Westlake
Corp.
,
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
(h)
........................
3,500
3,486
87,987
Real
Estate
(1.5%):
Alexandria
Real
Estate
Equities,
Inc.
,
3
.55
%
,
3/15/52
,
Callable
9/15/51
@
100
...........
5,000
3,493
Boston
Properties
LP
,
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
........................
11,878
10,381
CBRE
Services,
Inc.
4
.90
%
,
1/15/33
,
Callable
11/15/32
@
100
..................................
2,000
2,007
5
.50
%
,
6/15/35
,
Callable
3/15/35
@
100
..................................
4,000
4,121
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
5,354
4,928
Crown
Castle,
Inc.
,
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.......................
1,250
1,118
Essex
Portfolio
LP
,
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
5,000
4,458
GLP
Capital
LP/GLP
Financing
II,
Inc.
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
3,617
3,275
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
2,000
2,024
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
3,502
3,145
Host
Hotels
&
Resorts
LP
,
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
..................
3,500
3,368
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
4,000
3,273
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
,
4
.95
%
,
1/15/35
,
Callable
10/15/34
@
100
...........................................................
1,500
1,473
SBA
Tower
Trust
,
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
.......................
1,158
1,184
Simon
Property
Group
LP
4
.75
%
,
9/26/34
,
Callable
6/26/34
@
100
..................................
1,450
1,438
5
.85
%
,
3/8/53
,
Callable
9/8/52
@
100
....................................
3,400
3,463
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
3/6/26
@
101.38
(a)
.....
4,000
3,881
57,030
Utilities
(5.2%):
AEP
Texas,
Inc.
5
.70
%
,
5/15/34
,
Callable
2/15/34
@
100
..................................
1,500
1,564
5
.85
%
,
10/15/55
,
Callable
4/15/55
@
100
.................................
2,000
1,965
Alabama
Power
Co.
,
3
.85
%
,
12/1/42
.........................................
3,000
2,459
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
4,250
4,086
Berkshire
Hathaway
Energy
Co.
,
4
.50
%
,
2/1/45
,
Callable
8/1/44
@
100
................
4,000
3,476
Black
Hills
Corp.
,
3
.88
%
,
10/15/49
,
Callable
4/15/49
@
100
........................
10,000
7,484
Cleco
Power
LLC
,
5
.30
%
,
1/15/36
,
Callable
10/15/35
@
100
(a)
......................
2,500
2,511
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(c)
.........
2,000
1,973
Delmarva
Power
&
Light
Co.
,
4
.15
%
,
5/15/45
,
Callable
11/15/44
@
100
...............
5,000
4,231
Dominion
Energy
South
Carolina,
Inc.
,
4
.10
%
,
6/15/46
,
Callable
12/15/45
@
100
.........
5,000
3,918
DTE
Energy
Co.
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
....................................
1,094
1,164
5
.05
%
,
10/1/35
,
Callable
7/1/35
@
100
...................................
1,885
1,877
Duke
Energy
Carolinas
LLC
,
3
.88
%
,
3/15/46
,
Callable
9/15/45
@
100
.................
5,000
3,950
Duke
Energy
Corp.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
.......................
2,000
2,076
Victory
Portfolios
III
Victory
Income
Fund
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Duke
Energy
Progress
LLC
,
4
.15
%
,
12/1/44
,
Callable
6/1/44
@
100
..................
$
7,000
$
5,822
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
3,967
3,544
Entergy
Louisiana
LLC
,
4
.95
%
,
1/15/45
,
Callable
3/6/26
@
100
.....................
7,000
6,455
Entergy
Mississippi
LLC
,
3
.25
%
,
12/1/27
,
Callable
9/1/27
@
100
....................
5,000
4,917
Entergy
Texas,
Inc.
3
.45
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
9,420
9,300
3
.55
%
,
9/30/49
,
Callable
3/30/49
@
100
..................................
5,000
3,582
Evergy
Kansas
Central,
Inc.
,
5
.25
%
,
3/15/35
,
Callable
12/15/34
@
100
................
2,500
2,547
Evergy
Missouri
West,
Inc.
,
5
.65
%
,
6/1/34
,
Callable
3/1/34
@
100
(a)
..................
3,450
3,559
Florida
Power
&
Light
Co.
3
.15
%
,
10/1/49
,
Callable
4/1/49
@
100
...................................
8,750
5,996
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................................
4,500
2,873
Georgia
Power
Co.
,
5
.25
%
,
3/15/34
,
Callable
9/15/33
@
100
........................
5,000
5,158
IPALCO
Enterprises,
Inc.
,
4
.25
%
,
5/1/30
,
Callable
2/1/30
@
100
.....................
5,475
5,366
ITC
Holdings
Corp.
,
3
.35
%
,
11/15/27
,
Callable
8/15/27
@
100
......................
2,000
1,981
MidAmerican
Energy
Co.
3
.15
%
,
4/15/50
,
Callable
10/15/49
@
100
.................................
7,000
4,724
2
.70
%
,
8/1/52
,
Callable
2/1/52
@
100
....................................
2,500
1,535
Mississippi
Power
Co.
,
4
.25
%
,
3/15/42
.......................................
3,168
2,724
Niagara
Mohawk
Power
Corp.
,
5
.29
%
,
1/17/34
,
Callable
10/17/33
@
100
(a)
.............
3,550
3,608
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
3,392
2,763
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
3,750
3,139
5
.80
%
,
6/1/54
,
Callable
12/1/53
@
100
...................................
1,000
979
Oncor
Electric
Delivery
Co.
LLC
5
.35
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
..................................
1,417
1,454
3
.75
%
,
4/1/45
,
Callable
10/1/44
@
100
...................................
5,000
3,922
PECO
Energy
Co.
,
3
.00
%
,
9/15/49
,
Callable
3/15/49
@
100
........................
7,000
4,610
Potomac
Electric
Power
Co.
,
4
.15
%
,
3/15/43
,
Callable
9/15/42
@
100
.................
5,000
4,228
PPL
Capital
Funding,
Inc.
5
.25
%
,
9/1/34
,
Callable
6/1/34
@
100
(h)
..................................
1,490
1,520
6
.61
%
(
TSFR3M
+
293
bps
)
,
3/30/67
,
Callable
3/6/26
@
100
(c)
(h)
................
6,130
6,065
Public
Service
Co.
of
Colorado
,
2
.70
%
,
1/15/51
,
Callable
7/15/50
@
100
...............
7,000
4,234
Public
Service
Electric
&
Gas
Co.
,
3
.80
%
,
3/1/46
,
Callable
9/1/45
@
100
,
MTN
..........
8,000
6,300
South
Jersey
Industries,
Inc.
,
5
.02
%
,
4/15/31
...................................
9,000
7,793
Southwestern
Public
Service
Co.
,
3
.15
%
,
5/1/50
,
Callable
11/1/49
@
100
...............
10,000
6,581
Tampa
Electric
Co.
,
5
.15
%
,
3/1/35
,
Callable
12/1/34
@
100
........................
1,500
1,517
The
AES
Corp.
,
5
.80
%
,
3/15/32
,
Callable
1/15/32
@
100
..........................
3,000
3,098
The
Conservation
Fund
A
Nonprofit
Corp.
,
3
.47
%
,
12/15/29
,
Callable
9/15/29
@
100
......
7,000
6,710
Tri-State
Generation
and
Transmission
Association,
Inc.
4
.70
%
,
11/1/44
,
Callable
5/1/44
@
100
...................................
5,000
4,187
4
.25
%
,
6/1/46
,
Callable
12/1/45
@
100
...................................
10,000
7,635
Union
Electric
Co.
,
5
.20
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
2,500
2,567
195,727
Total
Corporate
Bonds
(Cost
$1,387,070)
a
a
a
1,303,136
Yankee
Dollars
(9.2%)
Communication
Services
(0.2%):
Rogers
Communications,
Inc.
,
4
.50
%
,
3/15/42
,
Callable
9/15/41
@
100
................
2,000
1,720
TELUS
Corp.
,
6
.38
%
(
H15T5Y
+
269
bps
)
,
6/9/56
,
Callable
3/9/31
@
100
(c)
.............
4,000
4,041
5,761
Consumer
Discretionary
(0.5%):
Brightstar
Lottery
PLC
,
5
.25
%
,
1/15/29
,
Callable
3/6/26
@
100
(a)
....................
5,500
5,494
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.
,
5
.75
%
,
1/15/33
,
Callable
12/15/28
@
102.88
(a)
......................................................
860
855
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
(h)
.............
4,000
3,692
Gildan
Activewear,
Inc.
,
5
.40
%
,
10/7/35
,
Callable
7/7/35
@
100
(a)
...................
984
983
Nemak
SAB
de
CV
,
3
.63
%
,
6/28/31
,
Callable
3/28/31
@
100
(a)
.....................
7,192
6,244
17,268
Consumer
Staples
(0.7%):
Alimentation
Couche-Tard,
Inc.
,
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(a)
............
5,000
4,747
Victory
Portfolios
III
Victory
Income
Fund
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Bacardi
Ltd.
,
4
.70
%
,
5/15/28
,
Callable
2/15/28
@
100
(a)
...........................
$
12,000
$
12,103
Imperial
Brands
Finance
PLC
,
3
.88
%
,
7/26/29
,
Callable
4/26/29
@
100
(a)
..............
5,000
4,922
JBS
NV/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
Holdings
5
.75
%
,
4/1/33
,
Callable
1/1/33
@
100
....................................
2,179
2,272
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
.................................
2,786
3,069
27,113
Energy
(0.9%):
Aker
BP
ASA
,
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
(a)
........................
9,250
8,949
BP
Capital
Markets
PLC
,
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(c)
(f)
........
4,000
3,972
Canadian
Natural
Resources
Ltd.
,
5
.40
%
,
12/15/34
,
Callable
9/15/34
@
100
(h)
...........
2,400
2,442
Harbour
Energy
PLC
,
6
.33
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
......................
5,000
5,110
TransCanada
PipeLines
Ltd.
,
6
.32
%
(
TSFR3M
+
247
bps
)
,
5/15/67
,
Callable
3/6/26
@
100
(c)
.
10,124
8,988
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(a)
.......................
3,750
4,297
33,758
Financials
(4.0%):
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(a)
(c)
.............
2,000
2,138
Ascot
Group
Ltd.
4
.25
%
,
12/15/30
,
Callable
3/6/26
@
100
(a)
................................
7,802
7,234
6
.35
%
(
H15T5Y
+
238
bps
)
,
6/15/35
,
Callable
3/15/30
@
100
(a)
(c)
................
866
897
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
7
.53
%
(
H15T5Y
+
300
bps
)
,
10/1/28
(a)
(c)
.......................................
1,000
1,068
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
4,000
4,416
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(c)
........
6,500
5,858
Barclays
PLC
7
.39
%
(
H15T1Y
+
330
bps
)
,
11/2/28
,
Callable
11/2/27
@
100
(c)
..................
5,000
5,275
2
.89
%
(
H15T1Y
+
130
bps
)
,
11/24/32
,
Callable
11/24/31
@
100
(c)
................
5,000
4,540
6
.22
%
(
SOFR
+
298
bps
)
,
5/9/34
,
Callable
5/9/33
@
100
(c)
......................
3,000
3,217
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
3,479
8
.13
%
(
H15T5Y
+
421
bps
)
,
1/8/39
,
Callable
1/8/34
@
100
(a)
(c)
..................
2,500
2,730
BNP
Paribas
SA
,
4
.63
%
,
3/13/27
(a)
..........................................
4,500
4,526
BPCE
SA
3
.50
%
,
10/23/27
(a)
..................................................
5,000
4,951
6
.51
%
(
SOFR
+
279
bps
)
,
1/18/35
,
Callable
1/18/34
@
100
(a)
(c)
..................
3,500
3,715
Brookfield
Asset
Management
Ltd.
,
5
.30
%
,
1/15/36
,
Callable
10/15/35
@
100
...........
6,000
5,991
Canadian
Imperial
Bank
of
Commerce
7
.26
%
,
4/10/32
(a)
..................................................
4,365
4,607
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...................................
1,500
1,624
Deutsche
Bank
AG
4
.88
%
(
USISOA05
+
255
bps
)
,
12/1/32
,
Callable
12/1/27
@
100
(c)
................
3,000
3,012
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(c)
.....................
5,000
4,654
HSBC
Holdings
PLC
,
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(c)
........
8,500
8,093
Lloyds
Banking
Group
PLC
3
.57
%
(
US0003M
+
121
bps
)
,
11/7/28
,
Callable
11/7/27
@
100
(c)
(i)
...............
5,000
4,961
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(c)
.................
2,121
2,472
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(a)
(c)
......
8,750
7,975
Mizuho
Financial
Group,
Inc.
,
2
.17
%
(
H15T1Y
+
87
bps
)
,
5/22/32
,
Callable
5/22/31
@
100
(c)
.
5,000
4,440
NatWest
Group
PLC
,
5
.08
%
(
US0003M
+
191
bps
)
,
1/27/30
,
Callable
1/27/29
@
100
(c)
(i)
....
6,000
6,145
Pershing
Square
Holdings
Ltd.
,
5
.50
%
,
10/28/32
,
Callable
8/28/32
@
100
(a)
............
1,200
1,199
RenaissanceRe
Holdings
Ltd.
,
5
.80
%
,
4/1/35
,
Callable
1/1/35
@
100
..................
2,857
2,977
Societe
Generale
SA
,
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(c)
....
4,000
4,195
Standard
Chartered
PLC
,
4
.87
%
(
USISOA05
+
197
bps
)
,
3/15/33
,
Callable
3/15/28
@
100
(a)
(c)
(h)
.......................................................
3,750
3,770
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.22
%
,
9/17/31
...........................
8,500
7,540
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5
.05
%
,
3/13/35
(a)
.............................
1,500
1,516
The
Toronto-Dominion
Bank
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(c)
...................
10,000
9,947
5
.15
%
(
H15T5Y
+
150
bps
)
,
9/10/34
,
Callable
9/10/29
@
100
(c)
..................
3,200
3,255
UBS
Group
AG
,
3
.87
%
(
US0003M
+
141
bps
)
,
1/12/29
,
Callable
1/12/28
@
100
(a)
(c)
(i)
.....
4,445
4,422
Westpac
Banking
Corp.
,
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(c)
.
5,000
4,998
151,837
Victory
Portfolios
III
Victory
Income
Fund
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Health
Care
(0.8%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
$
3,939
$
3,871
Royalty
Pharma
PLC
5
.40
%
,
9/2/34
,
Callable
6/2/34
@
100
....................................
3,500
3,581
3
.30
%
,
9/2/40
,
Callable
3/2/40
@
100
....................................
5,000
3,882
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
....................................
2,500
1,737
Smith
&
Nephew
PLC
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
.................................
3,000
2,697
5
.40
%
,
3/20/34
,
Callable
12/20/33
@
100
.................................
3,864
3,974
STERIS
Irish
FinCo
Unlimited
Co.
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
3,000
2,771
3
.75
%
,
3/15/51
,
Callable
9/15/50
@
100
..................................
8,000
5,978
Teva
Pharmaceutical
Finance
Netherlands
III
B.V.
,
3
.15
%
,
10/1/26
...................
1,963
1,947
30,438
Industrials
(1.0%):
Air
Canada
Pass
Through
Trust
3
.60
%
,
3/15/27
(a)
..................................................
5,260
5,202
3
.75
%
,
12/15/27
(a)
..................................................
3,251
3,199
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
3,000
3,153
BAE
Systems
PLC
,
3
.40
%
,
4/15/30
,
Callable
1/15/30
@
100
(a)
......................
3,500
3,381
Ferguson
Finance
PLC
,
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
...................
3,000
2,989
LG
Energy
Solution
Ltd.
,
5
.50
%
,
7/2/34
(a)
.....................................
3,000
3,081
nVent
Finance
SARL
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
......................
5,500
5,736
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
,
5
.90
%
,
11/24/31
,
Callable
8/24/31
@
100
(a)
6,000
6,223
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
4,000
4,160
Turkish
Airlines
Pass
Through
Trust
,
4
.20
%
,
3/15/27
(a)
............................
2,068
2,033
39,157
Information
Technology
(0.4%):
Kioxia
Holdings
Corp.
,
6
.63
%
,
7/24/33
,
Callable
7/24/28
@
103.31
(a)
.................
4,000
4,181
NXP
B.V./NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
...
7,000
6,274
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
1,765
1,822
SK
hynix,
Inc.
,
2
.38
%
,
1/19/31
(a)
(h)
.........................................
1,000
911
13,188
Materials
(0.5%):
ArcelorMittal
SA
,
7
.00
%
,
10/15/39
..........................................
4,000
4,508
Braskem
Netherlands
Finance
B.V.
,
4
.50
%
,
1/31/30
,
Callable
10/31/29
@
100
(a)
.........
4,000
1,726
CCL
Industries,
Inc.
,
3
.05
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
.......................
7,235
6,810
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
4,414
4,568
Rio
Tinto
Finance
USA
PLC
,
5
.25
%
,
3/14/35
,
Callable
12/14/34
@
100
................
1,660
1,705
19,317
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
5,500
4,942
Utilities
(0.1%):
Enel
Finance
International
NV
,
2
.50
%
,
7/12/31
,
Callable
4/12/31
@
100
(a)
..............
5,000
4,499
Total
Yankee
Dollars
(Cost
$353,733)
a
a
a
347,278
Municipal
Bonds
(2.6%)
Arizona
(0.1%):
Arizona
IDA
Revenue
5
.26
%
,
10/1/33
....................................................
2,000
2,060
5
.36
%
,
10/1/34
....................................................
2,000
2,067
4,127
California
(0.2%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
,
Series
B
,
6
.03
%
,
7/1/38
.
3,340
3,425
City
of
El
Cajon
Revenue
Series
A
,
2
.09
%
,
4/1/29
..............................................
425
400
Series
A
,
2
.19
%
,
4/1/30
..............................................
425
393
Series
A
,
2
.29
%
,
4/1/31
,
Continuously
Callable
@100
.........................
550
499
Victory
Portfolios
III
Victory
Income
Fund
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vista
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.13
%
,
9/1/30
,
Continuously
Callable
@100
...........
$
2,590
$
2,590
7,307
Connecticut
(0.1%):
State
of
Connecticut,
GO
,
Series
A
,
3
.43
%
,
4/15/28
..............................
1,500
1,489
Town
of
Hamden,
GO
,
4
.93
%
,
8/15/30
,
Continuously
Callable
@100
..................
3,845
3,847
5,336
Florida
(0.4%):
Florida
Development
Finance
Corp.
Revenue
,
Series
B
,
3
.22
%
,
2/1/32
,
Continuously
Callable
@100
...........................................................
4,080
3,740
Hillsborough
County
IDA
Revenue
,
3
.58
%
,
8/1/35
,
Continuously
Callable
@100
.........
8,500
7,373
St.
Johns
County
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
2
.54
%
,
10/1/30
,
Continuously
Callable
@100
....................................
2,500
2,316
13,429
Georgia
(0.1%):
Savannah
Hospital
Authority
Revenue
,
Series
B
,
3
.99
%
,
7/1/38
......................
5,000
4,551
Hawaii
(0.2%):
State
of
Hawaii
Department
of
Business
Economic
Development
&
Tourism
Revenue
,
Series
A-2
,
3
.24
%
,
1/1/31
..................................................
5,621
5,534
Illinois
(0.1%):
State
of
Illinois
Sales
Tax
Revenue
Series
B
,
2
.51
%
,
6/15/32
,
Continuously
Callable
@100
........................
2,000
1,773
Series
B
,
2
.66
%
,
6/15/33
,
Continuously
Callable
@100
........................
1,500
1,312
3,085
Indiana
(0.0%):(g)
Indiana
Finance
Authority
Revenue
,
Series
A
,
3
.62
%
,
7/1/36
........................
1,500
1,401
Louisiana
(0.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.28
%
,
2/1/36
..............................................
2,950
2,910
Series
A
,
4
.48
%
,
8/1/39
..............................................
3,775
3,666
6,576
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue
Series
B
,
4
.25
%
,
6/1/29
..............................................
2,495
2,408
Series
B
,
4
.35
%
,
6/1/30
..............................................
1,325
1,267
Series
B
,
4
.40
%
,
6/1/31
..............................................
1,385
1,310
4,985
Massachusetts
(0.0%):(g)
Massachusetts
Development
Finance
Agency
Revenue
,
Series
G
,
6
.63
%
,
10/1/30
.........
1,575
1,604
New
Jersey
(0.1%):
New
Jersey
Educational
Facilities
Authority
Revenue
,
Series
E
,
4
.02
%
,
7/1/39
...........
3,000
2,665
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.38
%
,
11/1/27
...............
1,030
1,003
3,668
Oklahoma
(0.3%):
Oklahoma
Development
Finance
Authority
Revenue
,
Series
C
,
5
.45
%
,
8/15/28
...........
9,750
9,670
Pennsylvania
(0.3%):
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
,
3
.73
%
,
7/15/43
..........
3,000
2,234
Public
Parking
Authority
of
Pittsburgh
Revenue
2
.33
%
,
12/1/29
....................................................
895
837
2
.58
%
,
12/1/31
,
Continuously
Callable
@100
...............................
825
747
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
3
.05
%
,
4/1/29
.....................................................
800
781
3
.10
%
,
4/1/30
.....................................................
950
917
3
.15
%
,
4/1/31
.....................................................
250
239
State
Public
School
Building
Authority
Revenue
3
.05
%
,
4/1/28
.....................................................
2,000
1,965
3
.15
%
,
4/1/30
.....................................................
4,460
4,300
12,020
Texas
(0.3%):
County
of
Bexar
Revenue
,
2
.53
%
,
8/15/34
,
Continuously
Callable
@100
...............
2,800
2,377
Victory
Portfolios
III
Victory
Income
Fund
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
3
.34
%
,
11/15/37
......
$
2,000
$
1,794
San
Antonio
Education
Facilities
Corp.
Revenue
2
.38
%
,
4/1/28
.....................................................
1,500
1,407
2
.65
%
,
4/1/30
.....................................................
1,150
1,022
2
.73
%
,
4/1/31
.....................................................
750
649
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
2
.08
%
,
9/1/28
.....................................................
600
570
2
.57
%
,
9/1/32
,
Continuously
Callable
@100
...............................
1,000
886
2
.69
%
,
9/1/33
,
Continuously
Callable
@100
...............................
1,000
873
Waco
Educational
Finance
Corp.
Revenue
1
.69
%
,
3/1/28
.....................................................
1,500
1,432
2
.06
%
,
3/1/31
,
Continuously
Callable
@100
...............................
1,500
1,344
12,354
Wisconsin
(0.1%):
Public
Finance
Authority
Revenue
,
3
.63
%
,
6/1/51
................................
6,575
3,548
Total
Municipal
Bonds
(Cost
$108,321)
a
a
a
99,195
U.S.
Government
Agency
Mortgages
(9.9%)
Federal
Farm
Credit
Banks
Funding
Corporation
3
.98
%
,
2/5/29
.....................................................
2,500
2,490
5
.60
%
,
8/5/39
.....................................................
4,000
4,001
6,491
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
12/1/35
-
1/1/55
..............................................
38,410
39,184
1
.50
%
,
4/1/37
.....................................................
3,913
3,534
5
.00
%
,
3/1/38
-
12/1/55
..............................................
48,087
48,367
2
.50
%
,
5/1/42
.....................................................
3,752
3,377
3
.50
%
,
5/1/42
-
11/1/52
..............................................
12,937
12,094
4
.50
%
,
11/1/42
-
10/1/52
..............................................
9,975
9,860
4
.00
%
,
1/1/43
-
12/1/54
..............................................
13,233
12,772
3
.00
%
,
1/1/52
-
5/1/52
...............................................
7,598
6,782
6
.00
%
,
8/1/53
-
3/1/55
...............................................
8,246
8,473
144,443
Federal
National
Mortgage
Association
2
.50
%
,
2/1/28
-
3/1/52
...............................................
9,601
8,431
6
.50
%
,
4/1/31
-
3/1/32
...............................................
122
128
5
.00
%
,
6/1/33
-
11/1/55
..............................................
39,117
39,269
5
.50
%
,
9/1/35
-
12/1/55
..............................................
33,085
33,749
6
.00
%
,
5/1/36
-
8/1/54
...............................................
10,421
10,760
4
.00
%
,
4/1/38
-
7/1/53
...............................................
12,228
11,873
4
.50
%
,
11/1/40
-
2/1/55
..............................................
10,960
10,836
3
.50
%
,
12/1/42
-
12/1/53
.............................................
16,105
15,077
3
.00
%
,
2/1/50
-
12/1/51
..............................................
3,818
3,431
133,554
Government
National
Mortgage
Association
7
.00
%
,
3/15/26
-
7/15/32
.............................................
147
151
6
.50
%
,
4/15/26
-
10/15/31
.............................................
195
202
7
.50
%
,
6/15/26
-
8/15/29
.............................................
22
22
6
.00
%
,
9/15/28
-
9/20/53
.............................................
5,123
5,303
5
.50
%
,
4/20/33
-
9/20/53
.............................................
18,771
19,185
5
.00
%
,
8/15/33
-
4/20/54
.............................................
18,648
18,749
2
.50
%
,
9/20/51
-
7/20/53
.............................................
9,496
8,228
3
.00
%
,
3/20/52
-
12/20/53
.............................................
10,387
9,317
3
.50
%
,
4/20/52
....................................................
5,965
5,424
4
.50
%
,
8/20/52
-
9/20/53
.............................................
23,318
22,889
89,470
Total
U.S.
Government
Agency
Mortgages
(Cost
$369,166)
a
a
a
373,958
Victory
Portfolios
III
Victory
Income
Fund
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
U.S.
Treasury
Obligations
(24.6%)
U.S.
Treasury
Bonds
1
.13
%
,
5/15/40
....................................................
$
10,000
$
6,319
1
.38
%
,
11/15/40
....................................................
30,000
19,406
1
.88
%
,
2/15/41
....................................................
9,000
6,265
2
.25
%
,
5/15/41
....................................................
70,000
51,319
2
.75
%
,
8/15/42
....................................................
35,000
26,939
2
.88
%
,
5/15/43
....................................................
10,000
7,739
4
.38
%
,
8/15/43
....................................................
20,000
19,038
3
.38
%
,
5/15/44
....................................................
12,000
9,883
3
.00
%
,
11/15/44
....................................................
25,000
19,285
2
.50
%
,
2/15/45
....................................................
55,000
38,827
3
.00
%
,
11/15/45
....................................................
21,000
15,996
2
.50
%
,
2/15/46
....................................................
15,000
10,418
2
.25
%
,
8/15/46
....................................................
42,950
28,199
2
.88
%
,
11/15/46
....................................................
10,000
7,364
3
.00
%
,
2/15/47
....................................................
23,000
17,272
2
.75
%
,
11/15/47
....................................................
12,000
8,518
3
.00
%
,
2/15/48
....................................................
25,000
18,543
3
.13
%
,
5/15/48
....................................................
30,000
22,702
3
.38
%
,
11/15/48
....................................................
25,000
19,699
3
.00
%
,
2/15/49
....................................................
24,000
17,614
1
.25
%
,
5/15/50
....................................................
30,000
14,316
1
.63
%
,
11/15/50
....................................................
35,000
18,298
2
.88
%
,
5/15/52
....................................................
10,000
6,956
4
.00
%
,
11/15/52
....................................................
10,000
8,631
4
.13
%
,
8/15/53
....................................................
17,000
14,976
4
.75
%
,
11/15/53
....................................................
10,000
9,766
4
.25
%
,
2/15/54
....................................................
5,000
4,498
U.S.
Treasury
Inflation
Indexed
Notes
,
0
.88
%
,
1/15/29
............................
12,838
12,774
U.S.
Treasury
Notes
4
.63
%
,
9/15/26
....................................................
9,000
9,053
4
.38
%
,
12/15/26
....................................................
20,000
20,134
2
.38
%
,
5/15/27
....................................................
10,000
9,855
2
.88
%
,
8/15/28
....................................................
6,000
5,899
3
.63
%
,
8/15/28
....................................................
15,000
15,020
3
.38
%
,
9/15/28
....................................................
5,000
4,974
4
.25
%
,
2/28/29
....................................................
10,000
10,181
3
.25
%
,
6/30/29
....................................................
20,000
19,742
4
.25
%
,
6/30/29
....................................................
15,000
15,282
3
.63
%
,
8/31/29
....................................................
10,000
9,981
3
.88
%
,
9/30/29
....................................................
30,000
30,192
3
.88
%
,
7/31/30
....................................................
20,000
20,092
4
.13
%
,
8/31/30
....................................................
50,000
50,719
4
.38
%
,
11/30/30
....................................................
6,000
6,151
4
.25
%
,
2/28/31
....................................................
9,000
9,176
3
.63
%
,
9/30/31
....................................................
15,000
14,797
3
.88
%
,
9/30/32
....................................................
5,000
4,963
4
.13
%
,
11/15/32
....................................................
5,000
5,033
3
.75
%
,
11/30/32
....................................................
10,000
9,841
3
.88
%
,
8/15/33
....................................................
54,000
53,291
4
.00
%
,
2/15/34
....................................................
38,000
37,685
4
.38
%
,
5/15/34
....................................................
5,000
5,080
3
.88
%
,
8/15/34
....................................................
35,000
34,273
4
.25
%
,
11/15/34
....................................................
35,000
35,159
4
.25
%
,
5/15/35
....................................................
30,000
30,066
Total
U.S.
Treasury
Obligations
(Cost
$1,050,511)
a
a
a
928,199
Victory
Portfolios
III
Victory
Income
Fund
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Repurchase
Agreements
(0.6%)
Fixed
Income
Clearing
Corporation-State
Street
Bank
&
Trust
Co.
,
3
.64
%
,
purchased
on
1/30/26,
with
a
maturity
date
of
2/2/26,
with
a
repurchase
value
of
$23,007
(collateralized
by
U.S.
Treasury
Notes
,
4.88%,
due
10/31/28,
with
a
value
of
$23,460)
...................
$
23,000
$
23,000
Total
Repurchase
Agreements
(Cost
$23,000)
a
a
a
23,000
Shares
Collateral
for
Securities
Loaned
(0.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(j)
........
6,711,463
6,712
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(j)
............
6,711,463
6,712
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(j)
................
6,711,463
6,711
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(j)
.
6,711,463
6,711
Total
Collateral
for
Securities
Loaned
(Cost
$26,846)
a
a
a
26,846
Total
Investments
(Cost
$3,986,132)
—
99.8%
3,765,668
Other
assets
in
excess
of
liabilities
—  0.2%
5,853
NET
ASSETS
-
100.00%
$
3,771,521
At
January
31,
2026,
the
Fund's
investments
in
foreign
securities
were
9.5%
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
January
31,
2026,
the
fair
value
of
these
securities
was
$935,470
(thousands)
and
amounted
to
24.8%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
January
31,
2026.
(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
January
31,
2026.
(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
disclosed
is
the
daily
yield
on
January
31,
2026.
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
January
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2026.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2026.
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
January
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2026.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
January
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
January
31,
2026.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
January
31,
2026,
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
January
31,
2026.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
January
31,
2026.
Victory
Portfolios
III
Victory
Income
Fund
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
January
31,
2026
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
156
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(21.0%)
ABS
Auto
(11.1%):
Alloya
Auto
Receivables
Trust,
Series
2025-1A,
Class
C,
5.19%,
7/25/30,
Callable
7/25/28
@
100(a)
...........................................................
$
500
$
506
Ally
Bank
Auto
Credit
Linked
Notes,
Series
2025-A,
Class
B,
4.65%,
6/15/33,
Callable
7/15/28
@
100(a)
.........................................................
598
602
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2025-B,
Class
B,
4.50%,
9/15/33,
Callable
8/15/28
@
100(a)
...............
447
449
Series
2025-B,
Class
D,
4.94%,
9/15/33,
Callable
8/15/28
@
100(a)
...............
224
224
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2022-5A,
Class
B,
7.09%,
4/20/27(a)
................................
375
376
Series
2022-5A,
Class
C,
6.24%,
4/20/27(a)
................................
125
125
Series
2023-2A,
Class
C,
6.18%,
10/20/27(a)
...............................
250
252
CarMax
Auto
Owner
Trust,
Series
2023-1,
Class
D,
6.27%,
11/15/29,
Callable
2/15/27
@
100
500
508
CarMax
Select
Receivables
Trust,
Series
2025-B,
Class
C,
4.83%,
6/16/31
,
Callable
6/15/29
@
100
.............................................................
500
504
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1,
Class
C,
1.30%,
1/10/28,
Callable
8/10/26
@
100
................
52
51
Series
2021-N2,
Class
C,
1.07%,
3/10/28,
Callable
5/10/27
@
100
................
33
33
Chase
Auto
Owner
Trust,
Series
2024-3A,
Class
D,
5.87%,
9/25/31,
Callable
2/25/28
@
100(a)
1,060
1,089
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A,
Class
A1,
5.65%,
5/15/35,
Callable
5/15/26
@
100(a)
.............
115
115
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,
4.81%
(SOFR30A+110bps),
10/15/35,
Callable
10/15/26
@
100(a)(b)
.........................................................
330
332
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-1A,
Class
A,
6.48%,
3/15/33,
Callable
11/15/26
@
100(a)
.............
7
7
Series
2023-1A,
Class
B,
7.02%,
5/16/33,
Callable
11/15/26
@
100(a)
.............
500
503
Series
2023-3A,
Class
A,
6.39%
,
8/15/33,
Callable
3/15/27
@
100(a)
..............
371
373
Series
2023-3A,
Class
B,
7.09%,
10/17/33,
Callable
3/15/27
@
100(a)
.............
474
481
Series
2025-2A,
Class
B,
4.87%,
1/15/36,
Callable
9/15/29
@
100(a)
..............
477
474
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A,
Class
A3,
6.24%,
1/16/29,
Callable
6/15/28
@
100(a)
.............
399
401
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
7/20/26
@
100(a)
...........................................................
51
52
FCCU
Auto
Receivables
Trust,
Series
2024-1A,
Class
A4,
5.46%,
4/15/30,
Callable
3/15/28
@
100(a)
...........................................................
646
660
First
Investors
Auto
Owner
Trust
............................................
Series
2025-1A,
Class
B,
4.39
%,
1/15/31,
Callable
8/15/30
@
100(a)
..............
500
500
Series
2025-1A,
Class
C,
4.75%,
12/15/31,
Callable
8/15/30
@
100(a)
.............
500
503
Series
2025-1A,
Class
D,
5.22%,
12/15/33,
Callable
8/15/30
@
100(a)
.............
185
185
Flagship
Credit
Auto
Trust,
Series
2019-4,
Class
E,
4.11%,
3/15/27,
Callable
2/15/26
@
100(a)
188
187
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-1,
Class
D,
2.31%,
10/17/33,
Callable
4/15/26
@
100(a)
..............
208
207
Series
2021-2,
Class
C,
2.11%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
250
246
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-3A,
Class
E,
3.20%,
10/16/28,
Callable
4/15/26
@
100(a)
.............
1,250
1,247
Series
2021-4A,
Class
E,
4.43%,
10/16/28,
Callable
2/15/27
@
100(a)
.............
250
250
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1,
Class
B2,
5.10%
(SOFR30A+140bps),
5/20/32,
Callable
10/20/27
@
100(a)(b)
.........................................................
521
522
Series
2024-2,
Class
B2,
5.05%
(SOFR30A+135bps),
10/20/32
,
Callable
5/20/28
@
100(a)(b)
.........................................................
530
531
Series
2025-2,
Class
B2,
4.90%
(SOFR30A+120bps),
9/20/33,
Callable
11/20/29
@
100(a)(b)
.........................................................
853
855
LAD
Auto
Receivables
Trust
...............................................
Series
2023-1A,
Class
C,
6.18%,
12/15/27,
Callable
4/15/27
@
100
(a)
.............
811
813
Series
2023-2A,
Class
C,
5.58%,
9/15/28,
Callable
5/15/27
@
100(a)
..............
750
754
Series
2023-3A,
Class
B,
6.09%,
6/15/28,
Callable
9/15/27
@
100(a)
..............
1,000
1,007
Lobel
Automobile
Receivables
Trust
.........................................
Series
2025-1
,
Class
B,
5.20%,
4/17/28,
Callable
10/15/27
@
100(a)
..............
500
502
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-1,
Class
C,
5.70%,
1/15/30,
Callable
10/15/27
@
100(a)
..............
$
675
$
681
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A,
Class
A,
7.21%,
5/20/36,
Callable
5/20/26
@
100(a)
..............
213
214
Series
2024-1A,
Class
A,
5.82%,
4/20/37,
Callable
1/20/27
@
100(a)
..............
277
279
Series
2024-1A,
Class
C,
6.18%,
4/20/37,
Callable
1/20/27
@
100(a)
..............
500
507
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
1/20/27
@
100(a)
..............
225
229
Series
2025-1A,
Class
C,
5.21%,
1/20/39,
Callable
7/20/29
@
100(a)
..............
215
217
Navistar
Financial
Dealer
Note
Master
Owner
Trust,
Series
2024-1,
Class
B,
5.79%,
4/25/29(a)
260
261
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2025-1,
Class
C,
4.72%,
9/25/30(a)
........................................................
301
298
OCCU
Auto
Receivables
Trust,
Series
2025-1A,
Class
D,
5.60%,
11/15/34,
Callable
3/15/29
@
100(a)
...........................................................
300
300
Oscar
US
Funding
XVII
LLC,
Series
2024-2A,
Class
A3,
4.47%,
3/12/29,
Callable
12/10/28
@
100(a)
...........................................................
750
754
Prestige
Auto
Receivables
Trust
............................................
Series
2023-2A,
Class
B,
6.64%,
12/15/27(a)
...............................
494
495
Series
2025-1A,
Class
B,
5.34%,
11/15/28(a)
...............................
500
505
Series
2025-1A,
Class
C,
5.52%,
2/15/30,
Callable
3/15/29
@
100(a)
..............
177
180
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B,
Class
C,
5.93%,
12/15/33,
Callable
12/15/27
@
100(a)
.............
233
236
Series
2023-B,
Class
D,
6.66%,
12/15/33,
Callable
12/15/27
@
100(a)
.............
117
119
Series
2024-B,
Class
C,
5.14%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
370
373
Series
2024-B,
Class
D,
5.48%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
489
493
Series
2025-A,
Class
C,
4.66%,
1/16/34,
Callable
12/15/29
@
100(a)
..............
500
502
Series
2025-A,
Class
D,
5.15%,
1/16/34,
Callable
12/15/29
@
100(a)
..............
250
251
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A,
Class
B,
5.04%,
7/25/31,
Callable
3/25/28
@
100(a)
...............
300
303
Series
2025-A,
Class
C,
5.19%,
7/25/31,
Callable
3/25/28
@
100(a)
...............
130
131
Series
2025-B,
Class
B,
4.93%,
12/29/32,
Callable
8/25/28
@
100(a)
..............
367
371
Series
2025-B,
Class
C,
5.12
%,
12/29/32,
Callable
8/25/28
@
100(a)
..............
367
372
Series
2026-A,
Class
C,
4.43%,
3/25/33,
Callable
9/25/29
@
100(a)
...............
690
691
Truist
Bank
Auto
Credit-Linked
Notes,
Series
2025-1,
Class
B,
4.73%,
9/26/33,
Callable
12/25/28
@
100(a)
..................................................
1,011
1,016
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
10/25/26
@
100(a)
.......
473
477
United
Auto
Credit
Securitization
Trust
.......................................
Series
2025-1,
Class
B,
5.05%,
2/10/28(a)
.................................
1,000
1,002
Series
2026-1,
Class
B,
4
.63%,
5/10/29,
Callable
4/10/29
@
100(a)
...............
750
750
Western
Funding
Auto
Loan
Trust
...........................................
Series
2025-1,
Class
B,
4.98%,
9/17/35(a)
.................................
636
635
Series
2025-1,
Class
C,
5.34%,
11/15/35(a)
................................
447
448
Westlake
Automobile
Receivables
Trust
.......................................
Series
2023-2A,
Class
C,
6.29%,
3/15/28,
Callable
12/15/26
@
100(a)
.............
301
302
Series
2023-P1,
Class
C,
6.44%,
6/15/27,
Callable
9/15/26
@
100(a)
..............
129
130
Series
2025-1A,
Class
A2B,
4.19%
(
SOFR30A+48bps),
1/18/28(a)(b)
.............
483
483
Series
2026-1A,
Class
C,
4.37%,
6/16/31,
Callable
1/15/29
@
100(a)
..............
1,000
1,000
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2024-1A,
Class
A2,
4.51%
(TSFR1M+83bps),
2/18/39(a)(b)
...............
438
440
Series
2025-3A,
Class
C,
4.79%,
9/18/40(a)
................................
500
501
32,914
ABS
Card
(0.2%):
Evergreen
Credit
Card
Trust,
Series
2025-CRT5,
Class
B,
5.24%,
5/15/29(a)
.............
507
513
ABS
Other
(9.7%):
Aligned
Data
Centers
Issuer
LLC,
Series
2021-1A,
Class
A2,
1.94%,
8/15/46,
Callable
2/15/26
@
100(a)
.........................................................
1,500
1,478
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
A2,
5.30%,
6/21/28,
Callable
6/20/26
@
100(a)
............................................
41
41
Amur
Equipment
Finance
Receivables
XII
LLC,
Series
2023-1A,
Class
A2,
6.09%,
12/20/29,
Callable
6/20/27
@
100(a)
............................................
121
122
Auxilior
Term
Funding
LLC,
Series
2024-1A,
Class
A2,
5.84%,
3/15/27(a)
..............
49
49
Blue
Bridge
Funding
LLC,
Series
2023-1A,
Class
A,
7.37%,
11/15/30,
Callable
1/15/27
@
100(a)
...........................................................
119
120
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
CCG
Receivables
Trust
...................................................
Series
2023-1,
Class
A2,
5.82%,
9/16/30,
Callable
9/14/26
@
100(a)
..............
$
101
$
101
Series
2023-2,
Class
A2,
6.28%,
4/14/32,
Callable
6/14/27
@
100(a)
..............
153
155
Series
2023-2,
Class
B,
6.21%,
4/14/32,
Callable
6/14/27
@
100(a)
...............
500
512
Series
2025-1,
Class
A2,
4.48%,
10/14/32,
Callable
10/14/28
@
100(a)
............
658
661
Series
2025-1,
Class
C,
4.89%,
10/14/32
,
Callable
10/14/28
@
100(a)
.............
500
505
Clarus
Capital
Funding
LLC,
Series
2024-1A,
Class
B,
4.79%,
8/20/32,
Callable
2/20/28
@
100(a)
...........................................................
240
241
Cloud
Capital
Holdco
LP,
Series
2024-1A,
Class
A2,
5.78%,
11/22/49,
Callable
11/22/27
@
100
(a)
...........................................................
500
502
CP
EF
Asset
Securitization
II
LLC,
Series
2023-1A,
Class
A,
7.48%,
3/15/32,
Callable
6/15/27
@
100(a)
.........................................................
127
128
Crossroads
Asset
Trust
...................................................
Series
2024-A,
Class
A2,
5.90%,
8/20/30,
Callable
2/20/28
@
100(a)
..............
491
496
Series
2025-A,
Class
A2,
4.91%,
2/20/32,
Callable
12/20/28
@
100(a)
.............
469
472
Series
2025-A,
Class
B,
5.20%,
2/20/32,
Callable
12/20/28
@
100(a)
..............
152
154
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A,
Class
A2,
4.50%,
5/20/49,
Callable
5/20/27
@
100(a)
.............
233
229
Series
2025-1A,
Class
A2,
5.91%,
2/20/50,
Callable
2/20/28
@
100(a)
.............
224
228
Dell
Equipment
Finance
Trust
..............................................
Series
2024-2,
Class
D,
5.29%,
2/24/31,
Callable
5/22/27
@
100(a)
...............
254
256
Series
2025-1,
Class
C,
5.25%,
2/24/31,
Callable
12/22/27
@
100(a)
..............
300
305
Series
2025-2,
Class
C,
4.53%,
3/24/31,
Callable
6/22/28
@
100(a)
...............
850
851
Dext
ABS
LLC
........................................................
Series
2023-1,
Class
A2,
5.99%,
3/15/32,
Callable
2/15/27
@
100(a)
..............
154
155
Series
2023-2,
Class
B,
6.41%,
5/15/34,
Callable
9/15/27
@
100(a)
...............
750
760
Series
2025-1,
Class
C,
5.39%,
8/15/35,
Callable
1/15/29
@
100(a)
...............
1,000
1,013
Series
2025-2,
Class
B,
4.66%,
4/15/36
,
Callable
11/15/29
@
100(a)
..............
438
438
Series
2025-2,
Class
D,
5.45%,
10/15/36,
Callable
11/15/29
@
100(a)
.............
500
502
DLLAA
LLC,
Series
2025-1A,
Class
A3,
4.95%,
9/20/29,
Callable
10/20/28
@
100(a)
.....
522
530
DLLMT
LLC,
Series
2026-1A,
Class
A2,
4.03%,
7/20/28(a)
........................
750
751
Ford
Credit
Floorplan
Master
Owner
Trust
A,
Series
2025-1,
Class
A2,
4.51%
(SOFR30A+80bps),
4/15/30(b)
.........................................
500
503
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2025-1,
Class
A2,
4.52%,
10/15/27(a)
...............................
697
699
Series
2025-1,
Class
A3,
4.49%,
4/16/29(a)
................................
500
505
HPEFS
Equipment
Trust
..................................................
Series
2024-1A,
Class
D,
5.82%,
11/20/31,
Callable
8/20/27
@
100(a)
.............
520
526
Series
2025-2A,
Class
C,
4
.41%,
11/22/32,
Callable
6/20/29
@
100(a)
.............
500
499
Series
2025-2A,
Class
D,
4.77%,
5/20/33,
Callable
6/20/29
@
100(a)
..............
374
373
Kubota
Credit
Owner
Trust,
Series
2025-1A,
Class
A2,
4.61%,
12/15/27(a)
.............
621
624
MMP
Capital
LLC
,
Series
2025-A,
Class
A,
5.36%,
12/15/31,
Callable
12/15/28
@
100(a)
..
299
302
New
Economy
Assets
-
Phase
1
Sponsor
LLC,
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
2/20/26
@
100(a)
............................................
293
185
NMEF
Funding
LLC
....................................................
Series
2023-A
,
Class
A2,
6.57%,
6/17/30,
Callable
5/15/27
@
100(a)
..............
109
110
Series
2024-A,
Class
A2,
5.15%,
12/15/31,
Callable
4/15/28
@
100(a)
.............
254
255
Series
2024-A,
Class
B,
5.32%,
12/15/31,
Callable
4/15/28
@
100(a)
..............
650
657
Series
2025-A,
Class
A2,
4.72%,
7/15/32,
Callable
11/15/28
@
100(a)
.............
359
360
Series
2025-A,
Class
B,
5.18%,
7/15/32,
Callable
11/15/28
@
100(a)
..............
709
718
Series
2025-A,
Class
C,
5.79%,
7/15/32,
Callable
11/15/28
@
100(a)
..............
450
461
Series
2025-B,
Class
A2,
4.64%,
1/18/33,
Callable
2/15/29
@
100(a)
..............
500
502
Series
2025-B,
Class
B,
4.73%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
500
502
Series
2025-B,
Class
C,
5.17%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
300
302
NP
SPE
II
LLC,
Series
2017-1A,
Class
A1,
3.37%,
10/21/47(a)
......................
91
90
NP
SPE
X
LP,
Series
2019-2A,
Class
C1,
6.44%,
11/19/49(a)
.......................
346
283
Pawnee
Equipment
Receivables
LLC,
Series
2022-1,
Class
B,
5.40%,
7/17/28,
Callable
7/15/26
@
100(a)
.........................................................
397
398
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-2A,
Class
A3,
4.65%,
10/20/31,
Callable
7/20/27
@
100(a)
............
571
575
Series
2025-1A,
Class
A2,
4.94%,
10/20/28(a)
..............................
474
477
Series
2025-1A,
Class
A3,
5.04%,
7/20/32,
Callable
9/20/28
@
100(a)
.............
419
426
Series
2026-1A,
Class
A3,
4.39%,
7/20/33,
Callable
7/20/29
@
100(a)
.............
429
430
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Post
Road
Equipment
Finance
LLC
..........................................
Series
2025-1A,
Class
A2,
4.90%,
5/15/31,
Callable
7/15/28
@
100(a)
.............
$
444
$
448
Series
2025-1A,
Class
B,
5.04%,
5/15/31,
Callable
7/15/28
@
100(a)
..............
164
166
Series
2025-1A,
Class
C,
5.13%,
5/15/31,
Callable
7/15/28
@
100(a)
..............
259
262
Progress
Residential
Trust,
Series
2021-SFR5,
Class
B,
1.66%,
7/17/38(a)(c)
............
600
593
Stack
Infrastructure
Issuer
LLC,
Series
2023-1A,
Class
A2,
5.90%,
3/25/48,
Callable
3/25/26
@
100(a)
.........................................................
400
401
Switch
ABS
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.04%,
3/25/55,
Callable
3/25/28
@
100(a)
...........................................................
250
246
VB-S1
Issuer
LLC
-
VBTEL,
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
2/15/26
@
100(a)
...........................................................
1,225
1,212
Verdant
Receivables
LLC
.................................................
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
8/12/27
@
100(a)
.............
307
311
Series
2024-1A,
Class
C,
6.25%,
12/12/31,
Callable
6/12/28
@
100(a)
.............
400
413
Series
2025-1A,
Class
A3,
4.96%,
5/12/33,
Callable
6/12/29
@
100(a)
.............
261
264
VFI
ABS
LLC,
Series
2025-1A,
Class
A,
4.78%,
6/24/30,
Callable
7/24/28
@
100(a)
......
615
619
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
C,
5.28%,
9/20/32,
Callable
10/20/27
@
100(a)
.............
292
295
Series
2024-1A,
Class
D,
6.31%,
9/20/32,
Callable
10/20/27
@
100(a)
.............
150
153
Series
2025-1A,
Class
C,
4.76%,
9/20/33,
Callable
2/20/29
@
100(a)
..............
474
473
Series
2025-1A,
Class
D,
5.45%,
9/20/33,
Callable
2/20/29
@
100(a)
..............
410
413
28,786
Total
Asset-Backed
Securities
(Cost
$61,994)
a
a
a
62,213
Collateralized
Loan
Obligations
(1.3%)
Cash
Flow
CLO
(1.3%):
CIFC
Funding
IV
Ltd.,
Series
2017-4A,
Class
A1R,
4.88%
(TSFR3M+121bps),
10/24/30,
Callable
4/24/26
@
100(a)(b)
..........................................
109
109
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2022-3A,
Class
A1BR,
5.07%
(TSFR3M+140bps),
4/15/31,
Callable
4/15/26
@
100(a)(b)
.........................................................
348
349
Series
2022-3A,
Class
BR,
5.67%
(TSFR3M+200bps),
4/15/31,
Callable
4/15/26
@
100(a)(b)
.........................................................
500
501
Series
2024-3A,
Class
A2,
5.51%
(TSFR3M+165bps),
8/8/32,
Callable
2/8/26
@
100(a)
(b)
.............................................................
750
749
Series
2024-3A,
Class
A2R,
4.81%
(TSFR3M+115bps),
8/8/32,
Callable
8/8/26
@
100(a)
(b)
.............................................................
1,250
1,250
Venture
CLO
Ltd.,
Series
2024-49A,
Class
X,
5.02%
(TSFR3M+135bps),
4/20/37,
Callable
4/20/26
@
100(a)(b)
.................................................
513
513
Voya
CLO
Ltd.,
Series
2019-2A,
Class
AR,
4.87%
(TSFR3M+120bps),
7/20/32,
Callable
4/20/26
@
100(a)(b)
.................................................
289
289
3,760
Total
Collateralized
Loan
Obligations
(Cost
$3,759)
a
a
a
3,760
Collateralized
Mortgage
Obligations
(10.6%)
Agency
CMO
Other
(3.3%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5450,
Class
KA,
4.50%,
6/25/51
...................................
234
234
Series
5478,
Class
J,
5.50%,
3/25/51
.....................................
647
654
Federal
National
Mortgage
Association
.......................................
Series
2025-40,
Class
B,
5.00%,
10/25/50
.................................
516
518
Series
2025-61,
Class
DA,
4.50%,
9/25/51
.................................
705
705
Government
National
Mortgage
Association
....................................
Series
2023-128,
Class
KA,
6.00%,
6/20/47
................................
277
280
Series
2023-131,
Class
P,
5.50%,
6/20/48
..................................
385
387
Series
2023-149,
Class
D,
5.50%,
9/20/47
.................................
162
163
Series
2023-168,
Class
GB,
6.00%,
2/20/50
................................
618
632
Series
2024-160,
Class
H,
4.00%,
9/20/62
.................................
616
617
Series
2024-19,
Class
AD,
5.00%,
6/20/53
.................................
387
391
Series
2024-97,
Class
MC,
5.00%,
1/20/64
.................................
248
250
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-131,
Class
CE,
4.50%,
12/20/53
...............................
$
1,479
$
1,482
Series
2025-131,
Class
QD,
4.50%,
7/20/51
................................
730
725
Series
2025-139,
Class
DT,
5.00%,
3/20/65
................................
648
652
Series
2025-139,
Class
EA,
4.00%,
3/20/65
................................
485
480
Series
2025-150,
Class
QD,
4.50%,
7/20/51
................................
1,469
1,458
9,628
Agency
Commercial
MBS
(0.3%):
Federal
Home
Loan
Mortgage
Corporation,
Series
K536,
Class
AS,
4.29%
(SOFR30A+50bps),
11/25/29(b)
.......................................................
999
999
Commercial
MBS
(7.0%):
ALA
Trust
............................................................
Series
2025-OANA,
Class
A,
5.42%
(TSFR1M+174bps),
6/15/40(a)(b)(c)
..........
850
857
Series
2025-OANA,
Class
B,
5.52%
(TSFR1M+184bps),
6/15/40(a)(b)(c)
..........
500
504
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM,
Class
A,
5.33%
(TSFR1M+165bps),
8/15/42(a)(b)(c)
..........
250
250
Series
2025-ATRM,
Class
B,
5.78%
(TSFR1M+210bps),
8/15/42(a)(b)(c)
..........
979
977
BBCMS
Mortgage
Trust,
Series
2019-BWAY,
Class
B,
5.10%
(TSFR1M+142bps),
11/15/34
(a)
(b)(c)
...........................................................
1,000
40
BLP
Commercial
Mortgage
Trust,
Series
2025-IND,
Class
B,
5.23%
(TSFR1M+155bps),
3/15/42(a)(b)(c)
....................................................
715
710
BX
Commercial
Mortgage
Trust,
Series
2021-XL2,
Class
C,
4.99%
(TSFR1M+131bps),
10/15/38(a)(b)(c)
...................................................
700
700
BX
Mortgage
Trust,
Series
2021-PAC,
Class
C,
4.89%
(TSFR1M+121bps),
10/15/36(a)(b)(c)
1,000
997
BX
Trust
.............................................................
Series
2022-CLS,
Class
A,
5.76%,
10/13/27(a)(c)
............................
234
235
Series
2022-LBA6,
Class
B,
4.98%
(TSFR1M+130bps),
1/15/39(a)(b)(c)
...........
500
500
Series
2022-LBA6,
Class
C,
5.28%
(TSFR1M+160bps),
1/15/39(a)(b)(c)
...........
1,000
999
Series
2025-GW,
Class
B,
5.53%
(TSFR1M+185bps),
7/15/42(a)(b)(c)
............
500
502
Series
2025-ROIC,
Class
A,
4.82%
(TSFR1M+114
bps),
3/15/30(a)(b)(c)
...........
383
383
Series
2025-VOLT,
Class
B,
5.78%
(TSFR1M+210bps),
12/15/44(a)(b)(c)
..........
983
987
Series
2025-VOLT,
Class
C,
6.03%
(TSFR1M+235bps),
12/15/44(a)(b)(c)
..........
238
239
CEDR
Commercial
Mortgage
Trust,
Series
2022-SNAI,
Class
B,
5.02%
(TSFR1M+134bps),
2/15/39(a)(b)(c)
....................................................
1,000
990
COMM
Mortgage
Trust
..................................................
Series
2019-521F,
Class
B,
4.93%
(TSFR1M+125bps),
6/15/34(a)(b)(c)
............
1,500
1,389
Series
2024-277P,
Class
A,
6.34%,
8/10/44(a)(c)
.............................
