Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
1
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(33.7%)
Communication
Services
(3.3%):
Alphabet,
Inc.
,
Class
A
...................................................
27,917
$
10,618
Alphabet,
Inc.
,
Class
C
...................................................
2,264
852
Cargurus,
Inc.
,
Class
A
(a)
.................................................
1,729
52
Comcast
Corp.
,
Class
A
..................................................
36,912
918
Gray
Media,
Inc.
.......................................................
5,697
23
IDT
Corp.
,
Class
B
......................................................
1,206
67
Meta
Platforms,
Inc.
,
Class
A
..............................................
474
300
Millicom
International
Cellular
SA
(a)
........................................
9,551
815
Nexxen
International
Ltd.
(a)
...............................................
4,819
41
Playtika
Holding
Corp.
...................................................
10,410
39
The
New
York
Times
Co.
,
Class
A
...........................................
7,897
594
Verizon
Communications,
Inc.
..............................................
29,081
1,390
Yelp,
Inc.
,
Class
A
(a)
....................................................
4,395
100
Ziff
Davis,
Inc.
(a)
.......................................................
2,354
106
15,915
Consumer
Discretionary
(2.9%):
Academy
Sports
&
Outdoors,
Inc.
...........................................
1,747
92
Amazon.com,
Inc.
(a)
....................................................
11,525
3,119
American
Eagle
Outfitters,
Inc.
.............................................
5,785
91
Aptiv
PLC
(a)
..........................................................
4,244
288
Booking
Holdings,
Inc.
...................................................
5,714
957
BorgWarner,
Inc.
.......................................................
9,361
672
Brinker
International,
Inc.
(a)
...............................................
617
88
Build-A-Bear
Workshop,
Inc.
,
Class
A
(b)
......................................
1,615
60
Cricut,
Inc.
,
Class
A
.....................................................
9,782
41
Expedia
Group,
Inc.
.....................................................
3,780
853
Frontdoor,
Inc.
(a)
.......................................................
1,611
100
Garrett
Motion,
Inc.
.....................................................
5,203
170
General
Motors
Co.
.....................................................
12,405
1,033
G-III
Apparel
Group
Ltd.
.................................................
2,695
87
Group
1
Automotive,
Inc.
.................................................
113
36
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
...................................
1,289
26
Installed
Building
Products,
Inc.
............................................
543
114
KB
Home
............................................................
1,325
65
Kohl's
Corp.
..........................................................
8,129
117
Kontoor
Brands,
Inc.
....................................................
773
55
Las
Vegas
Sands
Corp.
...................................................
13,475
681
Lowe's
Cos.,
Inc.
.......................................................
306
66
Monarch
Casino
&
Resort,
Inc.
.............................................
830
100
Phinia,
Inc.
...........................................................
1,640
127
PulteGroup,
Inc.
........................................................
4,152
491
Ralph
Lauren
Corp.
,
Class
A
...............................................
2,184
795
Ross
Stores,
Inc.
.......................................................
1,412
327
Signet
Jewelers
Ltd.
.....................................................
1,547
135
Tapestry,
Inc.
..........................................................
5,375
782
Taylor
Morrison
Home
Corp.
,
Class
A
(a)
......................................
1,721
101
The
Buckle,
Inc.
........................................................
2,109
97
The
TJX
Cos.,
Inc.
......................................................
5,208
806
Toll
Brothers,
Inc.
......................................................
1,668
231
Ulta
Beauty,
Inc.
(a)
.....................................................
1,402
713
Versigent
PLC
(a)
.......................................................
1,510
67
Winmark
Corp.
........................................................
214
81
Winnebago
Industries,
Inc.
................................................
1,493
44
13,708
Consumer
Staples
(1.8%):
Altria
Group,
Inc.
.......................................................
17,559
1,222
Cal-Maine
Foods,
Inc.
...................................................
1,462
109
Coca-Cola
Consolidated,
Inc.
..............................................
3,937
682
Dole
PLC
............................................................
6,966
98
Dollar
General
Corp.
....................................................
9,443
1,045
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Edgewell
Personal
Care
Co.
...............................................
4,580
$
80
Ingredion,
Inc.
.........................................................
1,550
157
Interparfums,
Inc.
.......................................................
586
55
Medifast,
Inc.
(a)
.......................................................
1,364
17
Monster
Beverage
Corp.
(a)
................................................
9,128
804
Philip
Morris
International,
Inc.
.............................................
1,082
192
Sprouts
Farmers
Market,
Inc.
(a)
............................................
282
23
Sysco
Corp.
...........................................................
10,480
795
Target
Corp.
..........................................................
7,324
931
The
Andersons,
Inc.
.....................................................
743
52
The
Kroger
Co.
........................................................
2,400
149
U.S.
Foods
Holding
Corp.
(a)
...............................................
8,038
658
Walmart,
Inc.
..........................................................
14,581
1,688
8,757
Energy
(1.2%):
Ardmore
Shipping
Corp.
..................................................
4,663
75
Cactus,
Inc.
,
Class
A
.....................................................
1,478
86
Core
Natural
Resources,
Inc.
...............................................
460
41
Devon
Energy
Corp.
.....................................................
24,971
1,111
Diversified
Energy
Co.
...................................................
2,764
40
EOG
Resources,
Inc.
....................................................
9,190
1,226
Halliburton
Co.
........................................................
23,609
917
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
2,977
82
Marathon
Petroleum
Corp.
................................................
3,768
937
Matador
Resources
Co.
...................................................
1,086
58
Murphy
Oil
Corp.
......................................................
2,084
75
Ranger
Energy
Services,
Inc.
,
Class
A
........................................
4,962
77
Scorpio
Tankers,
Inc.
....................................................
1,737
129
SM
Energy
Co.
........................................................
4,076
125
TechnipFMC
PLC
......................................................
4,519
309
Teekay
Corp.
Ltd.
......................................................
2,848
33
Teekay
Tankers
Ltd.
,
Class
A
...............................................
1,560
110
Tidewater,
Inc.
(a)
.......................................................
1,117
82
5,513
Financials
(3.9%):
Acadian
Asset
Management,
Inc.
............................................
2,181
158
Affiliated
Managers
Group,
Inc.
............................................
850
257
Amalgamated
Financial
Corp.
..............................................
3,561
148
Ameriprise
Financial,
Inc.
.................................................
2,260
1,007
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
2,571
28
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
2,838
106
Atlanticus
Holdings
Corp.
(a)
...............................................
1,021
88
Axis
Capital
Holdings
Ltd.
................................................
752
71
BancFirst
Corp.
........................................................
711
78
Bread
Financial
Holdings,
Inc.
.............................................
1,657
148
Cathay
General
Bancorp
..................................................
2,068
119
Cincinnati
Financial
Corp.
................................................
3,570
562
Coastal
Financial
Corp.
(a)
................................................
1,088
78
Cohen
&
Steers,
Inc.
....................................................
950
66
Dime
Community
Bancshares,
Inc.
..........................................
1,464
55
Enova
International,
Inc.
(a)
................................................
1,081
175
Essent
Group
Ltd.
......................................................
1,895
110
Fidelity
National
Financial,
Inc.
............................................
4,769
226
First
Bancorp
Puerto
Rico
.................................................
6,378
153
First
Financial
Bancorp
...................................................
2,251
69
Franklin
BSP
Realty
Trust,
Inc.
.............................................
2,961
26
Hamilton
Insurance
Group
Ltd.
,
Class
B
......................................
3,869
115
Hancock
Whitney
Corp.
..................................................
1,007
69
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
9,423
820
International
Bancshares
Corp.
.............................................
1,982
143
Jackson
Financial,
Inc.
,
Class
A
.............................................
1,130
117
JPMorgan
Chase
&
Co.
..................................................
8,394
2,512
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Ladder
Capital
Corp.
,
Class
A
..............................................
3,254
$
33
Live
Oak
Bancshares,
Inc.
................................................
1,338
51
MFA
Financial,
Inc.
.....................................................
2,413
23
Northeast
Community
Bancorp,
Inc.
.........................................
1,163
28
NU
Holdings
Ltd.
,
Class
A
(a)
..............................................
14,112
185
OFG
Bancorp
.........................................................
2,935
134
Old
Second
Bancorp,
Inc.
.................................................
4,939
105
PayPal
Holdings,
Inc.
....................................................
21,439
959
PJT
Partners,
Inc.
,
Class
A
................................................
781
119
Popular,
Inc.
..........................................................
4,749
705
QCR
Holdings,
Inc.
.....................................................
950
88
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
2,880
127
StoneCo
Ltd.
,
Class
A
....................................................
3,243
37
Synchrony
Financial
.....................................................
14,359
1,026
The
Allstate
Corp.
......................................................
6,261
1,290
The
Bancorp,
Inc.
(a)
.....................................................
1,841
102
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
2,222
126
The
Charles
Schwab
Corp.
................................................
9,263
809
The
Goldman
Sachs
Group,
Inc.
............................................
1,556
1,596
The
Hartford
Insurance
Group,
Inc.
..........................................
3,938
501
The
PNC
Financial
Services
Group,
Inc.
......................................
5,441
1,203
The
Progressive
Corp.
...................................................
4,234
806
The
Travelers
Cos.,
Inc.
..................................................
2,851
832
U.S.
Bancorp
..........................................................
3,353
184
Universal
Insurance
Holdings,
Inc.
..........................................
3,522
130
W.R.
Berkley
Corp.
.....................................................
678
43
World
Acceptance
Corp.
(a)
................................................
230
38
18,784
Health
Care
(3.2%):
AbbVie,
Inc.
..........................................................
7,231
1,574
AdaptHealth
Corp.
,
Class
A
(a)
.............................................
6,351
64
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
2,561
48
AnaptysBio,
Inc.
(a)
.....................................................
634
35
Annexon,
Inc.
(a)
.......................................................
3,561
19
Arcutis
Biotherapeutics,
Inc.
(a)
.............................................
1,976
42
Arrowhead
Pharmaceuticals,
Inc.
(a)
..........................................
1,079
84
Bridgebio
Pharma,
Inc.
(a)
.................................................
1,390
92
Bristol-Myers
Squibb
Co.
.................................................
16,736
957
Cardinal
Health,
Inc.
....................................................
4,384
863
Celcuity,
Inc.
(a)
........................................................
425
57
Celldex
Therapeutics,
Inc.
(a)
...............................................
778
25
Cencora,
Inc.
..........................................................
2,629
708
Cogent
Biosciences,
Inc.
(a)
................................................
1,739
61
CorVel
Corp.
(a)
........................................................
881
54
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
807
29
CVS
Health
Corp.
......................................................
10,999
1,001
Dianthus
Therapeutics,
Inc.
(a)
..............................................
465
43
Erasca,
Inc.
(a)
.........................................................
2,123
27
Exelixis,
Inc.
(a)
........................................................
6,973
352
Gilead
Sciences,
Inc.
....................................................
7,965
1,071
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
3,772
119
Immunome,
Inc.
(a)
......................................................
1,436
31
Inhibrx
Biosciences,
Inc.
(a)
................................................
357
37
Innoviva,
Inc.
(a)
.......................................................
4,344
93
iRadimed
Corp.
........................................................
935
85
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
(a)
....................................
6,158
22
Johnson
&
Johnson
.....................................................
8,128
1,832
Kodiak
Sciences,
Inc.
(a)
..................................................
443
16
Krystal
Biotech,
Inc.
(a)
...................................................
21
7
Kymera
Therapeutics,
Inc.
(a)
..............................................
540
44
Lantheus
Holdings,
Inc.
(a)
................................................
1,427
142
Madrigal
Pharmaceuticals,
Inc.
(a)
...........................................
124
62
McKesson
Corp.
.......................................................
1,261
936
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Merck
&
Co.,
Inc.
......................................................
12,971
$
1,540
Mineralys
Therapeutics,
Inc.
(a)
.............................................
1,026
32
Mirum
Pharmaceuticals,
Inc.
(a)
.............................................
334
34
Monte
Rosa
Therapeutics,
Inc.
(a)
...........................................
1,425
28
Niagen
Bioscience,
Inc.
(a)
................................................
11,267
44
Option
Care
Health,
Inc.
(a)
................................................
2,719
57
Oruka
Therapeutics,
Inc.
(a)
................................................
550
32
Pacira
BioSciences,
Inc.
(a)
................................................
3,706
86
Palvella
Therapeutics,
Inc.
(a)
..............................................
417
49
Pediatrix
Medical
Group,
Inc.
(a)
............................................
2,826
61
Praxis
Precision
Medicines,
Inc.
(a)
..........................................
181
63
Precigen,
Inc.
(a)
........................................................
6,402
28
Progyny,
Inc.
(a)
........................................................
4,241
108
Protagonist
Therapeutics,
Inc.
(a)
............................................
378
38
PTC
Therapeutics,
Inc.
(a)
.................................................
314
23
Relay
Therapeutics,
Inc.
(a)
................................................
2,655
37
Royalty
Pharma
PLC
,
Class
A
..............................................
14,731
821
SIGA
Technologies,
Inc.
..................................................
9,997
47
Spyre
Therapeutics,
Inc.
(a)
................................................
701
52
Stoke
Therapeutics,
Inc.
(a)
................................................
1,061
33
Syndax
Pharmaceuticals,
Inc.
(a)
............................................
1,127
22
Tango
Therapeutics,
Inc.
(a)
................................................
1,646
36
Taysha
Gene
Therapies,
Inc.
(a)
.............................................
6,613
39
Tenet
Healthcare
Corp.
(a)
.................................................
3,913
686
The
Cigna
Group
.......................................................
608
169
Travere
Therapeutics,
Inc.
(a)
...............................................
923
44
Tyra
Biosciences,
Inc.
(a)
(b)
...............................................
1,107
37
Universal
Health
Services,
Inc.
,
Class
B
.......................................
1,180
172
Vera
Therapeutics,
Inc.
,
Class
A
(a)
..........................................
568
20
15,070
Industrials
(3.8%):
ACCO
Brands
Corp.
....................................................
19,501
77
Allison
Transmission
Holdings,
Inc.
.........................................
2,103
239
Apogee
Enterprises,
Inc.
..................................................
1,634
63
Applied
Industrial
Technologies,
Inc.
.........................................
162
49
Argan,
Inc.
...........................................................
271
181
Atkore,
Inc.
...........................................................
1,381
114
Automatic
Data
Processing,
Inc.
............................................
1,399
310
Blue
Bird
Corp.
(a)
......................................................
550
37
Boise
Cascade
Co.
......................................................
617
43
Caterpillar,
Inc.
........................................................
1,697
1,486
Columbus
McKinnon
Corp.
...............................................
3,395
54
Comfort
Systems
USA,
Inc.
...............................................
578
1,057
Costamare,
Inc.
........................................................
1,657
26
Cummins,
Inc.
.........................................................
1,696
1,097
Delta
Air
Lines,
Inc.
.....................................................
13,738
1,133
Deluxe
Corp.
..........................................................
5,239
127
DNOW,
Inc.
(a)
........................................................
4,136
53
EMCOR
Group,
Inc.
....................................................
1,228
1,015
Exponent,
Inc.
.........................................................
1,130
66
FedEx
Corp.
..........................................................
1,373
565
Ferguson
Enterprises,
Inc.
.................................................
2,838
641
GE
Vernova,
Inc.
.......................................................
1,323
1,281
Gibraltar
Industries,
Inc.
(a)
................................................
2,506
97
Griffon
Corp.
..........................................................
1,176
104
Huron
Consulting
Group,
Inc.
(a)
............................................
716
77
Illinois
Tool
Works,
Inc.
..................................................
2,205
545
Kforce,
Inc.
...........................................................
2,251
106
Korn
Ferry
...........................................................
1,583
111
Legalzoom.com,
Inc.
(a)
..................................................
11,987
75
Leidos
Holdings,
Inc.
....................................................
5,283
675
Liquidity
Services,
Inc.
(a)
.................................................
3,014
109
Lockheed
Martin
Corp.
...................................................
2,035
1,080
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Masterbrand,
Inc.
(a)
.....................................................
4,880
$
42
Matson,
Inc.
..........................................................
274
50
Maximus,
Inc.
.........................................................
1,777
110
Mueller
Industries,
Inc.
...................................................
6,308
811
Parker-Hannifin
Corp.
...................................................
585
494
Powell
Industries,
Inc.
...................................................
451
128
Power
Solutions
International,
Inc.
(a)
(b)
......................................
1,805
75
Resideo
Technologies,
Inc.
(a)
..............................................
1,120
35
Sterling
Infrastructure,
Inc.
(a)
..............................................
255
220
Terex
Corp.
...........................................................
1,474
86
TriNet
Group,
Inc.
......................................................
2,640
121
Uber
Technologies,
Inc.
(a)
................................................
14,956
1,053
United
Airlines
Holdings,
Inc.
(a)
............................................
8,364
960
Upwork,
Inc.
(a)
........................................................
6,945
61
Vertiv
Holdings
Co.
,
Class
A
...............................................
2,834
895
Wabash
National
Corp.
...................................................
2,513
20
17,854
Information
Technology
(11.6%):
A10
Networks,
Inc.
.....................................................
4,143
125
Adeia,
Inc.
............................................................
6,522
174
Adobe,
Inc.
(a)
.........................................................
1,882
488
Amphenol
Corp.
,
Class
A
.................................................
7,934
1,180
Apple,
Inc.
...........................................................
38,673
12,068
Applied
Materials,
Inc.
...................................................
2,578
1,160
Arista
Networks,
Inc.
(a)
..................................................
7,235
1,154
Belden,
Inc.
...........................................................
588
62
Benchmark
Electronics,
Inc.
...............................................
1,414
119
Box,
Inc.
,
Class
A
(a)
....................................................
3,666
99
Broadcom,
Inc.
........................................................
11,842
5,291
Cisco
Systems,
Inc.
.....................................................
16,007
1,928
Clear
Secure,
Inc.
,
Class
A
................................................
2,696
149
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
11,686
651
Commvault
Systems,
Inc.
(a)
...............................................
1,273
151
Consensus
Cloud
Solutions,
Inc.
(a)
..........................................
2,414
83
Dropbox,
Inc.
,
Class
A
(a)
.................................................
20,866
561
Everforth,
Inc.
(a)
.......................................................
3,609
82
Extreme
Networks,
Inc.
(a)
................................................
5,454
145
Flex
Ltd.
(a)
...........................................................
6,432
970
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
491
42
Insight
Enterprises,
Inc.
(a)
................................................
1,137
121
InterDigital,
Inc.
.......................................................
445
112
Jabil,
Inc.
............................................................
2,935
1,070
KLA
Corp.
...........................................................
676
1,299
Knowles
Corp.
(a)
.......................................................
3,064
115
Kulicke
&
Soffa
Industries,
Inc.
.............................................
725
74
Lam
Research
Corp.
.....................................................
5,237
1,666
Micron
Technology,
Inc.
..................................................
3,355
3,258
Microsoft
Corp.
........................................................
9,157
4,123
Napco
Security
Technologies,
Inc.
...........................................
1,785
67
NetApp,
Inc.
..........................................................
6,836
1,191
NetScout
Systems,
Inc.
(a)
.................................................
3,368
140
NVIDIA
Corp.
.........................................................
62,928
13,287
PagerDuty,
Inc.
(a)
......................................................
4,087
41
Photronics,
Inc.
(a)
......................................................
658
21
Progress
Software
Corp.
(a)
................................................
1,889
62
Qualys,
Inc.
(a)
.........................................................
1,044
114
Rambus,
Inc.
(a)
........................................................
646
94
Sandisk
Corp.
(a)
.......................................................
826
1,400
Sanmina
Corp.
(a)
.......................................................
509
132
ScanSource,
Inc.
(a)
.....................................................
2,002
93
Vishay
Intertechnology,
Inc.
...............................................
1,187
62
55,224
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Materials
(1.1%):
AdvanSix,
Inc.
.........................................................
2,599
$
58
Cabot
Corp.
...........................................................
1,008
88
Century
Aluminum
Co.
(a)
.................................................
2,117
140
CF
Industries
Holdings,
Inc.
...............................................
8,228
924
Commercial
Metals
Co.
..................................................
1,054
80
CRH
PLC
............................................................
3,303
359
Hawkins,
Inc.
.........................................................
826
128
Newmont
Corp.
........................................................
10,710
1,176
Nucor
Corp.
...........................................................
3,909
977
O-I
Glass,
Inc.
(a)
.......................................................
6,030
53
Reliance,
Inc.
..........................................................
381
145
Steel
Dynamics,
Inc.
.....................................................
3,971
1,033
SunCoke
Energy,
Inc.
....................................................
6,839
62
Sylvamo
Corp.
.........................................................
1,364
54
5,277
Real
Estate
(0.2%):
Acadia
Realty
Trust
.....................................................
1,301
29
American
Healthcare
REIT,
Inc.
............................................
768
37
Apple
Hospitality
REIT,
Inc.
...............................................
2,447
36
Broadstone
Net
Lease,
Inc.
,
Class
A
..........................................
2,662
54
CareTrust
REIT,
Inc.
....................................................
1,951
80
CBL
&
Associates
Properties,
Inc.
...........................................
483
23
Compass,
Inc.
,
Class
A
(a)
.................................................
5,381
44
Cushman
&
Wakefield
Ltd.
(a)
..............................................
2,282
28
Diversified
Healthcare
Trust
...............................................
5,712
47
Douglas
Emmett,
Inc.
....................................................
1,533
18
Essential
Properties
Realty
Trust,
Inc.
........................................
1,141
35
Industrial
Logistics
Properties
Trust
..........................................
3,092
28
National
Health
Investors,
Inc.
.............................................
426
31
Newmark
Group,
Inc.
,
Class
A
.............................................
2,351
33
Outfront
Media,
Inc.
.....................................................
955
31
Phillips
Edison
&
Co.,
Inc.
................................................
747
30
Ryman
Hospitality
Properties,
Inc.
...........................................
370
43
Sabra
Health
Care
REIT,
Inc.
..............................................
2,173
43
SL
Green
Realty
Corp.
(b)
.................................................
588
27
Tanger,
Inc.
...........................................................
803
29
Terreno
Realty
Corp.
....................................................
583
38
The
Macerich
Co.
......................................................
2,734
62
Urban
Edge
Properties
...................................................
1,674
37
863
Utilities
(0.7%):
Avista
Corp.
..........................................................
2,344
97
Black
Hills
Corp.
.......................................................
1,599
116
Edison
International
.....................................................
11,375
796
FirstEnergy
Corp.
.......................................................
4,109
191
Genie
Energy
Ltd.
,
Class
B
................................................
2,988
41
MGE
Energy,
Inc.
......................................................
206
15
National
Fuel
Gas
Co.
...................................................
2,472
191
NRG
Energy,
Inc.
.......................................................
5,846
784
PG&E
Corp.
..........................................................
41,429
677
Spire,
Inc.
............................................................
895
74
Talen
Energy
Corp.
(a)
...................................................
537
208
Unitil
Corp.
...........................................................
670
33
3,223
Total
Common
Stocks
(Cost
$112,933)
a
a
a
160,188
Exchange-Traded
Funds
(41.2%)
Invesco
DB
Commodity
Index
Tracking
Fund
(a)
................................
45,600
1,344
Invesco
RAFI
Emerging
Markets
ETF
(b)
......................................
202,529
5,888
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
30,283
2,528
iShares
Core
S&P
500
ETF
................................................
26,220
19,928
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
iShares
Core
S&P
Small-Cap
ETF
...........................................
44,698
$
6,198
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
30,960
3,067
iShares
Core
Universal
USD
Bond
ETF
.......................................
113,521
5,242
iShares
MSCI
Canada
ETF
................................................
61,011
3,588
iShares
MSCI
Europe
Financials
ETF
........................................
209,893
8,083
iShares
MSCI
International
Momentum
Factor
ETF
(b)
............................
37,162
1,964
iShares
MSCI
International
Quality
Factor
ETF
.................................
47,701
2,355
iShares
MSCI
Japan
ETF
(b)
...............................................
18,517
1,721
iShares
Russell
1000
Value
ETF
............................................
87,942
20,927
JPMorgan
BetaBuilders
Canada
ETF
(b)
.......................................
35,517
3,585
Schwab
Fundamental
Emerging
Markets
Equity
ETF
(b)
...........................
307,537
12,646
Schwab
Fundamental
International
Equity
ETF
(b)
...............................
476,070
25,889
Schwab
Fundamental
International
Small
Equity
ETF
.............................
17,430
877
SPDR
Gold
Shares
(a)
(b)
..................................................
6,138
2,560
State
Street
Real
Estate
Select
Sector
SPDR
ETF
................................
60,763
2,673
State
Street
SPDR
S&P
Emerging
Markets
Small
Cap
ETF
(b)
.......................
14,790
1,108
United
States
Oil
Fund
LP
(a)
(b)
............................................
2,352
304
Vanguard
FTSE
All-World
ex-US
ETF
........................................
52,866
4,441
Vanguard
FTSE
Developed
Markets
ETF
......................................
377,210
27,072
Vanguard
FTSE
Emerging
Markets
ETF
(b)
....................................
254,145
15,218
Vanguard
Real
Estate
ETF
(b)
..............................................
9,925
950
Vanguard
Total
Bond
Market
ETF
...........................................
107,794
7,919
Vanguard
Total
Stock
Market
ETF
...........................................
22,114
8,238
Total
Exchange-Traded
Funds
(Cost
$138,007)
a
a
a
196,313
Affiliated
Exchange-Traded
Funds
(24.1%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
548,471
25,707
VictoryShares
Core
Plus
Bond
ETF
..........................................
1,009,438
21,925
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
113,519
6,826
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
770,818
24,919
VictoryShares
International
Free
Cash
Flow
ETF
................................
456,170
15,401
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
458,612
14,713
VictoryShares
Short-Term
Bond
ETF
.........................................
103,145
5,226
Total
Affiliated
Exchange-Traded
Funds
(Cost
$105,894)
a
a
a
114,717
Collateral
for
Securities
Loaned
(5.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.53
%
(c)
........
6,140,477
6,141
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.54
%
(c)
............
6,140,477
6,141
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
...............
6,140,477
6,140
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.55
%
(c)
.
6,140,477
6,140
Total
Collateral
for
Securities
Loaned
(Cost
$24,562)
a
a
a
24,562
Total
Investments
(Cost
$381,396)
—
104.2%
495,780
Liabilities
in
excess
of
other
assets
—  (4.2)%
(19,776)
NET
ASSETS
-
100.00%
$
476,004
At
May
31,
2026,
the
Fund's
investments
in
foreign
securities
were
25.2%
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
May
31,
2026.
ETF
—
Exchange-Traded
Fund
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Core
Intermediate
Bond
ETF
...
$
26,338
$
—
$
—
$
—
$
(
631
)
$
25,707
548,471
$
276
$
—
VictoryShares
Core
Plus
Bond
ETF
.................
22,460
—
—
—
(
535
)
21,925
1,009,438
280
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
5,667
1,178
—
—
(
19
)
6,826
113,519
—
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
21,340
—
—
—
3,579
24,919
770,818
—
—
VictoryShares
International
Free
Cash
Flow
ETF
.....
12,065
2,557
—
—
779
15,401
456,170
53
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
9,372
4,559
—
—
782
14,713
458,612
30
—
VictoryShares
Short-Term
Bond
ETF
............
5,271
—
—
—
(
45
)
5,226
103,145
59
—
$
102,513
$
8,294
$
—
$
—
$
3,910
$
114,717
3,460,173
$
698
$
—
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Cornerstone
Conservative
Fund
9
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(36.5%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
562,145
$
26,348
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
55,618
3,344
VictoryShares
Free
Cash
Flow
ETF
..........................................
90,000
4,191
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
90,000
2,910
VictoryShares
International
Value
Momentum
ETF
...............................
93,597
6,913
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
140,000
3,487
VictoryShares
Short-Term
Bond
ETF
.........................................
649,270
32,892
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
44,000
1,473
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
18,550
1,932
VictoryShares
US
Value
Momentum
ETF
......................................
35,995
3,740
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
102,587
5,249
Total
Affiliated
Exchange-Traded
Funds
(Cost
$82,909)
a
a
a
92,479
Affiliated
Mutual
Funds
(62.9%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
129,250
11,886
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
6,306,694
57,959
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
226
7
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
3,200,642
28,518
Victory
High
Income
Fund,
Institutional
Shares
.................................
1,540,274
10,520
Victory
Income
Fund,
Institutional
Shares
.....................................
1,556,394
18,085
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
99,633
2,012
Victory
International
Fund,
Institutional
Shares
..................................
231,805
7,909
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
1,682,968
15,601
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
77,257
5,626
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
29,235
1,479
Total
Affiliated
Mutual
Funds
(Cost
$155,167)
a
a
a
159,602
Total
Investments
(Cost
$238,076)
—
99.4%
252,081
Other
assets
in
excess
of
liabilities
—  0.6%
1,445
NET
ASSETS
-
100.00%
$
253,526
At
May
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
13.9%
of
net
assets.
ETF
—
Exchange-Traded
Fund
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
11,445
$
26
$
(
751
)
$
27
$
1,139
$
11,886
129,250
$
26
$
—
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
57,329
1,929
—
—
(
1,299
)
57,959
6,306,694
700
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
7
—
—
—
—
7
226
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
28,790
362
—
—
(
634
)
28,518
3,200,642
279
—
Victory
High
Income
Fund,
Institutional
Shares
......
10,451
204
—
—
(
135
)
10,520
1,540,274
204
—
Victory
Income
Fund,
Institutional
Shares
......
18,265
190
—
—
(
370
)
18,085
1,556,394
190
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
1,952
5
—
—
55
2,012
99,633
5
—
Victory
International
Fund,
Institutional
Shares
......
8,417
—
(
499
)
35
(
44
)
7,909
231,805
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
14,053
1,156
—
—
392
15,601
1,682,968
156
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
4,624
—
—
—
1,002
5,626
77,257
—
—
Victory
Portfolios
III
Victory
Cornerstone
Conservative
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
$
1,923
$
—
$
—
$
—
$
(
444
)
$
1,479
29,235
$
—
$
—
VictoryShares
Core
Intermediate
Bond
ETF
...
26,994
—
—
—
(
646
)
26,348
562,145
283
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
3,385
—
—
—
(
41
)
3,344
55,618
—
—
VictoryShares
Free
Cash
Flow
ETF
.................