300
316
GFH
Mortgage
Trust
....................................................
Series
2025-IND,
Class
A,
5.15%,
6/15/33(a)(c)
.............................
250
252
Series
2025-IND,
Class
B,
5.55%,
6/15/33(a)(c)
.............................
800
804
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX,
Class
A,
2.86%,
5/10/34(a)(c)
...........................
849
749
Series
2023-SHIP,
Class
B,
4.94%,
9/10/38(a)(c)(d)
..........................
600
600
Hilton
USA
Trust,
Series
2016-HHV,
Class
A,
3.72%,
11/5/38(a)(c)
...................
250
249
HYT
Commercial
Mortgage
Trust,
Series
2024-RGCY,
Class
A,
5.52%
(
TSFR1M+184bps),
9/15/41(a)(b)(c)
....................................................
500
501
LBA
Trust,
Series
2024-7IND,
Class
B,
5.42%
(TSFR1M+174bps),
10/15/41(a)(b)(c)
......
355
355
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
A,
2.13%,
9/10/39(a)(c)
........
750
724
ONE
Mortgage
Trust,
Series
2021-PARK,
Class
B,
4.74%
(TSFR1M+106bps),
3/15/36(a)(b)
(c)
.............................................................
1,000
994
SHR
Trust
............................................................
Series
2024-LXRY,
Class
A,
5.63%
(TSFR1M+195bps),
10/15/41(a)(b)(c)
..........
421
423
Series
2024-LXRY,
Class
B,
6.13%
(TSFR1M+
245bps),
10/15/41(a)(b)(c)
..........
500
501
SMRT,
Series
2022-MINI,
Class
B,
5.03%
(TSFR1M+135bps),
1/15/39(a)(b)(c)
..........
1,300
1,298
SWCH
Commercial
Mortgage
Trust,
Series
2025-DATA,
Class
A,
5.12%
(TSFR1M+144bps),
2/15/42(a)(b)(c)
....................................................
1,000
992
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2025-HI,
Class
A,
5.37%
(TSFR1M+169bps),
10/15/42(a)(b)(c)
...................................................
750
751
20,768
Total
Collateralized
Mortgage
Obligations
(Cost
$32,457)
a
a
a
31,395
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
161
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Senior
Secured
Loans
(0.5%)
Financials
(0.2%):
Delos
Finance
SARL,
Term,
First
Lien,
5.42%
(SOFR03M+175bps),
10/29/27(b)
.........
$
571
$
574
Industrials
(0.3%):
AAdvantage
Loyality
IP
Ltd.
(American
Airlines,
Inc.),
2025
Replacement
Term
Loan,
First
Lien,
5.92%
(SOFR03M+225bps),
4/20/28(b)
..............................
995
995
Total
Senior
Secured
Loans
(Cost
$1,563)
a
a
a
1,569
Corporate
Bonds
(26.7%)
Consumer
Discretionary
(1.4%):
Daimler
Truck
Finance
North
America
LLC,
4.66%
(SOFR+96bps),
9/25/27(a)(b)
........
750
753
General
Motors
Financial
Co.,
Inc.,
4.87%
(SOFRINDX+117bps),
4/4/28(b)
............
1,000
1,003
Grand
Canyon
University,
5.13%,
10/1/28,
Callable
8/1/28
@
100
....................
500
500
Las
Vegas
Sands
Corp.,
5.63%,
6/15/28,
Callable
5/15/28
@
100
.....................
500
512
Mattel,
Inc.,
5.88%,
12/15/27,
Callable
3/6/26
@
100(a)
...........................
500
500
Volkswagen
Group
of
America
Finance
LLC,
4.55%,
9/11/28,
Callable
8/11/28
@
100(a)
...
750
755
4,023
Consumer
Staples
(0.3%):
Smithfield
Foods,
Inc.,
4.25%,
2/1/27,
Callable
11/1/26
@
100(a)
....................
1,000
999
Energy
(0.6%):
Energy
Transfer
LP,
6.50%
(H15T5Y+569bps),
Callable
11/15/26
@
100(b)(e)
...........
750
753
Sunoco
LP/Sunoco
Finance
Corp.,
6.00%,
4/15/27,
Callable
3/6/26
@
100
..............
1,000
1,002
1,755
Financials
(17.9%):
Ally
Financial,
Inc.,
4.70%
(H15T5Y+387bps),
Callable
5/15/26
@
100(b)(e)
............
250
249
American
Express
Co.
3.55%
(H15T5Y+285bps),
Callable
9/15/26
@
100(b)(e)
......................
250
247
4.96%
(SOFR+126bps),
4/25/29,
Callable
4/25/28
@
100(b)
....................
750
759
American
Honda
Finance
Corp.,
4.55%
(SOFR+82bps),
3/3/28(b)
....................
1,000
1,002
American
National
Global
Funding,
4.63%,
12/15/28(a)
...........................
1,000
1,004
Antares
Holdings
LP,
3.95%,
7/15/26,
Callable
6/15/26
@
100(a)
.....................
1,500
1,495
Apollo
Debt
Solutions
BDC,
5.20%,
12/8/28,
Callable
11/8/28
@
100(a)
...............
1,000
1,000
Athene
Global
Funding,
4.91%
(SOFRINDX+121bps),
3/25/27(a)(b)
..................
1,000
1,005
Atlas
Warehouse
Lending
Co.
LP,
4.63%,
11/15/28,
Callable
10/15/28
@
100(a)
..........
1,150
1,156
Bank
of
America
NA,
4.81%
(SOFR+102bps),
8/18/26,
Callable
7/17/26
@
100(b)
........
500
502
Blackstone
Private
Credit
Fund,
4.95%,
9/26/27,
Callable
8/26/27
@
100
...............
500
503
Blue
Owl
Capital
Corp.
2.63%,
1/15/27,
Callable
12/15/26
@
100
.................................
750
735
3.13%,
4/13/27,
Callable
3/13/27
@
100
..................................
500
490
Blue
Owl
Credit
Income
Corp.,
3.13%,
9/23/26,
Callable
8/23/26
@
100
...............
1,500
1,485
BMW
US
Capital
LLC,
4.62%
(SOFRINDX+92bps)
,
3/21/28(a)(b)
...................
1,000
1,006
Capital
Impact
Partners,
5.34%,
8/1/30,
Callable
5/1/30
@
100
......................
650
665
Citibank
NA,
4.49%
(SOFR+71bps),
11/19/27,
Callable
11/19/26
@
100(b)
.............
500
501
Citigroup,
Inc.,
3.88%
(H15T5Y+342bps)
,
Callable
2/18/26
@
100(b)(e)
...............
750
749
Citizens
Financial
Group,
Inc.,
4.00%
(H15T5Y+322bps),
Callable
10/6/26
@
100(b)(e)
....
750
746
Clearinghouse
Community
Development
Financial
Institution,
7.00%,
10/15/30,
Callable
9/15/30
@
100(a)
...................................................
770
832
CNO
Global
Funding,
4.88%,
12/10/27(a)
.....................................
1,000
1,012
Corebridge
Global
Funding
5.00%
(SOFR+130bps),
9/25/26(a)(b)
....................................
295
297
4.44%
(SOFR+75bps),
1/7/28(a)(b)
......................................
1,000
1,001
Credit
Acceptance
Corp.,
9.25
%,
12/15/28,
Callable
2/14/26
@
104.63(a)
...............
429
449
F&G
Global
Funding
5.88%,
6/10/27(a)
..................................................
500
510
5.05%
(SOFR+133bps),
9/8/28(a)(b)
.....................................
750
754
Ford
Motor
Credit
Co.
LLC
6.67%
(SOFR+295bps),
3/6/26(b)
.......................................
500
501
5.16%
(SOFR+145bps),
11/5/26(b)
......................................
750
752
Fortitude
Group
Holdings
LLC,
6.25%,
4/1/30,
Callable
1/1/30
@
100(a)
...............
250
259
GA
Global
Funding
Trust,
4.40%,
9/23/27(a)
...................................
500
502
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Global
Payments,
Inc.,
4.50%,
11/15/28
,
Callable
10/15/28
@
100
....................
$
750
$
753
Goldman
Sachs
Private
Credit
Corp.,
5.38%,
1/31/29,
Callable
12/31/28
@
100(a)
........
500
501
Golub
Capital
Private
Credit
Fund,
5.45%,
8/15/28,
Callable
7/15/28
@
100(a)
...........
1,250
1,258
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC,
8.00%,
6/15/27,
Callable
3/15/27
@
100(a)
....
1,250
1,296
Hercules
Capital,
Inc.,
2.63%,
9/16/26,
Callable
8/16/26
@
100
......................
1,000
987
Hyundai
Capital
America,
Inc.,
4.74%
(SOFR+104bps),
3/19/27(a)(b)
.................
1,000
1,005
JPMorgan
Chase
&
Co.,
4.47%
(SOFR+77bps),
9/22/27,
Callable
9/22/26
@
100(b)
.......
1,000
1,002
KeyCorp,
5.00%
(TSFR3M+387bps),
Callable
9/15/26
@
100(b)(e)(f)
.................
250
249
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
4.25%,
2/1/27,
Callable
3/6/26
@
100(a)
..................................
900
895
4.75%,
6/15/29,
Callable
3/6/26
@
101.19(a)
...............................
500
496
MassMutual
Global
Funding
II,
4.44%
(SOFR+74bps),
4/9/27(a)
(b)
..................
750
753
Mercedes-Benz
Finance
North
America
LLC,
4.63%
(SOFR+93bps),
3/31/28(a)(b)
........
1,000
1,005
MGIC
Investment
Corp.,
5.25%,
8/15/28,
Callable
2/19/26
@
100
....................
1,300
1,299
Morgan
Stanley
Private
Bank
NA,
4.48%
(SOFR+77
bps),
2/8/30,
Callable
2/8/29
@
100(b)
.
1,000
1,000
MSD
Investment
Corp.,
6.13%,
2/5/31,
Callable
1/5/31
@
100(a)
....................
500
497
New
York
Life
Global
Funding,
4.63%
(SOFRINDX+93bps),
4/2/26(a)(b)
..............
750
751
Nissan
Motor
Acceptance
Co.
LLC
2.00%,
3/9/26,
Callable
3/6/26
@
100(a)
..................................
500
498
5.30%,
9/13/27(a)
..................................................
500
501
NMI
Holdings,
Inc.,
6.00%,
8/15/29,
Callable
7/15/29
@
100
.......................
250
259
Pacific
Life
Global
Funding
II,
4.35%
(
SOFR+62bps),
6/4/26(a)(b)
...................
100
100
PayPal
Holdings,
Inc.,
4.39%
(SOFR+67bps),
3/6/28(b)
...........................
750
752
Protective
Life
Global
Funding,
5.21%,
4/14/26(a)
...............................
1,000
1,003
Reliance
Standard
Life
Global
Funding
II,
5.24%,
2/2/26(a)
........................
1,300
1,300
Repsol
E&P
Capital
Markets
US
LLC,
4.81%,
9/16/28,
Callable
8/16/28
@
100(a)
........
316
320
RGA
Global
Funding,
4.35%,
8/25/28(a)
......................................
500
503
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.,
2.88%,
10/15/26,
Callable
3/6/26
@
100(a)
...........................................................
1,250
1,233
Santander
Holdings
USA,
Inc.,
5.47%
(SOFR+161bps),
3/20/29,
Callable
3/20/28
@
100(b)
.
1,400
1,432
Sixth
Street
Specialty
Lending,
Inc.,
2.50%,
8/1/26,
Callable
7/1/26
@
100(f)
............
1,000
990
Stellantis
Finance
US,
Inc.,
5.35%,
3/17/28,
Callable
2/17/28
@
100(a)
................
500
510
Stellantis
Financial
Services
US
Corp.,
5.39%
(SOFR+169bps),
9/15/28(a)(b)
............
750
754
Stonebriar
ABF
Issuer
LLC,
8.13%,
12/15/30,
Callable
12/15/27
@
104.06
(a)
............
756
785
Texas
Capital
Bancshares,
Inc.,
4.00%
(H15T5Y+315bps),
5/6/31,
Callable
5/6/26
@
100(b)
.
400
397
The
Bank
of
New
York
Mellon
Corp.,
4.40%
(SOFRINDX+68bps),
6/9/28,
Callable
6/9/27
@
100(b)
...........................................................
1,000
1,002
The
Charles
Schwab
Corp.,
4.00%
(H15T5Y+317bps),
Callable
6/1/26
@
100(b)(e)
.......
1,000
995
The
Goldman
Sachs
Group,
Inc.,
4.99%
(SOFR+129bps),
4/23/28,
Callable
4/23/27
@
100(b)
1,000
1,008
The
Huntington
National
Bank,
4.42%
(SOFR+72
bps),
4/12/28,
Callable
4/12/27
@
100(b)
..
1,000
1,001
Truist
Financial
Corp.,
4.78%
(TSFR3M+93bps),
5/15/27,
Callable
3/6/26
@
100(b)
.......
717
713
Wells
Fargo
&
Co.,
3.90%
(H15T5Y+345bps),
Callable
3/15/26
@
100(b)(e)
............
750
749
52,720
Health
Care
(1.5%):
Centene
Corp.,
4.25%,
12/15/27,
Callable
2/19/26
@
100
..........................
750
746
Charles
River
Laboratories
International,
Inc.,
4.25%,
5/1/28,
Callable
2/19/26
@
100.71(a)
.
1,000
987
CommonSpirit
Health,
4.35%,
9/1/30,
Callable
6/1/30
@
100
.......................
750
746
HCA,
Inc.,
4.62%
(SOFR+87bps),
3/1/28,
Callable
2/1/28
@
100(b)
..................
1,250
1,255
Lifespan
Corp.,
5.05%,
2/15/30,
Callable
8/15/29
@
100
...........................
250
254
PeaceHealth
Obligated
Group,
4.34%
,
11/15/28,
Callable
8/15/28
@
100
...............
350
352
4,340
Industrials
(1.8%):
American
Airlines
Pass
Through
Trust,
3.58%,
1/15/28
............................
247
243
Regal
Rexnord
Corp.,
6.05%,
2/15/26
........................................
1,400
1,401
Rockwell
Collins,
Inc.
,
3.50%,
3/15/27,
Callable
12/15/26
@
100
....................
750
744
Southwest
Airlines
Co.,
4.38%,
11/15/28,
Callable
10/15/28
@
100
...................
1,000
1,005
United
Airlines,
Inc.,
4.38%,
4/15/26,
Callable
3/6/26
@
100(a)
......................
1,000
999
XPO,
Inc.,
6.25%,
6/1/28,
Callable
2/14/26
@
103.13(a)
...........................
1,000
1,019
5,411
Information
Technology
(0.4%):
Hewlett
Packard
Enterprise
Co.,
4.66%
(SOFR+96bps),
9/15/28(b)
...................
500
502
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Oracle
Corp.,
4.47%
(SOFR+76bps),
8/3/28(b)
..................................
$
750
$
737
1,239
Materials
(0.5%):
Glencore
Funding
LLC,
4.76%
(SOFRINDX+106bps),
4/4/27(a)(b)
...................
1,000
1,005
Sasol
Financing
USA
LLC,
4.38%,
9/18/26,
Callable
8/18/26
@
100
..................
500
497
1,502
Real
Estate
(0.7%):
Boston
Properties
LP,
3.65%,
2/1/26
.........................................
500
500
EPR
Properties,
4.50%,
6/1/27,
Callable
3/1/27
@
100
............................
500
501
Vornado
Realty
LP,
2.15%,
6/1/26,
Callable
5/1/26
@
100
..........................
1,000
992
1,993
Utilities
(1.6%):
Calpine
Corp.,
5.13%,
3/15/28,
Callable
3/6/26
@
100.85(a)
........................
1,000
1,000
Dominion
Energy,
Inc.,
4.35%
(H15T5Y+320bps),
Callable
1/15/27
@
100(b)(e)
.........
500
496
FirstEnergy
Pennsylvania
Electric
Co.,
3.60%,
6/1/29,
Callable
3/1/29
@
100(a)
..........
330
324
Monongahela
Power
Co.,
3.55%,
5/15/27,
Callable
2/15/27
@
100(a)
..................
968
962
NextEra
Energy
Capital
Holdings,
Inc.,
4.51%
(SOFRINDX+80bps),
2/4/28(b)
..........
1,000
1,005
Vistra
Operations
Co.
LLC,
5.63%,
2/15/27
,
Callable
2/14/26
@
100(a)
................
1,000
1,000
4,787
Total
Corporate
Bonds
(Cost
$78,206)
a
a
a
78,769
Yankee
Dollars
(14.6%)
Consumer
Discretionary
(1.3%):
Carnival
Corp.,
5.13%,
5/1/29,
Callable
2/1/29
@
100(a)
...........................
600
607
Melco
Resorts
Finance
Ltd.,
5.63%,
7/17/27,
Callable
3/6/26
@
100(a)
................
750
750
Royal
Caribbean
Cruises
Ltd.,
5.50%,
8/31/26,
Callable
3/6/26
@
100(a)
...............
1,250
1,252
VOC
Escrow
Ltd.,
5.00%,
2/15/28,
Callable
3/6/26
@
100(a)
.......................
1,156
1,154
3,763
Energy
(0.6%):
Vallourec
SACA,
7.50%,
4/15/32,
Callable
4/15/27
@
103.75(a)
.....................
1,000
1,064
Var
Energi
ASA,
7.50%,
1/15/28,
Callable
12/15/27
@
100(a)
.......................
750
793
1,857
Financials
(10.6%):
ABN
AMRO
Bank
NV
5.48%
(SOFRINDX+178bps),
9/18/27,
Callable
9/18/26
@
100(a)(b)
.............
1,000
1,008
6.34%
(H15T1Y+165bps),
9/18/27,
Callable
9/18/26
@
100(a)(b)
................
480
487
Avolon
Holdings
Funding
Ltd.,
4.95%,
1/15/28,
Callable
12/15/27
@
100(a)
............
500
506
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.62%,
12/10/29,
Callable
11/10/29
@
100(a)
....................................
337
349
Banco
Santander
SA,
5.09%
(SOFR+138bps),
3/14/28,
Callable
3/14/27
@
100(b)
........
1,500
1,510
Bank
of
Montreal,
4.32%
(SOFRINDX+62bps),
9/15/26,
MTN(b)
....................
1,500
1,503
Barclays
PLC,
5.83%
(SOFR+221bps),
5/9/27,
Callable
5/9/26
@
100(b)
...............
1,000
1,004
Beazley
Insurance
DAC,
5.50%,
9/10/29
......................................
450
460
BNP
Paribas
SA,
5.24%
(SOFR+143bps),
5/9/29,
Callable
5/9/28
@
100(a)(b)
...........
750
758
BPCE
SA
5.68%
(SOFRINDX+198bps),
10/19/27,
Callable
10/19/26
@
100(a)(b)
............
500
505
6.61%
(SOFR+198bps),
10/19/27,
Callable
10/19/26
@
100(a)(b)
................
500
509
Canadian
Imperial
Bank
of
Commerce,
4.92%
(SOFR+122bps),
10/2/26(b)
.............
1,000
1,006
Commonwealth
Bank
of
Australia,
4.22%
(SOFR+52bps),
6/15/26(a)(b)
...............
1,500
1,502
Credit
Agricole
SA
4.99%
(SOFR+129bps),
7/5/26(a)(b)
.....................................
750
753
4.92%
(SOFR+121bps),
9/11/28,
Callable
9/11/27
@
100(a)(b)
..................
500
503
Deutsche
Bank
AG,
5.01%
(SOFR+122bps),
11/16/27,
Callable
11/16/26
@
100(b)
.......
781
784
Essent
Group
Ltd.,
6.25%,
7/1/29,
Callable
6/1/29
@
100
..........................
500
523
HSBC
Holdings
PLC,
5.38%
(SOFR+157bps),
8/14/27,
Callable
8/14/26
@
100(b)
........
600
603
ING
Groep
NV
4.71%
(SOFRINDX+101bps),
4/1/27,
Callable
4/1/26
@
100(b)
.................
500
501
5.27%
(SOFRINDX+156bps),
9/11/27,
Callable
9/11/26
@
100(b)
................
500
503
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Lloyds
Banking
Group
PLC
5.40%
(SOFRINDX+156bps),
8/7/27,
Callable
8/7/26
@
100(b)
.................
$
500
$
503
4.77%
(SOFRINDX+106bps),
6/13/29
,
Callable
6/13/28
@
100(b)
...............
750
753
National
Australia
Bank
Ltd.,
4.35%
(SOFR+65bps),
1/12/27(a)(b)
...................
1,250
1,254
Nationwide
Building
Society,
5.08%
(SOFR+129bps),
2/16/28,
Callable
2/16/27
@
100(a)(b)
1,400
1,409
NatWest
Markets
PLC
4.46%
(SOFR+76bps),
9/29/26(a)(b)
.....................................
1,000
1,002
4.65%
(SOFR+95bps),
3/21/28(a)(b)
.....................................
400
402
Nordea
Bank
Abp,
4.40%
(SOFR+70bps),
3/17/28(a)(b)
...........................
750
753
Phoenix
Group
Holdings
PLC,
5.38%,
7/6/27,
MTN
..............................
1,000
1,011
Royal
Bank
of
Canada,
4.30%
(SOFRINDX+59bps),
11/2/26,
MTN(b)
................
500
501
Santander
UK
Group
Holdings
PLC,
2.47%
(SOFR+122bps),
1/11/28,
Callable
1/11/27
@
100(b)
...........................................................
500
492
Skandinaviska
Enskilda
Banken
AB,
4.50%
(
SOFR+75bps),
6/2/28(a)(b)
...............
1,000
1,005
Societe
Generale
SA,
4.79%
(SOFR+110bps),
4/12/30,
Callable
4/12/29
@
100(a)(b)
......
750
751
Standard
Chartered
PLC
5.63%
(SOFR+193bps),
7/6/27,
Callable
7/6/26
@
100(a)(b)
....................
500
503
4
.94%
(SOFR+124bps),
1/21/29,
Callable
1/21/28
@
100(a)(b)
..................
750
756
Sumitomo
Mitsui
Trust
Bank
Ltd.,
4.47%
(SOFR+75bps),
9/11/28(a)(b)
................
1,000
1,003
The
Bank
of
Nova
Scotia,
4.68%
(SOFR+89bps),
2/14/29,
Callable
2/14/28
@
100(b)
......
1,000
1,002
The
Toronto-Dominion
Bank,
4.30%
(SOFR+59bps),
9/10/26(b)
.....................
1,500
1,503
Westpac
Banking
Corp.,
4.25%
(SOFR+52bps),
6/3/26(b)
..........................
1,500
1,502
31,382
Industrials
(1.0%):
Air
Canada,
3.88%,
8/15/26
,
Callable
3/6/26
@
100(a)
............................
750
747
Air
Canada
Pass
Through
Trust,
3.75%,
12/15/27(a)
..............................
736
724
Element
Fleet
Management
Corp.,
5.64%,
3/13/27,
Callable
2/13/27
@
100(a)
...........
500
508
LG
Energy
Solution
Ltd.,
5.25%,
4/2/28(a)
.....................................
1,000
1,018
2,997
Information
Technology
(0.1%):
Kioxia
Holdings
Corp.,
6.25%,
7/24/30,
Callable
7/24/27
@
103.13(a)
.................
250
258
Materials
(0.6%):
James
Hardie
International
Finance
DAC,
5.00%,
1/15/28
,
Callable
3/6/26
@
100(a)
.......
750
748
Rio
Tinto
Finance
USA
PLC,
4.54%
(SOFRINDX+84bps),
3/14/28(b)
.................
1,000
1,008
1,756
Utilities
(0.4%):
Algonquin
Power
&
Utilities
Corp.,
5.37%,
6/15/26
..............................
1,000
1,005
Total
Yankee
Dollars
(Cost
$42,679)
a
a
a
43,018
Municipal
Bonds
(0.9%)
California
(0.1%):
California
State
Public
Works
Board
Revenue,
Series
B,
4.45%,
4/1/27
................
375
378
Massachusetts
(0.3%):
Massachusetts
Development
Finance
Agency
Revenue
Series
G,
6.38%,
10/1/28
.............................................
500
503
Series
G,
6.63%,
10/1/30
.............................................
275
280
783
Ohio
(0.2%):
Columbus
Metropolitan
Housing
Authority
Revenue,
5.38%,
9/1/28,
Continuously
Callable
@100
...........................................................
425
432
Texas
(0.3%):
Las
Varas
Public
Facility
Corp.
Revenue,
Series
B,
4.35%,
2/1/29,
Continuously
Callable
@100
...........................................................
1,000
1,003
Total
Municipal
Bonds
(Cost
$2,575)
a
a
a
2,596
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
U.S.
Government
Agency
Mortgages
(0.6%)
Federal
Farm
Credit
Banks
Funding
Corporation
4.58%,
4/2/29
.....................................................
$
750
$
751
Federal
Home
Loan
Mortgage
Corporation
4.00%,
1/1/40
.....................................................
477
471
Federal
National
Mortgage
Association
4.50%,
11/1/40
.....................................................
485
486
Total
U.S.
Government
Agency
Mortgages
(Cost
$1,699)
a
a
a
1,708
Commercial
Paper
(25.0%)
Communication
Services
(0.7%):
Rogers
Communications,
Inc.,
4.08%,
3/12/26(a)(g)
..............................
2,000
1,991
Consumer
Discretionary
(3.2%):
Autonation,
Inc.
5.38%,
2/3/26(a)(g)
.................................................
3,000
2,999
4.86%,
2/5/26(a)(g)
.................................................
500
500
Genuine
Parts
Co.
5.37%,
2/3/26(a)(g)
.................................................
2,000
1,999
4.85%,
2/5/26(a)(g)
.................................................
1,000
999
4.73%,
2/6/26(a)(g)
.................................................
1,500
1,499
4.52%,
2/9/26
(a)(g)
.................................................
1,000
999
4.48%,
2/10/26(a)(g)
................................................
500
499
9,494
Consumer
Staples
(2.9%):
Bacardi-Martini
BV
4.86%,
2/5/26(a)(g)
.................................................
1,000
999
4.34%,
2/19/26(a)(g)
................................................
2,000
1,996
4.32%,
2/26/26(a)(g)
................................................
2,000
1,994
Conagra
Brands,
Inc.,
4.62%,
2/6/26(a)(g)
.....................................
3,500
3,497
8,486
Energy
(1.9%):
Ovintiv,
Inc.
4.92%,
2/5/26(a)(g)
.................................................
1,500
1,499
4.40%,
2/18/26(a)(g)
................................................
1,150
1,147
4.40%,
2/19/26(a)(g)
................................................
3,000
2,993
5,639
Financials
(0.8%):
Brookfield
Corporate
Treasury
Ltd.,
4.03%,
3/26/26(a)(g)
..........................
1,500
1,491
Imperial
Brands
Finance
PLC,
5.11%,
2/3/26(a)(g)
...............................
1,000
1,000
2,491
Health
Care
(1.5%):
HCA,
Inc.
4.75%,
2/6/26(a)(g)
.................................................
300
300
4.32%,
3/2/26(a)(g)
.................................................
1,000
996
4.32%,
3/3/26(a)(g)
.................................................
750
747
4.32%,
3/10/26(a)(g)
................................................
1,000
996
4.31%,
3/26/26(a)(g)
................................................
400
397
4.29%,
5/5/26(a)(g)
.................................................
1,100
1,088
4,524
Industrials
(3.9%):
Air
Lease
Corp.
5.02%,
2/4/26(a)(g)
.................................................
1,500
1,499
4.83%,
2/5/26(a)(g)
.................................................
1,000
999
4.43%,
2/11/26(a)(g)
................................................
1,000
999
4.38%,
2/13/26(a)(g)
................................................
750
749
4.33%,
2/18/26(a)(g)
................................................
500
499
4.33%,
2/19/26(a)(g)
................................................
1,000
998
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Global
Payments,
Inc.
5.34%,
2/3/26(a)(g)
.................................................
$
1,000
$
999
4.80%,
2/5/26(a)(g)
.................................................
1,750
1,749
Sonoco
Products
Co.
6.04%,
2/2/26(a)(g)
.................................................
500
500
4.43%,
2/12/26(a)(g)
................................................
2,500
2,496
11,487
Information
Technology
(1.2%):
Arrow
Electronics,
Inc.
4.80%,
2/5/26(a)(g)
.................................................
2,000
1,998
4.67%,
2/6/26(a)(g)
.................................................
1,500
1,499
3,497
Materials
(0.8%):
International
Flavors
&
Fragrances,
Inc.,
4.01%,
2/27/26(a)(g)
.......................
2,250
2,243
Real
Estate
(1.9%):
Crown
Castle,
Inc.
5.24%,
2/4/26(a)(g)
.................................................
1,000
999
4.61%,
2/10/26(a)(g)
................................................
1,000
999
4.41%
,
2/19/26(a)(g)
................................................
1,500
1,497
4.37%,
2/24/26(a)(g)
................................................
250
249
4.36%,
2/26/26(a)(g)
................................................
2,000
1,994
5,738
Utilities
(6.2%):
Evergy
Missouri
West,
Inc.
4.72%,
2/4/26(a)(g)
.................................................
2,000
1,999
4.15%,
2/11/26(a)(g)
................................................
2,000
1,998
4.00%,
3/4/26(a)(g)
.................................................
1,000
996
Guadalupe
Valley
Electric
Cooperative,
Inc.,
4.09%,
3/4/26(a)(g)
.....................
3,000
2,989
National
Fuel
Gas
Co.
5.43%,
2/3/26(a)(g)
.................................................
3,000
2,999
4.90%,
2/5/26(a)
(g)
.................................................
1,000
999
4.78%,
2/6/26(a)(g)
.................................................
1,250
1,249
NGPL
PipeCo
LLC,
6.07%,
2/2/26(a)(g)
......................................
5,000
4,998
18,227
Total
Commercial
Paper
(Cost
$73,834)
a
a
a
73,817
Shares
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.58%(h)
........
257,006
257
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.61%(h)
............
257,006
257
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.60%(h)
...............
257,006
257
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.60%(h)
.
257,006
257
Total
Collateral
for
Securities
Loaned
(Cost
$1,028)
a
a
a
1,028
Total
Investments
(Cost
$299,794)
—
101.5%
299,873
Liabilities
in
excess
of
other
assets
—  (1.5)%
(4,461)
NET
ASSETS
-
100.00%
$
295,412
At
January
31,
2026,
the
Fund's
investments
in
foreign
securities
were
19.9%
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
January
31,
2026,
the
fair
value
of
these
securities
was
$222,849
(thousands)
and
amounted
to
75.4%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
January
31,
2026.
(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
January
31,
2026.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Rate
represents
the
effective
yield
at
January
31,
2026.
(h)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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.
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2026.
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
January
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
January
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
January
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
January
31,
2026.
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
168
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(30.6%)
ABS
Auto
(17.1%):
Alloya
Auto
Receivables
Trust
.............................................
Series
2025-1A
,
Class
A4
,
4
.71
%
,
1/25/30
,
Callable
7/25/28
@
100
(a)
.............
$
1,308
$
1,322
Series
2025-1A
,
Class
B
,
4
.99
%
,
3/25/30
,
Callable
7/25/28
@
100
(a)
..............
694
700
Series
2025-1A
,
Class
C
,
5
.19
%
,
7/25/30
,
Callable
7/25/28
@
100
(a)
..............
785
794
Series
2025-1A
,
Class
D
,
5
.68
%
,
3/25/33
,
Callable
7/25/28
@
100
(a)
..............
602
609
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
B
,
5
.76
%
,
1/15/29
,
Callable
5/15/27
@
100
(a)
...............
2,000
2,044
Series
2023-1
,
Class
D
,
6
.74
%
,
4/15/34
,
Callable
5/15/27
@
100
(a)
...............
1,268
1,303
Series
2023-A
,
Class
C
,
6
.08
%
,
1/17/34
,
Callable
8/15/27
@
100
(a)
...............
2,766
2,787
Series
2023-A
,
Class
D
,
7
.33
%
,
1/17/34
,
Callable
8/15/27
@
100
(a)
...............
1,333
1,382
Series
2024-1
,
Class
B
,
5
.16
%
,
10/15/29
,
Callable
9/15/27
@
100
................
1,263
1,285
Series
2024-1
,
Class
C
,
5
.41
%
,
11/15/29
,
Callable
9/15/27
@
100
................
1,500
1,522
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-B
,
Class
C
,
5
.22
%
,
9/15/32
,
Callable
4/15/28
@
100
(a)
...............
1,307
1,318
Series
2024-B
,
Class
D
,
5
.41
%
,
9/15/32
,
Callable
4/15/28
@
100
(a)
...............
738
743
Series
2025-A
,
Class
C
,
4
.84
%
,
6/15/33
,
Callable
7/15/28
@
100
(a)
...............
1,995
2,005
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2022-3
,
Class
E
,
8
.08
%
,
10/13/28
,
Callable
2/13/26
@
100
(a)
..............
1,500
1,502
Series
2023-2
,
Class
C
,
5
.96
%
,
8/13/29
,
Callable
1/12/27
@
100
(a)
...............
10
10
Series
2024-4
,
Class
C
,
4
.91
%
,
8/12/31
,
Callable
12/12/27
@
100
(a)
..............
2,500
2,515
Series
2025-4
,
Class
C
,
4
.83
%
,
1/13/31
,
Callable
8/12/30
@
100
(a)
...............
1,000
1,008
Series
2026-1
,
Class
C
,
4
.55
%
,
1/12/33
,
Callable
8/12/29
@
100
(a)
...............
1,000
1,001
American
Heritage
Auto
Receivables
Issuer
Trust
,
Series
2025-1A
,
Class
C
,
5
.04
%
,
11/17/31
,
Callable
2/15/29
@
100
(a)
............................................
2,000
2,011
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A
,
Class
B
,
5
.32
%
,
9/16/30
,
Callable
10/15/28
@
100
(a)
.............
500
509
Series
2024-1A
,
Class
C
,
5
.63
%
,
12/16/30
,
Callable
10/15/28
@
100
(a)
............
611
625
Series
2024-1A
,
Class
D
,
6
.34
%
,
1/18/33
,
Callable
10/15/28
@
100
(a)
.............
1,045
1,073
ARI
Fleet
Lease
Trust
....................................................
Series
2024-A
,
Class
C
,
5
.38
%
,
11/15/32
,
Callable
9/15/27
@
100
(a)
..............
813
831
Series
2024-B
,
Class
A3
,
5
.26
%
,
4/15/33
,
Callable
10/15/27
@
100
(a)
.............
3,150
3,206
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
10/15/27
@
100
(a)
..............
550
565
Series
2024-B
,
Class
C
,
5
.55
%
,
4/15/33
,
Callable
10/15/27
@
100
(a)
..............
1,031
1,059
Series
2025-A
,
Class
C
,
4
.90
%
,
1/17/34
,
Callable
9/15/28
@
100
(a)
...............
1,625
1,641
Series
2025-B
,
Class
B
,
4
.97
%
,
3/15/34
,
Callable
11/15/28
@
100
(a)
..............
900
920
AutoNation
Finance
Trust
.................................................
Series
2025-1A
,
Class
C
,
5
.19
%
,
12/10/30
,
Callable
7/10/28
@
100
(a)
.............
1,895
1,934
Series
2025-1A
,
Class
D
,
5
.63
%
,
9/10/32
,
Callable
7/10/28
@
100
(a)
..............
2,400
2,447
Series
2026-1A
,
Class
B
,
4
.42
%
,
6/11/31
,
Callable
11/11/29
@
100
(a)
.............
1,000
1,003
Series
2026-1A
,
Class
C
,
4
.56
%
,
10/14/31
,
Callable
11/11/29
@
100
(a)
............
647
648
Series
2026-1A
,
Class
D
,
5
.07
%
,
1/11/34
,
Callable
11/11/29
@
100
(a)
.............
1,000
1,002
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2021-1A
,
Class
C
,
2
.13
%
,
8/20/27
,
Callable
8/20/26
@
100
(a)
..............
1,000
992
Series
2021-2A
,
Class
C
,
2
.35
%
,
2/20/28
,
Callable
2/20/27
@
100
(a)
..............
800
786
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
1,250
1,255
Series
2023-2A
,
Class
C
,
6
.18
%
,
10/20/27
(a)
...............................
535
539
Series
2023-5A
,
Class
B
,
6
.12
%
,
4/20/28
(a)
................................
2,000
2,034
Series
2023-5A
,
Class
C
,
6
.85
%
,
4/20/28
(a)
................................
1,000
1,023
Bridgecrest
Lending
Auto
Securitization
Trust
,
Series
2024-4
,
Class
B
,
4
.77
%
,
8/15/30
,
Callable
9/15/28
@
100
..............................................
1,714
1,724
CarMax
Auto
Owner
Trust
................................................
Series
2023-2
,
Class
C
,
5
.57
%
,
11/15/28
,
Callable
5/15/27
@
100
................
1,000
1,017
Series
2023-3
,
Class
D
,
6
.44
%
,
12/16/30
,
Callable
8/15/27
@
100
................
1,000
1,025
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
12/15/27
@
100
................
1,000
1,019
Series
2024-2
,
Class
D
,
6
.42
%
,
10/15/30
,
Callable
2/15/28
@
100
................
3,000
3,089
Series
2024-3
,
Class
D
,
5
.67
%
,
1/15/31
,
Callable
5/15/28
@
100
.................
1,238
1,262
Series
2024-4
,
Class
D
,
5
.36
%
,
8/15/31
,
Callable
7/15/28
@
100
.................
1,480
1,499
CarMax
Select
Receivables
Trust
,
Series
2024-A
,
Class
B
,
5
.35
%
,
1/15/30
,
Callable
4/15/28
@
100
.............................................................
1,500
1,524
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
A
,
0
.70
%
,
1/10/28
,
Callable
8/10/26
@
100
................
$
76
$
75
Series
2021-N1
,
Class
B
,
1
.09
%
,
1/10/28
,
Callable
8/10/26
@
100
................
182
179
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
8/10/26
@
100
................
139
137
Series
2021-N1
,
Class
D
,
1
.50
%
,
1/10/28
,
Callable
8/10/26
@
100
................
161
159
Series
2021-N2
,
Class
A2
,
0
.97
%
,
3/10/28
,
Callable
5/10/27
@
100
...............
229
227
Series
2021-N2
,
Class
B
,
0
.75
%
,
3/10/28
,
Callable
5/10/27
@
100
................
136
134
Series
2021-N2
,
Class
C
,
1
.07
%
,
3/10/28
,
Callable
5/10/27
@
100
................
134
131
Series
2021-N2
,
Class
D
,
1
.27
%
,
3/10/28
,
Callable
5/10/27
@
100
................
239
234
Series
2021-N3
,
Class
A2
,
1
.11
%
,
6/12/28
,
Callable
7/10/27
@
100
...............
1,051
1,032
Series
2021-N3
,
Class
B
,
0
.66
%
,
6/12/28
,
Callable
7/10/27
@
100
................
257
250
Series
2021-N3
,
Class
C
,
1
.02
%
,
6/12/28
,
Callable
7/10/27
@
100
................
130
127
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA
,
Class
D
,
6
.85
%
,
6/25/31
,
Callable
1/25/28
@
100
(a)
.............
5,000
5,243
Series
2024-1A
,
Class
B
,
5
.16
%
,
11/26/29
,
Callable
12/25/27
@
100
(a)
............
643
659
Series
2024-1A
,
Class
C
,
5
.36
%
,
1/25/30
,
Callable
12/25/27
@
100
(a)
.............
2,000
2,049
Series
2024-1A
,
Class
D
,
5
.87
%
,
6/25/31
,
Callable
12/25/27
@
100
(a)
.............
2,340
2,405
Series
2024-2A
,
Class
D
,
6
.15
%
,
8/25/31
,
Callable
12/25/27
@
100
(a)
.............
4,028
4,168
Series
2024-3A
,
Class
D
,
5
.87
%
,
9/25/31
,
Callable
2/25/28
@
100
(a)
..............
2,750
2,825
Series
2024-4A
,
Class
D
,
5
.79
%
,
11/25/31
,
Callable
2/25/28
@
100
(a)
.............
700
718
Series
2024-5A
,
Class
C
,
4
.62
%
,
8/26/30
,
Callable
1/25/28
@
100
(a)
..............
500
503
Series
2024-5A
,
Class
D
,
4
.97
%
,
1/26/32
,
Callable
1/25/28
@
100
(a)
..............
713
715
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
804
Series
2023-1A
,
Class
D
,
6
.69
%
,
5/15/35
,
Callable
5/15/26
@
100
(a)
..............
1,500
1,507
Series
2023-2A
,
Class
A1
,
6
.16
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
...........
134
136
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
1,582
1,627
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
10/15/26
@
100
(a)
............
2,294
2,359
Series
2024-1A
,
Class
C
,
5
.60
%
,
5/15/36
,
Callable
7/15/27
@
100
(a)
..............
1,800
1,819
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
4/15/27
@
100
(a)
.............
3,000
3,059
Series
2024-1
,
Class
A4
,
5
.03
%
,
10/15/30
,
Callable
6/15/27
@
100
(a)
.............
2,000
2,028
Corporate
One
Auto
Receivables
Trust
........................................
Series
2026-1A
,
Class
B
,
4
.59
%
,
1/15/31
,
Callable
6/15/29
@
100
(a)
..............
1,112
1,111
Series
2026-1A
,
Class
C
,
4
.84
%
,
4/15/31
,
Callable
6/15/29
@
100
(a)
..............
927
926
Series
2026-1A
,
Class
D
,
5
.48
%
,
7/15/34
,
Callable
6/15/29
@
100
(a)
..............
651
650
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2022-3A
,
Class
C
,
8
.45
%
,
2/15/33
,
Callable
7/15/26
@
100
(a)
..............
314
315
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
2,000
2,011
Series
2023-1A
,
Class
C
,
7
.71
%
,
7/15/33
,
Callable
11/15/26
@
100
(a)
.............
100
102
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
11/15/26
@
100
(a)
.............
4,000
4,069
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
1,895
1,924
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
3/15/27
@
100
(a)
.............
4,886
5,022
Series
2023-5A
,
Class
C
,
7
.30
%
,
4/17/34
,
Callable
5/15/27
@
100
(a)
..............
1,000
1,028
Series
2024-2A
,
Class
C
,
6
.70
%
,
10/16/34
,
Callable
4/15/28
@
100
(a)
.............
1,000
1,039
Series
2025-1A
,
Class
C
,
5
.71
%
,
7/16/35
,
Callable
12/15/27
@
100
(a)
.............
1,000
1,015
Series
2025-2A
,
Class
B
,
4
.87
%
,
1/15/36
,
Callable
9/15/29
@
100
(a)
..............
829
824
Series
2025-2A
,
Class
C
,
5
.38
%
,
3/17/36
,
Callable
9/15/29
@
100
(a)
..............
1,000
1,013
DT
Auto
Owner
Trust
,
Series
2022-2A
,
Class
D
,
5
.46
%
,
3/15/28
,
Callable
9/15/26
@
100
(a)
.
1,416
1,422
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
............
2,250
2,299
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
6/15/28
@
100
(a)
..............
2,445
2,518
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
4/20/26
@
100
(a)
..............
500
500
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
2,000
2,017
Series
2023-1
,
Class
A3
,
5
.42
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
1,778
1,796
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
1/20/27
@
100
(a)
..............
257
258
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
7/20/27
@
100
(a)
..............
4,000
4,139
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
8/20/27
@
100
(a)
..............
2,000
2,037
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
2,528
2,608
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
170
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-4
,
Class
A3
,
4
.56
%
,
11/20/28
,
Callable
9/20/28
@
100
(a)
.............
$
2,000
$
2,020
Series
2025-1
,
Class
A3
,
4
.82
%
,
2/20/29
,
Callable
11/20/28
@
100
(a)
.............
286
291
Exeter
Automobile
Receivables
Trust
,
Series
2025-1A
,
Class
C
,
5
.09
%
,
5/15/31
,
Callable
2/15/29
@
100
.....................................................
1,000
1,010
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
3/15/28
@
100
(a)
.............
2,828
2,886
Series
2024-1A
,
Class
B
,
5
.71
%
,
7/15/30
,
Callable
3/15/28
@
100
(a)
..............
1,713
1,751
Series
2024-1A
,
Class
C
,
6
.00
%
,
10/15/30
,
Callable
3/15/28
@
100
(a)
.............
551
567
Series
2024-1A
,
Class
D
,
6
.78
%
,
7/15/32
,
Callable
3/15/28
@
100
(a)
..............
852
881
Series
2025-1A
,
Class
A4
,
5
.18
%
,
5/15/31
,
Callable
8/15/28
@
100
(a)
.............
2,000
2,053
Series
2025-1A
,
Class
B
,
5
.36
%
,
9/15/31
,
Callable
8/15/28
@
100
(a)
..............
647
662
Series
2025-1A
,
Class
C
,
5
.61
%
,
12/15/31
,
Callable
8/15/28
@
100
(a)
.............
683
699
First
Investors
Auto
Owner
Trust
............................................
Series
2023-1A
,
Class
C
,
6
.81
%
,
12/17/29
,
Callable
11/15/27
@
100
(a)
............
3,000
3,102
Series
2025-1A
,
Class
D
,
5
.22
%
,
12/15/33
,
Callable
8/15/30
@
100
(a)
.............
2,222
2,223
Flagship
Credit
Auto
Trust
................................................
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
2/15/26
@
100
(a)
...............
1,066
1,066
Series
2021-2
,
Class
D
,
1
.59
%
,
6/15/27
,
Callable
9/15/26
@
100
(a)
...............
1,662
1,645
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2023-B
,
Class
C
,
6
.43
%
,
4/15/27
,
Callable
3/15/26
@
100
.................
1,571
1,576
Series
2023-B
,
Class
D
,
6
.97
%
,
6/15/28
,
Callable
3/15/26
@
100
.................
565
568
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-2
,
Class
D
,
2
.60
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
850
833
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
822
839
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
3,000
3,063
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
7,400
7,521
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2023-1
,
Class
B
,
5
.35
%
,
3/15/28
,
Callable
1/15/27
@
100
(a)
...............
162
162
Series
2023-1
,
Class
C
,
5
.72
%
,
8/15/28
,
Callable
1/15/27
@
100
(a)
...............
2,000
2,007
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
7/15/27
@
100
(a)
...............
714
718
Series
2024-1
,
Class
C
,
5
.77
%
,
11/15/29
,
Callable
7/15/27
@
100
(a)
..............
1,000
1,009
Series
2024-1
,
Class
D
,
6
.83
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
...............
1,000
1,018
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
5
.79
%
,
10/15/29
,
Callable
4/15/28
@
100
(a)
............
3,000
3,060
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
4/15/28
@
100
(a)
..............
1,660
1,703
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
4/15/28
@
100
(a)
..............
998
1,033
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-3A
,
Class
E
,
3
.20
%
,
10/16/28
,
Callable
4/15/26
@
100
(a)
.............
1,250
1,247
Series
2023-1A
,
Class
D
,
7
.01
%
,
1/16/29
,
Callable
2/15/28
@
100
(a)
..............
1,750
1,785
Series
2024-2A
,
Class
B
,
5
.77
%
,
11/15/28
(a)
...............................
1,333
1,341
Series
2024-3A
,
Class
B
,
5
.08
%
,
1/16/29
(a)
................................
2,000
2,012
Series
2025-1A
,
Class
C
,
5
.07
%
,
11/15/30
,
Callable
9/15/29
@
100
(a)
.............
6,000
6,072
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A
,
Class
D
,
8
.22
%
,
2/18/31
,
Callable
8/15/28
@
100
(a)
..............
2,000
2,158
Series
2024-1A
,
Class
B
,
5
.32
%
,
3/15/30
(a)
................................
875
888
Series
2024-1A
,
Class
C
,
5
.69
%
,
3/15/30
,
Callable
9/15/28
@
100
(a)
..............
1,000
1,027
Series
2024-2A
,
Class
C
,
5
.93
%
,
6/17/30
,
Callable
2/15/29
@
100
(a)
..............
2,000
2,052
Series
2024-4A
,
Class
C
,
4
.75
%
,
11/15/30
,
Callable
12/15/28
@
100
(a)
............
2,279
2,299
Series
2025-1A
,
Class
C
,
5
.26
%
,
3/15/31
,
Callable
10/15/28
@
100
(a)
.............
1,806
1,838
Series
2025-1A
,
Class
D
,
5
.74
%
,
4/15/32
,
Callable
10/15/28
@
100
(a)
.............
1,950
1,996
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2024-1A
,
Class
B
,
5
.33
%
,
3/15/29
(a)
................................
2,000
2,025
Series
2024-2A
,
Class
B
,
5
.35
%
,
3/15/31
(a)
................................
1,409
1,448
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
A4
,
5
.17
%
,
1/15/30
,
Callable
1/15/28
@
100
(a)
.............
4,500
4,572
Series
2024-1A
,
Class
B
,
5
.42
%
,
1/15/30
,
Callable
1/15/28
@
100
(a)
..............
1,200
1,220
Series
2024-1A
,
Class
C
,
5
.77
%
,
2/15/30
,
Callable
1/15/28
@
100
(a)
..............
1,929
1,972
Series
2024-1A
,
Class
D
,
6
.50
%
,
6/15/32
,
Callable
1/15/28
@
100
(a)
..............
1,641
1,690
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
A3
,
5
.18
%
,
3/15/28
,
Callable
1/15/27
@
100
(a)
..............
125
125
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
1/15/27
@
100
(a)
..............
4,000
4,020
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
1/15/27
@
100
(a)
...............
3,000
3,031
Series
2023-1
,
Class
C
,
5
.88
%
,
11/15/29
,
Callable
1/15/27
@
100
(a)
..............
2,625
2,664
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
171
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2023-1A
,
Class
B
,
6
.22
%
,
6/25/27
(a)
................................
$
833
$
837
Series
2023-1A
,
Class
C
,
6
.91
%
,
6/25/27
(a)
................................
3,333
3,350
Huntington
Bank
Auto
Credit-Linked
Notes
,
Series
2025-2
,
Class
B1
,
4
.84
%
,
9/20/33
,
Callable
11/20/29
@
100
(a)
..................................................
1,275
1,282
Hyundai
Auto
Receivables
Trust
,
Series
2024-C
,
Class
B
,
4
.67
%
,
1/15/31
,
Callable
10/15/28
@
100
.............................................................
941
953
LAD
Auto
Receivables
Trust
...............................................
Series
2022-1A
,
Class
B
,
5
.87
%
,
9/15/27
,
Callable
9/15/26
@
100
(a)
..............
387
387
Series
2022-1A
,
Class
C
,
6
.85
%
,
4/15/30
,
Callable
9/15/26
@
100
(a)
..............
2,000
2,019
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
4/15/27
@
100
(a)
.............
1,622
1,626
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
4/15/27
@
100
(a)
..............
1,811
1,837
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
5/15/27
@
100
(a)
..............
1,400
1,426
Series
2023-3A
,
Class
D
,
6
.92
%
,
12/16/30
,
Callable
9/15/27
@
100
(a)
.............
1,820
1,872
Series
2024-1A
,
Class
C
,
5
.64
%
,
6/15/29
,
Callable
11/15/27
@
100
(a)
.............
614
624
Series
2024-3A
,
Class
D
,
5
.18
%
,
2/17/32
,
Callable
5/15/28
@
100
(a)
..............
762
769
Series
2025-1A
,
Class
B
,
5
.05
%
,
5/15/30
,
Callable
7/15/28
@
100
(a)
..............
2,000
2,030
Series
2025-1A
,
Class
C
,
5
.11
%
,
7/15/30
,
Callable
7/15/28
@
100
(a)
..............
3,000
3,051
Series
2025-1A
,
Class
D
,
5
.52
%
,
5/17/32
,
Callable
7/15/28
@
100
(a)
..............
4,000
4,074
Lobel
Automobile
Receivables
Trust
.........................................
Series
2025-1
,
Class
B
,
5
.20
%
,
4/17/28
,
Callable
10/15/27
@
100
(a)
..............
2,000
2,007
Series
2025-1
,
Class
C
,
5
.70
%
,
1/15/30
,
Callable
10/15/27
@
100
(a)
..............
4,000
4,036
Series
2025-1
,
Class
D
,
6
.19
%
,
2/15/30
,
Callable
10/15/27
@
100
(a)
..............
2,500
2,524
M&T
Bank
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
A3
,
4
.73
%
,
6/17/30
,
Callable
9/15/28
@
100
(a)
...................................................
2,500
2,534
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
5/20/26
@
100
(a)
..............
1,138
1,142
Series
2023-1A
,
Class
B
,
7
.25
%
,
5/20/36
,
Callable
5/20/26
@
100
(a)
..............
4,000
4,027
Series
2023-1A
,
Class
D
,
8
.20
%
,
5/20/36
,
Callable
5/20/26
@
100
(a)
..............
730
737
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
1/20/27
@
100
(a)
..............
1,385
1,393
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
1/20/27
@
100
(a)
..............
2,638
2,675
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
1/20/27
@
100
(a)
..............
4,107
4,166
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
1/20/27
@
100
(a)
..............
5,820
5,930
Series
2025-1A
,
Class
C
,
5
.21
%
,
1/20/39
,
Callable
7/20/29
@
100
(a)
..............
614
619
Series
2025-1A
,
Class
E
,
8
.48
%
,
1/20/39
,
Callable
7/20/29
@
100
(a)
..............
1,000
1,006
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1
,
Class
A
,
5
.59
%
,
4/25/29
(a)
.................................
2,000
2,007
Series
2024-1
,
Class
B
,
5
.79
%
,
4/25/29
(a)
.................................
650
652
Series
2024-1
,
Class
C
,
6
.13
%
,
4/25/29
(a)
.................................
950
953
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
.............................
Series
2025-1
,
Class
B
,
4
.42
%
,
9/25/30
(a)
.................................
1,182
1,185
Series
2025-1
,
Class
C
,
4
.72
%
,
9/25/30
(a)
.................................
602
597
OCCU
Auto
Receivables
Trust
.............................................
Series
2022-1A
,
Class
C
,
6
.52
%
,
11/15/29
,
Callable
7/15/27
@
100
(a)
.............
1,690
1,740
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
8/15/27
@
100
(a)
.............
2,775
2,832
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
8/15/27
@
100
(a)
..............
2,000
2,062
Series
2023-1A
,
Class
C
,
6
.82
%
,
9/17/29
,
Callable
8/15/27
@
100
(a)
..............
2,250
2,338
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
8/15/27
@
100
(a)
.............
4,500
4,737
Series
2025-1A
,
Class
A4
,
4
.79
%
,
1/15/31
,
Callable
3/15/29
@
100
(a)
.............
2,000
2,029
Series
2025-1A
,
Class
B
,
4
.94
%
,
4/15/31
,
Callable
3/15/29
@
100
(a)
..............
1,214
1,225
Series
2025-1A
,
Class
C
,
5
.20
%
,
10/15/31
,
Callable
3/15/29
@
100
(a)
.............
1,860
1,880
Series
2025-1A
,
Class
D
,
5
.60
%
,
11/15/34
,
Callable
3/15/29
@
100
(a)
.............
2,000
2,001
Oscar
US
Funding
XII
LLC
,
Series
2021-1A
,
Class
A4
,
1
.00
%
,
4/10/28
,
Callable
2/10/26
@
100
(a)
...........................................................
222
222
Oscar
US
Funding
XIII
LLC
,
Series
2021-2A
,
Class
A4
,
1
.27
%
,
9/11/28
,
Callable
2/10/26
@
100
(a)
...........................................................
1,361
1,352
Oscar
US
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
3/10/26
@
100
(a)
...........................................................
654
649
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
12/10/28
@
100
(a)
...........................................................
2,000
2,010
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A
,
Class
B
,
4
.60
%
,
12/15/28
,
Callable
4/15/26
@
100
(a)
..............
1,361
1,361
Series
2022-A
,
Class
C
,
4
.83
%
,
12/15/28
,
Callable
4/15/26
@
100
(a)
..............
1,833
1,835
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2022-A
,
Class
D
,
5
.85
%
,
6/17/30
,
Callable
4/15/26
@
100
(a)
...............
$
1,412
$
1,416
Series
2024-A
,
Class
A4
,
4
.75
%
,
3/15/30
,
Callable
9/15/28
@
100
(a)
..............
1,000
1,012
Series
2024-A
,
Class
C
,
5
.20
%
,
9/16/30
,
Callable
9/15/28
@
100
(a)
...............