3,643
—
—
—
548
4,191
90,000
9
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
2,492
—
—
—
418
2,910
90,000
—
—
VictoryShares
International
Value
Momentum
ETF
...
6,921
—
—
—
(
8
)
6,913
93,597
63
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
3,510
—
—
—
(
23
)
3,487
140,000
55
—
VictoryShares
Short-Term
Bond
ETF
............
33,178
—
—
—
(
286
)
32,892
649,270
373
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
1,336
—
—
—
137
1,473
44,000
4
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
1,831
—
—
—
101
1,932
18,550
8
—
VictoryShares
US
Value
Momentum
ETF
........
3,591
—
—
—
149
3,740
35,995
16
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
4,849
—
—
—
400
5,249
102,587
9
—
$
248,986
$
3,872
$
(
1,250
)
$
62
$
411
$
252,081
16,736,140
$
2,380
$
—
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Cornerstone
Equity
Fund
11
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(45.0%)
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
320,458
$
19,270
VictoryShares
Free
Cash
Flow
ETF
..........................................
521,092
24,267
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
757,968
24,504
VictoryShares
International
Value
Momentum
ETF
...............................
357,611
26,413
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
186,062
6,229
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
125,594
13,083
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
164,156
17,055
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
617,787
31,609
Total
Affiliated
Exchange-Traded
Funds
(Cost
$106,963)
a
a
a
162,430
Affiliated
Mutual
Funds
(54.6%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
735,852
67,669
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
424,004
13,958
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
826,861
16,694
Victory
International
Fund,
Institutional
Shares
..................................
1,066,639
36,394
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
447,416
32,581
Victory
Pioneer
International
Equity
Fund,
Class
Y
...............................
724,242
27,724
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
35,474
1,795
Total
Affiliated
Mutual
Funds
(Cost
$117,093)
a
a
a
196,815
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.53
%
(b)
........
63,600
63
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.54
%
(b)
............
63,600
63
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.57
%
(b)
...............
63,600
64
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.55
%
(b)
.
63,600
64
Total
Collateral
for
Securities
Loaned
(Cost
$254)
a
a
a
254
Total
Investments
(Cost
$224,310)
—
99.7%
359,499
Other
assets
in
excess
of
liabilities
—  0.3%
961
NET
ASSETS
-
100.00%
$
360,460
At
May
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
May
31,
2026.
ETF
—
Exchange-Traded
Fund
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Cornerstone
Equity
Fund
Victory
500
Index
Fund,
Reward
Shares
.........
$
60,571
$
638
$
—
$
—
$
6,460
$
67,669
735,852
$
139
$
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
11,770
500
—
—
1,688
13,958
424,004
—
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
14,638
1,538
—
—
518
16,694
826,861
38
—
Victory
International
Fund,
Institutional
Shares
......
35,066
1,300
—
—
28
36,394
1,066,639
—
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
25,812
1,000
—
—
5,769
32,581
447,416
—
—
Victory
Pioneer
International
Equity
Fund,
Class
Y
.....
27,224
—
—
—
500
27,724
724,242
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
2,333
—
—
—
(
538
)
1,795
35,474
—
—
Victory
Portfolios
III
Victory
Cornerstone
Equity
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
$
19,500
$
—
$
—
$
—
$
(
230
)
$
19,270
320,458
$
—
$
—
VictoryShares
Free
Cash
Flow
ETF
.................
21,094
—
—
—
3,173
24,267
521,092
50
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
20,984
—
—
—
3,520
24,504
757,968
—
—
VictoryShares
International
Value
Momentum
ETF
...
26,444
—
—
—
(
31
)
26,413
357,611
242
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
5,649
—
—
—
580
6,229
186,062
15
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
12,399
—
—
—
684
13,083
125,594
52
—
VictoryShares
US
Value
Momentum
ETF
........
16,378
—
—
—
677
17,055
164,156
72
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
29,201
—
—
—
2,408
31,609
617,787
56
—
$
329,063
$
4,976
$
—
$
—
$
25,206
$
359,245
7,311,216
$
664
$
—
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
13
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(20.0%)
Communication
Services
(2.2%):
Alphabet,
Inc.
,
Class
A
...................................................
48,890
$
18,595
Alphabet,
Inc.
,
Class
C
...................................................
3,965
1,492
Comcast
Corp.
,
Class
A
..................................................
64,642
1,608
Meta
Platforms,
Inc.
,
Class
A
..............................................
830
525
Millicom
International
Cellular
SA
(a)
........................................
16,726
1,428
The
New
York
Times
Co.
,
Class
A
...........................................
13,830
1,040
Verizon
Communications,
Inc.
..............................................
50,927
2,435
27,123
Consumer
Discretionary
(1.6%):
Amazon.com,
Inc.
(a)
....................................................
20,183
5,462
Aptiv
PLC
(a)
..........................................................
7,433
505
Booking
Holdings,
Inc.
...................................................
10,007
1,676
BorgWarner,
Inc.
.......................................................
16,393
1,177
Expedia
Group,
Inc.
.....................................................
6,621
1,495
General
Motors
Co.
.....................................................
21,724
1,808
Las
Vegas
Sands
Corp.
...................................................
23,599
1,194
Lowe's
Cos.,
Inc.
.......................................................
536
115
PulteGroup,
Inc.
........................................................
7,271
859
Ralph
Lauren
Corp.
,
Class
A
...............................................
3,826
1,392
Ross
Stores,
Inc.
.......................................................
2,473
573
Tapestry,
Inc.
..........................................................
9,413
1,369
The
TJX
Cos.,
Inc.
......................................................
9,121
1,412
Toll
Brothers,
Inc.
......................................................
2,921
405
Ulta
Beauty,
Inc.
(a)
.....................................................
2,455
1,249
Versigent
PLC
(a)
.......................................................
2,645
117
20,808
Consumer
Staples
(1.2%):
Altria
Group,
Inc.
.......................................................
30,751
2,140
Coca-Cola
Consolidated,
Inc.
..............................................
6,894
1,195
Dollar
General
Corp.
....................................................
16,537
1,829
Ingredion,
Inc.
.........................................................
2,714
275
Monster
Beverage
Corp.
(a)
................................................
15,986
1,408
Philip
Morris
International,
Inc.
.............................................
1,895
336
Sysco
Corp.
...........................................................
18,354
1,391
Target
Corp.
..........................................................
12,827
1,630
The
Kroger
Co.
........................................................
4,202
261
U.S.
Foods
Holding
Corp.
(a)
...............................................
14,077
1,152
Walmart,
Inc.
..........................................................
25,534
2,956
14,573
Energy
(0.6%):
Devon
Energy
Corp.
.....................................................
43,731
1,946
EOG
Resources,
Inc.
....................................................
16,094
2,147
Halliburton
Co.
........................................................
41,344
1,606
Marathon
Petroleum
Corp.
................................................
6,599
1,642
TechnipFMC
PLC
......................................................
7,915
541
7,882
Financials
(2.2%):
Affiliated
Managers
Group,
Inc.
............................................
1,490
451
Ameriprise
Financial,
Inc.
.................................................
3,959
1,765
Axis
Capital
Holdings
Ltd.
................................................
1,318
125
Cincinnati
Financial
Corp.
................................................
6,253
984
Fidelity
National
Financial,
Inc.
............................................
8,353
396
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
16,503
1,435
JPMorgan
Chase
&
Co.
..................................................
14,701
4,400
NU
Holdings
Ltd.
,
Class
A
(a)
..............................................
24,714
324
PayPal
Holdings,
Inc.
....................................................
37,544
1,680
Popular,
Inc.
..........................................................
8,318
1,235
Synchrony
Financial
.....................................................
25,147
1,797
The
Allstate
Corp.
......................................................
10,966
2,260
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
The
Charles
Schwab
Corp.
................................................
16,222
$
1,417
The
Goldman
Sachs
Group,
Inc.
............................................
2,725
2,795
The
Hartford
Insurance
Group,
Inc.
..........................................
6,896
877
The
PNC
Financial
Services
Group,
Inc.
......................................
9,529
2,107
The
Progressive
Corp.
...................................................
7,415
1,412
The
Travelers
Cos.,
Inc.
..................................................
4,993
1,457
U.S.
Bancorp
..........................................................
5,872
322
W.R.
Berkley
Corp.
.....................................................
1,187
75
27,314
Health
Care
(1.8%):
AbbVie,
Inc.
..........................................................
12,664
2,757
Bristol-Myers
Squibb
Co.
.................................................
29,310
1,676
Cardinal
Health,
Inc.
....................................................
7,677
1,511
Cencora,
Inc.
..........................................................
4,604
1,240
CVS
Health
Corp.
......................................................
19,263
1,752
Exelixis,
Inc.
(a)
........................................................
12,212
616
Gilead
Sciences,
Inc.
....................................................
13,949
1,875
Johnson
&
Johnson
.....................................................
14,235
3,208
McKesson
Corp.
.......................................................
2,209
1,640
Merck
&
Co.,
Inc.
......................................................
22,715
2,697
Royalty
Pharma
PLC
,
Class
A
..............................................
25,797
1,438
Tenet
Healthcare
Corp.
(a)
.................................................
6,854
1,202
The
Cigna
Group
.......................................................
1,066
296
Universal
Health
Services,
Inc.
,
Class
B
.......................................
2,067
302
22,210
Industrials
(2.1%):
Allison
Transmission
Holdings,
Inc.
.........................................
3,683
418
Automatic
Data
Processing,
Inc.
............................................
2,451
544
Caterpillar,
Inc.
........................................................
2,972
2,603
Comfort
Systems
USA,
Inc.
...............................................
1,013
1,852
Cummins,
Inc.
.........................................................
2,970
1,920
Delta
Air
Lines,
Inc.
.....................................................
24,058
1,984
EMCOR
Group,
Inc.
....................................................
2,150
1,778
FedEx
Corp.
..........................................................
2,405
990
Ferguson
Enterprises,
Inc.
.................................................
4,970
1,123
GE
Vernova,
Inc.
.......................................................
2,317
2,244
Illinois
Tool
Works,
Inc.
..................................................
3,863
955
Leidos
Holdings,
Inc.
....................................................
9,253
1,183
Lockheed
Martin
Corp.
...................................................
3,565
1,891
Mueller
Industries,
Inc.
...................................................
10,457
1,345
Parker-Hannifin
Corp.
...................................................
1,024
865
Uber
Technologies,
Inc.
(a)
................................................
26,192
1,844
United
Airlines
Holdings,
Inc.
(a)
............................................
14,647
1,681
Vertiv
Holdings
Co.
,
Class
A
...............................................
4,963
1,567
26,787
Information
Technology
(7.3%):
Adobe,
Inc.
(a)
.........................................................
3,296
854
Amphenol
Corp.
,
Class
A
.................................................
13,894
2,067
Apple,
Inc.
...........................................................
67,726
21,134
Applied
Materials,
Inc.
...................................................
4,515
2,032
Arista
Networks,
Inc.
(a)
..................................................
12,671
2,021
Broadcom,
Inc.
........................................................
20,738
9,265
Cisco
Systems,
Inc.
.....................................................
28,033
3,376
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
20,466
1,141
Dropbox,
Inc.
,
Class
A
(a)
.................................................
36,541
982
Flex
Ltd.
(a)
...........................................................
11,265
1,698
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
860
74
Jabil,
Inc.
............................................................
5,140
1,874
KLA
Corp.
...........................................................
1,185
2,277
Lam
Research
Corp.
.....................................................
9,171
2,918
Micron
Technology,
Inc.
..................................................
5,875
5,705
Microsoft
Corp.
........................................................
16,036
7,220
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
NetApp,
Inc.
..........................................................
11,972
$
2,087
NVIDIA
Corp.
.........................................................
110,201
23,268
Sandisk
Corp.
(a)
.......................................................
1,446
2,451
92,444
Materials
(0.6%):
CF
Industries
Holdings,
Inc.
...............................................
14,410
1,619
CRH
PLC
............................................................
5,785
629
Newmont
Corp.
........................................................
18,757
2,060
Nucor
Corp.
...........................................................
6,846
1,712
Reliance,
Inc.
..........................................................
667
254
Steel
Dynamics,
Inc.
.....................................................
6,954
1,809
8,083
Utilities
(0.4%):
Edison
International
.....................................................
19,921
1,393
FirstEnergy
Corp.
.......................................................
7,196
334
National
Fuel
Gas
Co.
...................................................
4,330
334
NRG
Energy,
Inc.
.......................................................
10,239
1,373
PG&E
Corp.
..........................................................
72,553
1,185
Talen
Energy
Corp.
(a)
...................................................
940
364
4,983
Total
Common
Stocks
(Cost
$173,292)
a
a
a
252,207
Exchange-Traded
Funds
(39.6%)
Invesco
DB
Commodity
Index
Tracking
Fund
(a)
................................
114,500
3,376
Invesco
RAFI
Developed
Markets
ex-US
ETF
(b)
................................
147,377
11,475
Invesco
RAFI
Emerging
Markets
ETF
........................................
394,365
11,464
iShares
0-5
Year
TIPS
Bond
ETF
............................................
33,552
3,478
iShares
20+
Year
Treasury
Bond
ETF
.........................................
83,249
7,139
iShares
7-10
Year
Treasury
Bond
ETF
........................................
90,863
8,600
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
172,708
14,416
iShares
Core
S&P
500
ETF
................................................
32,001
24,322
iShares
Core
S&P
Small-Cap
ETF
...........................................
291,332
40,396
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
521,712
51,682
iShares
Core
Universal
USD
Bond
ETF
(b)
.....................................
625,422
28,882
iShares
MSCI
Canada
ETF
................................................
182,112
10,710
iShares
MSCI
Europe
Financials
ETF
(b)
......................................
463,453
17,848
iShares
MSCI
Japan
ETF
(b)
...............................................
31,128
2,894
iShares
Russell
1000
Value
ETF
............................................
107,979
25,695
JPMorgan
BetaBuilders
Canada
ETF
.........................................
81,979
8,274
Schwab
Fundamental
Emerging
Markets
Equity
ETF
(b)
...........................
528,337
21,725
Schwab
Fundamental
International
Equity
ETF
.................................
605,962
32,952
Schwab
Fundamental
International
Small
Equity
ETF
(b)
...........................
69,892
3,518
SPDR
Gold
Shares
(a)
(b)
..................................................
28,157
11,745
State
Street
Real
Estate
Select
Sector
SPDR
ETF
................................
106,410
4,681
State
Street
SPDR
S&P
Emerging
Markets
Small
Cap
ETF
(b)
.......................
34,497
2,584
United
States
Oil
Fund
LP
(a)
(b)
............................................
7,871
1,016
Vanguard
FTSE
All-World
ex-US
ETF
........................................
212,246
17,829
Vanguard
FTSE
Developed
Markets
ETF
......................................
496,885
35,661
Vanguard
FTSE
Emerging
Markets
ETF
(b)
....................................
141,902
8,497
Vanguard
Mortgage-Backed
Securities
ETF
(b)
..................................
220,865
10,361
Vanguard
Real
Estate
ETF
(b)
..............................................
29,000
2,775
Vanguard
S&P
500
ETF
..................................................
1
1
Vanguard
Total
Bond
Market
ETF
...........................................
528,988
38,859
Vanguard
Total
Stock
Market
ETF
...........................................
93,071
34,673
Total
Exchange-Traded
Funds
(Cost
$387,827)
a
a
a
497,528
Affiliated
Exchange-Traded
Funds
(39.6%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
4,534,400
212,527
VictoryShares
Core
Plus
Bond
ETF
(b)
........................................
6,385,380
138,691
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
196,730
11,830
VictoryShares
Free
Cash
Flow
Growth
ETF
(b)
..................................
1,408,986
45,550
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
VictoryShares
International
Free
Cash
Flow
ETF
................................
986,826
$
33,317
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
1,112,950
35,705
VictoryShares
Short-Term
Bond
ETF
(b)
.......................................
402,475
20,389
Total
Affiliated
Exchange-Traded
Funds
(Cost
$508,764)
a
a
a
498,009
Collateral
for
Securities
Loaned
(4.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.53
%
(c)
........
13,717,964
13,718
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.54
%
(c)
............
13,717,964
13,718
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.57
%
(c)
...............
13,717,964
13,718
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.55
%
(c)
.
13,717,964
13,718
Total
Collateral
for
Securities
Loaned
(Cost
$54,872)
a
a
a
54,872
Total
Investments
(Cost
$1,124,755)
—
103.6%
1,302,616
Liabilities
in
excess
of
other
assets
—  (3.6)%
(44,658)
NET
ASSETS
-
100.00%
$
1,257,958
At
May
31,
2026,
the
Fund's
investments
in
foreign
securities
were
15.8%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
May
31,
2026.
ETF
—
Exchange-Traded
Fund
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Core
Intermediate
Bond
ETF
...
$
217,743
$
—
$
—
$
—
$
(
5,216
)
$
212,527
4,534,400
$
2,285
$
—
VictoryShares
Core
Plus
Bond
ETF
.................
142,075
—
—
—
(
3,384
)
138,691
6,385,380
1,772
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
9,852
2,012
—
—
(
34
)
11,830
196,730
—
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
39,008
—
—
—
6,542
45,550
1,408,986
—
—
VictoryShares
International
Free
Cash
Flow
ETF
.....
31,486
—
—
—
1,831
33,317
986,826
138
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
30,506
3,397
—
—
1,802
35,705
1,112,950
97
—
VictoryShares
Short-Term
Bond
ETF
............
20,566
—
—
—
(
177
)
20,389
402,475
231
—
$
491,236
$
5,409
$
—
$
—
$
1,364
$
498,009
15,027,747
$
4,523
$
—
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
17
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(26.9%)
Communication
Services
(2.7%):
Alphabet,
Inc.,
Class
A
...................................................
144,234
$
54,858
Alphabet,
Inc.,
Class
C
...................................................
11,697
4,403
Cargurus,
Inc.,
Class
A(a)
.................................................
6,682
200
Comcast
Corp.,
Class
A
..................................................
222,876
5,543
Fox
Corp.,
Class
A
......................................................
3,623
232
IDT
Corp.,
Class
B
......................................................
3,525
194
Meta
Platforms,
Inc.,
Class
A
..............................................
2,449
1,549
Millicom
International
Cellular
SA(a)
........................................
49,346
4,212
Pinterest,
Inc.,
Class
A(a)
.................................................
8,348
167
The
New
York
Times
Co.,
Class
A
...........................................
40,802
3,069
Verizon
Communications,
Inc.
..............................................
160,759
7,686
Versant
Media
Group,
Inc.
................................................
0
—(b)
Yelp,
Inc.,
Class
A(a)
....................................................
7,595
173
Ziff
Davis,
Inc.(a)
.......................................................
7,233
326
82,612
Consumer
Discretionary
(2.2%):
Abercrombie
&
Fitch
Co.(a)
...............................................
2,938
227
Academy
Sports
&
Outdoors,
Inc.
...........................................
4,761
251
Amazon.com,
Inc.(a)
....................................................
59,544
16,115
Aptiv
PLC(a)
..........................................................
21,930
1,490
Booking
Holdings,
Inc.
...................................................
29,524
4,943
BorgWarner,
Inc.
.......................................................
48,363
3,473
D.R.
Horton,
Inc.
.......................................................
3,230
475
Expedia
Group,
Inc.
.....................................................
20,319
4,588
Ford
Motor
Co.
........................................................
54,658
953
Frontdoor,
Inc.(a)
.......................................................
3,732
232
Garrett
Motion,
Inc.
.....................................................
11,445
375
General
Motors
Co.
.....................................................
64,090
5,335
G-III
Apparel
Group
Ltd.
.................................................
9,175
297
Installed
Building
Products,
Inc.
............................................
942
198
JAKKS
Pacific,
Inc.
.....................................................
9,762
216
KB
Home
............................................................
3,589
175
Kohl's
Corp.(c)
........................................................
21,680
311
Kontoor
Brands,
Inc.
....................................................
2,916
209
Las
Vegas
Sands
Corp.
...................................................
69,622
3,521
Lowe's
Cos.,
Inc.
.......................................................
1,583
339
M/I
Homes,
Inc.(a)
......................................................
1,498
197
Mohawk
Industries,
Inc.(a)
................................................
1,065
114
Monarch
Casino
&
Resort,
Inc.
.............................................
1,839
221
Perdoceo
Education
Corp.
.................................................
4,520
146
Phinia,
Inc.
...........................................................
3,165
245
PulteGroup,
Inc.
........................................................
21,453
2,535
Ralph
Lauren
Corp.,
Class
A
...............................................
11,287
4,107
Ross
Stores,
Inc.
.......................................................
7,296
1,691
Rush
Street
Interactive,
Inc.,
Class
A(a)
.......................................
7,448
189
Sally
Beauty
Holdings,
Inc.(a)
..............................................
20,380
271
Signet
Jewelers
Ltd.
.....................................................
5,383
470
Steven
Madden
Ltd.
.....................................................
5,818
253
Tapestry,
Inc.
..........................................................
27,770
4,039
Taylor
Morrison
Home
Corp.,
Class
A(a)
......................................
6,675
391
The
Buckle,
Inc.
........................................................
5,081
233
The
TJX
Cos.,
Inc.
......................................................
26,911
4,165
Toll
Brothers,
Inc.
......................................................
8,619
1,194
Ulta
Beauty,
Inc.(a)
.....................................................
7,245
3,687
Versigent
PLC(a)
.......................................................
7,805
344
Winmark
Corp.
........................................................
562
213
Winnebago
Industries,
Inc.
................................................
4,775
142
68,570
Consumer
Staples
(1.5%):
Altria
Group,
Inc.
.......................................................
90,721
6,312
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Cal-Maine
Foods,
Inc.
...................................................
3,814
$
285
Coca-Cola
Consolidated,
Inc.
..............................................
20,340
3,524
Constellation
Brands,
Inc.,
Class
A
..........................................
403
56
Dole
PLC
............................................................
14,562
204
Dollar
General
Corp.
....................................................
48,788
5,396
Edgewell
Personal
Care
Co.
...............................................
7,789
136
Ingredion,
Inc.
.........................................................
8,008
812
Interparfums,
Inc.
.......................................................
1,385
131
Molson
Coors
Beverage
Co.,
Class
B
.........................................
6,369
252
Monster
Beverage
Corp.(a)
................................................
47,163
4,154
Philip
Morris
International,
Inc.
.............................................
5,591
992
Sprouts
Farmers
Market,
Inc.(a)
............................................
2,306
191
Sysco
Corp.
...........................................................
54,147
4,105
Target
Corp.
..........................................................
42,874
5,448
The
Andersons,
Inc.
.....................................................
3,336
235
The
Campbell's
Company(c)
...............................................
7,167
151
The
Kraft
Heinz
Co.
.....................................................
21,684
521
The
Kroger
Co.
........................................................
12,399
771
The
Vita
Coco
Co.,
Inc.(a)
................................................
3,052
229
U.S.
Foods
Holding
Corp.(a)
...............................................
41,531
3,399
Walmart,
Inc.
..........................................................
75,332
8,720
46,024
Energy
(1.0%):
Cactus,
Inc.,
Class
A
.....................................................
6,446
374
ConocoPhillips
Co.
.....................................................
7,999
912
Crescent
Energy
Co.,
Class
A
..............................................
18,472
213
Devon
Energy
Corp.
.....................................................
149,803
6,665
Energy
Services
of
America
Corp.
...........................................
13,475
201
EOG
Resources,
Inc.
....................................................
47,480
6,333
Evolution
Petroleum
Corp.
................................................
30,421
129
Expand
Energy
Corp.
....................................................
1,308
122
Exxon
Mobil
Corp.
.....................................................
7,654
1,112
Halliburton
Co.
........................................................
121,974
4,739
Marathon
Petroleum
Corp.
................................................
19,470
4,843
Matador
Resources
Co.
...................................................
3,320
178
Murphy
Oil
Corp.
......................................................
5,942
215
Northern
Oil
&
Gas,
Inc.
..................................................
13,015
283
Range
Resources
Corp.
...................................................
4,201
164
Ranger
Energy
Services,
Inc.,
Class
A
........................................
12,910
200
REX
American
Resources
Corp.(a)
..........................................
4,159
194
Riley
Exploration
Permian,
Inc.
.............................................
12,008
399
RPC,
Inc.
............................................................
34,131
226
Scorpio
Tankers,
Inc.
....................................................
4,029
300
SM
Energy
Co.
........................................................
13,124
403
TechnipFMC
PLC
......................................................
23,350
1,598
Teekay
Tankers
Ltd.,
Class
A
...............................................
4,884
344
30,147
Financials
(3.2%):
1st
Source
Corp.
.......................................................
3,368
249
Acadian
Asset
Management,
Inc.
............................................
4,924
356
Adamas
Trust,
Inc.
......................................................
15,424
142
Affiliated
Managers
Group,
Inc.
............................................
4,396
1,331
American
International
Group,
Inc.
..........................................
7,257
539
Ameriprise
Financial,
Inc.
.................................................
11,680
5,206
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
5,799
217
Atlanticus
Holdings
Corp.(a)
...............................................
2,081
179
Axis
Capital
Holdings
Ltd.
................................................
3,889
369
Bank
of
America
Corp.
...................................................
18,192
939
Bread
Financial
Holdings,
Inc.
.............................................
6,253
557
Cathay
General
Bancorp
..................................................
4,326
249
Cincinnati
Financial
Corp.
................................................
18,449
2,904
Citizens
Financial
Group,
Inc.
..............................................
5,881
366
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
CNB
Financial
Corp.
....................................................
8,180
$
251
CNO
Financial
Group,
Inc.
................................................
3,152
145
Cohen
&
Steers,
Inc.
....................................................
1,874
131
Corebridge
Financial,
Inc.
.................................................
3,765
102
CVB
Financial
Corp.
....................................................
10,660
217
Dave,
Inc.(a)
..........................................................
1,234
349
Enova
International,
Inc.(a)
................................................
1,468
237
Essent
Group
Ltd.
......................................................
3,547
205
Fidelity
National
Financial,
Inc.
............................................
24,643
1,167
First
Bancorp
Puerto
Rico
.................................................
21,237
509
First
Financial
Bancorp
...................................................
13,737
423
Hamilton
Insurance
Group
Ltd.,
Class
B
......................................
8,159
242
Hanmi
Financial
Corp.
...................................................
8,862
267
Hope
Bancorp,
Inc.
.....................................................
22,505
282
Interactive
Brokers
Group,
Inc.,
Class
A
.......................................
48,687
4,234
International
Bancshares
Corp.
.............................................
6,249
451
Jackson
Financial,
Inc.,
Class
A
.............................................
4,435
457
JPMorgan
Chase
&
Co.
..................................................
44,377
13,282
Ladder
Capital
Corp.,
Class
A
..............................................
14,508
148
Live
Oak
Bancshares,
Inc.
................................................
5,070
193
Moelis
&
Co.,
Class
A
...................................................
4,533
305
Morgan
Stanley
........................................................
5,301
1,103
Northeast
Community
Bancorp,
Inc.
.........................................
12,352
299
Northern
Trust
Corp.
....................................................
5,106
845
NU
Holdings
Ltd.,
Class
A(a)
..............................................
72,911
957
OFG
Bancorp
.........................................................
9,207
419
Old
Second
Bancorp,
Inc.
.................................................
13,124
280
Pathward
Financial,
Inc.
..................................................
3,063
252
PayPal
Holdings,
Inc.
....................................................
110,763
4,957
PJT
Partners,
Inc.,
Class
A
................................................
1,580
242
Popular,
Inc.
..........................................................
24,540
3,645
Prudential
Financial,
Inc.
.................................................
2,588
260
QCR
Holdings,
Inc.
.....................................................
2,744
253
Regional
Management
Corp.
...............................................
3,980
146
Selective
Insurance
Group,
Inc.
.............................................
2,042
177
Simmons
First
National
Corp.,
Class
A
.......................................
11,118
238
Skyward
Specialty
Insurance
Group,
Inc.(a)
....................................
5,212
230
State
Street
Corp.
.......................................................
6,835
1,064
Synchrony
Financial
.....................................................
74,189
5,300
T.
Rowe
Price
Group,
Inc.
.................................................
1,770
185
The
Allstate
Corp.
......................................................
32,351
6,667
The
Bancorp,
Inc.(a)
.....................................................
4,158
229
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
9,413
531
The
Charles
Schwab
Corp.
................................................
47,860
4,181
The
Goldman
Sachs
Group,
Inc.
............................................
8,041
8,247
The
Hartford
Insurance
Group,
Inc.
..........................................
20,347
2,587
The
PNC
Financial
Services
Group,
Inc.
......................................
28,112
6,216
The
Progressive
Corp.
...................................................
21,877
4,165
The
Travelers
Cos.,
Inc.
..................................................
14,733
4,300
TPG
Mortgage
Investment
Trust,
Inc.
........................................
15,745
122
TPG
RE
Finance
Trust,
Inc.
...............................................
14,190
119
Truist
Financial
Corp.
....................................................
14,703
709
U.S.
Bancorp
..........................................................
23,494
1,289
Unity
Bancorp,
Inc.
.....................................................
4,459
249
Universal
Insurance
Holdings,
Inc.
..........................................
8,903
330
W.R.
Berkley
Corp.
.....................................................
3,504
223
Wells
Fargo
&
Co.
......................................................
9,342
724
Westamerica
Bancorp
....................................................
4,321
240
World
Acceptance
Corp.(a)
................................................
1,449
239
99,419
Health
Care
(2.4%):
AbbVie,
Inc.
..........................................................
37,363
8,135
AdaptHealth
Corp.,
Class
A(a)
.............................................
20,739
210
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
AMN
Healthcare
Services,
Inc.(a)
...........................................
8,306
$
241
Baxter
International,
Inc.
.................................................
8,761
164
Biogen,
Inc.(a)
.........................................................
2,663
522
Bristol-Myers
Squibb
Co.
.................................................
96,288
5,506
Cardinal
Health,
Inc.
....................................................
22,651
4,458
Cencora,
Inc.
..........................................................
13,583
3,659
CorVel
Corp.(a)
........................................................
2,775
171
CVS
Health
Corp.
......................................................
56,829
5,170
Elevance
Health,
Inc.
....................................................
725
285
Exelixis,
Inc.(a)
........................................................
36,027
1,819
Gilead
Sciences,
Inc.
....................................................
41,154
5,532
Harmony
Biosciences
Holdings,
Inc.(a)
.......................................
10,956
346
Innoviva,
Inc.(a)
.......................................................
12,169
261
Integra
LifeSciences
Holdings
Corp.(a)
.......................................
16,310
262
iRadimed
Corp.
........................................................
2,083
189
Johnson
&
Johnson
.....................................................
46,090
10,385
Lantheus
Holdings,
Inc.(a)
................................................
2,556
254
McKesson
Corp.
.......................................................
6,518
4,839
Medtronic
PLC
........................................................
7,658
565
Merck
&
Co.,
Inc.
......................................................
67,014
7,956
Pacira
BioSciences,
Inc.(a)
................................................
7,059
164
Pediatrix
Medical
Group,
Inc.(a)
............................................
10,163
219
Progyny,
Inc.(a)
........................................................
9,865
252
Royalty
Pharma
PLC,
Class
A
..............................................
76,107
4,244
Sanofi
SA,
ADR
........................................................
13,314
581
Select
Medical
Holdings
Corp.
.............................................
14,413
238
Tactile
Systems
Technology,
Inc.(a)
..........................................
12,287
302
Tenet
Healthcare
Corp.(a)
.................................................
20,220
3,545
The
Cigna
Group
.......................................................
3,146
873
Universal
Health
Services,
Inc.,
Class
B
.......................................
6,098
891
Zimmer
Biomet
Holdings,
Inc.
.............................................
6,549
539
72,777
Industrials
(3.0%):
3M
Co.
..............................................................
4,511
691
ACCO
Brands
Corp.
....................................................
36,408
144
AGCO
Corp.
..........................................................
1,919
216
Allison
Transmission
Holdings,
Inc.
.........................................
10,867
1,234
Apogee
Enterprises,
Inc.
..................................................
5,711
219
Argan,
Inc.
...........................................................
678
452
Atkore,
Inc.
...........................................................
5,308
440
Automatic
Data
Processing,
Inc.
............................................
7,232
1,604
Blue
Bird
Corp.(a)
......................................................
2,647
179
BlueLinx
Holdings,
Inc.(a)
................................................
2,956
154
Boise
Cascade
Co.
......................................................
2,611
182
Builders
FirstSource,
Inc.(a)
...............................................
920
70
Caterpillar,
Inc.
........................................................
9,363
8,201
Cimpress
PLC(a)
.......................................................
1,984
196
Comfort
Systems
USA,
Inc.
...............................................
2,990
5,466
Costamare,
Inc.
........................................................
10,624
163
Cummins,
Inc.
.........................................................
8,763
5,666
Deere
&
Co.
..........................................................
649
352
Delta
Air
Lines,
Inc.
.....................................................
73,851
6,091
Deluxe
Corp.
..........................................................
12,190
296
Deutsche
Post
AG,
ADR
..................................................
10,936
323
DNOW,
Inc.(a)
........................................................
18,215
233
EMCOR
Group,
Inc.
....................................................
6,344
5,245
Ennis,
Inc.
............................................................
9,224
189
FedEx
Corp.
..........................................................
7,097
2,922
Ferguson
Enterprises,
Inc.
.................................................
14,664
3,314
Fortune
Brands
Innovations,
Inc.
............................................
7,318
285
GE
Vernova,
Inc.
.......................................................
6,836
6,619
Griffon
Corp.
..........................................................
3,722
328
Hub
Group,
Inc.,
Class
A
.................................................
5,488
228
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Huron
Consulting
Group,
Inc.(a)
............................................
1,335
$
143
IES
Holdings,
Inc.(a)
....................................................
519
352
Illinois
Tool
Works,
Inc.
..................................................
11,396
2,818
Korn
Ferry
...........................................................
3,078
215
Legalzoom.com,
Inc.(a)
..................................................
24,233
152
Leidos
Holdings,
Inc.
....................................................
27,298
3,489
Liquidity
Services,
Inc.(a)
.................................................
8,217
298
Lockheed
Martin
Corp.
...................................................
10,518
5,579
Masterbrand,
Inc.(a)
.....................................................
18,154
158
Matson,
Inc.
..........................................................
1,341
243
MillerKnoll,
Inc.
.......................................................
9,786
158
Mueller
Industries,
Inc.
...................................................
32,479
4,177
MYR
Group,
Inc.(a)
.....................................................
517
240
Oshkosh
Corp.
.........................................................
1,378
179
Owens
Corning
........................................................
1,907
240
Pangaea
Logistics
Solutions
Ltd.
............................................
25,495
193
Parker-Hannifin
Corp.
...................................................
3,022
2,553
Powell
Industries,
Inc.
...................................................
1,237
352
Resideo
Technologies,
Inc.(a)
..............................................
5,009
157
Safe
Bulkers,
Inc.
.......................................................
35,370
221
Sterling
Infrastructure,
Inc.(a)
..............................................
577
497
Terex
Corp.
...........................................................
4,024
234
Uber
Technologies,
Inc.(a)
................................................
77,273
5,440
UFP
Industries,
Inc.
.....................................................
1,752
142
United
Airlines
Holdings,
Inc.(a)
............................................
43,213
4,961
United
Parcel
Service,
Inc.,
Class
B
..........................................
9,651
1,030
Vertiv
Holdings
Co.,
Class
A
...............................................
14,643
4,623
90,546
Information
Technology
(9.3%):
A10
Networks,
Inc.
.....................................................
8,598
259
Accenture
PLC,
Class
A
..................................................
1,625
304
Adeia,
Inc.
............................................................
8,089
216
Adobe,
Inc.(a)
.........................................................
10,862
2,816
Amkor
Technology,
Inc.
..................................................
3,460
241
Amphenol
Corp.,
Class
A
.................................................
40,990
6,098
Apple,
Inc.
...........................................................
199,806
62,352
Applied
Materials,
Inc.
...................................................
13,320
5,995
Arista
Networks,
Inc.(a)
..................................................
37,382
5,961
Badger
Meter,
Inc.
......................................................
2,343
290
Bel
Fuse,
Inc.,
Class
B
...................................................
947
260
BK
Technologies
Corp.(a)
.................................................
3,823
316
Broadcom,
Inc.
........................................................
61,182
27,334
Cisco
Systems,
Inc.
.....................................................
89,888
10,824
Clear
Secure,
Inc.,
Class
A
................................................
8,292
460
Climb
Global
Solutions,
Inc.
...............................................
7,640
165
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
60,379
3,366
Commvault
Systems,
Inc.(a)
...............................................
1,680
200
Consensus
Cloud
Solutions,
Inc.(a)
..........................................
6,241
214
Diodes,
Inc.(a)
.........................................................
2,422
255
Dropbox,
Inc.,
Class
A(a)
.................................................
107,803
2,898
Extreme
Networks,
Inc.(a)
................................................
9,778
259
Flex
Ltd.(a)
...........................................................
33,235
5,011
GoDaddy,
Inc.,
Class
A(a)
.................................................
2,539
218
HP,
Inc.
..............................................................
10,700
289
Insight
Enterprises,
Inc.(a)
................................................
3,626
386
InterDigital,
Inc.
.......................................................
791
199
International
Business
Machines
Corp.
........................................
2,374
707
Jabil,
Inc.
............................................................
15,164
5,528
KLA
Corp.
...........................................................
3,496
6,718
Kulicke
&
Soffa
Industries,
Inc.
.............................................
2,376
242
Lam
Research
Corp.
.....................................................
27,058
8,609
Micron
Technology,
Inc.
..................................................
17,333
16,830
Microsoft
Corp.
........................................................
47,310
21,301
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
M-Tron
Industries,
Inc.(a)
.................................................
2,002
$
182
Napco
Security
Technologies,
Inc.
...........................................
9,442
354
NetApp,
Inc.
..........................................................
37,460
6,529
NetScout
Systems,
Inc.(a)
.................................................
6,264
261
NVIDIA
Corp.
.........................................................
325,114
68,645
OneSpan,
Inc.
.........................................................
12,842
186
PC
Connection,
Inc.
.....................................................
2,513
175
Photronics,
Inc.(a)
......................................................
4,857
157
QUALCOMM,
Inc.
.....................................................
2,342
588
Qualys,
Inc.(a)
.........................................................
1,843
201
Rambus,
Inc.(a)
........................................................
2,818
410
Salesforce,
Inc.
........................................................
2,004
383
Sandisk
Corp.(a)
.......................................................
4,268
7,234
Sanmina
Corp.(a)
.......................................................
1,033
268
ScanSource,
Inc.(a)
.....................................................
5,978
277
Vishay
Intertechnology,
Inc.
...............................................
6,525
340
283,311
Materials
(0.9%):
AdvanSix,
Inc.
.........................................................
10,015
225
Cabot
Corp.
...........................................................
2,073
181
CF
Industries
Holdings,
Inc.
...............................................
42,512
4,776
Commercial
Metals
Co.
..................................................
7,755
590
CRH
PLC
............................................................
17,067
1,857
Graphic
Packaging
Holding
Co.
............................................
7,676
86
Greif,
Inc.,
Class
A
......................................................
3,244
206
Hawkins,
Inc.
.........................................................
1,512
234
Ingevity
Corp.(a)
.......................................................
4,312
292
LyondellBasell
Industries
NV,
Class
A
........................................
6,059
404
Newmont
Corp.
........................................................
55,337
6,077
Nucor
Corp.
...........................................................
20,198
5,050
O-I
Glass,
Inc.(a)
.......................................................
19,968
175
PPG
Industries,
Inc.
.....................................................
3,694
417
Reliance,
Inc.
..........................................................
1,968
749
Ryerson
Holding
Corp.
...................................................
9,530
273
Steel
Dynamics,
Inc.
.....................................................
20,515
5,337
SunCoke
Energy,
Inc.
....................................................
24,126
217
Sylvamo
Corp.
.........................................................
8,338
327
The
Mosaic
Co.
........................................................
9,931
237
United
States
Lime
&
Minerals,
Inc.
.........................................
2,320
265
27,975
Real
Estate
(0.2%):
Alpine
Income
Property
Trust,
Inc.
..........................................
6,336
122
American
Healthcare
REIT,
Inc.
............................................
5,968
292
Broadstone
Net
Lease,
Inc.,
Class
A
..........................................
11,704
237
CareTrust
REIT,
Inc.
....................................................
8,942
365
CBL
&
Associates
Properties,
Inc.
...........................................
2,517
121
Chatham
Lodging
Trust
..................................................
12,678
138
CTO
Realty
Growth,
Inc.
.................................................
6,530
134
Cushman
&
Wakefield
Ltd.(a)
..............................................
16,320
203
DiamondRock
Hospitality
Co.
..............................................
13,492
148
Diversified
Healthcare
Trust
...............................................
20,320
169
Forestar
Group,
Inc.(a)
...................................................
4,730
130
FrontView
REIT,
Inc.
....................................................
7,039
125
Global
Net
Lease,
Inc.
...................................................
18,159
170
Host
Hotels
&
Resorts,
Inc.
................................................
21,781
501
Industrial
Logistics
Properties
Trust
..........................................
15,858
142
InvenTrust
Properties
Corp.
...............................................
5,961
197
LTC
Properties,
Inc.
.....................................................
4,400
165
LXP
Industrial
Trust
.....................................................
3,662
189
National
Health
Investors,
Inc.
.............................................
2,523
185
Newmark
Group,
Inc.,
Class
A
.............................................
12,578
176
Outfront
Media,
Inc.
.....................................................
3,520
113
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Phillips
Edison
&
Co.,
Inc.
................................................
6,077
$
244
Sunstone
Hotel
Investors,
Inc.
..............................................
16,288
176
The
St.
Joe
Co.
........................................................
1,803
115
Universal
Health
Realty
Income
Trust
........................................
3,040
126
Urban
Edge
Properties
...................................................
9,501
213
Xenia
Hotels
&
Resorts,
Inc.
...............................................
9,561
166
5,062
Utilities
(0.5%):
Black
Hills
Corp.
.......................................................
3,280
239
Duke
Energy
Corp.
......................................................
4,579
562
Edison
International
.....................................................
58,770
4,111
Eversource
Energy
......................................................
4,091
279
FirstEnergy
Corp.
.......................................................
21,230
985
Genie
Energy
Ltd.,
Class
B
................................................
13,774
191
MGE
Energy,
Inc.
......................................................
2,027
153
National
Fuel
Gas
Co.
...................................................
12,775
987
NRG
Energy,
Inc.
.......................................................
30,207
4,050
PG&E
Corp.
..........................................................
214,045
3,498
Talen
Energy
Corp.(a)
...................................................
2,775
1,073
16,128
Total
Common
Stocks
(Cost
$573,933)
a
a
a
822,571
Exchange-Traded
Funds
(36.3%)
Invesco
DB
Commodity
Index
Tracking
Fund(a)
................................
256,100
7,550
Invesco
RAFI
Emerging
Markets
ETF(c)
......................................
999,229
29,048
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
591,171
49,345
iShares
Core
S&P
500
ETF
................................................
53,750
40,853
iShares
Core
S&P
Small-Cap
ETF
...........................................
484,240
67,145
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
762,085
75,492
iShares
Core
Universal
USD
Bond
ETF(c)
.....................................
1,494,335
69,008
iShares
MSCI
Canada
ETF
................................................
449,951
26,462
iShares
MSCI
Europe
Financials
ETF(c)
......................................
1,127,413
43,417
iShares
MSCI
Japan
ETF(c)
...............................................
137,909
12,820
iShares
Russell
1000
Value
ETF
............................................
408,411
97,185
JPMorgan
BetaBuilders
Canada
ETF(c)
.......................................
261,939
26,437
Schwab
Fundamental
Emerging
Markets
Equity
ETF(c)
...........................
1,359,440
55,900
Schwab
Fundamental
International
Equity
ETF
.................................
1,758,743
95,640
Schwab
Fundamental
International
Small
Equity
ETF(c)
...........................
140,019
7,049
SPDR
Gold
Shares(a)(c)
..................................................
47,182
19,680
State
Street
Real
Estate
Select
Sector
SPDR
ETF
................................
313,929
13,810
State
Street
SPDR
S&P
Biotech
ETF(c)
.......................................
20,394
2,788
State
Street
SPDR
S&P
Emerging
Markets
Small
Cap
ETF(c)
.......................
107,983
8,089
United
States
Oil
Fund
LP(a)(c)
............................................
16,939
2,187
Vanguard
FTSE
All-World
ex-US
ETF
........................................
456,726
38,365
Vanguard
FTSE
Developed
Markets
ETF
......................................
1,793,020
128,685
Vanguard
FTSE
Emerging
Markets
ETF(c)
....................................
641,246
38,398
Vanguard
Mortgage-Backed
Securities
ETF(c)
..................................
304,687
14,293
Vanguard
Real
Estate
ETF
................................................
53,025
5,074
Vanguard
Total
Bond
Market
ETF
...........................................
793,781
58,311
Vanguard
Total
Stock
Market
ETF
...........................................
207,314
77,233
Total
Exchange-Traded
Funds
(Cost
$835,434)
a
a
a
1,110,264
Affiliated
Exchange-Traded
Funds
(35.9%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
8,400,445
393,729
VictoryShares
Core
Plus
Bond
ETF
..........................................
13,948,716
302,966
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
501,853
30,178
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
3,667,525
118,565
VictoryShares
International
Free
Cash
Flow
ETF(c)
..............................
2,713,970
91,629
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
3,516,398
112,809
VictoryShares
Short-Term
Bond
ETF(c)
.......................................
991,350
50,222
Total
Affiliated
Exchange-Traded
Funds
(Cost
$1,098,831)
a
a
a
1,100,098
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Collateral
for
Securities
Loaned
(3.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.53%(d)
........
26,391,031
$
26,391
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.54%(d)
............
26,391,031
26,391
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.57%(d)
...............
26,391,031
26,391
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.55%(d)
.
26,391,031
26,391
Total
Collateral
for
Securities
Loaned
(Cost
$105,564)
a
a
a
105,564
Total
Investments
(Cost
$2,613,762)
—
102.6%
3,138,497
Liabilities
in
excess
of
other
assets
—  (2.6)%
(79,779)
NET
ASSETS
-
100.00%
$
3,058,718
At
May
31,
2026,
the
Fund's
investments
in
foreign
securities
were
18.5%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rounds
to
less
than
$1
thousand.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rate
disclosed
is
the
daily
yield
on
May
31,
2026.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Core
Intermediate
Bond
ETF
...
$
403,392
$
—
$
—
$
—
$
(9,663)
$
393,729
8,400,445
$
4,232
$
—
VictoryShares
Core
Plus
Bond
ETF
.................
310,359
—
—
—
(7,393)
302,966
13,948,716
3,871
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
26,010
4,300
—
—
(132)
30,178
501,853
—
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
101,536
—
—
—
17,029
118,565
3,667,525
—
—
VictoryShares
International
Free
Cash
Flow
ETF
.....
74,430
12,056
—
—
5,143
91,629
2,713,970
373
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
93,833
13,517
—
—
5,459
112,809
3,516,398
309
—
VictoryShares
Short-Term
Bond
ETF
............
50,658
—
—
—
(436)
50,222
991,350
569
—
$
1,060,218
$
29,873
$
—
$
—
$
10,007
$
1,100,098
33,740,257
$
9,354
$
—
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
25
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(16.2%)
Communication
Services
(1.6%):
Alphabet,
Inc.,
Class
A
...................................................
2,906
$
1,105
AT&T,
Inc.
...........................................................
17,438
433
Comcast
Corp.,
Class
A
..................................................
13,016
324
Meta
Platforms,
Inc.,
Class
A
..............................................
1,317
833
Verizon
Communications,
Inc.
..............................................
9,354
447
3,142
Consumer
Discretionary
(0.8%):
Booking
Holdings,
Inc.
...................................................
3,210
538
Darden
Restaurants,
Inc.
..................................................
880
179
Expedia
Group,
Inc.
.....................................................
1,116
252
Las
Vegas
Sands
Corp.
...................................................
2,397
121
NIKE,
Inc.,
Class
B
.....................................................
461
21
Tapestry,
Inc.
..........................................................
909
132
The
Home
Depot,
Inc.
...................................................
980
311
1,554
Consumer
Staples
(1.2%):
Altria
Group,
Inc.
.......................................................
9,411
655
Archer-Daniels-Midland
Co.
...............................................
1,936
154
Conagra
Brands,
Inc.
....................................................
5,962
79
Kimberly-Clark
Corp.(a)
..................................................
2,434
238
PepsiCo,
Inc.
..........................................................
2,322
335
Philip
Morris
International,
Inc.
.............................................
3,669
651
Sysco
Corp.
...........................................................
2,601
197
Target
Corp.
..........................................................
1,584
201
2,510
Energy
(0.4%):
Devon
Energy
Corp.
.....................................................
4,495
200
EOG
Resources,
Inc.
....................................................
1,090
145
Marathon
Petroleum
Corp.
................................................
1,466
365
710
Financials
(2.7%):
American
Express
Co.
...................................................
2,158
683
Ameriprise
Financial,
Inc.
.................................................
736
328
Everest
Group
Ltd.
......................................................
314
102
Interactive
Brokers
Group,
Inc.,
Class
A
.......................................
5,427
472
JPMorgan
Chase
&
Co.
..................................................
4,577
1,370
PayPal
Holdings,
Inc.
....................................................
9,225
413
The
Goldman
Sachs
Group,
Inc.
............................................
1,107
1,135
The
Progressive
Corp.
...................................................
5,270
1,003
5,506
Health
Care
(1.6%):
AbbVie,
Inc.
..........................................................
3,145
685
Bristol-Myers
Squibb
Co.
.................................................
7,438
425
Cardinal
Health,
Inc.
....................................................
1,775
349
CVS
Health
Corp.
......................................................
3,771
343
Gilead
Sciences,
Inc.
....................................................
2,606
350
Merck
&
Co.,
Inc.
......................................................
4,586
545
Pfizer,
Inc.
............................................................
17,788
466
The
Cigna
Group
.......................................................
315
87
3,250
Industrials
(1.1%):
A.O.
Smith
Corp.
.......................................................
913
52
Automatic
Data
Processing,
Inc.
............................................
395
88
Caterpillar,
Inc.
........................................................
1,269
1,112
Cummins,
Inc.
.........................................................
130
84
Lockheed
Martin
Corp.
...................................................
380
202
Masco
Corp.
..........................................................
1,609
113
Otis
Worldwide
Corp.
....................................................
2,305
163
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Paychex,
Inc.
..........................................................
158
$
15
United
Parcel
Service,
Inc.,
Class
B
..........................................
3,256
347
2,176
Information
Technology
(6.0%):
Accenture
PLC,
Class
A
..................................................
1,657
310
Apple,
Inc.
...........................................................
5,892
1,839
Applied
Materials,
Inc.
...................................................
2,547
1,146
Broadcom,
Inc.
........................................................
2,125
949
Cisco
Systems,
Inc.
.....................................................
4,733
570
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
3,339
186
Dell
Technologies,
Inc.,
Class
C
............................................
1,319
555
HP,
Inc.
..............................................................
2,031
55
KLA
Corp.
...........................................................
568
1,092
Lam
Research
Corp.
.....................................................
3,668
1,167
Microsoft
Corp.
........................................................
3,313
1,492
Monolithic
Power
Systems,
Inc.
............................................
16
25
NetApp,
Inc.
..........................................................
1,513
264
NXP
Semiconductors
NV
.................................................
845
272
QUALCOMM,
Inc.
.....................................................
3,187
800
Salesforce,
Inc.
........................................................
5,963
1,139
TE
Connectivity
PLC
....................................................
886
189
12,050
Materials
(0.3%):
LyondellBasell
Industries
NV,
Class
A
........................................
1,879
125
Newmont
Corp.
........................................................
4,067
447
572
Real
Estate
(0.1%):
Crown
Castle,
Inc.
......................................................
792
73
Equinix,
Inc.
..........................................................
122
130
Prologis,
Inc.
..........................................................
280
40
Welltower,
Inc.
.........................................................
131
27
270
Utilities
(0.4%):
Evergy,
Inc.
...........................................................
1,687
138
Eversource
Energy
......................................................
3,206
219
FirstEnergy
Corp.
.......................................................
4,477
208
NRG
Energy,
Inc.
.......................................................
1,508
202
767
Total
Common
Stocks
(Cost
$21,074)
a
a
a
32,507
Exchange-Traded
Funds
(38.1%)
Invesco
DB
Commodity
Index
Tracking
Fund(b)
................................
22,900
675
Invesco
RAFI
Developed
Markets
ex-US
ETF
..................................
30,174
2,349
Invesco
RAFI
Emerging
Markets
ETF
........................................
30,630
890
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
20,321
1,696
iShares
Core
S&P
500
ETF
................................................
10,131
7,700
iShares
Core
S&P
Small-Cap
ETF
...........................................
27,732
3,845
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
110,127
10,909
iShares
Core
Universal
USD
Bond
ETF
.......................................
164,622
7,602
iShares
MSCI
Canada
ETF
................................................
26,881
1,581
iShares
MSCI
Europe
Financials
ETF
........................................
19,441
749
iShares
MSCI
International
Momentum
Factor
ETF(a)
............................
50,325
2,660
iShares
MSCI
International
Quality
Factor
ETF
.................................
50,867
2,511
iShares
MSCI
Japan
ETF(a)
...............................................
5,205
484
iShares
Russell
1000
Value
ETF
............................................
19,564
4,655
JPMorgan
BetaBuilders
Canada
ETF
.........................................
15,675
1,582
Schwab
Fundamental
Emerging
Markets
Equity
ETF(a)
...........................
31,234
1,284
Schwab
Fundamental
International
Equity
ETF(a)
...............................
74,193
4,035
Schwab
Fundamental
International
Small
Equity
ETF
.............................
32,700
1,646
SPDR
Gold
Shares(a)(b)
..................................................
3,768
1,572
State
Street
SPDR
S&P
Emerging
Markets
Small
Cap
ETF(a)
.......................
7,496
562
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
United
States
Oil
Fund
LP(a)(b)
............................................
1,398
$
181
Vanguard
FTSE
All-World
ex-US
ETF
........................................
30,888
2,595
Vanguard
FTSE
Developed
Markets
ETF
......................................
28,544
2,049
Vanguard
FTSE
Emerging
Markets
ETF(a)
....................................
27,735
1,661
Vanguard
Real
Estate
ETF(a)
..............................................
7,052
675
Vanguard
Short-Term
Corporate
Bond
ETF
....................................
10,471
829
Vanguard
Small-Cap
Value
ETF(a)
..........................................
8,408
1,975
Vanguard
Total
Bond
Market
ETF
...........................................
38,906
2,858
Vanguard
Total
Stock
Market
ETF
...........................................
11,916
4,439
Total
Exchange-Traded
Funds
(Cost
$59,806)
a
a
a
76,249
Affiliated
Exchange-Traded
Funds
(45.2%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
805,047
37,733
VictoryShares
Core
Plus
Bond
ETF(a)
........................................
1,624,138
35,276
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
25,602
1,540
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
210,807
6,815
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
95,424
3,061
VictoryShares
Short-Term
Bond
ETF(a)
.......................................
122,116
6,186
Total
Affiliated
Exchange-Traded
Funds
(Cost
$94,817)
a
a
a
90,611
Collateral
for
Securities
Loaned
(4.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.53%(c)
........
2,357,044
2,357
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.54%(c)
............
2,357,044
2,357
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.57%(c)
...............
2,357,044
2,357
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.55%(c)
.
2,357,044
2,357
Total
Collateral
for
Securities
Loaned
(Cost
$9,428)
a
a
a
9,428
Total
Investments
(Cost
$185,125)
—
104.2%
208,795
Liabilities
in
excess
of
other
assets
—  (4.2)%
(8,409)
NET
ASSETS
-
100.00%
$
200,386
At
May
31,
2026,
the
Fund's
investments
in
foreign
securities
were
15.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Rate
disclosed
is
the
daily
yield
on
May
31,
2026.
ETF
—
Exchange-Traded
Fund
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Cornerstone
Moderately
Conservative
Fund
VictoryShares
Core
Intermediate
Bond
ETF
...
$
38,659
$
—
$
—
$
—
$
(926)
$
37,733
805,047
$
406
$
—
VictoryShares
Core
Plus
Bond
ETF
.................
36,137
—
—
—
(861)
35,276
1,624,138
451
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
1,203
337
—
—
—*
1,540
25,602
—
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
5,836
—
—
—
979
6,815
210,807
—
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
2,388
493
—
—
180
3,061
95,424
8
—
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
2/28/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
Short-Term
Bond
ETF
............
$
6,240
$
—
$
—
$
—
$
(54)
$
6,186
122,116
$
70
$
—
$
90,463
$
830
$
—
$
—
$
(682)
$
90,611
2,883,134
$
935
$
—
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
29
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.9%)
Belgium
(0.9%):
Industrials
(0.1%):
Cenergy
Holdings
SA
....................................................
23,655
$
690
Materials
(0.8%):
Titan
SA
.............................................................
107,962
6,407
7,097
Brazil
(4.8%):
Consumer
Discretionary
(0.4%):
Vibra
Energia
SA
.......................................................
488,958
2,884
Vivara
Participacoes
SA
..................................................
121,600
526
3,410
Consumer
Staples
(0.5%):
Raia
Drogasil
SA
.......................................................
1,061,590
3,933
Tres
Tentos
Agroindustrial
SA
..............................................
143,810
445
4,378
Energy
(1.4%):
Brava
Energia
.........................................................
128,236
515
Petroleo
Brasileiro
SA
-
Petrobras,
ADR
......................................
126,502
2,374
PRIO
SA(a)
...........................................................
688,000
8,491
11,380
Financials
(1.3%):
Banco
Bradesco
SA,
Preference
Shares
.......................................
1,231,200
4,320
Banco
do
Brasil
SA(a)
...................................................
616,990
2,483
Banco
do
Estado
do
Rio
Grande
do
Sul
SA,
Preference
Shares
.......................
166,500
483
BB
Seguridade
Participacoes
SA
............................................
451,100
3,166
Pagseguro
Digital
Ltd.,
Class
A
.............................................
37,137
347
10,799
Industrials
(0.2%):
Motiva
Infraestrutura
de
Mobilidade
SA
.......................................
574,720
1,608
Information
Technology
(0.2%):
TOTVS
SA
...........................................................
213,100
1,397
Materials
(0.3%):
Vale
SA,
Class
B,
ADR
...................................................
162,986
2,649
Utilities
(0.5%):
Axia
Energia
SA
.......................................................
347,301
3,610
39,231
Chile
(0.2%):
Financials
(0.0%):(b)
Banco
Itau
Chile
SA
.....................................................
20,612
417
Real
Estate
(0.1%):
Parque
Arauco
SA
......................................................
159,936
701
Utilities
(0.1%):
Enel
Chile
SA
.........................................................
6,562,687
571
1,689
China
(15.6%):
Communication
Services
(3.4%):
NetEase,
Inc.
..........................................................
339,600
8,327
Tencent
Holdings
Ltd.
...................................................
361,063
19,617
27,944
Consumer
Discretionary
(2.1%):
361
Degrees
International
Ltd.(c)
...........................................
757,000
457
ANTA
Sports
Products
Ltd.
................................................
195,800
1,893
BYD
Co.
Ltd.
.........................................................
477,000
5,553
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H(d)
................................
419,200
2,976
Laopu
Gold
Co.
Ltd.,
Class
H(c)
............................................
47,009
3,015
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Midea
Group
Co.
Ltd.,
Class
A
.............................................
263,100
$
3,142
TravelSky
Technology
Ltd.,
Class
H
.........................................
327,000
385
17,421
Consumer
Staples
(0.6%):
Guoquan
Food
Shanghai
Co.
Ltd.,
Class
H(c)
...................................
1,249,353
378
JD
Health
International,
Inc.(a)(d)
...........................................
390,500
1,904
Tingyi
Cayman
Islands
Holding
Corp.
........................................
1,562,000
2,382
4,664
Financials
(4.5%):
Agricultural
Bank
of
China
Ltd.,
Class
H
......................................
6,022,000
4,435
Bank
of
China
Ltd.,
Class
H
...............................................
9,913,000
6,590
China
Construction
Bank
Corp.,
Class
H
......................................
8,966,000
9,715
China
International
Capital
Corp.
Ltd.,
Class
H(d)
...............................
2,015,200
5,047
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................................
612,000
3,682
Ping
An
Insurance
Group
Co.
of
China
Ltd.
....................................
993,500
7,609
37,078
Health
Care
(1.2%):
AK
Medical
Holdings
Ltd.(d)
..............................................