1,000
1,011
Series
2024-A
,
Class
D
,
5
.78
%
,
9/15/32
,
Callable
9/15/28
@
100
(a)
...............
1,000
1,010
Series
2025-A
,
Class
A4
,
4
.19
%
,
5/15/31
,
Callable
5/15/29
@
100
(a)
..............
750
752
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
C
,
5
.65
%
,
2/15/28
,
Callable
12/15/27
@
100
(a)
.............
981
983
Series
2023-2A
,
Class
C
,
7
.12
%
,
8/15/29
,
Callable
5/15/28
@
100
(a)
..............
4,000
4,053
Series
2024-2A
,
Class
B
,
4
.56
%
,
2/15/29
,
Callable
1/15/29
@
100
(a)
..............
800
802
Series
2025-1A
,
Class
C
,
5
.52
%
,
2/15/30
,
Callable
3/15/29
@
100
(a)
..............
529
538
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
408
413
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
12/15/27
@
100
(a)
.............
1,855
1,884
Series
2024-A
,
Class
D
,
6
.11
%
,
6/15/32
,
Callable
8/15/28
@
100
(a)
...............
1,243
1,259
Series
2024-A
,
Class
E
,
7
.76
%
,
6/15/32
,
Callable
8/15/28
@
100
(a)
...............
1,243
1,261
Series
2024-B
,
Class
C
,
5
.14
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
1,279
1,289
Series
2024-B
,
Class
D
,
5
.48
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
1,617
1,630
Series
2024-B
,
Class
E
,
6
.80
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
592
596
Series
2025-A
,
Class
E
,
6
.27
%
,
1/16/34
,
Callable
12/15/29
@
100
(a)
..............
1,607
1,608
SBNA
Auto
Receivables
Trust
,
Series
2025-SF1
,
Class
D
,
5
.34
%
,
9/15/31
,
Callable
5/15/29
@
100
(a)
...........................................................
1,667
1,690
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
10/15/27
@
100
(a)
............
2,700
2,751
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
10/15/27
@
100
(a)
............
2,500
2,566
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
10/15/27
@
100
(a)
.............
5,635
5,830
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
10/15/27
@
100
(a)
............
2,730
2,846
Series
2024-1A
,
Class
B
,
5
.33
%
,
7/15/30
,
Callable
4/15/28
@
100
(a)
..............
1,990
2,022
Series
2024-1A
,
Class
C
,
5
.62
%
,
12/16/30
,
Callable
4/15/28
@
100
(a)
.............
2,000
2,041
Series
2025-1A
,
Class
B
,
4
.78
%
,
12/15/31
,
Callable
4/15/29
@
100
(a)
.............
1,000
1,008
Series
2025-1A
,
Class
C
,
5
.08
%
,
2/17/32
,
Callable
4/15/29
@
100
(a)
..............
560
564
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
3/25/28
@
100
(a)
...............
801
809
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
3/25/28
@
100
(a)
...............
649
656
Series
2025-A
,
Class
D
,
6
.75
%
,
7/25/31
,
Callable
3/25/28
@
100
(a)
...............
970
985
Series
2025-B
,
Class
D
,
5
.46
%
,
12/29/32
,
Callable
8/25/28
@
100
(a)
..............
1,619
1,641
Series
2026-A
,
Class
B
,
4
.28
%
,
3/25/33
,
Callable
9/25/29
@
100
(a)
...............
2,000
2,002
Series
2026-A
,
Class
C
,
4
.43
%
,
3/25/33
,
Callable
9/25/29
@
100
(a)
...............
1,840
1,842
Series
2026-A
,
Class
D
,
4
.87
%
,
3/25/33
,
Callable
9/25/29
@
100
(a)
...............
2,507
2,512
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
8/20/27
@
100
(a)
..............
2,709
2,778
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
2/20/28
@
100
(a)
..............
1,260
1,288
Series
2024-1A
,
Class
C
,
5
.51
%
,
1/20/32
,
Callable
2/20/28
@
100
(a)
..............
1,500
1,543
Series
2024-2A
,
Class
B
,
5
.41
%
,
8/20/30
,
Callable
5/20/28
@
100
(a)
..............
1,857
1,903
Series
2024-3A
,
Class
A4
,
4
.60
%
,
11/20/31
,
Callable
8/20/28
@
100
(a)
............
1,000
1,013
Series
2024-3A
,
Class
B
,
4
.76
%
,
11/20/31
,
Callable
8/20/28
@
100
(a)
.............
1,000
1,014
Tesla
Auto
Lease
Trust
...................................................
Series
2023-B
,
Class
B
,
6
.57
%
,
8/20/27
,
Callable
2/20/26
@
100
(a)
...............
1,472
1,472
Series
2024-A
,
Class
A4
,
5
.31
%
,
12/20/27
,
Callable
7/20/26
@
100
(a)
.............
1,000
1,006
Series
2024-A
,
Class
B
,
5
.55
%
,
5/22/28
,
Callable
7/20/26
@
100
(a)
...............
1,000
1,007
Series
2024-B
,
Class
B
,
5
.11
%
,
8/21/28
,
Callable
12/20/26
@
100
(a)
..............
2,083
2,100
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1
,
Class
A4
,
5
.38
%
,
2/20/29
,
Callable
7/20/27
@
100
(a)
..............
1,500
1,528
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
7/20/27
@
100
(a)
...............
1,950
1,997
Tesla
Lease
Electric
Vehicle
Securitization
LLC
,
Series
2025-A
,
Class
C
,
5
.09
%
,
6/20/29
,
Callable
12/20/27
@
100
(a)
...........................................
833
840
Truist
Bank
Auto
Credit-Linked
Notes
,
Series
2025-1
,
Class
B
,
4
.73
%
,
9/26/33
,
Callable
12/25/28
@
100
(a)
..................................................
2,427
2,438
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
10/25/26
@
100
(a)
.......
2,232
2,253
United
Auto
Credit
Securitization
Trust
.......................................
Series
2025-1
,
Class
C
,
5
.15
%
,
6/10/30
,
Callable
2/10/28
@
100
(a)
...............
4,000
4,011
Series
2026-1
,
Class
B
,
4
.63
%
,
5/10/29
,
Callable
4/10/29
@
100
(a)
...............
1,000
1,000
USB
Auto
Owner
Trust
,
Series
2025-1A
,
Class
D
,
5
.40
%
,
12/15/32
,
Callable
3/15/28
@
100
(a)
1,400
1,421
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A3
,
5
.56
%
,
3/15/28
,
Callable
10/15/27
@
100
(a)
............
$
629
$
630
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
10/15/27
@
100
(a)
...........
2,000
2,022
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
10/15/27
@
100
(a)
.............
3,133
3,194
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
10/15/27
@
100
(a)
.............
2,500
2,571
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A
,
Class
B
,
7
.11
%
,
2/15/30
,
Callable
9/15/28
@
100
(a)
...............
2,301
2,336
Series
2024-A
,
Class
A3
,
5
.62
%
,
12/15/28
(a)
...............................
729
732
Series
2024-A
,
Class
B
,
5
.77
%
,
7/15/30
,
Callable
2/15/29
@
100
(a)
...............
750
757
Series
2024-A
,
Class
C
,
6
.44
%
,
7/15/30
,
Callable
2/15/29
@
100
(a)
...............
1,000
1,021
Western
Funding
Auto
Loan
Trust
...........................................
Series
2025-1
,
Class
B
,
4
.98
%
,
9/17/35
(a)
.................................
2,544
2,542
Series
2025-1
,
Class
C
,
5
.34
%
,
11/15/35
(a)
................................
3,214
3,222
Westlake
Automobile
Receivables
Trust
.......................................
Series
2022-3A
,
Class
C
,
6
.44
%
,
12/15/27
,
Callable
9/15/26
@
100
(a)
.............
477
478
Series
2023-4A
,
Class
D
,
7
.19
%
,
7/16/29
,
Callable
8/15/27
@
100
(a)
..............
3,000
3,113
Series
2023-P1
,
Class
C
,
6
.44
%
,
6/15/27
,
Callable
9/15/26
@
100
(a)
..............
1,200
1,205
Series
2024-3A
,
Class
B
,
4
.72
%
,
11/15/29
,
Callable
2/15/28
@
100
(a)
.............
1,000
1,007
Series
2024-3A
,
Class
C
,
4
.92
%
,
11/15/29
,
Callable
2/15/28
@
100
(a)
.............
1,000
1,009
Series
2025-1A
,
Class
B
,
4
.98
%
,
9/16/30
,
Callable
7/15/28
@
100
(a)
..............
625
632
Series
2025-1A
,
Class
C
,
5
.14
%
,
10/15/30
,
Callable
7/15/28
@
100
(a)
.............
1,000
1,014
Series
2025-P1
,
Class
C
,
5
.15
%
,
11/15/30
,
Callable
6/15/28
@
100
(a)
.............
1,000
1,019
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
305
307
Series
2023-1A
,
Class
B
,
5
.80
%
,
4/18/38
(a)
................................
1,345
1,362
Series
2023-1A
,
Class
C
,
6
.18
%
,
4/18/38
(a)
................................
3,333
3,383
Series
2023-2A
,
Class
C
,
6
.94
%
,
8/18/38
(a)
................................
2,769
2,849
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
3,644
3,756
Series
2024-1A
,
Class
C
,
5
.69
%
,
2/18/39
(a)
................................
2,625
2,682
Series
2024-2A
,
Class
B
,
4
.84
%
,
6/21/39
(a)
................................
833
844
Series
2024-2A
,
Class
C
,
4
.89
%
,
6/21/39
(a)
................................
2,000
2,029
Series
2024-3A
,
Class
C
,
5
.21
%
,
9/19/39
(a)
................................
2,056
2,089
World
Omni
Select
Auto
Trust
,
Series
2023-A
,
Class
C
,
6
.00
%
,
1/16/29
,
Callable
2/15/27
@
100
.............................................................
2,750
2,779
465,234
ABS
Card
(0.8%):
American
Express
Credit
Account
Master
Trust
,
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
....
2,000
2,081
CARDS
II
Trust
,
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/15/29
(a)
.......................
1,890
1,896
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4
,
Class
B
,
5
.25
%
,
10/15/28
(a)
.............................
789
794
Series
2024-CRT4
,
Class
C
,
5
.64
%
,
10/15/28
(a)
.............................
903
907
Series
2025-1A
,
Class
C
,
4
.54
%
,
10/15/29
(a)
...............................
1,250
1,242
Series
2025-CRT5
,
Class
B
,
5
.24
%
,
5/15/29
(a)
..............................
1,774
1,796
Series
2025-CRT5
,
Class
C
,
5
.53
%
,
5/15/29
(a)
..............................
1,111
1,119
Golden
Credit
Card
Trust
,
Series
2021-1A
,
Class
A
,
1
.14
%
,
8/15/28
(a)
.................
5,000
4,926
Master
Credit
Card
Trust
II
,
Series
2023-3A
,
Class
C
,
7
.08
%
,
10/21/30
(a)
..............
1,500
1,577
Synchrony
Card
Issuance
Trust
,
Series
2025-A1
,
Class
A
,
4
.78
%
,
2/15/31
..............
800
814
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A
,
Class
B
,
5
.23
%
,
3/26/31
(a)
................................
1,000
1,015
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
1,500
1,531
Series
2025-1A
,
Class
C
,
4
.70
%
,
9/26/30
(a)
................................
1,273
1,275
20,973
ABS
Other
(12.7%):
AFG
ABS
I
LLC
,
Series
2023-1
,
Class
B
,
7
.51
%
,
9/16/30
,
Callable
12/15/26
@
100
(a)
.....
1,311
1,324
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
2/15/26
@
100
(a)
.........................................................
5,500
5,420
AMSR
Trust
..........................................................
Series
2021-SFR1
,
Class
A
,
1
.95
%
,
6/17/38
(a)
(b)
............................
2,000
1,896
Series
2021-SFR1
,
Class
B
,
2
.15
%
,
6/17/38
(a)
(b)
............................
2,000
1,888
Series
2021-SFR1
,
Class
C
,
2
.35
%
,
6/17/38
(a)
(b)
............................
1,200
1,135
Amur
Equipment
Finance
Receivables
XI
LLC
..................................
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
.............
95
96
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2022-2A
,
Class
B
,
5
.65
%
,
10/20/28
,
Callable
6/20/26
@
100
(a)
.............
$
2,000
$
2,007
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
750
762
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
1,966
2,011
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
6/20/27
@
100
(a)
..............
500
518
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
12/20/27
@
100
(a)
.............
1,912
1,941
Series
2024-1A
,
Class
C
,
5
.55
%
,
1/21/31
,
Callable
12/20/27
@
100
(a)
.............
2,722
2,768
Amur
Equipment
Finance
Receivables
XIV
LLC
................................
Series
2024-2A
,
Class
B
,
5
.20
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
..............
1,000
1,016
Series
2024-2A
,
Class
C
,
5
.38
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
..............
1,000
1,016
Ansley
Park
Capital
LLC
.................................................
Series
2025-A
,
Class
B
,
4
.60
%
,
4/20/35
,
Callable
4/20/28
@
100
(a)
...............
1,500
1,505
Series
2025-A
,
Class
C
,
4
.82
%
,
4/20/35
,
Callable
4/20/28
@
100
(a)
...............
1,000
998
Series
2025-A
,
Class
D
,
5
.33
%
,
4/20/35
,
Callable
4/20/28
@
100
(a)
...............
1,000
1,002
Series
2025-A
,
Class
E
,
7
.66
%
,
4/20/35
,
Callable
4/20/28
@
100
(a)
...............
1,375
1,402
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
A3
,
5
.70
%
,
2/15/30
,
Callable
1/15/28
@
100
(a)
.............
3,000
3,039
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
1/15/28
@
100
(a)
..............
1,239
1,266
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
1/15/28
@
100
(a)
.............
1,200
1,239
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
1/15/28
@
100
(a)
.............
1,000
1,043
Series
2024-1A
,
Class
A3
,
5
.49
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
.............
2,000
2,035
Series
2024-1A
,
Class
B
,
5
.69
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
..............
614
633
Series
2024-1A
,
Class
C
,
6
.01
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
..............
750
777
Series
2024-1A
,
Class
D
,
6
.79
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
..............
3,000
3,140
Barings
Equipment
Finance
LLC
,
Series
2025-A
,
Class
A2
,
4
.64
%
,
10/13/28
(a)
..........
1,551
1,559
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
1/15/27
@
100
(a)
...........................................................
318
321
Blue
Owl
Asset
Leasing
Trust
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.41
%
,
3/15/30
,
Callable
6/15/27
@
100
(a)
..............
851
859
Series
2024-1A
,
Class
C
,
6
.38
%
,
1/15/31
,
Callable
6/15/27
@
100
(a)
..............
903
918
Capital
Automotive
REIT
.................................................
Series
2024-2A
,
Class
A1
,
4
.90
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
657
656
Series
2024-3A
,
Class
A1
,
4
.40
%
,
10/15/54
,
Callable
10/15/27
@
100
(a)
...........
1,787
1,740
Capteris
Equipment
Finance
LLC
,
Series
2024-1A
,
Class
A2
,
5
.58
%
,
7/20/32
,
Callable
3/20/29
@
100
(a)
.........................................................
2,053
2,088
CARS-DB5
LP
,
Series
2021-1A
,
Class
A1
,
1
.44
%
,
8/15/51
,
Callable
2/15/26
@
100
(a)
.....
2,764
2,713
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/26
@
100
(a)
.....
2,808
2,825
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
B
,
5
.99
%
,
9/16/30
,
Callable
9/14/26
@
100
(a)
...............
2,010
2,029
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
9/14/26
@
100
(a)
...............
3,556
3,597
Series
2023-2
,
Class
C
,
6
.45
%
,
4/14/32
,
Callable
6/14/27
@
100
(a)
...............
3,250
3,347
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
6/14/27
@
100
(a)
...............
1,300
1,345
Series
2024-1
,
Class
C
,
5
.22
%
,
3/15/32
,
Callable
3/14/28
@
100
(a)
...............
2,000
2,033
Series
2025-1
,
Class
D
,
5
.28
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
1,087
1,097
Series
2025-2
,
Class
D
,
5
.08
%
,
8/15/34
,
Callable
2/14/29
@
100
(a)
...............
1,221
1,221
CF
Hippolyta
Issuer
LLC
.................................................
Series
2020-1
,
Class
A1
,
1
.69
%
,
7/15/60
(a)
................................
316
265
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
2/15/26
@
100
(a)
.............
2,787
2,260
Clarus
Capital
Funding
LLC
...............................................
Series
2024-1A
,
Class
B
,
4
.79
%
,
8/20/32
,
Callable
2/20/28
@
100
(a)
..............
1,170
1,175
Series
2024-1A
,
Class
C
,
5
.01
%
,
8/20/32
,
Callable
2/20/28
@
100
(a)
..............
585
588
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
4,500
4,519
CNH
Equipment
Trust
,
Series
2022-A
,
Class
A3
,
2
.94
%
,
7/15/27
,
Callable
7/15/26
@
100
...
105
105
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
6/15/27
@
100
(a)
.........................................................
364
367
Crossroads
Asset
Trust
...................................................
Series
2024-A
,
Class
A2
,
5
.90
%
,
8/20/30
,
Callable
2/20/28
@
100
(a)
..............
981
991
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
2/20/28
@
100
(a)
...............
2,518
2,570
Series
2024-A
,
Class
C
,
6
.52
%
,
8/20/30
,
Callable
2/20/28
@
100
(a)
...............
1,500
1,551
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
12/20/28
@
100
(a)
..............
455
461
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
.............
$
2,790
$
2,737
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
2,694
2,741
Dell
Equipment
Finance
Trust
..............................................
Series
2023-2
,
Class
C
,
6
.06
%
,
1/22/29
,
Callable
3/22/26
@
100
(a)
...............
1,100
1,102
Series
2023-2
,
Class
D
,
6
.74
%
,
7/23/29
,
Callable
3/22/26
@
100
(a)
...............
2,283
2,289
Series
2023-3
,
Class
D
,
6
.75
%
,
10/22/29
,
Callable
5/22/26
@
100
(a)
..............
1,235
1,242
Series
2024-1
,
Class
C
,
5
.73
%
,
3/22/30
,
Callable
11/22/26
@
100
(a)
..............
1,350
1,367
Series
2024-1
,
Class
D
,
6
.12
%
,
9/23/30
,
Callable
11/22/26
@
100
(a)
..............
1,464
1,483
Series
2024-2
,
Class
C
,
4
.99
%
,
8/22/30
,
Callable
5/22/27
@
100
(a)
...............
1,000
1,009
Series
2024-2
,
Class
D
,
5
.29
%
,
2/24/31
,
Callable
5/22/27
@
100
(a)
...............
1,118
1,127
Series
2025-1
,
Class
D
,
5
.64
%
,
8/22/31
,
Callable
12/22/27
@
100
(a)
..............
629
640
Series
2025-2
,
Class
D
,
4
.83
%
,
3/22/32
,
Callable
6/22/28
@
100
(a)
...............
2,000
2,000
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
..............
154
155
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
2/15/27
@
100
(a)
...............
5,430
5,517
Series
2023-1
,
Class
D
,
8
.82
%
,
3/15/33
,
Callable
2/15/27
@
100
(a)
...............
600
626
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
9/15/27
@
100
(a)
...............
3,000
3,040
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
9/15/27
@
100
(a)
...............
1,666
1,763
Series
2025-1
,
Class
B
,
4
.98
%
,
8/15/35
,
Callable
1/15/29
@
100
(a)
...............
1,000
1,009
Series
2025-1
,
Class
C
,
5
.39
%
,
8/15/35
,
Callable
1/15/29
@
100
(a)
...............
1,000
1,013
Series
2025-1
,
Class
D
,
5
.65
%
,
2/15/36
,
Callable
1/15/29
@
100
(a)
...............
2,000
2,024
Series
2025-2
,
Class
B
,
4
.66
%
,
4/15/36
,
Callable
11/15/29
@
100
(a)
..............
585
585
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
2/20/26
@
100
(a)
..............
3,333
3,246
Series
2021-1A
,
Class
B
,
2
.36
%
,
4/15/49
,
Callable
2/20/26
@
100
(a)
..............
3,000
2,930
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
2/20/26
@
100
(a)
.
3,273
3,162
DLLAA
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.64
%
,
2/22/28
,
Callable
8/20/27
@
100
(a)
.............
1,447
1,462
Series
2025-1A
,
Class
A3
,
4
.95
%
,
9/20/29
,
Callable
10/20/28
@
100
(a)
............
2,087
2,122
DLLAD
LLC
..........................................................
Series
2024-1A
,
Class
A3
,
5
.30
%
,
7/20/29
,
Callable
1/20/29
@
100
(a)
.............
1,000
1,020
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
1/20/29
@
100
(a)
.............
1,290
1,333
DLLMT
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.34
%
,
3/22/27
,
Callable
2/20/27
@
100
(a)
.............
658
661
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
2/20/27
@
100
(a)
.............
1,143
1,153
Series
2024-1A
,
Class
A4
,
4
.98
%
,
4/20/32
,
Callable
5/20/28
@
100
(a)
.............
1,406
1,433
FirstKey
Homes
Trust
....................................................
Series
2021-SFR1
,
Class
B
,
1
.79
%
,
8/17/38
(a)
(b)
............................
3,000
2,956
Series
2021-SFR1
,
Class
C
,
1
.89
%
,
8/17/38
(a)
(b)
............................
3,000
2,955
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
(b)
............................
2,308
2,267
Series
2021-SFR3
,
Class
B
,
2
.44
%
,
12/17/38
(a)
(b)
...........................
1,000
981
Series
2021-SFR3
,
Class
C
,
2
.54
%
,
12/17/38
(a)
(b)
...........................
1,750
1,715
Flexential
Issuer
,
Series
2021-1A
,
Class
A2
,
3
.25
%
,
11/27/51
,
Callable
2/25/26
@
100
(a)
...
2,286
2,255
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
....
1,597
1,603
FRTKL
,
Series
2021-SFR1
,
Class
B
,
1
.72
%
,
9/17/38
(a)
(b)
.........................
1,500
1,474
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
3/20/27
@
100
(a)
..............
654
674
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
3/20/27
@
100
(a)
..............
1,200
1,261
Series
2023-1A
,
Class
D
,
7
.00
%
,
8/22/33
,
Callable
3/20/27
@
100
(a)
..............
800
841
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2023-1
,
Class
B
,
5
.21
%
,
3/15/30
,
Callable
7/15/27
@
100
(a)
...............
1,500
1,520
Series
2024-1
,
Class
B
,
5
.18
%
,
12/16/30
,
Callable
2/15/28
@
100
(a)
..............
1,480
1,505
Series
2024-1
,
Class
C
,
5
.43
%
,
12/15/31
,
Callable
2/15/28
@
100
(a)
..............
650
663
Series
2024-2
,
Class
B
,
5
.23
%
,
5/15/31
,
Callable
10/15/28
@
100
(a)
..............
1,000
1,022
Series
2025-1
,
Class
A3
,
4
.49
%
,
4/16/29
(a)
................................
2,000
2,020
Series
2025-1
,
Class
B
,
4
.77
%
,
1/15/32
,
Callable
5/15/29
@
100
(a)
...............
2,000
2,023
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
1/20/27
@
100
(a)
..............
1,500
1,513
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
3,838
3,879
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
4/20/29
@
100
(a)
..............
1,654
1,665
Series
2025-1A
,
Class
D
,
4
.99
%
,
3/21/33
,
Callable
4/20/29
@
100
(a)
..............
2,000
2,007
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
176
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-2A
,
Class
D
,
4
.77
%
,
5/20/33
,
Callable
6/20/29
@
100
(a)
..............
$
748
$
746
John
Deere
Owner
Trust
,
Series
2024-B
,
Class
A4
,
5
.19
%
,
5/15/31
,
Callable
4/15/28
@
100
.
1,100
1,126
Kubota
Credit
Owner
Trust
................................................
Series
2023-2A
,
Class
A4
,
5
.23
%
,
6/15/28
,
Callable
3/15/27
@
100
(a)
.............
1,500
1,523
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
3/15/28
@
100
(a)
.............
1,300
1,335
Series
2025-1A
,
Class
A2
,
4
.61
%
,
12/15/27
(a)
..............................
4,141
4,157
M&T
Equipment
LEAF1
Notes
.............................................
Series
2023-1A
,
Class
A4
,
5
.75
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
.............
2,596
2,634
Series
2024-1A
,
Class
A3
,
4
.76
%
,
8/18/31
,
Callable
6/16/28
@
100
(a)
.............
1,000
1,011
Series
2025-1A
,
Class
A3
,
4
.78
%
,
9/17/29
,
Callable
4/16/29
@
100
(a)
.............
2,739
2,762
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A
,
Class
A4
,
1
.04
%
,
11/13/30
(a)
...............................
1,984
1,977
Series
2022-A
,
Class
A3
,
3
.20
%
,
1/13/28
(a)
................................
375
375
Series
2023-A
,
Class
A3
,
5
.54
%
,
12/13/29
(a)
...............................
2,112
2,138
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
1,500
1,537
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
11/13/29
@
100
(a)
.............
1,100
1,134
MMP
Capital
LLC
,
Series
2025-A
,
Class
A
,
5
.36
%
,
12/15/31
,
Callable
12/15/28
@
100
(a)
..
2,454
2,474
MVW
LLC
...........................................................
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
3/20/27
@
100
(a)
............
332
320
Series
2021-1WA
,
Class
B
,
1
.44
%
,
1/22/41
,
Callable
3/20/27
@
100
(a)
............
347
336
New
Economy
Assets
-
Phase
1
Sponsor
LLC
...................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
2/20/26
@
100
(a)
.............
4,516
3,793
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
2/20/26
@
100
(a)
.............
1,466
925
NMEF
Funding
LLC
....................................................
Series
2022-B
,
Class
B
,
7
.12
%
,
6/15/29
,
Callable
7/15/26
@
100
(a)
...............
786
790
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
5/15/27
@
100
(a)
...............
2,500
2,538
Series
2024-A
,
Class
A2
,
5
.15
%
,
12/15/31
,
Callable
4/15/28
@
100
(a)
.............
1,446
1,455
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
4/15/28
@
100
(a)
..............
3,535
3,575
Series
2024-A
,
Class
C
,
6
.33
%
,
12/15/31
,
Callable
4/15/28
@
100
(a)
..............
1,250
1,281
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
3,309
3,353
Series
2025-A
,
Class
C
,
5
.79
%
,
7/15/32
,
Callable
11/15/28
@
100
(a)
..............
6,482
6,635
Series
2025-B
,
Class
C
,
5
.17
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
1,579
1,591
NP
SPE
II
LLC
,
Series
2017-1A
,
Class
A1
,
3
.37
%
,
10/21/47
(a)
......................
913
903
NP
SPE
X
LP
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
.......................
2,110
1,725
OneMain
Financial
Issuance
Trust
,
Series
2022-3A
,
Class
B
,
6
.45
%
,
5/15/34
,
Callable
2/14/26
@
100
(a)
.........................................................
5,500
5,555
Pawnee
Equipment
Receivables
LLC
,
Series
2022-1
,
Class
B
,
5
.40
%
,
7/17/28
,
Callable
7/15/26
@
100
(a)
.........................................................
1,301
1,302
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A
,
Class
A3
,
5
.64
%
,
11/20/30
,
Callable
1/20/28
@
100
(a)
............
2,500
2,545
Series
2024-1A
,
Class
B
,
5
.79
%
,
11/20/30
,
Callable
1/20/28
@
100
(a)
.............
2,500
2,555
Series
2024-2A
,
Class
A3
,
4
.65
%
,
10/20/31
,
Callable
7/20/27
@
100
(a)
............
1,429
1,439
Series
2024-2A
,
Class
B
,
4
.83
%
,
10/20/31
,
Callable
7/20/27
@
100
(a)
.............
2,239
2,251
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
9/20/28
@
100
(a)
.............
1,675
1,703
Series
2025-1A
,
Class
B
,
5
.20
%
,
7/20/32
,
Callable
9/20/28
@
100
(a)
..............
1,529
1,555
Series
2025-1A
,
Class
C
,
5
.49
%
,
7/20/32
,
Callable
9/20/28
@
100
(a)
..............
1,800
1,835
Series
2026-1A
,
Class
B
,
4
.75
%
,
7/20/33
,
Callable
7/20/29
@
100
(a)
..............
1,500
1,503
Series
2026-1A
,
Class
C
,
4
.89
%
,
7/20/33
,
Callable
7/20/29
@
100
(a)
..............
1,500
1,504
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.58
%
,
10/15/30
,
Callable
11/15/26
@
100
(a)
............
1,254
1,262
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
11/15/26
@
100
(a)
............
1,994
2,015
Series
2024-1A
,
Class
D
,
6
.77
%
,
10/15/30
,
Callable
11/15/26
@
100
(a)
............
1,250
1,274
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
7/15/28
@
100
(a)
..............
546
552
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
7/15/28
@
100
(a)
..............
2,195
2,217
Series
2025-1A
,
Class
D
,
5
.43
%
,
5/15/31
,
Callable
7/15/28
@
100
(a)
..............
1,680
1,695
Series
2025-1A
,
Class
E
,
7
.08
%
,
5/17/32
,
Callable
7/15/28
@
100
(a)
..............
2,353
2,397
Progress
Residential
Trust
.................................................
Series
2021-SFR5
,
Class
B
,
1
.66
%
,
7/17/38
(a)
(b)
............................
2,400
2,372
Series
2021-SFR5
,
Class
C
,
1
.81
%
,
7/17/38
(a)
(b)
............................
1,500
1,483
Series
2021-SFR6
,
Class
B
,
1
.75
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(b)
..........
2,813
2,780
Retained
Vantage
Data
Centers
Issuer
LLC
,
Series
2025-1A
,
Class
A2A
,
5
.09
%
,
8/15/50
,
Callable
8/15/28
@
100
(a)
............................................
1,000
987
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
177
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
SCF
Equipment
Leasing
LLC
..............................................
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
9/20/29
@
100
(a)
..............
$
857
$
872
Series
2023-1A
,
Class
C
,
6
.77
%
,
8/22/33
,
Callable
9/20/29
@
100
(a)
..............
4,863
5,012
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A
,
Class
A3
,
5
.11
%
,
11/21/33
,
Callable
9/20/31
@
100
(a)
............
400
409
Series
2025-1A
,
Class
B
,
5
.23
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
1,250
1,277
Series
2025-1A
,
Class
C
,
5
.37
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
1,500
1,543
Sotheby's
Artfi
Master
Trust
,
Series
2026-1A
,
Class
B
,
4
.90
%
,
6/20/33
,
Callable
12/20/27
@
100
(a)
...........................................................
1,705
1,706
Stack
Infrastructure
Issuer
LLC
,
Series
2023-1A
,
Class
A2
,
5
.90
%
,
3/25/48
,
Callable
3/25/26
@
100
(a)
.........................................................
1,750
1,753
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
,
Callable
3/25/28
@
100
(a)
...........................................................
3,000
2,951
Tricon
Residential
Trust
..................................................
Series
2022-SFR1
,
Class
B
,
4
.20
%
,
4/17/39
(a)
(b)
............................
1,000
994
Series
2024-SFR4
,
Class
A
,
4
.30
%
,
11/17/41
,
Callable
11/17/29
@
100
(a)
(b)
........
862
855
Trinity
Rail
Leasing
LLC
,
Series
2019-2A
,
Class
A1
,
2
.39
%
,
10/18/49
,
Callable
2/17/26
@
100
(a)
...........................................................
270
268
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A
,
Class
A2
,
5
.88
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
............
4,861
4,993
Series
2025-1A
,
Class
B
,
6
.37
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
.............
1,077
1,107
Vantage
Data
Centers
LLC
,
Series
2025-1A
,
Class
A2
,
5
.13
%
,
8/15/55
,
Callable
8/15/28
@
100
(a)
...........................................................
2,500
2,473
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
1,000
990
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
2,159
2,183
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)
.............
818
831
Series
2023-1A
,
Class
B
,
6
.05
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
..............
2,000
2,046
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
8/12/27
@
100
(a)
..............
749
772
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
6/12/28
@
100
(a)
............
1,123
1,142
Series
2024-1A
,
Class
B
,
5
.72
%
,
12/12/31
,
Callable
6/12/28
@
100
(a)
.............
525
539
Series
2024-1A
,
Class
C
,
6
.25
%
,
12/12/31
,
Callable
6/12/28
@
100
(a)
.............
437
452
Series
2024-1A
,
Class
D
,
7
.23
%
,
12/12/31
,
Callable
6/12/28
@
100
(a)
.............
388
407
Series
2025-1A
,
Class
A3
,
4
.96
%
,
5/12/33
,
Callable
6/12/29
@
100
(a)
.............
522
528
Series
2025-1A
,
Class
D
,
6
.49
%
,
5/12/33
,
Callable
6/12/29
@
100
(a)
..............
709
735
Verizon
Master
Trust
....................................................
Series
2024-2
,
Class
B
,
5
.08
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.............
2,000
2,047
Series
2024-3
,
Class
C
,
5
.73
%
,
4/22/30
,
Callable
4/20/27
@
100
.................
833
847
Series
2024-8
,
Class
C
,
4
.99
%
,
11/20/30
,
Callable
11/20/27
@
100
...............
2,466
2,504
Series
2025-1
,
Class
C
,
5
.09
%
,
1/21/31
,
Callable
1/20/28
@
100
.................
1,875
1,902
Series
2025-10
,
Class
C
,
4
.67
%
,
10/20/33
,
Callable
10/20/30
@
100
(a)
............
700
700
Series
2025-7
,
Class
C
,
4
.40
%
,
8/20/31
,
Callable
8/20/28
@
100
.................
1,500
1,500
VFI
ABS
LLC
,
Series
2025-1A
,
Class
A
,
4
.78
%
,
6/24/30
,
Callable
7/24/28
@
100
(a)
......
2,462
2,475
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A
,
Class
A3
,
4
.29
%
,
10/16/28
,
Callable
3/15/28
@
100
(a)
............
667
670
Series
2024-1A
,
Class
A4
,
4
.29
%
,
7/15/31
,
Callable
3/15/28
@
100
(a)
.............
2,500
2,515
Series
2025-1A
,
Class
A4
,
4
.53
%
,
10/15/31
,
Callable
12/15/28
@
100
(a)
...........
4,000
4,050
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.06
%
,
9/20/32
,
Callable
10/20/27
@
100
(a)
.............
2,189
2,207
Series
2024-1A
,
Class
C
,
5
.28
%
,
9/20/32
,
Callable
10/20/27
@
100
(a)
.............
1,751
1,768
Series
2024-1A
,
Class
D
,
6
.31
%
,
9/20/32
,
Callable
10/20/27
@
100
(a)
.............
1,000
1,019
Series
2025-1A
,
Class
C
,
4
.76
%
,
9/20/33
,
Callable
2/20/29
@
100
(a)
..............
379
379
Series
2025-1A
,
Class
D
,
5
.45
%
,
9/20/33
,
Callable
2/20/29
@
100
(a)
..............
1,000
1,007
Zayo
Issuer
LLC
.......................................................
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.............
4,000
4,070
Series
2025-1A
,
Class
B
,
6
.09
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
..............
2,000
2,036
Series
2025-2A
,
Class
A2
,
5
.95
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
............
1,000
1,027
Series
2025-2A
,
Class
B
,
6
.59
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
.............
1,167
1,203
344,114
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
178
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Agency
ABS
Other
(0.0%):(c)
Nelnet
Student
Loan
Trust
,
Series
2005-3
,
Class
B
,
4
.62
%
(
SOFR90A
+
54
bps
)
,
9/22/37
,
Callable
3/22/26
@
100
(d)
............................................
$
1,048
$
1,031
Total
Asset-Backed
Securities
(Cost
$822,446)
a
a
a
831,352
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
4/24/26
@
100
(a)
...........................................................
1,000
1,000
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2024-1A
,
Class
A1
,
4
.72
%
(
TSFR3M
+
105
bps
)
,
10/15/32
,
Callable
4/15/26
@
100
(a)
(d)
.........................................................
613
613
Series
2024-3A
,
Class
A2
,
5
.51
%
(
TSFR3M
+
165
bps
)
,
8/8/32
,
Callable
2/8/26
@
100
(a)
(d)
.........................................................
1,000
999
2,612
Total
Collateralized
Loan
Obligations
(Cost
$2,607)
a
a
a
2,612
Collateralized
Mortgage
Obligations
(4.6%)
Agency
CMO
Other
(1.6%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
2,033
2,065
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
3,124
3,123
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
3,883
3,923
Federal
National
Mortgage
Association
.......................................
Series
2012-104
,
Class
HC
,
1
.25
%
,
9/25/27
................................
52
51
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
1,132
1,144
Series
2024-33
,
Class
PB
,
5
.00
%
,
3/25/48
.................................
1,806
1,819
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
.................................
2,407
2,418
Series
2025-61
,
Class
DA
,
4
.50
%
,
9/25/51
.................................
1,880
1,879
Government
National
Mortgage
Association
....................................
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
1,547
1,573
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
1,107
1,120
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
1,540
1,550
Series
2024-160
,
Class
H
,
4
.00
%
,
9/20/62
.................................
1,658
1,660
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
1,562
1,577
Series
2024-97
,
Class
MC
,
5
.00
%
,
1/20/64
.................................
1,655
1,667
Series
2025-131
,
Class
CE
,
4
.50
%
,
12/20/53
...............................
7,212
7,224
Series
2025-131
,
Class
QC
,
4
.00
%
,
7/20/51
................................
1,947
1,908
Series
2025-131
,
Class
QD
,
4
.50
%
,
7/20/51
................................
487
483
Series
2025-139
,
Class
DT
,
5
.00
%
,
3/20/65
................................
864
869
Series
2025-139
,
Class
EA
,
4
.00
%
,
3/20/65
................................
1,939
1,921
Series
2025-150
,
Class
QD
,
4
.50
%
,
7/20/51
................................
3,429
3,403
Series
2025-2
,
Class
EA
,
4
.50
%
,
9/20/40
..................................
1,861
1,866
43,243
Commercial
MBS
(3.0%):
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(d)
..........
2,500
2,520
Series
2025-OANA
,
Class
B
,
5
.52
%
(
TSFR1M
+
184
bps
)
,
6/15/40
(a)
(b)
(d)
..........
2,000
2,016
AOA
Trust
............................................................
Series
2025-1301
,
Class
A
,
5
.06
%
,
8/11/42
(a)
(b)
(e)
..........................
1,259
1,275
Series
2025-1345
,
Class
A
,
5
.28
%
(
TSFR1M
+
160
bps
)
,
6/15/42
(a)
(b)
(d)
............
1,250
1,256
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM
,
Class
A
,
5
.33
%
(
TSFR1M
+
165
bps
)
,
8/15/42
(a)
(b)
(d)
..........
2,500
2,506
Series
2025-ATRM
,
Class
B
,
5
.78
%
(
TSFR1M
+
210
bps
)
,
8/15/42
(a)
(b)
(d)
..........
2,277
2,272
Aventura
Mall
Trust
,
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(b)
(e)
................
2,000
1,957
BLP
Commercial
Mortgage
Trust
,
Series
2025-IND
,
Class
A
,
4
.88
%
(
TSFR1M
+
120
bps
)
,
3/15/42
(a)
(b)
(d)
....................................................
1,906
1,904
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
4
.85
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(b)
(d)
.............
3,731
3,728
Series
2021-TY
,
Class
B
,
4
.95
%
(
TSFR1M
+
126
bps
)
,
9/15/38
(a)
(b)
(d)
.............
750
749
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
179
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2021-TY
,
Class
C
,
5
.50
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(b)
(d)
.............
$
2,712
$
2,710
Series
2021-TY
,
Class
D
,
6
.15
%
(
TSFR1M
+
246
bps
)
,
9/15/38
(a)
(b)
(d)
.............
1,313
1,312
BX
Commercial
Mortgage
Trust
,
Series
2025-COPT
,
Class
A
,
5
.43
%
(
TSFR1M
+
175
bps
)
,
8/15/42
(a)
(b)
(d)
....................................................
1,538
1,543
BX
Trust
.............................................................
Series
2022-CLS
,
Class
A
,
5
.76
%
,
10/13/27
(a)
(b)
............................
500
503
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(b)
............................
2,750
2,741
Series
2025-GW
,
Class
A
,
5
.28
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(d)
............
3,000
3,010
Series
2025-ROIC
,
Class
A
,
4
.82
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(d)
...........
2,299
2,298
Series
2025-VOLT
,
Class
A
,
5
.38
%
(
TSFR1M
+
170
bps
)
,
12/15/44
(a)
(b)
(d)
..........
1,500
1,507
Series
2025-VOLT
,
Class
B
,
5
.78
%
(
TSFR1M
+
210
bps
)
,
12/15/44
(a)
(b)
(d)
..........
1,474
1,481
COMM
Mortgage
Trust
,
Series
2012-CR4
,
Class
XA
,
1
.14
%
,
10/15/45
,
Callable
2/15/26
@
100
(b)
(e)
.........................................................
10,719
181
DBWF
Mortgage
Trust
,
Series
2024-LCRS
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(d)
.............................................................
2,000
1,997
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(b)
...........................
11,481
10,131
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(b)
(e)
..........................
2,400
2,401
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(b)
..........
5,000
4,955
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(b)
(e)
..........................
1,326
1,374
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(b)
(e)
.......................................................
1,926
1,938
MAD
Commercial
Mortgage
Trust
,
Series
2025-11MD
,
Class
A
,
4
.91
%
,
10/15/42
(a)
(b)
(e)
..
1,364
1,372
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
B
,
2
.33
%
,
9/10/39
(a)
(b)
(e)
......
4,000
3,861
MILE
Trust
,
Series
2025-STNE
,
Class
A
,
5
.18
%
(
TSFR1M
+
150
bps
)
,
7/15/42
(a)
(b)
(d)
.....
3,000
3,004
SCG
Commercial
Mortgage
Trust
,
Series
2025-FLWR
,
Class
B
,
5
.23
%
(
TSFR1M
+
155
bps
)
,
8/15/42
(a)
(b)
(d)
....................................................
3,250
3,257
SCOTT
Trust
,
Series
2023-SFS
,
Class
AS
,
6
.20
%
,
3/10/40
(a)
(b)
.....................
2,357
2,428
SHR
Trust
,
Series
2024-LXRY
,
Class
A
,
5
.63
%
(
TSFR1M
+
195
bps
)
,
10/15/41
(a)
(b)
(d)
.....
2,105
2,113
SREIT
Trust
,
Series
2021-MFP2
,
Class
C
,
5
.17
%
(
TSFR1M
+
149
bps
)
,
11/15/36
(a)
(b)
(d)
....
2,000
2,000
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.12
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(d)
....................................................
3,000
2,977
81,277
Private
CMO
Other
(0.0%):(c)
Sequoia
Mortgage
Trust
,
Series
2013-5
,
Class
A2
,
3
.00
%
,
5/25/43
,
Callable
2/25/26
@
100
(a)
(e)
.........................................................
443
405
Total
Collateralized
Mortgage
Obligations
(Cost
$125,047)
a
a
a
124,925
Shares
Preferred
Stocks
(0.2%)
Financials
(0.2%):
Citigroup
Capital
XIII
,
10
.30
%
(
TSFR3M
+
663
bps
)
,
10/30/40
(d)
.....................
200,000
5,998
Total
Preferred
Stocks
(Cost
$5,470)
a
a
a
5,998
Principal
Amount
(000)
Corporate
Bonds
(39.5%)
Communication
Services
(0.5%):
AT&T,
Inc.
,
4
.40
%
,
4/30/31
,
Callable
3/30/31
@
100
.............................
3,000
3,000
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
6
.10
%
,
6/1/29
,
Callable
5/1/29
@
100
..........................................
2,000
2,086
Frontier
Communications
Holdings
LLC
,
6
.75
%
,
5/1/29
,
Callable
3/6/26
@
101.69
(a)
......
2,375
2,386
Paramount
Global
,
2
.90
%
,
1/15/27
,
Callable
10/15/26
@
100
.......................
1,750
1,722
TEGNA,
Inc.
,
4
.63
%
,
3/15/28
,
Callable
3/6/26
@
100
.............................
1,500
1,489
T-Mobile
USA,
Inc.
,
4
.75
%
,
2/1/28
..........................................
2,641
2,641
Warnermedia
Holdings,
Inc.
,
3
.76
%
,
3/15/27
,
Callable
2/15/27
@
100
.................
948
941
14,265
Consumer
Discretionary
(1.8%):
AutoNation,
Inc.
,
4
.45
%
,
1/15/29
,
Callable
12/15/28
@
100
........................
2,000
2,003
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
180
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Daimler
Truck
Finance
North
America
LLC
5
.00
%
,
1/15/27
(a)
..................................................
$
2,000
$
2,022
4
.30
%
,
8/12/27
(a)
..................................................
2,000
2,010
5
.13
%
,
9/25/27
,
Callable
8/25/27
@
100
(a)
................................
2,000
2,033
eBay,
Inc.
,
4
.25
%
,
3/6/29
,
Callable
2/6/29
@
100
................................
2,000
2,008
General
Motors
Financial
Co.,
Inc.
5
.35
%
,
7/15/27
....................................................
2,000
2,035
5
.05
%
,
4/4/28
.....................................................
3,000
3,059
Genuine
Parts
Co.
,
4
.95
%
,
8/15/29
,
Callable
7/15/29
@
100
........................
2,000
2,032
Grand
Canyon
University
,
5
.13
%
,
10/1/28
,
Callable
8/1/28
@
100
....................
2,600
2,600
Hyatt
Hotels
Corp.
,
5
.05
%
,
3/30/28
,
Callable
2/29/28
@
100
........................
2,000
2,038
Las
Vegas
Sands
Corp.
,
5
.90
%
,
6/1/27
,
Callable
5/1/27
@
100
.......................
2,100
2,139
Mattel,
Inc.
5
.88
%
,
12/15/27
,
Callable
3/6/26
@
100
(a)
................................
7,250
7,260
5
.00
%
,
11/17/30
,
Callable
10/17/30
@
100
.................................
4,307
4,348
Tapestry,
Inc.
,
5
.10
%
,
3/11/30
,
Callable
2/11/30
@
100
............................
2,000
2,050
The
Home
Depot,
Inc.
,
5
.15
%
,
6/25/26
.......................................
1,875
1,885
Volkswagen
Group
of
America
Finance
LLC
4
.95
%
,
3/25/27
(a)
..................................................
2,500
2,521
4
.45
%
,
9/11/27
(a)
...................................................
2,000
2,007
6
.20
%
,
11/16/28
,
Callable
10/16/28
@
100
(a)
...............................
2,000
2,097
5
.25
%
,
3/22/29
,
Callable
2/22/29
@
100
(a)
(f)
...............................
2,000
2,046
YMCA
of
Greater
New
York
,
5
.18
%
,
8/1/30
,
Callable
5/1/30
@
100
..................
625
636
48,829
Consumer
Staples
(1.9%):
7-Eleven,
Inc.
,
0
.95
%
,
2/10/26
(a)
...........................................
2,400
2,398
Bimbo
Bakeries
USA,
Inc.
,
6
.05
%
,
1/15/29
,
Callable
12/15/28
@
100
(a)
...............
4,000
4,182
Coca-Cola
Consolidated,
Inc.
,
5
.25
%
,
6/1/29
,
Callable
5/1/29
@
100
..................
2,000
2,065
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
4
.75
%
,
1/15/29
,
Callable
3/6/26
@
101.19
(a)
...............................
2,000
1,979
5
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
...............................
1,111
1,125
Diageo
Investment
Corp.
,
5
.13
%
,
8/15/30
,
Callable
7/15/30
@
100
...................
1,091
1,129
Keurig
Dr.
Pepper,
Inc.
,
5
.05
%
,
3/15/29
,
Callable
2/15/29
@
100
.....................
3,000
3,063
Mars,
Inc.
,
4
.45
%
,
3/1/27
(a)
...............................................
3,000
3,022
McCormick
&
Co.,
Inc.
,
0
.90
%
,
2/15/26
......................................
4,988
4,982
Philip
Morris
International,
Inc.
4
.88
%
,
2/15/28
,
Callable
1/15/28
@
100
..................................
5,000
5,092
5
.25
%
,
9/7/28
,
Callable
8/7/28
@
100
....................................
3,000
3,094
Smithfield
Foods,
Inc.
,
4
.25
%
,
2/1/27
,
Callable
11/1/26
@
100
(a)
....................
4,156
4,153
Sodexo,
Inc.
5
.15
%
,
8/15/30
,
Callable
7/15/30
@
100
(a)
................................
3,000
3,070
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
................................
3,000
2,723
Sysco
Corp.
,
5
.10
%
,
9/23/30
,
Callable
8/23/30
@
100
.............................
3,000
3,092
The
Campbell's
Company
,
5
.20
%
,
3/19/27
.....................................
2,000
2,025
The
J.M.
Smucker
Co.
,
5
.90
%
,
11/15/28
,
Callable
10/15/28
@
100
...................
2,000
2,094
The
Kroger
Co.
,
3
.50
%
,
2/1/26
.............................................
1,905
1,905
51,193
Energy
(2.5%):
Antero
Resources
Corp.
,
7
.63
%
,
2/1/29
,
Callable
3/6/26
@
101.27
(a)
..................
4,500
4,568
APA
Corp.
,
7
.75
%
,
12/15/29
...............................................
2,650
2,940
CITGO
Petroleum
Corp.
,
8
.38
%
,
1/15/29
,
Callable
3/6/26
@
104.19
(a)
................
2,000
2,078
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
2,083
Devon
Energy
Corp.
,
5
.25
%
,
10/15/27
,
Callable
2/14/26
@
100
......................
13,330
13,327
Energy
Transfer
LP
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
11/15/26
@
100
(d)
(g)
.....................
5,667
5,691
7
.13
%
(
H15T5Y
+
531
bps
)
,
Callable
5/15/30
@
100
(d)
(g)
......................
2,300
2,374
Expand
Energy
Corp.
,
5
.38
%
,
2/1/29
,
Callable
2/19/26
@
100
.......................
2,587
2,588
Helmerich
&
Payne,
Inc.
,
2
.90
%
,
9/29/31
,
Callable
6/29/31
@
100
(f)
..................
1,750
1,581
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
6
.00
%
,
4/15/30
,
Callable
3/6/26
@
103
(a)
.......
2,333
2,299
Marathon
Petroleum
Corp.
,
5
.15
%
,
3/1/30
,
Callable
2/1/30
@
100
....................
2,000
2,059
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
181
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
NuStar
Logistics
LP
,
6
.00
%
,
6/1/26
,
Callable
3/1/26
@
100
.........................
$
4,150
$
4,155
ONEOK,
Inc.
4
.25
%
,
9/24/27
,
Callable
8/24/27
@
100
..................................
2,000
2,007
5
.63
%
,
1/15/28
,
Callable
7/15/27
@
100
(a)
................................
2,700
2,755
Permian
Resources
Operating
LLC
,
8
.00
%
,
4/15/27
,
Callable
3/6/26
@
102
(a)
...........
2,613
2,639
Sunoco
LP
5
.88
%
,
7/15/27
,
Callable
3/6/26
@
100
(a)
.................................
700
701
5
.63
%
,
3/15/31
,
Callable
9/15/27
@
102.81
(a)
..............................
500
503
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
5
.00
%
,
1/15/28
,
Callable
3/6/26
@
100
...................................
978
979
5
.50
%
,
3/1/30
,
Callable
2/14/26
@
102.75
.................................
1,750
1,783
Valero
Energy
Corp.
,
5
.15
%
,
2/15/30
,
Callable
1/15/30
@
100
.......................
3,000
3,089
Western
Midstream
Operating
LP
4
.65
%
,
7/1/26
,
Callable
4/1/26
@
100
....................................
4,016
4,018
4
.75
%
,
8/15/28
,
Callable
5/15/28
@
100
..................................
3,000
3,038
67,308
Financials
(16.2%):
Ally
Financial,
Inc.
4
.70
%
(
H15T5Y
+
387
bps
)
,
Callable
5/15/26
@
100
(d)
(f)
(g)
....................
4,115
4,093
6
.99
%
(
SOFR
+
326
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(d)
....................
4,611
4,863
American
Express
Co.
,
3
.55
%
(
H15T5Y
+
285
bps
)
,
Callable
9/15/26
@
100
(d)
(g)
.........
12,750
12,599
American
Honda
Finance
Corp.
4
.40
%
,
10/5/26
....................................................
2,000
2,006
4
.55
%
,
7/9/27
.....................................................
1,000
1,009
American
National
Global
Funding
4
.63
%
,
12/15/28
(a)
..................................................
3,487
3,500
5
.55
%
,
1/28/30
(a)
..................................................
1,705
1,753
American
National
Group,
Inc.
,
5
.75
%
,
10/1/29
,
Callable
9/1/29
@
100
................
3,000
3,104
AmFam
Holdings,
Inc.
,
2
.81
%
,
3/11/31
,
Callable
12/11/30
@
100
(a)
..................
1,550
1,366
Antares
Holdings
LP
3
.95
%
,
7/15/26
,
Callable
6/15/26
@
100
(a)
................................
815
812
2
.75
%
,
1/15/27
,
Callable
12/15/26
@
100
(a)
(f)
..............................
1,700
1,665
6
.35
%
,
10/23/29
,
Callable
9/23/29
@
100
(a)
...............................
2,500
2,558
Aon
North
America,
Inc.
,
5
.15
%
,
3/1/29
,
Callable
2/1/29
@
100
.....................
2,000
2,060
Apollo
Debt
Solutions
BDC
,
5
.70
%
,
1/23/31
,
Callable
12/23/30
@
100
(a)
..............
1,000
994
Apollo
Global
Management,
Inc.
,
4
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
.............
2,500
2,512
Arch
Capital
Finance
LLC
,
4
.01
%
,
12/15/26
,
Callable
9/15/26
@
100
.................
1,911
1,910
Ares
Capital
Corp.
,
2
.15
%
,
7/15/26
,
Callable
6/15/26
@
100
........................
3,700
3,662
Assurant,
Inc.
,
7
.00
%
(
US0003M
+
414
bps
)
,
3/27/48
,
Callable
3/27/28
@
100
(d)
(f)
(h)
......
2,500
2,580
Athene
Global
Funding
,
4
.95
%
,
1/7/27
(a)
......................................
6,000
6,049
Atlas
Warehouse
Lending
Co.
LP
,
4
.63
%
,
11/15/28
,
Callable
10/15/28
@
100
(a)
..........
4,500
4,522
Bank
of
America
Corp.
6
.13
%
(
H15T5Y
+
323
bps
)
,
Callable
4/27/27
@
100
(d)
(g)
......................
1,834
1,857
6
.30
%
(
TSFR3M
+
481
bps
)
,
Callable
3/10/26
@
100
(d)
(g)
......................
3,500
3,504
Blackstone
Private
Credit
Fund
,
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.............
9,158
9,015
Block,
Inc.
,
2
.75
%
,
6/1/26
,
Callable
5/1/26
@
100
...............................
7,469
7,426
Blue
Owl
Capital
Corp.
,
3
.40
%
,
7/15/26
,
Callable
6/15/26
@
100
....................
2,200
2,188
Blue
Owl
Credit
Income
Corp.
,
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
...............
2,677
2,784
BMW
US
Capital
LLC
,
4
.60
%
,
8/13/27
(a)
.....................................
2,000
2,020
Brown
&
Brown,
Inc.
4
.60
%
,
12/23/26
....................................................
500
503
4
.70
%
,
6/23/28
,
Callable
5/23/28
@
100
..................................
1,636
1,657
Capital
One
Financial
Corp.
3
.95
%
(
H15T5Y
+
316
bps
)
,
Callable
9/1/26
@
100
(d)
(g)
.......................
750
744
3
.75
%
,
7/28/26
,
Callable
6/28/26
@
100
..................................
2,000
1,997
5
.47
%
(
SOFR
+
208
bps
)
,
2/1/29
,
Callable
2/1/28
@
100
(d)
......................
2,000
2,049
6
.31
%
(
SOFR
+
264
bps
)
,
6/8/29
,
Callable
6/8/28
@
100
(d)
......................
1,000
1,047
Citigroup,
Inc.
,
6
.25
%
(
TSFR3M
+
478
bps
)
,
Callable
8/15/26
@
100
(d)
(g)
..............
8,250
8,296
Citizens
Bank
NA
,
4
.58
%
(
SOFR
+
200
bps
)
,
8/9/28
,
Callable
8/9/27
@
100
(d)
............
1,000
1,007
Citizens
Financial
Group,
Inc.
,
4
.00
%
(
H15T5Y
+
322
bps
)
,
Callable
10/6/26
@
100
(d)
(g)
....
2,500
2,488
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
1,845
1,994
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
182
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
CNO
Global
Funding
5
.88
%
,
6/4/27
(a)
...................................................
$
2,500
$
2,554
4
.88
%
,
12/10/27
(a)
..................................................
2,000
2,024
4
.38
%
,
9/8/28
(a)
...................................................
1,000
1,002
4
.95
%
,
9/9/29
(a)
...................................................
1,953
1,986
4
.70
%
,
12/11/30
(a)
..................................................
1,750
1,749
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
6,090
6,090
Enact
Holdings,
Inc.
,
6
.25
%
,
5/28/29
,
Callable
4/28/29
@
100
.......................
5,150
5,398
F&G
Global
Funding
,
5
.88
%
,
6/10/27
(a)
......................................
4,500
4,593
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
5,250
5,203
Fifth
Third
Bancorp
,
4
.57
%
(
SOFR
+
95
bps
)
,
4/29/32
,
Callable
4/29/31
@
100
(d)
.........
1,000
999
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
.........................
2,223
2,294
First
Horizon
Corp.
,
5
.51
%
(
SOFR
+
177
bps
)
,
3/7/31
,
Callable
3/7/30
@
100
(d)
...........
3,000
3,089
First
Maryland
Capital
I
,
4
.93
%
(
TSFR3M
+
126
bps
)
,
1/15/27
,
Callable
3/6/26
@
100
(d)
....
1,650
1,636
Fiserv,
Inc.
4
.75
%
,
3/15/30
,
Callable
2/15/30
@
100
..................................
3,000
3,017
4
.55
%
,
2/15/31
,
Callable
1/15/31
@
100
..................................
2,000
1,987
Flagstar
Bank
NA
,
6
.93
%
(
TSFR3M
+
304
bps
)
,
11/6/28
,
Callable
5/6/26
@
100
(d)
.........
2,242
2,166
Ford
Motor
Credit
Co.
LLC
6
.95
%
,
3/6/26
,
Callable
2/6/26
@
100
....................................
1,600
1,600
5
.13
%
,
11/5/26
.....................................................
2,000
2,010
4
.95
%
,
5/28/27
,
Callable
4/28/27
@
100
..................................
1,000
1,006
2
.90
%
,
2/10/29
,
Callable
12/10/28
@
100
.................................
2,000
1,895
Fulton
Financial
Corp.
,
6
.00
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
3/15/26
@
100
(d)
....
10,868
10,787
GA
Global
Funding
Trust
,
4
.40
%
,
9/23/27
(a)
...................................
2,390
2,399
Global
Payments,
Inc.
,
4
.50
%
,
11/15/28
,
Callable
10/15/28
@
100
....................
3,250
3,264
Goldman
Sachs
Private
Credit
Corp.
,
5
.38
%
,
1/31/29
,
Callable
12/31/28
@
100
(a)
........
1,700
1,702
HA
Sustainable
Infrastructure
Capital,
Inc.
,
6
.15
%
,
1/15/31
,
Callable
12/15/30
@
100
......
3,000
3,076
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
3
.38
%
,
6/15/26
,
Callable
3/15/26
@
100
(a)
................................
1,764
1,755
8
.00
%
,
6/15/27
,
Callable
3/15/27
@
100
(a)
................................
4,600
4,768
Hercules
Capital,
Inc.
,
2
.63
%
,
9/16/26
,
Callable
8/16/26
@
100
......................
4,983
4,921
Horace
Mann
Educators
Corp.
7
.25
%
,
9/15/28
,
Callable
8/15/28
@
100
..................................
4,000
4,279
4
.70
%
,
10/1/30
,
Callable
9/1/30
@
100
...................................
5,250
5,231
Horizon
Mutual
Holdings,
Inc.
,
6
.20
%
,
11/15/34
,
Callable
8/15/34
@
100
(a)
............
6,966
6,803
HSB
Group,
Inc.
,
4
.84
%
(
TSFR3M
+
117
bps
)
,
7/15/27
,
Callable
3/6/26
@
100
(d)
..........
2,750
2,696
Huntington
Bancshares,
Inc.
,
4
.45
%
(
H15T7Y
+
405
bps
)
,
Callable
10/15/27
@
100
(d)
(g)
....
4,967
4,893
Hyundai
Capital
America,
Inc.
4
.30
%
,
9/24/27
(a)
..................................................
2,000
2,006
5
.68
%
,
6/26/28
,
Callable
5/26/28
@
100
(a)
................................
1,000
1,033
5
.30
%
,
1/8/29
,
Callable
12/8/28
@
100
(a)
.................................
5,000
5,142
JPMorgan
Chase
&
Co.
,
4
.35
%
(
SOFR
+
84
bps
)
,
1/22/32
,
Callable
1/22/31
@
100
(d)
.......
2,000
1,995
Kemper
Corp.
2
.40
%
,
9/30/30
,
Callable
6/30/30
@
100
..................................
2,020
1,805
3
.80
%
,
2/23/32
,
Callable
11/23/31
@
100
..................................
6,701
6,213
KeyCorp
,
5
.00
%
(
TSFR3M
+
387
bps
)
,
Callable
9/15/26
@
100
(d)
(g)
..................
2,500
2,492
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
4
.25
%
,
2/1/27
,
Callable
3/6/26
@
100
(a)
..................................
500
497
7
.00
%
,
7/15/31
,
Callable
7/15/27
@
103.5
(a)
...............................
2,500
2,654
LPL
Holdings,
Inc.
,
5
.70
%
,
5/20/27
,
Callable
4/20/27
@
100
........................
1,900
1,935
M
T
Bank
Corp.
,
7
.30
%
(
H15T5Y
+
317
bps
)
(d)
(g)
................................
6,000
6,000
Main
Street
Capital
Corp.
,
3
.00
%
,
7/14/26
,
Callable
6/14/26
@
100
...................
3,500
3,471
Mercedes-Benz
Finance
North
America
LLC
,
4
.65
%
,
4/1/27
(a)
......................
1,250
1,261
MGIC
Investment
Corp.
,
5
.25
%
,
8/15/28
,
Callable
2/19/26
@
100
....................
6,450
6,445
MMI
Capital
Trust
I
,
7
.63
%
,
12/15/27
........................................
1,000
1,053
Morgan
Stanley
4
.13
%
(
SOFR
+
91
bps
)
,
10/18/29
,
Callable
10/18/28
@
100
(d)
...................
1,500
1,498
4
.24
%
(
SOFR
+
80
bps
)
,
1/9/30
,
Callable
1/9/29
@
100
(d)
.......................
1,500
1,505
Morgan
Stanley
Bank
NA
,
4
.97
%
(
SOFR
+
93
bps
)
,
7/14/28
,
Callable
7/14/27
@
100
(d)
.....
3,500
3,548
MSD
Investment
Corp.
,
6
.13
%
,
2/5/31
,
Callable
1/5/31
@
100
(a)
....................
2,500
2,488
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
183
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Nissan
Motor
Acceptance
Co.
LLC
2
.00
%
,
3/9/26
,
Callable
3/6/26
@
100
(a)
..................................
$
4,216
$
4,197
1
.85
%
,
9/16/26
,
Callable
8/16/26
@
100
(a)
................................
3,296
3,229
5
.30
%
,
9/13/27
(a)
..................................................
1,500
1,504
NLG
Global
Funding
,
5
.40
%
,
1/23/30
(a)
......................................
3,500
3,607
NMI
Holdings,
Inc.
,
6
.00
%
,
8/15/29
,
Callable
7/15/29
@
100
.......................
4,250
4,407
Northern
Trust
Corp.
,
4
.60
%
(
TSFR3M
+
346
bps
)
,
Callable
10/1/26
@
100
(d)
(g)
..........
394
393
Old
Republic
International
Corp.
,
3
.88
%
,
8/26/26
,
Callable
7/26/26
@
100
..............
5,250
5,245
Pinnacle
Bank
,
5
.63
%
,
2/15/28
,
Callable
1/15/28
@
100
...........................
4,000
4,086
Pinnacle
Financial
Partners,
Inc.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(d)
...............
6,688
7,020
PRA
Group,
Inc.
,
8
.38
%
,
2/1/28
,
Callable
3/6/26
@
102.09
(a)
.......................
2,398
2,421
Principal
Life
Global
Funding
II
4
.60
%
,
8/19/27
(a)
..................................................
2,500
2,524
4
.45
%
,
1/13/31
(a)
..................................................
6,400
6,389
Protective
Life
Corp.
,
4
.70
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
...................
3,000
3,005
Radian
Group,
Inc.
,
6
.20
%
,
5/15/29
,
Callable
4/15/29
@
100
........................
3,245
3,408
Reliance
Standard
Life
Global
Funding
II
,
1
.51
%
,
9/28/26
(a)
........................
1,000
983
RELX
Capital,
Inc.
,
4
.75
%
,
3/27/30
,
Callable
2/27/30
@
100
........................
3,000
3,056
Repsol
E&P
Capital
Markets
US
LLC
,
4
.81
%
,
9/16/28
,
Callable
8/16/28
@
100
(a)
........
842
852
RGA
Global
Funding
,
4
.35
%
,
8/25/28
(a)
......................................
2,000
2,012
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
,
2
.88
%
,
10/15/26
,
Callable
3/6/26
@
100
(a)
...........................................................
10,440
10,301
Sammons
Financial
Group
Global
Funding
,
5
.05
%
,
1/10/28
(a)
.......................
3,000
3,049
Sixth
Street
Specialty
Lending,
Inc.
,
6
.95
%
,
8/14/28
,
Callable
7/14/28
@
100
............
1,165
1,219
Starwood
Property
Trust,
Inc.
,
3
.63
%
,
7/15/26
,
Callable
3/6/26
@
100
(a)
...............
1,622
1,611
Stellantis
Finance
US,
Inc.
,
5
.35
%
,
3/17/28
,
Callable
2/17/28
@
100
(a)
................
1,250
1,276
Stellantis
Financial
Services
US
Corp.
,
4
.95
%
,
9/15/28
,
Callable
8/15/28
@
100
(a)
........
1,000
1,014
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
5,000
4,514
Stonebriar
ABF
Issuer
LLC
,
8
.13
%
,
12/15/30
,
Callable
12/15/27
@
104.06
(a)
............
263
273
Synchrony
Financial
3
.70
%
,
8/4/26
,
Callable
5/4/26
@
100
....................................
1,000
997
3
.95
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
2,816
2,803
5
.94
%
(
SOFRINDX
+
213
bps
)
,
8/2/30
,
Callable
8/2/29
@
100
(d)
.................
1,000
1,036
Texas
Capital
Bancshares,
Inc.
,
4
.00
%
(
H15T5Y
+
315
bps
)
,
5/6/31
,
Callable
5/6/26
@
100
(d)
.
8,756
8,699
The
Bank
of
New
York
Mellon
Corp.
3
.70
%
(
H15T5Y
+
335
bps
)
,
Callable
3/20/26
@
100
(d)
(g)
......................
4,500
4,490
4
.98
%
(
SOFR
+
109
bps
)
,
3/14/30
,
Callable
3/14/29
@
100
(d)
....................
2,000
2,056
The
Charles
Schwab
Corp.
,
4
.00
%
(
H15T5Y
+
317
bps
)
,
Callable
6/1/26
@
100
(d)
(g)
.......
9,250
9,209
The
Goldman
Sachs
Group,
Inc.
,
4
.94
%
(
SOFR
+
132
bps
)
,
4/23/28
,
Callable
4/23/27
@
100
(d)
1,000
1,011
The
PNC
Financial
Services
Group,
Inc.
3
.40
%
(
H15T5Y
+
260
bps
)
,
Callable
9/15/26
@
100
(d)
(g)
......................
8,250
8,121
6
.20
%
(
H15T5Y
+
324
bps
)
,
Callable
9/15/27
@
100
(d)
(g)
......................
830
843
Toyota
Motor
Credit
Corp.
4
.55
%
,
8/7/26
.....................................................
2,000
2,008
5
.25
%
,
9/11/28
.....................................................
2,000
2,068
4
.80
%
,
5/15/30
....................................................
2,000
2,048
Truist
Bank
,
4
.14
%
(
SOFR
+
91
bps
)
,
10/23/29
,
Callable
10/23/28
@
100
,
MTN
(d)
.........
1,000
999
Truist
Financial
Corp.
,
4
.78
%
(
TSFR3M
+
93
bps
)
,
5/15/27
,
Callable
3/6/26
@
100
(d)
(f)
.....
5,000
4,972
U.S.
Bancorp
5
.30
%
(
TSFR3M
+
318
bps
)
,
Callable
4/15/27
@
100
(d)
(f)
(g)
....................
6,800
6,807
3
.10
%
,
4/27/26
,
Callable
3/27/26
@
100
,
MTN
.............................
4,250
4,242
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(d)
....................
4,500
4,671
Wells
Fargo
&
Co.
,
3
.90
%
(
H15T5Y
+
345
bps
)
,
Callable
3/15/26
@
100
(d)
(g)
............
11,800
11,784
Western
Alliance
Bancorp
,
3
.00
%
(
TSFR3M
+
225
bps
)
,
6/15/31
,
Callable
6/15/26
@
100
(d)
..
500
488
Western
Alliance
Bank
,
6
.54
%
(
H15T5Y
+
285
bps
)
,
11/15/35
,
Callable
11/15/30
@
100
(d)
...
3,000
3,034
440,087
Health
Care
(2.1%):
Association
of
American
Medical
Colleges
,
2
.39
%
,
10/1/26
.........................
4,275
4,230
Baxter
International,
Inc.
,
4
.45
%
,
2/15/29
,
Callable
1/15/29
@
100
...................
1,458
1,462
Charles
River
Laboratories
International,
Inc.
,
4
.25
%
,
5/1/28
,
Callable
2/19/26
@
100.71
(a)
.
4,000
3,949
CommonSpirit
Health
,
4
.35
%
,
9/1/30
,
Callable
6/1/30
@
100
.......................
4,000
3,980
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
5,681
5,286
Duke
University
Health
System,
Inc.
,
2
.26
%
,
6/1/26
..............................
700
695
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
184
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Elevance
Health,
Inc.
,
5
.15
%
,
6/15/29
,
Callable
5/15/29
@
100
......................
$
2,000
$
2,061
HCA,
Inc.
5
.00
%
,
3/1/28
,
Callable
2/1/28
@
100
....................................
1,500
1,528
4
.30
%
,
11/15/30
,
Callable
10/15/30
@
100
.................................
2,000
1,989
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
5
.20
%
,
6/15/29
,
Callable
5/15/29
@
100
(a)
................................
3,000
3,077
2
.20
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
..................................
4,351
3,953
Highmark,
Inc.
,
1
.45
%
,
5/10/26
,
Callable
4/10/26
@
100
(a)
.........................
8,559
8,486
Humana,
Inc.
,
5
.38
%
,
4/15/31
,
Callable
2/15/31
@
100
............................
3,448
3,533
PRA
Health
Sciences,
Inc.
,
2
.88
%
,
7/15/26
,
Callable
3/6/26
@
100
(a)
.................
1,600
1,590
Premier
Health
Partners
,
2
.91
%
,
11/15/26
,
Callable
5/15/26
@
100
...................
1,735
1,713
Solventum
Corp.
5
.45
%
,
2/25/27
,
Callable
1/25/27
@
100
..................................
1,613
1,636
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
....................................
1,163
1,205
The
Cigna
Group
,
4
.50
%
,
9/15/30
,
Callable
8/15/30
@
100
.........................
2,000
2,012
Utah
Acquisition
Sub,
Inc.
,
3
.95
%
,
6/15/26
,
Callable
3/15/26
@
100
..................
4,551
4,544
56,929
Industrials
(4.5%):
AGCO
Corp.
,
5
.45
%
,
3/21/27
,
Callable
2/21/27
@
100
............................
3,000
3,041
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
....................................................
1,970
1,962
4
.00
%
,
9/22/27
....................................................
1,237
1,223
American
Builders
&
Contractors
Supply
Co.,
Inc.
,
4
.00
%
,
1/15/28
,
Callable
3/6/26
@
100
(a)
1,500
1,481
Ashtead
Capital,
Inc.
,
4
.38
%
,
8/15/27
,
Callable
2/19/26
@
100
(a)
....................
5,381
5,379
British
Airways
Pass
Through
Trust
,
3
.35
%
,
6/15/29
(a)
............................
392
382
CNH
Industrial
Capital
LLC
,
5
.10
%
,
4/20/29
,
Callable
3/20/29
@
100
.................
2,000
2,050
CRH
America
Finance,
Inc.
,
4
.40
%
,
2/9/31
,
Callable
1/9/31
@
100
...................
2,000
2,001
Delta
Air
Lines
Pass
Through
Trust
,
2
.00
%
,
6/10/28
..............................
3,356
3,239
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
9,084
9,151
FedEx
Freight
Holding
Co.,
Inc.
,
4
.30
%
,
3/15/29
,
Callable
2/15/29
@
100
(a)
............
2,000
2,002
Ferguson
Enterprises,
Inc.
,
4
.35
%
,
3/15/31
,
Callable
2/15/31
@
100
...................
1,500
1,494
Georgia-Pacific
LLC
,
4
.40
%
,
6/30/28
,
Callable
5/30/28
@
100
(a)
....................
2,000
2,021
HEICO
Corp.
,
5
.25
%
,
8/1/28
,
Callable
7/1/28
@
100
.............................
3,300
3,392
Illinois
Central
Railroad
Co.
,
7
.70
%
,
9/15/96
,
Callable
9/15/26
@
102.92
...............
6,093
6,360
JB
Hunt
Transport
Services,
Inc.
,
4
.90
%
,
3/15/30
,
Callable
2/15/30
@
100
..............
2,000
2,045
JH
North
America
Holdings,
Inc.
,
5
.88
%
,
1/31/31
,
Callable
7/31/27
@
102.94
(a)
.........
3,792
3,858
Lineage
OP
LP
,
5
.25
%
,
7/15/30
,
Callable
6/15/30
@
100
(a)
.........................
4,453
4,491
MasTec,
Inc.
,
5
.90
%
,
6/15/29
,
Callable
5/15/29
@
100
............................
1,905
1,993
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
5
.75
%
,
5/24/26
,
Callable
4/24/26
@
100
(a)
................................
3,000
3,011
5
.35
%
,
3/30/29
,
Callable
2/28/29
@
100
(a)
................................
2,000
2,059
Quanta
Services,
Inc.
,
4
.75
%
,
8/9/27
,
Callable
7/9/27
@
100
........................
3,000
3,036
Regal
Rexnord
Corp.
,
6
.05
%
,
2/15/26
........................................
16,808
16,814
Republic
Services,
Inc.
,
5
.00
%
,
11/15/29
,
Callable
10/15/29
@
100
...................
3,000
3,097
Rockwell
Collins,
Inc.
,
3
.50
%
,
3/15/27
,
Callable
12/15/26
@
100
....................
10,000
9,925
RXO,
Inc.
,
7
.50
%
,
11/15/27
,
Callable
2/14/26
@
101.88
(a)
.........................
1,100
1,121
Ryder
System,
Inc.
5
.25
%
,
6/1/28
,
Callable
5/1/28
@
100
,
MTN
...............................
3,000
3,082
5
.38
%
,
3/15/29
,
Callable
2/15/29
@
100
,
MTN
.............................
3,000
3,101
Southwest
Airlines
Co.
5
.13
%
,
6/15/27
,
Callable
4/15/27
@
100
..................................
1,194
1,209
4
.38
%
,
11/15/28
,
Callable
10/15/28
@
100
.................................
3,000
3,016
The
Boeing
Co.
,
2
.20
%
,
2/4/26
.............................................
3,916
3,916
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
.......................
3,000
3,162
United
Airlines
Pass
Through
Trust
,
5
.88
%
,
10/15/27
.............................
918
939
United
Airlines,
Inc.
,
4
.38
%
,
4/15/26
,
Callable
3/6/26
@
100
(a)
......................
4,750
4,747
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
2/14/26
@
103.13
(a)
...........................
3,289
3,350
123,150
Information
Technology
(1.6%):
Atlassian
Corp.
,
5
.25
%
,
5/15/29
,
Callable
4/15/29
@
100
..........................
4,000
4,113
CDW
LLC/CDW
Finance
Corp.
,
2
.67
%
,
12/1/26
,
Callable
11/1/26
@
100
..............
3,703
3,660
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
185
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Dell
International
LLC/EMC
Corp.
4
.75
%
,
4/1/28
,
Callable
3/1/28
@
100
....................................
$
2,500
$
2,535
4
.15
%
,
2/15/29
,
Callable
1/15/29
@
100
..................................
1,000
999
Gartner,
Inc.
,
4
.95
%
,
3/20/31
,
Callable
2/20/31
@
100
............................
2,000
2,007
Hewlett
Packard
Enterprise
Co.
4
.45
%
,
9/25/26
....................................................
2,500
2,508
4
.15
%
,
9/15/28
,
Callable
8/15/28
@
100
..................................
2,000
2,003
Keysight
Technologies,
Inc.
,
5
.35
%
,
7/30/30
,
Callable
6/30/30
@
100
.................
3,000
3,120
Microchip
Technology,
Inc.
,
4
.90
%
,
3/15/28
....................................
2,000
2,031
Molex
Electronic
Technologies
LLC
,
4
.75
%
,
4/30/28
,
Callable
3/30/28
@
100
(a)
.........
2,000
2,028
Oracle
Corp.
1
.65
%
,
3/25/26
,
Callable
2/25/26
@
100
..................................
5,000
4,983
4
.45
%
,
9/26/30
,
Callable
8/26/30
@
100
..................................
2,000
1,952
Skyworks
Solutions,
Inc.
,
1
.80
%
,
6/1/26
,
Callable
5/1/26
@
100
.....................
5,000
4,964
Synopsys,
Inc.
4
.55
%
,
4/1/27
.....................................................
3,000
3,023
4
.65
%
,
4/1/28
,
Callable
3/1/28
@
100
....................................
2,000
2,026
TD
SYNNEX
Corp.
,
4
.30
%
,
1/17/29
,
Callable
12/17/28
@
100
......................
1,500
1,499
43,451
Materials
(1.7%):
Amcor
Flexibles
North
America,
Inc.
,
4
.80
%
,
3/17/28
.............................
2,000
2,029
AptarGroup,
Inc.
,
4
.75
%
,
3/30/31
,
Callable
2/28/31
@
100
.........................
3,000
3,016
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
5,000
5,014
Berry
Global,
Inc.
,
4
.88
%
,
7/15/26
,
Callable
3/6/26
@
100
(a)
.......................
3,226
3,228
Chevron
Phillips
Chemical
Co.
LLC/Chevron
Phillips
Chemical
Co.
LP
,
4
.75
%
,
5/15/30
,
Callable
4/15/30
@
100
(a)
............................................
3,000
3,038
Freeport-McMoRan,
Inc.
,
4
.38
%
,
8/1/28
,
Callable
3/6/26
@
100.73
...................
8,000
7,996
Glencore
Funding
LLC
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(a)
................................
5,000
4,971
5
.34
%
,
4/4/27
(a)
...................................................
3,000
3,047
Huntsman
International
LLC
,
4
.50
%
,
5/1/29
,
Callable
2/1/29
@
100
..................
3,000
2,890
LYB
International
Finance
III
LLC
,
5
.13
%
,
1/15/31
,
Callable
12/15/30
@
100
(f)
..........
2,000
2,010
Sealed
Air
Corp.
,
1
.57
%
,
10/15/26
,
Callable
9/15/26
@
100
(a)
.......................
4,430
4,353
Sonoco
Products
Co.
,
4
.45
%
,
9/1/26
.........................................
1,917
1,922
Syensqo
Finance
America
LLC
,
5
.65
%
,
6/4/29
,
Callable
5/4/29
@
100
(a)
...............
2,000
2,072
The
Sherwin-Williams
Co.
,
4
.55
%
,
3/1/28
,
Callable
2/1/28
@
100
....................
2,000
2,025
47,611
Real
Estate
(3.6%):
Boston
Properties
LP
,
3
.65
%
,
2/1/26
.........................................
8,423
8,423
CBRE
Services,
Inc.
,
4
.80
%
,
6/15/30
,
Callable
5/15/30
@
100
.......................
2,000
2,028
Crown
Castle,
Inc.
,
3
.70
%
,
6/15/26
,
Callable
3/15/26
@
100
........................
1,500
1,497
CubeSmart
LP
,
4
.38
%
,
2/15/29
,
Callable
11/15/28
@
100
..........................
4,033
4,049
DOC
DR
LLC
,
3
.95
%
,
1/15/28
,
Callable
10/15/27
@
100
..........................
2,531
2,526
Essex
Portfolio
LP
,
1
.70
%
,
3/1/28
,
Callable
1/1/28
@
100
..........................
1,149
1,096
Extra
Space
Storage
LP
2
.20
%
,
10/15/30
,
Callable
7/15/30
@
100
.................................
5,000
4,530
2
.40
%
,
10/15/31
,
Callable
7/15/31
@
100
.................................
1,000
889
Federal
Realty
OP
LP
1
.25
%
,
2/15/26
....................................................
950
949
5
.38
%
,
5/1/28
,
Callable
4/1/28
@
100
....................................
4,000
4,102
Goodman
US
Finance
Three
LLC
,
3
.70
%
,
3/15/28
,
Callable
12/15/27
@
100
(a)
..........
1,500
1,484
Healthcare
Realty
Holdings
LP
3
.75
%
,
7/1/27
,
Callable
4/1/27
@
100
....................................
896
891
3
.63
%
,
1/15/28
,
Callable
10/15/27
@
100
.................................
2,754
2,726
Highwoods
Realty
LP
4
.13
%
,
3/15/28
,
Callable
12/15/27
@
100
.................................
950
943
4
.20
%
,
4/15/29
,
Callable
1/15/29
@
100
..................................
1,534
1,511
Jones
Lang
LaSalle,
Inc.
,
6
.88
%
,
12/1/28
,
Callable
11/1/28
@
100
....................
4,150
4,433
Kimco
Realty
OP
LLC
2
.80
%
,
10/1/26
,
Callable
7/1/26
@
100
...................................
1,000
993
3
.80
%
,
4/1/27
,
Callable
1/1/27
@
100
....................................
2,699
2,698
Kite
Realty
Group
LP
,
4
.00
%
,
10/1/26
,
Callable
7/1/26
@
100
.......................
5,700
5,690
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
186
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
LXP
Industrial
Trust
,
6
.75
%
,
11/15/28
,
Callable
10/15/28
@
100
.....................
$
494
$
522
Mid-America
Apartments
LP
,
5
.30
%
,
2/15/32
,
Callable
12/15/31
@
100
................
2,000
2,085
Nationwide
Health
Properties,
Inc.
,
6
.90
%
,
10/1/37
,
(Put
Date
10/1/27)
,
MTN
(i)
..........
2,950
3,285
NNN
REIT,
Inc.
2
.50
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
2,000
1,858
4
.60
%
,
2/15/31
,
Callable
1/15/31
@
100
..................................
3,000
3,020
Public
Storage
Operating
Co.
,
4
.38
%
,
7/1/30
,
Callable
6/1/30
@
100
..................
2,500
2,519
SBA
Communications
Corp.
,
3
.88
%
,
2/15/27
,
Callable
2/14/26
@
100
.................
2,400
2,383
SBA
Tower
Trust
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
842
861
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
...............................
2,000
2,009
Tanger
Properties
LP
,
3
.13
%
,
9/1/26
,
Callable
6/1/26
@
100
........................
1,800
1,788
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
1,570
3
.50
%
,
7/1/27
,
Callable
4/1/27
@
100
,
MTN
...............................
4,620
4,590
3
.20
%
,
1/15/30
,
Callable
10/15/29
@
100
,
MTN
.............................
1,178
1,133
Vornado
Realty
LP
,
2
.15
%
,
6/1/26
,
Callable
5/1/26
@
100
..........................
6,400
6,350
Welltower
OP
LLC
,
4
.50
%
,
7/1/30
,
Callable
6/1/30
@
100
.........................
4,000
4,038
WP
Carey,
Inc.
,
4
.65
%
,
7/15/30
,
Callable
6/15/30
@
100
...........................
4,000
4,025
96,617
Utilities
(3.1%):
AEP
Texas,
Inc.
,
5
.45
%
,
5/15/29
,
Callable
4/15/29
@
100
..........................
3,500
3,631
Alabama
Power
Co.
,
4
.30
%
,
3/15/31
,
Callable
1/15/31
@
100
.......................
1,000
1,001
Alliant
Energy
Finance
LLC
,
5
.40
%
,
6/6/27
,
Callable
5/6/27
@
100
(a)
.................
2,000
2,027
Black
Hills
Corp.
,
5
.95
%
,
3/15/28
,
Callable
2/15/28
@
100
.........................
3,000
3,109
Calpine
Corp.
4
.50
%
,
2/15/28
,
Callable
2/15/26
@
100
(a)
................................
9,737
9,734
5
.13
%
,
3/15/28
,
Callable
3/6/26
@
100.85
(a)
...............................
5,571
5,569
4
.63
%
,
2/1/29
,
Callable
3/6/26
@
100
(a)
..................................
1,500
1,498
CenterPoint
Energy,
Inc.
,
5
.40
%
,
6/1/29
,
Callable
5/1/29
@
100
......................
1,858
1,927
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(d)
.........
2,843
2,804
Dominion
Energy,
Inc.
,
4
.35
%
(
H15T5Y
+
320
bps
)
,
Callable
1/15/27
@
100
(d)
(f)
(g)
.......
4,500
4,467
DTE
Energy
Co.
4
.95
%
,
7/1/27
,
Callable
6/1/27
@
100
(f)
..................................
3,000
3,038
4
.88
%
,
6/1/28
,
Callable
5/1/28
@
100
....................................
2,000
2,035
Entergy
Texas
Restoration
Funding
II
LLC
,
3
.05
%
,
12/15/27
........................
436
429
Essential
Utilities,
Inc.
,
4
.80
%
,
8/15/27
,
Callable
7/15/27
@
100
.....................
2,500
2,529
Exelon
Corp.
,
5
.13
%
,
3/15/31
,
Callable
2/15/31
@
100
............................
3,290
3,399
Florida
Power
&
Light
Co.
5
.05
%
,
4/1/28
,
Callable
3/1/28
@
100
....................................
3,000
3,075
4
.40
%
,
5/15/28
,
Callable
3/15/28
@
100
..................................
2,800
2,835
KeySpan
Gas
East
Corp.
,
2
.74
%
,
8/15/26
,
Callable
5/15/26
@
100
(a)
(f)
................
700
694
National
Fuel
Gas
Co.
,
5
.50
%
,
10/1/26
.......................................
2,750
2,774
NextEra
Energy
Capital
Holdings,
Inc.
,
4
.85
%
,
2/4/28
.............................
3,000
3,054
NiSource,
Inc.
,
5
.20
%
,
7/1/29
,
Callable
6/1/29
@
100
.............................
2,000
2,063
NorthWestern
Corp.
,
5
.07
%
,
3/21/30
,
Callable
2/21/30
@
100
(a)
.....................
1,500
1,535
NSTAR
Electric
Co.
,
4
.85
%
,
3/1/30
,
Callable
2/1/30
@
100
........................
2,000
2,047
Oncor
Electric
Delivery
Co.
LLC
,
4
.50
%
,
3/20/27
(a)
.............................
2,500
2,519
ONE
Gas,
Inc.
,
5
.10
%
,
4/1/29
,
Callable
3/1/29
@
100
.............................
2,500
2,574
Pinnacle
West
Capital
Corp.
,
4
.90
%
,
5/15/28
,
Callable
4/15/28
@
100
.................
2,000
2,037
Public
Service
Enterprise
Group,
Inc.
,
5
.20
%
,
4/1/29
,
Callable
3/1/29
@
100
............
3,000
3,086
SCE
Recovery
Funding
LLC
,
0
.86
%
,
11/15/31
..................................
5,737
5,200
The
Dayton
Power
&
Light
Co.
,
4
.55
%
,
8/15/30
,
Callable
7/15/30
@
100
...............
1,000
995
Wisconsin
Electric
Power
Co.
,
5
.00
%
,
5/15/29
,
Callable
4/15/29
@
100
................
3,000
3,088
84,773
Total
Corporate
Bonds
(Cost
$1,058,992)
a
a
a
1,074,213
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
187
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Yankee
Dollars
(7.8%)
Consumer
Discretionary
(0.6%):
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.
,
5
.75
%
,
1/15/33
,
Callable
12/15/28
@
102.88
(a)
......................................................
$
1,725
$
1,714
Flutter
Treasury
DAC
6
.38
%
,
4/29/29
,
Callable
4/15/26
@
103.19
(a)
..............................
4,617
4,761
5
.88
%
,
6/4/31
,
Callable
4/15/27
@
102.94
(a)
...............................
1,484
1,509
Gildan
Activewear,
Inc.
,
4
.70
%
,
10/7/30
,
Callable
9/7/30
@
100
(a)
...................
2,000
1,994
Honda
Motor
Co.
Ltd.
,
4
.44
%
,
7/8/28
,
Callable
6/8/28
@
100
.......................
4,000
4,037
Royal
Caribbean
Cruises
Ltd.
,
5
.50
%
,
8/31/26
,
Callable
3/6/26
@
100
(a)
...............
2,600
2,603
16,618
Consumer
Staples
(0.5%):
Bacardi-Martini
B.V.
,
5
.55
%
,
2/1/30
,
Callable
1/1/30
@
100
(a)
......................
3,000
3,091
BAT
International
Finance
PLC
4
.45
%
,
3/16/28
,
Callable
2/16/28
@
100
..................................
4,000
4,032
5
.93
%
,
2/2/29
,
Callable
1/2/29
@
100
....................................
2,000
2,099
Japan
Tobacco,
Inc.
,
4
.85
%
,
5/15/28
,
Callable
4/15/28
@
100
(a)
.....................
2,000
2,038
JDE
Peet's
NV
,
2
.25
%
,
9/24/31
,
Callable
6/24/31
@
100
(a)
.........................
2,000
1,742
13,002
Energy
(1.2%):
Canadian
Natural
Resources
Ltd.
,
5
.00
%
,
12/15/29
,
Callable
11/15/29
@
100
............
4,750
4,881
Enbridge,
Inc.
5
.30
%
,
4/5/29
,
Callable
3/5/29
@
100
....................................
2,000
2,064
5
.75
%
(
H15T5Y
+
531
bps
)
,
7/15/80
,
Callable
4/15/30
@
100
(d)
..................
4,400
4,450
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
1
.75
%
,
9/30/27
(a)
.............................
798
781
Harbour
Energy
PLC
,
5
.50
%
,
10/15/26
,
Callable
3/6/26
@
100
(a)
(f)
..................
5,396
5,374
TransCanada
Trust
,
5
.88
%
(
US0003M
+
464
bps
)
,
8/15/76
,
Callable
8/15/26
@
100
(d)
(h)
....
750
752
Vallourec
SACA
,
7
.50
%
,
4/15/32
,
Callable
4/15/27
@
103.75
(a)
.....................
6,400
6,810
Var
Energi
ASA
5
.00
%
,
5/18/27
,
Callable
4/18/27
@
100
(a)
................................
3,000
3,027
7
.50
%
,
1/15/28
,
Callable
12/15/27
@
100
(a)
...............................
3,333
3,522
5
.88
%
,
5/22/30
,
Callable
4/22/30
@
100
(a)
................................
2,000
2,080
33,741
Financials
(2.9%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
4
.45
%
,
4/3/26
.....................................................
5,345
5,345
3
.65
%
,
7/21/27
,
Callable
4/21/27
@
100
..................................
3,000
2,984
ASB
Bank
Ltd.
,
5
.28
%
(
H15T5Y
+
225
bps
)
,
6/17/32
,
Callable
6/17/27
@
100
(a)
(d)
........
1,368
1,384
Aspen
Insurance
Holdings
Ltd.
,
5
.75
%
,
7/1/30
,
Callable
6/1/30
@
100
.................
5,512
5,752
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
1,037
1,074
Bank
of
Montreal
,
4
.40
%
(
SOFR
+
70
bps
)
,
12/21/26
,
(Put
Date
2/10/26)
,
MTN
(d)
(i)
.......
2,400
2,407
Barclays
PLC
4
.84
%
(
SOFR
+
134
bps
)
,
9/10/28
,
Callable
9/10/27
@
100
(d)
....................
2,000
2,023
5
.09
%
(
SOFR
+
96
bps
)
,
2/25/29
,
Callable
2/25/28
@
100
(d)
.....................
2,000
2,038
Beazley
Insurance
DAC
5
.88
%
,
11/4/26
.....................................................
2,935
2,968
5
.50
%
,
9/10/29
....................................................
5,599
5,724
Brookfield
Asset
Management
Ltd.
,
4
.65
%
,
11/15/30
,
Callable
10/15/30
@
100
..........
2,474
2,496
Brookfield
Finance,
Inc.
,
4
.35
%
,
4/15/30
,
Callable
1/15/30
@
100
....................
2,000
2,005
Canadian
Imperial
Bank
of
Commerce
4
.51
%
(
SOFR
+
93
bps
)
,
9/11/27
,
Callable
9/11/26
@
100
(d)
.....................
3,000
3,009
4
.24
%
(
SOFRINDX
+
60
bps
)
,
9/8/28
,
Callable
9/8/27
@
100
(d)
..................
1,000
1,004
4
.86
%
(
SOFR
+
103
bps
)
,
3/30/29
,
Callable
3/31/28
@
100
(d)
....................
2,500
2,540
7
.26
%
,
4/10/32
(a)
..................................................
623
657
Essent
Group
Ltd.
,
6
.25
%
,
7/1/29
,
Callable
6/1/29
@
100
..........................
6,319
6,609
HSBC
Holdings
PLC
,
4
.90
%
(
SOFR
+
103
bps
)
,
3/3/29
,
Callable
3/3/28
@
100
(d)
.........
2,500
2,536
Lloyds
Banking
Group
PLC
,
5
.99
%
(
H15T1Y
+
148
bps
)
,
8/7/27
,
Callable
8/7/26
@
100
(d)
...
2,000
2,020
National
Bank
of
Canada
,
4
.70
%
(
SOFR
+
56
bps
)
,
3/5/27
,
Callable
3/6/26
@
100
(d)
........
3,585
3,587
Nationwide
Building
Society
,
4
.00
%
,
9/14/26
(a)
.................................
2,000
1,996
Pershing
Square
Holdings
Ltd.
,
5
.50
%
,
10/28/32
,
Callable
8/28/32
@
100
(a)
............
1,300
1,299
Phoenix
Group
Holdings
PLC
,
4
.75
%
(
H15T5Y
+
428
bps
)
,
9/4/31
,
Callable
6/4/26
@
100
(d)
.
4,488
4,482
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
188
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Santander
UK
Group
Holdings
PLC
6
.53
%
(
SOFR
+
260
bps
)
,
1/10/29
,
Callable
1/10/28
@
100
(d)
....................
$
2,000
$
2,088
4
.32
%
(
SOFRINDX
+
107
bps
)
,
9/22/29
,
Callable
9/22/28
@
100
(d)
...............
1,000
1,001
Standard
Chartered
PLC
6
.19
%
(
H15T1Y
+
185
bps
)
,
7/6/27
,
Callable
7/6/26
@
100
(a)
(d)
..................
2,000
2,017
5
.69
%
(
H15T1Y
+
105
bps
)
,
5/14/28
,
Callable
5/14/27
@
100
(a)
(d)
................
1,000
1,019
The
Toronto-Dominion
Bank
,
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(d)
.
5,750
5,720
77,784
Health
Care
(0.3%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
4,585
4,506
Royalty
Pharma
PLC
,
4
.45
%
,
3/25/31
,
Callable
2/25/31
@
100
......................
2,000
1,996
Smith
&
Nephew
PLC
,
5
.15
%
,
3/20/27
,
Callable
2/20/27
@
100
.....................
1,500
1,517
8,019
Industrials
(0.7%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
12/15/27
(a)
..............................
975
959
Aircastle
Ltd.
,
5
.25
%
(
H15T5Y
+
441
bps
)
,
Callable
6/15/26
@
100
(a)
(d)
(g)
..............
1,859
1,856
Element
Fleet
Management
Corp.
5
.64
%
,
3/13/27
,
Callable
2/13/27
@
100
(a)
................................
3,500
3,556
6
.32
%
,
12/4/28
,
Callable
11/4/28
@
100
(a)
................................
1,000
1,054
LG
Energy
Solution
Ltd.
5
.38
%
,
7/2/27
(a)
...................................................
3,957
4,016
5
.25
%
,
4/2/28
(a)
...................................................
3,500
3,564
SMBC
Aviation
Capital
Finance
DAC
,
1
.90
%
,
10/15/26
,
Callable
9/15/26
@
100
(a)
.......
3,000
2,954
The
Weir
Group
PLC
,
2
.20
%
,
5/13/26
,
Callable
4/13/26
@
100
(a)
....................
890
883
Trinity
Acquisition
PLC
,
4
.40
%
,
3/15/26
,
Callable
3/6/26
@
100
.....................
1,500
1,500
20,342
Information
Technology
(0.6%):
CGI,
Inc.
,
4
.95
%
,
3/14/30
,
Callable
2/14/30
@
100
(a)
.............................
2,888
2,925
Genpact
UK
Finco
PLC/Genpact
USA,
Inc.
,
4
.95
%
,
11/18/30
,
Callable
10/18/30
@
100
....
2,000
2,004
Kioxia
Holdings
Corp.
,
6
.25
%
,
7/24/30
,
Callable
7/24/27
@
103.13
(a)
.................
2,500
2,584
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
8,177
8,444
15,957
Materials
(0.4%):
Amcor
Group
Finance
PLC
,
5
.45
%
,
5/23/29
,
Callable
4/23/29
@
100
..................
2,000
2,076
Braskem
Netherlands
Finance
B.V.
,
4
.50
%
,
1/10/28
,
Callable
10/10/27
@
100
(a)
.........
3,500
1,588
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
3,000
3,104
Nutrien
Ltd.
,
4
.50
%
,
3/12/27
...............................................
2,000
2,011
Rio
Tinto
Finance
USA
PLC
,
4
.50
%
,
3/14/28
,
Callable
2/14/28
@
100
.................
2,000
2,024
10,803
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
3
.88
%
,
3/20/27
,
Callable
12/20/26
@
100
(a)
...........................................................
5,640
5,632
Utilities
(0.4%):
Algonquin
Power
&
Utilities
Corp.
,
5
.37
%
,
6/15/26
..............................
10,495
10,544
Total
Yankee
Dollars
(Cost
$210,389)
a
a
a
212,442
Municipal
Bonds
(0.7%)
Alabama
(0.1%):
Black
Belt
Energy
Gas
District
Revenue
,
Series
D-2
,
6
.00
%
,
2/1/29
,
Continuously
Callable
@100
...........................................................
2,000
2,075
Arizona
(0.1%):
Arizona
IDA
Revenue
4
.51
%
,
10/1/26
....................................................
500
501
4
.51
%
,
10/1/27
....................................................
500
503
4
.60
%
,
10/1/28
....................................................
500
505
4
.71
%
,
10/1/29
....................................................
500
507
2,016
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
189
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
California
(0.2%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
Series
B
,
5
.71
%
,
7/1/30
..............................................
$
2,780
$
2,828
Series
B
,
5
.76
%
,
7/1/31
..............................................
2,560
2,604
California
Municipal
Finance
Authority
Revenue
,
Series
B
,
4
.51
%
,
5/15/30
,
Continuously
Callable
@100
.....................................................
1,290
1,278
6,710
Colorado
(0.0%):(c)
Colorado
Health
Facilities
Authority
Revenue
,
Series
B
,
2
.80
%
,
12/1/26
................
275
270
Illinois
(0.1%):
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.57
%
,
12/1/27
....................................................
750
762
4
.63
%
,
12/1/28
....................................................
1,000
1,021
1,783
Massachusetts
(0.1%):
Massachusetts
Development
Finance
Agency
Revenue
Series
G
,
6
.38
%
,
10/1/28
.............................................
665
669
Series
G
,
6
.63
%
,
10/1/30
.............................................
2,175
2,215
Massachusetts
Educational
Financing
Authority
Revenue
,
Series
A
,
5
.52
%
,
7/1/35
........
1,250
1,256
4,140
Ohio
(0.1%):
Columbus
Metropolitan
Housing
Authority
Revenue
,
5
.38
%
,
9/1/28
,
Continuously
Callable
@100
...........................................................
1,410
1,433
Texas
(0.0%):(c)
San
Antonio
Education
Facilities
Corp.
Revenue
1
.99
%
,
4/1/26
.....................................................
860
855
2
.19
%
,
4/1/27
.....................................................
525
507
1,362
Total
Municipal
Bonds
(Cost
$19,553)
a
a
a
19,789
U.S.
Government
Agency
Mortgages
(0.5%)
CoBank
ACB
Series
I
,
6
.25
%
(
TSFR3M
+
466
bps
)
(d)
(g)
..................................
5,700
5,725
Federal
Home
Loan
Mortgage
Corporation
6
.63
%
(
RFUCCT1Y
+
163
bps
)
,
4/1/35
(d)
..................................
81
82
5
.50
%
,
10/1/38
....................................................
1,109
1,134
1,216
Federal
National
Mortgage
Association
2
.50
%
,
4/1/27
-
8/1/27
...............................................
1,035
1,023
1
.50
%
,
3/1/37
.....................................................
2,760
2,503
4
.50
%
,
11/1/40
.....................................................
2,424
2,428
5,954
Total
U.S.
Government
Agency
Mortgages
(Cost
$12,792)
a
a
a
12,895
U.S.
Treasury
Obligations
(13.8%)
U.S.
Treasury
Notes
4
.50
%
,
3/31/26
....................................................
3,000
3,003
4
.63
%
,
9/15/26
....................................................
14,500
14,585
4
.38
%
,
12/15/26
....................................................
25,000
25,167
0
.50
%
,
8/31/27
....................................................
74,000
70,589
4
.13
%
,
11/15/27
....................................................
27,000
27,269
4
.00
%
,
6/30/28
....................................................
55,000
55,559
3
.75
%
,
12/31/28
....................................................
21,000
21,084
1
.63
%
,
8/15/29
....................................................
50,000
46,664
4
.13
%
,
8/31/30
....................................................
55,000
55,791
4
.00
%
,
1/31/31
....................................................
56,000
56,472
Total
U.S.
Treasury
Obligations
(Cost
$369,189)
a
a
a
376,183
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
190
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Commercial
Paper
(2.2%)
Consumer
Discretionary
(0.2%):
Genuine
Parts
Co.
4
.85
%
,
2/5/26
(a)
(j)
..................................................
$
500
$
500
4
.34
%
,
2/18/26
(a)
(j)
.................................................
3,500
3,492
3,992
Energy
(0.6%):
Ovintiv,
Inc.
4
.39
%
,
2/20/26
(a)
(j)
.................................................
12,000
11,971
4
.37
%
,
2/25/26
(a)
(j)
.................................................
5,000
4,985
16,956
Financials
(0.2%):
Air
Lease
Corp.
,
3
.79
%
,
2/26/26
(a)
(j)
........................................
5,000
4,986
Health
Care
(0.2%):
HCA,
Inc.
4
.87
%
,
2/5/26
(a)
(j)
..................................................
2,700
2,698
4
.75
%
,
2/6/26
(a)
(j)
..................................................
2,700
2,698
5,396
Industrials
(0.5%):
Air
Lease
Corp.
,
4
.43
%
,
2/11/26
(a)
(j)
........................................
7,000
6,990
Sonoco
Products
Co.
,
6
.04
%
,
2/2/26
(a)
(j)
......................................
7,300
7,298
14,288
Real
Estate
(0.5%):
Crown
Castle,
Inc.
5
.59
%
,
2/3/26
(a)
(j)
..................................................
3,000
2,998
4
.61
%
,
2/10/26
(a)
(j)
.................................................
8,500
8,489
4
.37
%
,
2/24/26
(a)
(j)
.................................................
1,400
1,396
4
.37
%
,
2/25/26
(a)
(j)
.................................................
1,100
1,097
13,980
Utilities
(0.0%):(c)
NGPL
PipeCo
LLC
,
6
.07
%
,
2/2/26
(a)
(j)
.......................................
1,000
1,000
Total
Commercial
Paper
(Cost
$60,612)
a
a
a
60,598
Shares
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.58
%
(k)
........
2,685,121
2,685
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.61
%
(k)
............
2,685,121
2,685
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.60
%
(k)
...............
2,685,121
2,685
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.60
%
(k)
.
2,685,121
2,685
Total
Collateral
for
Securities
Loaned
(Cost
$10,740)
a
a
a
10,740
Total
Investments
(Cost
$2,697,837)
—
100.4%
2,731,747
Liabilities
in
excess
of
other
assets
—  (0.4)%
(9,614)
NET
ASSETS
-
100.00%
$
2,722,133
At
January
31,
2026,
the
Fund's
investments
in
foreign
securities
were
8.8%
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
January
31,
2026,
the
fair
value
of
these
securities
was
$1,348,295
(thousands)
and
amounted
to
49.5%
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
January
31,
2026.
(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
January
31,
2026.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
Securities
referencing
LIBOR
are
expected
to
transition
to
an
alternative
reference
rate
by
the
security's
next
scheduled
coupon
reset
date.
(i)
Put
Bond.
(j)
Rate
represents
the
effective
yield
at
January
31,
2026.
(k)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
191
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
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
January
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2026.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2026.
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
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
January
31,
2026
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
January
31,
2026.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
January
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
January
31,
2026.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
January
31,
2026,
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
January
31,
2026.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
January
31,
2026.
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
January
31,
2026
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
192
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(17.4%)
ABS
Auto
(8.6%):
Alloya
Auto
Receivables
Trust
.............................................
Series
2025-1A,
Class
B,
4.99%,
3/25/30,
Callable
7/25/28
@
100(a)
..............
$
961
$
970
Series
2025-1A,
Class
C,
5.19%,
7/25/30,
Callable
7/25/28
@
100(a)
..............
1,081
1,093
Series
2025-1A,
Class
D,
5.68%,
3/25/33,
Callable
7/25/28
@
100(a)
..............
749
757
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-B,
Class
D,
5.41%,
9/15/32,
Callable
4/15/28
@
100(a)
...............
1,701
1,713
Series
2025-A,
Class
C,
4.84%,
6/15/33,
Callable
7/15/28
@
100(a)
...............
2,393
2,406
Series
2025-A,
Class
D,
4.99%,
6/15/33,
Callable
7/15/28
@
100(a)
...............
2,441
2,449
Series
2025-B,
Class
C,
4.70%,
9/15/33,
Callable
8/15/28
@
100(a)
...............
3,726
3,749
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A,
Class
B,
5.32%,
9/16/30,
Callable
10/15/28
@
100(a)
.............
1,105
1,126
Series
2024-1A,
Class
C,
5.63%,
12/16/30,
Callable
10/15/28
@
100(a)
............
1,351
1,381
Series
2024-1A,
Class
D,
6.34%,
1/18/33,
Callable
10/15/28
@
100(a)
.............
1,155
1,186
ARI
Fleet
Lease
Trust
....................................................
Series
2024-A,
Class
C,
5.38%,
11/15/32,
Callable
9/15/27
@
100(a)
..............
751
767
Series
2024-B,
Class
A3,
5.26%,
4/15/33,
Callable
10/15/27
@
100(a)
.............
78
79
Series
2024-B,
Class
B,
5.39%,
4/15/33,
Callable
10/15/27
@
100(a)
..............
748
769
Series
2024-B,
Class
C,
5.55%,
4/15/33,
Callable
10/15/27
@
100(a)
..............
1,246
1,280
AutoNation
Finance
Trust
.................................................
Series
2025-1A,
Class
C,
5.19%,
12/10/30,
Callable
7/10/28
@
100(a)
.............
1,524
1,555
Series
2025-1A,
Class
D,
5.63%,
9/10/32,
Callable
7/10/28
@
100(a)
..............
2,613
2,665
Series
2026-1A,
Class
C,
4.56%,
10/14/31,
Callable
11/11/29
@
100(a)
............
2,377
2,382
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2022-5A,
Class
B,
7.09%,
4/20/27(a)
................................
1,625
1,631
Series
2023-3A,
Class
C,
7.05%,
2/22/28(a)
................................
8,750
8,932
Series
2023-5A,
Class
C,
6.85%,
4/20/28(a)
................................
10,272
10,506
Series
2023-6A,
Class
B,
6.40%,
12/20/29(a)
...............................
2,811
2,939
Series
2023-6A,
Class
C,
7.03%,
12/20/29(a)
...............................
3,749
3,945
BofA
Auto
Trust,
Series
2024-1A,
Class
A3,
5.35%,
11/15/28,
Callable
4/15/27
@
100(a)
...
14
14
CarMax
Auto
Owner
Trust
................................................
Series
2022-3,
Class
D,
6.20%,
1/16/29,
Callable
10/15/26
@
100
................
2,716
2,741
Series
2023-2,
Class
B,
5.18%,
11/15/28,
Callable
5/15/27
@
100
................
3,250
3,296
Series
2024-3,
Class
D,
5.67%,
1/15/31,
Callable
5/15/28
@
100
.................
1,822
1,858
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1,
Class
D,
1.50%,
1/10/28,
Callable
8/10/26
@
100
................
161
159
Series
2021-N2,
Class
D,
1.27%,
3/10/28,
Callable
5/10/27
@
100
................
255
249
Series
2021-N4,
Class
D,
2.30%,
9/11/28,
Callable
11/10/27
@
100
...............
124
122
Series
2021-P2,
Class
C,
1.60%,
6/10/27,
Callable
1/10/27
@
100
................
10,000
9,875
Chase
Auto
Owner
Trust
..................................................
Series
2024-1A,
Class
D,
5.87%,
6/25/31,
Callable
12/25/27
@
100(a)
.............
2,742
2,818
Series
2024-2A,
Class
D,
6.15%,
8/25/31,
Callable
12/25/27
@
100(a)
.............
2,175
2,251
Series
2024-3A,
Class
B,
5.28%,
1/25/30,
Callable
2/25/28
@
100(a)
..............
2,776
2,852
Series
2024-3A,
Class
C,
5.41%,
2/28/30,
Callable
2/25/28
@
100(a)
..............
3,671
3,762
Series
2024-4A,
Class
C,
5.46%,
7/25/30,
Callable
2/25/28
@
100(a)
..............
2,716
2,786
Series
2024-4A,
Class
D,
5.79%,
11/25/31,
Callable
2/25/28
@
100(a)
.............
2,535
2,599
Series
2024-5A,
Class
C,
4.62%,
8/26/30,
Callable
1/25/28
@
100(a)
..............
3,616
3,640
Series
2024-5A,
Class
D,
4.97%,
1/26/32,
Callable
1/25/28
@
100(a)
..............
1,610
1,615
Series
2025-1A,
Class
D,
5.24%,
11/26/32,
Callable
11/25/28
@
100(a)
............
3,170
3,194
Series
2025-2A,
Class
C,
4.53%,
4/25/31,
Callable
3/25/29
@
100(a)
..............
1,865
1,860
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
941
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
5/15/26
@
100(a)
..............
1,404
1,411
Series
2023-2A,
Class
B,
5.97%,
10/15/35,
Callable
10/15/26
@
100(a)
............
1,858
1,910
Series
2023-2A,
Class
C,
6.15%,
10/15/35,
Callable
10/15/26
@
100(a)
............
2,874
2,956
Series
2024-1A,
Class
B,
5.44%,
5/15/36,
Callable
7/15/27
@
100(a)
..............
2,545
2,575
Series
2024-1A,
Class
C,
5.60%,
5/15/36,
Callable
7/15/27
@
100(a)
..............
2,200
2,223
Corporate
One
Auto
Receivables
Trust
........................................
Series
2026-1A,
Class
C,
4.84%,
4/15/31,
Callable
6/15/29
@
100(a)
..............
781
780
Series
2026-1A,
Class
D,
5.48%,
7/15/34,
Callable
6/15/29
@
100(a)
..............
548
547
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
193
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2022-3A,
Class
C,
8.45%,
2/15/33,
Callable
7/15/26
@
100(a)
..............
$
43
$
43
Series
2023-1A,
Class
C,
7.71%,
7/15/33,
Callable
11/15/26
@
100(a)
.............