570,850
426
Shanghai
Conant
Optical
Co.
Ltd.,
Class
H
....................................
152,400
822
Sinopharm
Group
Co.
Ltd.,
Class
H
..........................................
1,070,799
2,310
WuXi
AppTec
Co.
Ltd.,
Class
H(c)(d)
........................................
353,700
5,890
Zylox-Tonbridge
Medical
Technology
Co.
Ltd.,
Class
H(d)
.........................
172,000
439
9,887
Industrials
(0.9%):
China
Communications
Services
Corp.
Ltd.,
Class
H
..............................
684,000
361
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
............................
47,000
2,947
Harbin
Electric
Co.
Ltd.,
Class
H
............................................
304,000
763
JD
Logistics,
Inc.(a)(d)
...................................................
1,952,201
3,212
REPT
BATTERO
Energy
Co.
Ltd.,
Class
H(a)
..................................
278,787
541
7,824
Information
Technology
(1.8%):
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
...................................
154,500
1,669
GDS
Holdings
Ltd.,
Class
A(a)
.............................................
153,300
676
Lenovo
Group
Ltd.
......................................................
2,182,000
6,687
NAURA
Technology
Group
Co.
Ltd.,
Class
A
...................................
23,800
2,217
Xiaomi
Corp.,
Class
B(a)(d)
...............................................
313,600
1,123
Zhongji
Innolight
Co.
Ltd.,
Class
A
..........................................
12,900
2,198
14,570
Materials
(1.1%):
Anhui
Conch
Cement
Co.
Ltd.,
Class
H(c)
.....................................
276,000
670
Zijin
Mining
Group
Co.
Ltd.,
Class
H
........................................
1,918,000
8,041
8,711
Utilities
(0.0%):(b)
Beijing
Jingneng
Clean
Energy
Co.
Ltd.,
Class
H(c)
..............................
1,438,000
400
128,499
Czech
Republic
(0.2%):
Industrials
(0.2%):
Colt
CZ
Group
SE
......................................................
10,862
552
CSG
NV(a)(c)
.........................................................
63,855
1,338
1,890
Greece
(0.8%):
Financials
(0.8%):
National
Bank
of
Greece
SA
...............................................
344,293
5,955
Optima
Bank
SA
.......................................................
59,476
739
6,694
Hong
Kong
(3.3%):
Consumer
Discretionary
(2.5%):
Alibaba
Group
Holding
Ltd.,
Class
W
........................................
1,161,304
18,006
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Bosideng
International
Holdings
Ltd.
.........................................
3,708,000
$
2,012
TCL
Electronics
Holdings
Ltd.
.............................................
342,089
604
20,622
Consumer
Staples
(0.1%):
Want
Want
China
Holdings
Ltd.
............................................
2,111,000
1,122
Energy
(0.1%):
CGN
Mining
Co.
Ltd.
....................................................
1,360,000
559
Health
Care
(0.1%):
China
Medical
System
Holdings
Ltd.(c)
.......................................
364,000
491
Industrials
(0.0%):(b)
China
Everbright
Environment
Group
Ltd.
.....................................
627,719
427
Materials
(0.1%):
Nine
Dragons
Paper
Holdings
Ltd.(a)
.........................................
589,901
501
Utilities
(0.4%):
Guangdong
Investment
Ltd.
...............................................
3,532,000
3,763
27,485
Hungary
(0.7%):
Communication
Services
(0.2%):
Magyar
Telekom
Telecommunications
PLC
....................................
145,015
1,260
Financials
(0.5%):
OTP
Bank
Nyrt
........................................................
32,924
4,525
5,785
India
(10.4%):
Communication
Services
(0.6%):
Bharti
Airtel
Ltd.
.......................................................
82,455
1,587
Indus
Towers
Ltd.(a)
....................................................
800,162
3,724
5,311
Consumer
Discretionary
(0.7%):
Leela
Palaces
Hotels
&
Resorts
Ltd.(a)
.......................................
96,302
419
Lumax
Auto
Technologies
Ltd.
.............................................
32,856
596
Mahindra
&
Mahindra
Ltd.
................................................
86,599
2,775
Sansera
Engineering
Ltd.(d)
...............................................
31,137
937
SKY
Gold
and
Diamonds
Ltd.(a)
............................................
110,912
608
5,335
Energy
(0.8%):
Mangalore
Refinery
&
Petrochemicals
Ltd.
....................................
242,885
370
Reliance
Industries
Ltd.
..................................................
433,555
6,028
6,398
Financials
(3.4%):
Angel
One
Ltd.
........................................................
123,803
440
Axis
Bank
Ltd.
........................................................
150,626
2,040
Bajaj
Finance
Ltd.
......................................................
78,206
748
Can
Fin
Homes
Ltd.
.....................................................
56,487
493
City
Union
Bank
Ltd.
....................................................
207,125
557
ICICI
Bank
Ltd.
........................................................
64,538
853
ICICI
Bank
Ltd.,
ADR
...................................................
88,580
2,324
LIC
Housing
Finance
Ltd.
.................................................
86,956
488
Nippon
Life
India
Asset
Management
Ltd.(d)
...................................
509,957
5,903
Nuvama
Wealth
Management
Ltd.
...........................................
28,131
460
Power
Finance
Corp.
Ltd.
.................................................
1,105,711
4,986
State
Bank
of
India
......................................................
199,327
2,023
The
Karur
Vysya
Bank
Ltd.
................................................
302,501
919
Union
Bank
of
India
Ltd.
.................................................
3,477,250
6,143
28,377
Health
Care
(0.4%):
Acutaas
Chemicals
Ltd.
..................................................
24,268
800
Ajanta
Pharma
Ltd.
.....................................................
16,084
496
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Granules
India
Ltd.
.....................................................
69,459
$
566
Strides
Pharma
Science
Ltd.
...............................................
45,502
532
Yatharth
Hospital
&
Trauma
Care
Services
Ltd.(a)
...............................
82,612
692
3,086
Industrials
(1.4%):
Adani
Ports
&
Special
Economic
Zone
Ltd.
....................................
214,859
4,079
Bharat
Electronics
Ltd.
...................................................
793,795
3,430
eClerx
Services
Ltd.
.....................................................
18,792
299
Engineers
India
Ltd.
.....................................................
197,830
483
GE
Vernova
T&D
India
Ltd.
...............................................
21,336
1,158
J
Kumar
Infraprojects
Ltd.
................................................
94,232
499
Kirloskar
Pneumatic
Co.
Ltd.
..............................................
37,463
620
Sagility
Ltd.
...........................................................
1,394,545
602
Transport
Corp.
of
India
Ltd.
...............................................
32,506
315
VRL
Logistics
Ltd.
......................................................
172,799
425
11,910
Information
Technology
(1.1%):
Coforge
Ltd.
..........................................................
42,161
633
Infosys
Ltd.
...........................................................
234,202
2,868
Persistent
Systems
Ltd.
...................................................
45,169
2,473
Syrma
SGS
Technology
Ltd.
...............................................
50,520
579
Tata
Consultancy
Services
Ltd.
.............................................
107,367
2,554
Zensar
Technologies
Ltd.
.................................................
52,240
272
9,379
Materials
(1.3%):
Hindalco
Industries
Ltd.
..................................................
553,889
6,568
National
Aluminium
Co.
Ltd.
..............................................
326,483
1,460
UPL
Ltd.
.............................................................
249,437
1,692
Welspun
Corp.
Ltd.
.....................................................
73,407
1,063
10,783
Real
Estate
(0.1%):
Wework
India
Management
Ltd.(a)
..........................................
95,111
601
Utilities
(0.6%):
CESC
Ltd.
............................................................
272,157
521
Power
Grid
Corp.
of
India
Ltd.
.............................................
1,155,800
3,534
VA
Tech
Wabag
Ltd.
.....................................................
28,208
454
4,509
85,689
Indonesia
(1.1%):
Communication
Services
(0.4%):
PT
Telkom
Indonesia
Persero
Tbk,
ADR(c)
....................................
179,197
2,942
Consumer
Staples
(0.1%):
PT
Cisarua
Mountain
Dairy
Tbk
............................................
1,234,100
334
PT
Japfa
Comfeed
Indonesia
Tbk
...........................................
5,167,500
709
1,043
Financials
(0.4%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
9,162,980
2,093
PT
Bank
Rakyat
Indonesia
Persero
Tbk
.......................................
8,510,346
1,406
3,499
Health
Care
(0.0%):(b)
PT
Kalbe
Farma
Tbk
....................................................
5,284,700
228
Materials
(0.1%):
Aneka
Tambang
Tbk
....................................................
4,228,600
689
Real
Estate
(0.0%):(b)
PT
Ciputra
Development
Tbk
..............................................
8,470,200
306
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Utilities
(0.1%):
PT
Perusahaan
Gas
Negara
Tbk
.............................................
3,980,100
$
407
9,114
Luxembourg
(0.3%):
Materials
(0.3%):
Ternium
SA,
ADR
......................................................
43,758
2,111
Malaysia
(0.3%):
Industrials
(0.1%):
Zetrix
Ai
Bhd
..........................................................
4,280,300
870
Materials
(0.1%):
Malayan
Cement
Bhd
....................................................
570,700
942
Real
Estate
(0.1%):
Matrix
Concepts
Holdings
Bhd
.............................................
1,115,400
352
Sunway
Real
Estate
Investment
Trust
.........................................
742,100
428
780
2,592
Mexico
(3.1%):
Communication
Services
(0.4%):
America
Movil
SAB
de
CV,
ADR
...........................................
134,767
3,421
Consumer
Staples
(0.3%):
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
.................................
890,800
1,973
La
Comer
SAB
de
CV
...................................................
200,242
443
2,416
Energy
(0.8%):
Vista
Energy
SAB
de
CV,
ADR(a)
...........................................
84,654
6,281
Financials
(1.4%):
Gentera
SAB
de
CV
.....................................................
2,340,292
5,792
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
.................................
582,003
6,070
11,862
Materials
(0.1%):
GCC
SAB
de
CV(c)
.....................................................
77,854
947
Real
Estate
(0.1%):
Concentradora
Fibra
Danhos
SA
de
CV
.......................................
311,492
496
25,423
Philippines
(0.0%):(b)
Utilities
(0.0%):(b)
Manila
Water
Co.,
Inc.
...................................................
673,900
427
Poland
(0.7%):
Communication
Services
(0.1%):
Orange
Polska
SA
......................................................
155,482
696
Financials
(0.0%):(b)
Alior
Bank
SA
.........................................................
12,599
438
Industrials
(0.5%):
Benefit
Systems
SA(c)
...................................................
2,736
3,321
InPost
SA(a)
..........................................................
48,760
874
4,195
Utilities
(0.1%):
Tauron
Polska
Energia
SA
.................................................
208,932
543
5,872
Russian
Federation
(0.0%):
Communication
Services
(0.0%):
Mobile
TeleSystems
PJSC,
ADR(a)(e)(f)
......................................
253,826
—
Energy
(0.0%):
Gazprom
PJSC(a)(e)(f)
...................................................
1,087,480
—
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Rosneft
Oil
Co.
PJSC,
GDR(a)(e)(f)
.........................................
457,159
$
—
—
Financials
(0.0%):
Moscow
Exchange
MICEX-RTS
PJSC(a)(e)(f)
..................................
196,760
—
Sberbank
of
Russia
PJSC(a)(e)(f)
...........................................
687,954
—
Sberbank
of
Russia
PJSC,
ADR(a)(e)(f)
.......................................
329,652
—
—
—
Saudi
Arabia
(1.3%):
Communication
Services
(0.4%):
Etihad
Etisalat
Co.
......................................................
204,728
3,492
Consumer
Discretionary
(0.1%):
United
Electronics
Co.
...................................................
24,420
516
Financials
(0.7%):
Saudi
Awwal
Bank
......................................................
640,880
5,782
Industrials
(0.1%):
Riyadh
Cables
Group
Co.
.................................................
16,724
507
Real
Estate
(0.0%):(b)
Arabian
Centres
Co.(d)
...................................................
68,016
303
10,600
Singapore
(0.1%):
Communication
Services
(0.1%):
JOYY,
Inc.,
ADR
.......................................................
7,395
499
South
Africa
(2.5%):
Consumer
Staples
(0.1%):
Boxer
Retail
Ltd.
.......................................................
122,787
601
Tiger
Brands
Ltd.
.......................................................
21,873
375
976
Energy
(0.1%):
Exxaro
Resources
Ltd.
...................................................
40,713
544
Financials
(1.1%):
Discovery
Ltd.
.........................................................
288,644
4,942
Momentum
Group
Ltd.
...................................................
283,157
631
Standard
Bank
Group
Ltd.
................................................
187,857
3,634
9,207
Industrials
(0.3%):
Bidvest
Group
Ltd.
......................................................
171,231
2,457
Materials
(0.9%):
Harmony
Gold
Mining
Co.
Ltd.
.............................................
220,736
4,040
Kumba
Iron
Ore
Ltd.
....................................................
52,799
1,059
Northam
Platinum
Holdings
Ltd.
............................................
33,190
646
Pan
African
Resources
PLC
...............................................
724,103
1,328
7,073
Real
Estate
(0.0%):(b)
Growthpoint
Properties
Ltd.
...............................................
426,064
441
20,698
South
Korea
(21.8%):
Communication
Services
(0.0%):(b)
Netmarble
Corp.(d)
.....................................................
9,601
271
Consumer
Discretionary
(1.1%):
Hyundai
Mobis
Co.
Ltd.
..................................................
6,304
3,211
Kia
Corp.
............................................................
40,673
4,563
Silicon2
Co.
Ltd.
.......................................................
20,959
501
Youngone
Corp.
........................................................
8,791
462
8,737
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Consumer
Staples
(1.0%):
APR
Corp.
............................................................
22,163
$
5,811
D'Alba
Global
Co.
Ltd.
...................................................
19,391
2,537
8,348
Financials
(1.8%):
Hana
Financial
Group,
Inc.
................................................
117,575
8,998
JB
Financial
Group
Co.
Ltd.
...............................................
38,058
604
KIWOOM
Securities
Co.
Ltd.
..............................................
4,888
1,206
Shinhan
Financial
Group
Co.
Ltd.
...........................................
66,890
4,161
14,969
Health
Care
(0.1%):
Classys,
Inc.
..........................................................
13,984
415
Daewoong
Pharmaceutical
Co.
Ltd.
..........................................
3,721
323
HK
inno
N
Corp.(a)
.....................................................
13,304
397
1,135
Industrials
(1.9%):
Daehan
Shipbuilding
Co.
Ltd.
..............................................
7,319
307
DL
E&C
Co.
Ltd.
.......................................................
11,235
569
Hanwha
Aerospace
Co.
Ltd.
...............................................
5,960
4,648
Hanwha
Corp.
.........................................................
7,358
653
HD
Hyundai
Electric
Co.
Ltd.
..............................................
5,652
3,959
HD
Hyundai
Marine
Solution
Co.
Ltd.
........................................
9,665
1,437
HD-Hyundai
Marine
Engine(a)
.............................................
13,835
650
Iljin
Electric
Co.
Ltd.
....................................................
11,344
702
Samsung
E&A
Co.
Ltd.
..................................................
51,184
1,792
Sanil
Electric
Co.
Ltd.
...................................................
3,796
624
15,341
Information
Technology
(15.7%):
IsuPetasys
Co.
Ltd.
......................................................
12,101
1,037
LEENO
Industrial,
Inc.
...................................................
11,532
745
LG
Innotek
Co.
Ltd.
.....................................................
7,912
7,670
PSK,
Inc.
.............................................................
14,613
958
Samsung
Electronics
Co.
Ltd.
..............................................
183,034
38,405
SK
hynix,
Inc.
.........................................................
51,085
79,550
WONIK
IPS
Co.
Ltd.
....................................................
11,860
836
129,201
Materials
(0.2%):
Han
Kuk
Carbon
Co.
Ltd.(a)
...............................................
16,295
348
Hyosung
TNC
Corp.
.....................................................
1,835
443
Poongsan
Corp.
........................................................
6,927
370
1,161
179,163
Switzerland
(0.1%):
Consumer
Discretionary
(0.1%):
Allwyn
AG
...........................................................
66,164
973
Taiwan
(26.6%):
Consumer
Discretionary
(0.5%):
Lion
Travel
Service
Co.
Ltd.
...............................................
86,000
459
Minth
Group
Ltd.
.......................................................
625,100
3,020
Poya
International
Co.
Ltd.
................................................
45,083
830
4,309
Financials
(0.6%):
CTBC
Financial
Holding
Co.
Ltd.
...........................................
2,552,000
4,928
Health
Care
(0.1%):
Visco
Vision,
Inc.
.......................................................
74,470
459
Industrials
(0.8%):
Bizlink
Holding,
Inc.
....................................................
83,504
5,424
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
.................................
230,358
$
1,163
6,587
Information
Technology
(24.5%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
350,000
6,688
ASE
Technology
Holding
Co.
Ltd.,
ADR(c)
....................................
92,001
3,528
AURAS
Technology
Co.
Ltd.
..............................................
20,894
704
Chenbro
Micom
Co.
Ltd.
.................................................
55,000
2,369
Chroma
ATE,
Inc.
......................................................
11,000
875
Delta
Electronics,
Inc.
...................................................
172,000
13,198
Elite
Material
Co.
Ltd.
...................................................
88,000
14,224
Ennoconn
Corp.
........................................................
36,000
412
Genius
Electronic
Optical
Co.
Ltd.
..........................................
33,000
633
Getac
Holdings
Corp.
....................................................
116,000
384
Gold
Circuit
Electronics
Ltd.
...............................................
22,000
919
Innodisk
Corp.
.........................................................
21,574
1,218
King
Yuan
Electronics
Co.
Ltd.
.............................................
57,000
591
Kinsus
Interconnect
Technology
Corp.
........................................
50,298
1,152
MediaTek,
Inc.
.........................................................
151,000
20,531
MPI
Corp.
............................................................
12,000
2,248
Nanya
Technology
Corp.
.................................................
163,000
1,769
Novatek
Microelectronics
Corp.
............................................
93,000
1,416
Phison
Electronics
Corp.
..................................................
27,000
2,173
Quanta
Computer,
Inc.
...................................................
383,000
4,111
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
1,285,000
95,210
Taiwan
Union
Technology
Corp.
............................................
62,000
3,272
Tripod
Technology
Corp.
.................................................
90,000
1,484
Unimicron
Technology
Corp.
..............................................
172,270
5,717
Winbond
Electronics
Corp.
................................................
219,000
1,078
Wiwynn
Corp.
.........................................................
50,000
8,547
WT
Microelectronics
Co.
Ltd.
..............................................
70,421
647
Yageo
Corp.
...........................................................
286,000
6,655
201,753
Materials
(0.1%):
Nan
Pao
Resins
Chemical
Co.
Ltd.
..........................................
58,000
663
218,699
Thailand
(1.4%):
Communication
Services
(0.4%):
Advanced
Info
Service
PCL,
NVDR
.........................................
328,900
3,563
Consumer
Discretionary
(0.1%):
Com7
PCL,
NVDR
.....................................................
914,500
729
Energy
(0.1%):
PTT
Exploration
&
Production
PCL,
Class
F
...................................
123,000
535
Financials
(0.0%):(b)
Thanachart
Capital
PCL,
NVDR
............................................
246,700
453
Health
Care
(0.5%):
Bumrungrad
Hospital
PCL,
NVDR
..........................................
688,300
3,796
Industrials
(0.1%):
CH
Karnchang
PCL,
NVDR
...............................................
1,602,400
884
Real
Estate
(0.1%):
Amata
Corp.
PCL,
NVDR
................................................
790,600
595
Utilities
(0.1%):
Gunkul
Engineering
PCL,
NVDR
...........................................
7,070,500
864
11,419
Turkey
(0.3%):
Consumer
Staples
(0.3%):
BIM
Birlesik
Magazalar
A/S
...............................................
268,746
2,159
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Name
Acquisition
Date
Cost
Value
Gazprom
PJSC
....................................................
7/28/2021
4,261
$
—
Mobile
TeleSystems
PJSC,
ADR
........................................
4/4/2016
2,117
—
Moscow
Exchange
MICEX-RTS
PJSC
...................................
5/4/2020
331
—
Rosneft
Oil
Co.
PJSC,
GDR
...........................................
3/6/2020
2,920
—
Sberbank
of
Russia
PJSC
.............................................
3/2/2015
800
—
Sberbank
of
Russia
PJSC,
ADR
.........................................
11/11/2020
4,362
—
Total
(–%
of
net
assets)
$14,791
$—
Security
Description
Shares
Value
(000)
Health
Care
(0.0%):(b)
MLP
Saglik
Hizmetleri
A/S,
Class
B(a)(d)
.....................................
49,304
$
483
2,642
United
Arab
Emirates
(0.5%):
Real
Estate
(0.5%):
Emaar
Development
PJSC
................................................
1,083,492
4,294
United
Kingdom
(0.3%):
Consumer
Discretionary
(0.1%):
Pepco
Group
NV
.......................................................
72,134
668
Consumer
Staples
(0.2%):
Unilever
PLC
.........................................................
28,687
1,623
2,291
United
States
(0.4%):
Consumer
Discretionary
(0.2%):
SharkNinja,
Inc.(a)
......................................................
13,270
1,617
Energy
(0.2%):
SLB
Ltd.
.............................................................
35,117
1,916
3,533
Uruguay
(0.2%):
Consumer
Discretionary
(0.2%):
Arcos
Dorados
Holdings,
Inc.,
Class
A
........................................
165,078
1,436
Total
Common
Stocks
(Cost
$476,200)
805,845
Exchange-Traded
Funds
(0.3%)
United
States
(0.3%):
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
30,831
2,574
iShares
MSCI
Emerging
Markets
Small-Cap
ETF
................................
2,551
198
2,772
Total
Exchange-Traded
Funds
(Cost
$2,555)
2,772
Collateral
for
Securities
Loaned
(0.7%)^
United
States
(0.7%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.53%(g)
........
1,475,260
1,475
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.54%(g)
............
1,475,260
1,476
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.57%(g)
...............
1,475,260
1,475
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.55%(g)
.
1,475,260
1,475
Total
Collateral
for
Securities
Loaned
(Cost
$5,901)
5,901
Total
Investments
(Cost
$484,656)
—
98.9%
814,518
Other
assets
in
excess
of
liabilities
—
1.1%
8,865
NET
ASSETS
-
100.00%
$
823,383
^
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)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$28,914
(thousands)
and
amounted
to
3.5%
of
net
assets.
(e)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2026
(amounts
in
thousands):
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2026.
(g)
Rate
disclosed
is
the
daily
yield
on
May
31,
2026.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
GDR
—
Global
Depositary
Receipt
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
39
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.5%)
Australia
(1.2%):
Financials
(0.3%):
QBE
Insurance
Group
Ltd.
................................................
16,950
$
275
Industrials
(0.4%):
Computershare
Ltd.
.....................................................
12,619
313
Utilities
(0.5%):
Origin
Energy
Ltd.
......................................................
52,667
411
999
Bermuda
(0.3%):
Financials
(0.3%):
Everest
Group
Ltd.
......................................................
622
202
Canada
(4.8%):
Energy
(1.4%):
Suncor
Energy,
Inc.
.....................................................
18,536
1,159
Financials
(2.1%):
Canadian
Imperial
Bank
of
Commerce
........................................
12,344
1,348
Sun
Life
Financial,
Inc.
..................................................
4,577
329
1,677
Materials
(1.3%):
Kinross
Gold
Corp.
.....................................................
23,233
706
Nutrien
Ltd.
...........................................................
4,811
329
1,035
3,871
China
(1.2%):
Industrials
(1.2%):
Yangzijiang
Shipbuilding
Holdings
Ltd.
.......................................
327,800
935
France
(3.0%):
Industrials
(1.4%):
Cie
de
Saint-Gobain
SA
..................................................
7,824
709
Eiffage
SA
............................................................
2,996
433
1,142
Utilities
(1.6%):
Engie
SA
.............................................................
39,867
1,230
2,372
Germany
(4.5%):
Communication
Services
(0.7%):
Deutsche
Telekom
AG
...................................................
17,129
575
Financials
(1.3%):
Allianz
SE
,
Registered
Shares
..............................................
2,308
1,023
Industrials
(1.1%):
Deutsche
Post
AG
(a)
....................................................
8,611
513
GEA
Group
AG
........................................................
5,776
372
885
Materials
(1.4%):
Heidelberg
Materials
AG
.................................................
4,978
1,101
3,584
Hong
Kong
(1.5%):
Consumer
Staples
(0.9%):
WH
Group
Ltd.
(b)
......................................................
621,000
717
Industrials
(0.6%):
Techtronic
Industries
Co.
Ltd.
..............................................
35,000
519
1,236
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Ireland
(2.0%):
Financials
(0.6%):
Bank
of
Ireland
Group
PLC
...............................................
23,666
$
489
Information
Technology
(1.4%):
Accenture
PLC
,
Class
A
..................................................
1,455
272
TE
Connectivity
PLC
....................................................
4,079
871
1,143
1,632
Israel
(0.6%):
Financials
(0.6%):
Mizrahi
Tefahot
Bank
Ltd.
................................................
6,557
503
Italy
(1.0%):
Utilities
(1.0%):
Enel
SpA
.............................................................
71,857
806
Japan
(7.0%):
Consumer
Discretionary
(0.6%):
Suzuki
Motor
Corp.
.....................................................
41,200
510
Financials
(2.3%):
SBI
Holdings,
Inc.
......................................................
27,400
501
Sompo
Holdings,
Inc.
....................................................
16,900
625
Tokio
Marine
Holdings,
Inc.
...............................................
16,100
715
1,841
Industrials
(0.7%):
Komatsu
Ltd.
..........................................................
14,400
588
Information
Technology
(1.3%):
Fujitsu
Ltd.
...........................................................
14,500
309
Otsuka
Corp.
..........................................................
40,600
738
1,047
Materials
(1.1%):
Nitto
Denko
Corp.
......................................................
31,900
598
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
5,400
262
860
Utilities
(1.0%):
Tokyo
Gas
Co.
Ltd.
.....................................................
19,200
768
5,614
Netherlands
(2.5%):
Communication
Services
(1.3%):
Koninklijke
KPN
NV
....................................................
191,587
998
Consumer
Staples
(0.7%):
Koninklijke
Ahold
Delhaize
NV
............................................
13,863
584
Industrials
(0.5%):
Wolters
Kluwer
NV
.....................................................
5,441
387
1,969
Portugal
(0.8%):
Energy
(0.8%):
Galp
Energia
SGPS
SA
...................................................
28,116
613
Singapore
(0.6%):
Financials
(0.6%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
24,100
443
Spain
(4.8%):
Energy
(0.3%):
Repsol
SA
............................................................
9,647
249
Financials
(3.2%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
64,010
1,495
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Banco
Santander
SA
.....................................................
84,517
$
1,057
2,552
Utilities
(1.3%):
Iberdrola
SA
..........................................................
44,513
1,010
3,811
Sweden
(0.4%):
Information
Technology
(0.4%):
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
25,381
331
Switzerland
(5.3%):
Consumer
Staples
(1.2%):
Coca-Cola
HBC
AG
(c)
...................................................
16,258
932
Health
Care
(2.7%):
Novartis
AG
,
Registered
Shares
.............................................
7,744
1,165
Roche
Holding
AG
......................................................
2,296
967
2,132
Information
Technology
(0.8%):
Logitech
International
SA
,
Registered
Shares
...................................
5,368
653
Materials
(0.6%):
Holcim
AG
(c)
.........................................................
5,357
527
4,244
United
Kingdom
(5.7%):
Communication
Services
(0.4%):
Airtel
Africa
PLC
(b)
.....................................................
71,204
336
Consumer
Staples
(1.7%):
Imperial
Brands
PLC
....................................................
10,966
398
Tesco
PLC
............................................................
167,625
971
1,369
Energy
(1.3%):
BP
PLC
..............................................................
40,298
285
Shell
PLC
............................................................
16,748
707
992
Financials
(1.7%):
HSBC
Holdings
PLC
....................................................
72,113
1,354
Industrials
(0.6%):
Intertek
Group
PLC
.....................................................
6,655
473
4,524
United
States
(52.3%):
Communication
Services
(3.3%):
AT&T,
Inc.
...........................................................
31,109
771
Comcast
Corp.
,
Class
A
..................................................
33,406
831
Verizon
Communications,
Inc.
..............................................
21,436
1,025
2,627
Consumer
Discretionary
(3.3%):
Best
Buy
Co.,
Inc.
......................................................
6,114
477
Lowe's
Cos.,
Inc.
.......................................................
1,607
345
Ross
Stores,
Inc.
.......................................................
2,308
535
Tapestry,
Inc.
..........................................................
2,002
291
The
TJX
Cos.,
Inc.
......................................................
4,106
635
Williams-Sonoma,
Inc.
...................................................
1,656
337
2,620
Consumer
Staples
(3.8%):
Altria
Group,
Inc.
.......................................................
10,062
700
PepsiCo,
Inc.
..........................................................
3,223
465
Philip
Morris
International,
Inc.
.............................................
4,706
835
Sysco
Corp.
...........................................................
4,313
327
Target
Corp.
..........................................................
3,882
493
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
The
Clorox
Co.
........................................................
2,483
$
223
3,043
Energy
(5.1%):
ConocoPhillips
Co.
.....................................................
2,193
250
Devon
Energy
Corp.
.....................................................
18,940
843
EOG
Resources,
Inc.
....................................................
3,988
532
Exxon
Mobil
Corp.
.....................................................
3,724
541
Marathon
Petroleum
Corp.
................................................
2,821
702
Ovintiv,
Inc.
..........................................................
7,769
435
Valero
Energy
Corp.
.....................................................
3,017
738
4,041
Financials
(11.3%):
American
Express
Co.
...................................................
1,583
501
American
Financial
Group,
Inc.
.............................................
4,623
600
Ameriprise
Financial,
Inc.
.................................................
1,081
482
Capital
One
Financial
Corp.
...............................................
3,667
689
Cincinnati
Financial
Corp.
................................................
2,647
417
Fidelity
National
Financial,
Inc.
............................................
12,078
572
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
5,720
497
JPMorgan
Chase
&
Co.
..................................................
4,673
1,399
Synchrony
Financial
.....................................................
10,709
765
The
Allstate
Corp.
......................................................
4,198
865
The
Goldman
Sachs
Group,
Inc.
............................................