1,602
1,632
Series
2023-2A,
Class
C,
7.15%,
9/15/33,
Callable
11/15/26
@
100(a)
.............
3,840
3,907
Series
2023-3A,
Class
A,
6.39%,
8/15/33,
Callable
3/15/27
@
100(a)
..............
1,421
1,429
Series
2023-3A,
Class
B,
7.09%,
10/17/33,
Callable
3/15/27
@
100(a)
.............
2,724
2,765
Series
2023-3A,
Class
C,
7.62%,
12/15/33,
Callable
3/15/27
@
100(a)
.............
4,691
4,821
Series
2023-5A,
Class
A,
6.13%,
12/15/33,
Callable
5/15/27
@
100(a)
.............
4,154
4,183
Series
2023-5A,
Class
C,
7.30%,
4/17/34,
Callable
5/15/27
@
100(a)
..............
5,730
5,891
Series
2024-1A,
Class
C,
6.71%,
7/17/34,
Callable
6/15/27
@
100(a)
..............
3,207
3,276
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
6/15/28
@
100(a)
............
1,436
1,467
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
4/20/26
@
100(a)
..............
1,125
1,126
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
7/20/26
@
100(a)
.............
2,750
2,773
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
1/20/27
@
100(a)
..............
3
3
Series
2023-3,
Class
A3,
6.41%,
6/20/30,
Callable
7/20/27
@
100(a)
..............
2,349
2,431
Series
2024-1,
Class
A2,
5.23%,
3/20/30,
Callable
8/20/27
@
100(a)
..............
5
5
Series
2024-2,
Class
A4,
5.69%,
12/20/30,
Callable
1/20/28
@
100(a)
.............
3,291
3,395
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A,
Class
C,
6.00%,
10/15/30,
Callable
3/15/28
@
100(a)
.............
597
614
Series
2025-1A,
Class
B,
5.36%,
9/15/31,
Callable
8/15/28
@
100(a)
..............
1,374
1,405
Series
2025-1A,
Class
C,
5.61%,
12/15/31,
Callable
8/15/28
@
100(a)
.............
1,212
1,241
Flagship
Credit
Auto
Trust,
Series
2019-4,
Class
E,
4.11%,
3/15/27,
Callable
2/15/26
@
100(a)
1,313
1,312
Ford
Credit
Auto
Lease
Trust,
Series
2023-B,
Class
C,
6.43%,
4/15/27,
Callable
3/15/26
@
100
2,584
2,591
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-1,
Class
C,
1.91%,
10/17/33,
Callable
4/15/26
@
100(a)
..............
1,921
1,911
Series
2021-1,
Class
D,
2.31%,
10/17/33,
Callable
4/15/26
@
100(a)
..............
1,650
1,640
Series
2021-2,
Class
C,
2.11%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
2,250
2,210
Series
2021-2,
Class
D,
2.60%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
500
490
Series
2022-1,
Class
C,
4.67%,
11/15/34,
Callable
5/15/27
@
100(a)
..............
2,000
2,008
Series
2022-1,
Class
D,
5.16%,
11/15/34,
Callable
5/15/27
@
100(a)
..............
2,457
2,457
Series
2023-1,
Class
B,
5.29%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
4,111
4,194
Series
2023-1,
Class
C,
5.58%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
10,250
10,466
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
10,940
11,119
Series
2023-2,
Class
B,
5.92%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
4,925
5,117
Series
2023-2,
Class
C,
6.16%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
3,710
3,853
Series
2023-2,
Class
D,
6.60%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
1,881
1,926
Foursight
Capital
Automobile
Receivables
Trust,
Series
2023-1,
Class
B,
5.35%,
3/15/28,
Callable
1/15/27
@
100(a)
............................................
566
566
GECU
Auto
Receivables
Trust,
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
4/15/28
@
100(a)
...........................................................
1,185
1,227
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-2A,
Class
E,
2.87%,
5/15/28,
Callable
2/15/26
@
100(a)
..............
2,403
2,383
Series
2023-1A,
Class
D,
7.01%,
1/16/29,
Callable
2/15/28
@
100(a)
..............
4,738
4,834
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2024-1A,
Class
C,
5.69%,
3/15/30,
Callable
9/15/28
@
100(a)
..............
1,381
1,418
Series
2024-4A,
Class
C,
4.75%,
11/15/30,
Callable
12/15/28
@
100(a)
............
2,266
2,286
GM
Financial
Revolving
Receivables
Trust,
Series
2021-1,
Class
C,
1.67%,
6/12/34,
Callable
9/11/26
@
100(a)
...................................................
1,388
1,365
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2023-1,
Class
B,
5.73%,
6/15/28(a)
.................................
3,050
3,066
Series
2024-2A,
Class
B,
5.35%,
3/15/31(a)
................................
2,259
2,321
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A,
Class
C,
5.77%,
2/15/30,
Callable
1/15/28
@
100(a)
..............
982
1,004
Series
2024-1A,
Class
D,
6.50%,
6/15/32,
Callable
1/15/28
@
100(a)
..............
940
968
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
B,
5.39%,
8/15/29,
Callable
1/15/27
@
100(a)
...............
3,276
3,310
Series
2023-1,
Class
C,
5.88%,
11/15/29,
Callable
1/15/27
@
100(a)
..............
2,457
2,494
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2023-1A,
Class
C,
6.91%,
6/25/27(a)
................................
3,116
3,131
Series
2023-2A,
Class
B,
6.49%,
9/25/29(a)
................................
3,038
3,157
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
194
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-2A,
Class
C,
7.13%,
9/25/29(a)
................................
$
1,075
$
1,117
Series
2023-3A,
Class
A,
5.94%,
2/25/28(a)
................................
2,875
2,918
Series
2023-3A,
Class
B,
6.53%,
2/25/28(a)
................................
1,112
1,130
Hertz
Vehicle
Financing
III
LP,
Series
2021-2A,
Class
C,
2.52%,
12/27/27(a)
............
1,833
1,803
Hertz
Vehicle
Financing
LLC
..............................................
Series
2022-2A,
Class
A,
2.33%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
3,750
3,672
Series
2022-2A,
Class
B,
2.65%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
2,480
2,422
Series
2022-2A,
Class
C,
2.95%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
3,500
3,413
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1,
Class
B1,
6.15%,
5/20/32,
Callable
10/20/27
@
100(a)
.............
1,132
1,149
Series
2024-2,
Class
B1,
5.44%,
10/20/32,
Callable
5/20/28
@
100(a)
.............
3,768
3,812
Series
2025-2,
Class
B2,
4.90%
(SOFR30A+120bps),
9/20/33,
Callable
11/20/29
@
100(a)(b)
.........................................................
1,480
1,483
Hyundai
Auto
Receivables
Trust,
Series
2024-C,
Class
B,
4.67%,
1/15/31,
Callable
10/15/28
@
100
.............................................................
1,265
1,281
LAD
Auto
Receivables
Trust
...............................................
Series
2023-1A,
Class
C,
6.18%,
12/15/27,
Callable
4/15/27
@
100(a)
.............
3,730
3,740
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
4/15/27
@
100(a)
..............
2,037
2,066
Series
2023-2A,
Class
B,
5.45%,
4/15/28,
Callable
5/15/27
@
100(a)
..............
4,531
4,536
Series
2023-2A,
Class
C,
5.58%,
9/15/28,
Callable
5/15/27
@
100(a)
..............
7,300
7,338
Series
2023-2A,
Class
D,
6.30%,
2/15/31,
Callable
5/15/27
@
100(a)
..............
1,698
1,729
Series
2023-3A,
Class
B,
6.09%,
6/15/28,
Callable
9/15/27
@
100(a)
..............
4,094
4,122
Series
2023-3A,
Class
D,
6.92%,
12/16/30,
Callable
9/15/27
@
100(a)
.............
3,794
3,902
Series
2023-4A,
Class
B,
6.39%,
10/16/28,
Callable
12/15/27
@
100(a)
............
2,818
2,857
Series
2023-4A,
Class
C,
6.76%,
3/15/29,
Callable
12/15/27
@
100(a)
.............
3,288
3,374
Series
2023-4A,
Class
D,
7.37%,
4/15/31,
Callable
12/15/27
@
100(a)
.............
4,696
4,893
Series
2024-1A,
Class
C,
5.64%,
6/15/29,
Callable
11/15/27
@
100(a)
.............
2,888
2,933
Series
2024-2A,
Class
B,
5.50%,
7/16/29,
Callable
12/15/27
@
100(a)
.............
2,716
2,764
Series
2024-2A,
Class
C,
5.66%,
10/15/29,
Callable
12/15/27
@
100(a)
............
2,716
2,770
Series
2024-2A,
Class
D,
6.37%,
10/15/31,
Callable
12/15/27
@
100(a)
............
2,218
2,293
Series
2024-3A,
Class
D,
5.18%,
2/17/32,
Callable
5/15/28
@
100(a)
..............
2,556
2,578
Series
2025-2A,
Class
C,
4.70%,
8/16/32,
Callable
11/15/28
@
100(a)
.............
2,406
2,411
Merchants
Fleet
Funding
LLC
..............................................
Series
2024-1A,
Class
A,
5.82%,
4/20/37,
Callable
1/20/27
@
100(a)
..............
2,556
2,570
Series
2024-1A,
Class
B,
5.95%,
4/20/37,
Callable
1/20/27
@
100(a)
..............
5,014
5,085
Series
2024-1A,
Class
C,
6.18%,
4/20/37,
Callable
1/20/27
@
100(a)
..............
7,372
7,478
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
1/20/27
@
100(a)
..............
1,358
1,384
Series
2025-1A,
Class
B,
4.91%,
1/20/39,
Callable
7/20/29
@
100(a)
..............
1,037
1,038
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1,
Class
B,
5.79%,
4/25/29(a)
.................................
708
711
Series
2024-1,
Class
C,
6.13%,
4/25/29(a)
.................................
1,149
1,153
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2025-1,
Class
C,
4.72%,
9/25/30(a)
........................................................
1,147
1,137
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A,
Class
A4,
6.29%,
9/17/29,
Callable
8/15/27
@
100(a)
.............
3,145
3,210
Series
2023-1A,
Class
D,
7.88%,
12/15/31,
Callable
8/15/27
@
100(a)
.............
5,171
5,442
Series
2025-1A,
Class
B,
4.94%,
4/15/31,
Callable
3/15/29
@
100(a)
..............
2,907
2,934
Series
2025-1A,
Class
C,
5.20%,
10/15/31,
Callable
3/15/29
@
100(a)
.............
2,969
3,000
Oscar
US
Funding
XII
LLC,
Series
2021-1A,
Class
A4,
1.00%,
4/10/28,
Callable
2/10/26
@
100(a)
...........................................................
28
27
Oscar
US
Funding
XIV
LLC,
Series
2022-1A,
Class
A4,
2.82%,
4/10/29,
Callable
3/10/26
@
100(a)
...........................................................
934
927
Oscar
US
Funding
XVII
LLC,
Series
2024-2A,
Class
A3,
4.47%,
3/12/29,
Callable
12/10/28
@
100(a)
...........................................................
3,162
3,178
PenFed
Auto
Receivables
Owner
Trust,
Series
2022-A,
Class
D,
5.85%,
6/17/30,
Callable
4/15/26
@
100(a)
...................................................
1,382
1,386
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B,
Class
B,
5.64%,
12/15/33,
Callable
12/15/27
@
100(a)
.............
1,399
1,416
Series
2023-B,
Class
C,
5.93%,
12/15/33,
Callable
12/15/27
@
100(a)
.............
591
598
Series
2023-B,
Class
D,
6.66%,
12/15/33,
Callable
12/15/27
@
100(a)
.............
2,750
2,793
Series
2024-B,
Class
B,
4.97%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
3,664
3,696
Series
2024-B,
Class
C,
5.14%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
3,779
3,809
Series
2024-B,
Class
D,
5.48%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
4,357
4,393
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
195
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-B,
Class
E,
6.80%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
$
2,604
$
2,621
Series
2025-A,
Class
D,
5.15%,
1/16/34,
Callable
12/15/29
@
100(a)
..............
2,740
2,755
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
7/15/28
@
100(a)
...............
2,749
2,783
Series
2025-SF1,
Class
D,
5.34%,
9/15/31,
Callable
5/15/29
@
100(a)
.............
1,718
1,742
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
B,
6.08%,
11/15/29,
Callable
10/15/27
@
100(a)
............
1,199
1,231
Series
2023-1A,
Class
C,
6.61%,
3/15/30,
Callable
10/15/27
@
100(a)
.............
6,570
6,797
Series
2023-1A,
Class
D,
7.34%,
11/17/31,
Callable
10/15/27
@
100(a)
............
3,459
3,605
Series
2024-1A,
Class
C,
5.62%,
12/16/30,
Callable
4/15/28
@
100(a)
.............
2,716
2,773
Series
2025-1A,
Class
C,
5.08%,
2/17/32,
Callable
4/15/29
@
100(a)
..............
2,681
2,698
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A,
Class
B,
5.04%,
7/25/31,
Callable
3/25/28
@
100(a)
...............
845
854
Series
2025-A,
Class
C,
5.19%,
7/25/31,
Callable
3/25/28
@
100(a)
...............
1,000
1,010
Series
2025-B,
Class
D,
5.46%,
12/29/32,
Callable
8/25/28
@
100(a)
..............
1,558
1,580
Series
2026-A,
Class
D,
4.87%,
3/25/33,
Callable
9/25/29
@
100(a)
...............
1,937
1,941
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
C,
5.97%,
2/20/31,
Callable
8/20/27
@
100(a)
..............
2,541
2,606
Series
2024-1A,
Class
C,
5.51%,
1/20/32,
Callable
2/20/28
@
100(a)
..............
1,841
1,893
Tesla
Electric
Vehicle
Trust,
Series
2023-1,
Class
B,
5.82%,
5/20/31,
Callable
7/20/27
@
100(a)
...........................................................
2,900
2,969
Tesla
Lease
Electric
Vehicle
Securitization
LLC,
Series
2025-A,
Class
C,
5.09%,
6/20/29,
Callable
12/20/27
@
100(a)
...........................................
854
861
Truist
Bank
Auto
Credit-Linked
Notes,
Series
2025-1,
Class
B,
4.73%,
9/26/33,
Callable
12/25/28
@
100(a)
..................................................
2,783
2,796
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
10/25/26
@
100(a)
.......
1,103
1,113
USB
Auto
Owner
Trust
...................................................
Series
2025-1A,
Class
C,
4.96%,
3/17/31,
Callable
3/15/28
@
100(a)
..............
1,857
1,884
Series
2025-1A,
Class
D,
5.40%,
12/15/32,
Callable
3/15/28
@
100(a)
.............
729
740
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
10/15/27
@
100(a)
.............
2,509
2,558
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
10/15/27
@
100(a)
.............
3,280
3,374
Western
Funding
Auto
Loan
Trust,
Series
2025-1,
Class
C,
5.34%,
11/15/35(a)
...........
2,391
2,397
Westlake
Automobile
Receivables
Trust,
Series
2023-P1,
Class
C,
6.44%,
6/15/27,
Callable
9/15/26
@
100(a)
...................................................
1,200
1,205
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
................................
702
706
Series
2023-2A,
Class
B,
6.75%,
8/18/38(a)
................................
2,819
2,896
Series
2023-2A,
Class
C,
6.94%,
8/18/38(a)
................................
3,036
3,124
Series
2023-2A,
Class
D,
7.38%,
8/18/38(a)
................................
3,425
3,530
Series
2024-1A,
Class
C,
5.69%,
2/18/39(a)
................................
4,009
4,095
Series
2024-2A,
Class
A1,
4.87%,
6/21/39(a)
...............................
3,324
3,360
Series
2024-2A,
Class
C,
4.89%,
6/21/39(a)
................................
4,524
4,590
Series
2024-3A,
Class
B,
5.07%,
9/19/39(a)
................................
3,366
3,431
Series
2024-3A,
Class
C,
5.21%,
9/19/39(a)
................................
3,655
3,715
Series
2025-2A,
Class
C,
4.86%,
5/18/40(a)
................................
2,370
2,384
466,739
ABS
Card
(1.1%):
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
2,289
Series
2025-1A,
Class
C,
5.42%,
3/15/31(a)
................................
3,650
3,679
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4,
Class
B,
5.25%,
10/15/28(a)
.............................
5,295
5,330
Series
2024-CRT4,
Class
C,
5.64%,
10/15/28(a)
.............................
3,029
3,042
Series
2025-1A,
Class
C,
4.54%,
10/15/29(a)
...............................
2,295
2,280
Series
2025-CRT5,
Class
B,
5.24%,
5/15/29(a)
..............................
6,394
6,473
Series
2025-CRT5,
Class
C,
5.53%,
5/15/29(a)
..............................
1,992
2,006
Golden
Credit
Card
Trust
.................................................
Series
2021-1A,
Class
B,
1.44%,
8/15/28(a)
................................
4,500
4,432
Series
2021-1A,
Class
C,
1.74%,
8/15/28(a)
................................
2,233
2,194
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
196
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Master
Credit
Card
Trust,
Series
2022-2A,
Class
C,
2.73%,
7/21/28(a)
.................
$
1,719
$
1,683
Master
Credit
Card
Trust
II
................................................
Series
2023-4A,
Class
B,
6.56%,
10/21/32(a)
...............................
1,646
1,713
Series
2023-4A,
Class
C,
7.53%,
10/21/32(a)
...............................
4,190
4,588
Synchrony
Card
Issuance
Trust,
Series
2025-A1,
Class
A,
4.78%,
2/15/31
..............
27
28
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A,
Class
C,
2.42%,
10/26/29(a)
...............................
10,200
10,009
Series
2023-1A,
Class
C,
6.06%,
3/26/31(a)
................................
1,053
1,075
Series
2023-2A,
Class
B,
5.35%,
3/26/33(a)
................................
2,900
2,959
Series
2023-2A,
Class
C,
6.32%,
3/26/33(a)
................................
2,702
2,815
Series
2025-1A,
Class
C,
4.70%,
9/26/30(a)
................................
2,264
2,268
58,992
ABS
Other
(7.7%):
Aligned
Data
Centers
Issuer
LLC
...........................................
Series
2021-1A,
Class
A2,
1.94%,
8/15/46,
Callable
2/15/26
@
100(a)
.............
3,000
2,956
Series
2021-1A,
Class
B,
2.48%,
8/15/46,
Callable
2/15/26
@
100(a)
..............
1,500
1,476
AMSR
Trust
..........................................................
Series
2021-SFR1,
Class
C,
2.35%,
6/17/38(a)(c)
............................
1,800
1,702
Series
2021-SFR1,
Class
D,
2.60%,
6/17/38(a)(c)
............................
1,500
1,414
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
A2,
5.30%,
6/21/28,
Callable
6/20/26
@
100(a)
............................................
260
260
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A,
Class
C,
6.36%,
12/20/29,
Callable
6/20/27
@
100(a)
.............
1,998
2,044
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
6/20/27
@
100(a)
..............
563
584
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A,
Class
B,
5.37%,
1/21/31,
Callable
12/20/27
@
100(a)
.............
1,638
1,662
Series
2024-1A,
Class
C,
5.55%,
1/21/31,
Callable
12/20/27
@
100(a)
.............
2,616
2,660
Amur
Equipment
Finance
Receivables
XIV
LLC,
Series
2024-2A,
Class
C,
5.38%,
7/21/31,
Callable
8/20/28
@
100(a)
............................................
4,527
4,602
Amur
Equipment
Finance
Receivables
XV
LLC,
Series
2025-1A,
Class
C,
5.39%,
1/20/32,
Callable
5/20/29
@
100(a)
............................................
2,636
2,687
Ansley
Park
Capital
LLC
.................................................
Series
2025-A,
Class
B,
4.60%,
4/20/35,
Callable
4/20/28
@
100(a)
...............
2,260
2,267
Series
2025-A,
Class
C,
4.82%,
4/20/35,
Callable
4/20/28
@
100(a)
...............
1,506
1,503
Series
2025-A,
Class
D,
5.33%,
4/20/35,
Callable
4/20/28
@
100(a)
...............
1,506
1,508
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A,
Class
B,
6.05%,
6/17/30,
Callable
1/15/28
@
100(a)
..............
1,890
1,932
Series
2023-1A,
Class
C,
6.50%,
11/15/30,
Callable
1/15/28
@
100(a)
.............
1,337
1,381
Series
2023-1A,
Class
D,
7.27%,
12/16/30,
Callable
1/15/28
@
100(a)
.............
1,018
1,062
Series
2024-1A,
Class
B,
5.69%,
7/15/31,
Callable
2/15/29
@
100(a)
..............
1,666
1,716
Barings
Equipment
Finance
LLC
............................................
Series
2025-A,
Class
A4,
5.02%,
6/13/50,
Callable
1/13/30
@
100(a)
..............
3,969
4,080
Series
2025-B,
Class
A4,
4.29%,
9/13/50,
Callable
10/13/30
@
100(a)
.............
2,286
2,287
Blue
Owl
Asset
Leasing
Trust
LLC
..........................................
Series
2024-1A,
Class
B,
5.41%,
3/15/30,
Callable
6/15/27
@
100(a)
..............
1,615
1,630
Series
2024-1A,
Class
C,
6.38%,
1/15/31,
Callable
6/15/27
@
100(a)
..............
836
850
Capital
Automotive
REIT,
Series
2024-3A,
Class
A1,
4.40%,
10/15/54,
Callable
10/15/27
@
100(a)
...........................................................
3,207
3,122
CARS-DB5
LP,
Series
2021-1A,
Class
A2,
2.28%,
8/15/51,
Callable
8/15/28
@
100(a)
.....
2,073
1,782
CARS-DB7
LP,
Series
2023-1A,
Class
A1,
5.75%,
9/15/53,
Callable
9/15/26
@
100(a)
.....
3,078
3,097
CCG
Receivables
Trust
...................................................
Series
2023-1,
Class
C,
6.28%,
9/16/30,
Callable
9/14/26
@
100(a)
...............
2,493
2,523
Series
2023-2,
Class
D,
7.18%,
4/14/32,
Callable
6/14/27
@
100(a)
...............
1,424
1,474
Series
2025-1,
Class
C,
4.89%,
10/14/32,
Callable
10/14/28
@
100(a)
.............
1,212
1,223
Series
2025-1,
Class
D,
5.28%,
10/14/32,
Callable
10/14/28
@
100(a)
.............
450
454
Series
2025-2,
Class
D,
5.08%,
8/15/34,
Callable
2/14/29
@
100(a)
...............
2,172
2,173
CF
Hippolyta
Issuer
LLC
.................................................
Series
2020-1,
Class
A1,
1.69%,
7/15/60(a)
................................
606
509
Series
2021-1A,
Class
B1,
1.98%,
3/15/61,
Callable
2/15/26
@
100(a)
.............
1,885
1,151
Clarus
Capital
Funding
LLC,
Series
2024-1A,
Class
C,
5.01%,
8/20/32,
Callable
2/20/28
@
100(a)
...........................................................
925
930
Cloud
Capital
Holdco
LP,
Series
2024-1A,
Class
A2,
5.78%,
11/22/49,
Callable
11/22/27
@
100(a)
...........................................................
6,182
6,209
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
197
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
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
$
957
CP
EF
Asset
Securitization
II
LLC,
Series
2023-1A,
Class
A,
7.48%,
3/15/32,
Callable
6/15/27
@
100(a)
.........................................................
145
146
Crossroads
Asset
Trust,
Series
2025-A,
Class
B,
5.20%,
2/20/32,
Callable
12/20/28
@
100(a)
613
622
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A,
Class
A2,
4.50%,
5/20/49,
Callable
5/20/27
@
100(a)
.............
4,218
4,138
Series
2025-1A,
Class
A2,
5.91%,
2/20/50,
Callable
2/20/28
@
100(a)
.............
3,893
3,961
DB
Master
Finance
LLC,
Series
2021-1A,
Class
A2II,
2.49%,
11/20/51,
Callable
2/20/26
@
100(a)
...........................................................
7,471
7,067
Dell
Equipment
Finance
Trust
..............................................
Series
2023-2,
Class
C,
6.06%,
1/22/29,
Callable
3/22/26
@
100(a)
...............
1,975
1,979
Series
2023-2,
Class
D,
6.74%,
7/23/29,
Callable
3/22/26
@
100(a)
...............
3,569
3,579
Series
2023-3,
Class
D,
6.75%,
10/22/29,
Callable
5/22/26
@
100(a)
..............
1,164
1,171
Series
2024-1,
Class
C,
5.73%,
3/22/30,
Callable
11/22/26
@
100(a)
..............
1,237
1,252
Series
2024-1,
Class
D,
6.12%,
9/23/30,
Callable
11/22/26
@
100(a)
..............
1,250
1,266
Series
2025-1,
Class
D,
5.64%,
8/22/31,
Callable
12/22/27
@
100(a)
..............
925
941
Series
2025-2,
Class
D,
4.83%,
3/22/32,
Callable
6/22/28
@
100(a)
...............
3,873
3,873
Dext
ABS
LLC
........................................................
Series
2023-1,
Class
B,
6.55%,
3/15/32,
Callable
2/15/27
@
100(a)
...............
8,330
8,463
Series
2023-2,
Class
C,
6.93%,
5/15/34,
Callable
9/15/27
@
100(a)
...............
3,476
3,587
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
9/15/27
@
100(a)
...............
1,566
1,658
Series
2025-2,
Class
C,
4.89%,
4/15/36,
Callable
11/15/29
@
100(a)
..............
3,366
3,350
Series
2025-2,
Class
D,
5.45%,
10/15/36,
Callable
11/15/29
@
100(a)
.............
1,978
1,984
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A,
Class
B,
2.36%,
4/15/49,
Callable
2/20/26
@
100(a)
..............
6,000
5,860
Series
2021-1A,
Class
C,
3.48%,
4/15/49,
Callable
2/20/26
@
100(a)
..............
3,000
2,919
Diamond
Issuer
LLC,
Series
2021-1A,
Class
B,
2.70%,
11/20/51,
Callable
2/20/26
@
100(a)
.
4,418
4,269
DLLAA
LLC,
Series
2025-1A,
Class
A4,
5.08%,
4/20/33,
Callable
10/20/28
@
100(a)
.....
203
209
DLLAD
LLC,
Series
2024-1A,
Class
A4,
5.38%,
9/22/31,
Callable
1/20/29
@
100(a)
......
36
37
DLLMT
LLC
..........................................................
Series
2024-1A,
Class
A3,
4.84%,
8/21/28,
Callable
5/20/28
@
100(a)
.............
15
15
Series
2026-1A,
Class
A4,
4.36%,
9/20/33,
Callable
10/20/29
@
100(a)
............
878
880
FirstKey
Homes
Trust
....................................................
Series
2021-SFR2,
Class
C,
1.71%,
9/17/38(a)(c)
............................
6,512
6,394
Series
2021-SFR2,
Class
D,
2.06%,
9/17/38(a)(c)
............................
4,500
4,425
Series
2021-SFR3,
Class
A,
2.14%,
12/17/38(a)(c)
...........................
2,335
2,291
Ford
Credit
Floorplan
Master
Owner
Trust
A
...................................
Series
2023-1,
Class
B,
5.31%,
5/15/28(a)
.................................
3,430
3,442
Series
2023-1,
Class
C,
5.75%,
5/15/28(a)
.................................
3,886
3,900
Series
2024-2,
Class
B,
5.56%,
4/15/31(a)
.................................
3,174
3,289
Series
2024-4,
Class
B,
4.61%,
9/15/31(a)
.................................
6,005
6,105
FRTKL,
Series
2021-SFR1,
Class
D,
2.17%,
9/17/38(a)(c)
.........................
1,500
1,471
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A,
Class
B,
6.62%,
4/20/33,
Callable
3/20/27
@
100(a)
..............
1,538
1,586
Series
2023-1A,
Class
C,
6.97%,
8/22/33,
Callable
3/20/27
@
100(a)
..............
1,411
1,482
Series
2023-1A,
Class
E,
7.00%,
6/20/35,
Callable
3/20/27
@
100(a)
..............
1,176
1,165
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2024-1,
Class
C,
5.43%,
12/15/31,
Callable
2/15/28
@
100(a)
..............
910
929
Series
2025-1,
Class
C,
5.01%,
1/18/33,
Callable
5/15/29
@
100(a)
...............
3,430
3,471
HPEFS
Equipment
Trust
..................................................
Series
2023-2A,
Class
D,
6.97%,
7/21/31,
Callable
1/20/27
@
100(a)
..............
2,350
2,371
Series
2024-1A,
Class
D,
5.82%,
11/20/31,
Callable
8/20/27
@
100(a)
.............
2,259
2,283
Series
2024-2A,
Class
B,
5.35%,
10/20/31,
Callable
1/20/28
@
100(a)
.............
3,621
3,661
Series
2024-2A,
Class
D,
5.82%,
4/20/32,
Callable
1/20/28
@
100(a)
..............
1,940
1,973
Series
2025-1A,
Class
C,
4.79%,
9/20/32,
Callable
4/20/29
@
100(a)
..............
1,978
1,991
Series
2025-1A,
Class
D,
4.99%,
3/21/33,
Callable
4/20/29
@
100(a)
..............
4,770
4,786
Series
2025-2A,
Class
D,
4.77%,
5/20/33,
Callable
6/20/29
@
100(a)
..............
2,430
2,422
Kubota
Credit
Owner
Trust
................................................
Series
2024-2A,
Class
A4,
5.19%,
5/15/30,
Callable
3/15/28
@
100(a)
.............
5
5
Series
2025-1A,
Class
A4,
4.87%,
7/15/30,
Callable
1/15/29
@
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)
.........................................................
4,631
4,692
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
198
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
M&T
Equipment
LEAF1
Notes
.............................................
Series
2023-1A,
Class
A3,
5.74%,
7/15/30,
Callable
7/15/27
@
100(a)
.............
$
850
$
854
Series
2025-1A,
Class
A4,
4.91%,
3/16/32,
Callable
4/16/29
@
100(a)
.............
1,804
1,827
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A,
Class
A4,
1.04%,
11/13/30(a)
...............................
3,652
3,641
Series
2023-A,
Class
A4,
5.50%,
12/13/38(a)
...............................
48
49
Series
2024-A,
Class
A4,
5.10%,
7/13/49,
Callable
11/13/29
@
100(a)
.............
73
75
MMP
Capital
LLC,
Series
2025-A,
Class
A,
5.36%,
12/15/31,
Callable
12/15/28
@
100(a)
..
1,960
1,976
MVW
LLC,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41,
Callable
3/20/27
@
100(a)
.......
217
210
New
Economy
Assets
-
Phase
1
Sponsor
LLC
...................................
Series
2021-1,
Class
A1,
1.91%,
10/20/61,
Callable
2/20/26
@
100(a)
.............
6,097
5,121
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
2/20/26
@
100(a)
.............
1,832
1,156
NMEF
Funding
LLC
....................................................
Series
2023-A,
Class
B,
6.83%,
6/17/30,
Callable
5/15/27
@
100(a)
...............
1,043
1,059
Series
2023-A,
Class
C,
8.04%,
6/17/30,
Callable
5/15/27
@
100(a)
...............
3,049
3,163
Series
2024-A,
Class
A2,
5.15%,
12/15/31,
Callable
4/15/28
@
100(a)
.............
2,294
2,309
Series
2024-A,
Class
B,
5.32%,
12/15/31,
Callable
4/15/28
@
100(a)
..............
3,217
3,253
Series
2025-A,
Class
B,
5.18%,
7/15/32,
Callable
11/15/28
@
100(a)
..............
2,860
2,898
Series
2025-A,
Class
C,
5.79%,
7/15/32,
Callable
11/15/28
@
100(a)
..............
4,003
4,098
NP
SPE
II
LLC,
Series
2017-1A,
Class
A2,
4.22%,
10/21/47(a)
......................
5,860
5,110
NP
SPE
X
LP
..........................................................
Series
2019-2A,
Class
A2,
3.10%,
11/19/49(a)
..............................
1,496
1,282
Series
2019-2A,
Class
C1,
6.44%,
11/19/49(a)
..............................
2,035
1,663
OneMain
Financial
Issuance
Trust,
Series
2022-3A,
Class
B,
6.45%,
5/15/34,
Callable
2/14/26
@
100(a)
.........................................................
3,596
3,632
PEAC
Solutions
Receivables
LLC
...........................................
Series
2025-1A,
Class
A3,
5.04%,
7/20/32,
Callable
9/20/28
@
100(a)
.............
3,629
3,690
Series
2025-1A,
Class
B,
5.20%,
7/20/32,
Callable
9/20/28
@
100(a)
..............
3,315
3,371
Series
2025-1A,
Class
C,
5.49%,
7/20/32,
Callable
9/20/28
@
100(a)
..............
2,601
2,652
Series
2026-1A,
Class
C,
4.89%,
7/20/33,
Callable
7/20/29
@
100(a)
..............
5,143
5,155
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
C,
5.81%,
10/15/30,
Callable
11/15/26
@
100(a)
............
1,139
1,151
Series
2024-1A,
Class
D,
6.77%,
10/15/30,
Callable
11/15/26
@
100(a)
............
461
470
Series
2025-1A,
Class
B,
5.04%,
5/15/31,
Callable
7/15/28
@
100(a)
..............
948
959
Series
2025-1A,
Class
C,
5.13%,
5/15/31,
Callable
7/15/28
@
100(a)
..............
2,254
2,277
Progress
Residential
Trust
.................................................
Series
2021-SFR3,
Class
D,
2.29%,
5/17/26(a)(c)
............................
2,000
1,987
Series
2021-SFR5,
Class
D,
2.11%,
7/17/38(a)(c)
............................
2,000
1,977
Series
2021-SFR6,
Class
D,
2.23%,
7/17/38,
Callable
7/17/26
@
100(a)(c)
..........
3,000
2,968
Series
2021-SFR7,
Class
B,
1.94%,
8/17/40(a)(c)
............................
3,250
3,056
Retained
Vantage
Data
Centers
Issuer
LLC
.....................................
Series
2024-1A,
Class
A2,
4.99%,
9/15/49,
Callable
9/15/27
@
100(a)
.............
5,195
5,150
Series
2024-1A,
Class
B,
5.78%,
9/15/49,
Callable
9/15/27
@
100(a)
..............
1,400
1,377
SCF
Equipment
Leasing
LLC,
Series
2023-1A,
Class
A3,
6.17%,
5/20/32,
Callable
9/20/29
@
100(a)
...........................................................
1,133
1,144
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A,
Class
B,
5.23%,
9/20/34,
Callable
9/20/31
@
100(a)
..............
5,955
6,086
Series
2025-1A,
Class
C,
5.37%,
9/20/34,
Callable
9/20/31
@
100(a)
..............
4,440
4,569
Series
2025-1A,
Class
D,
5.88%,
11/20/35,
Callable
9/20/31
@
100(a)
.............
3,001
3,073
Sotheby's
Artfi
Master
Trust
...............................................
Series
2024-1A,
Class
A1,
6.43%,
12/22/31,
Callable
3/20/26
@
100(a)
............
4,847
4,857
Series
2024-1A,
Class
D,
7.91%,
12/22/31,
Callable
3/20/26
@
100(a)
.............
1,706
1,708
Series
2026-1A,
Class
B,
4.90%,
6/20/33,
Callable
12/20/27
@
100(a)
.............
1,866
1,867
Stack
Infrastructure
Issuer
LLC,
Series
2023-1A,
Class
A2,
5.90%,
3/25/48,
Callable
3/25/26
@
100(a)
.........................................................
764
766
Subway
Funding
LLC,
Series
2024-1A,
Class
A2II,
6.27%,
7/30/54,
Callable
7/30/28
@
100(a)
11,898
12,153
Switch
ABS
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.04%,
3/25/55,
Callable
3/25/28
@
100(a)
...........................................................
4,281
4,211
Tricon
Residential
Trust
..................................................
Series
2022-SFR2,
Class
B,
5.24%,
7/17/40,
Callable
7/17/28
@
100(a)(c)
..........
1,800
1,800
Series
2024-SFR4,
Class
A,
4.30%,
11/17/41,
Callable
11/17/29
@
100(a)(c)
........
2,290
2,270
Trinity
Rail
Leasing
LLC
.................................................
Series
2019-1A,
Class
A,
3.82%,
4/17/49(a)
................................
2,843
2,838
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
199
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2021-1A,
Class
A,
2.26%,
7/19/51,
Callable
2/19/26
@
100(a)
..............
$
814
$
773
Series
2022-1A,
Class
A,
4.55%,
5/19/52,
Callable
2/21/26
@
100(a)
..............
2,206
2,191
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A,
Class
A2,
5.88%,
4/20/55,
Callable
10/20/28
@
100(a)
............
4,134
4,246
Series
2025-1A,
Class
B,
6.37%,
4/20/55,
Callable
10/20/28
@
100(a)
.............
1,642
1,687
Vantage
Data
Centers
LLC
................................................
Series
2020-2A,
Class
A2,
1.99%,
9/15/45,
Callable
2/15/26
@
100(a)
.............
9,000
8,599
Series
2025-1A,
Class
A2,
5.13%,
8/15/55,
Callable
8/15/28
@
100(a)
.............
2,389
2,363
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A,
Class
C2II,
3.71%,
2/15/57,
Callable
2/15/30
@
100(a)
............
4,500
4,125
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
5,263
5,208
Series
2022-1A,
Class
F,
5.27%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
7,500
7,413
Series
2024-1A,
Class
C2,
5.59%,
5/15/54,
Callable
5/15/27
@
100(a)
.............
3,151
3,186
Series
2024-1A,
Class
D,
6.64%,
5/15/54,
Callable
5/15/27
@
100(a)
..............
2,846
2,903
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)
.............
593
602
Series
2023-1A,
Class
C,
6.73%,
1/13/31,
Callable
8/12/27
@
100(a)
..............
1,077
1,110
Series
2024-1A,
Class
A2,
5.68%,
12/12/31,
Callable
6/12/28
@
100(a)
............
1,696
1,725
Series
2024-1A,
Class
B,
5.72%,
12/12/31,
Callable
6/12/28
@
100(a)
.............
793
814
Series
2024-1A,
Class
C,
6.25%,
12/12/31,
Callable
6/12/28
@
100(a)
.............
661
683
Series
2024-1A,
Class
D,
7.23%,
12/12/31,
Callable
6/12/28
@
100(a)
.............
819
859
Series
2025-1A,
Class
A3,
4.96%,
5/12/33,
Callable
6/12/29
@
100(a)
.............
1,052
1,064
Series
2025-1A,
Class
C,
5.57%,
5/12/33,
Callable
6/12/29
@
100(a)
..............
2,290
2,329
Series
2025-1A,
Class
D,
6.49%,
5/12/33,
Callable
6/12/29
@
100(a)
..............
489
507
Verizon
Master
Trust
....................................................
Series
2024-2,
Class
B,
5.08%,
12/22/31,
Callable
12/20/28
@
100(a)
.............
3,866
3,956
Series
2024-3,
Class
C,
5.73%,
4/22/30,
Callable
4/20/27
@
100
.................
1,145
1,165
Series
2024-4,
Class
C,
5.60%,
6/20/29,
Callable
6/20/26
@
100
.................
814
818
Series
2024-7,
Class
C,
4.84%,
8/20/32,
Callable
8/20/29
@
100(a)
...............
6,425
6,508
Series
2024-8,
Class
C,
4.99%,
11/20/30,
Callable
11/20/27
@
100
...............
3,113
3,161
Series
2025-10,
Class
C,
4.67%,
10/20/33,
Callable
10/20/30
@
100(a)
............
1,845
1,845
Series
2025-2,
Class
C,
5.34%,
1/20/33,
Callable
1/20/30
@
100(a)
...............
7,427
7,637
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
D,
6.31%,
9/20/32,
Callable
10/20/27
@
100(a)
.............
1,447
1,475
Series
2025-1A,
Class
C,
4.76%,
9/20/33,
Callable
2/20/29
@
100(a)
..............
1,189
1,188
Series
2025-1A,
Class
D,
5.45%,
9/20/33,
Callable
2/20/29
@
100(a)
..............
3,813
3,838
Zayo
Issuer
LLC
.......................................................
Series
2025-1A,
Class
A2,
5.65%,
3/20/55,
Callable
9/20/28
@
100(a)
.............
3,481
3,542
Series
2025-1A,
Class
B,
6.09%,
3/20/55,
Callable
9/20/28
@
100(a)
..............
2,593
2,639
Series
2025-2A,
Class
A2,
5.95%,
6/20/55,
Callable
12/20/28
@
100(a)
............
2,560
2,629
Series
2025-2A,
Class
B,
6.59%,
6/20/55,
Callable
12/20/28
@
100(a)
.............
1,522
1,570
416,703
Agency
ABS
Other
(0.0%):(d)
SLM
Student
Loan
Trust
..................................................
Series
2003-14,
Class
B,
4.70%
(SOFR90A+81bps),
10/25/65,
Callable
4/25/26
@
100(b)
261
251
Series
2012-6,
Class
B,
4.81%
(SOFR30A+111bps),
4/27/43,
Callable
3/25/30
@
100(b)
2,500
2,370
2,621
Total
Asset-Backed
Securities
(Cost
$938,374)
a
a
a
945,055
Collateralized
Loan
Obligations
(1.8%)
Cash
Flow
CLO
(1.8%):
720
East
CLO
I
Ltd.
.....................................................
Series
2022-1A,
Class
A2R,
5.27%
(TSFR3M+160bps),
1/20/38,
Callable
1/20/27
@
100(a)(b)
.........................................................
4,197
4,213
Series
2022-1A,
Class
BR,
5.37%
(TSFR3M+170bps),
1/20/38,
Callable
1/20/27
@
100(a)(b)
.........................................................
3,997
4,015
720
East
CLO
II
Ltd.,
Series
2023-2A,
Class
A2R,
5.12%
(TSFR3M+145bps),
10/15/38,
Callable
10/15/27
@
100(a)(b)
.........................................
2,531
2,533
720
East
CLO
IV
Ltd.,
Series
2024-1A,
Class
A2,
5.47%
(TSFR3M+180bps),
4/15/37,
Callable
4/15/26
@
100(a)(b)
.................................................
2,767
2,769
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
200
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
720
East
CLO
VII
Ltd.,
Series
2025-7A,
Class
A2,
5.07%
(TSFR3M+140bps),
4/20/37,
Callable
4/20/26
@
100(a)(b)
..........................................
$
2,587
$
2,589
AIMCO
CLO
Ltd.,
Series
2022-17A,
Class
XR,
4.82%
(TSFR3M+115bps),
7/20/37,
Callable
7/22/26
@
100(a)(b)
.................................................
2,518
2,521
Ballyrock
CLO
Ltd.,
Series
2025-30A,
Class
A1B,
5.17%
(TSFR3M+150bps),
10/25/38,
Callable
10/25/27
@
100(a)(b)
.........................................
1,900
1,907
Barings
CLO
Ltd.
......................................................
Series
2025-5A,
Class
A1,
5.11%
(TSFR3M+127bps),
10/15/38,
Callable
10/15/27
@
100(a)(b)
.........................................................
3,960
3,977
Series
2025-5A,
Class
A2,
5.34%
(TSFR3M+150bps),
10/15/38,
Callable
10/15/27
@
100(a)(b)
.........................................................
1,636
1,639
Columbia
Cent
CLO
Ltd.,
Series
2022-32A,
Class
BF,
5.20%,
7/24/34,
Callable
4/24/26
@
100(a)
...........................................................
3,750
3,749
Dryden
CLO
Ltd.
.......................................................
Series
2021-93A,
Class
A2R,
5.27%
(TSFR3M+160bps),
1/15/38,
Callable
1/15/27
@
100(a)(b)
.........................................................
2,169
2,178
Series
2021-93A,
Class
XR,
4.82%
(TSFR3M+115bps),
1/15/38,
Callable
1/15/27
@
100(a)(b)
.........................................................
2,841
2,844
Series
2022-113A,
Class
BR3,
5.12%
(TSFR3M+145bps),
10/15/37,
Callable
10/15/26
@
100(a)(b)
.........................................................
3,202
3,207
Series
2022-97A,
Class
A2R,
5.14%
(TSFR3M+147bps),
10/20/38,
Callable
10/20/27
@
100(a)(b)
.........................................................
4,321
4,335
Series
2024-121A,
Class
B,
5.37%
(TSFR3M+170bps),
1/15/37,
Callable
1/15/27
@
100(a)(b)
.........................................................
4,420
4,437
Mountain
View
CLO
Ltd.,
Series
2013-1A,
Class
CRR,
6.11%
(TSFR3M+246bps),
10/12/30,
Callable
4/12/26
@
100(a)(b)
..........................................
4,000
4,021
NGC
Ltd.,
Series
2024-1A,
Class
X,
4.82%
(TSFR3M+115bps),
7/20/37,
Callable
7/20/26
@
100(a)(b)
.........................................................
2,671
2,674
OCP
CLO
Ltd.
.........................................................
Series
2020-8RA,
Class
B2R2,
5.10%,
10/17/38,
Callable
10/17/27
@
100(a)
........
3,325
3,322
Series
2021-23A,
Class
B2R2,
5.19%,
1/17/39(a)
............................
4,667
4,720
Series
2025-48A,
Class
B2,
5.06%,
12/15/38,
Callable
1/15/28
@
100(a)
...........
7,552
7,619
Palmer
Square
Loan
Funding
Ltd.,
Series
2024-3A,
Class
A2,
5.51%
(TSFR3M+165bps),
8/8/32,
Callable
2/8/26
@
100(a)(b)
......................................
3,625
3,622
Trimaran
Cavu
Ltd.,
Series
2021-3A,
Class
C1,
6.40%
(TSFR3M+273bps),
1/18/35,
Callable
4/18/26
@
100(a)(b)
.................................................
5,000
5,000
Venture
CLO
Ltd.
......................................................
Series
2022-45A,
Class
A2FR,
4.94%,
7/20/35,
Callable
1/20/27
@
100(a)
..........
3,450
3,434
Series
2022-45A,
Class
A2NR,
5.22%
(TSFR3M+155bps),
7/20/35,
Callable
1/20/27
@
100(a)(b)
.........................................................
6,378
6,368
Series
2023-47A,
Class
AJR,
5.42%
(TSFR3M+175bps),
4/20/36,
Callable
7/20/26
@
100(a)(b)
.........................................................
2,349
2,353
Series
2023-48A,
Class
BR,
5.42%
(TSFR3M+175bps),
10/20/36(a)(b)
............
2,485
2,486
Series
2024-49A,
Class
X,
5.02%
(TSFR3M+135bps),
4/20/37,
Callable
4/20/26
@
100(a)(b)
.........................................................
1,395
1,396
Series
2024-50A,
Class
X,
4.92%
(TSFR3M+125bps),
10/20/37,
Callable
10/20/26
@
100(a)(b)
.........................................................
2,717
2,721
96,649
Total
Collateralized
Loan
Obligations
(Cost
$96,381)
a
a
a
96,649
Collateralized
Mortgage
Obligations
(9.3%)
Agency
CMO
Floating
(0.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5522,
Class
BF,
4.75%
(SOFR30A+105bps),
3/25/55(b)
..................
7,910
7,962
Series
5525,
Class
FA,
4.90%
(SOFR30A+120bps),
4/25/55(b)
..................
1,354
1,365
Series
5527,
Class
FC,
4.90%
(SOFR30A+120bps),
9/25/54(b)
..................
1,572
1,584
10,911
Agency
CMO
Other
(1.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
5270,
Class
AB,
5.50%,
1/25/49
...................................
2,893
2,939
Series
5450,
Class
KA,
4.50%,
6/25/51
...................................
5,650
5,649
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
201
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
5478,
Class
J,
5.50%,
3/25/51
.....................................
$
11,381
$
11,497
Series
5547,
Class
V,
5.00%,
4/25/39
.....................................
4,111
4,165
Federal
National
Mortgage
Association
.......................................
Series
2022-88,
Class
BA,
5.50%,
7/25/47
.................................
1,595
1,612
Series
2024-33,
Class
PB,
5.00%,
3/25/48
.................................
747
753
Series
2025-33,
Class
P,
5.00%,
5/25/54
...................................
9,355
9,431
Government
National
Mortgage
Association
....................................
Series
2020-162,
Class
AB,
1.00%,
10/20/50
...............................
7,467
5,841
Series
2022-207,
Class
NA,
3.00%,
1/20/52
................................
2,275
2,038
Series
2023-107,
Class
PA,
5.50%,
1/20/46
................................
3,633
3,694
Series
2023-131,
Class
P,
5.50%,
6/20/48
..................................
2,171
2,184
Series
2024-19,
Class
AD,
5.00%,
6/20/53
.................................
2,541
2,565
Series
2024-95,
Class
AB,
2.50%,
6/20/45
.................................
4,385
4,050
Series
2025-114,
Class
JA,
4.50%,
8/20/51
.................................
2,271
2,270
Series
2025-139,
Class
DT,
5.00%,
3/20/65
................................
1,209
1,216
Series
2025-98,
Class
ET,
4.50%,
6/20/65
.................................
4,274
4,279
64,183
Agency
Commercial
MBS
(1.5%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K143,
Class
A2,
2.35%,
3/25/32,
Callable
3/25/32
@
100
.................
5,065
4,565
Series
K144,
Class
A2,
2.45%,
4/25/32,
Callable
4/25/32
@
100
.................
164
148
Series
K145,
Class
A2,
2.58%,
5/25/32,
Callable
5/25/32
@
100
.................
20,137
18,335
Series
K146,
Class
A2,
2.92%,
6/25/32,
Callable
6/25/32
@
100
.................
7,631
7,080
Series
K147,
Class
A2,
3.00%,
6/25/32,
Callable
6/25/32
@
100(e)
...............
10,994
10,242
Series
K149,
Class
A2,
3.53%,
8/25/32,
Callable
8/25/32
@
100
.................
13,418
12,865
Series
K-159,
Class
A2,
4.50%,
7/25/33,
Callable
7/25/33
@
100(e)
...............
17,895
18,063
Series
K-172,
Class
A2,
4.58%,
8/25/35,
Callable
8/25/35
@
100(e)
...............
7,073
7,117
Series
K536,
Class
AS,
4.29%
(SOFR30A+50bps),
11/25/29(b)
..................
3,433
3,432
Federal
National
Mortgage
Association,
Series
2017-M7,
Class
A2,
2.96%,
2/25/27(e)
.....
1,901
1,885
83,732
Commercial
MBS
(6.4%):
ALA
Trust
............................................................
Series
2025-OANA,
Class
A,
5.42%
(TSFR1M+174bps),
6/15/40(a)(b)(c)
..........
3,515
3,544
Series
2025-OANA,
Class
C,
5.77%
(TSFR1M+209bps),
6/15/40(a)(b)(c)
..........
715
721
Series
2025-OANA,
Class
D,
6.77%
(TSFR1M+309bps),
6/15/40(a)(b)(c)
..........
1,005
1,012
AOA
Trust
............................................................
Series
2025-1301,
Class
A,
5.06%,
8/11/42(a)(c)(e)
...........................
3,768
3,815
Series
2025-1301,
Class
B,
5.30%,
8/11/42(a)(c)(e)
...........................
2,394
2,424
Series
2025-1301,
Class
C,
5.64%,
8/11/42(a)(c)(e)
...........................
4,787
4,853
Series
2025-1345,
Class
A,
5.28%
(TSFR1M+160bps),
6/15/42(a)(b)(c)
............
1,547
1,554
Arbor
Multifamily
Mortgage
Securities
Trust
...................................
Series
2020-MF1,
Class
C,
3.60%,
5/15/53,
Callable
5/15/30
@
100(a)(e)
..........
1,500
1,417
Series
2021-MF2,
Class
B,
2.56%,
6/15/54,
Callable
7/15/31
@
100(a)(e)
..........
5,150
4,546
ARES
Commercial
Mortgage
Trust,
Series
2026-GCP,
Class
B,
5.20%
(TSFR1M+150bps),
2/15/43(a)(b)(c)
....................................................
434
434
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM,
Class
B,
5.78%
(TSFR1M+210bps),
8/15/42(a)(b)(c)
..........
2,037
2,033
Series
2025-ATRM,
Class
D,
6.98%
(TSFR1M+330bps),
8/15/42(a)(b)(c)
..........
3,489
3,457
Series
2025-ATRM,
Class
F,
9.18%
(TSFR1M+550bps),
8/15/42(a)(b)(c)
...........
2,000
1,973
Aventura
Mall
Trust
.....................................................
Series
2018-AVM,
Class
A,
4.11%,
7/5/40(a)(c)(e)
...........................
1,450
1,438
Series
2018-AVM,
Class
C,
4.11%,
7/5/40(a)(c)(e)
...........................
1,310
1,282
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2025-HYT,
Class
B,
5.58%
(TSFR1M+190bps),
12/15/42(a)(b)(c)
....................................
765
766
BANK,
Series
2017-BNK4,
Class
AS,
3.78%,
5/15/50,
Callable
4/15/27
@
100
..........
5,000
4,938
BBCCRE
Trust,
Series
2015-GTP,
Class
A,
3.97%,
8/10/33,
Callable
2/10/26
@
100(a)(c)
...
5,935
5,426
Benchmark
Mortgage
Trust
................................................
Series
2021-B25,
Class
300D,
2.99%,
4/15/54,
Callable
4/15/31
@
100(a)(e)
........
2,417
1,394
Series
2022-B36,
Class
XA,
0.64%,
7/15/55,
Callable
6/15/32
@
100(c)(e)
..........
40,603
1,579
BFLD
Commercial
Mortgage
Trust,
Series
2025-5MW,
Class
A,
4.67%,
10/10/42(a)(c)(e)
...
500
500
BLP
Commercial
Mortgage
Trust,
Series
2025-IND,
Class
A,
4.88%
(TSFR1M+120bps),
3/15/42(a)(b)(c)
....................................................
2,449
2,446
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
202
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
BPR
Trust
............................................................
Series
2021-TY,
Class
B,
4.95%
(TSFR1M+126bps),
9/15/38(a)(b)(c)
.............
$
750
$
750
Series
2021-TY,
Class
C,
5.50%
(TSFR1M+181bps),
9/15/38(a)(b)(c)
.............
1,388
1,387
Series
2021-TY,
Class
D,
6.15%
(TSFR1M+246bps),
9/15/38(a)(b)(c)
.............
2,752
2,750
BSTN
Commercial
Mortgage
Trust,
Series
2025-1C,
Class
A,
5.55%,
6/15/44(a)(c)(e)
......
1,345
1,378
BX
Commercial
Mortgage
Trust
............................................
Series
2022-CSMO,
Class
A,
5.79%
(TSFR1M+211bps),
6/15/27(a)(b)(c)
..........
4,013
4,017
Series
2022-CSMO,
Class
C,
7.57%
(TSFR1M+389bps),
6/15/27(a)(b)(c)
..........
7,500
7,502
Series
2022-CSMO,
Class
D,
8.02%
(TSFR1M+434bps),
6/15/27(a)(b)(c)
..........
2,400
2,402
Series
2023-XL3,
Class
A,
5.44%
(TSFR1M+176bps),
12/9/40(a)(b)(c)
............
77
77
Series
2025-COPT,
Class
B,
5.88%
(TSFR1M+220bps),
8/15/42(a)(b)(c)
...........
6
6
BX
Mortgage
Trust,
Series
2021-PAC,
Class
B,
4.69%
(TSFR1M+101bps),
10/15/36(a)(b)(c)
3,250
3,242
BX
Trust
.............................................................
Series
2022-CLS,
Class
A,
5.76%,
10/13/27(a)(c)
............................
2,111
2,126
Series
2022-CLS,
Class
B,
6.30%,
10/13/27(a)(c)
............................
3,000
2,990
Series
2022-CLS,
Class
C,
6.79%,
10/13/27(a)(c)
............................
2,500
2,422
Series
2025-ARIA,
Class
A,
5.03%,
12/13/42(a)(c)(e)
.........................
3,427
3,484
Series
2025-GW,
Class
A,
5.28%
(TSFR1M+160bps),
7/15/42(a)(b)(c)
............
3,299
3,311
Series
2025-GW,
Class
B,
5.53%
(TSFR1M+185bps),
7/15/42(a)(b)(c)
............
4,124
4,138
Series
2025-GW,
Class
C,
5.78%
(TSFR1M+210bps),
7/15/42(a)(b)(c)
............
2,474
2,483
Series
2025-GW,
Class
D,
6.43%
(TSFR1M+275bps),
7/15/42(a)(b)(c)
............