826
847
The
PNC
Financial
Services
Group,
Inc.
......................................
1,978
437
U.S.
Bancorp
..........................................................
17,991
987
9,058
Health
Care
(10.6%):
AbbVie,
Inc.
..........................................................
4,892
1,065
Amgen,
Inc.
...........................................................
908
306
Bristol-Myers
Squibb
Co.
.................................................
12,738
728
Cardinal
Health,
Inc.
....................................................
2,710
533
Cencora,
Inc.
..........................................................
1,662
448
CVS
Health
Corp.
......................................................
2,766
252
Gilead
Sciences,
Inc.
....................................................
6,802
914
Johnson
&
Johnson
.....................................................
4,715
1,063
McKesson
Corp.
.......................................................
479
356
Merck
&
Co.,
Inc.
......................................................
5,535
657
Royalty
Pharma
PLC
,
Class
A
..............................................
9,829
548
The
Cigna
Group
.......................................................
1,318
366
UnitedHealth
Group,
Inc.
.................................................
1,523
579
Zoetis,
Inc.
,
Class
A
.....................................................
8,858
688
8,503
Industrials
(3.9%):
EMCOR
Group,
Inc.
....................................................
923
763
Expeditors
International
of
Washington,
Inc.
....................................
2,680
423
FedEx
Corp.
..........................................................
839
346
Lockheed
Martin
Corp.
...................................................
1,084
575
Masco
Corp.
..........................................................
7,025
494
Owens
Corning
........................................................
2,187
275
United
Parcel
Service,
Inc.
,
Class
B
..........................................
2,372
253
3,129
Information
Technology
(6.0%):
Apple,
Inc.
...........................................................
4,382
1,367
Cisco
Systems,
Inc.
.....................................................
17,725
2,134
International
Business
Machines
Corp.
........................................
4,236
1,262
4,763
Materials
(3.8%):
CF
Industries
Holdings,
Inc.
...............................................
3,882
436
Nucor
Corp.
...........................................................
3,060
765
Packaging
Corp.
of
America
...............................................
2,139
468
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Reliance,
Inc.
..........................................................
1,400
$
533
Steel
Dynamics,
Inc.
.....................................................
3,104
808
3,010
Utilities
(1.2%):
Edison
International
.....................................................
5,931
415
NRG
Energy,
Inc.
.......................................................
1,901
255
OGE
Energy
Corp.
......................................................
6,612
312
982
41,776
Total
Common
Stocks
(Cost
$59,113)
79,465
Collateral
for
Securities
Loaned
(0.7%)^
United
States
(0.7%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.53
%
(d)
........
133,720
134
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.54
%
(d)
............
133,720
133
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.57
%
(d)
...............
133,720
134
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.55
%
(d)
.
133,720
134
Total
Collateral
for
Securities
Loaned
(Cost
$535)
535
Total
Investments
(Cost
$59,648)
—
100.2%
80,000
Liabilities
in
excess
of
other
assets
—
(0.2)%
(
134
)
NET
ASSETS
-
100.00%
$
79,866
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$1,053
(thousands)
and
amounted
to
1.3%
of
net
assets.
(c)
Non-income
producing
security.
(d)
Rate
disclosed
is
the
daily
yield
on
May
31,
2026.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
International
Fund
44
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.6%)
Australia
(4.1%):
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
362,782
$
13,032
Financials
(0.8%):
ANZ
Group
Holdings
Ltd.
................................................
139,718
3,537
Macquarie
Group
Ltd.
...................................................
84,116
14,421
QBE
Insurance
Group
Ltd.
................................................
103,423
1,680
19,638
Industrials
(0.4%):
Computershare
Ltd.
.....................................................
223,352
5,533
Qantas
Airways
Ltd.
.....................................................
756,302
5,117
10,650
Materials
(1.6%):
BHP
Group
Ltd.
........................................................
741,433
33,001
Orica
Ltd.
............................................................
247,403
4,066
Rio
Tinto
Ltd.
.........................................................
24,858
3,324
40,391
Real
Estate
(0.8%):
Charter
Hall
Group
......................................................
366,271
5,359
Goodman
Group
.......................................................
59,233
1,346
Scentre
Group
.........................................................
4,626,449
12,708
19,413
103,124
Austria
(0.8%):
Financials
(0.8%):
BAWAG
Group
AG
(a)
...................................................
88,388
15,848
Erste
Group
Bank
AG
....................................................
29,295
3,492
19,340
Information
Technology
(0.0%):(b)
ams-OSRAM
AG
(c)
.....................................................
29,294
756
20,096
Belgium
(0.7%):
Communication
Services
(0.0%):(b)
Proximus
SADP
(d)
.....................................................
90,601
705
Consumer
Staples
(0.2%):
Anheuser-Busch
InBev
SA
................................................
58,169
4,657
Financials
(0.1%):
Ageas
SA
............................................................
35,076
2,718
Health
Care
(0.1%):
UCB
SA
.............................................................
7,875
2,312
Materials
(0.3%):
Titan
SA
.............................................................
33,502
1,988
Umicore
SA
...........................................................
131,441
3,863
5,851
16,243
Brazil
(1.1%):
Communication
Services
(0.1%):
Telefonica
Brasil
SA
.....................................................
271,228
1,819
Consumer
Discretionary
(0.1%):
Lojas
Renner
SA
.......................................................
515,154
1,522
Ultrapar
Participacoes
SA
.................................................
197,182
1,011
2,533
Consumer
Staples
(0.4%):
Ambev
SA
............................................................
966,815
3,128
Natura
Cosmeticos
SA
(c)
.................................................
833,580
1,644
Victory
Portfolios
III
Victory
International
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Raia
Drogasil
SA
.......................................................
1,485,964
$
5,506
10,278
Energy
(0.2%):
PRIO
SA
(c)
...........................................................
426,700
5,266
Financials
(0.2%):
Banco
Bradesco
SA
,
Preference
Shares
.......................................
456,500
1,602
Banco
Bradesco
SA
,
ADR
................................................
1,064,169
3,714
5,316
Materials
(0.1%):
Suzano
SA
............................................................
187,927
1,561
Utilities
(0.0%):(b)
Axia
Energia
SA
.......................................................
135,209
1,405
28,178
Canada
(3.0%):
Consumer
Discretionary
(0.1%):
Aritzia,
Inc.
(c)
.........................................................
16,267
1,827
Energy
(0.5%):
Headwater
Exploration,
Inc.
...............................................
223,009
2,029
Suncor
Energy,
Inc.
.....................................................
34,256
2,141
Whitecap
Resources,
Inc.
.................................................
741,214
8,517
12,687
Financials
(0.6%):
Bank
of
Montreal
.......................................................
14,324
2,327
Brookfield
Corp.
,
Class
A
.................................................
30,204
1,376
Canadian
Imperial
Bank
of
Commerce
........................................
33,132
3,617
Fairfax
Financial
Holdings
Ltd.
.............................................
1,947
3,031
Royal
Bank
of
Canada
...................................................
17,762
3,407
13,758
Industrials
(0.3%):
Element
Fleet
Management
Corp.
...........................................
283,505
5,649
Finning
International,
Inc.
.................................................
37,623
2,842
8,491
Information
Technology
(0.4%):
Celestica,
Inc.
(c)
.......................................................
25,471
9,848
Shopify,
Inc.
,
Class
A
(c)
..................................................
9,430
1,125
10,973
Materials
(1.0%):
Barrick
Mining
Corp.
....................................................
52,868
2,259
DPM
Metals,
Inc.
.......................................................
135,037
4,536
Lundin
Mining
Corp.
....................................................
422,086
12,609
Nutrien
Ltd.
...........................................................
67,400
4,618
24,022
Utilities
(0.1%):
Atco
Ltd.
,
Class
I
.......................................................
61,865
3,053
74,811
Chile
(0.1%):
Utilities
(0.1%):
Enel
Chile
SA
.........................................................
39,621,497
3,443
China
(1.5%):
Communication
Services
(0.4%):
Baidu,
Inc.
,
Class
A
(c)
...................................................
173,470
2,933
NetEase,
Inc.
..........................................................
65,900
1,616
Tencent
Holdings
Ltd.
...................................................
80,800
4,390
8,939
Consumer
Discretionary
(0.4%):
BYD
Co.
Ltd.
.........................................................
121,400
1,413
Victory
Portfolios
III
Victory
International
Fund
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
H
(a)
................................
662,800
$
4,706
JD.com,
Inc.
,
Class
A
....................................................
138,180
1,992
Laopu
Gold
Co.
Ltd.
,
Class
H
(d)
............................................
18,452
1,184
9,295
Consumer
Staples
(0.1%):
China
Mengniu
Dairy
Co.
Ltd.
.............................................
954,538
2,067
JD
Health
International,
Inc.
(a)
(c)
...........................................
146,300
714
Tingyi
Cayman
Islands
Holding
Corp.
........................................
584,000
890
3,671
Financials
(0.3%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
2,214,000
1,631
Bank
of
China
Ltd.
,
Class
H
...............................................
3,738,000
2,485
China
Construction
Bank
Corp.
,
Class
H
......................................
1,808,000
1,959
China
International
Capital
Corp.
Ltd.
,
Class
H
(a)
................................
772,400
1,934
8,009
Health
Care
(0.1%):
WuXi
AppTec
Co.
Ltd.
,
Class
H
(a)
..........................................
136,300
2,269
Industrials
(0.1%):
DiDi
Global,
Inc.
,
ADR
(c)
................................................
311,273
1,093
JD
Logistics,
Inc.
(a)
(c)
...................................................
748,461
1,231
2,324
Materials
(0.1%):
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
520,000
2,180
36,687
Denmark
(1.2%):
Consumer
Discretionary
(0.3%):
Pandora
A/S
..........................................................
76,522
7,162
Financials
(0.3%):
Jyske
Bank
A/S
,
Registered
Shares
..........................................
42,676
6,115
Health
Care
(0.4%):
Genmab
A/S
(c)
........................................................
16,065
4,211
Novo
Nordisk
A/S
,
Class
B
................................................
122,136
5,582
9,793
Industrials
(0.2%):
ISS
A/S
..............................................................
96,129
3,956
Vestas
Wind
Systems
A/S
(d)
...............................................
65,350
1,834
5,790
28,860
Finland
(1.0%):
Financials
(0.7%):
Nordea
Bank
Abp
.......................................................
874,911
16,762
Industrials
(0.2%):
Konecranes
Oyj
........................................................
132,405
4,369
Information
Technology
(0.1%):
Nokia
Oyj
............................................................
204,604
3,005
Materials
(0.0%):(b)
Stora
Enso
Oyj
,
Registered
Shares
...........................................
87,037
1,018
25,154
France
(8.0%):
Communication
Services
(0.6%):
Orange
SA
............................................................
406,909
8,510
Publicis
Groupe
SA
.....................................................
49,202
4,786
13,296
Consumer
Discretionary
(0.8%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
27,211
14,882
Renault
SA
...........................................................
66,864
2,287
Victory
Portfolios
III
Victory
International
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Sodexo
SA
(d)
.........................................................
22,042
$
1,209
Valeo
SE
.............................................................
95,099
1,464
19,842
Consumer
Staples
(1.0%):
Carrefour
SA
(d)
........................................................
149,975
2,802
L'Oreal
SA
...........................................................
50,085
22,098
24,900
Energy
(0.7%):
Gaztransport
Et
Technigaz
SA
..............................................
31,757
7,320
TotalEnergies
SE
.......................................................
90,356
7,927
Vallourec
SACA
(d)
.....................................................
74,804
2,084
17,331
Financials
(0.9%):
AXA
SA
.............................................................
98,592
4,546
BNP
Paribas
SA
........................................................
82,235
8,864
Societe
Generale
SA
.....................................................
101,054
8,399
21,809
Health
Care
(0.4%):
Ipsen
SA
.............................................................
26,128
4,772
Sanofi
SA
............................................................
66,638
5,841
10,613
Industrials
(2.5%):
Cie
de
Saint-Gobain
SA
..................................................
27,191
2,464
Eiffage
SA
............................................................
101,313
14,661
Rexel
SA
.............................................................
310,773
13,270
Safran
SA
............................................................
72,942
25,940
Schneider
Electric
SE
....................................................
14,408
4,525
SPIE
SA
.............................................................
28,206
1,604
62,464
Information
Technology
(0.1%):
Capgemini
SE
.........................................................
18,180
2,160
Materials
(0.4%):
Arkema
SA
...........................................................
141,521
9,994
Real
Estate
(0.2%):
Klepierre
SA
..........................................................
133,563
5,448
Utilities
(0.4%):
Engie
SA
.............................................................
246,579
7,606
Veolia
Environnement
SA
.................................................
51,543
2,080
9,686
197,543
Germany
(7.0%):
Communication
Services
(0.2%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
66,414
4,794
Consumer
Discretionary
(1.0%):
Aumovio
SE
(c)
........................................................
27,939
1,305
Continental
AG
........................................................
21,415
1,770
Mercedes-Benz
Group
AG
................................................
18,446
1,120
Volkswagen
AG
,
Preference
Shares
..........................................
145,589
15,533
Zalando
SE
(a)
(c)
.......................................................
183,513
4,965
24,693
Consumer
Staples
(0.3%):
Beiersdorf
AG
(d)
.......................................................
29,912
2,405
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
56,425
4,379
6,784
Financials
(1.4%):
Allianz
SE
,
Registered
Shares
..............................................
74,678
33,092
Victory
Portfolios
III
Victory
International
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Registered
Shares
.......
4,346
$
2,282
35,374
Health
Care
(0.1%):
Fresenius
SE
&
Co.
KGaA
................................................
57,139
2,413
Industrials
(2.2%):
Brenntag
SE
..........................................................
23,002
1,513
Daimler
Truck
Holding
AG
................................................
68,309
3,342
GEA
Group
AG
........................................................
18,398
1,186
MTU
Aero
Engines
AG
..................................................
3,444
1,256
Nordex
SE
(c)
..........................................................
49,627
2,391
Siemens
AG
,
Registered
Shares
(d)
...........................................
122,194
38,309
Siemens
Energy
AG
.....................................................
30,818
5,834
53,831
Information
Technology
(0.6%):
SAP
SE
..............................................................
76,019
13,750
Materials
(0.6%):
BASF
SE
............................................................
65,105
3,855
Evonik
Industries
AG
....................................................
109,566
2,145
Heidelberg
Materials
AG
.................................................
39,628
8,767
Wacker
Chemie
AG
(c)
...................................................
11,055
1,277
16,044
Utilities
(0.6%):
RWE
AG
.............................................................
238,080
15,129
172,812
Greece
(0.4%):
Financials
(0.4%):
National
Bank
of
Greece
SA
...............................................
512,043
8,857
Hong
Kong
(2.4%):
Consumer
Discretionary
(0.3%):
Alibaba
Group
Holding
Ltd.
,
Class
W
........................................
390,109
6,048
Yue
Yuen
Industrial
Holdings
Ltd.
...........................................
534,075
1,001
7,049
Financials
(1.2%):
AIA
Group
Ltd.
........................................................
1,828,400
19,180
BOC
Hong
Kong
Holdings
Ltd.
............................................
446,000
2,725
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
43,700
2,232
Prudential
PLC
........................................................
356,845
5,076
29,213
Health
Care
(0.1%):
China
Medical
System
Holdings
Ltd.
.........................................
1,434,000
1,934
Industrials
(0.1%):
CK
Hutchison
Holdings
Ltd.
...............................................
299,030
2,691
Real
Estate
(0.6%):
CK
Asset
Holdings
Ltd.
..................................................
2,464,240
14,878
Utilities
(0.1%):
Guangdong
Investment
Ltd.
...............................................
3,938,000
4,196
59,961
India
(1.4%):
Consumer
Discretionary
(0.0%):(b)
Mahindra
&
Mahindra
Ltd.
................................................
33,322
1,068
Energy
(0.1%):
Reliance
Industries
Ltd.
..................................................
169,624
2,358
Financials
(0.6%):
Canara
Bank
..........................................................
746,902
1,029
Nippon
Life
India
Asset
Management
Ltd.
(a)
...................................
457,303
5,293
Power
Finance
Corp.
Ltd.
.................................................
1,250,775
5,640
Victory
Portfolios
III
Victory
International
Fund
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Union
Bank
of
India
Ltd.
.................................................
1,382,379
$
2,442
14,404
Industrials
(0.1%):
Adani
Ports
&
Special
Economic
Zone
Ltd.
....................................
85,587
1,625
Bharat
Electronics
Ltd.
...................................................
315,182
1,362
2,987
Information
Technology
(0.2%):
Coforge
Ltd.
..........................................................
214,726
3,222
Infosys
Ltd.
...........................................................
93,028
1,139
Persistent
Systems
Ltd.
...................................................
17,626
965
5,326
Materials
(0.3%):
Hindalco
Industries
Ltd.
..................................................
216,519
2,567
National
Aluminium
Co.
Ltd.
..............................................
1,049,026
4,690
7,257
Utilities
(0.1%):
Power
Grid
Corp.
of
India
Ltd.
.............................................
445,376
1,362
34,762
Indonesia
(0.1%):
Financials
(0.0%):(b)
PT
Bank
Negara
Indonesia
Persero
Tbk
.......................................
7,826,948
1,620
Materials
(0.1%):
Aneka
Tambang
Tbk
....................................................
11,903,500
1,938
3,558
Ireland
(1.3%):
Financials
(0.7%):
AIB
Group
PLC
........................................................
367,776
4,327
Bank
of
Ireland
Group
PLC
...............................................
577,913
11,742
16,069
Industrials
(0.4%):
AerCap
Holdings
NV
....................................................
50,852
7,088
DCC
PLC
............................................................
35,742
2,883
9,971
Materials
(0.2%):
James
Hardie
Industries
PLC
(c)
............................................
224,268
5,081
31,121
Italy
(2.5%):
Consumer
Discretionary
(0.2%):
Lottomatica
Group
SpA
..................................................
148,775
4,394
Moncler
SpA
..........................................................
25,011
1,621
6,015
Energy
(0.3%):
Eni
SpA
.............................................................
264,831
6,928
Financials
(1.2%):
Banca
Mediolanum
SpA
..................................................
76,326
1,761
Banco
BPM
SpA
.......................................................
1,004,502
15,781
BPER
Banca
SpA
.......................................................
214,306
2,901
UniCredit
SpA
.........................................................
94,440
8,150
28,593
Information
Technology
(0.1%):
Reply
SpA
............................................................
18,404
2,209
Utilities
(0.7%):
Enel
SpA
.............................................................
1,608,444
18,047
61,792
Victory
Portfolios
III
Victory
International
Fund
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Japan
(19.4%):
Communication
Services
(0.6%):
Dentsu
Group,
Inc.
(c)
(d)
..................................................
90,190
$
1,700
Hakuhodo
DY
Holdings,
Inc.
..............................................
99,590
699
Kakaku.com,
Inc.
(c)
.....................................................
266,200
5,585
Konami
Group
Corp.
....................................................
41,300
4,907
Nexon
Co.
Ltd.
........................................................
45,400
638
Nippon
Television
Holdings,
Inc.
............................................
38,695
690
14,219
Consumer
Discretionary
(3.7%):
Asics
Corp.
...........................................................
769,200
23,369
GS
Yuasa
Corp.
........................................................
72,800
2,995
Honda
Motor
Co.
Ltd.
...................................................
320,508
2,880
Isuzu
Motors
Ltd.
.......................................................
21,332
313
Koito
Manufacturing
Co.
Ltd.
..............................................
136,390
2,394
Nikon
Corp.
...........................................................
70,300
814
Nissan
Motor
Co.
Ltd.
(c)
.................................................
489,182
1,218
Open
House
Group
Co.
Ltd.
...............................................
134,600
7,299
Panasonic
Holdings
Corp.
.................................................
80,300
1,855
Rinnai
Corp.
..........................................................
44,696
952
Sega
Sammy
Holdings,
Inc.
...............................................
93,800
1,360
Sony
Group
Corp.
......................................................
143,400
3,093
Stanley
Electric
Co.
Ltd.
..................................................
55,901
1,246
Subaru
Corp.
..........................................................
97,941
1,487
Sumitomo
Electric
Industries
Ltd.
...........................................
108,300
8,354
Suzuki
Motor
Corp.
.....................................................
106,700
1,322
Toyota
Motor
Corp.
.....................................................
1,568,200
29,670
90,621
Consumer
Staples
(0.6%):
Asahi
Group
Holdings
Ltd.
................................................
284,000
2,710
MatsukiyoCocokara
&
Co.
................................................
239,300
3,416
Toyo
Suisan
Kaisha
Ltd.
..................................................
114,100
8,003
Tsuruha
Holdings,
Inc.
(d)
.................................................
147,295
1,823
15,952
Financials
(3.3%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
97,636
998
Japan
Post
Insurance
Co.
Ltd.
..............................................
308,710
2,769
Mebuki
Financial
Group,
Inc.
..............................................
345,400
2,888
Mizuho
Financial
Group,
Inc.
..............................................
696,750
31,319
ORIX
Corp.
...........................................................
60,500
2,359
Resona
Holdings,
Inc.
....................................................
330,882
4,224
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
154,640
5,641
Sumitomo
Mitsui
Trust
Group,
Inc.
..........................................
121,110
4,172
T&D
Holdings,
Inc.
.....................................................
190,565
5,013
The
Chiba
Bank
Ltd.
....................................................
248,530
3,634
Tokio
Marine
Holdings,
Inc.
...............................................
414,900
18,426
81,443
Health
Care
(1.8%):
Alfresa
Holdings
Corp.
...................................................
55,219
774
Astellas
Pharma,
Inc.
....................................................
130,900
1,865
Eisai
Co.
Ltd.
..........................................................
57,477
1,429
Hoya
Corp.
...........................................................
104,100
17,681
Otsuka
Holdings
Co.
Ltd.
.................................................
38,500
2,829
Shionogi
&
Co.
Ltd.
.....................................................
838,646
15,774
Sysmex
Corp.
.........................................................
242,400
2,120
Takeda
Pharmaceutical
Co.
Ltd.
............................................
58,173
1,857
44,329
Industrials
(4.6%):
Amada
Co.
Ltd.
........................................................
58,800
1,110
ARCHION
Corp.
(d)
.....................................................
152,693
337
Central
Japan
Railway
Co.
................................................
184,600
4,038
Victory
Portfolios
III
Victory
International
Fund
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Fuji
Electric
Co.
Ltd.
....................................................
231,200
$
22,440
Fujikura
Ltd.
..........................................................
400,700
11,942
ITOCHU
Corp.
........................................................
298,800
3,613
Japan
Airlines
Co.
Ltd.
...................................................
100,941
1,727
JGC
Holdings
Corp.
.....................................................
96,812
1,652
Kubota
Corp.
..........................................................
217,610
3,867
MISUMI
Group,
Inc.
....................................................
590,900
13,958
Mitsubishi
Corp.
.......................................................
42,400
1,341
Mitsubishi
Heavy
Industries
Ltd.
............................................
688,200
16,270
Nippon
Yusen
KK
......................................................
278,000
9,264
Obayashi
Corp.
........................................................
319,900
6,493
Persol
Holdings
Co.
Ltd.
..................................................
838,180
1,275
Recruit
Holdings
Co.
Ltd.
.................................................
40,500
2,708
Sanwa
Holdings
Corp.
...................................................
340,900
7,775
Sumitomo
Heavy
Industries
Ltd.
(d)
..........................................
33,302
1,089
THK
Co.
Ltd.
.........................................................
26,515
1,270
Yamato
Holdings
Co.
Ltd.
.................................................
107,550
1,227
113,396
Information
Technology
(3.7%):
Advantest
Corp.
........................................................
73,600
12,034
Disco
Corp.
...........................................................
46,700
19,057
Fujitsu
Ltd.
...........................................................
357,200
7,609
Horiba
Ltd.
...........................................................
4,798
790
Ibiden
Co.
Ltd.
.........................................................
94,800
13,631
Kioxia
Holdings
Corp.
(c)
.................................................
11,100
4,571
Kyocera
Corp.
.........................................................
260,400
5,694
Murata
Manufacturing
Co.
Ltd.
.............................................
41,600
2,621
NEC
Corp.
...........................................................
85,600
2,219
Oracle
Corp.
..........................................................
126,900
6,883
Rohm
Co.
Ltd.
.........................................................
132,210
4,527
SCREEN
Holdings
Co.
Ltd.
...............................................
32,200
2,246
Taiyo
Yuden
Co.
Ltd.
....................................................
61,700
5,726
Tokyo
Seimitsu
Co.
Ltd.
..................................................
37,300
4,064
91,672
Materials
(0.3%):
Asahi
Kasei
Corp.
......................................................
493,700
5,539
Kuraray
Co.
Ltd.
.......................................................
106,060
1,091
Mitsubishi
Gas
Chemical
Co.,
Inc.
...........................................
32,930
1,144
Taiheiyo
Cement
Corp.
...................................................
24,907
706
8,480
Real
Estate
(0.7%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
129,200
3,514
Mitsubishi
Estate
Co.
Ltd.
.................................................
90,189
2,279
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
546,600
12,750
18,543
Utilities
(0.1%):
Kyushu
Electric
Power
Co.,
Inc.
............................................
233,900
2,406
481,061
Luxembourg
(0.1%):
Communication
Services
(0.0%):(b)
RTL
Group
SA
.........................................................
19,694
723
Materials
(0.1%):
ArcelorMittal
SA
.......................................................
40,847
2,812
3,535
Mexico
(0.5%):
Communication
Services
(0.1%):
America
Movil
SAB
de
CV
,
ADR
...........................................
154,957
3,933
Energy
(0.3%):
Vista
Energy
SAB
de
CV
,
ADR
(c)
...........................................
87,108
6,463
Victory
Portfolios
III
Victory
International
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Financials
(0.1%):
Gentera
SAB
de
CV
.....................................................
795,445
$
1,969
12,365
Netherlands
(6.7%):
Communication
Services
(0.5%):
Koninklijke
KPN
NV
....................................................
2,491,644
12,978
Consumer
Discretionary
(0.1%):
Prosus
NV
(c)
..........................................................
64,063
2,913
Consumer
Staples
(0.2%):
Heineken
NV
..........................................................
47,898
3,740
Koninklijke
Ahold
Delhaize
NV
............................................
49,203
2,073
5,813
Energy
(0.2%):
SBM
Offshore
NV
......................................................
118,478
4,515
Financials
(2.3%):
ABN
AMRO
Bank
NV
,
Class
CV
...........................................
143,684
5,710
Euronext
NV
(a)
........................................................
37,970
6,170
ING
Groep
NV
........................................................
1,074,567
33,283
NN
Group
NV
.........................................................
140,787
11,751
56,914
Health
Care
(0.3%):
Argenx
SE
(c)
..........................................................
2,869
2,398
Koninklijke
Philips
NV
(d)
................................................
145,349
3,859
6,257
Industrials
(0.2%):
Randstad
NV
(d)
........................................................
43,643
1,338
Wolters
Kluwer
NV
.....................................................
61,688
4,385
5,723
Information
Technology
(2.9%):
ASML
Holding
NV
.....................................................
39,435
63,759
BE
Semiconductor
Industries
NV
...........................................
20,349
6,737
70,496
165,609
New
Zealand
(0.4%):
Health
Care
(0.4%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
439,431
9,801
Norway
(1.2%):
Industrials
(0.7%):
Kongsberg
Gruppen
ASA
.................................................
472,784
16,941
Materials
(0.5%):
Norsk
Hydro
ASA
......................................................
767,479
9,389
Yara
International
ASA
...................................................
81,511
4,427
13,816
30,757
Portugal
(0.2%):
Energy
(0.2%):
Galp
Energia
SGPS
SA
...................................................
211,325
4,605
Russian
Federation
(0.0%):
Communication
Services
(0.0%):
Mobile
TeleSystems
PJSC
,
ADR
(c)
(e)
(f)
......................................
177,615
—
Energy
(0.0%):
Gazprom
PJSC
,
ADR
(c)
(e)
(f)
..............................................
153,287
—
LUKOIL
PJSC
,
ADR
(c)
(e)
(f)
..............................................
34,917
—
—
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(c)
(e)
(f)
...........................................
564,350
—
Victory
Portfolios
III
Victory
International
Fund
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Sberbank
of
Russia
PJSC
,
ADR
(c)
(e)
(f)
.......................................
505,824
$
—
—
—
Saudi
Arabia
(0.1%):
Communication
Services
(0.0%):(b)
Etihad
Etisalat
Co.
......................................................
78,892
1,346
Financials
(0.1%):
Saudi
Awwal
Bank
......................................................
241,626
2,180
3,526
Singapore
(1.0%):
Financials
(0.7%):
DBS
Group
Holdings
Ltd.
.................................................
59,830
2,948
Singapore
Exchange
Ltd.
.................................................
850,700
14,588
17,536
Industrials
(0.2%):
Singapore
Technologies
Engineering
Ltd.
......................................
602,100
5,374
Information
Technology
(0.1%):
ASMPT
Ltd.
..........................................................
48,257
1,197
24,107
South
Africa
(0.3%):
Communication
Services
(0.1%):
MTN
Group
Ltd.
.......................................................
259,219
3,461
Financials
(0.1%):
Discovery
Ltd.
.........................................................
108,365
1,855
Old
Mutual
Ltd.
........................................................
2,059,163
1,632
3,487
Materials
(0.1%):
Harmony
Gold
Mining
Co.
Ltd.
.............................................
84,632
1,549
8,497
South
Korea
(3.1%):
Communication
Services
(0.2%):
KT
Corp.
.............................................................
60,963
2,143
SK
Telecom
Co.
Ltd.
....................................................
39,967
2,677
4,820
Consumer
Discretionary
(0.2%):
Coway
Co.
Ltd.
........................................................
9,473
565
Hankook
Tire
&
Technology
Co.
Ltd.
........................................
19,912
883
Hyundai
Mobis
Co.
Ltd.
..................................................
4,792
2,440
Kia
Corp.
............................................................
15,113
1,696
5,584
Consumer
Staples
(0.1%):
APR
Corp.
............................................................
8,359
2,192
LG
H&H
Co.
Ltd.
......................................................
4,415
725
2,917
Financials
(0.6%):
Hana
Financial
Group,
Inc.
................................................
45,552
3,486
KB
Financial
Group,
Inc.
.................................................
26,990
2,704
KIWOOM
Securities
Co.
Ltd.
..............................................
18,871
4,656
Shinhan
Financial
Group
Co.
Ltd.
...........................................
72,912
4,536
15,382
Industrials
(0.8%):
Hanwha
Aerospace
Co.
Ltd.
...............................................
1,659
1,294
Hanwha
Corp.
.........................................................
57,937
5,145
HD
Hyundai
Electric
Co.
Ltd.
..............................................
11,096
7,772
Samsung
E&A
Co.
Ltd.
..................................................
181,339
6,347
20,558
Victory
Portfolios
III
Victory
International
Fund
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Information
Technology
(1.2%):
Samsung
Electronics
Co.
Ltd.
..............................................
45,759
$
9,601
SK
hynix,
Inc.
.........................................................
11,980
18,656
28,257
77,518
Spain
(2.7%):
Consumer
Discretionary
(0.1%):
Industria
de
Diseno
Textil
SA
..............................................
51,917
3,199
Energy
(0.1%):
Repsol
SA
............................................................
96,141
2,482
Financials
(1.8%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
1,214,595
28,367
Banco
Santander
SA
.....................................................
550,469
6,883
Bankinter
SA
..........................................................
493,665
8,293
43,543
Industrials
(0.5%):
Aena
SME
SA
(a)
.......................................................
472,767
13,717
Real
Estate
(0.1%):
Merlin
Properties
Socimi
SA
...............................................
194,019
3,408
Utilities
(0.1%):
Endesa
SA
............................................................
46,375
1,939
68,288
Sweden
(1.8%):
Communication
Services
(0.3%):
Telia
Co.
AB
..........................................................
1,289,609
6,915
Consumer
Staples
(0.2%):
Essity
AB
,
Class
B
......................................................
144,113
4,043
Financials
(0.2%):
Avanza
Bank
Holding
AB
.................................................
79,664
2,981
Swedbank
AB
,
Class
A
...................................................
59,427
2,195
5,176
Industrials
(0.9%):
Atlas
Copco
AB
,
Class
B
.................................................
1,095,581
18,551
SKF
AB
,
B
Shares
......................................................
111,899
2,936
Volvo
AB
,
Class
B
......................................................
62,416
2,198
23,685
Information
Technology
(0.1%):
Telefonaktiebolaget
LM
Ericsson
,
Class
B
.....................................
254,552
3,320
Materials
(0.1%):
Boliden
AB
...........................................................
29,791
1,856
44,995
Switzerland
(7.6%):
Consumer
Discretionary
(0.1%):
The
Swatch
Group
AG
,
Class
BR
(d)
.........................................
10,814
2,995
Consumer
Staples
(1.8%):
Coca-Cola
HBC
AG
(c)
...................................................
332,033
19,044
Nestle
SA
,
Registered
Shares
..............................................
253,320
25,711
44,755
Financials
(1.2%):
Partners
Group
Holding
AG
...............................................
8,489
8,959
UBS
Group
AG
........................................................
353,601
16,705
Zurich
Insurance
Group
AG
(d)
.............................................
4,655
3,307
28,971
Health
Care
(3.5%):
Galenica
AG
(a)
........................................................
20,020
2,135
Victory
Portfolios
III
Victory
International
Fund
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Novartis
AG
,
Registered
Shares
.............................................
283,080
$
42,592
Roche
Holding
AG
......................................................
80,136
33,728
Sandoz
Group
AG
......................................................
91,650
7,709
86,164
Industrials
(0.4%):
ABB
Ltd.
,
Registered
Shares
...............................................
57,587
6,159
Adecco
Group
AG
......................................................
49,017
1,038
Sulzer
AG
,
Registered
Shares
..............................................
17,855
3,380
10,577
Information
Technology
(0.4%):
Logitech
International
SA
,
Registered
Shares
(d)
.................................
82,015
9,970
Materials
(0.2%):
Amrize
Ltd.
(c)
.........................................................
27,175
1,452
Holcim
AG
(c)
.........................................................
31,735
3,124
4,576
188,008
Taiwan
(3.1%):
Consumer
Discretionary
(0.1%):
Minth
Group
Ltd.
.......................................................
774,000
3,739
Financials
(0.1%):
CTBC
Financial
Holding
Co.
Ltd.
...........................................
968,000
1,869
Industrials
(0.2%):
Bizlink
Holding,
Inc.
....................................................
76,000
4,937
Information
Technology
(2.7%):
Delta
Electronics,
Inc.
...................................................
66,000
5,064
Elite
Material
Co.
Ltd.
...................................................
65,000
10,507
King
Yuan
Electronics
Co.
Ltd.
.............................................
360,000
3,735
Kinsus
Interconnect
Technology
Corp.
........................................
174,000
3,986
MediaTek,
Inc.
.........................................................
15,000
2,039
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
306,000
22,673
Taiwan
Union
Technology
Corp.
............................................
73,000
3,852
Unimicron
Technology
Corp.
..............................................
65,966
2,189
Wiwynn
Corp.
.........................................................
56,000
9,573
Yageo
Corp.
...........................................................
110,000
2,560
66,178
76,723
Thailand
(0.5%):
Communication
Services
(0.1%):
Advanced
Info
Service
PCL,
NVDR
.........................................
125,800
1,363
Financials
(0.3%):
Bangkok
Bank
PCL
,
Class
F
...............................................
370,083
1,966
Kasikornbank
PCL
......................................................
704,411
4,348
6,314
Health
Care
(0.1%):
Bumrungrad
Hospital
PCL,
NVDR
..........................................
644,400
3,554
11,231
Turkey
(0.0%):(b)
Consumer
Staples
(0.0%):(b)
Coca-Cola
Icecek
A/S
....................................................
161,677
281
United
Arab
Emirates
(0.2%):
Communication
Services
(0.0%):(b)
VEON
Ltd.
,
ADR
(c)
.....................................................
10,257
576
Real
Estate
(0.2%):
Emaar
Development
PJSC
................................................
1,113,423
4,413
4,989
Victory
Portfolios
III
Victory
International
Fund
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
United
Kingdom
(12.1%):
Communication
Services
(0.2%):
BT
Group
PLC
........................................................
1,237,081
$
3,469
Informa
PLC
..........................................................
135,815
1,475
WPP
PLC
............................................................
323,836
1,207
6,151
Consumer
Discretionary
(0.7%):
Barratt
Redrow
PLC
.....................................................
357,561
1,260
Burberry
Group
PLC
(c)
..................................................
103,429
1,641
Inchcape
PLC
.........................................................
214,810
2,442
Kingfisher
PLC
........................................................
482,576
1,863
Next
PLC
............................................................
64,080
11,364
18,570
Consumer
Staples
(1.4%):
British
American
Tobacco
PLC
.............................................
155,279
9,607
Diageo
PLC
...........................................................
128,763
2,639
Imperial
Brands
PLC
....................................................
361,266
13,098
J
Sainsbury
PLC
.......................................................
264,827
1,052
Reckitt
Benckiser
Group
PLC
..............................................
55,151
3,393
Tate
&
Lyle
PLC
.......................................................
136,504
924
Unilever
PLC
.........................................................
57,341
3,231
33,944
Energy
(2.0%):
BP
PLC
..............................................................
2,081,957
14,704
Harbour
Energy
PLC
....................................................
461,960
1,635
Shell
PLC
............................................................
816,906
34,513
50,852
Financials
(2.6%):
Barclays
PLC
.........................................................
3,085,001
18,844
HSBC
Holdings
PLC
....................................................
1,570,696
29,490
Standard
Chartered
PLC
..................................................
580,111
15,533
63,867
Health
Care
(1.4%):
AstraZeneca
PLC
.......................................................
35,418
6,575
GSK
PLC
............................................................
1,031,566
26,081
Hikma
Pharmaceuticals
PLC
...............................................
69,282
1,373
34,029
Industrials
(1.4%):
Babcock
International
Group
PLC
...........................................
387,589
5,719
easyJet
PLC
...........................................................
476,329
2,540
Howden
Joinery
Group
PLC
...............................................
818,541
8,438
IMI
PLC
.............................................................
111,771
4,175
International
Consolidated
Airlines
Group
SA
...................................
1,302,018
7,497
RELX
PLC
...........................................................
58,820
1,919
Rolls-Royce
Holdings
PLC
................................................
274,408
4,937
35,225
Materials
(1.4%):
Anglo
American
PLC
....................................................
43,740
2,341
Endeavour
Mining
PLC
..................................................
143,483
8,948
Mondi
PLC
...........................................................
158,178
1,600
Rio
Tinto
PLC
.........................................................
201,359
21,383
34,272
Real
Estate
(0.4%):
Land
Securities
Group
PLC
...............................................
210,634
1,778
LondonMetric
Property
PLC
...............................................
493,674
1,256
The
British
Land
Co.
PLC
................................................
890,303
4,852
The
UNITE
Group
PLC
..................................................
165,606
1,146
9,032
Victory
Portfolios
III
Victory
International
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
^
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
May
31,
2026,
the
fair
value
of
these
securities
was
$58,982
(thousands)
and
amounted
to
2.4%
of
net
assets.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Non-income
producing
security.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2026
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2026.
(g)
Rate
disclosed
is
the
daily
yield
on
May
31,
2026.
Security
Description
Shares
Value
(000)
Utilities
(0.6%):
Centrica
PLC
..........................................................
4,602,488
$
11,609
Drax
Group
PLC
.......................................................
195,455
2,076
National
Grid
PLC
......................................................
138,948
2,230
15,915
301,857
Total
Common
Stocks
(Cost
$1,455,841)
2,424,755
Exchange-Traded
Funds
(0.3%)
United
States
(0.3%):
iShares
Core
MSCI
EAFE
ETF
.............................................
39,495
3,871
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
17,502
1,461
Vanguard
FTSE
All-World
ex-US
Small-Cap
ETF
(d)
.............................
22,516
3,625
8,957
Total
Exchange-Traded
Funds
(Cost
$8,372)
8,957
Collateral
for
Securities
Loaned
(1.7%)^
United
States
(1.7%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.53
%
(g)
........
10,307,215
10,307
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.54
%
(g)
............
10,307,215
10,308
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.57
%
(g)
...............
10,307,215
10,307
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.55
%
(g)
.
10,307,215
10,307
Total
Collateral
for
Securities
Loaned
(Cost
$41,229)
41,229
Total
Investments
(Cost
$1,505,442)
—
99.6%
2,474,941
Other
assets
in
excess
of
liabilities
—
0.4%
9,498
NET
ASSETS
-
100.00%
$
2,484,439
Security
Name
Acquisition
Date
Cost
Value
Gazprom
PJSC
,
ADR
................................................
1/21/2016
$
486
$
—
LUKOIL
PJSC
,
ADR
................................................
12/29/2015
2,087
—
Mobile
TeleSystems
PJSC
,
ADR
........................................
1/28/2022
1,372
—
Sberbank
of
Russia
PJSC
.............................................
7/15/2019
2,134
—
Sberbank
of
Russia
PJSC
,
ADR
.........................................
1/15/2016
556
—
Total
(–%
of
net
assets)
$6,635
$—
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
May
31,
2026
Victory
Portfolios
III
Victory
Precious
Metals
and
Minerals
Fund
58
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.4%)
Australia
(9.2%):
Materials
(9.2%):
Evolution
Mining
Ltd.
...................................................
3,186,387
$
28,064
Northern
Star
Resources
Ltd.
..............................................
1,337,720
18,230
Perseus
Mining
Ltd.
.....................................................
7,115,122
26,699
Ramelius
Resources
Ltd.
.................................................
4,791,675
11,182
Regis
Resources
Ltd.
(a)
..................................................
2,815,426
12,480
West
African
Resources
Ltd.
(b)
.............................................
2,444,634
5,597
Westgold
Resources
Ltd.
..................................................
1,065,782
3,997
106,249
Canada
(52.8%):
Materials
(52.8%):
Agnico
Eagle
Mines
Ltd.
.................................................
747,907
137,526
B2Gold
Corp.
.........................................................
4,207,587
20,145
Barrick
Mining
Corp.
....................................................
1,618,357
68,861
Centerra
Gold,
Inc.
......................................................
195,193
3,446
DPM
Metals,
Inc.
.......................................................
1,518,837
51,014
Franco-Nevada
Corp.
....................................................
60,434
14,001
IAMGOLD
Corp.
(b)
....................................................
2,130,244
38,089
K92
Mining,
Inc.
(b)
.....................................................
352,936
6,600
Kinross
Gold
Corp.
.....................................................
3,085,769
93,129
Lundin
Gold,
Inc.
.......................................................
540,878
36,117
Nautilus
Minerals,
Inc.
(b)
(c)
...............................................
5,757,622
—
OceanaGold
Corp.
......................................................
902,563
27,263
OR
Royalties,
Inc.
......................................................
150,150
5,596
Orla
Mining
Ltd.
.......................................................
316,166
4,240
Torex
Gold
Resources,
Inc.
................................................
942,895
43,243
Wesdome
Gold
Mines
Ltd.
(b)
..............................................
579,593
11,760
Wheaton
Precious
Metals
Corp.
.............................................
341,473
45,916
606,946
China
(3.2%):
Materials
(3.2%):
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
8,764,000
36,742
Russian
Federation
(0.0%):
Materials
(0.0%):
Polyus
PJSC
(b)
(c)
(d)
....................................................
620,880
—
South
Africa
(10.6%):
Materials
(10.6%):
Gold
Fields
Ltd.
,
ADR
...................................................
2,015,995
80,358
Harmony
Gold
Mining
Co.
Ltd.
.............................................
1,901,584
34,803
Pan
African
Resources
PLC
...............................................
3,991,963
7,321
122,482
United
Kingdom
(3.3%):
Materials
(3.3%):
Endeavour
Mining
PLC
..................................................
599,719
37,584
United
States
(19.3%):
Materials
(19.3%):
Anglogold
Ashanti
PLC
(Johannesburg
Stock
Exchange)
...........................
858,680
82,189
Coeur
Mining,
Inc.
......................................................
748,236
14,438
Newmont
Corp.
........................................................
879,786
96,609
Royal
Gold,
Inc.
........................................................
128,722
28,896
222,132
Total
Common
Stocks
(Cost
$294,443)
1,132,135
Exchange-Traded
Funds
(1.2%)
United
States
(1.2%):
iShares
MSCI
Global
Gold
Miners
ETF
.......................................
32,528
2,529
Victory
Portfolios
III
Victory
Precious
Metals
and
Minerals
Fund
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Name
Acquisition
Date
Cost
Value
Polyus
PJSC
......................................................
7/11/2019
6,442
$
—
Total
(–%
of
net
assets)
$6,442
$—
Security
Description
Shares
Value
(000)
VanEck
Gold
Miners
ETF
.................................................
125,409
$
11,223
13,752
Total
Exchange-Traded
Funds
(Cost
$9,335)
13,752
Collateral
for
Securities
Loaned
(0.0%)^(e)
United
States
(0.0%):(e)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.53
%
(f)
........
3,966
4
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.54
%
(f)
............
3,966
4
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.57
%
(f)
................
3,966
4
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.55
%
(f)
.
3,966
4
Total
Collateral
for
Securities
Loaned
(Cost
$16)
16
Total
Investments
(Cost
$303,794)
—
99.6%
1,145,903
Other
assets
in
excess
of
liabilities
—
0.4%
4,493
NET
ASSETS
-
100.00%
$
1,150,396
^
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)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2026.
(d)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2026
(amounts
in
thousands):
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Rate
disclosed
is
the
daily
yield
on
May
31,
2026.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
60
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.5%)
Australia
(0.8%):
Consumer
Discretionary
(0.5%):
Aristocrat
Leisure
Ltd.
...................................................
222,933
$
8,009
Financials
(0.1%):
ANZ
Group
Holdings
Ltd.
................................................
49,009
1,241
QBE
Insurance
Group
Ltd.
................................................
31,327
509
1,750
Industrials
(0.1%):
Computershare
Ltd.
.....................................................
20,519
508
Qantas
Airways
Ltd.
.....................................................
82,478
558
1,066
Materials
(0.1%):
Rio
Tinto
Ltd.
.........................................................
7,772
1,039
Real
Estate
(0.0%):(a)
Charter
Hall
Group
......................................................
31,755
464
Goodman
Group
.......................................................
19,355
440
904
12,768
Austria
(0.8%):
Financials
(0.8%):
BAWAG
Group
AG
(b)
...................................................
74,313
13,325
Belgium
(0.1%):
Consumer
Staples
(0.1%):
Anheuser-Busch
InBev
SA
................................................
18,428
1,475
Health
Care
(0.0%):(a)
UCB
SA
.............................................................
2,521
740
2,215
Canada
(2.4%):
Consumer
Discretionary
(0.3%):
Aritzia,
Inc.
(c)
.........................................................
46,615
5,235
Consumer
Staples
(0.5%):
George
Weston
Ltd.
.....................................................
111,405
7,805
Financials
(0.1%):
Fairfax
Financial
Holdings
Ltd.
.............................................
1,500
2,335
Information
Technology
(0.4%):
Constellation
Software,
Inc.
...............................................
3,304
6,766
Materials
(0.8%):
Agnico
Eagle
Mines
Ltd.
.................................................
48,929
8,997
Barrick
Mining
Corp.
....................................................
47,412
2,017
Teck
Resources
Ltd.
,
Class
B
..............................................
23,516
1,556
12,570
Utilities
(0.3%):
Atco
Ltd.
,
Class
I
.......................................................
109,212
5,389
40,100
China
(1.1%):
Communication
Services
(0.5%):
Tencent
Holdings
Ltd.
...................................................
143,383
7,790
Consumer
Staples
(0.0%):(a)
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
118,000
750
Financials
(0.6%):
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
10,750,370
9,104
17,644
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Denmark
(0.2%):
Financials
(0.1%):
Danske
Bank
A/S
.......................................................
26,056
$
1,371
Health
Care
(0.1%):
Genmab
A/S
(c)
........................................................
1,881
493
Novo
Nordisk
A/S
,
ADR
..................................................
25,317
1,154
1,647
Industrials
(0.0%):(a)
Vestas
Wind
Systems
A/S
.................................................
20,526
576
3,594
Finland
(0.0%):(a)
Industrials
(0.0%):(a)
Konecranes
Oyj
........................................................
13,390
442
France
(2.0%):
Communication
Services
(0.1%):
Orange
SA
............................................................
41,143
860
Publicis
Groupe
SA
.....................................................
5,694
554
1,414
Consumer
Discretionary
(0.2%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
5,045
2,759
Energy
(0.5%):
Gaztransport
Et
Technigaz
SA
..............................................
32,306
7,447
Vallourec
SACA
(d)
.....................................................
23,369
651
8,098
Financials
(0.1%):
AXA
SA
.............................................................
18,511
854
BNP
Paribas
SA
........................................................
8,148
878
1,732
Health
Care
(0.1%):
Ipsen
SA
.............................................................
3,434
627
Sanofi
SA
............................................................
16,162
1,417
2,044
Industrials
(0.9%):
Eiffage
SA
............................................................
51,758
7,490
Rexel
SA
.............................................................
132,951
5,677
Schneider
Electric
SE
....................................................
4,527
1,422
SPIE
SA
.............................................................
8,924
507
15,096
Information
Technology
(0.0%):(a)
Capgemini
SE
.........................................................
5,747
683
Real
Estate
(0.0%):(a)
Klepierre
SA
..........................................................
10,000
408
Utilities
(0.1%):
Engie
SA
.............................................................
25,298
780
Veolia
Environnement
SA
.................................................
15,629
631
1,411
33,645
Germany
(1.8%):
Consumer
Staples
(0.0%):(a)
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
8,082
627
Financials
(0.1%):
Allianz
SE
,
Registered
Shares
..............................................
1,503
666
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Registered
Shares
.......
1,356
712
1,378
Industrials
(1.0%):
GEA
Group
AG
........................................................
5,738
370
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Hensoldt
AG
..........................................................
41,273
$
4,285
MTU
Aero
Engines
AG
..................................................
1,074
392
Siemens
AG
,
Registered
Shares
.............................................
30,635
9,604
Siemens
Energy
AG
.....................................................
9,415
1,782
16,433
Information
Technology
(0.2%):
SAP
SE
..............................................................
21,649
3,916
Materials
(0.4%):
Heidelberg
Materials
AG
.................................................
20,719
4,584
thyssenkrupp
AG
.......................................................
95,726
1,306
5,890
Utilities
(0.1%):
RWE
AG
.............................................................
10,323
656
28,900
Hong
Kong
(0.1%):
Consumer
Discretionary
(0.0%):(a)
Alibaba
Group
Holding
Ltd.
,
Class
W
........................................
76
1
Financials
(0.1%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
135,500
828
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
13,700
700
1,528
1,529
Indonesia
(0.3%):
Communication
Services
(0.3%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
32,897,138
5,540
Ireland
(1.1%):
Consumer
Staples
(0.1%):
Kerry
Group
PLC
,
Class
A
................................................
15,054
1,290
Financials
(0.1%):
Bank
of
Ireland
Group
PLC
...............................................
95,730
1,945
Health
Care
(0.1%):
Medtronic
PLC
........................................................
18,258
1,348
Industrials
(0.7%):
AerCap
Holdings
NV
....................................................
6,574
916
Eaton
Corp.
PLC
.......................................................
24,436
9,789
Experian
PLC
.........................................................
60,150
2,077
12,782
Materials
(0.1%):
CRH
PLC
............................................................
12,641
1,375
18,740
Israel
(0.3%):
Health
Care
(0.3%):
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(c)
...................................
117,400
4,147
Italy
(1.1%):
Consumer
Discretionary
(0.1%):
Lottomatica
Group
SpA
..................................................
17,091
505
Moncler
SpA
..........................................................
7,819
507
1,012
Energy
(0.0%):(a)
Eni
SpA
.............................................................
31,822
832
Financials
(0.5%):
Banca
Mediolanum
SpA
..................................................
24,143
557
FinecoBank
Banca
Fineco
SpA
.............................................
243,363
5,937
Nexi
SpA
(b)
(d)
........................................................
318,042
1,301
7,795
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Materials
(0.1%):
Buzzi
SpA
(d)
..........................................................
23,509
$
1,270
Utilities
(0.4%):
Enel
SpA
.............................................................
654,429
7,343
18,252
Japan
(6.3%):
Communication
Services
(0.3%):
Konami
Group
Corp.
....................................................
7,000
831
Nintendo
Co.
Ltd.
......................................................
73,800
3,303
4,134
Consumer
Discretionary
(1.1%):
Asics
Corp.
...........................................................
175,100
5,320
Bridgestone
Corp.
......................................................
67,100
1,444
Open
House
Group
Co.
Ltd.
...............................................
53,000
2,874
Panasonic
Holdings
Corp.
.................................................
25,200
582
Sony
Group
Corp.
......................................................
219,500
4,735
Subaru
Corp.
..........................................................
64,500
979
Sumitomo
Electric
Industries
Ltd.
...........................................
11,600
895
Suzuki
Motor
Corp.
.....................................................
33,800
419
Toyota
Motor
Corp.
.....................................................
61,500
1,164
18,412
Consumer
Staples
(0.4%):
Asahi
Group
Holdings
Ltd.
................................................
33,900
324
Kobe
Bussan
Co.
Ltd.
....................................................
108,900
1,852
MatsukiyoCocokara
&
Co.
................................................
29,500
421
Toyo
Suisan
Kaisha
Ltd.
..................................................
60,649
4,254
6,851
Financials
(1.2%):
Mizuho
Financial
Group,
Inc.
..............................................
307,411
13,818
ORIX
Corp.
...........................................................
18,874
736
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
114,825
4,189
Tokio
Marine
Holdings,
Inc.
...............................................
18,400
817
19,560
Health
Care
(1.0%):
Astellas
Pharma,
Inc.
....................................................
42,400
604
Hoya
Corp.
...........................................................
81,202
13,792
Otsuka
Holdings
Co.
Ltd.
.................................................
12,200
896
Shionogi
&
Co.
Ltd.
.....................................................
34,900
656
15,948
Industrials
(1.2%):
BayCurrent,
Inc.
.......................................................
121,100
4,284
Central
Japan
Railway
Co.
................................................
24,800
542
Fuji
Electric
Co.
Ltd.
....................................................
114,100
11,074
Fujikura
Ltd.
..........................................................
15,500
462
ITOCHU
Corp.
........................................................
94,245
1,140
Mitsubishi
Corp.
.......................................................
13,300
421
Mitsui
&
Co.
Ltd.
.......................................................
30,700
1,020
Obayashi
Corp.
........................................................
29,700
603
Recruit
Holdings
Co.
Ltd.
.................................................
12,900
863
20,409
Information
Technology
(1.1%):
Disco
Corp.
...........................................................
14,800
6,039
FUJIFILM
Holdings
Corp.
................................................
74,700
1,553
Ibiden
Co.
Ltd.
.........................................................
11,300
1,625
Kioxia
Holdings
Corp.
(c)
.................................................
3,400
1,400
Kyocera
Corp.
.........................................................
27,500
601
Murata
Manufacturing
Co.
Ltd.
.............................................
13,000
819
NEC
Corp.
...........................................................
27,400
710
Oracle
Corp.
..........................................................
81,500
4,421
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
SCREEN
Holdings
Co.
Ltd.
...............................................
10,000
$
698
17,866
Materials
(0.0%):(a)
Asahi
Kasei
Corp.
......................................................
53,700
602
Real
Estate
(0.0%):(a)
Daiwa
House
Industry
Co.
Ltd.
.............................................
12,300
335
104,117
Luxembourg
(0.1%):
Materials
(0.1%):
ArcelorMittal
SA
.......................................................
12,783
880
Macau
(0.1%):
Consumer
Discretionary
(0.1%):
Sands
China
Ltd.
.......................................................
368,000
719
Mexico
(0.1%):
Financials
(0.1%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
127,400
1,329
Netherlands
(1.8%):
Consumer
Discretionary
(0.1%):
Prosus
NV
(c)
..........................................................
20,330
925
Consumer
Staples
(0.0%):(a)
Koninklijke
Ahold
Delhaize
NV
............................................
14,703
619
Energy
(0.0%):(a)
SBM
Offshore
NV
......................................................
12,556
479
Financials
(0.2%):
ABN
AMRO
Bank
NV
,
Class
CV
...........................................
53,376
2,121
Euronext
NV
(b)
........................................................
5,137
835
NN
Group
NV
.........................................................
7,532
628
3,584
Health
Care
(0.1%):
Argenx
SE
(c)
..........................................................
908
759
Information
Technology
(1.4%):
ASML
Holding
NV
.....................................................
14,663
23,707
30,073
New
Zealand
(0.4%):
Health
Care
(0.4%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
268,369
5,985
Norway
(0.5%):
Industrials
(0.4%):
Kongsberg
Gruppen
ASA
.................................................
194,720
6,977
Materials
(0.1%):
Norsk
Hydro
ASA
......................................................
112,466
1,376
Yara
International
ASA
...................................................
8,580
466
1,842
8,819
Portugal
(0.0%):(a)
Energy
(0.0%):(a)
Galp
Energia
SGPS
SA
...................................................
24,981
544
Russian
Federation
(0.0%):
Energy
(0.0%):
Gazprom
PJSC
(c)
(e)
(f)
...................................................
303,950
—
Rosneft
Oil
Co.
PJSC
,
GDR
(c)
(e)
(f)
.........................................
124,892
—
—
Financials
(0.0%):
Sberbank
of
Russia
PJSC
,
ADR
(c)
(e)
(f)
.......................................
91,313
—
—
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Singapore
(0.9%):
Financials
(0.9%):
DBS
Group
Holdings
Ltd.
.................................................
20,195
$
995
Singapore
Exchange
Ltd.
.................................................
791,427
13,572
14,567
Industrials
(0.0%):(a)
Singapore
Technologies
Engineering
Ltd.
......................................
57,200
510
15,077
South
Korea
(2.6%):
Consumer
Discretionary
(0.3%):
Kia
Corp.
............................................................
49,860
5,594
Financials
(0.7%):
Hana
Financial
Group,
Inc.
................................................
31,906
2,442
KB
Financial
Group,
Inc.
.................................................
86,304
8,647
11,089
Information
Technology
(1.6%):
Samsung
Electronics
Co.
Ltd.
..............................................
122,680
25,741
42,424
Spain
(1.4%):
Consumer
Discretionary
(0.1%):
Industria
de
Diseno
Textil
SA
..............................................
16,191
998
Energy
(0.1%):
Repsol
SA
............................................................
30,920
798
Financials
(1.0%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
547,708
12,792
Banco
de
Sabadell
SA
(d)
.................................................
344,407
1,165
Banco
Santander
SA
.....................................................
170,755
2,135
Bankinter
SA
..........................................................
43,175
725
16,817
Industrials
(0.2%):
Aena
SME
SA
(b)
.......................................................
133,418
3,871
Utilities
(0.0%):(a)
Endesa
SA
............................................................
14,476
605
23,089
Sweden
(0.5%):
Communication
Services
(0.1%):
Telia
Co.
AB
..........................................................
161,485
866
Consumer
Staples
(0.0%):(a)
Essity
AB
,
Class
B
......................................................
19,909
558
Financials
(0.0%):(a)
Swedbank
AB
,
Class
A
...................................................
17,153
634
Industrials
(0.4%):
Atlas
Copco
AB
,
Class
B
.................................................
328,181
5,557
Volvo
AB
,
Class
B
......................................................
19,844
699
6,256
Materials
(0.0%):(a)
Boliden
AB
...........................................................
9,380
584
8,898
Switzerland
(3.5%):
Consumer
Staples
(0.6%):
Coca-Cola
HBC
AG
(c)
...................................................
15,023
861
Nestle
SA
,
Registered
Shares
..............................................
92,179
9,356
10,217
Financials
(0.9%):
Chubb
Ltd.
...........................................................
30,381
9,471
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Partners
Group
Holding
AG
...............................................
3,028
$
3,196
UBS
Group
AG
........................................................
44,096
2,083
Zurich
Insurance
Group
AG
(d)
.............................................
1,439
1,022
15,772
Health
Care
(1.2%):
Lonza
Group
AG
,
Registered
Shares
.........................................
6,056
3,869
Novartis
AG
,
Registered
Shares
.............................................
16,250
2,445
Roche
Holding
AG
......................................................
31,049
13,068
Sandoz
Group
AG
......................................................
8,720
734
20,116
Industrials
(0.1%):
ABB
Ltd.
,
Registered
Shares
...............................................