2,049
2,060
Series
2025-ROIC,
Class
A,
4.82%
(TSFR1M+114bps),
3/15/30(a)(b)(c)
...........
2,632
2,631
Series
2025-ROIC,
Class
B,
5.07%
(TSFR1M+139bps),
3/15/30(a)(b)(c)
...........
3,006
3,000
Series
2025-VOLT,
Class
A,
5.38%
(TSFR1M+170bps),
12/15/44(a)(b)(c)
..........
2,260
2,270
Series
2025-VOLT,
Class
B,
5.78%
(TSFR1M+210bps),
12/15/44(a)(b)(c)
..........
5,554
5,578
Series
2025-VOLT,
Class
C,
6.03%
(TSFR1M+235bps),
12/15/44(a)(b)(c)
..........
3,586
3,604
BXP
Trust
............................................................
Series
2021-601L,
Class
A,
2.62%,
1/15/44(a)(c)
............................
2,824
2,488
Series
2021-601L,
Class
B,
2.78%,
1/15/44(a)(c)(e)
..........................
5,545
4,830
Series
2021-601L,
Class
C,
2.78%,
1/15/44(a)(c)(e)
..........................
3,750
3,181
Series
2021-601L,
Class
D,
2.78%,
1/15/44(a)(c)(e)
..........................
5,750
4,674
CAMB
Commercial
Mortgage
Trust,
Series
2021-CX2,
Class
A,
2.70%,
11/10/46,
Callable
11/10/31
@
100(a)(c)
................................................
2,000
1,757
COMM
Mortgage
Trust
..................................................
Series
2020-CX,
Class
A,
2.17%,
11/10/46,
Callable
11/10/30
@
100(a)(c)
..........
1,075
926
Series
2024-277P,
Class
A,
6.34%,
8/10/44(a)(c)
.............................
3,622
3,810
Series
2024-277P,
Class
B,
7.00%,
8/10/44(a)(c)(e)
...........................
453
481
CSMC
Trust
..........................................................
Series
2019-UVIL,
Class
A,
3.16%,
12/15/41(a)(c)
...........................
1,950
1,850
Series
2019-UVIL,
Class
C,
3.28%,
12/15/41(a)(c)(e)
.........................
5,000
4,663
Series
2020-WEST,
Class
A,
3.04%,
2/15/35,
Callable
2/15/30
@
100(a)(c)
.........
2,500
2,134
DBJPM
Mortgage
Trust
..................................................
Series
2016-C1,
Class
A4,
3.28%,
5/10/49,
Callable
4/10/26
@
100
...............
438
433
Series
2016-SFC,
Class
B,
3.24%,
8/10/36,
Callable
8/10/26
@
100(a)(c)
...........
2,500
—(f)
DBWF
Mortgage
Trust,
Series
2024-LCRS,
Class
A,
5.42%
(TSFR1M+174bps),
4/15/37(a)(b)
(c)
.............................................................
2,750
2,747
GFH
Mortgage
Trust,
Series
2025-IND,
Class
B,
5.55%,
6/15/33(a)(c)
.................
1,850
1,858
GS
Mortgage
Securities
Corp.
Trust,
Series
2023-SHIP,
Class
C,
5.51%,
9/10/38(a)(c)(e)
....
1,882
1,885
GS
Mortgage
Securities
Trust
..............................................
Series
2019-GSA1,
Class
A4,
3.05%,
11/10/52,
Callable
11/10/29
@
100
...........
4,000
3,816
Series
2019-GSA1,
Class
AS,
3.34%,
11/10/52,
Callable
11/10/29
@
100
...........
5,000
4,746
Hilton
USA
Trust
.......................................................
Series
2016-HHV,
Class
A,
3.72%,
11/5/38(a)(c)
............................
2,286
2,274
Series
2016-HHV,
Class
B,
4.19%,
11/5/38(a)(c)(e)
..........................
4,650
4,641
Series
2016-HHV,
Class
C,
4.19%,
11/5/38(a)(c)(e)
..........................
1,873
1,864
Series
2016-HHV,
Class
D,
4.19%,
11/5/38(a)(c)(e)
..........................
1,866
1,852
Houston
Galleria
Mall
Trust,
Series
2025-HGLR,
Class
A,
5.46%,
2/5/45(a)(c)(e)
.........
1,593
1,649
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY,
Class
A,
2.84%,
8/10/38,
Callable
8/10/26
@
100(a)(c)
..........
12,552
12,438
Series
2019-30HY,
Class
A,
3.23%,
7/10/39(a)(c)
............................
1,906
1,826
Series
2019-30HY,
Class
D,
3.44%,
7/10/39(a)(c)(e)
..........................
4,947
4,629
Series
2019-55HY,
Class
A,
2.94%,
12/10/41(a)(c)(e)
.........................
7,369
6,958
Series
2025-SPRL,
Class
A,
5.47%,
1/13/40(a)(c)(e)
..........................
7,119
7,377
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
203
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-SPRL,
Class
B,
5.76%,
1/13/40(a)(c)(e)
..........................
$
2,624
$
2,716
HYT
Commercial
Mortgage
Trust,
Series
2024-RGCY,
Class
A,
5.52%
(TSFR1M+184bps),
9/15/41(a)(b)(c)
....................................................
8,466
8,481
ILPT
Commercial
Mortgage
Trust,
Series
2022-LPFX,
Class
C,
3.82%,
3/15/32(a)(c)(e)
....
2,500
2,275
INT
Commercial
Mortgage
Trust,
Series
2025-PLAZA,
Class
A,
5.04%,
11/5/37(a)(c)(e)
....
1,239
1,253
IRV
Trust,
Series
2025-200P,
Class
A,
5.29%,
3/14/47,
Callable
2/14/35
@
100(a)(c)(e)
.....
4,904
5,025
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
..........................
Series
2013-C10,
Class
C,
4.21%,
12/15/47,
Callable
12/15/26
@
100(e)
...........
534
520
Series
2019-OSB,
Class
A,
3.40%,
6/5/39,
Callable
6/5/29
@
100(a)(c)
............
5,000
4,748
Series
2019-OSB,
Class
C,
3.75%,
6/5/39,
Callable
6/5/29
@
100(a)(c)(e)
..........
2,436
2,259
Series
2019-OSB,
Class
D,
3.78%,
6/5/39,
Callable
6/5/29
@
100(a)(c)(e)
..........
2,000
1,836
Series
2021-2NU,
Class
D,
2.08%,
1/5/40(a)(c)
.............................
2,700
2,124
Series
2021-2NU,
Class
XA,
0.09%,
1/5/40(a)(c)(e)
..........................
226,300
340
Jackson
Park
Trust
......................................................
Series
2019-LIC,
Class
A,
2.77%,
10/14/39(a)(c)
............................
5,000
4,654
Series
2019-LIC,
Class
C,
3.13%,
10/14/39(a)(c)(e)
..........................
5,000
4,583
JW
Commercial
Mortgage
Trust,
Series
2024-MRCO,
Class
A,
5.30%
(TSFR1M+162bps),
6/15/39(a)(b)(c)
....................................................
2,716
2,722
LBA
Trust,
Series
2024-7IND,
Class
B,
5.42%
(TSFR1M+174bps),
10/15/41(a)(b)(c)
......
1,463
1,464
LEX
Mortgage
Trust,
Series
2024-BBG,
Class
A,
4.87%,
10/13/33,
Callable
10/13/28
@
100(a)
(c)(e)
...........................................................
4,351
4,378
MAD
Commercial
Mortgage
Trust,
Series
2025-11MD,
Class
A,
4.91%,
10/15/42(a)(c)(e)
...
4,697
4,724
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW,
Class
A,
2.13%,
9/10/39(a)(c)
............................
10,274
9,914
Series
2020-1MW,
Class
B,
2.33%,
9/10/39(a)(c)(e)
..........................
8,081
7,800
Series
2020-1MW,
Class
C,
2.33%,
9/10/39(a)(c)(e)
..........................
5,000
4,810
Series
2020-1MW,
Class
D,
2.33%,
9/10/39(a)(c)(e)
..........................
6,475
6,176
MHP,
Series
2022-MHIL,
Class
D,
5.29%
(TSFR1M+161bps),
1/15/39(a)(b)(c)
..........
2,000
2,000
MILE
Trust,
Series
2025-STNE,
Class
C,
5.78%
(TSFR1M+210bps),
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)(c)
........
2,750
2,295
NYC
Commercial
Mortgage
Trust
...........................................
Series
2025-300P,
Class
A,
4.88%,
7/13/42(a)(c)(e)
...........................
315
318
Series
2025-300P,
Class
B,
5.18%,
7/13/42(a)(c)(e)
...........................
2,022
2,040
One
Bryant
Park
Trust,
Series
2019-OBP,
Class
A,
2.52%,
9/15/54(a)(c)
................
13,034
12,144
ONE
Mortgage
Trust,
Series
2021-PARK,
Class
D,
5.29%
(TSFR1M+161bps),
3/15/36(a)(b)
(c)
.............................................................
5,000
4,966
SCG
Commercial
Mortgage
Trust,
Series
2025-FLWR,
Class
B,
5.23%
(TSFR1M+155bps),
8/15/42(a)(b)(c)
....................................................
3,000
3,007
SCOTT
Trust,
Series
2023-SFS,
Class
AS,
6.20%,
3/10/40(a)(c)
.....................
2,357
2,428
SHR
Trust
............................................................
Series
2024-LXRY,
Class
B,
6.13%
(TSFR1M+245bps),
10/15/41(a)(b)(c)
..........
4,487
4,493
Series
2024-LXRY,
Class
C,
6.63%
(TSFR1M+295bps),
10/15/41(a)(b)(c)
..........
2,022
2,040
SLG
Office
Trust
.......................................................
Series
2021-OVA,
Class
B,
2.71%,
7/15/41(a)(c)
............................
4,000
3,567
Series
2021-OVA,
Class
C,
2.85%,
7/15/41(a)(c)
............................
4,000
3,571
SREIT
Trust,
Series
2021-MFP2,
Class
D,
5.36%
(TSFR1M+168bps),
11/15/36(a)(b)(c)
....
1,000
999
SWCH
Commercial
Mortgage
Trust,
Series
2025-DATA,
Class
A,
5.12%
(TSFR1M+144bps),
2/15/42(a)(b)(c)
....................................................
2,211
2,194
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2018-AUS,
Class
A,
4.06%,
8/17/36(a)(c)(e)
..........................
4,200
4,122
Series
2020-C56,
Class
AS,
3.11%,
6/15/53,
Callable
4/15/30
@
100
..............
2,000
1,841
Series
2021-SAVE,
Class
D,
6.40%
(TSFR1M+271bps),
2/15/40(a)(b)(c)
...........
1,200
1,197
Series
2025-HI,
Class
A,
5.37%
(TSFR1M+169bps),
10/15/42(a)(b)(c)
.............
520
521
345,335
Private
CMO
Floating
(0.0%):(d)
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2005-AR5,
Class
B1,
4.54%
(TSFR1M+86bps),
7/19/35,
Callable
2/19/26
@
100(b)
........................
247
162
Total
Collateralized
Mortgage
Obligations
(Cost
$511,866)
a
a
a
504,323
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
204
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Shares
a
Value
(000)
Preferred
Stocks
(0.3%)
Consumer
Staples
(0.2%):
CHS,
Inc.,
Series
2,
7.10%(g)
..............................................
$
400,000
$
10,180
Financials
(0.1%):
Citigroup
Capital
XIII,
10.30%
(TSFR3M+663bps),
10/30/40(b)
.....................
87,500
2,624
U.S.
Bancorp,
Series
A,
4.95%
(TSFR3M+128bps)(b)(g)
..........................
5,000
3,892
6,516
Total
Preferred
Stocks
(Cost
$15,932)
a
a
a
16,696
Principal
Amount
(000)
Senior
Secured
Loans
(1.8%)
Communication
Services
(0.1%):
Altafiber,
Term
Loan
B,
First
Lien,
5.97%
(SOFR03M+225bps),
11/24/28(b)
............
483
481
Lumen
Technologies,
Inc.,
Term
Loan
A,
First
Lien,
9.72%
(SOFR01M+600bps),
6/1/28(b)
..
6,300
6,311
6,792
Consumer
Discretionary
(0.7%):
Academy,
Ltd.,
Refinancing
Term
Loans,
First
Lien,
7.45%
(SOFR01M+375bps),
11/8/27(b)
.
106
106
Alterra
Mountain
Co.,
Series
B-9
Term
Loan,
First
Lien,
6.22%
(SOFR03M+250bps),
8/17/28(b)
........................................................
343
343
AMC
Entertainment
Holdings,
Inc.,
Initial
Exchange
Term
Loan,
First
Lien,
10.68%
(SOFR01M+700bps),
1/4/29(b)
.........................................
6,488
6,436
BJ's
Wholesale
Club,
Inc.,
Tranch
B
Term,
First
Lien,
5.42%
(SOFR01M+175bps),
2/5/29(b)
825
827
Burlington
Coat
Factory
Warehouse
Corp.,
Term
Loan
B7,
First
Lien,
5.47%
(SOFR03M+175bps),
9/19/31(b)
........................................
4,765
4,765
Charter
Communications
Operating
LLC,
Term
Loan
B-5,
First
Lien,
5.91%
(SOFR03M+225bps),
12/15/31(b)
.......................................
4,629
4,621
DK
Crown
Holdings,
Inc.,
Term
B
Loans,
First
Lien,
5.42%
(SOFR01M+175bps),
3/4/32(b)
.
993
992
Flutter
Financing
B.V.,
2024
Refinancing
Term
B
Loan,
First
Lien,
5.42%
(SOFR03M+175bps),
11/29/30(b)
.......................................
1,867
1,862
Four
Seasons
Hotels
Ltd.,
2025
Refinancing
Term
Loan,
First
Lien,
5.47%
(SOFR03M+175bps),
9/22/32(b)
........................................
3,299
3,318
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien,
6.97%
(SOFR03M+325bps),
1/23/32(b)
894
893
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien,
6.92%
(SOFR03M+325bps),
3/6/28(b)
.........................................................
705
703
Petco
Health
&
Wellness
Co.,
Inc.,
Term
Loan
B,
First
Lien,
1/22/31(h)
................
5,135
5,013
PetSmart,
Inc.,
Initial
Term
Loan,
First
Lien,
7.67%
(SOFR01M+400bps),
8/18/32(b)
......
3,057
3,052
The
E.W.
Scripps
Co.,
Tranche
B-2
Term
Loan,
First
Lien,
9.43%
(SOFR01M+575bps),
6/30/28(b)
........................................................
1,616
1,629
Topgolf
Callaway
Brands
Corp.,
Initial
Term
Loans,
First
Lien,
5.76%
(SOFR03M+300bps),
3/18/30(b)
........................................................
175
175
34,735
Consumer
Staples
(0.1%):
Reynolds
Consumer
Products
LLC,
Initial
Term
Loan,
First
Lien,
5.47%
(SOFR03M+175bps),
3/4/32(b)
.........................................................
1,640
1,650
US
Foods,
Inc.,
Replacement
B
2024
Term
Loan,
First
Lien,
5.47%
(SOFR03M+175bps),
10/3/31(b)
........................................................
2,426
2,440
4,090
Energy
(0.1%):
Hilcorp
Energy
I
LP,
Initial
Loan,
First
Lien,
5.68%
(SOFR01M+200bps),
2/11/30(b)
......
2,382
2,382
Murphy
USA,
Inc.,
Tranche
B
Term
Loan,
First
Lien,
5.45%
(SOFR01M+175bps),
4/7/32(b)
.
748
754
3,136
Financials
(0.5%):
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien,
6.42%
(SOFR03M+275bps),
2/18/31(b)
........................................
80
79
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien,
6.37%
(SOFR06M+275bps),
2/18/31(b)
........................................
1,555
1,549
AS
Mileage
Plan
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
5.42%
(SOFR03M+175bps),
10/15/31(b)
.......................................................
4,143
4,165
Asplundh
Tree
Expert
LLC,
Term
Loan
B,
First
Lien,
5.47%
(SOFR03M+175bps),
5/23/31(b)
584
584
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
205
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Broadstreet
Partners,
Inc.,
2024
Term
B
Loans,
First
Lien,
6.22%
(SOFR03M+250bps),
6/16/31(b)
........................................................
$
986
$
979
Chicago
US
Midco
III
LP,
Delayed
Draw
Term
Loan
Commitment,
First
Lien,
10/9/32(h)(i)
.
197
197
Chicago
US
Midco
III,
LP,
Closing
Date
Term
Loans,
First
Lien,
6.22%
(SOFR03M+250bps),
10/29/32(b)
.......................................................
1,328
1,324
CNT
Holdings
I
Corp.,
2025
Replacement
Term
Loans,
First
Lien,
6.34%
(SOFR03M+250bps),
11/8/32(b)
........................................
2,682
2,677
Colossus
Acquireco
LLC,
Initial
Term
Loan,
First
Lien,
5.41%
(SOFRDAILY+175bps),
7/30/32(b)
........................................................
1,496
1,490
Delta
2
(LUX)
SARL,
Term
Loan
B,
First
Lien,
5.42%
(SOFR03M+175bps),
9/19/31(b)
....
1,100
1,099
EP
Wealth
Advisors,
Inc.,
Closing
Date
Term
Loans,
First
Lien,
6.67%
(SOFR03M+300bps),
10/18/32(b)
.......................................................
500
503
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien,
6.97%
(SOFR03M+325bps),
1/29/29(b)
........................................................
472
470
OEG
Borrower
LLC,
Amendment
No.1
Term
Loan,
First
Lien,
7.20%
(SOFR03M+350bps),
6/30/31(b)
........................................................
889
890
OneDigital
Borrower
LLC,
2025
Refinancing
Term
Loans,
First
Lien,
6.72%
(SOFR03M+300bps),
7/2/31(b)
.........................................
1,798
1,792
Ryan
Specialty
Group
LLC,
Term
Loan
B1,
First
Lien,
5.72%
(SOFR03M+200bps),
9/15/31(b)
495
495
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
First
Lien,
6.42%
(SOFR03M+275bps),
5/6/31(b)
.........................................................
563
561
Voyager
Parent
LLC,
2026
Refinancing
Term
B
Loans,
First
Lien,
7.91%
(SOFR03M+425bps),
7/1/32(b)
.........................................................
7,855
7,835
26,689
Industrials
(0.0%):(d)
Arcosa,
Inc.,
2025
Refinancing
Term
Loan,
First
Lien,
5.72%
(SOFR03M+200bps),
10/1/31(b)
1,341
1,343
Janus
International
Group
LLC,
Term
Loan
B,
First
Lien,
6.32%
(SOFR03M+250bps),
8/5/30(b)
.........................................................
176
176
Knife
River
Corp.,
Initial
Tranche
B
Term
Loans,
First
Lien,
5.74%
(SOFR03M+200bps),
3/8/32(b)
.........................................................
1,712
1,717
3,236
Information
Technology
(0.3%):
Open
Text
Corp.,
Term
Loan
B,
First
Lien,
5.47%
(SOFR03M+175bps),
1/31/30(b)
.......
4,191
4,121
Proofpoint,
Inc.,
2024
Refinancing
Term
Loan,
First
Lien,
6.67%
(SOFR03M+300bps),
8/31/28(b)
........................................................
466
462
Sandisk
Corp.,
Term
B
Loan,
First
Lien,
6.67%
(SOFR03M+300bps),
2/23/32(b)
.........
1,060
1,061
X.AI
LLC,
Term
Loan
B,
First
Lien,
10.92%
(TSFR1M+725bps),
6/28/30(b)
............
3,000
3,051
X.AI
LLC,
Term
Loan,
First
Lien,
12.50%,
6/28/30
..............................
5,000
5,408
14,103
Materials
(0.0%):(d)
Consolidated
Energy
Finance
S.A.,
2024
Incremental
Term
Loan,
First
Lien,
8.20%
(SOFR03M+450bps),
11/18/30(b)
.......................................
1,750
1,521
Element
Solutions,
Inc.,
Term
Loan,
First
Lien,
12/18/30(h)
.........................
1,000
1,003
Light
&
Wonder
International,
Inc.,
Term
Loan
B-3,
First
Lien,
5.67%
(SOFR01M+200bps),
4/16/29(b)
........................................................
965
962
3,486
Utilities
(0.0%):(d)
NRG
Energy,
Inc.,
2024
New
Term
Loans,
First
Lien,
5.42%
(SOFR01M+175bps),
4/16/31(b)
4
4
NRG
Energy,
Inc.,
2024
New
Term
Loans,
First
Lien,
5.42%
(SOFR03M+175bps),
4/16/31(b)
1,586
1,587
SGH2
LLC,
Initial
Term
Loan,
First
Lien,
8.17%
(SOFR03M+450bps),
8/18/32(b)
........
1,196
1,198
2,789
Total
Senior
Secured
Loans
(Cost
$98,790)
a
a
a
99,056
Corporate
Bonds
(19.3%)
Communication
Services
(2.3%):
Alphabet,
Inc.,
5.45%,
11/15/55,
Callable
5/15/55
@
100
..........................
1,541
1,505
AT&T,
Inc.
4.50%,
5/15/35,
Callable
11/15/34
@
100
..................................
489
468
5.13%,
4/30/36,
Callable
1/30/36
@
100
..................................
5,086
5,061
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
206
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
5.85%,
12/1/35,
Callable
9/1/35
@
100(j)
..................................
$
1,556
$
1,548
4.80%,
3/1/50,
Callable
9/1/49
@
100
....................................
254
192
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.,
10.00%,
2/15/31,
Callable
2/15/27
@
105(a)
.........................................................
1,317
1,357
DISH
Network
Corp.,
11.75%,
11/15/27,
Callable
2/14/26
@
102.94(a)
................
9,724
10,056
EchoStar
Corp.
10.75%,
11/30/29,
Callable
11/30/26
@
105.38
..............................
10,796
11,834
6.75%,
11/30/30,
Callable
11/30/26
@
102(k)
...............................
14,317
14,552
Frontier
Communications
Holdings
LLC,
6.75%,
5/1/29,
Callable
3/6/26
@
101.69(a)
......
12,148
12,202
Lamar
Media
Corp.,
5.38%,
11/1/33,
Callable
11/1/28
@
102.69(a)
...................
91
91
Lincoln
Center
for
the
Performing
Arts,
Inc.,
3.71%,
12/1/35,
Callable
9/1/35
@
100
.......
1,475
1,318
Meta
Platforms,
Inc.,
5.63%,
11/15/55,
Callable
5/15/55
@
100
......................
4,546
4,319
Netflix,
Inc.,
5.40%,
8/15/54,
Callable
2/15/54
@
100
.............................
2,466
2,357
Paramount
Global,
4.38%,
3/15/43
..........................................
27,297
18,769
ROBLOX
Corp.,
3.88%,
5/1/30,
Callable
3/6/26
@
100.97(a)
.......................
7,294
6,984
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)
......................................
174
175
T-Mobile
USA,
Inc.
4.95%,
11/15/35,
Callable
8/15/35
@
100
..................................
3,809
3,767
5.00%,
2/15/36,
Callable
11/15/35
@
100
..................................
3,693
3,653
5.70%,
1/15/56,
Callable
7/15/55
@
100
..................................
2,285
2,209
Verizon
Communications,
Inc.,
5.88%,
11/30/55,
Callable
5/30/55
@
100
...............
3,778
3,729
Warnermedia
Holdings,
Inc.,
5.05%,
3/15/42,
Callable
9/15/41
@
100
.................
11,913
8,416
WMG
Acquisition
Corp.,
3.88%,
7/15/30,
Callable
3/6/26
@
101.94(a)
................
12,735
12,229
126,791
Consumer
Discretionary
(0.6%):
AutoNation,
Inc.,
5.89%,
3/15/35,
Callable
12/15/34
@
100
........................
1,324
1,373
Boyne
USA,
Inc.,
4.75%,
5/15/29,
Callable
3/6/26
@
101.19(a)
......................
858
847
Choice
Hotels
International,
Inc.,
5.85%,
8/1/34,
Callable
5/1/34
@
100(j)
..............
1,562
1,599
D.R.
Horton,
Inc.,
5.50%,
10/15/35,
Callable
7/15/35
@
100
........................
2,591
2,682
Daimler
Truck
Finance
North
America
LLC,
5.38%,
6/25/34,
Callable
3/25/34
@
100(a)
....
2,668
2,721
ERAC
USA
Finance
LLC,
4.90%,
5/1/33,
Callable
2/1/33
@
100(a)
...................
1,663
1,682
Genuine
Parts
Co.,
2.75%,
2/1/32,
Callable
11/1/31
@
100
.........................
481
426
Hyatt
Hotels
Corp.
5.50%,
6/30/34,
Callable
3/30/34
@
100
..................................
430
443
5.40%,
12/15/35,
Callable
9/15/35
@
100
.................................
1,885
1,888
LKQ
Corp.,
6.25%,
6/15/33,
Callable
3/15/33
@
100
.............................
84
88
Lowe's
Cos.,
Inc.,
4.85%,
10/15/35,
Callable
7/15/35
@
100
........................
5,712
5,667
Marriott
International,
Inc.
5.25%,
10/15/35,
Callable
7/15/35
@
100
.................................
427
433
5.50%,
4/15/37,
Callable
1/15/37
@
100
..................................
1,833
1,869
Meritage
Homes
Corp.,
5.65%,
3/15/35,
Callable
12/15/34
@
100
....................
2,078
2,116
O'Reilly
Automotive,
Inc.,
5.00%,
8/19/34,
Callable
5/19/34
@
100
...................
570
573
PetSmart
LLC/PetSmart
Finance
Corp.,
7.50%,
9/15/32,
Callable
9/15/28
@
103.75(a)
.....
1,159
1,189
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
50
43
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.,
6.63%,
3/1/30,
Callable
3/6/26
@
101.66(a)
......................................................
843
770
Six
Flags
Entertainment
Corp./Six
Flags
Theme
Parks,
Inc./Canada's
Wonderland
Co.,
6.63%,
5/1/32,
Callable
5/1/27
@
103.31(a)(j)
....................................
2,564
2,619
Toll
Brothers
Finance
Corp.,
5.60%,
6/15/35,
Callable
3/15/35
@
100(j)
................
1,141
1,185
Volkswagen
Group
of
America
Finance
LLC,
5.60%,
3/22/34,
Callable
12/22/33
@
100(a)
..
2,208
2,269
32,482
Consumer
Staples
(1.1%):
7-Eleven,
Inc.
1.80%,
2/10/31,
Callable
11/10/30
@
100(a)
................................
4,092
3,591
2.80%,
2/10/51,
Callable
8/2/50
@
100(a)
.................................
1,102
659
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC,
5.75%,
3/31/34,
Callable
11/15/28
@
102.88(a)
.........................................
3,846
3,781
Bimbo
Bakeries
USA,
Inc.,
5.38%,
1/9/36,
Callable
10/9/35
@
100(a)
.................
3,399
3,459
Coca-Cola
Consolidated,
Inc.,
5.45%,
6/1/34,
Callable
3/1/34
@
100
..................
426
444
Constellation
Brands,
Inc.,
4.95%,
11/1/35,
Callable
8/1/35
@
100(j)
..................
3,078
3,040
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
207
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
6.63%,
7/15/30,
Callable
7/16/26
@
103.31(a)(j)
............................
$
9,117
$
9,357
5.60%,
1/15/31,
Callable
12/15/30
@
100(a)
...............................
3,386
3,428
Dollar
Tree,
Inc.,
2.65%,
12/1/31,
Callable
9/1/31
@
100
...........................
524
472
Kellanova,
4.50%,
4/1/46
.................................................
263
232
Keurig
Dr.
Pepper,
Inc.,
5.15%,
5/15/35,
Callable
2/15/35
@
100
.....................
6,639
6,633
Kraft
Heinz
Foods
Co.,
6.88%,
1/26/39
.......................................
9,322
10,381
Mars,
Inc.,
5.20%,
3/1/35,
Callable
12/1/34
@
100(a)
.............................
3,598
3,681
PepsiCo,
Inc.,
5.00%,
7/23/35,
Callable
4/23/35
@
100
............................
2,520
2,563
Smithfield
Foods,
Inc.,
2.63%,
9/13/31,
Callable
6/13/31
@
100(a)
....................
2,135
1,893
Sodexo,
Inc.,
5.80%,
8/15/35,
Callable
5/15/35
@
100(a)
..........................
1,666
1,735
Sysco
Corp.,
5.40%,
3/23/35,
Callable
12/23/34
@
100
............................
1,293
1,336
The
Hershey
Co.,
5.10%,
2/24/35,
Callable
11/24/34
@
100
........................
720
739
The
J.M.
Smucker
Co.,
6.50%,
11/15/53,
Callable
5/15/53
@
100(j)
...................
688
744
The
Kroger
Co.,
5.50%,
9/15/54,
Callable
3/15/54
@
100
..........................
15
14
58,182
Energy
(0.9%):
Boardwalk
Pipelines
LP,
5.38%,
2/15/36,
Callable
11/15/35
@
100
...................
2,280
2,285
Cameron
LNG
LLC,
3.30%,
1/15/35,
Callable
9/15/34
@
100(a)
.....................
2,227
1,952
Cheniere
Energy
Partners
LP,
5.55%,
10/30/35,
Callable
4/30/35
@
100(a)
..............
1,810
1,849
Cheniere
Energy,
Inc.,
4.63%,
10/15/28,
Callable
2/14/26
@
100
.....................
500
500
CITGO
Petroleum
Corp.,
8.38%,
1/15/29,
Callable
3/6/26
@
104.19(a)
................
7,682
7,983
Coterra
Energy,
Inc.,
5.40%,
2/15/35,
Callable
11/15/34
@
100
......................
1,994
2,030
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC,
5.50%,
6/15/31,
Callable
6/15/26
@
102.75(a)
1,000
994
Diamondback
Energy,
Inc.
5.40%,
4/18/34,
Callable
1/18/34
@
100
..................................
1,843
1,889
5.75%,
4/18/54,
Callable
10/18/53
@
100
.................................
439
419
DT
Midstream,
Inc.,
5.80%,
12/15/34,
Callable
9/15/34
@
100(a)
....................
1,808
1,876
Eastern
Energy
Gas
Holdings
LLC,
5.80%,
1/15/35,
Callable
10/15/34
@
100
...........
4,319
4,565
Energy
Transfer
LP,
5.35%,
1/15/36,
Callable
10/15/35
@
100
.......................
3,677
3,672
Enterprise
Products
Operating
LLC,
5.20%,
1/15/36,
Callable
10/15/35
@
100
...........
3,008
3,059
Florida
Gas
Transmission
Co.
LLC,
5.75%,
7/15/35,
Callable
4/15/35
@
100(a)
..........
2,769
2,866
Helmerich
&
Payne,
Inc.,
5.50%,
12/1/34,
Callable
9/1/34
@
100(j)
...................
1,342
1,329
Occidental
Petroleum
Corp.,
6.45%,
9/15/36
...................................
1,333
1,420
ONEOK,
Inc.
5.40%,
10/15/35,
Callable
7/15/35
@
100
.................................
909
916
5.15%,
10/15/43,
Callable
4/15/43
@
100
.................................
702
640
Permian
Resources
Operating
LLC,
6.25%,
2/1/33,
Callable
8/1/27
@
103.13(a)
..........
100
103
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.,
5.70%,
9/15/34,
Callable
6/15/34
@
100
1,733
1,788
Venture
Global
Plaquemines
LNG
LLC,
7.75%,
5/1/35,
Callable
12/1/34
@
100(a)
........
1,186
1,323
Viper
Energy
Partners
LLC,
5.70%,
8/1/35,
Callable
5/1/35
@
100
....................
2,712
2,759
46,217
Financials
(5.7%):
Acrisure
LLC/Acrisure
Finance,
Inc.,
6.75%,
7/1/32,
Callable
7/1/28
@
103.38(a)
.........
1,650
1,691
Affiliated
Managers
Group,
Inc.,
5.50%,
2/15/36,
Callable
11/15/35
@
100
..............
6,733
6,733
American
Express
Co.,
4.80%
(SOFR+124bps),
10/24/36,
Callable
10/24/35
@
100(b)
.....
2,966
2,910
American
National
Global
Funding,
5.55%,
1/28/30(a)
............................
1,786
1,837
Amrize
Finance
US
LLC,
5.40%,
4/7/35,
Callable
1/7/35
@
100
.....................
738
764
Aon
North
America,
Inc.,
5.75%,
3/1/54,
Callable
9/1/53
@
100
.....................
840
836
Apollo
Debt
Solutions
BDC,
5.70%,
1/23/31,
Callable
12/23/30
@
100(a)
..............
1,255
1,248
Apollo
Global
Management,
Inc.,
5.15%,
8/12/35,
Callable
5/12/35
@
100
..............
3,041
3,027
Arthur
J.
Gallagher
&
Co.
5.45%,
7/15/34,
Callable
4/15/34
@
100
..................................
671
692
5.55%,
2/15/55,
Callable
8/15/54
@
100
..................................
1,658
1,587
Athene
Global
Funding,
2.67%,
6/7/31(a)
......................................
3,000
2,689
Bank
of
America
Corp.
2.30%
(SOFR+122bps),
7/21/32,
Callable
7/21/31
@
100(b)
....................
2,000
1,787
2.48%
(H15T5Y+120bps),
9/21/36,
Callable
9/21/31
@
100(b)
..................
2,050
1,798
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer,
Inc.,
9.50%,
7/1/32,
Callable
7/1/28
@
104.75(a)
.................................................
1,266
1,207
Blackstone
Reg
Finance
Co.
LLC,
4.95%,
2/15/36,
Callable
11/15/35
@
100
............
2,668
2,637
Block,
Inc.,
6.00%,
8/15/33,
Callable
8/15/28
@
103(a)
............................
2,205
2,251
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
208
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
BMW
US
Capital
LLC,
5.20%,
8/11/35,
Callable
5/11/35
@
100(a)
...................
$
2,353
$
2,371
Brown
&
Brown,
Inc.
5.65%,
6/11/34,
Callable
3/11/34
@
100
..................................
930
957
5.55%,
6/23/35,
Callable
3/23/35
@
100
..................................
2,084
2,130
6.25%,
6/23/55,
Callable
12/12/54
@
100
.................................
872
902
Burford
Capital
Global
Finance
LLC,
7.50%,
7/15/33,
Callable
7/15/28
@
103.75(a)
.......
786
760
Capital
One
Financial
Corp.,
2.36%
(SOFR+134bps),
7/29/32,
Callable
7/29/31
@
100(b)
...
2,000
1,749
Citigroup,
Inc.,
3.88%
(H15T5Y+342bps),
Callable
2/18/26
@
100(b)(g)
...............
2,288
2,285
Clearinghouse
Community
Development
Financial
Institution,
7.00%,
10/15/30,
Callable
9/15/30
@
100(a)
...................................................
2,650
2,863
Compeer
Financial
FLCA/Compeer
Financial
PCA,
3.38%
(SOFR+197bps),
6/1/36,
Callable
6/1/31
@
100(a)(b)
..................................................
978
871
Cullen/Frost
Bankers,
Inc.,
4.50%,
3/17/27,
Callable
2/17/27
@
100
...................
1,000
1,000
Fifth
Third
Bancorp,
5.14%
(SOFR+124bps),
1/29/37,
Callable
1/29/36
@
100(b)
.........
3,651
3,626
First
Horizon
Bank,
5.75%,
5/1/30,
Callable
2/1/30
@
100
.........................
2,500
2,580
Fiserv,
Inc.
5.25%,
8/11/35,
Callable
5/11/35
@
100
..................................
7,373
7,314
4.40%,
7/1/49,
Callable
1/1/49
@
100
....................................
3,661
2,882
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
....................................
2,529
2,549
6.50%,
2/7/35,
Callable
11/7/34
@
100
...................................
1,878
1,958
5.87%,
10/31/35,
Callable
7/31/35
@
100
.................................
2,531
2,517
Global
Atlantic
Fin
Co.,
7.95%,
6/15/33,
Callable
3/15/33
@
100(a)
...................
1,675
1,907
Global
Payments,
Inc.
5.55%,
11/15/35,
Callable
8/15/35
@
100
..................................
7,281
7,218
5.95%,
8/15/52,
Callable
2/15/52
@
100(j)
.................................
1,416
1,356
Huntington
Bancshares,
Inc.
2.49%
(H15T5Y+117bps),
8/15/36,
Callable
8/15/31
@
100(b)
..................
3,398
2,959
5.61%
(H15T5Y+135bps),
1/28/41,
Callable
10/28/35
@
100(b)
.................
2,192
2,179
Jane
Street
Group/JSG
Finance,
Inc.,
6.75%,
5/1/33,
Callable
5/1/28
@
103.38(a)
.........
7,735
8,042
Janus
Henderson
US
Holdings,
Inc.,
5.45%,
9/10/34,
Callable
6/10/34
@
100
............
2,027
2,037
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.,
6.63%,
10/15/31,
Callable
10/15/27
@
103.31(a)
1,771
1,755
Jefferies
Financial
Group,
Inc.,
5.50%,
2/15/36,
Callable
11/15/35
@
100
...............
1,109
1,094
JPMorgan
Chase
&
Co.
5.58%
(SOFR+164bps),
7/23/36,
Callable
7/23/35
@
100(b)
....................
3,628
3,730
4.81%
(SOFR+119bps),
10/22/36,
Callable
10/22/35
@
100(b)
..................
3,836
3,781
4.90%
(SOFR+107bps),
1/22/37,
Callable
1/22/36
@
100(b)
....................
3,683
3,654
5.19%
(SOFR+130bps),
2/5/37,
Callable
2/5/36
@
100(b)
......................
5,086
5,065
KeyCorp
4.79%
(SOFRINDX+206bps),
6/1/33,
Callable
6/1/32
@
100,
MTN(b)
............
1,557
1,554
6.40%
(SOFRINDX+242bps),
3/6/35,
Callable
3/6/34
@
100(b)(j)
...............
3,445
3,731
KeyCorp
Capital
II,
6.88%,
3/17/29
..........................................
750
774
KKR
&
Co.,
Inc.,
5.10%,
8/7/35,
Callable
5/7/35
@
100
...........................
3,542
3,506
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.,
7.00%,
7/15/31,
Callable
7/15/27
@
103.5(a)
...........................................
893
948
LPL
Holdings,
Inc.,
5.65%,
3/15/35,
Callable
12/15/34
@
100
.......................
1,568
1,598
M&T
Bank
Corp.,
5.40%
(H15T5Y+143bps),
7/30/35,
Callable
7/30/30
@
100(b)
........
2,133
2,154
Marsh
&
McLennan
Cos.,
Inc.,
5.40%,
3/15/55,
Callable
9/15/54
@
100
...............
513
495
MassMutual
Global
Funding
II,
5.05%,
8/26/35(a)
...............................
11,357
11,374
MetLife,
Inc.,
9.25%,
4/8/38,
Callable
4/8/33
@
100(a)
............................
3,431
4,112
Mobius
Merger
Sub,
Inc.,
9.00%,
6/1/30,
Callable
6/1/26
@
104.5(a)
..................
6,316
3,761
Morgan
Stanley
5.32%
(SOFR+156bps),
7/19/35,
Callable
7/19/34
@
100(b)
....................
1,533
1,571
2.48%
(SOFR+136bps),
9/16/36,
Callable
9/16/31
@
100(b)
....................
1,677
1,474
4.89%
(SOFR+131bps),
10/22/36,
Callable
10/22/35
@
100(b)
..................
4,399
4,329
5.07%
(SOFR+118bps),
1/30/37,
Callable
1/30/36
@
100(b)
....................
3,633
3,616
Morgan
Stanley
Private
Bank
NA,
4.73%
(SOFR+108bps),
7/18/31,
Callable
7/18/30
@
100(b)
3,596
3,643
MSCI,
Inc.,
5.25%,
9/1/35,
Callable
6/1/35
@
100
...............................
2,332
2,340
MSD
Investment
Corp.,
6.13%,
2/5/31,
Callable
1/5/31
@
100(a)
....................
8,763
8,720
New
York
Life
Global
Funding,
5.35%,
1/23/35(a)
...............................
5,230
5,451
Northern
Trust
Corp.,
5.12%
(H15T5Y+105bps),
11/19/40,
Callable
11/19/35
@
100(b)
....
7,122
7,091
Panther
Escrow
Issuer
LLC,
7.13%,
6/1/31,
Callable
6/1/27
@
103.56(a)
...............
550
567
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
209
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Pinnacle
Financial
Partners,
Inc.,
7.54%
(USISOA05+338bps),
2/7/29(b)
...............
$
4,787
$
5,025
Raymond
James
Financial,
Inc.,
4.90%,
9/11/35,
Callable
6/11/35
@
100
...............
3,014
2,986
Rocket
Cos.,
Inc.,
6.38%,
8/1/33,
Callable
8/1/28
@
103.19(a)
.......................
386
401
Ryan
Specialty
LLC,
5.88%,
8/1/32,
Callable
8/1/27
@
102.94(a)
....................
3,760
3,822
Santander
Holdings
USA,
Inc.,
6.34%
(SOFR+214bps),
5/31/35,
Callable
5/31/34
@
100(b)(j)
2,344
2,501
State
Street
Corp.,
6.12%
(SOFR+196bps),
11/21/34,
Callable
11/21/33
@
100(b)
.........
3,588
3,863
Stonebriar
ABF
Issuer
LLC,
8.13%,
12/15/30,
Callable
12/15/27
@
104.06(a)
............
848
880
Stonepeak
Nile
Parent
LLC,
7.25%,
3/15/32,
Callable
3/15/28
@
103.63(a)
.............
2,242
2,368
Swepco
Storm
Recovery
Funding
LLC,
4.88%,
9/1/39
............................
4,751
4,795
The
Bank
of
New
York
Mellon
Corp.
5.19%
(SOFR+142bps),
3/14/35,
Callable
3/14/34
@
100(b)
....................
1,177
1,211
5.61%
(SOFR+177bps),
7/21/39,
Callable
7/21/34
@
100(b)
....................
2,668
2,783
The
Carlyle
Group,
Inc.,
5.05%,
9/19/35,
Callable
6/19/35
@
100
....................
4,252
4,184
The
Charles
Schwab
Corp.
4.00%
(H15T5Y+317bps),
Callable
6/1/26
@
100(b)(g)
.......................
2,292
2,282
4.91%
(SOFR+123bps),
11/14/36,
Callable
11/14/35
@
100(b)
..................
2,638
2,615
The
Goldman
Sachs
Group,
Inc.
5.85%
(SOFR+155bps),
4/25/35,
Callable
4/25/34
@
100(b)
....................
1,478
1,562
5.07%
(SOFR+119bps),
1/21/37,
Callable
1/21/36
@
100(b)
....................
1,472
1,466
The
Northwestern
Mutual
Life
Insurance
Co.,
6.17%,
5/29/55,
Callable
11/29/54
@
100(a)
..
1,471
1,569
The
PNC
Financial
Services
Group,
Inc.
5.68%
(SOFR+190bps),
1/22/35,
Callable
1/22/34
@
100(b)
....................
650
681
5.58%
(SOFR+139bps),
1/29/36,
Callable
1/29/35
@
100(b)(j)
..................
3,565
3,699
5.37%
(SOFR+142bps),
7/21/36,
Callable
7/21/35
@
100(b)
....................
4,031
4,128
5.42%
(H15T5Y+117bps),
1/25/41,
Callable
1/25/36
@
100(b)
..................
7,347
7,345
Toyota
Motor
Credit
Corp.
5.35%,
1/9/35
.....................................................
1,304
1,360
4.80%,
1/11/36
.....................................................
5,169
5,125
TPG
Operating
Group
II
LP,
5.38%,
1/15/36,
Callable
10/15/35
@
100
.................
4,277
4,234
Truist
Financial
Corp.
5.10%
(H15T10Y+435bps),
Callable
3/1/30
@
100(b)(g)
......................
1,886
1,899
4.96%
(SOFR+140bps),
10/23/36,
Callable
10/23/35
@
100,
MTN(b)
.............
2,658
2,616
U.S.
Bancorp
4.97%
(SOFR+211bps),
7/22/33,
Callable
7/22/32
@
100(b)
....................
1,520
1,531
4.84%
(SOFR+160bps),
2/1/34,
Callable
2/1/33
@
100(b)
......................
2,000
2,007
5.03%
(SOFR+110bps),
1/26/37,
Callable
1/26/36
@
100(b)(j)
..................
3,673
3,663
Voyager
Parent
LLC,
9.25%,
7/1/32,
Callable
7/1/28
@
104.63(a)
....................
3,633
3,862
Wells
Fargo
&
Co.
3.90%
(H15T5Y+345bps),
Callable
3/15/26
@
100(b)(g)
......................
18,527
18,502
4.96%
(SOFR+110bps),
1/23/37,
Callable
1/23/36
@
100(b)
....................
3,680
3,650
Willis
North
America,
Inc.
5.35%,
5/15/33,
Callable
2/15/33
@
100
..................................
200
206
5.15%,
3/15/36,
Callable
12/15/35
@
100
.................................
7,226
7,202
5.90%,
3/5/54,
Callable
9/5/53
@
100
....................................
1,062
1,064
307,912
Health
Care
(2.0%):
180
Medical,
Inc.,
5.30%,
10/8/35,
Callable
7/8/35
@
100(a)
........................
1,656
1,643
Acadia
Healthcare
Co.,
Inc.,
7.38%,
3/15/33,
Callable
3/15/28
@
103.69(a)(j)
............
3,190
3,151
Agilent
Technologies,
Inc.,
4.75%,
9/9/34,
Callable
6/9/34
@
100
....................
82
82
Alcon
Finance
Corp.,
5.75%,
12/6/52,
Callable
6/6/52
@
100(a)
.....................
172
173
AthenaHealth
Group,
Inc.,
6.50%,
2/15/30,
Callable
3/6/26
@
101.63(a)
...............
3,644
3,535
Baxter
International,
Inc.,
5.65%,
12/15/35,
Callable
9/15/35
@
100
...................
2,312
2,329
Bayer
US
Finance
II
LLC,
4.63%,
6/25/38,
Callable
12/25/37
@
100(a)
................
2,000
1,836
Boston
Medical
Center
Corp.,
3.91%,
7/1/28
...................................
3,000
2,936
Centene
Corp.
4.63%,
12/15/29,
Callable
3/6/26
@
101.54
................................
12,379
12,066
2.50%,
3/1/31,
Callable
12/1/30
@
100
...................................
2,740
2,369
CHS/Community
Health
Systems,
Inc.,
4.75%,
2/15/31,
Callable
2/19/26
@
102.38(a)
.....
500
449
CVS
Health
Corp.,
6.75%
(H15T5Y+252bps),
12/10/54,
Callable
9/10/34
@
100(b)
.......
918
954
DENTSPLY
SIRONA,
Inc.
3.25%,
6/1/30,
Callable
3/1/30
@
100(j)
..................................
9,198
8,558
8.38%
(H15T5Y+438bps),
9/12/55,
Callable
6/12/30
@
100(b)
..................
14,197
14,023
Eastern
Maine
Healthcare
Systems,
3.71%,
7/1/26
...............................
3,115
3,136
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
210
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
GE
HealthCare
Technologies,
Inc.,
4.95%,
12/15/35,
Callable
9/15/35
@
100
............
$
2,834
$
2,806
HCA,
Inc.
5.60%,
4/1/34,
Callable
1/1/34
@
100
....................................
69
72
5.70%,
11/15/55,
Callable
5/15/55
@
100
..................................
2,722
2,592
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.,
5.88%,
6/15/54,
Callable
12/15/53
@
100(a)
...........................................................
927
896
Medline
Borrower
LP,
5.25%,
10/1/29,
Callable
3/6/26
@
101.31(a)
..................
18,399
18,429
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV,
7.88%,
5/15/34,
Callable
5/15/29
@
103.94(a)(j)
.......................................................
5,143
4,836
Orlando
Health
Obligated
Group,
5.48%,
10/1/35,
Callable
4/1/35
@
100
...............
245
256
Solventum
Corp.,
5.60%,
3/23/34,
Callable
12/23/33
@
100
........................
779
810
Takeda
US
Financing,
Inc.,
5.20%,
7/7/35,
Callable
4/7/35
@
100
....................
3,225
3,263
The
Cigna
Group,
5.25%,
1/15/36,
Callable
10/15/35
@
100
........................
2,381
2,413
Thermo
Fisher
Scientific,
Inc.,
4.89%,
10/7/37,
Callable
7/7/37
@
100
.................
3,070
3,045
UnitedHealth
Group,
Inc.,
5.63%,
7/15/54,
Callable
1/15/54
@
100
...................
1,060
1,032
Universal
Health
Services,
Inc.,
5.05%,
10/15/34,
Callable
7/15/34
@
100
..............
2,366
2,316
Vanderbilt
University
Medical
Center,
4.17%,
7/1/37,
Callable
1/1/37
@
100
............
1,445
1,287
VSP
Optical
Group,
Inc.,
5.45%,
12/1/35,
Callable
9/1/35
@
100(a)
...................
4,432
4,440
Zimmer
Biomet
Holdings,
Inc.,
5.20%,
9/15/34,
Callable
6/15/34
@
100
...............
1,337
1,358
Zoetis,
Inc.,
5.00%,
8/17/35,
Callable
5/17/35
@
100
.............................
3,714
3,737
110,828
Industrials
(2.3%):
Acuity
Brands
Lighting,
Inc.,
2.15%,
12/15/30,
Callable
9/15/30
@
100
................
1,177
1,058
Air
Lease
Corp.,
4.65%
(H15T5Y+408bps),
Callable
6/15/26
@
100(b)(g)
..............
458
455
Alaska
Airlines
Pass
Through
Trust,
4.80%,
8/15/27(a)
............................
3,648
3,662
American
Airlines
Pass
Through
Trust
3.60%,
10/15/29
....................................................
1,188
1,129
5.65%,
11/11/34
....................................................
1,624
1,635
American
Builders
&
Contractors
Supply
Co.,
Inc.,
4.00%,
1/15/28,
Callable
3/6/26
@
100(a)
3,492
3,447
Ashtead
Capital,
Inc.,
5.50%,
8/11/32,
Callable
5/11/32
@
100(a)
....................
1,250
1,295
BlueLinx
Holdings,
Inc.,
6.00%,
11/15/29,
Callable
3/6/26
@
101.5(a)
.................
2,030
2,009
British
Airways
Pass
Through
Trust,
3.35%,
6/15/29(a)
............................
980
954
Carlisle
Cos.,
Inc.,
5.55%,
9/15/40,
Callable
6/15/40
@
100
.........................
2,112
2,140
Carpenter
Technology
Corp.,
5.63%,
3/1/34,
Callable
3/1/29
@
102.81(a)
...............
6,820
6,929
CRH
America
Finance,
Inc.
5.50%,
1/9/35,
Callable
10/9/34
@
100
...................................
2,481
2,580
5.00%,
2/9/36,
Callable
11/9/35
@
100
...................................
4,580
4,573
5.88%,
1/9/55,
Callable
7/9/54
@
100
....................................
631
645
Delta
Air
Lines
Pass
Through
Trust,
2.50%,
6/10/28
..............................
2,767
2,666
Delta
Air
Lines,
Inc.
3.75%,
10/28/29,
Callable
7/28/29
@
100(j)
................................
1,681
1,645
5.25%,
7/10/30,
Callable
6/10/30
@
100
..................................
140
143
Esab
Corp.,
6.25%,
4/15/29,
Callable
4/15/26
@
103.13(a)
.........................
458
471
FedEx
Freight
Holding
Co.,
Inc.,
5.25%,
3/15/36,
Callable
12/15/35
@
100(a)
...........
3,640
3,614
GATX
Corp.,
5.50%,
6/15/35,
Callable
3/15/35
@
100
............................
2,653
2,716
HEICO
Corp.,
5.35%,
8/1/33,
Callable
5/1/33
@
100
.............................
694
718
Hubbell,
Inc.,
4.80%,
11/15/35,
Callable
8/15/35
@
100
...........................
1,136
1,123
JetBlue
Pass
Through
Trust
7.75%,
11/15/28
....................................................
2,392
2,396
2.75%,
5/15/32
....................................................
1,225
1,094
JH
North
America
Holdings,
Inc.,
6.13%,
7/31/32,
Callable
7/31/28
@
103.06(a)
.........
9,249
9,443
Lockheed
Martin
Corp.,
5.00%,
8/15/35,
Callable
5/15/35
@
100
.....................
3,259
3,319
MasTec,
Inc.,
5.90%,
6/15/29,
Callable
5/15/29
@
100
............................
1,054
1,103
Otis
Worldwide
Corp.,
5.13%,
9/4/35,
Callable
6/4/35
@
100
.......................
2,071
2,097
Paychex,
Inc.,
5.60%,
4/15/35,
Callable
1/15/35
@
100
............................
2,136
2,214
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.,
6.20%,
6/15/30,
Callable
4/15/30
@
100(a)
293
312
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100
......................
177
189
Resideo
Funding,
Inc.,
6.50%,
7/15/32,
Callable
7/15/27
@
103.25(a)
.................
1,523
1,548
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29,
Callable
3/6/26
@
101.09(a)
.......
429
423
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.,
6.75%,
8/15/32,
Callable
8/15/27
@
103.38(a)
.........................................................
250
255
Southwest
Airlines
Co.,
5.25%,
11/15/35,
Callable
8/15/35
@
100
....................
10,638
10,406
Textron,
Inc.,
4.95%,
3/15/36,
Callable
12/15/35
@
100
...........................
2,652
2,622
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
211
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Boeing
Co.
6.88%,
3/15/39
....................................................
$
17,585
$
19,805
5.81%,
5/1/50,
Callable
11/1/49
@
100
...................................
4,303
4,245
6.86%,
5/1/54,
Callable
11/1/53
@
100
...................................
1,940
2,186
The
Timken
Co.,
4.13%,
4/1/32,
Callable
1/1/32
@
100
............................
1,194
1,146
United
Airlines
Pass
Through
Trust
4.00%,
4/11/26
.....................................................
5,619
5,612
3.50%,
5/1/28
.....................................................
1,770
1,726
5.88%,
2/15/37
....................................................
1,749
1,793
United
Airlines,
Inc.,
4.63%,
4/15/29,
Callable
10/15/28
@
100(a)
....................
1,021
1,020
Weir
Group,
Inc.,
5.35%,
5/6/30,
Callable
4/6/30
@
100(a)
.........................
3,204
3,288
XPO,
Inc.,
6.25%,
6/1/28,
Callable
2/14/26
@
103.13(a)
...........................
2,687
2,737
126,586
Information
Technology
(1.1%):
Atlassian
Corp.,
5.50%,
5/15/34,
Callable
2/15/34
@
100
..........................
2,441
2,491
Broadcom,
Inc.,
4.95%,
1/15/36,
Callable
10/15/35
@
100
.........................
2,054
2,051
Cadence
Design
Systems,
Inc.,
4.70%,
9/10/34,
Callable
6/10/34
@
100
................
542
539
Capstone
Borrower,
Inc.,
8.00%,
6/15/30,
Callable
6/15/26
@
104(a)
..................
3,402
3,161
Dell
International
LLC/EMC
Corp.,
5.10%,
2/15/36,
Callable
11/15/35
@
100(j)
.........
2,500
2,457
Fair
Isaac
Corp.,
6.00%,
5/15/33,
Callable
5/15/28
@
103(a)
........................
123
125
Foundry
JV
Holdco
LLC
6.40%,
1/25/38,
Callable
10/25/37
@
100(a)
...............................
2,696
2,884
6.30%,
1/25/39,
Callable
10/25/38
@
100(a)
...............................
2,249
2,390
International
Business
Machines
Corp.,
4.95%,
2/3/36,
Callable
11/3/35
@
100
..........
5,086
5,070
Keysight
Technologies,
Inc.,
4.95%,
10/15/34,
Callable
7/15/34
@
100
................
1,488
1,497
Micron
Technology,
Inc.,
6.05%,
11/1/35,
Callable
8/1/35
@
100
.....................
2,563
2,751
Oracle
Corp.
4.65%,
5/6/30,
Callable
3/6/30
@
100
....................................
5,521
5,461
3.85%,
7/15/36,
Callable
1/15/36
@
100
..................................
9,016
7,528
5.95%,
9/26/55,
Callable
3/26/55
@
100
..................................
5,044
4,443
Qnity
Electronics,
Inc.,
5.75%,
8/15/32,
Callable
8/15/28
@
102.88(a)
.................
2,949
3,003
Roper
Technologies,
Inc.,
5.10%,
9/15/35,
Callable
6/15/35
@
100
...................