18,090
1,935
Information
Technology
(0.5%):
Logitech
International
SA
,
Registered
Shares
(d)
.................................
61,990
7,536
Materials
(0.2%):
Amrize
Ltd.
(c)
.........................................................
31,508
1,705
Holcim
AG
(c)
.........................................................
10,035
988
2,693
58,269
Taiwan
(3.7%):
Financials
(0.7%):
Cathay
Financial
Holding
Co.
Ltd.
...........................................
3,999,000
10,947
Information
Technology
(3.0%):
Lite-On
Technology
Corp.
................................................
1,117,000
8,252
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
566,000
41,937
50,189
61,136
United
Kingdom
(3.7%):
Communication
Services
(0.0%):(a)
Informa
PLC
..........................................................
42,749
464
Consumer
Discretionary
(0.4%):
Compass
Group
PLC
....................................................
32,545
1,047
Next
PLC
............................................................
30,128
5,343
6,390
Consumer
Staples
(0.5%):
Imperial
Brands
PLC
....................................................
179,573
6,511
Unilever
PLC
.........................................................
18,121
1,021
7,532
Energy
(0.2%):
Harbour
Energy
PLC
....................................................
146,377
518
Shell
PLC
,
ADR
.......................................................
31,911
2,684
3,202
Financials
(1.1%):
Barclays
PLC
.........................................................
151,479
925
HSBC
Holdings
PLC
....................................................
565,491
10,618
London
Stock
Exchange
Group
PLC
,
ADR
....................................
105,800
3,215
Standard
Chartered
PLC
..................................................
124,248
3,327
18,085
Health
Care
(0.2%):
AstraZeneca
PLC
.......................................................
11,530
2,140
GSK
PLC
............................................................
58,127
1,470
3,610
Industrials
(0.5%):
Babcock
International
Group
PLC
...........................................
34,767
513
Howden
Joinery
Group
PLC
...............................................
606,389
6,251
RELX
PLC
...........................................................
18,474
603
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Rolls-Royce
Holdings
PLC
................................................
84,442
$
1,519
8,886
Materials
(0.7%):
Endeavour
Mining
PLC
..................................................
11,272
693
Rio
Tinto
PLC
.........................................................
99,075
10,521
11,214
Real
Estate
(0.0%):(a)
LondonMetric
Property
PLC
...............................................
156,176
397
Utilities
(0.1%):
Drax
Group
PLC
.......................................................
55,517
590
National
Grid
PLC
......................................................
43,383
696
1,286
61,066
United
States
(60.8%):
Communication
Services
(5.5%):
Alphabet,
Inc.
,
Class
A
...................................................
15,332
5,831
Alphabet,
Inc.
,
Class
C
...................................................
149,866
56,414
Meta
Platforms,
Inc.
,
Class
A
..............................................
28,987
18,335
Netflix,
Inc.
(c)
.........................................................
104,879
9,022
T-Mobile
US,
Inc.
......................................................
8,241
1,545
91,147
Consumer
Discretionary
(6.4%):
Amazon.com,
Inc.
(c)
....................................................
146,374
39,615
Booking
Holdings,
Inc.
...................................................
42,016
7,035
Carnival
Corp.
Ltd.
.....................................................
170,884
4,795
Darden
Restaurants,
Inc.
..................................................
17,609
3,591
Deckers
Outdoor
Corp.
(c)
.................................................
34,355
3,911
eBay,
Inc.
............................................................
12,320
1,346
Hilton
Worldwide
Holdings,
Inc.
............................................
7,409
2,428
Mattel,
Inc.
(c)
.........................................................
125,400
1,873
McDonald's
Corp.
......................................................
43,251
12,076
PulteGroup,
Inc.
........................................................
72,554
8,574
Tesla,
Inc.
(c)
..........................................................
24,779
10,798
The
Gap,
Inc.
..........................................................
186,960
3,954
The
TJX
Cos.,
Inc.
......................................................
29,545
4,572
Toll
Brothers,
Inc.
......................................................
12,500
1,732
106,300
Consumer
Staples
(2.3%):
BJ's
Wholesale
Club
Holdings,
Inc.
(c)
........................................
37,914
3,233
Colgate-Palmolive
Co.
...................................................
127,394
11,482
Dollar
General
Corp.
....................................................
11,930
1,320
Keurig
Dr.
Pepper,
Inc.
...................................................
44,800
1,345
Mondelez
International,
Inc.
,
Class
A
.........................................
32,800
2,007
PepsiCo,
Inc.
..........................................................
84,127
12,130
The
J.M.
Smucker
Co.
...................................................
13,546
1,398
The
Procter
&
Gamble
Co.
................................................
18,900
2,713
U.S.
Foods
Holding
Corp.
(c)
...............................................
28,500
2,333
37,961
Energy
(3.0%):
APA
Corp.
............................................................
210,492
7,668
Baker
Hughes
Co.
,
Class
A
................................................
43,686
2,791
ConocoPhillips
Co.
.....................................................
42,812
4,880
Enterprise
Products
Partners
LP
.............................................
91,300
3,359
Expand
Energy
Corp.
....................................................
26,181
2,434
Exxon
Mobil
Corp.
.....................................................
155,970
22,656
HF
Sinclair
Corp.
.......................................................
21,318
1,490
Ovintiv,
Inc.
..........................................................
22,573
1,265
Valero
Energy
Corp.
.....................................................
12,969
3,175
49,718
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Financials
(8.0%):
Bank
of
America
Corp.
...................................................
298,668
$
15,411
Cboe
Global
Markets,
Inc.
................................................
10,200
3,402
Citigroup,
Inc.
.........................................................
32,300
4,067
Citizens
Financial
Group,
Inc.
..............................................
30,840
1,920
Corpay,
Inc.
(c)
.........................................................
9,900
3,582
Huntington
Bancshares,
Inc.
...............................................
79,698
1,304
Intercontinental
Exchange,
Inc.
.............................................
23,453
3,467
Jackson
Financial,
Inc.
,
Class
A
.............................................
67,015
6,910
JPMorgan
Chase
&
Co.
..................................................
56,542
16,924
KeyCorp
.............................................................
259,335
5,532
MarketAxess
Holdings,
Inc.
...............................................
10,900
1,417
Mastercard,
Inc.
,
Class
A
.................................................
34,013
16,802
PayPal
Holdings,
Inc.
....................................................
61,323
2,744
Regions
Financial
Corp.
..................................................
88,933
2,490
Rocket
Cos.,
Inc.
,
Class
A
(c)
...............................................
109,900
1,595
S&P
Global,
Inc.
.......................................................
17,894
7,587
State
Street
Corp.
.......................................................
9,821
1,528
Synchrony
Financial
.....................................................
81,335
5,811
The
PNC
Financial
Services
Group,
Inc.
......................................
35,882
7,934
The
Progressive
Corp.
...................................................
16,271
3,098
U.S.
Bancorp
..........................................................
44,755
2,455
Unum
Group
..........................................................
145,567
12,116
Wells
Fargo
&
Co.
......................................................
41,709
3,234
131,330
Health
Care
(5.5%):
AbbVie,
Inc.
..........................................................
21,290
4,635
Amgen,
Inc.
...........................................................
22,853
7,697
Boston
Scientific
Corp.
(c)
.................................................
41,600
2,010
Bristol-Myers
Squibb
Co.
.................................................
25,817
1,476
Cardinal
Health,
Inc.
....................................................
23,795
4,683
CVS
Health
Corp.
......................................................
30,300
2,757
Dexcom,
Inc.
(c)
........................................................
71,807
5,295
Elevance
Health,
Inc.
....................................................
5,511
2,167
Eli
Lilly
&
Co.
.........................................................
17,205
19,011
Gilead
Sciences,
Inc.
....................................................
73,458
9,875
IDEXX
Laboratories,
Inc.
(c)
...............................................
13,281
7,484
Johnson
&
Johnson
.....................................................
64,615
14,560
Pfizer,
Inc.
............................................................
58,895
1,542
Regeneron
Pharmaceuticals,
Inc.
............................................
2,600
1,598
The
Cigna
Group
.......................................................
13,000
3,606
Vertex
Pharmaceuticals,
Inc.
(c)
.............................................
6,399
2,864
91,260
Industrials
(6.0%):
AMETEK,
Inc.
........................................................
14,000
3,162
CACI
International,
Inc.
,
Class
A
(c)
.........................................
3,900
2,003
Caterpillar,
Inc.
........................................................
21,163
18,536
CSX
Corp.
............................................................
34,142
1,545
Curtiss-Wright
Corp.
....................................................
17,737
13,260
Delta
Air
Lines,
Inc.
.....................................................
97,362
8,030
Dover
Corp.
...........................................................
10,800
2,283
EMCOR
Group,
Inc.
....................................................
3,556
2,940
FedEx
Corp.
..........................................................
6,900
2,841
Generac
Holdings,
Inc.
(c)
.................................................
10,548
2,931
Honeywell
International,
Inc.
..............................................
14,600
3,473
Leidos
Holdings,
Inc.
....................................................
15,100
1,930
Regal
Rexnord
Corp.
....................................................
11,908
2,402
Rockwell
Automation,
Inc.
................................................
13,548
6,111
RTX
Corp.
............................................................
12,800
2,300
SS&C
Technologies
Holdings,
Inc.
..........................................
30,100
2,032
Uber
Technologies,
Inc.
(c)
................................................
60,411
4,253
Union
Pacific
Corp.
.....................................................
13,500
3,546
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
United
Rentals,
Inc.
.....................................................
1,622
$
1,615
Vertiv
Holdings
Co.
,
Class
A
...............................................
43,375
13,694
98,887
Information
Technology
(19.6%):
Adobe,
Inc.
(c)
.........................................................
26,789
6,944
Advanced
Micro
Devices,
Inc.
(c)
............................................
19,097
9,856
Amphenol
Corp.
,
Class
A
.................................................
8,800
1,309
Analog
Devices,
Inc.
....................................................
8,200
3,394
Apple,
Inc.
...........................................................
209,373
65,337
Applied
Materials,
Inc.
...................................................
3,200
1,440
Autodesk,
Inc.
(c)
.......................................................
15,215
3,519
Broadcom,
Inc.
........................................................
42,755
19,102
Cisco
Systems,
Inc.
.....................................................
113,642
13,685
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
25,360
1,414
Fortinet,
Inc.
(c)
........................................................
114,691
15,824
International
Business
Machines
Corp.
........................................
15,175
4,519
Micron
Technology,
Inc.
..................................................
21,857
21,223
Microsoft
Corp.
........................................................
115,475
51,991
NetApp,
Inc.
..........................................................
28,589
4,983
NVIDIA
Corp.
.........................................................
348,177
73,514
QUALCOMM,
Inc.
.....................................................
9,837
2,469
Salesforce,
Inc.
........................................................
33,872
6,473
Texas
Instruments,
Inc.
...................................................
43,955
13,436
Zebra
Technologies
Corp.
(c)
...............................................
11,200
2,729
323,161
Materials
(1.5%):
Alcoa
Corp.
...........................................................
112,693
8,750
Freeport-McMoRan,
Inc.
.................................................
134,471
8,836
Newmont
Corp.
........................................................
37,824
4,153
PPG
Industries,
Inc.
.....................................................
24,600
2,779
24,518
Real
Estate
(1.3%):
Equity
LifeStyle
Properties,
Inc.
............................................
38,200
2,360
Prologis,
Inc.
..........................................................
63,483
9,108
Simon
Property
Group,
Inc.
...............................................
50,082
10,262
21,730
Utilities
(1.7%):
American
Electric
Power
Co.,
Inc.
...........................................
20,400
2,584
Constellation
Energy
Corp.
................................................
18,714
5,385
Edison
International
.....................................................
88,856
6,215
Eversource
Energy
......................................................
34,737
2,372
Exelon
Corp.
..........................................................
122,925
5,610
FirstEnergy
Corp.
.......................................................
48,401
2,245
National
Fuel
Gas
Co.
...................................................
52,349
4,044
28,455
1,004,467
Total
Common
Stocks
(Cost
$951,882)
1,627,733
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
,
expiring
3/31/40
(c)
(f)
...............................
5,434
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(0.1%)
United
States
(0.1%):
iShares
Core
MSCI
EAFE
ETF
.............................................
19,267
1,889
Total
Exchange-Traded
Funds
(Cost
$1,889)
1,889
Victory
Portfolios
III
Victory
Sustainable
World
Fund
(Also
Known
as
Victory
World
Equity
Fund)
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$19,332
(thousands)
and
amounted
to
1.2%
of
net
assets.
(c)
Non-income
producing
security.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2026
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2026.
(g)
Rate
disclosed
is
the
daily
yield
on
May
31,
2026.
Security
Description
Shares
Value
(000)
Collateral
for
Securities
Loaned
(0.3%)^
United
States
(0.3%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.53
%
(g)
........
1,272,538
$
1,273
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.54
%
(g)
............
1,272,538
1,272
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.57
%
(g)
...............
1,272,538
1,272
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.55
%
(g)
.
1,272,538
1,273
Total
Collateral
for
Securities
Loaned
(Cost
$5,090)
5,090
Total
Investments
(Cost
$958,861)
—
98.9%
1,634,712
Other
assets
in
excess
of
liabilities
—
1.1%
17,898
NET
ASSETS
-
100.00%
$
1,652,610
Security
Name
Acquisition
Date
Cost
Value
Gazprom
PJSC
....................................................
8/13/2021
$
1,231
$
—
Rosneft
Oil
Co.
PJSC
,
GDR
...........................................
4/6/2021
964
—
Sberbank
of
Russia
PJSC
,
ADR
.........................................
3/26/2021
1,405
—
Total
(–%
of
net
assets)
$3,600
$—
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
GDR
—
Global
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
71
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(86.2%)
Australia
(1.2%):
Energy
(0.1%):
Santos
Ltd.
...........................................................
29,424
$
165
Financials
(0.4%):
Commonwealth
Bank
of
Australia
...........................................
3,233
383
Westpac
Banking
Corp.
..................................................
11,302
292
675
Real
Estate
(0.7%):
Scentre
Group
.........................................................
198,471
545
Vicinity
Ltd.
..........................................................
401,491
729
1,274
2,114
Brazil
(0.4%):
Financials
(0.4%):
Pagseguro
Digital
Ltd.,
Class
A
.............................................
26,907
252
StoneCo
Ltd.,
Class
A
....................................................
21,924
251
XP,
Inc.,
Class
A
.......................................................
15,638
261
764
Canada
(14.0%):
Consumer
Discretionary
(0.8%):
Canadian
Tire
Corp.
Ltd.,
Class
A
...........................................
2,852
366
Dollarama,
Inc.
........................................................
4,843
619
Magna
International,
Inc.
.................................................
5,429
352
1,337
Consumer
Staples
(0.5%):
Alimentation
Couche-Tard,
Inc.
.............................................
7,148
404
George
Weston
Ltd.
.....................................................
2,545
178
Loblaw
Cos.
Ltd.
.......................................................
7,572
339
921
Energy
(3.1%):
ARC
Resources
Ltd.
.....................................................
8,958
203
Cameco
Corp.
.........................................................
3,767
423
Canadian
Natural
Resources
Ltd.
............................................
20,133
916
Cenovus
Energy,
Inc.
....................................................
16,454
454
Enbridge,
Inc.
.........................................................
17,480
959
Imperial
Oil
Ltd.
.......................................................
1,190
141
Keyera
Corp.
..........................................................
3,912
162
Pembina
Pipeline
Corp.
..................................................
4,568
213
Suncor
Energy,
Inc.
.....................................................
9,681
605
TC
Energy
Corp.
.......................................................
9,836
656
Tourmaline
Oil
Corp.
....................................................
5,657
259
Whitecap
Resources,
Inc.
.................................................
13,347
153
5,144
Financials
(6.2%):
Bank
of
Montreal
.......................................................
5,797
942
Brookfield
Corp.,
Class
A
.................................................
24,389
1,111
Canadian
Imperial
Bank
of
Commerce
........................................
6,556
716
Fairfax
Financial
Holdings
Ltd.
.............................................
311
484
Great-West
Lifeco,
Inc.
...................................................
6,447
376
Intact
Financial
Corp.
....................................................
2,785
547
Manulife
Financial
Corp.
.................................................
17,277
661
National
Bank
of
Canada
.................................................
3,070
448
Power
Corp.
of
Canada
...................................................
10,405
629
Royal
Bank
of
Canada
...................................................
9,683
1,858
Sun
Life
Financial,
Inc.
..................................................
9,233
664
The
Bank
of
Nova
Scotia
.................................................
9,197
738
The
Toronto-Dominion
Bank
...............................................
11,543
1,321
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
TMX
Group
Ltd.
.......................................................
6,531
$
244
10,739
Industrials
(1.1%):
Canadian
National
Railway
Co.
.............................................
5,003
592
Canadian
Pacific
Kansas
City
Ltd.
...........................................
7,873
703
Thomson
Reuters
Corp.
..................................................
3,102
269
WSP
Global,
Inc.
.......................................................
2,626
372
1,936
Information
Technology
(1.5%):
Celestica,
Inc.(a)
.......................................................
962
372
CGI,
Inc.
.............................................................
3,722
260
Constellation
Software,
Inc.
...............................................
311
637
Shopify,
Inc.,
Class
A(a)
..................................................
10,514
1,254
2,523
Materials
(0.8%):
Agnico
Eagle
Mines
Ltd.
.................................................
863
159
Barrick
Mining
Corp.
....................................................
2,642
113
First
Quantum
Minerals
Ltd.(a)
.............................................
6,866
211
Nutrien
Ltd.
...........................................................
7,045
483
Teck
Resources
Ltd.,
Class
B
..............................................
4,134
274
Wheaton
Precious
Metals
Corp.
.............................................
1,877
252
1,492
24,092
Denmark
(0.2%):
Health
Care
(0.2%):
Genmab
A/S(a)
........................................................
979
257
France
(1.0%):
Consumer
Discretionary
(0.2%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
619
339
Health
Care
(0.2%):
Sanofi
SA
............................................................
4,352
381
Industrials
(0.4%):
Schneider
Electric
SE
....................................................
866
272
Vinci
SA
.............................................................
2,444
355
627
Materials
(0.2%):
Air
Liquide
SA
........................................................
1,468
303
1,650
Germany
(0.9%):
Financials
(0.2%):
Allianz
SE,
Registered
Shares
..............................................
528
234
Deutsche
Boerse
AG
....................................................
563
162
396
Industrials
(0.2%):
Siemens
AG,
Registered
Shares
.............................................
1,248
391
Information
Technology
(0.5%):
Infineon
Technologies
AG
.................................................
4,195
398
SAP
SE
..............................................................
2,428
439
837
1,624
Hong
Kong
(2.9%):
Financials
(0.5%):
AIA
Group
Ltd.
........................................................
36,400
382
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
9,400
480
862
Industrials
(1.0%):
CK
Hutchison
Holdings
Ltd.
...............................................
36,500
328
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
MTR
Corp.
Ltd.
........................................................
93,500
$
376
SITC
International
Holdings
Co.
Ltd.
.........................................
65,000
288
Swire
Pacific
Ltd.,
Class
A
................................................
34,500
359
Techtronic
Industries
Co.
Ltd.
..............................................
19,500
289
1,640
Real
Estate
(1.1%):
CK
Asset
Holdings
Ltd.
..................................................
97,500
589
Henderson
Land
Development
Co.
Ltd.
.......................................
116,000
458
Link
REIT
............................................................
103,800
535
Sun
Hung
Kai
Properties
Ltd.
..............................................
19,000
319
1,901
Utilities
(0.3%):
Hong
Kong
&
China
Gas
Co.
Ltd.
...........................................
500,000
457
4,860
Ireland
(0.8%):
Industrials
(0.6%):
Eaton
Corp.
PLC
.......................................................
1,188
476
Experian
PLC
.........................................................
7,030
243
Trane
Technologies
PLC
..................................................
607
274
993
Information
Technology
(0.2%):
Accenture
PLC,
Class
A
..................................................
1,717
321
1,314
Italy
(0.1%):
Financials
(0.1%):
Intesa
Sanpaolo
SpA
.....................................................
10,529
71
UniCredit
SpA
.........................................................
1,996
172
243
Japan
(3.1%):
Communication
Services
(0.1%):
LY
Corp.
.............................................................
80,100
208
Consumer
Discretionary
(0.9%):
Bridgestone
Corp.
......................................................
28,100
605
Denso
Corp.
..........................................................
32,300
384
Toyota
Motor
Corp.
.....................................................
22,100
418
1,407
Financials
(0.5%):
Daiwa
Securities
Group,
Inc.
...............................................
37,700
355
Mitsubishi
UFJ
Financial
Group,
Inc.
.........................................
12,000
226
Nomura
Holdings,
Inc.
...................................................
36,500
294
875
Health
Care
(0.1%):
Hoya
Corp.
...........................................................
1,400
238
Industrials
(0.4%):
Hitachi
Ltd.
...........................................................
7,600
246
ITOCHU
Corp.
........................................................
17,900
216
Mitsubishi
Corp.
.......................................................
5,100
161
Sumitomo
Corp.
........................................................
4,300
190
813
Information
Technology
(1.0%):
Canon,
Inc.
...........................................................
8,700
231
Disco
Corp.
...........................................................
600
245
Keyence
Corp.
.........................................................
500
251
Murata
Manufacturing
Co.
Ltd.
.............................................
3,000
189
Shimadzu
Corp.
........................................................
14,600
346
TDK
Corp.
...........................................................
8,000
207
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Tokyo
Electron
Ltd.
.....................................................
1,200
$
403
1,872
Materials
(0.1%):
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
3,300
160
5,573
Netherlands
(0.8%):
Consumer
Staples
(0.0%):(b)
The
Magnum
Ice
Cream
Co.
NV(a)
..........................................
980
16
Financials
(0.1%):
ING
Groep
NV
........................................................
4,938
153
Industrials
(0.1%):
Airbus
SE
............................................................
845
176
Information
Technology
(0.6%):
ASM
International
NV
...................................................
308
321
ASML
Holding
NV
.....................................................
456
737
1,058
1,403
Singapore
(1.1%):
Consumer
Discretionary
(0.1%):
Genting
Singapore
Ltd.
...................................................
473,400
223
Consumer
Staples
(0.1%):
Wilmar
International
Ltd.
.................................................
64,200
181
Financials
(0.6%):
DBS
Group
Holdings
Ltd.
.................................................
14,800
729
Singapore
Exchange
Ltd.
.................................................
24,300
417
1,146
Industrials
(0.3%):
Keppel
Ltd.
...........................................................
67,800
572
2,122
Spain
(0.3%):
Financials
(0.3%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
7,315
171
Banco
Santander
SA
.....................................................
24,004
300
471
Sweden
(1.0%):
Consumer
Staples
(0.2%):
Essity
AB,
Class
B
......................................................
13,197
370
Financials
(0.2%):
L
E
Lundbergforetagen
AB,
Class
B
.........................................
6,181
364
Industrials
(0.5%):
Atlas
Copco
AB,
Class
B
.................................................
19,705
334
Epiroc
AB,
Class
B
.....................................................
9,427
241
Sandvik
AB
...........................................................
5,638
229
804
Information
Technology
(0.1%):
Telefonaktiebolaget
LM
Ericsson,
Class
B
.....................................
7,956
104
1,642
Switzerland
(1.6%):
Consumer
Discretionary
(0.2%):
Cie
Financiere
Richemont
SA,
Registered
Shares
................................
1,715
368
Financials
(0.4%):
Swiss
Re
AG
..........................................................
2,108
316
UBS
Group
AG
........................................................
6,445
304
620
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Health
Care
(0.4%):
Novartis
AG,
Registered
Shares
.............................................
2,014
$
303
Roche
Holding
AG
......................................................
909
383
686
Industrials
(0.2%):
ABB
Ltd.,
Registered
Shares
...............................................
3,599
385
Materials
(0.4%):
Holcim
AG(a)
.........................................................
3,785
373
Sika
AG,
Registered
Shares
................................................
1,666
325
698
2,757
United
Kingdom
(2.4%):
Communication
Services
(0.2%):
Vodafone
Group
PLC
....................................................
230,692
347
Consumer
Discretionary
(0.2%):
Next
PLC
............................................................
1,873
332
Consumer
Staples
(0.2%):
British
American
Tobacco
PLC
.............................................
4,733
293
Energy
(0.1%):
Shell
PLC
............................................................
5,353
226
Financials
(0.7%):
Barclays
PLC
.........................................................
57,858
353
HSBC
Holdings
PLC
....................................................
16,488
310
Lloyds
Banking
Group
PLC
...............................................
256,475
351
London
Stock
Exchange
Group
PLC
.........................................
1,719
208
1,222
Health
Care
(0.5%):
AstraZeneca
PLC
.......................................................
2,720
505
GSK
PLC
............................................................
13,141
332
837
Industrials
(0.2%):
Rolls-Royce
Holdings
PLC
................................................
16,334
294
Utilities
(0.3%):
United
Utilities
Group
PLC
................................................
28,547
516
4,067
United
States
(54.4%):
Communication
Services
(5.4%):
Alphabet,
Inc.,
Class
C
...................................................
6,504
2,448
Alphabet,
Inc.,
Class
A
...................................................
4,619
1,757
AT&T,
Inc.
...........................................................
18,873
468
Match
Group,
Inc.
......................................................
22,790
823
Meta
Platforms,
Inc.,
Class
A
..............................................
2,634
1,666
Netflix,
Inc.(a)
.........................................................
6,109
525
Take-Two
Interactive
Software,
Inc.(a)
........................................
1,613
362
The
Walt
Disney
Co.
....................................................
2,749
280
T-Mobile
US,
Inc.
......................................................
2,468
463
Verizon
Communications,
Inc.
..............................................
11,374
544
9,336
Consumer
Discretionary
(5.5%):
Amazon.com,
Inc.(a)
....................................................
10,852
2,937
Booking
Holdings,
Inc.
...................................................
2,300
385
Chipotle
Mexican
Grill,
Inc.,
Class
A(a)
.......................................
9,364
298
Ford
Motor
Co.
........................................................
33,753
589
Hilton
Worldwide
Holdings,
Inc.
............................................
2,030
665
Marriott
International,
Inc.,
Class
A
..........................................
1,220
458
McDonald's
Corp.
......................................................
2,052
573
O'Reilly
Automotive,
Inc.(a)
...............................................
4,822
419
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Restaurant
Brands
International,
Inc.
.........................................
5,310
$
397
Ross
Stores,
Inc.
.......................................................
1,368
317
Starbucks
Corp.
........................................................
3,730
370
Tesla,
Inc.(a)
..........................................................
2,824
1,231
The
Home
Depot,
Inc.
...................................................
1,780
565
The
TJX
Cos.,
Inc.
......................................................
2,663
412
9,616
Consumer
Staples
(3.0%):
Church
&
Dwight
Co.,
Inc.
................................................
4,034
386
Costco
Wholesale
Corp.
..................................................
654
625
Keurig
Dr.
Pepper,
Inc.
...................................................
15,907
478
PepsiCo,
Inc.
..........................................................
3,961
571
Philip
Morris
International,
Inc.
.............................................
3,140
557
The
Coca-Cola
Co.
......................................................
8,479
670
The
Kroger
Co.
........................................................
6,990
434
The
Procter
&
Gamble
Co.
................................................
5,268
756
Walmart,
Inc.
..........................................................
5,831
675
5,152
Energy
(2.1%):
Cheniere
Energy,
Inc.
....................................................
799
180
Chevron
Corp.
.........................................................
3,858
704
ConocoPhillips
Co.
.....................................................
3,227
368
Exxon
Mobil
Corp.
.....................................................
6,295
914
Halliburton
Co.
........................................................
4,582
178
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
21,510
589
SLB
Ltd.
.............................................................
4,885
267
The
Williams
Cos.,
Inc.
..................................................
6,820
487
3,687
Financials
(8.5%):
American
Express
Co.
...................................................
1,820
576
Ameriprise
Financial,
Inc.
.................................................
766
341
Bank
of
America
Corp.
...................................................
10,551
544
Bar
Harbor
Bankshares
...................................................
9,853
344
Berkshire
Hathaway,
Inc.,
Class
B(a)
.........................................
1,368
649
BlackRock,
Inc.
........................................................
488
511
Brookfield
Asset
Management
Ltd.,
Class
A
....................................
5,758
280
CME
Group,
Inc.,
Class
A
.................................................
663
181
Colony
Bankcorp,
Inc.
...................................................
28,711
568
First
Community
Corp.
...................................................
7,075
213
First
Financial
Corp.
.....................................................
7,771
538
First
National
Corp.
.....................................................
8,000
222
Home
Bancorp,
Inc.
.....................................................
12,762
822
Independent
Bank
Corp.
..................................................
17,600
604
Intercontinental
Exchange,
Inc.
.............................................
2,936
434
Investar
Holding
Corp.
...................................................
15,316
433
JPMorgan
Chase
&
Co.
..................................................
2,716
813
Mastercard,
Inc.,
Class
A
.................................................
1,301
643
Moody's
Corp.
.........................................................
622
282
Morgan
Stanley
........................................................
2,357
490
MSCI,
Inc.,
Class
A
.....................................................
529
334
Parke
Bancorp,
Inc.
.....................................................
9,358
288
S&P
Global,
Inc.
.......................................................
871
369
Southern
First
Bancshares,
Inc.(a)
...........................................
11,858
685
The
Charles
Schwab
Corp.
................................................
5,796
506
The
Goldman
Sachs
Group,
Inc.
............................................
754
773
The
Progressive
Corp.
...................................................
2,963
564
Visa,
Inc.,
Class
A
......................................................
3,190
1,041
Wells
Fargo
&
Co.
......................................................
6,056
470
14,518
Health
Care
(4.6%):
AbbVie,
Inc.
..........................................................
3,212
699
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Amgen,
Inc.
...........................................................
1,219
$
411
Boston
Scientific
Corp.(a)
.................................................
6,548
316
Bristol-Myers
Squibb
Co.
.................................................
5,391
308
CVS
Health
Corp.
......................................................
3,110
283
Danaher
Corp.
.........................................................
2,493
455
Elevance
Health,
Inc.
....................................................
488
192
Eli
Lilly
&
Co.
.........................................................
814
899
Gilead
Sciences,
Inc.
....................................................
2,739
368
Intuitive
Surgical,
Inc.(a)
.................................................
842
358
Johnson
&
Johnson
.....................................................
2,808
633
McKesson
Corp.
.......................................................