4,667
4,656
South
Bow
USA
Infrastructure
Holdings
LLC,
5.58%,
10/1/34,
Callable
7/1/34
@
100
.....
1,887
1,903
Synopsys,
Inc.,
5.15%,
4/1/35,
Callable
1/1/35
@
100
.............................
1,409
1,428
TD
SYNNEX
Corp.,
5.30%,
10/10/35,
Callable
7/10/35
@
100
......................
2,667
2,640
Trimble,
Inc.,
6.10%,
3/15/33,
Callable
12/15/32
@
100
...........................
1
1
UKG,
Inc.,
6.88%,
2/1/31,
Callable
2/1/27
@
103.44(a)
............................
4,811
4,808
61,287
Materials
(1.4%):
Amcor
Flexibles
North
America,
Inc.,
5.50%,
3/17/35,
Callable
12/17/34
@
100(j)
........
2,189
2,263
AptarGroup,
Inc.,
3.60%,
3/15/32,
Callable
12/15/31
@
100
........................
1,736
1,636
Eagle
Materials,
Inc.,
5.00%,
3/15/36,
Callable
12/15/35
@
100
......................
8,613
8,438
Ecolab,
Inc.,
5.00%,
9/1/35,
Callable
6/1/35
@
100
...............................
1,363
1,389
Huntsman
International
LLC
4.50%,
5/1/29,
Callable
2/1/29
@
100
....................................
3,849
3,708
2.95%,
6/15/31,
Callable
3/15/31
@
100
..................................
3,348
2,859
LYB
International
Finance
III
LLC,
3.38%,
10/1/40,
Callable
4/1/40
@
100
.............
18,142
13,103
Martin
Marietta
Materials,
Inc.
5.15%,
12/1/34,
Callable
9/1/34
@
100
...................................
851
867
5.50%,
12/1/54,
Callable
6/1/54
@
100
...................................
1,519
1,470
Olin
Corp.
5.00%,
2/1/30,
Callable
3/6/26
@
100.63
..................................
1,725
1,685
6.63%,
4/1/33,
Callable
4/1/28
@
103.31(a)
................................
10,507
10,298
Packaging
Corp.
of
America,
5.20%,
8/15/35,
Callable
5/15/35
@
100
.................
2,107
2,134
Reliance,
Inc.,
6.85%,
11/15/36
.............................................
1,862
2,103
Sonoco
Products
Co.,
5.00%,
9/1/34,
Callable
6/1/34
@
100(j)
......................
2,123
2,108
Syensqo
Finance
America
LLC,
5.85%,
6/4/34,
Callable
3/4/34
@
100(a)
...............
2,219
2,322
The
Dow
Chemical
Co.
5.65%,
3/15/36,
Callable
12/15/35
@
100(j)
................................
11,225
11,192
6.90%,
5/15/53,
Callable
11/15/52
@
100(j)
................................
198
205
The
Sherwin-Williams
Co.,
5.15%,
8/15/35,
Callable
5/15/35
@
100(j)
................
2,887
2,931
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
212
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vulcan
Materials
Co.
5.35%,
12/1/34,
Callable
9/1/34
@
100
...................................
$
1,873
$
1,934
5.70%,
12/1/54,
Callable
6/1/54
@
100
...................................
256
255
Westlake
Corp.,
5.55%,
11/15/35,
Callable
8/15/35
@
100
..........................
4,359
4,342
77,242
Real
Estate
(0.9%):
Alexandria
Real
Estate
Equities,
Inc.,
5.50%,
10/1/35,
Callable
7/1/35
@
100
............
1,608
1,635
American
Assets
Trust
LP,
6.15%,
10/1/34,
Callable
7/1/34
@
100
....................
1,935
1,958
American
Tower
Trust
#1,
5.49%,
3/15/28,
Callable
3/15/27
@
100(a)
.................
3,740
3,804
Boston
Properties
LP,
2.45%,
10/1/33,
Callable
7/1/33
@
100
.......................
302
250
CBRE
Services,
Inc.,
5.50%,
6/15/35,
Callable
3/15/35
@
100
.......................
2,471
2,546
CoStar
Group,
Inc.,
2.80%,
7/15/30,
Callable
4/15/30
@
100(a)
......................
2,446
2,251
Essex
Portfolio
LP,
5.50%,
4/1/34,
Callable
1/1/34
@
100
..........................
1,753
1,806
Extra
Space
Storage
LP,
5.35%,
1/15/35,
Callable
10/15/34
@
100
....................
1,989
2,030
Healthpeak
OP
LLC,
5.38%,
2/15/35,
Callable
11/15/34
@
100
......................
1,376
1,399
Keenan
Development
Associates
of
Tennessee
LLC
(INS
-
XL
Capital
Assurance),
5.02%,
7/15/28(a)
........................................................
116
116
Kilroy
Realty
LP,
6.25%,
1/15/36,
Callable
10/15/35
@
100
........................
1,754
1,812
Public
Storage
Operating
Co.,
5.00%,
7/1/35,
Callable
4/1/35
@
100(j)
................
3,461
3,503
Regency
Centers
LP,
5.10%,
1/15/35,
Callable
10/15/34
@
100
......................
1,703
1,722
SBA
Tower
Trust
2.33%,
1/15/28,
Callable
7/15/26
@
100(a)
................................
3,000
2,885
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
................................
2,947
3,013
4.83%,
10/15/29,
Callable
10/15/27
@
100(a)
...............................
9,035
9,074
2.59%,
10/15/31(a)
..................................................
5,000
4,488
The
NHP
Foundation,
6.00%,
12/1/33,
Callable
6/1/33
@
100
.......................
2,821
3,034
VICI
Properties
LP,
5.63%,
4/1/35,
Callable
1/1/35
@
100
..........................
2,359
2,402
49,728
Utilities
(1.0%):
Black
Hills
Corp.,
6.00%,
1/15/35,
Callable
10/15/34
@
100
........................
511
542
Calpine
Corp.,
5.13%,
3/15/28,
Callable
3/6/26
@
100.85(a)
........................
2,356
2,355
CenterPoint
Energy
Houston
Electric
LLC,
5.05%,
3/1/35,
Callable
12/1/34
@
100
........
2,777
2,805
Cleco
Power
LLC,
5.30%,
1/15/36,
Callable
10/15/35
@
100(a)
......................
2,656
2,668
CMS
Energy
Corp.,
4.75%
(H15T5Y+412bps),
6/1/50,
Callable
3/1/30
@
100(b)
.........
959
946
Constellation
Energy
Generation
LLC,
5.00%,
2/1/31,
Callable
2/1/27
@
101.67(a)
........
17,669
17,914
DTE
Energy
Co.,
5.85%,
6/1/34,
Callable
3/1/34
@
100
...........................
708
753
Duke
Energy
Carolinas
Storm
Funding
LLC,
4.90%,
3/1/46
........................
1,428
1,425
Duke
Energy
Corp.,
3.30%,
6/15/41,
Callable
12/15/40
@
100
.......................
4,432
3,398
Duke
Energy
Progress
SC
Storm
Funding
LLC,
5.40%,
3/1/44
.......................
2,263
2,316
Duquesne
Light
Holdings,
Inc.,
2.78%,
1/7/32,
Callable
10/7/31
@
100(a)
..............
733
655
Entergy
Louisiana
LLC,
5.15%,
9/15/34,
Callable
6/15/34
@
100
....................
1,048
1,070
Evergy
Missouri
West
Storm
Funding
I
LLC,
5.10%,
12/1/38
.......................
2,960
3,025
Gulfstream
Natural
Gas
System
LLC,
5.60%,
7/23/35,
Callable
4/23/35
@
100(a)
.........
2,905
2,969
Interstate
Power
and
Light
Co.,
5.60%,
6/29/35,
Callable
3/29/35
@
100
...............
3,879
4,037
Oncor
Electric
Delivery
Co.
LLC,
5.35%,
4/1/35,
Callable
1/1/35
@
100(a)
.............
1,978
2,030
PPL
Capital
Funding,
Inc.,
5.25%,
9/1/34,
Callable
6/1/34
@
100
.....................
690
704
Public
Service
Co.
of
Oklahoma,
5.45%,
1/15/36,
Callable
10/15/35
@
100
.............
2,701
2,762
52,374
Total
Corporate
Bonds
(Cost
$1,041,744)
a
a
a
1,049,629
Yankee
Dollars
(4.2%)
Communication
Services
(0.1%):
Orange
SA,
5.00%,
1/13/36,
Callable
10/13/35
@
100(a)
...........................
3,681
3,648
Rogers
Communications,
Inc.,
3.80%,
3/15/32,
Callable
12/15/31
@
100
...............
722
684
TELUS
Corp.,
6.38%
(H15T5Y+269bps),
6/9/56,
Callable
3/9/31
@
100(b)
.............
2,745
2,774
7,106
Consumer
Discretionary
(0.9%):
Brightstar
Lottery
PLC,
5.25%,
1/15/29,
Callable
3/6/26
@
100(a)
....................
9,932
9,921
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.,
5.75%,
1/15/33,
Callable
12/15/28
@
102.88(a)
......................................................
5,485
5,450
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
213
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Carnival
Corp.,
6.13%,
2/15/33,
Callable
2/15/28
@
103.06(a)
.......................
$
1,754
$
1,805
Flutter
Treasury
DAC
6.38%,
4/29/29,
Callable
4/15/26
@
103.19(a)
..............................
2,471
2,548
5.88%,
6/4/31,
Callable
4/15/27
@
102.94(a)
...............................
5,286
5,374
GENM
Capital
Labuan
Ltd.,
3.88%,
4/19/31,
Callable
1/19/31
@
100(a)
...............
650
600
Gildan
Activewear,
Inc.,
5.40%,
10/7/35,
Callable
7/7/35
@
100(a)
...................
2,101
2,098
NCL
Corp.
Ltd.,
6.75%,
2/1/32,
Callable
2/1/28
@
103.38(a)
........................
5,264
5,396
Royal
Caribbean
Cruises
Ltd.
5.63%,
9/30/31,
Callable
9/30/27
@
102.81(a)
..............................
1,964
2,018
6.25%,
3/15/32,
Callable
3/15/27
@
103.13(a)
..............................
7,602
7,885
6.00%,
2/1/33,
Callable
8/1/27
@
103(a)
..................................
4,040
4,166
47,261
Consumer
Staples
(0.3%):
Alimentation
Couche-Tard,
Inc.,
5.08%,
9/29/35,
Callable
6/29/35
@
100(a)
.............
4,226
4,233
Bacardi
Ltd./Bacardi-Martini
B.V.,
5.40%,
6/15/33,
Callable
3/15/33
@
100(a)
...........
121
122
Bacardi-Martini
B.V.,
6.00%,
2/1/35,
Callable
11/1/34
@
100(a)
.....................
3,619
3,745
Becle
SAB
de
CV,
2.50%,
10/14/31,
Callable
7/14/31
@
100(a)
......................
6,306
5,464
Imperial
Brands
Finance
PLC,
5.63%,
7/1/35,
Callable
4/1/35
@
100(a)
................
1,376
1,407
JAB
Holdings
BV,
3.75%,
5/28/51,
Callable
11/28/50
@
100(a)
......................
155
106
JBS
NV/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
Holdings
5.50%,
1/15/36,
Callable
10/15/35
@
100
.................................
626
635
6.25%,
3/1/56,
Callable
9/1/55
@
100
....................................
897
904
16,616
Energy
(0.4%):
Aker
BP
ASA,
5.13%,
10/1/34,
Callable
7/1/34
@
100(a)
..........................
314
309
BP
Capital
Markets
PLC,
4.88%
(H15T5Y+440bps),
Callable
3/22/30
@
100(b)(g)
........
142
141
Breakwater
Energy
Holdings
SARL,
9.25%,
11/15/30,
Callable
11/15/27
@
104.63(a)
......
5,770
6,050
Enbridge,
Inc.
5.63%,
4/5/34,
Callable
1/5/34
@
100
....................................
260
271
5.75%
(H15T5Y+531bps),
7/15/80,
Callable
4/15/30
@
100(b)
..................
50
51
Harbour
Energy
PLC,
6.33%,
4/1/35,
Callable
1/1/35
@
100(a)
......................
4,291
4,385
Saudi
Arabian
Oil
Co.,
5.00%,
2/2/36,
Callable
11/2/35
@
100(a)
....................
7,468
7,337
Var
Energi
ASA,
6.50%,
5/22/35,
Callable
2/22/35
@
100(a)
........................
2,908
3,076
21,620
Financials
(1.7%):
Allianz
SE,
6.35%
(H15T5Y+323bps),
9/6/53,
Callable
3/6/33
@
100(a)(b)
.............
1,200
1,283
Ascot
Group
Ltd.,
6.35%
(H15T5Y+238bps),
6/15/35,
Callable
3/15/30
@
100(a)(b)
.......
3,383
3,504
Aspen
Insurance
Holdings
Ltd.,
5.75%,
7/1/30,
Callable
6/1/30
@
100
.................
1,202
1,254
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.62%,
12/10/29,
Callable
11/10/29
@
100(a)
....................................
544
563
Banco
Santander
SA,
6.92%,
8/8/33
.........................................
2,800
3,091
Bank
of
Montreal,
3.09%
(H15T5Y+140bps),
1/10/37,
Callable
1/10/32
@
100(b)
........
2,149
1,937
Barclays
PLC,
3.56%
(H15T5Y+290bps),
9/23/35,
Callable
9/23/30
@
100(b)
...........
2,700
2,553
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
7.63%
(H15T5Y+338bps),
2/11/35,
Callable
2/11/30
@
100(a)(b)
................
2,602
2,755
8.45%
(H15T5Y+466bps),
6/29/38,
Callable
6/29/33
@
100(a)(b)
................
1,759
1,959
8.13%
(H15T5Y+421bps),
1/8/39,
Callable
1/8/34
@
100(a)(b)
..................
1,196
1,306
BNP
Paribas
SA
2.87%
(TSFR3M+139bps),
4/19/32,
Callable
4/19/31
@
100(a)(b)
................
500
457
5.74%
(SOFR+188bps),
2/20/35,
Callable
2/20/34
@
100(a)(b)
..................
510
534
BPCE
SA,
6.29%
(SOFR+204bps),
1/14/36,
Callable
1/14/35
@
100(a)(b)
..............
3,123
3,329
Brookfield
Asset
Management
Ltd.
5.30%,
1/15/36,
Callable
10/15/35
@
100
.................................
5,696
5,687
6.08%,
9/15/55,
Callable
3/15/55
@
100
..................................
2,963
3,049
Credit
Agricole
SA,
6.25%
(SOFR+267bps),
1/10/35,
Callable
1/10/34
@
100(a)(b)
.......
1,977
2,091
Deutsche
Bank
AG,
5.40%
(SOFR+205bps),
9/11/35,
Callable
9/11/34
@
100(b)
.........
2,367
2,400
Fidelis
Insurance
Holdings
Ltd.,
7.75%
(H15T5Y+428bps),
6/15/55,
Callable
12/15/34
@
100(b)(j)
.........................................................
4,126
4,457
HSBC
Holdings
PLC
8.11%
(SOFR+425bps),
11/3/33,
Callable
11/3/32
@
100(b)
....................
1,200
1,403
6.80%,
6/1/38
.....................................................
1,000
1,119
ING
Groep
NV,
6.11%
(SOFR+209bps),
9/11/34,
Callable
9/11/33
@
100(b)
............
2,818
3,038
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
214
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Lloyds
Banking
Group
PLC,
7.95%
(H15T1Y+375bps),
11/15/33,
Callable
8/15/32
@
100(b)
$
1,095
$
1,276
Macquarie
Airfinance
Holdings
Ltd.,
6.50%,
3/26/31,
Callable
1/26/31
@
100(a)
.........
297
318
Mitsubishi
UFJ
Financial
Group,
Inc.,
5.62%
(H15T1Y+127bps),
4/24/36,
Callable
4/24/35
@
100(b)
...........................................................
3,041
3,175
Mizuho
Financial
Group,
Inc.,
5.58%
(H15T1Y+130bps),
5/26/35,
Callable
5/26/34
@
100(b)
3,252
3,392
Nationwide
Building
Society
4.00%,
9/14/26(a)
..................................................
1,618
1,614
5.54%
(SOFR+165bps),
7/14/36,
Callable
7/14/35
@
100(a)(b)
..................
1,556
1,595
Pershing
Square
Holdings
Ltd.,
5.50%,
10/28/32,
Callable
8/28/32
@
100(a)
............
8,100
8,096
Royal
Bank
of
Canada,
5.15%,
2/1/34(j)
......................................
1,035
1,074
Societe
Generale
SA
6.22%
(H15T1Y+320bps),
6/15/33,
Callable
6/15/32
@
100(a)(b)
................
250
262
5.44%
(SOFR+173bps),
10/3/36,
Callable
10/3/35
@
100(a)(b)
..................
2,669
2,675
5.40%
(SOFR+160bps),
4/10/37,
Callable
4/10/36
@
100(a)(b)
..................
3,712
3,694
4.03%
(H15T1Y+190bps),
1/21/43,
Callable
1/21/42
@
100(a)(b)
................
1,250
967
Sumitomo
Mitsui
Trust
Bank
Ltd.,
5.05%,
3/13/35(a)
.............................
2,383
2,408
Sumitomo
Mitsui
Trust
Group,
Inc.,
5.42%
(SOFR+165bps),
9/11/36,
Callable
9/11/35
@
100(a)(b)
.........................................................
4,722
4,739
The
Toronto-Dominion
Bank,
5.15%
(H15T5Y+150bps),
9/10/34,
Callable
9/10/29
@
100(b)
2,787
2,834
UBS
Group
AG,
5.01%
(SOFR+134bps),
3/23/37,
Callable
3/23/36
@
100(a)(b)
..........
4,356
4,306
Westpac
Banking
Corp.,
4.11%
(H15T5Y+200bps),
7/24/34,
Callable
7/24/29
@
100(b)
....
1,000
985
Zegona
Finance
PLC,
8.63%,
7/15/29,
Callable
7/15/26
@
104.31(a)
..................
1,181
1,248
92,427
Health
Care
(0.0%):(d)
Perrigo
Finance
Unlimited
Co.,
6.13%,
9/30/32,
Callable
9/30/27
@
103.06
.............
3,094
3,043
Industrials
(0.5%):
Air
Canada
Pass
Through
Trust,
3.75%,
12/15/27(a)
..............................
3,251
3,199
Aircastle
Ltd.,
5.25%
(H15T5Y+441bps),
Callable
6/15/26
@
100(a)(b)(g)
..............
1,868
1,865
AS
Mileage
Plan
IP
Ltd.,
5.31%,
10/20/31,
Callable
8/20/31
@
100(a)
.................
8,209
8,295
Avianca
Midco
2
PLC
9.63%,
2/14/30,
Callable
2/14/27
@
104.81(a)(j)
............................
5,051
5,175
9.50%,
1/28/31,
Callable
1/28/28
@
104.75(a)
..............................
74
75
Grupo
Aeromexico
SAB
de
CV,
8.63%,
11/15/31,
Callable
11/15/27
@
104.31(a)
.........
684
708
Latam
Airlines
Group
SA
7.88%,
4/15/30,
Callable
10/15/26
@
103.94(a)
.............................
482
505
7.63%,
1/7/31,
Callable
7/7/27
@
103.81(a)
................................
1,602
1,680
LG
Energy
Solution
Ltd.,
5.50%,
7/2/34(a)
.....................................
2,362
2,426
nVent
Finance
SARL,
5.65%,
5/15/33,
Callable
2/15/33
@
100
......................
1,319
1,376
25,304
Information
Technology
(0.2%):
Kioxia
Holdings
Corp.,
6.63%,
7/24/33,
Callable
7/24/28
@
103.31(a)
.................
134
140
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(a)
........................
9,082
9,378
9,518
Materials
(0.1%):
Minera
Mexico
SA
de
CV,
5.63%,
2/12/32,
Callable
12/12/31
@
100(a)
................
5,204
5,385
Real
Estate
(0.0%):(d)
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
2.50%,
10/15/31,
Callable
7/15/31
@
100(a)
...........................................................
880
791
Total
Yankee
Dollars
(Cost
$222,670)
a
a
a
229,071
Municipal
Bonds
(4.5%)
Arizona
(0.0%):(d)
City
of
Phoenix
Civic
Improvement
Corp.
Revenue,
1.84%,
7/1/31,
Continuously
Callable
@100
...........................................................
1,000
889
California
(0.0%):(d)
California
Infrastructure
&
Economic
Development
Bank
Revenue,
Series
B,
6.03%,
7/1/38
.
1,500
1,538
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
215
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Colorado
(0.2%):
Colorado
Housing
and
Finance
Authority
Revenue
Series
C1,
5.66%,
11/1/39,
Continuously
Callable
@100
.......................
$
8,585
$
8,781
Series
D-1,
5.84%,
5/1/44,
Continuously
Callable
@100
.......................
1,300
1,306
Series
E1,
5.28%,
11/1/39,
Continuously
Callable
@102
.......................
1,585
1,561
Series
G-1,
5.86%,
11/1/43,
Continuously
Callable
@100
......................
1,255
1,271
12,919
Connecticut
(0.1%):
Connecticut
Housing
Finance
Authority
Revenue,
Series
C-2,
5.81%,
11/15/39,
Continuously
Callable
@100
.....................................................
4,535
4,650
District
of
Columbia
(0.0%):(d)
District
of
Columbia
Revenue,
2.68%,
4/1/31
...................................
1,500
1,313
Florida
(0.7%):
County
of
Miami-Dade
Aviation
Revenue
Series
B,
2.61%,
10/1/32,
Continuously
Callable
@100
........................
1,000
889
Series
C,
5.55%,
10/1/43,
Continuously
Callable
@100
........................
980
989
Florida
Housing
Finance
Corp.
Revenue
Series
4,
5.67%,
7/1/39,
Continuously
Callable
@100
.........................
4,010
4,124
Series
4,
5.88%,
7/1/44,
Continuously
Callable
@100
.........................
2,665
2,769
Series
6,
5.07%,
7/1/39,
Continuously
Callable
@100
.........................
635
616
State
Board
of
Administration
Finance
Corp.
Revenue,
Series
A,
5.53%,
7/1/34,
Continuously
Callable
@100
.....................................................
26,804
28,308
37,695
Hawaii
(0.1%):
State
of
Hawaii,
GO
Series
GN,
4.64%,
10/1/34
............................................
3,360
3,401
Series
GN,
5.11%,
10/1/43,
Continuously
Callable
@100
......................
3,075
3,062
6,463
Idaho
(0.2%):
Idaho
Housing
&
Finance
Association
Revenue
Series
A,
5.67%,
1/1/45,
Continuously
Callable
@100
.........................
4,090
4,181
Series
C,
5.43%,
7/1/39,
Continuously
Callable
@100
.........................
1,425
1,423
Series
D,
5.76%,
7/1/40,
Continuously
Callable
@100
........................
695
704
Series
E,
5.44%,
7/1/40,
Continuously
Callable
@100
.........................
1,530
1,511
7,819
Illinois
(0.2%):
City
of
Chicago,
GO,
Series
D,
5.90%,
1/1/32
..................................
1,875
1,913
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.),
5.28%,
12/1/36,
Continuously
Callable
@100
...........................................
905
943
Illinois
Finance
Authority
Revenue,
5.45%,
8/1/38
...............................
1,500
1,446
Illinois
Housing
Development
Authority
Revenue
Series
B,
5.63%,
10/1/41,
Continuously
Callable
@100
........................
2,165
2,173
Series
F,
5.44%,
10/1/39,
Continuously
Callable
@100
........................
3,395
3,392
Sales
Tax
Securitization
Corp.
Revenue,
Series
B,
5.23%,
1/1/39,
Continuously
Callable
@100
1,760
1,784
11,651
Indiana
(0.1%):
Indiana
Finance
Authority
Revenue,
Series
B,
3.08%,
9/15/27
.......................
1,130
1,087
Indiana
Housing
&
Community
Development
Authority
Revenue
Series
A-2,
5.83%,
7/1/45,
Continuously
Callable
@100
.......................
1,170
1,170
Series
C-2,
5.56%,
7/1/40,
Continuously
Callable
@100
.......................
945
951
3,208
Iowa
(0.0%):(d)
Iowa
Finance
Authority
Revenue,
Series
H,
5.38%,
7/1/39,
Continuously
Callable
@100
....
1,180
1,177
Louisiana
(0.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A,
4.48%,
8/1/39
..............................................
12,562
12,198
Series
A1-A3,
5.08%,
6/1/31
...........................................
512
521
12,719
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue
5.07%,
11/30/34
....................................................
905
921
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
216
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
B,
4.25%,
6/1/29
..............................................
$
2,490
$
2,404
Series
B,
4.35%,
6/1/30
..............................................
1,330
1,271
Series
B,
4.40%,
6/1/31
..............................................
1,385
1,310
5,906
Massachusetts
(0.2%):
Massachusetts
Educational
Financing
Authority
Revenue,
Series
A,
6.17%,
7/1/50,
Continuously
Callable
@100
...........................................
8,365
8,559
Massachusetts
Housing
Finance
Agency
Revenue,
Series
238,
4.94%,
12/1/39,
Continuously
Callable
@100
.....................................................
1,985
1,871
Massachusetts
State
College
Building
Authority
Revenue,
Series
A,
1.80%,
5/1/29,
ETM
....
5
5
10,435
Michigan
(0.1%):
Michigan
State
Housing
Development
Authority
Revenue,
Series
E,
5.10%,
12/1/39,
Continuously
Callable
@100
...........................................
4,485
4,348
Minnesota
(0.4%):
Minnesota
Housing
Finance
Agency
Revenue
Series
D,
5.58%,
8/1/39,
Continuously
Callable
@100
........................
1,240
1,274
Series
J,
5.62%,
7/1/39,
Continuously
Callable
@100
.........................
2,410
2,522
Series
M,
5.73%,
7/1/39,
Continuously
Callable
@100
........................
3,590
3,711
Series
M,
5.92%,
7/1/44,
Continuously
Callable
@100
........................
4,570
4,713
Series
P,
5.39%,
7/1/39,
Continuously
Callable
@100
.........................
6,335
6,302
Series
V,
5.88%,
7/1/44,
Continuously
Callable
@100
.........................
4,410
4,434
22,956
Nebraska
(0.0%):(d)
Nebraska
Investment
Finance
Authority
Revenue,
Series
H,
5.77%,
3/1/43,
Continuously
Callable
@100
.....................................................
1,980
1,996
Nevada
(0.1%):
Nevada
Housing
Division
Revenue
Series
B,
5.68%,
10/1/45,
Continuously
Callable
@100
........................
3,480
3,308
Series
D,
5.79%,
10/1/35,
Continuously
Callable
@100
........................
500
527
Series
F,
5.13%,
10/1/39,
Continuously
Callable
@100
........................
2,260
2,201
6,036
New
Hampshire
(0.1%):
New
Hampshire
Business
Finance
Authority
Revenue,
Series
B,
5.35%,
11/1/39,
Continuously
Callable
@100
.....................................................
3,580
3,651
New
Jersey
(0.0%):(d)
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue
Series
L,
5.64%,
10/1/34,
Continuously
Callable
@100
........................
390
407
Series
L,
5.69%,
4/1/35,
Continuously
Callable
@100
.........................
445
465
Series
L,
5.71%,
10/1/35,
Continuously
Callable
@100
........................
420
438
Series
N,
5.85%,
10/1/40,
Continuously
Callable
@100
........................
435
446
South
Jersey
Transportation
Authority
Revenue,
Series
B,
3.12%,
11/1/26
...............
450
445
2,201
New
York
(0.3%):
Metropolitan
Transportation
Authority
Revenue,
Build
America
Bond,
Series
E,
6.73%,
11/15/30
.........................................................
1,090
1,169
New
York
City
Housing
Development
Corp.
Revenue
Series
C,
5.71%,
11/1/39,
Continuously
Callable
@100
........................
3,620
3,729
Series
C,
5.90%,
11/1/44,
Continuously
Callable
@100
........................
3,070
3,139
New
York
City
IDA
Revenue
2.34%,
1/1/35
.....................................................
1,000
803
2.44%,
1/1/36
.....................................................
1,250
984
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Series
G-3,
5.11%,
5/1/36,
Continuously
Callable
@100
................................
3,175
3,252
New
York
State
Dormitory
Authority
Revenue,
Series
B,
5.23%,
7/1/35
................
1,490
1,536
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series
268,
5.57%,
10/1/40,
Continuously
Callable
@100
....................................
1,130
1,129
15,741
North
Carolina
(0.2%):
City
of
Charlotte
Certificate
of
Participation,
5.46%,
6/1/40,
Continuously
Callable
@100
...
890
915
North
Carolina
Housing
Finance
Agency
Revenue
Series
54-B,
5.60%,
7/1/39,
Continuously
Callable
@100
......................
1,810
1,816
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
217
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
54-B,
5.81%,
7/1/44,
Continuously
Callable
@100
......................
$
4,530
$
4,476
Series
57-B,
5.80%,
7/1/50,
Continuously
Callable
@100
......................
1,100
1,049
Series
58-B,
5.98%,
7/1/40,
Continuously
Callable
@100
......................
3,440
3,527
11,783
Ohio
(0.0%):(d)
University
of
Cincinnati
Revenue,
Series
B,
5.53%,
6/1/40,
Continuously
Callable
@100
...
905
933
Oregon
(0.1%):
State
of
Oregon,
GO,
Series
B,
5.36%,
5/1/39,
Continuously
Callable
@100
.............
2,720
2,783
Pennsylvania
(0.2%):
Allegheny
County
Airport
Authority
Revenue
Series
B,
5.50%,
1/1/36,
Continuously
Callable
@100
.........................
895
920
Series
B,
5.62%,
1/1/37,
Continuously
Callable
@100
.........................
780
804
Pennsylvania
Housing
Finance
Agency
Revenue
Series
145B,
5.71%,
10/1/39,
Continuously
Callable
@100
.....................
2,720
2,780
Series
146B,
5.56%,
10/1/39,
Continuously
Callable
@100
.....................
905
917
Series
147B,
5.89%,
10/1/44,
Continuously
Callable
@100
.....................
1,610
1,629
Series
149B,
5.97%,
10/1/40,
Continuously
Callable
@100
.....................
1,000
1,037
8,087
Rhode
Island
(0.2%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
Series
83-T,
5.71%,
10/1/39,
Continuously
Callable
@100
.....................
2,715
2,747
Series
83-T,
5.89%,
10/1/44,
Continuously
Callable
@100
.....................
4,530
4,537
Series
84-T,
4.93%,
10/1/39,
Continuously
Callable
@100
.....................
3,615
3,409
10,693
South
Carolina
(0.0%):(d)
Greenville-Spartanburg
Airport
District
Revenue
Series
B,
5.06%,
7/1/34
..............................................
210
216
Series
B,
5.11%,
7/1/35,
Continuously
Callable
@100
.........................
270
278
494
South
Dakota
(0.0%):(d)
South
Dakota
Housing
Development
Authority
Revenue,
Series
D,
5.88%,
11/1/40,
Continuously
Callable
@100
...........................................
525
541
Tennessee
(0.1%):
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
Series
C,
2.45%,
8/1/32,
Continuously
Callable
@100
.........................
1,500
1,336
Series
D,
5.27%,
7/1/35
..............................................
1,175
1,242
Tennessee
Housing
Development
Agency
Revenue
Series
1B,
5.64%,
7/1/40,
Continuously
Callable
@100
........................
340
342
Series
2B,
5.65%,
7/1/39,
Continuously
Callable
@100
........................
2,720
2,748
5,668
Texas
(0.2%):
County
of
Harris
Hotel
Occupancy
Tax
Revenue,
5.26%,
8/15/44,
Continuously
Callable
@100
1,615
1,617
State
of
Texas,
GO,
5.36%,
10/1/41,
Continuously
Callable
@100
....................
2,000
2,031
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue,
2.41%,
9/1/31,
Continuously
Callable
@100
...........................................
1,000
899
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
921
Texas
Water
Development
Board
Revenue,
Series
B,
4.31%,
10/15/34
.................
1,795
1,774
University
of
Houston
Revenue,
Series
B,
4.86%,
2/15/37,
Continuously
Callable
@100
....
365
367
Uptown
Development
Authority
Tax
Allocation,
Series
B,
2.68%,
9/1/32,
Continuously
Callable
@100
.....................................................
400
358
8,902
Utah
(0.0%):(d)
Utah
Housing
Corp.
Revenue
Series
F,
5.61%,
7/1/36,
Continuously
Callable
@100
.........................
505
506
Series
F,
5.69%,
7/1/39,
Continuously
Callable
@100
.........................
1,480
1,481
1,987
Virginia
(0.2%):
Virginia
Housing
Development
Authority
Revenue
Series
B,
5.66%,
10/1/39,
Continuously
Callable
@100
........................
4,535
4,624
Series
B,
5.87%,
7/1/40,
Continuously
Callable
@100
.........................
910
925
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
218
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
C,
5.31%,
10/1/39,
Continuously
Callable
@100
........................
$
4,070
$
4,057
Series
E,
5.51%,
7/1/39,
Continuously
Callable
@100
.........................
1,590
1,609
11,215
West
Virginia
(0.1%):
West
Virginia
Housing
Development
Fund
Revenue
Series
C,
5.83%,
11/1/39,
Continuously
Callable
@100
........................
1,585
1,631
Series
C,
6.02%,
11/1/44,
Continuously
Callable
@100
........................
1,810
1,848
3,479
Wisconsin
(0.1%):
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue
Series
B,
5.87%,
9/1/40,
Continuously
Callable
@100
.........................
4,125
4,260
Series
B,
5.44%,
9/1/41,
Continuously
Callable
@100
.........................
645
643
4,903
Total
Municipal
Bonds
(Cost
$244,791)
a
a
a
246,779
U.S.
Government
Agency
Mortgages
(20.4%)
Federal
Farm
Credit
Banks
Funding
Corporation
2.55%,
12/21/34
....................................................
4,613
3,921
2.20%,
9/2/36
.....................................................
11,023
8,633
5.60%,
8/5/39
.....................................................
4,527
4,528
17,082
Federal
Home
Loan
Mortgage
Corporation
5.50%,
4/1/36
-
1/1/55
...............................................
119,310
121,691
1.50%,
4/1/37
.....................................................
5,911
5,338
5.00%,
2/1/40
-
12/1/55
..............................................
86,059
86,553
3.00%,
4/1/40
-
5/1/52
...............................................
13,619
12,191
5.10%,
7/1/40
.....................................................
1,673
1,727
2.50%,
5/1/42
.....................................................
11,904
10,715
4.50%,
11/1/42
-
12/1/55
..............................................
46,523
45,917
4.00%,
1/1/43
-
12/1/54
..............................................
25,193
24,219
3.50%,
5/1/52
-
12/1/52
..............................................
13,661
12,663
6.00%,
8/1/53
-
3/1/55
...............................................
37,567
38,608
359,622
Federal
National
Mortgage
Association
2.50%,
7/1/27
-
7/1/52
...............................................
16,101
14,074
2.13%,
1/1/34
.....................................................
4,279
3,689
4.46%,
4/1/35
.....................................................
4,485
4,505
1.50%,
3/1/37
.....................................................
3,682
3,340
5.00%,
12/1/37
-
2/1/56
..............................................
97,742
98,200
4.00%,
4/1/38
-
2/1/55
...............................................
47,517
45,725
4.50%,
11/1/40
-
1/1/56
..............................................
72,271
71,220
3.50%,
12/1/42
-
12/1/53
.............................................
64,765
60,326
5.50%,
12/1/44
-
12/1/55
.............................................
135,481
138,144
6.00%,
7/1/52
-
11/1/54
..............................................
13,012
13,434
452,657
Government
National
Mortgage
Association
5.00%,
8/20/38
-
11/20/54
.............................................
52,852
53,082
2.50%,
1/20/51
-
9/20/53
.............................................
35,813
30,841
3.50%,
2/20/52
-
11/20/52
.............................................
25,459
23,460
3.00%,
3/20/52
-
12/20/53
.............................................
61,021
54,945
4.00%,
6/20/52
-
5/20/53
.............................................
22,801
21,763
4.50%,
8/20/52
-
11/20/53
.............................................
42,491
41,723
5.50%,
4/20/53
-
2/20/54
.............................................
32,508
33,180
6.00%,
9/20/53
-
10/20/53
.............................................
10,906
11,252
5.50%,
1/20/54
....................................................
3,562
3,626
7.50%,
10/20/54
....................................................
3,321
3,385
277,257
Total
U.S.
Government
Agency
Mortgages
(Cost
$1,089,670)
a
a
a
1,106,618
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
219
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
U.S.
Treasury
Obligations
(20.2%)
U.S.
Treasury
Bonds
4.50%,
2/15/36
....................................................
$
85,284
$
87,282
5.00%,
5/15/37
....................................................
143,825
152,859
4.38%,
11/15/39
....................................................
42,937
42,165
1.13%,
5/15/40
....................................................
35,000
22,116
4.75%,
2/15/41
....................................................
38,000
38,511
2.38%,
2/15/42
....................................................
47,275
34,673
3.25%,
5/15/42
....................................................
28,000
23,262
3.88%,
5/15/43
....................................................
13,204
11,803
4.38%,
8/15/43
....................................................
9,163
8,722
4.75%,
11/15/43
....................................................
48,139
47,943
4.63%,
11/15/44
....................................................
12,864
12,552
2.50%,
2/15/45
....................................................
23,500
16,590
4.75%,
2/15/45
....................................................
29,204
28,935
1.25%,
5/15/50
....................................................
4,535
2,164
2.88%,
5/15/52
....................................................
30,000
20,869
3.63%,
2/15/53
....................................................
12,487
10,058
3.63%,
5/15/53
....................................................
8,454
6,804
4.13%,
8/15/53
....................................................
63,303
55,766
4.75%,
11/15/53
....................................................
44,854
43,803
4.25%,
8/15/54
....................................................
21,867
19,667
4.63%,
2/15/55
....................................................
36,184
34,652
4.63%,
11/15/55
....................................................
7,688
7,365
U.S.
Treasury
Notes
4.63%,
5/31/31
....................................................
544
564
4.13%,
11/15/32
....................................................
66,870
67,309
3.38%,
5/15/33
....................................................
27,615
26,428
3.88%,
8/15/33
....................................................
207
204
4.50%,
11/15/33
....................................................
244,435
250,928
4.63%,
2/15/35
....................................................
21,697
22,382
4.25%,
8/15/35
....................................................
2
2
Total
U.S.
Treasury
Obligations
(Cost
$1,122,069)
a
a
a
1,096,378
Repurchase
Agreements
(0.9%)
Fixed
Income
Clearing
Corporation-State
Street
Bank
&
Trust
Co.,
3.64%,
purchased
on
1/30/26,
with
a
maturity
date
of
2/2/26,
with
a
repurchase
value
of
$49,015
(collateralized
by
U.S.
Treasury
Bonds,
4.75%,
due
2/15/41,
with
a
value
of
$49,980)
...................
49,000
49,000
Total
Repurchase
Agreements
(Cost
$49,000)
a
a
a
49,000
Shares
Collateral
for
Securities
Loaned
(1.0%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.58%(l)
........
13,571,572
13,572
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.61%(l)
............
13,571,572
13,572
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.60%(l)
................
13,571,572
13,571
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.60%(l)
.
13,571,572
13,571
Total
Collateral
for
Securities
Loaned
(Cost
$54,286)
a
a
a
54,286
Total
Investments
(Cost
$5,485,573)
—
101.1%
5,493,540
Liabilities
in
excess
of
other
assets
—  (1.1)%
(58,652)
NET
ASSETS
-
100.00%
$
5,434,888
At
January
31,
2026,
the
Fund's
investments
in
foreign
securities
were
7.3%
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
January
31,
2026,
the
fair
value
of
these
securities
was
$1,862,870
(thousands)
and
amounted
to
34.3%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
January
31,
2026.
(c)
Security
is
interest
only.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(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
January
31,
2026.
(f)
Rounds
to
less
than
$1
thousand.
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
220
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
(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)
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
January
31,
2026,
the
Fund
held
unfunded
or
partially
unfunded
loan
commitments
of
$197
(thousands),
which
included
$(1)
(thousands)
unrealized
loss.
(j)
All
or
a
portion
of
this
security
is
on
loan.
(k)
Up
to
6.75%
of
the
coupon
may
be
PIK.
(l)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
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
January
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2026.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LLC
—
Limited
Liability
Company
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
January
31,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
January
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
January
31,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
January
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2026.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
January
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
January
31,
2026.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
January
31,
2026.
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.
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
221
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Treasury
Note
Futures
......
1,050
3/20/26
$
118,374
$
117,420
$
(954)
30-Year
U.S.
Treasury
Bond
Futures
.....
1,285
3/20/26
149,466
147,936
(1,530)
5-Year
U.S.
Treasury
Note
Futures
.......
380
3/31/26
41,566
41,393
(173)
$
(2,657)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(2,657)
Total
net
unrealized
appreciation
(depreciation)
$
(2,657)
Schedule
of
Portfolio
Investments
January
31,
2026
Victory
Portfolios
III
Victory
High
Income
Fund
222
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(3.4%)
ABS
Auto
(1.8%):
Ally
Bank
Auto
Credit-Linked
Notes,
Series
2025-B,
Class
E,
6.16%,
9/15/33,
Callable
8/15/28
@
100(a)
.........................................................
$
925
$
925
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2023-5A,
Class
C,
6.85%,
4/20/28(a)
..
2,000
2,046
Chesapeake
Funding
II
LLC,
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
5/15/26
@
100(a)
...........................................................
375
377
FCCU
Auto
Receivables
Trust,
Series
2024-1A,
Class
D,
6.78%,
7/15/32,
Callable
3/15/28
@
100(a)
...........................................................
1,136
1,175
Ford
Credit
Auto
Owner
Trust,
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...........................................................
1,966
1,998
Hertz
Vehicle
Financing
III
LLC,
Series
2023-3A,
Class
D,
9.43%,
2/25/28(a)
...........
3,000
3,087
LAD
Auto
Receivables
Trust,
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
4/15/27
@
100(a)
...........................................................
2,263
2,295
Merchants
Fleet
Funding
LLC,
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
1/20/27
@
100(a)
...........................................................
1,673
1,705
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2024-B,
Class
E,
6.80%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
854
859
Series
2025-A,
Class
E,
6.27%,
1/16/34,
Callable
12/15/29
@
100(a)
..............
536
536
SBNA
Auto
Receivables
Trust,
Series
2025-SF1,
Class
E,
6.74%,
10/15/31,
Callable
5/15/29
@
100(a)
...........................................................
1,000
1,010
Securitized
Term
Auto
Receivables
Trust,
Series
2025-A,
Class
D,
6.75%,
7/25/31,
Callable
3/25/28
@
100(a)
...................................................
1,385
1,407
Truist
Bank
Auto
Credit-Linked
Notes,
Series
2025-1,
Class
C,
6.81%,
9/26/33,
Callable
12/25/28
@
100(a)
..................................................
728
730
18,150
ABS
Other
(1.6%):
Ansley
Park
Capital
LLC,
Series
2025-A,
Class
E,
7.66%,
4/20/35,
Callable
4/20/28
@
100(a)
750
765
Dext
ABS
LLC,
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
9/15/27
@
100(a)
.......
667
706
NP
SPE
X
LP,
Series
2019-2A,
Class
C1,
6.44%,
11/19/49(a)
.......................
1,568
1,282
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
D,
6.77%,
10/15/30,
Callable
11/15/26
@
100(a)
............
333
340
Series
2025-1A,
Class
E,
7.08%,
5/17/32,
Callable
7/15/28
@
100(a)
..............
706
719
Sotheby's
Artfi
Master
Trust,
Series
2024-1A,
Class
D,
7.91%,
12/22/31,
Callable
3/20/26
@
100(a)
...........................................................
2,950
2,954
Uniti
Fiber
ABS
Issuer
LLC,
Series
2025-1A,
Class
C,
9.02%,
4/20/55,
Callable
10/20/28
@
100(a)
...........................................................
2,000
2,116
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A,
Class
F,
5.27%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
3,000
2,965
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
2,624
15,376
Total
Asset-Backed
Securities
(Cost
$32,880)
a
a
a
33,526
Collateralized
Mortgage
Obligations
(1.4%)
Commercial
MBS
(1.4%):
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM,
Class
D,
6.98%
(TSFR1M+330bps),
8/15/42(a)(b)(c)
..........
1,000
991
Series
2025-ATRM,
Class
F,
9.18%
(TSFR1M+550bps),
8/15/42(a)(b)(c)
...........
750
740
Aventura
Mall
Trust,
Series
2018-AVM,
Class
C,
4.11%,
7/5/40(a)(c)(d)
................
3,000
2,935
BAHA
Trust,
Series
2024-MAR,
Class
C,
7.77%,
12/10/41(a)(c)(d)
...................
893
937
BX
Trust,
Series
2025-GW,
Class
D,
6.43%
(TSFR1M+275bps),
7/15/42(a)(b)(c)
.........
1,526
1,534
BXP
Trust,
Series
2021-601L,
Class
D,
2.78%,
1/15/44(a)(c)(d)
......................
2,000
1,626
COMM
Mortgage
Trust,
Series
2024-277P,
Class
B,
7.00%,
8/10/44(a)(c)(d)
............
1,500
1,593
Hudson
Yards
Mortgage
Trust,
Series
2025-SPRL,
Class
D,
6.34%,
1/13/40(a)(c)(d)
.......
100
104
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
D,
2.33%,
9/10/39(a)(c)(d)
......
1,155
1,102
ONE
Mortgage
Trust,
Series
2021-PARK,
Class
D,
5.29%
(TSFR1M+161bps),
3/15/36(a)(b)
(c)
.............................................................
1,775
1,762
13,324
Victory
Portfolios
III
Victory
High
Income
Fund
223
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Private
CMO
Floating
(0.0%):(e)
CHL
Mortgage
Pass-Through
Trust,
Series
2004-25,
Class
1A6,
4.75%
(TSFR1M+107bps),
2/25/35,
Callable
2/25/26
@
100(b)
......................................
$
44
$
1
Total
Collateralized
Mortgage
Obligations
(Cost
$12,714)
a
a
a
13,325
Shares
Common
Stocks
(0.4%)
Communication
Services
(0.2%):
Altice
France
SA(f)
.....................................................
123,404
2,322
Altice
Luxembourg(f)
....................................................
9,159
148
2,470
Consumer
Discretionary
(0.0%):(e)
WW
International,
Inc.(f)(g)
...............................................
8,436
171
Energy
(0.0%):(e)
Sabine
Oil
&
Gas
Holdings,
Inc.(f)(h)
........................................
2,824
—(i)
Real
Estate
(0.1%):
Crown
Castle,
Inc.
......................................................
6,253
543
Utilities
(0.1%):
GenOn
Energy,
Inc.
(f)
(h)
.................................................
16,168
566
Total
Common
Stocks
(Cost
$5,787)
a
a
a
3,750
Preferred
Stocks
(0.4%)
Consumer
Staples
(0.4%):
CHS,
Inc.
Series
2,
7.10%(j)
..................................................
76,204
1,940
Series
1,
7.88%(j)
..................................................
87,180
2,283
4,223
Real
Estate
(0.0%):(e)
Prologis,
Inc.,
Series
Q,
8.54%(j)
............................................
5,310
281
Total
Preferred
Stocks
(Cost
$4,430)
a
a
a
4,504
Principal
Amount
(000)
Senior
Secured
Loans
(8.0%)
Communication
Services
(0.9%):
Altice
France
SA,
USD
Term
Loan
B-14,
First
Lien,
10.55%
(SOFR03M+688bps),
5/15/31(b)
2,649
2,684
Versant
Media
Group,
Inc.,
Initial
Term
Loans,
First
Lien,
7.16%
(SOFR03M+350bps),
1/30/31(b)
........................................................
1,750
1,747
Windstream
Services
LLC,
2024
Term
Loans,
First
Lien,
8.47%
(SOFR03M+475bps),
10/1/31(b)
........................................................
1,000
1,005
Zayo
Group
Holdings,
Inc.,
Initial
Dollar
Term
Loan,
First
Lien,
6.72%
(SOFR03M+300bps),
3/11/30(b)
........................................................
2,861
2,751
8,187
Consumer
Discretionary
(3.2%):
Alterra
Mountain
Company,
Series
B-8
Term
Loan
Commitment,
First
Lien,
6.22%
(SOFR03M+250bps),
5/31/30(b)
........................................
488
488
AMC
Entertainment
Holdings,
Inc.,
Initial
Exchange
Term
Loan,
First
Lien,
10.68%
(SOFR01M+700bps),
1/4/29(b)
.........................................
6,655
6,602
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien,
6.97%
(SOFR03M+325bps),
1/29/29(b)
........................................................
205
205
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien,
6.97%
(SOFR03M+325bps),
1/23/32(b)
964
963
Metropolis
Technologies,
Inc.,
Initial
Term
Loan,
First
Lien,
8.98%
(SOFR06M+525bps),
11/3/32(b)
........................................................
2,240
2,216
Ontario
Gaming
GTA
LP,
Term
B
Loans,
First
Lien,
7.92%
(SOFR03M+425bps),
8/1/30(b)
..
1,853
1,729
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien,
6.92%
(SOFR03M+325bps),
3/6/28(b)
.........................................................
11,443
11,413
Petco
Health
&
Wellness
Co.,
Inc.,
Term
Loan
B,
First
Lien,
1/22/31(k)
................
5,345
5,218
PetSmart,
Inc.,
Initial
Term
Loan,
First
Lien,
7.67%
(SOFR01M+400bps),
8/18/32(b)
......
2,000
1,997
Victory
Portfolios
III
Victory
High
Income
Fund
224
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
E.W.
Scripps
Co.,
Tranche
B-2
Term
Loan,
First
Lien,
9.43%
(SOFR01M+575bps),
6/30/28(b)
........................................................
$
1,414
$
1,425
Weight
Watchers
International,
Inc,
Initial
Term
Loan,
First
Lien,
10.49%
(SOFR03M+680bps),
6/24/30(b)
........................................
431
380
32,636
Consumer
Staples
(0.4%):
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien,
6.11%
(SOFR03M+225bps),
8/19/31(b)
........................................................
1,952
1,951
TKC
Holdings,
Inc.,
Closing
Date
Initial
Term
Loan,
First
Lien,
8.72%
(SOFR03M+500bps),
5/15/28(b)
........................................................
1,935
1,935
3,886
Financials
(2.4%):
1261229
BC
Ltd.,
Initial
Term
Loans,
First
Lien,
9.97%
(SOFR03M+625bps),
10/8/30(b)
...
871
848
Acrisure
LLC,
Term
Loan
B-
6,
First
Lien,
6.72%
(SOFR03M+300bps),
11/6/30(b)
.......
988
984
Amynta
Agency
Borrower,
Inc.,
2025
Refinancing
Term
Loans,
First
Lien,
12/29/31(k)
.....
973
966
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien,
6.42%
(SOFR03M+275bps),
2/18/31(b)
........................................
24
24
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien,
6.37%
(SOFR06M+275bps),
2/18/31(b)
........................................
470
468
BCPE
Pequod
Buyer,
Inc.,
Initial
Term
Loans,
First
Lien,
6.47%
(SOFR03M+275bps),
11/25/31(b)
.......................................................
498
495
C&S
Wholesale
Grocers,
Inc.,
Initial
Term
Loan,
First
Lien,
8.67%
(SOFR03M+500bps),
8/6/30(b)
.........................................................
4,130
4,078
CP
Atlas
Buyer,
Inc.,
2025
Term
B
Loan,
First
Lien,
8.97%
(SOFR03M+525bps),
7/8/30(b)
..
3,521
3,452
Hyperion
Refinance
SARL,
2025-3
Dollar
Refinancing
Term
Loan,
First
Lien,
6.49%
(SOFR03M+275bps),
4/18/30(b)
........................................
1,766
1,764
LC
Ahab
US
Bidco
LLC,
Initial
Term
Loan,
First
Lien,
6.72%
(SOFR03M+300bps),
5/1/31(b)
494
494
Lealand
Finance
Co.
B.V.,
Make
Whole
Term
Loan,
First
Lien,
6.72%
(SOFR03M+300bps),
6/30/27(b)
........................................................
39
31
Moneygram
International,
Inc.,
2024
Repricing
Term
Loans,
First
Lien,
8.42%
(SOFR01M+475bps),
6/3/30(b)
.........................................
978
572
Neptune
BidCo
US,
Inc.,
Dollar
Term
B
Loan,
First
Lien,
8.67%
(SOFR03M+500bps),
4/11/29(b)
........................................................
199
199
Neptune
BidCo
US,
Inc.,
Term
A
Loan,
First
Lien,
8.42%
(SOFR03M+475bps),
10/11/28(b)
.
70
70
OneDigital
Borrower
LLC,
Initial
Loan,
Second
Lien,
8.97%
(SOFR03M+525bps),
7/2/32(b)
3,000
3,015
Osaic
Holdings,
Inc.,
Initial
Term
Loan,
First
Lien,
6.60%
(SOFR06M+300bps),
8/2/32(b)
..
441
437
StubHub
Holdco
Sub
LLC,
Term
B,
First
Lien,
8.47%
(SOFR03M+475bps),
3/15/30(b)
....
514
513
Trucordia
Insurance
Holdings
LLC,
Initial
Term
Loans,
First
Lien,
6.97%
(SOFR03M+325bps),
6/17/32(b)
........................................
881
875
Voyager
Parent
LLC,
2026
Refinancing
Term
B
Loans,
First
Lien,
7.91%
(SOFR03M+425bps),
7/1/32(b)
.........................................................
1,995
1,990
WestJet
Loyalty
LP,
Initial
Term
Loan,
First
Lien,
6.42%
(SOFR03M+275bps),
2/14/31(b)
..
983
975
22,250
Health
Care
(0.1%):
Bausch
+
Lomb
Corp.,
2025-2
Refinancing
Term
Loan,
First
Lien,
7.45%
(SOFR03M+375bps),
1/15/31(b)
........................................
796
801
Industrials
(0.1%):
Twitter,
Inc.,
Tranche
B-1
Loan,
First
Lien,
10.20%
(SOFR06M+650bps),
10/29/29(b)
.....
990
988
Information
Technology
(0.5%):
Central
Parent
LLC,
2024
Refinancing
Term
Loan,
First
Lien,
6.92%
(SOFR03M+325bps),
7/6/29(b)
.........................................................
1,411
1,126
Sandisk
Corp.,
Term
B
Loan,
First
Lien,
6.67%
(SOFR03M+300bps),
2/23/32(b)
.........
22
22
UKG,
Inc.,
Initial
Term
Loans,
First
Lien,
6.34%
(SOFR03M+250bps),
2/10/31(b)
........
128
124
X.AI
LLC,
Term
Loan
B,
First
Lien,
10.92%
(TSFR1M+725bps),
6/28/30(b)
............
1,500
1,525
X.AI
LLC,
Term
Loan,
First
Lien,
12.50%,
6/28/30
..............................
2,000
2,163
4,960
Materials
(0.3%):
Consolidated
Energy
Finance
S.A.,
2024
Incremental
Term
Loan,
First
Lien,
8.20%
(SOFR03M+450bps),
11/18/30(b)
.......................................
3,541
3,078
Victory
Portfolios
III
Victory
High
Income
Fund
225
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Utilities
(0.1%):
SGH2
LLC,
Initial
Term
Loan,
First
Lien,
8.17%
(SOFR03M+450bps),
8/18/32(b)
........
$
1,319
$
1,321
Total
Senior
Secured
Loans
(Cost
$77,801)
a
a
a
78,107
Corporate
Bonds
(59.6%)
Communication
Services
(11.6%):
AMC
Networks,
Inc.
10.25%,
1/15/29,
Callable
3/6/26
@
105.13(a)
..............................
532
555
4.25%,
2/15/29,
Callable
2/14/26
@
101.06
................................
35
31
10.50%,
7/15/32,
Callable
7/15/28
@
105.25(a)(g)
...........................
2,457
2,649
Cablevision
Lightpath
LLC,
5.63%,
9/15/28,
Callable
2/14/26
@
100(a)
................
3,247
3,236
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.75%,
3/1/30,
Callable
3/6/26
@
101.58(a)
................................
500
478
4.50%,
8/15/30,
Callable
3/6/26
@
101.5(a)
................................
500
471
4.50%,
6/1/33,
Callable
6/1/27
@
102.25(a)(g)
..............................
6,900
6,037
4.25%,
1/15/34,
Callable
1/15/28
@
102.13(a)(g)
............................
3,315
2,799
7.38%,
2/1/36,
Callable
2/1/31
@
103.69(a)
................................
1,781
1,785
Clear
Channel
Outdoor
Holdings,
Inc.
7.50%,
6/1/29,
Callable
3/6/26
@
101.88(a)
................................
858
850
7.88%,
4/1/30,
Callable
10/1/26
@
103.94(a)
...............................
356
375
7.50%,
3/15/33,
Callable
9/15/28
@
103.75(a)
..............................
2,509
2,665
Connect
Holding
II
LLC,
10.50%,
4/3/31,
Callable
12/24/27
@
100(a)
.................
891
874
CSC
Holdings
LLC
11.25%,
5/15/28,
Callable
2/14/26
@
105.63(a)
.............................
4,500
3,594
11.75%,
1/31/29,
Callable
2/14/26
@
105.88(a)
.............................
3,000
2,190
5.00%,
11/15/31,
Callable
11/15/26
@
102.5(a)
.............................
1,500
558
Cumulus
Media
New
Holdings,
Inc.,
8.00%,
7/1/29,
Callable
3/6/26
@
100(a)
...........
7,151
2,020
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.
5.88%,
8/15/27,
Callable
3/6/26
@
101.47(a)
...............................
60
60
10.00%,
2/15/31,
Callable
2/15/27
@
105(a)
...............................
2,794
2,878
DISH
DBS
Corp.
7.75%,
7/1/26
.....................................................
2,105
2,064
5.25%,
12/1/26,
Callable
6/1/26
@
100(a)
.................................
1,500
1,456
DISH
Network
Corp.,
11.75%,
11/15/27,
Callable
2/14/26
@
102.94(a)
................
12,249
12,667
EchoStar
Corp.
10.75%,
11/30/29,
Callable
11/30/26
@
105.38
..............................
5,932
6,502
6.75%,
11/30/30,
Callable
11/30/26
@
102(l)
...............................
4,246
4,316
Frontier
Communications
Holdings
LLC,
6.75%,
5/1/29,
Callable
3/6/26
@
101.69(a)
......
12,287
12,342
Gray
Media,
Inc.
10.50%,
7/15/29,
Callable
7/15/26
@
105.25(a)(g)
...........................
1,296
1,392
4.75%,
10/15/30,
Callable
2/14/26
@
102.38(a)
.............................
257
198
9.63%,
7/15/32,
Callable
7/15/28
@
104.81(a)
..............................
221
228
iHeartCommunications,
Inc.,
7.00%,
1/15/31,
Callable
12/20/26
@
103.5(a)
.............
1,603
1,300
Lamar
Media
Corp.
3.63%,
1/15/31,
Callable
2/19/26
@
101.81
................................
947
894
5.38%,
11/1/33,
Callable
11/1/28
@
102.69(a)
..............................
223
223
Level
3
Financing,
Inc.
3.75%,
7/15/29,
Callable
3/6/26
@
100(a)
.................................
2,649
2,448
6.88%,
6/30/33,
Callable
6/30/28
@
103.44(a)
..............................
883
910
7.00%,
3/31/34,
Callable
8/31/28
@
103.5(a)
...............................
1,777
1,842
8.50%,
1/15/36,
Callable
1/15/31
@
104.25(a)
..............................
890
912
Match
Group
Holdings
II
LLC,
4.63%,
6/1/28,
Callable
2/14/26
@
100(a)
..............
2,000
1,981
Muvico
LLC,
15.00%,
2/19/29,
Callable
7/31/27
@
107.5(a)(m)
.....................
1,783
1,752
Nexstar
Media,
Inc.,
5.63%,
7/15/27,
Callable
2/14/26
@
100(a)
.....................
1,500
1,500
OT
Midco,
Inc.,
10.00%,
2/15/30,
Callable
2/15/27
@
105(a)(g)
.....................
1,781
833
Paramount
Global,
4.38%,
3/15/43
..........................................
2,930
2,015
Scripps
Escrow
II,
Inc.
3.88%,
1/15/29,
Callable
3/6/26
@
100(a)(g)
...............................
631
583
5.38%,
1/15/31,
Callable
3/6/26
@
102.69(a)
...............................
1,180
879
Sinclair
Television
Group,
Inc.,
8.13%,
2/15/33,
Callable
2/15/28
@
104.06(a)
...........
2,181
2,256
The
E.W.
Scripps
Co.,
9.88%,
8/15/30,
Callable
8/15/27
@
104.94(a)
..................
864
860
Victory
Portfolios
III
Victory
High
Income
Fund
226
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC
6.50%,
2/15/29,
Callable
2/14/26
@
101.63(a)
..............................
$
500
$
487
8.63%,
6/15/32,
Callable
6/15/28
@
104.31(a)
..............................
891
898
8.63%,
6/15/32,
Callable
6/15/28
@
104.31(a)(g)
............................
883
892
Uniti
Services
LLC,
7.50%,
10/15/33,
Callable
10/15/28
@
103.75(a)
.................
1,785
1,844
Univision
Communications,
Inc.
7.38%,
6/30/30,
Callable
3/6/26
@
103.69(a)
...............................
887
898
9.38%,
8/1/32,
Callable
8/1/28
@
104.69(a)
................................
1,765
1,900
Urban
One,
Inc.,
7.63%,
4/1/31,
Callable
2/14/26
@
100(a)
.........................
2,203
990
Versant
Media
Group,
Inc.,
7.25%,
1/30/31,
Callable
1/30/28
@
103.63(a)
..............
991
1,015
Warnermedia
Holdings,
Inc.,
5.05%,
3/15/42,
Callable
9/15/41
@
100
.................
2,690
1,900
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.
9.25%,
3/9/30,
Callable
2/14/26
@
100(a)(n)
...............................
5,108
4,986
13.75%,
9/9/30,
Callable
3/6/26
@
100(a)(g)(o)
.............................
890
817
114,133
Consumer
Discretionary
(8.6%):
Advance
Auto
Parts,
Inc.,
7.38%,
8/1/33,
Callable
8/1/28
@
103.69(a)
.................
3,550
3,598
Asbury
Automotive
Group,
Inc.,
5.00%,
2/15/32,
Callable
11/15/26
@
102.5(a)
..........
1,850
1,798
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.
4.63%,
4/1/30,
Callable
3/6/26
@
102.31(a)
................................
4,211
3,993
6.88%,
8/1/33,
Callable
8/1/28
@
103.44(a)
................................
2,807
2,832
Beazer
Homes
USA,
Inc.,
7.25%,
10/15/29,
Callable
2/19/26
@
102.42
................
1,250
1,265
Boyd
Gaming
Corp.,
4.75%,
6/15/31,
Callable
6/15/26
@
102.38(a)
...................
1,100
1,072
Boyne
USA,
Inc.,
4.75%,
5/15/29,
Callable
3/6/26
@
101.19(a)
......................
2,615
2,581
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)
..............................
1,335
1,366
6.00%,
10/15/32,
Callable
10/15/27
@
103(a)(g)
............................
2,672
2,598
CD&R
Smokey
Buyer,
Inc./Radio
Systems
Corp.,
9.50%,
10/15/29,
Callable
10/15/26
@
104.75(a)
.........................................................
1,500
1,323
Century
Communities,
Inc.,
3.88%,
8/15/29,
Callable
2/15/29
@
100(a)
................
2,650
2,521
Choice
Hotels
International,
Inc.,
5.85%,
8/1/34,
Callable
5/1/34
@
100
................
463
474
Churchill
Downs,
Inc.
5.75%,
4/1/30,
Callable
2/14/26
@
102.88(a)
...............................
1,000
1,005
6.75%,
5/1/31,
Callable
5/1/26
@
103.38(a)
................................
1,355
1,398
Cougar
JV
Subsidiary
LLC,
8.00%,
5/15/32,
Callable
5/15/27
@
104(a)
................
1,000
1,068
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.,
6.75%,
1/15/30,
Callable
3/6/26
@
101.69(a)(g)
...............................................
1,627
1,538
Ford
Motor
Co.,
4.75%,
1/15/43
............................................
2,000
1,603
Garrett
Motion
Holdings,
Inc./Garrett
LX
I
SARL,
7.75%,
5/31/32,
Callable
5/31/27
@
103.88(a)
.........................................................
1,000
1,058
Group
1
Automotive,
Inc.,
6.38%,
1/15/30,
Callable
7/15/26
@
103.19(a)
...............
1,100
1,130
Hilton
Domestic
Operating
Co.,
Inc.,
4.00%,
5/1/31,
Callable
5/1/26
@
102(a)
...........
2,100
2,005
Installed
Building
Products,
Inc.,
5.63%,
2/1/34,
Callable
2/1/29
@
102.81(a)
............
445
448
Light
&
Wonder
International,
Inc.,
7.25%,
11/15/29,
Callable
2/19/26
@
102.42(a)(g)
.....
500
513
Lithia
Motors,
Inc.
3.88%,
6/1/29,
Callable
3/6/26
@
100.97(a)
................................
4,739
4,584
4.38%,
1/15/31,
Callable
3/6/26
@
102.19(a)
...............................
1,950
1,877
M/I
Homes,
Inc.,
4.95%,
2/1/28,
Callable
2/19/26
@
100
...........................
3,000
2,992
MGM
Resorts
International,
6.13%,
9/15/29,
Callable
9/15/26
@
103.06
...............
1,350
1,380
Newell
Brands,
Inc.
6.63%,
5/15/32,
Callable
2/15/32
@
100(g)
................................
1,782
1,746
7.38%,
4/1/36,
Callable
10/1/35
@
100
...................................
500
483
Nordstrom,
Inc.,
4.38%,
4/1/30,
Callable
1/1/30
@
100(g)
..........................
898
858
Petco
Health
&
Wellness
Co.,
Inc.,
8.25%,
2/1/31,
Callable
2/1/28
@
104.13(a)
..........
1,782
1,787
PetSmart
LLC/PetSmart
Finance
Corp.
7.50%,
9/15/32,
Callable
9/15/28
@
103.75(a)
..............................
2,969
3,045
10.00%,
9/15/33,
Callable
9/15/28
@
105(a)
...............................
500
520
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
1,100
942
S&S
Holdings
LLC,
8.38%,
10/1/31,
Callable
10/1/27
@
104.19(a)
...................
2,924
2,785
Victory
Portfolios
III
Victory
High
Income
Fund
227
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Saks
Global
Enterprises
LLC
11.00%,
12/15/29,
Callable
12/15/26
@
105.5(a)(p)
..........................
$
567
$
1
11.00%,
12/15/29,
Callable
12/15/26
@
105.5(a)(p)
..........................
1,559
—(i)
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.,
6.63%,
3/1/30,
Callable
3/6/26
@
101.66(a)
......................................................
1,342
1,226
Six
Flags
Entertainment
Corp./Six
Flags
Theme
Parks,
Inc./Canada's
Wonderland
Co.,
6.63%,
5/1/32,
Callable
5/1/27
@
103.31(a)(g)
...................................
1,467
1,499
Sotheby's,
7.38%,
10/15/27,
Callable
2/14/26
@
100(a)
............................
230
229
Staples,
Inc.,
10.75%,
9/1/29,
Callable
9/1/26
@
105.38(a)
.........................
2,500
2,456
Taylor
Morrison
Communities,
Inc.
5.75%,
1/15/28,
Callable
10/15/27
@
100(a)
...............................
1,000
1,019
5.13%,
8/1/30,
Callable
2/1/30
@
100(a)
..................................
1,311
1,319
5.75%,
11/15/32,
Callable
5/15/32
@
100(a)
................................
445
457
The
Men's
Wearhouse
LLC,
9.00%,
2/1/31,
Callable
2/1/28
@
104.5(a)
................
446
464
The
Michaels
Cos.,
Inc.,
7.88%,
5/1/29,
Callable
2/14/26
@
101.97(a)
.................
2,673
2,606
TKC
Holdings,
Inc.,
10.50%,
5/15/29,
Callable
3/6/26
@
102.63(a)
...................
3,000
3,085
Vail
Resorts,
Inc.,
6.50%,
5/15/32,
Callable
5/15/27
@
103.25(a)
.....................
1,015
1,052
Wand
NewCo
3,
Inc.,
7.63%,
1/30/32,
Callable
1/30/27
@
103.81(a)
..................
50
53
Weekley
Homes
LLC/Weekley
Finance
Corp.
4.88%,
9/15/28,
Callable
3/6/26
@
100.81(a)
...............................
2,085
2,054
6.75%,
1/15/34,
Callable
1/15/29
@
103.38(a)
..............................
3,561
3,579
ZF
North
America
Capital,
Inc.,
6.88%,
4/23/32,
Callable
2/23/32
@
100(a)
.............
2,000
1,993
83,794
Consumer
Staples
(3.4%):
Albertsons
Cos.,
Inc.,
5.63%,
3/31/32,
Callable
3/31/28
@
102.81(a)
..................
3,900
3,896
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
6.50%,
2/15/28,
Callable
3/6/26
@
101.63(a)
...............................
119
121
4.88%,
2/15/30,
Callable
3/6/26
@
102.44(a)
...............................
3,750
3,702
5.75%,
3/31/34,
Callable
11/15/28
@
102.88(a)
.............................
1,589
1,562
C&S
Group
Enterprises
LLC,
5.00%,
12/15/28,
Callable
3/6/26
@
100(a)
..............
4,474
4,204
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
6.63%,
7/15/30,
Callable
7/16/26
@
103.31(a)
..............................
1,257
1,290
5.60%,
1/15/31,
Callable
12/15/30
@
100(a)
...............................
442
448
Edgewell
Personal
Care
Co.,
4.13%,
4/1/29,
Callable
2/14/26
@
101.03(a)
..............
4,695
4,504
Performance
Food
Group,
Inc.
4.25%,
8/1/29,
Callable
3/6/26
@
101.06(a)
................................
2,850
2,791
6.13%,
9/15/32,
Callable
9/15/27
@
103.06(a)
..............................
1,100
1,131
Post
Holdings,
Inc.
4.63%,
4/15/30,
Callable
2/19/26
@
102.31(a)
..............................
1,000
976
6.25%,
2/15/32,
Callable
2/15/27
@
103.13(a)
..............................
1,607
1,652
6.38%,
3/1/33,
Callable
9/1/27
@
103.19(a)
................................
1,750
1,764
U.S.
Foods,
Inc.
4.75%,
2/15/29,
Callable
3/6/26
@
100(a)
.................................
3,000
2,987
5.75%,
4/15/33,
Callable
10/15/27
@
102.88(a)
.............................
2,418
2,461
33,489
Energy
(4.0%):
CITGO
Petroleum
Corp.,
8.38%,
1/15/29,
Callable
3/6/26
@
104.19(a)
................
4,562
4,740
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC,
5.50%,
6/15/31,
Callable
6/15/26
@
102.75(a)
2,500
2,486
Crescent
Energy
Finance
LLC,
7.88%,
4/15/32,
Callable
4/15/27
@
103.94(a)
...........
342
340
Energy
Transfer
LP,
7.13%
(H15T5Y+531bps),
Callable
5/15/30
@
100(b)(j)
............
250
258
Harvest
Midstream
I
LP,
7.50%,
5/15/32,
Callable
5/15/27
@
103.75(a)
................
4,100
4,284
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
5.75%,
2/1/29,
Callable
3/6/26
@
100.96(a)
................................
1,339
1,339
7.25%,
2/15/35,
Callable
2/15/30
@
103.63(a)
..............................
685
663
Moss
Creek
Resources
Holdings,
Inc.,
8.25%,
9/1/31,
Callable
9/1/27
@
104.13(a)
........
2,661
2,587
Murphy
Oil
USA,
Inc.,
3.75%,
2/15/31,
Callable
2/19/26
@
101.88(a)
.................
2,323
2,180
Permian
Resources
Operating
LLC,
6.25%,
2/1/33,
Callable
8/1/27
@
103.13(a)
..........
1,544
1,593
Prairie
Acquiror
LP,
9.00%,
8/1/29,
Callable
3/6/26
@
104.5(a)
......................
500
519
Victory
Portfolios
III
Victory
High
Income
Fund
228
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Sunoco
LP
7.88%
(H15T5Y+423bps),
Callable
9/18/30
@
100(a)(b)(j)
.....................
$
894
$
922
7.25%,
5/1/32,
Callable
5/1/27
@
103.63(a)
................................
2,261
2,392
6.25%,
7/1/33,
Callable
7/1/28
@
103.13(a)
................................
1,550
1,594
5.88%,
3/15/34,
Callable
9/15/28
@
102.94(a)
..............................
1,341
1,345
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.,
7.38%,
2/15/29,
Callable
3/6/26
@
103.69(a)
......................................................
1,000
1,036
Venture
Global
LNG,
Inc.
9.00%
(H15T5Y+544bps),
Callable
9/30/29
@
100(a)(b)(j)
.....................
3,116
2,744
8.38%,
6/1/31,
Callable
6/1/26
@
104.19(a)(g)
..............................
2,000
2,046
9.88%,
2/1/32,
Callable
2/1/27
@
104.94(a)(g)
..............................
325
344
Venture
Global
Plaquemines
LNG
LLC,
7.75%,
5/1/35,
Callable
12/1/34
@
100(a)
........
5,279
5,888
39,300
Financials
(6.0%):
Acrisure
LLC/Acrisure
Finance,
Inc.
8.25%,
2/1/29,
Callable
3/6/26
@
104.13(a)
................................
750
778
7.50%,
11/6/30,
Callable
5/15/26
@
103.75(a)
..............................
1,205
1,248
6.75%,
7/1/32,
Callable
7/1/28
@
103.38(a)
................................
100
102
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co-Issuer,
6.50%,
10/1/31,
Callable
10/1/27
@
103.25(a)
................................................
1,000
1,029
Amynta
Agency
Borrower,
Inc.
and
Amynta
Warranty
Borrower,
Inc.,
7.50%,
7/15/33,
Callable
7/15/28
@
103.75(a)
................................................
983
1,001
Apollo
Debt
Solutions
BDC,
5.70%,
1/23/31,
Callable
12/23/30
@
100(a)
..............
711
707
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance,
7.13%,
5/15/31,
Callable
5/15/27
@
103.56(a)
....................................
1,100
1,134
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer,
Inc.,
9.50%,
7/1/32,
Callable
7/1/28
@
104.75(a)(g)
...............................................
3,329
3,175
Beach
Acquisition
Bidco
LLC,
10.00%,
7/15/33,
Callable
7/15/28
@
103(a)(q)
...........
1,658
1,825
Block,
Inc.
6.50%,
5/15/32,
Callable
5/15/27
@
103.25(g)
..............................
3,227
3,353
6.00%,
8/15/33,
Callable
8/15/28
@
103(a)
................................
1,019
1,040
Burford
Capital
Global
Finance
LLC
7.50%,
7/15/33,
Callable
7/15/28
@
103.75(a)
..............................
5,957
5,763
8.50%,
1/15/34,
Callable
1/15/29
@
104.25(a)
..............................
446
447
Credit
Acceptance
Corp.,
6.63%,
3/15/30,
Callable
3/15/27
@
103.31(a)
................
1,767
1,774
EZCORP,
Inc.,
7.38%,
4/1/32,
Callable
4/1/28
@
103.69(a)
.........................
1,023
1,091
Focus
Financial
Partners
LLC,
6.75%,
9/15/31,
Callable
9/15/27
@
103.38(a)
............
1,625
1,664
Ford
Motor
Credit
Co.
LLC,
4.00%,
11/13/30,
Callable
8/13/30
@
100
.................
2,500
2,377
Getty
Images,
Inc.,
10.50%,
11/15/30,
Callable
11/15/27
@
105.25(a)
.................
1,890
1,914
HA
Sustainable
Infrastructure
Capital,
Inc.,
8.00%
(H15T5Y+430bps),
6/1/56,
Callable
3/1/31
@
100(b)
.........................................................
891
933
Hightower
Holding
LLC,
9.13%,
1/31/30,
Callable
7/31/26
@
104.56(a)
...............
750
795
Hunt
Cos.,
Inc.,
5.25%,
4/15/29,
Callable
3/6/26
@
101.31(a)
.......................
2,178
2,128
Jane
Street
Group/JSG
Finance,
Inc.,
6.75%,
5/1/33,
Callable
5/1/28
@
103.38(a)
.........
4,338
4,510
LCM
Investments
Holdings
II
LLC,
8.25%,
8/1/31,
Callable
8/1/26
@
104.13(a)
.........
1,000
1,054
Lehman
Brothers
Holdings,
Inc.,
5.75%,
4/25/11,
MTN(p)
.........................
1,000
—(i)
MetLife,
Inc.,
10.75%,
8/1/39,
Callable
8/1/34
@
100
.............................
1,000
1,331
Mobius
Merger
Sub,
Inc.,
9.00%,
6/1/30,
Callable
6/1/26
@
104.5(a)
..................
4,354
2,592
MSD
Investment
Corp.,
6.13%,
2/5/31,
Callable
1/5/31
@
100(a)
....................
1,101
1,096
NCR
Atleos
Corp.,
9.50%,
4/1/29,
Callable
10/1/26
@
104.75(a)
.....................
500
536
Osaic
Holdings,
Inc.
6.75%,
8/1/32,
Callable
8/1/28
@
103.38(a)
................................
1,327
1,375
8.00%,
8/1/33,
Callable
8/1/28
@
104(a)
..................................
1,203
1,247
8.00%,
8/1/33,
Callable
8/1/28
@
104(a)
..................................
1,335
1,384
Panther
Escrow
Issuer
LLC,
7.13%,
6/1/31,
Callable
6/1/27
@
103.56(a)
...............
1,452
1,496
PRA
Group,
Inc.,
8.88%,
1/31/30,
Callable
6/1/26
@
104.44(a)
......................
1,700
1,711
Starwood
Property
Trust,
Inc.
4.38%,
1/15/27,
Callable
7/15/26
@
100(a)
................................
500
496
7.25%,
4/1/29,
Callable
10/1/28
@
100(a)
.................................
500
528
Stonebriar
ABF
Issuer
LLC,
8.13%,
12/15/30,
Callable
12/15/27
@
104.06(a)
............
1,002
1,040
UWM
Holdings
LLC,
6.25%,
3/15/31,
Callable
3/15/28
@
103.13(a)
..................
893
887
Voyager
Parent
LLC,
9.25%,
7/1/32,
Callable
7/1/28
@
104.63(a)
....................
2,090
2,222
Victory
Portfolios
III
Victory
High
Income
Fund
229
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Willis
North
America,
Inc.,
5.15%,
3/15/36,
Callable
12/15/35
@
100
.................
$
929
$
926
58,709
Health
Care
(5.0%):
Acadia
Healthcare
Co.,
Inc.,
7.38%,
3/15/33,
Callable
3/15/28
@
103.69(a)(g)
...........
3,608
3,564
AthenaHealth
Group,
Inc.,
6.50%,
2/15/30,
Callable
3/6/26
@
101.63(a)
...............
1,837
1,782
Centene
Corp.,
4.63%,
12/15/29,
Callable
3/6/26
@
101.54
.........................
3,231
3,149
CHS/Community
Health
Systems,
Inc.
4.75%,
2/15/31,
Callable
2/19/26
@
102.38(a)
..............................
1,500
1,346
10.88%,
1/15/32,
Callable
2/15/27
@
105.44(a)
.............................
975
1,051
9.75%,
1/15/34,
Callable
8/15/28
@
104.88(a)
..............................
1,280
1,335
CVS
Health
Corp.,
7.00%
(H15T5Y+289bps),
3/10/55,
Callable
12/10/29
@
100(b)
.......
90
94
DENTSPLY
SIRONA,
Inc.,
8.38%
(H15T5Y+438bps),
9/12/55,
Callable
6/12/30
@
100(b)
.
3,677
3,632
Eastern
Maine
Healthcare
Systems,
5.02%,
7/1/36
...............................
3,000
2,263
Encompass
Health
Corp.,
4.63%,
4/1/31,
Callable
4/1/26
@
102.31
...................
500
489
Medline
Borrower
LP,
3.88%,
4/1/29,
Callable
3/6/26
@
100.97(a)
...................
4,842
4,740
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV,
7.88%,
5/15/34,
Callable
5/15/29
@
103.94(a)(g)
......................................................
4,456
4,190
Paradigm
Parent
LLC
and
Paradigm
Parent
Co-Issuer,
Inc.,
8.75%,
4/17/32,
Callable
4/17/28
@
104.38(a)
......................................................
886
793
Pediatrix
Medical
Group,
Inc.,
5.38%,
2/15/30,
Callable
3/6/26
@
101.34(a)
.............
3,500
3,502
Prestige
Brands,
Inc.,
3.75%,
4/1/31,
Callable
4/1/26
@
101.88(a)
....................
4,782
4,476
Prime
Healthcare
Services,
Inc.,
9.38%,
9/1/29,
Callable
9/1/26
@
104.69(a)
............
2,211
2,303
Tenet
Healthcare
Corp.
5.13%,
11/1/27,
Callable
2/19/26
@
100
..................................
4,466
4,467
6.13%,
10/1/28,
Callable
3/6/26
@
100
...................................
1,879
1,883
6.00%,
11/15/33,
Callable
11/15/28
@
103(a)
...............................
89
92
U.S.
Acute
Care
Solutions
LLC,
9.75%,
5/15/29,
Callable
5/15/26
@
104.88(a)
..........
3,752
3,771
48,922
Industrials
(10.6%):
AAR
Escrow
Issuer
LLC,
6.75%,
3/15/29,
Callable
3/15/26
@
103.38(a)
...............
886
917
Alta
Equipment
Group,
Inc.,
9.00%,
6/1/29,
Callable
6/1/26
@
104.5(a)(g)
..............
406
388
American
Airlines,
Inc.
7.25%,
2/15/28,
Callable
2/14/26
@
103.63(a)(g)
............................
500
509
8.50%,
5/15/29,
Callable
2/14/26
@
104.25(a)
..............................
1,000
1,043
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75%,
4/20/29(a)
................
725
733
Amsted
Industries,
Inc.,
6.38%,
3/15/33,
Callable
3/15/28
@
103.19(a)
................
2,828
2,926
Arcosa,
Inc.,
6.88%,
8/15/32,
Callable
8/15/27
@
103.44(a)
.........................
1,600
1,687
Axon
Enterprise,
Inc.,
6.25%,
3/15/33,
Callable
3/15/28
@
103.13(a)
..................
1,385
1,435
Beacon
Mobility
Corp.,
7.25%,
8/1/30,
Callable
8/1/27
@
103.63(a)
..................
1,107
1,160
BlueLinx
Holdings,
Inc.,
6.00%,
11/15/29,
Callable
3/6/26
@
101.5(a)
.................
550
544
Brundage-Bone
Concrete
Pumping
Holdings,
Inc.,
7.50%,
2/1/32,
Callable
2/1/28
@
103.75(a)
2,188
2,203
Builders
FirstSource,
Inc.,
6.38%,
3/1/34,
Callable
3/1/29
@
103.19(a)
.................
2,242
2,321
BWX
Technologies,
Inc.,
4.13%,
4/15/29,
Callable
2/19/26
@
101.03(a)
...............
1,000
980
Carpenter
Technology
Corp.,
5.63%,
3/1/34,
Callable
3/1/29
@
102.81(a)
...............
1,782
1,811
Columbus
McKinnon
Corp.,
7.13%,
2/1/33,
Callable
2/1/29
@
103.56(a)
...............
1,782
1,791
Cornerstone
Building
Brands,
Inc.,
9.50%,
8/15/29,
Callable
8/15/26
@
104.75(a)(g)
......
6,272
4,739
CP
Atlas
Buyer,
Inc.
9.75%,
7/15/30,
Callable
7/15/27
@
104.88(a)(g)
............................
1,769
1,840
12.75%,
1/15/31,
Callable
12/2/28
@
103(a)(g)(r)
............................
1,781
1,640
Dcli
Bidco
LLC,
7.75%,
11/15/29,
Callable
11/15/26
@
103.88(a)
....................
2,119
2,158
EMRLD
Borrower
LP/Emerald
Co-Issuer,
Inc.
6.63%,
12/15/30,
Callable
6/15/26
@
103.31(a)
.............................
3,000
3,110
6.75%,
7/15/31,
Callable
7/15/27
@
103.38(a)
..............................
1,275
1,336
Enpro,
Inc.,
6.13%,
6/1/33,
Callable
6/1/28
@
103.06(a)
...........................
850
874
EquipmentShare.com,
Inc.
9.00%,
5/15/28,
Callable
3/6/26
@
106.75(a)
...............................
3,000
3,140
8.63%,
5/15/32,
Callable
5/15/27
@
104.31(a)
..............................
1,000
1,068
8.00%,
3/15/33,
Callable
9/15/27
@
104(a)(g)
..............................
332
350
Esab
Corp.,
6.25%,
4/15/29,
Callable
4/15/26
@
103.13(a)
.........................
500
514
Gates
Corp.,
6.88%,
7/1/29,
Callable
7/1/26
@
103.44(a)
..........................
1,000
1,039
Genesee
&
Wyoming,
Inc.,
6.25%,
4/15/32,
Callable
4/15/27
@
103.13(a)
..............
1,654
1,707
Goat
Holdco
LLC,
6.75%,
2/1/32,
Callable
2/1/28
@
103.38(a)
......................
1,940
1,994
Victory
Portfolios
III
Victory
High
Income
Fund
230
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Griffon
Corp.,
5.75%,
3/1/28,
Callable
3/6/26
@
100
..............................
$
1,500
$
1,499
Herc
Holdings,
Inc.
7.25%,
6/15/33,
Callable
6/15/28
@
103.63(a)
..............................
3,943
4,173
6.00%,
3/15/34,
Callable
3/15/29
@
103(a)
................................
2,671
2,684
JB
Poindexter
&
Co.,
Inc.,
8.75%,
12/15/31,
Callable
12/15/26
@
104.38(a)
.............
1,000
1,041
JetBlue
Airways
Corp./JetBlue
Loyalty
LP,
9.88%,
9/20/31,
Callable
8/27/27
@
104.94(a)
...
491
493
JH
North
America
Holdings,
Inc.,
6.13%,
7/31/32,
Callable
7/31/28
@
103.06(a)
.........
2,001
2,043
Lsf12
Helix
Parent
LLC,
7.13%,
2/1/33,
Callable
2/1/28
@
103.56(a)
..................
891
895
Masterbrand,
Inc.,
7.00%,
7/15/32,
Callable
7/15/27
@
103.5(a)
.....................
3,500
3,631
Neptune
BidCo
US,
Inc.,
9.50%,
2/15/33,
Callable
2/15/29
@
104.75(a)
................
891
907
OneSky
Flight
LLC,
8.88%,
12/15/29,
Callable
12/15/26
@
104.44(a)
.................
2,004
2,143
QXO
Building
Products,
Inc.,
6.75%,
4/30/32,
Callable
4/30/28
@
103.38(a)
............
2,009
2,072
Rand
Parent
LLC,
8.50%,
2/15/30,
Callable
2/15/26
@
104.25(a)
.....................
500
523
RB
Global
Holdings,
Inc.,
7.75%,
3/15/31,
Callable
3/15/26
@
103.88(a)
...............
2,000
2,085
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100
......................
521
557
Resideo
Funding,
Inc.,
6.50%,
7/15/32,
Callable
7/15/27
@
103.25(a)
.................
2,418
2,458
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29,
Callable
3/6/26
@
101.09(a)
.......
1,000
985
Science
Applications
International
Corp.,
5.88%,
11/1/33,
Callable
11/1/28
@
102.94(a)
....
894
901
Sensata
Technologies,
Inc.,
6.63%,
7/15/32,
Callable
7/15/27
@
103.31(a)
..............
1,000
1,045
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.,
6.75%,
8/15/32,
Callable
8/15/27
@
103.38(a)
.........................................................
2,300
2,346
Spirit
Airlines
Pass
Through
Trust,
4.10%,
4/1/28
................................
1,400
1,335
Standard
Industries,
Inc.,
3.38%,
1/15/31,
Callable
3/6/26
@
101.69(a)
.................
5,000
4,614
Star
Leasing
Co.
LLC,
7.63%,
2/15/30,
Callable
2/15/27
@
103.81(a)
.................
867
829
Synergy
Infrastructure
Holdings
LLC,
7.88%,
12/1/30,
Callable
12/1/27
@
103.94(a)
......
891
930
The
GEO
Group,
Inc.,
8.63%,
4/15/29,
Callable
4/15/26
@
104.31
....................
247
258
The
Hertz
Corp.,
12.63%,
7/15/29,
Callable
7/15/27
@
106.31(a)(g)
...................
3,441
3,465
TransDigm,
Inc.
4.88%,
5/1/29,
Callable
3/6/26
@
101.22
..................................
1,500
1,496
6.00%,
1/15/33,
Callable
9/15/27
@
103(a)
................................
1,000
1,019
TriNet
Group,
Inc.,
7.13%,
8/15/31,
Callable
8/15/26
@
103.56(a)
....................
2,200
2,266
United
Rentals
North
America,
Inc.
4.00%,
7/15/30,
Callable
2/14/26
@
102
..................................
1,500
1,450
6.13%,
3/15/34,
Callable
3/15/29
@
103.06(a)
..............................
2,689
2,798
Veritiv
Operating
Co.,
10.50%,
11/30/30,
Callable
11/30/26
@
105.25(a)
...............
250
268
VT
Topco,
Inc.,
8.50%,
8/15/30,
Callable
8/15/26
@
104.25(a)(g)
....................
500
512
Waste
Pro
USA,
Inc.,
7.00%,
2/1/33,
Callable
2/1/28
@
103.5(a)
.....................
2,212
2,284
Watco
Cos.
LLC/Watco
Finance
Corp.,
7.13%,
8/1/32,
Callable
8/1/27
@
103.56(a)
.......
1,000
1,047
XPO,
Inc.,
7.13%,
6/1/31,
Callable
6/1/26
@
103.56(a)
............................
458
476
103,485
Information
Technology
(3.2%):
Asurion
LLC
and
Asurion
Co-Issuer,
Inc.,
8.38%,
2/1/34,
Callable
2/1/29
@
104.19(a)
.....
891
901
Capstone
Borrower,
Inc.,
8.00%,
6/15/30,
Callable
6/15/26
@
104(a)
..................
2,122
1,971
Central
Parent,
Inc./CDK
Global,
Inc.,
7.25%,
6/15/29,
Callable
3/6/26
@
103.63(a)
.......
2,500
1,913
Cloud
Software
Group,
Inc.
6.50%,
3/31/29,
Callable
2/14/26
@
103.25(a)
..............................
1,979
1,967
9.00%,
9/30/29,
Callable
3/6/26
@
104.5(a)
................................
500
506
CompoSecure
Holdings
LLC,
5.63%,
2/1/33,
Callable
2/1/29
@
102.81(a)
..............
89
89
Diebold
Nixdorf,
Inc.,
7.75%,
3/31/30,
Callable
12/18/26
@
103.88(a)
.................
194
206
Ellucian
Holdings,
Inc.,
6.50%,
12/1/29,
Callable
12/1/26
@
103.25(a)
.................
1,581
1,563
Fair
Isaac
Corp.,
6.00%,
5/15/33,
Callable
5/15/28
@
103(a)
........................
878
894
NCR
Voyix
Corp.,
5.13%,
4/15/29,
Callable
2/14/26
@
101.28(a)
....................
729
720
Open
Text
Holdings,
Inc.,
4.13%,
12/1/31,
Callable
12/1/26
@
102.06(a)
...............
3,500
3,145
Oracle
Corp.,
4.65%,
5/6/30,
Callable
3/6/30
@
100
..............................
4,455
4,406
Qnity
Electronics,
Inc.,
6.25%,
8/15/33,
Callable
8/15/28
@
103.13(a)
.................
1,000
1,032
Rocket
Software,
Inc.
9.00%,
11/28/28,
Callable
2/14/26
@
103(a)
................................
780
779
6.50%,
2/15/29,
Callable
3/6/26
@
100(a)(g)
...............................
500
444
Sabre
Financial
Borrower
LLC,
11.13%,
6/15/29,
Callable
6/15/27
@
105.56(a)
..........
2,226
2,249
UKG,
Inc.,
6.88%,
2/1/31,
Callable
2/1/27
@
103.44(a)
............................
5,000
4,997
Zebra
Technologies
Corp.,
6.50%,
6/1/32,
Callable
6/1/27
@
103.25(a)
................
1,500
1,546
Victory
Portfolios
III
Victory
High
Income
Fund
231
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.,
3.88%,
2/1/29,
Callable
2/14/26
@
100(a)
...........................................................
$
2,000
$
1,828
31,156
Materials
(3.7%):
AmeriTex
HoldCo
Intermediate
LLC,
7.63%,
8/15/33,
Callable
8/15/28
@
103.81(a)
......
2,309
2,429
Avient
Corp.,
6.25%,
11/1/31,
Callable
9/15/27
@
103.13(a)
........................
500
514
Axalta
Coating
Systems
LLC,
3.38%,
2/15/29,
Callable
3/6/26
@
100(a)
...............
500
481
Celanese
US
Holdings
LLC
7.20%,
11/15/33,
Callable
8/15/33
@
100
..................................
1,781
1,884
7.38%,
2/15/34,
Callable
2/15/29
@
103.69(g)
..............................
1,112
1,132
Clydesdale
Acquisition
Holdings,
Inc.,
6.75%,
4/15/32,
Callable
4/15/28
@
103.38(a)
......
375
378
Commercial
Metals
Co.,
6.00%,
12/15/35,
Callable
12/15/30
@
103(a)
................
1,559
1,593
Compass
Minerals
International,
Inc.,
8.00%,
7/1/30,
Callable
7/1/27
@
104(a)
...........
443
470
Knife
River
Corp.,
7.75%,
5/1/31,
Callable
5/1/26
@
103.88(a)
......................
3,475
3,622
Light
&
Wonder
International,
Inc.,
6.25%,
10/1/33,
Callable
10/1/28
@
103.13(a)
........
1,340
1,359
Louisiana-Pacific
Corp.,
3.63%,
3/15/29,
Callable
3/6/26
@
100.91(a)(g)
...............
1,000
970
Mativ
Holdings,
Inc.,
8.00%,
10/1/29,
Callable
10/1/26
@
104(a)
.....................
850
857
Mauser
Packaging
Solutions
Holding
Co.,
7.88%,
4/15/30,
Callable
6/1/27
@
103.94(a)
....
891
908
Novelis
Corp.,
6.88%,
1/30/30,
Callable
1/30/27
@
103.44(a)(g)
.....................
295
306
Olin
Corp.,
6.63%,
4/1/33,
Callable
4/1/28
@
103.31(a)
...........................
1,336
1,310
Quikrete
Holdings,
Inc.,
6.38%,
3/1/32,
Callable
3/1/28
@
103.19(a)
..................
4,039
4,189
Sasol
Financing
USA
LLC,
8.75%,
5/3/29,
Callable
3/3/29
@
100(a)
..................
1,500
1,540
Sealed
Air
Corp.,
6.50%,
7/15/32,
Callable
7/15/27
@
103.25(a)
.....................
772
802
Smyrna
Ready
Mix
Concrete
LLC,
8.88%,
11/15/31,
Callable
11/15/26
@
104.44(a)
.......
3,266
3,485
Solstice
Advanced
Materials,
Inc.,
5.63%,
9/30/33,
Callable
9/30/28
@
102.81(a)
.........
536
539
The
Chemours
Co.
5.75%,
11/15/28,
Callable
2/14/26
@
100.96(a)
.............................
1,000
992
4.63%,
11/15/29,
Callable
3/6/26
@
101.16(a)
..............................
1,000
933
8.00%,
1/15/33,
Callable
1/15/28
@
104(a)(g)
..............................
991
993
Tronox,
Inc.,
9.13%,
9/30/30,
Callable
9/30/27
@
104.56(a)(g)
......................
223
221
Windsor
Holdings
III
LLC,
8.50%,
6/15/30,
Callable
6/15/26
@
104.25(a)
..............
3,227
3,403
WR
Grace
Holdings
LLC,
7.00%,
8/1/33,
Callable
2/1/29
@
103.5(a)
.................
891
892
36,202
Real
Estate
(1.8%):
Cushman
&
Wakefield
U.S.
Borrower
LLC,
8.88%,
9/1/31,
Callable
9/1/26
@
104.44(a)
....
1,500
1,599
Forestar
Group,
Inc.,
6.50%,
3/15/33,
Callable
3/15/28
@
103.25(a)
...................
2,712
2,777
GLP
Capital
LP/GLP
Financing
II,
Inc.,
5.63%,
9/15/34,
Callable
6/15/34
@
100
.........
845
855
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer,
4.88%,
5/15/29,
Callable
3/6/26
@
101.22(a)
.....................................
500
489
RHP
Hotel
Properties
LP/RHP
Finance
Corp.
4.50%,
2/15/29,
Callable
3/6/26
@
100.75(a)
...............................
1,738
1,714
6.50%,
4/1/32,
Callable
4/1/27
@
103.25(a)
................................
575
595
SBA
Tower
Trust,
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
.......................
1,053
1,077
Service
Properties
Trust
8.63%,
11/15/31,
Callable
11/15/26
@
104.31(a)
............................
1,890
1,986
8.88%,
6/15/32,
Callable
6/15/27
@
104.44
................................
3,825
3,796
The
Howard
Hughes
Corp.,
4.38%,
2/1/31,
Callable
2/19/26
@
102.19(a)
...............
3,146
2,980
17,868
Utilities
(1.7%):
Calpine
Corp.
5.13%,
3/15/28,
Callable
3/6/26
@
100.85(a)
...............................
3,905
3,903
4.63%,
2/1/29,
Callable
3/6/26
@
100(a)
..................................
3,600
3,595
Entergy
Corp.,
7.13%
(H15T5Y+267bps),
12/1/54,
Callable
9/1/29
@
100(b)
............
1,942
2,032
NRG
Energy,
Inc.,
5.75%,
7/15/29,
Callable
2/14/26
@
101.44(a)
....................
2,000
2,007
Standard
Building
Solutions,
Inc.,
5.88%,
3/15/34,
Callable
3/15/29
@
102.94(a)
.........
4,005
4,001
Vistra
Operations
Co.
LLC,
6.88%,
4/15/32,
Callable
4/15/27
@
103.44(a)
..............
1,000
1,051
16,589
Total
Corporate
Bonds
(Cost
$584,021)
a
a
a
583,647
Victory
Portfolios
III
Victory
High
Income
Fund
232
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Yankee
Dollars
(13.9%)
Communication
Services
(2.1%):
Altice
France
Lux
3/Altice
Holdings
1,
10.00%,
1/15/33,
Callable
10/1/26
@
101(a)
.......
$
2,200
$
2,126
Altice
France
SA
9.50%,
11/1/29,
Callable
10/1/26
@
101(a)
................................
2,046
2,102
6.88%,
10/15/30,
Callable
10/1/26
@
101(a)
...............................
3,737
3,657
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
6.88%
(H15T5Y+239bps),
9/15/55,
Callable
6/15/30
@
100(b)
...................................................
432
447
Fibercop
SpA,
7.20%,
7/18/36,
Callable
4/18/36
@
100(a)
.........................
2,247
2,282
Iliad
Holding
SAS,
8.50%,
4/15/31,
Callable
4/15/27
@
104.25(a)
....................
2,000
2,143
Rogers
Communications,
Inc.,
7.00%
(H15T5Y+265bps),
4/15/55,
Callable
2/14/30
@
100(b)
873
904
Telecom
Italia
Capital
SA,
7.20%,
7/18/36
.....................................
753
817
TELUS
Corp.,
6.38%
(H15T5Y+269bps),
6/9/56,
Callable
3/9/31
@
100(b)
.............
1,193
1,205
Virgin
Media
Finance
PLC,
5.00%,
7/15/30,
Callable
3/6/26
@
102.5(a)
................
970
854
Virgin
Media
O2
Vendor
Financing
Notes
VI
DAC,
8.50%,
3/15/33,
Callable
3/15/29
@
104.25(a)
.........................................................
1,773
1,758
Vmed
O2
UK
Financing
I
PLC,
4.75%,
7/15/31,
Callable
7/15/26
@
102.38(a)
...........
2,212
2,024
20,319
Consumer
Discretionary
(3.1%):
Belron
UK
Finance
PLC,
5.75%,
10/15/29,
Callable
10/15/26
@
102.88(a)
..............
2,275
2,319
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.,
5.75%,
1/15/33,
Callable
12/15/28
@
102.88(a)
......................................................
1,150
1,143
Carnival
Corp.,
6.13%,
2/15/33,
Callable
2/15/28
@
103.06(a)
.......................
76
78
Flutter
Treasury
DAC,
5.88%,
6/4/31,
Callable
4/15/27
@
102.94(a)
..................
267
271
Global
Auto
Holdings
Ltd./AAG
FH
UK
Ltd.
11.50%,
8/15/29,
Callable
11/15/26
@
105.75(a)
............................
1,290
1,368
8.75%,
1/15/32,
Callable
1/15/27
@
104.38(a)
..............................
2,782
2,690
Great
Canadian
Gaming
Corp./Raptor
LLC,
8.75%,
11/15/29,
Callable
11/15/26
@
104.38(a)
837
850
Mattamy
Group
Corp.
4.63%,
3/1/30,
Callable
3/6/26
@
101.54(a)
................................
1,409
1,372
6.00%,
12/15/33,
Callable
12/15/28
@
103(a)
...............................
890
875
NCL
Corp.
Ltd.
6.25%,
3/1/30,
Callable
3/1/27
@
103.13(a)
................................
1,000
1,022
6.75%,
2/1/32,
Callable
2/1/28
@
103.38(a)
................................
5,481
5,619
Nissan
Motor
Co.
Ltd.,
7.75%,
7/17/32,
Callable
5/17/32
@
100(a)
...................
1,268
1,342
Royal
Caribbean
Cruises
Ltd.
5.63%,
9/30/31,
Callable
9/30/27
@
102.81(a)
..............................
473
486
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)
..................................
9,189
9,475
Viking
Cruises
Ltd.
9.13%,
7/15/31,
Callable
7/15/26
@
104.56(a)
..............................
322
343
5.88%,
10/15/33,
Callable
10/15/28
@
102.94(a)
............................
1,116
1,132
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/29,
Callable
3/6/26
@
100(a)
...........
100
100
30,547
Consumer
Staples
(0.3%):
Opal
Bidco
SAS,
6.50%,
3/31/32,
Callable
3/31/28
@
103.25(a)
.....................
2,800
2,859
Energy
(0.6%):
Breakwater
Energy
Holdings
SARL,
9.25%,
11/15/30,
Callable
11/15/27
@
104.63(a)
......
1,611
1,689
Consolidated
Energy
Finance
SA,
12.00%,
2/15/31,
Callable
2/15/27
@
106(a)(g)
.........
834
696
Northriver
Midstream
Finance
LP,
6.75%,
7/15/32,
Callable
7/15/27
@
103.38(a)
.........
2,000
2,036
Vallourec
SACA,
7.50%,
4/15/32,
Callable
4/15/27
@
103.75(a)
.....................
250
266
Vermilion
Energy,
Inc.,
7.25%,
2/15/33,
Callable
2/28/28
@
103.63(a)
.................
920
891
5,578
Financials
(2.1%):
Ardonagh
Finco
Ltd.,
7.75%,
2/15/31,
Callable
2/15/27
@
103.88(a)
..................
3,663
3,786
Ardonagh
Group
Finance
Ltd.,
8.88%,
2/15/32,
Callable
2/15/27
@
104.44(a)
...........
4,446
4,584
GGAM
Finance
Ltd.
6.88%,
4/15/29,
Callable
4/15/26
@
103.44(a)
..............................
1,100
1,139
5.88%,
3/15/30,
Callable
9/15/26
@
102.94(a)
..............................
528
537
Victory
Portfolios
III
Victory
High
Income
Fund
233
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Howden
UK
Refinance
PLC/Howden
UK
Refinance
2
PLC/Howden
US
Refinance
LLC
8.13%,
2/15/32,
Callable
2/15/27
@
104.06(a)
..............................
$
750
$
766
8.13%,
2/15/32,
Callable
2/15/27
@
104.06(a)
..............................
892
909
IHO
Verwaltungs
GmbH
6.38%,
5/15/29,
Callable
2/14/26
@
102.13(a)(s)
............................
1,024
1,036
8.00%,
11/15/32,
Callable
11/15/27
@
104(a)(t)
.............................
1,013
1,078
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
3/15/30,
Callable
3/15/26
@
104.25(a)
..............................
2,200
2,300
6.88%,
10/1/33,
Callable
10/1/28
@
103.44(a)
..............................
1,346
1,312
Lehman
Brothers
Treasury
Co.
B.V.,
MTN(j)(u)
.................................
1,447
1
UniCredit
SpA,
5.86%
(USISOA05+370bps),
6/19/32,
Callable
6/19/27
@
100(a)(b)
......
817
830
Zegona
Finance
PLC,
8.63%,
7/15/29,
Callable
7/15/26
@
104.31(a)
..................
2,051
2,167
20,445
Health
Care
(1.0%):
1261229
BC
Ltd.,
10.00%,
4/15/32,
Callable
4/15/28
@
105(a)
......................
3,375
3,464
Bausch
+
Lomb
Corp.,
8.38%,
10/1/28,
Callable
2/14/26
@
104.19(a)
.................
600
626
Perrigo
Finance
Unlimited
Co.,
6.13%,
9/30/32,
Callable
9/30/27
@
103.06
.............
6,142
6,041
10,131
Industrials
(2.6%):
ATS
Corp.,
4.13%,
12/15/28,
Callable
3/6/26
@
100(a)
............................
1,000
975
Avianca
Midco
2
PLC
9.63%,
2/14/30,
Callable
2/14/27
@
104.81(a)(g)
............................
3,353
3,436
9.50%,
1/28/31,
Callable
1/28/28
@
104.75(a)
..............................
89
91
Azorra
Finance
Ltd.,
7.75%,
4/15/30,
Callable
10/15/26
@
103.88(a)
..................
3,548
3,732
Bombardier,
Inc.
6.00%,
2/15/28,
Callable
3/6/26
@
100(a)
.................................
1,250
1,252
7.25%,
7/1/31,
Callable
7/1/27
@
103.63(a)
................................
3,877
4,116
6.75%,
6/15/33,
Callable
6/15/28
@
103.38(a)
..............................
1,788
1,879
Cimpress
PLC,
7.38%,
9/15/32,
Callable
9/15/27
@
103.69(a)(g)
.....................
1,100
1,130
Grupo
Aeromexico
SAB
de
CV,
8.63%,
11/15/31,
Callable
11/15/27
@
104.31(a)
.........
3,410
3,530
Latam
Airlines
Group
SA,
7.88%,
4/15/30,
Callable
10/15/26
@
103.94(a)
..............
1,548
1,624
Seaspan
Corp.,
5.50%,
8/1/29,
Callable
3/6/26
@
101.38(a)
.........................
750
713
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
9.50%,
6/1/28,
Callable
3/6/26
@
104.75(a)
................................
700
722
6.38%,
2/1/30,
Callable
3/6/26
@
101.59(a)(g)
..............................
2,192
2,069
25,269
Information
Technology
(1.2%):
Kioxia
Holdings
Corp.,
6.63%,
7/24/33,
Callable
7/24/28
@
103.31(a)
.................
6,901
7,213
Seagate
Data
Storage
Technology
Pte
Ltd.
8.50%,
7/15/31,
Callable
7/15/26
@
104.25(a)
..............................
2,100
2,223
9.63%,
12/1/32,
Callable
12/1/27
@
104.81(a)
..............................
2,090
2,365
11,801
Materials
(0.9%):
Aris
Mining
Corp.,
8.00%,
10/31/29,
Callable
10/31/26
@
104(a)
....................
900
942
Endeavour
Mining
PLC,
7.00%,
5/28/30,
Callable
5/28/27
@
103.5(a)
.................
500
516
First
Quantum
Minerals
Ltd.,
7.25%,
2/15/34,
Callable
2/15/29
@
103.63(a)
.............
833
875
Ivanhoe
Mines
Ltd.,
7.88%,
1/23/30,
Callable
1/23/27
@
103.94(a)
...................
1,614
1,674
Methanex
Corp.,
5.25%,
12/15/29,
Callable
9/15/29
@
100(g)
.......................
2,431
2,445
NOVA
Chemicals
Corp.
4.25%,
5/15/29,
Callable
3/6/26
@
101.06(a)
...............................
2,215
2,170
7.00%,
12/1/31,
Callable
12/1/27
@
103.5(a)
...............................
405
432
9,054
Total
Yankee
Dollars
(Cost
$130,843)
a
a
a
136,003
Commercial
Paper
(0.6%)
Energy
(0.2%):
Ovintiv,
Inc.,
4.39%,
2/20/26(a)(v)
..........................................
1,700
1,696
Victory
Portfolios
III
Victory
High
Income
Fund
234
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Real
Estate
(0.4%):
Crown
Castle,
Inc.,
5.59%,
2/3/26(a)(v)
.......................................
$
4,550
$
4,548
Total
Commercial
Paper
(Cost
$6,245)
a
a
a
6,244
Shares
Exchange-Traded
Funds
(2.4%)
iShares
BB
Rated
Corporate
Bond
ETF
.......................................
246,500
11,679
State
Street
SPDR
Portfolio
High
Yield
Bond
ETF
...............................
505,000
12,029
Total
Exchange-Traded
Funds
(Cost
$23,424)
a
a
a
23,708
Principal
Amount
(000)
Repurchase
Agreements
(10.1%)
Fixed
Income
Clearing
Corporation-State
Street
Bank
&
Trust
Co.,
3.64%,
purchased
on
1/30/26,
with
a
maturity
date
of
2/2/26,
with
a
repurchase
value
of
$99,030
(collateralized
by
U.S.
Treasury
Bonds,
4.75%,
due
2/15/41,
with
a
value
of
$100,980)
..................
99,000
99,000
Total
Repurchase
Agreements
(Cost
$99,000)
a
a
a
99,000
Shares
Collateral
for
Securities
Loaned
(3.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.58%(w)
.......
9,458,954
9,459
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.61%(w)
............
9,458,954
9,459
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.60%(w)
...............
9,458,954
9,459
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.60%(w)
.
9,458,954
9,459
Total
Collateral
for
Securities
Loaned
(Cost
$37,836)
a
a
a
37,836
Total
Investments
(Cost
$1,014,981)
—
104.1%
1,019,650
Liabilities
in
excess
of
other
assets
—  (4.1)%
(40,162)
NET
ASSETS
-
100.00%
$
979,488
At
January
31,
2026,
the
Fund's
investments
in
foreign
securities
were
15.3%
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
January
31,
2026,
the
fair
value
of
these
securities
was
$686,506
(thousands)
and
amounted
to
70.1%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
January
31,
2026.
(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
January
31,
2026.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Non-income
producing
security.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2026.
(i)
Rounds
to
less
than
$1
thousand.
(j)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(k)
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.
(l)
Up
to
6.75%
of
the
coupon
may
be
PIK.
(m)
Up
to
6.00%
of
the
coupon
may
be
PIK.
(n)
Up
to
1.00%
of
the
coupon
may
be
PIK.
(o)
Up
to
6.63%
of
the
coupon
may
be
PIK.
(p)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(q)
Up
to
10.75%
of
the
coupon
may
be
PIK.
(r)
Up
to
5.75%
of
the
coupon
may
be
PIK.
(s)
Up
to
7.13%
of
the
coupon
may
be
PIK.
(t)
Up
to
8.75%
of
the
coupon
may
be
PIK.
(u)
Zero-coupon
bond.
(v)
Rate
represents
the
effective
yield
at
January
31,
2026.
(w)
Rate
disclosed
is
the
daily
yield
on
January
31,
2026.
ABS
—
Asset-Backed
Securities
Victory
Portfolios
III
Victory
High
Income
Fund
235
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2026
bps
—
Basis
points
CMO
—
Collateralized
Mortgage
Obligations
ETF
—
Exchange-Traded
Fund
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2026.
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
January
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
January
31,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
January
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
January
31,
2026.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
January
31,
2026.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Treasury
Note
Futures
......
70
3/20/26
$
7,892
$
7,828
$
(64)
30-Year
U.S.
Treasury
Bond
Futures
.....
6
3/20/26
698
691
(7)
5-Year
U.S.
Treasury
Note
Futures
.......
225
3/31/26
24,611
24,509
(102)
$
(173)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(173)
Total
net
unrealized
appreciation
(depreciation)
$
(173)