595
442
Merck
&
Co.,
Inc.
......................................................
4,254
505
Molina
Healthcare,
Inc.(a)
................................................
1,852
321
Pfizer,
Inc.
............................................................
14,394
377
Thermo
Fisher
Scientific,
Inc.
..............................................
1,131
557
UnitedHealth
Group,
Inc.
.................................................
1,488
566
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
563
252
7,942
Industrials
(4.9%):
3M
Co.
..............................................................
3,392
519
Argan,
Inc.
...........................................................
225
150
Broadridge
Financial
Solutions,
Inc.
.........................................
1,832
282
Caterpillar,
Inc.
........................................................
883
773
Cintas
Corp.
..........................................................
1,545
265
Cummins,
Inc.
.........................................................
920
595
Deere
&
Co.
..........................................................
1,075
583
ESCO
Technologies,
Inc.
.................................................
2,093
611
GE
Vernova,
Inc.
.......................................................
388
376
General
Electric
Co.
.....................................................
1,965
636
Honeywell
International,
Inc.
..............................................
2,433
579
Parker-Hannifin
Corp.
...................................................
607
513
Powell
Industries,
Inc.
...................................................
1,015
289
Primoris
Services
Corp.
..................................................
3,269
411
RB
Global,
Inc.
........................................................
3,614
385
RTX
Corp.
............................................................
3,340
600
The
Boeing
Co.(a)
......................................................
1,293
299
TransDigm
Group,
Inc.
...................................................
250
315
8,181
Information
Technology
(16.3%):
Adobe,
Inc.(a)
.........................................................
1,376
357
Advanced
Micro
Devices,
Inc.(a)
............................................
2,337
1,206
Amphenol
Corp.,
Class
A
.................................................
3,286
489
Analog
Devices,
Inc.
....................................................
908
376
Apple,
Inc.
...........................................................
13,620
4,250
Applied
Materials,
Inc.
...................................................
1,703
767
Arista
Networks,
Inc.(a)
..................................................
1,674
267
Autodesk,
Inc.(a)
.......................................................
1,216
281
Broadcom,
Inc.
........................................................
4,154
1,856
Cisco
Systems,
Inc.
.....................................................
5,434
654
FormFactor,
Inc.(a)
.....................................................
1,714
214
Intel
Corp.(a)
..........................................................
7,509
861
International
Business
Machines
Corp.
........................................
2,304
686
Intuit,
Inc.
............................................................
663
220
Keysight
Technologies,
Inc.(a)
.............................................
1,032
349
KLA
Corp.
...........................................................
216
415
Lam
Research
Corp.
.....................................................
1,582
503
Marvell
Technology,
Inc.
.................................................
916
188
Micron
Technology,
Inc.
..................................................
1,785
1,733
Microsoft
Corp.
........................................................
6,557
2,952
NVIDIA
Corp.
.........................................................
22,735
4,800
Oracle
Corp.
..........................................................
2,418
546
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
3,472
544
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
Value
(000)
Palo
Alto
Networks,
Inc.(a)
................................................
1,434
$
404
QUALCOMM,
Inc.
.....................................................
1,157
290
Salesforce,
Inc.
........................................................
2,555
488
Sanmina
Corp.(a)
.......................................................
1,151
299
Semtech
Corp.(a)
.......................................................
1,801
275
ServiceNow,
Inc.(a)
.....................................................
2,674
333
Texas
Instruments,
Inc.
...................................................
2,374
726
Viavi
Solutions,
Inc.(a)
...................................................
4,552
221
Western
Digital
Corp.
....................................................
1,054
560
28,110
Materials
(1.8%):
Eastman
Chemical
Co.
...................................................
11,687
887
Element
Solutions,
Inc.
...................................................
11,073
470
Linde
PLC
............................................................
953
474
Southern
Copper
Corp.
...................................................
1,979
379
The
Sherwin-Williams
Co.
................................................
1,136
345
Vulcan
Materials
Co.
....................................................
1,865
528
3,083
Real
Estate
(1.1%):
CBRE
Group,
Inc.,
Class
A(a)
..............................................
2,788
348
Extra
Space
Storage,
Inc.
.................................................
5,133
741
Prologis,
Inc.
..........................................................
5,528
793
1,882
Utilities
(1.2%):
Avista
Corp.
..........................................................
23,455
973
NextEra
Energy,
Inc.
....................................................
2,148
187
Public
Service
Enterprise
Group,
Inc.
.........................................
6,665
524
Unitil
Corp.
...........................................................
9,647
482
2,166
93,673
Total
Common
Stocks
(Cost
$111,456)
148,626
Exchange-Traded
Funds
(6.9%)
United
States
(6.9%):
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
89,389
7,461
VanEck
Gold
Miners
ETF
.................................................
49,503
4,430
11,891
Total
Exchange-Traded
Funds
(Cost
$7,122)
11,891
Total
Investments
(Cost
$118,578)
—
93.1%
160,517
Other
assets
in
excess
of
liabilities
—
6.9%
11,924
NET
ASSETS
-
100.00%
$
172,441
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
ETF
—
Exchange-Traded
Fund
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
MSCI
Emerging
Markets
Index
Futures
..........................
75
6/19/26
$
5,596
$
6,557
$
961
E-Mini
S&P
500
Futures
..............
44
6/18/26
15,728
16,711
983
Tokyo
Price
Index
Futures
............
28
6/11/26
6,467
6,966
499
$
2,443
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
 (a)
Rounds to
less
than
$1 thousand.
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
ASX
SPI
200
Index
Futures
...........
66
6/18/26
$
10,268
$
10,375
$
(107)
Euro
Stoxx
50
Futures
...............
144
6/19/26
9,585
10,184
(599)
FTSE
100
Index
Futures
..............
69
6/19/26
9,702
9,702
—(a)
$
(706)
Total
unrealized
appreciation
$
2,443
Total
unrealized
depreciation
(706)
Total
net
unrealized
appreciation
(depreciation)
$
1,737
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
80
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(99.3%)
Alabama
(5.1%):
Alabama
Housing
Finance
Authority
Revenue,
Series
A,
4.85%,
10/1/50,
Continuously
Callable
@100
.....................................................
$
2,230
$
2,215
Alabama
State
University
Revenue,
5.75%,
9/1/50,
Continuously
Callable
@100
.........
1,050
1,152
Baldwin
County
IDA
Revenue
AMT,
Series
A,
5.00%,
6/1/55,
(Put
Date
6/1/32)(a)(b)
......
1,000
1,018
Black
Belt
Energy
Gas
District
Revenue
Series
A,
5.00%,
12/1/34,
Continuously
Callable
@100
........................
3,460
3,647
Series
A,
5.25%,
1/1/54,
(Put
Date
10/1/30)(b)
..............................
5,000
5,295
Series
A,
5.25%,
5/1/55,
(Put
Date
9/1/32)(b)
...............................
1,500
1,556
Series
A,
5.25%,
5/1/56,
(Put
Date
5/1/32)(b)
...............................
16,750
17,009
Series
B,
5.00%,
10/1/35,
Continuously
Callable
@100
........................
13,400
13,609
Series
C,
5.50%,
10/1/54,
(Put
Date
6/1/32)(b)
..............................
3,000
3,233
Series
C,
5.50%,
11/1/56,
(Put
Date
8/1/34)(a)(b)
............................
2,000
2,127
Series
D-3,
4.28%
(SOFR+185bps),
6/1/49,
(Put
Date
2/1/29)(b)(c)
...............
2,500
2,518
Series
F,
5.00%,
6/1/36,
Continuously
Callable
@100
.........................
5,000
5,226
Series
G,
5.00%,
10/1/35,
Continuously
Callable
@100
........................
4,635
4,904
County
of
Jefferson
Sewer
Revenue,
5.50%,
10/1/53,
Continuously
Callable
@100
........
3,000
3,135
Energy
Southeast
A
Cooperative
District
Revenue
Series
A,
5.00%,
11/1/35,
Continuously
Callable
@100
........................
1,000
1,058
Series
B,
5.00%,
9/1/33,
Continuously
Callable
@100
.........................
6,180
6,302
Series
B,
5.25%,
7/1/54,
(Put
Date
6/1/32)(b)
...............................
3,000
3,222
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
Revenue,
Series
A,
5.00%,
2/1/36,
Continuously
Callable
@100
.........................
8,000
8,003
Southeast
Energy
Authority
A
Cooperative
District
Revenue
Series
A,
5.00%,
11/1/35,
Continuously
Callable
@100
........................
4,000
4,161
Series
A,
5.25%,
1/1/54,
(Put
Date
7/1/29)(b)
...............................
15,000
15,747
Series
A,
5.00%,
1/1/56,
(Put
Date
6/1/35)(b)
...............................
9,255
9,429
Series
B,
5.25%,
3/1/55
,
(Put
Date
1/1/33)(b)
...............................
2,700
2,795
The
Health
Care
Authority
of
the
City
of
Huntsville
Revenue
Series
B1,
4.00%,
6/1/39,
Continuously
Callable
@100
........................
2,000
2,003
Series
B1,
4.00%,
6/1/40,
Continuously
Callable
@100
........................
2,555
2,545
The
Lower
Alabama
Gas
District
Revenue,
Series
A,
5.00%,
9/1/34
...................
15,000
15,903
The
Southeast
Alabama
Gas
Supply
District
Revenue,
Series
B,
5.00%,
6/1/49,
(Put
Date
5/1/32)(b)
........................................................
3,000
3,155
140,967
Alaska
(0.1%):
Alaska
Housing
Finance
Corp.
Revenue,
Series
A,
4.60%,
12/1/48,
Continuously
Callable
@100
...........................................................
3,000
3,002
Alaska
Railroad
Corp.
Revenue
AMT,
6.00%,
10/1/50,
Continuously
Callable
@100
.......
1,000
1,101
4,103
Arizona
(1.8%):
Arizona
IDA
Revenue
4.00%,
12/15/41,
Continuously
Callable
@100(a)
............................
955
855
Series
A,
5.10%,
10/1/50,
Continuously
Callable
@100
........................
1,000
1,009
Maricopa
County
&
Phoenix
IDA
Revenue,
Series
A,
4.65%,
9/1/50,
Continuously
Callable
@100
...........................................................
1,975
1,979
Maricopa
County
IDA
Revenue
5.00%,
7/1/39,
Continuously
Callable
@100(a)
.............................
2,000
2,007
4.00%,
7/1/41,
Continuously
Callable
@100(a)
.............................
1,250
1,151
4.25%,
7/1/44,
Continuously
Callable
@100
...............................
1,000
920
Series
D,
5.00%,
12/1/45,
Continuously
Callable
@100
........................
1,500
1,567
Sierra
Vista
IDA
Revenue
5.25%,
6/15/38,
Continuously
Callable
@100(a)
.............................
4,845
4,831
5.25%,
6/15/42,
Continuously
Callable
@100(a)
.............................
4,460
4,356
5.00%,
6/15/44,
Continuously
Callable
@100(a)
.............................
2,000
1,850
Tempe
IDA
Revenue
Series
A,
4.00%,
12/1/38,
Continuously
Callable
@102
........................
2,690
2,584
Series
A,
5.38%,
12/1/46,
Continuously
Callable
@103
........................
1,000
1,000
The
County
of
Pima
IDA
Revenue
4.00%,
4/1/41,
Continuously
Callable
@100
...............................
1,690
1,633
4.00%,
6/15/41,
Continuously
Callable
@100(a)
.............................
3,500
3,008
Series
A,
6.75%,
11/15/42,
Continuously
Callable
@103(a)
.....................
3,000
3,204
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
County
of
Yavapai
IDA
Revenue,
4.00%,
8/1/38,
Continuously
Callable
@100
........
$
1,000
$
984
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
5.00%,
7/1/34,
Continuously
Callable
@100
...............................
10,215
10,135
5.00%,
7/1/36,
Continuously
Callable
@100
...............................
1,675
1,676
5.00%,
10/1/36,
Continuously
Callable
@100
...............................
4,250
4,265
49,014
Arkansas
(0.2%):
Arkansas
Development
Finance
Authority
Revenue
5.00%,
9/1/37,
Continuously
Callable
@100
...............................
1,300
1,357
5.00%,
9/1/38,
Continuously
Callable
@100
...............................
2,000
2,086
5.00%,
9/1/39,
Continuously
Callable
@100
...............................
1,000
1,040
Series
A,
6.63%,
7/1/51,
Continuously
Callable
@103(a)
.......................
2,000
2,015
6,498
California
(1.3%):
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
Revenue
AMT,
Series
B,
4.63%,
7/1/51,
Continuously
Callable
@100
...............................
750
744
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
Revenue
AMT
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B,
4.13%,
7/1/41,
Continuously
Callable
@100
.........................
2,500
2,503
Series
B,
4.25%,
7/1/43,
Continuously
Callable
@100
.........................
3,000
3,005
California
Community
Choice
Financing
Authority
Revenue
Series
B-1,
5.00%,
3/1/36,
Continuously
Callable
@100
.......................
4,000
4,198
Series
C,
5.25%,
2/1/36,
Continuously
Callable
@100
.........................
2,250
2,450
California
Health
Facilities
Financing
Authority
Revenue
Series
B,
5.00%,
11/15/38,
Continuously
Callable
@100
.......................
1,500
1,608
Series
B,
5.00%,
11/15/43,
Continuously
Callable
@100
.......................
1,500
1,579
California
Municipal
Finance
Authority
Revenue,
Series
A,
5.00%,
9/1/46,
Continuously
Callable
@100
.....................................................
665
673
California
Public
Finance
Authority
Revenue,
Series
A,
5.10%,
4/1/66,
(Put
Date
4/1/33)(a)(b)
1,000
990
California
School
Finance
Authority
Revenue
4.40%,
12/1/26(a)
..................................................
4,000
3,996
5.00%,
8/1/31,
Continuously
Callable
@100(a)
.............................
450
450
5.00%,
8/1/36,
Continuously
Callable
@100(a)
.............................
1,450
1,451
Series
A,
5.00%,
7/1/45,
Continuously
Callable
@100(a)
.......................
1,700
1,711
Cerritos
Community
College
District,
GO
Series
D,
8/1/27(d)
..................................................
1,000
968
Series
D,
8/1/28(d)
..................................................
1,000
943
City
of
Los
Angeles
Department
of
Airports
Revenue
AMT,
Series
A,
5.25%,
5/15/50,
Continuously
Callable
@100
...........................................
2,500
2,617
City
of
San
Diego
Tobacco
Settlement
Revenue
Funding
Corp.
Revenue,
Series
C,
4.00%,
6/1/32,
Continuously
Callable
@100
.....................................
225
226
Fresno
Joint
Powers
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
A,
5.00%,
4/1/36,
Continuously
Callable
@100
.........................
420
426
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Revenue
AMT,
Series
A,
5.25%,
5/1/49,
Continuously
Callable
@100
....................
1,000
1,048
The
El
Camino
Community
College
District
Foundation,
GO,
Series
C,
8/1/28(d)
.........
5,500
5,184
36,770
Colorado
(1.5%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
4.25%,
7/1/43,
Continuously
Callable
@100
...............................
3,000
2,828
Series
A,
4.63%,
3/1/51,
Continuously
Callable
@100
.........................
1,000
986
Series
A-1,
6.50%,
2/1/45,
Continuously
Callable
@100(a)
.....................
3,000
3,129
Colorado
Health
Facilities
Authority
Revenue
5.00%,
11/1/41,
Continuously
Callable
@100
...............................
2,500
2,642
Series
A,
4.00%,
8/1/38,
Continuously
Callable
@100
.........................
1,000
1,002
Series
A,
4.00%,
8/1/39,
Continuously
Callable
@100
.........................
1,250
1,231
Series
A,
4.00%,
11/1/39,
Continuously
Callable
@100
........................
3,500
3,432
Series
A,
4.00%,
12/1/40,
Continuously
Callable
@103
........................
2,000
1,922
Series
A,
5.25%,
5/15/48,
Continuously
Callable
@103
........................
1,000
1,007
Series
A,
4.00%,
8/1/49,
Continuously
Callable
@100
.........................
9,715
8,403
Series
A,
5.13%,
12/1/50,
Continuously
Callable
@103
........................
1,515
1,503
Colorado
State
University
Research
Foundation
Revenue,
Series
A,
5.25%,
3/1/45,
Continuously
Callable
@100(a)
.........................................
1,000
1,000
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
County
of
Routt
Co.
Revenue
AMT,
5.50%,
6/1/51,
Continuously
Callable
@100
.........
$
600
$
629
Denver
Health
&
Hospital
Authority
Revenue
Series
A,
5.00%,
12/1/34,
Continuously
Callable
@100(a)
......................
7,355
7,439
Series
A,
4.00%,
12/1/37,
Continuously
Callable
@100
........................
1,250
1,202
Series
A,
4.00%,
12/1/38,
Continuously
Callable
@100
........................
1,250
1,188
Series
A,
4.00%,
12/1/39,
Continuously
Callable
@100
........................
1,000
941
Gunnison
County
Housing
Authority
Revenue,
5.13%,
6/1/50,
Continuously
Callable
@100
.
2,000
2,071
42,555
Connecticut
(1.5%):
City
of
Ansonia
Certificates
of
Participation,
4.75%,
12/1/45,
Continuously
Callable
@100
..
3,000
3,081
City
of
New
Haven,
GO,
Series
A,
5.50%,
8/1/36,
Continuously
Callable
@100
..........
1,810
1,885
City
of
West
Haven,
GO
Series
B,
5.00%,
11/1/32,
Continuously
Callable
@100
........................
400
412
Series
B,
5.00%,
11/1/37,
Continuously
Callable
@100
........................
350
360
Connecticut
Housing
Finance
Authority
Revenue,
Series
A-1,
4.65%,
11/15/51,
Continuously
Callable
@100
.....................................................
3,000
2,998
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
5.00%,
7/1/32,
Continuously
Callable
@100
...............................
1,950
1,999
5.00%,
7/1/34,
Continuously
Callable
@100
...............................
725
740
5.00%,
7/1/35,
Continuously
Callable
@100
...............................
1,170
1,190
5.00%,
7/1/36,
Continuously
Callable
@100
...............................
1,125
1,139
5.00%,
7/1/37,
Continuously
Callable
@100
...............................
1,275
1,287
Series
A,
5.00%,
7/1/33,
Continuously
Callable
@100
.........................
2,000
2,086
Series
A,
4.00%,
7/1/38,
Continuously
Callable
@100
.........................
7,000
6,815
Series
A,
4.00%,
7/1/38,
Continuously
Callable
@100
.........................
2,000
1,986
Series
A,
4.00%,
7/1/39,
Continuously
Callable
@100
.........................
2,000
2,003
Series
A,
4.00%,
7/1/41,
Continuously
Callable
@100
.........................
1,000
943
Series
A,
5.00%,
7/1/44,
Continuously
Callable
@100
.........................
2,400
2,417
Harbor
Point
Infrastructure
Improvement
District
Tax
Allocation,
5.00%,
4/1/30,
Continuously
Callable
@100(a)
...................................................
5,800
5,886
Stamford
Housing
Authority
Revenue,
Series
C,
4.75%,
10/1/32
.....................
1,500
1,546
State
of
Connecticut,
GO,
Series
A,
4.00%,
4/15/37,
Continuously
Callable
@100
.........
1,825
1,856
The
Metropolitan
District,
GO,
4.00%,
7/15/37,
Continuously
Callable
@100
............
1,000
1,013
Town
of
Hamden,
GO
(INS
-
Build
America
Mutual
Assurance
Co.),
Series
A,
5.00%,
8/15/30,
Continuously
Callable
@100
...........................................
1,200
1,256
42,898
Delaware
(0.1%):
Delaware
State
Housing
Authority
Revenue
Series
A,
4.65%,
7/1/50,
Continuously
Callable
@100
.........................
490
469
Series
B,
5.00%,
7/1/50,
Continuously
Callable
@100
.........................
990
1,006
1,475
District
of
Columbia
(0.3%):
Deutsche
Bank
Spears/Lifers
Trust
Revenue,
Series
8178,
5/1/30(a)(d)(e)
...............
1,700
1,700
District
of
Columbia
Revenue
4.00%,
7/1/39,
Continuously
Callable
@100
...............................
1,000
948
5.00%,
7/1/39,
Continuously
Callable
@100
...............................
800
818
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
AMT,
Series
A,
5.00%,
10/1/50,
Continuously
Callable
@100
...........................................
500
511
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Series
B,
4.00%,
10/1/35,
Continuously
Callable
@100
........................
1,000
1,006
Series
B,
4.00%,
10/1/36,
Continuously
Callable
@100
........................
1,250
1,256
Series
B,
4.00%,
10/1/38,
Continuously
Callable
@100
........................
1,000
989
Washington
Convention
&
Sports
Authority
Revenue
Series
A,
4.00%,
10/1/38,
Continuously
Callable
@100
........................
1,250
1,258
Series
A,
4.00%,
10/1/39,
Continuously
Callable
@100
........................
500
498
Series
A,
4.00%,
10/1/40,
Continuously
Callable
@100
........................
750
747
9,731
Florida
(8.1%):
Alachua
County
Health
Facilities
Authority
Revenue,
4.00%,
10/1/40,
Continuously
Callable
@103
...........................................................
700
665
Capital
Projects
Finance
Authority
Revenue
5.00%,
11/1/42,
Continuously
Callable
@100
...............................
1,000
1,002
5.00%,
11/1/43,
Continuously
Callable
@100
...............................
1,000
993
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A-1,
5.00%,
6/1/49,
Continuously
Callable
@100(a)
.....................
$
750
$
633
Capital
Trust
Agency,
Inc.
Revenue,
6.00%,
5/1/43,
Continuously
Callable
@100(a)
.......
3,710
3,792
Capital
Trust
Authority
Revenue
Series
A,
4.75%,
12/1/42,
Continuously
Callable
@100
........................
500
515
Series
A,
5.00%,
12/15/44,
Continuously
Callable
@100
.......................
2,000
1,913
Series
A,
5.25%,
7/1/50,
Continuously
Callable
@100(a)
.......................
600
583
City
of
Cape
Coral
Water
&
Sewer
Revenue
4.00%,
10/1/35,
Continuously
Callable
@100
...............................
1,485
1,489
4.00%,
10/1/36,
Continuously
Callable
@100
...............................
1,400
1,402
4.00%,
10/1/37,
Continuously
Callable
@100
...............................
3,000
3,002
City
of
Pompano
Beach
Revenue
3.50%,
9/1/35,
Continuously
Callable
@103
...............................
3,345
3,071
4.00%,
9/1/40,
Continuously
Callable
@103
...............................
2,500
2,307
Series
A,
4.00%,
9/1/36,
Continuously
Callable
@103
.........................
1,050
1,004
Series
A,
4.00%,
9/1/41,
Continuously
Callable
@103
.........................
1,215
1,143
City
of
Port
St.
Lucie
Special
Assessment
4.00%,
7/1/31,
Continuously
Callable
@100
...............................
3,195
3,197
4.00%,
7/1/32,
Continuously
Callable
@100
...............................
2,000
2,001
4.00%,
7/1/33,
Continuously
Callable
@100
...............................
2,785
2,787
City
of
Port
St.
Lucie
Utility
System
Revenue,
4.00%,
9/1/31,
Continuously
Callable
@100
..
1,000
1,002
City
of
Tampa
Revenue
Series
A,
9/1/36,
Continuously
Callable
@80(d)
.............................
700
464
Series
A,
9/1/37,
Continuously
Callable
@77(d)
.............................
700
441
Series
A,
9/1/38,
Continuously
Callable
@74(d)
.............................
850
498
Series
A,
9/1/39,
Continuously
Callable
@71(d)
.............................
700
395
Series
A,
9/1/40,
Continuously
Callable
@67(d)
.............................
850
460
Series
B,
4.00%,
7/1/38,
Continuously
Callable
@100
.........................
350
342
Series
B,
4.00%,
7/1/39,
Continuously
Callable
@100
.........................
700
679
Cityplace
Community
Development
District
Special
Assessment
(INS
-
Assured
Guaranty
Municipal
Corp.)
4.00%,
5/1/33
.....................................................
3,470
3,548
4.35%,
5/1/38,
Continuously
Callable
@100
...............................
7,900
8,117
County
of
Broward
Airport
System
Revenue
AMT
Series
A,
4.00%,
10/1/44,
Continuously
Callable
@100
........................
4,395
4,136
Series
A,
4.00%,
10/1/49,
Continuously
Callable
@100
........................
8,330
7,293
County
of
Broward
Port
Facilities
Revenue
AMT
Series
B,
4.00%,
9/1/44,
Continuously
Callable
@100
.........................
7,345
6,842
Series
B,
4.00%,
9/1/49,
Continuously
Callable
@100
.........................
5,380
4,618
County
of
Broward
Tourist
Development
Tax
Revenue
4.00%,
9/1/39,
Continuously
Callable
@100
...............................
7,000
7,067
4.00%,
9/1/40,
Continuously
Callable
@100
...............................
9,300
9,357
4.00%,
9/1/41,
Continuously
Callable
@100
...............................
6,975
6,992
County
of
Hillsborough
Solid
Waste
&
Resource
Recovery
Revenue
AMT,
Series
A,
5.25%,
9/1/50,
Continuously
Callable
@100
.....................................
2,000
2,097
County
of
Lee
Airport
Revenue
AMT,
5.25%,
10/1/49,
Continuously
Callable
@100
.......
3,800
3,943
County
of
Lee
Tourist
Development
Tax
Revenue
Series
B,
4.00%,
10/1/37,
Continuously
Callable
@100
........................
4,970
5,009
Series
B,
4.00%,
10/1/38,
Continuously
Callable
@100
........................
5,230
5,257
County
of
Miami-Dade
Aviation
Revenue
AMT,
Series
A,
5.25%,
10/1/50,
Continuously
Callable
@100
.....................................................
3,000
3,117
County
of
Miami-Dade
Water
&
Sewer
System
Revenue,
4.00%,
10/1/41,
Continuously
Callable
@100
.....................................................
210
211
County
of
Okaloosa
Revenue,
5.50%,
5/15/45,
Continuously
Callable
@103(a)
...........
1,000
1,039
County
of
Pasco
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5.50%,
9/1/41,
Continuously
Callable
@100
...............................
750
835
5.50%,
9/1/42,
Continuously
Callable
@100
...............................
1,000
1,110
5.50%,
9/1/43,
Continuously
Callable
@100
...............................
750
833
Escambia
County
Health
Facilities
Authority
Revenue
5.00%,
8/15/35,
Continuously
Callable
@100
...............................
3,100
3,222
5.00%,
8/15/40,
Continuously
Callable
@100
...............................
2,900
2,963
Florida
Development
Finance
Corp.
Revenue
4.00%,
11/15/39,
Continuously
Callable
@100
..............................
5,260
5,136
5.00%,
2/1/40,
Continuously
Callable
@100
...............................
2,845
2,885
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
5.00%,
8/1/43,
Continuously
Callable
@100
...............................
$
1,500
$
1,571
5.00%,
8/1/44,
Continuously
Callable
@100
...............................
1,500
1,561
Series
A,
5.00%,
6/15/35,
Continuously
Callable
@100
........................
1,000
1,006
Series
A,
5.00%,
6/15/40,
Continuously
Callable
@100
........................
1,650
1,659
Series
A,
5.00%,
6/15/42,
Continuously
Callable
@100
........................
2,250
2,261
Series
A,
6.13%,
6/15/50,
Continuously
Callable
@101(a)
......................
1,000
1,018
Florida
Higher
Educational
Facilities
Financing
Authority
Revenue
5.00%,
10/1/35,
Continuously
Callable
@100
...............................
1,250
1,276
5.00%,
10/1/36,
Continuously
Callable
@100
...............................
1,000
1,016
4.00%,
10/1/37,
Continuously
Callable
@100
...............................
1,000
946
4.00%,
10/1/38,
Continuously
Callable
@100
...............................
750
702
5.00%,
3/1/39,
Continuously
Callable
@100
...............................
7,055
5,866
4.00%,
10/1/39,
Continuously
Callable
@100
...............................
800
740
4.00%,
12/1/49,
Continuously
Callable
@100
...............................
1,000
873
Florida
Housing
Finance
Corp.
Revenue,
Series
3,
5.05%,
7/1/50,
Continuously
Callable
@100
825
838
Florida
Local
Government
Finance
Commission
Revenue
Series
B-2,
4.45%,
11/15/31,
Continuously
Callable
@100(a)
...................
1,500
1,520
Series
B-3,
4.20%,
11/15/30,
Continuously
Callable
@100(a)
...................
1,500
1,523
Greater
Orlando
Aviation
Authority
Revenue
AMT,
5.50%,
11/1/37,
Continuously
Callable
@100
...........................................................
1,000
1,059
Halifax
Hospital
Medical
Center
Revenue,
5.00%,
6/1/36,
Continuously
Callable
@100
....
2,750
2,752
Hillsborough
County
Aviation
Authority
Revenue
AMT,
Series
B,
5.50%,
10/1/49,
Continuously
Callable
@100
...........................................
1,000
1,071
Jacksonville
Aviation
Authority
Revenue
AMT,
5.50%,
10/1/50,
Continuously
Callable
@100
1,000
1,066
Lee
County
IDA
Revenue
5.00%,
11/15/39,
Continuously
Callable
@103
..............................
1,500
1,528
5.75%,
10/1/50,
Continuously
Callable
@103(a)
.............................
1,740
1,752
Series
2019A-1,
4.00%,
4/1/37,
Continuously
Callable
@100
...................
5,000
4,971
Series
A,
5.25%,
11/15/44,
Continuously
Callable
@100
.......................
2,525
2,652
Miami-Dade
County
Expressway
Authority
Revenue
Series
A,
5.00%,
7/1/28,
Continuously
Callable
@100
.........................
10,000
10,014
Series
A,
5.00%,
7/1/29,
Continuously
Callable
@100
.........................
7,000
7,009
Series
A,
5.00%,
7/1/29,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A,
5.00%,
7/1/30,
Continuously
Callable
@100
.........................
1,610
1,612
Series
A,
5.00%,
7/1/31,
Continuously
Callable
@100
.........................
1,255
1,256
Series
A,
5.00%,
7/1/32,
Continuously
Callable
@100
.........................
2,000
2,002
Series
A,
5.00%,
7/1/33,
Continuously
Callable
@100
.........................
2,000
2,002
Series
A,
5.00%,
7/1/34,
Continuously
Callable
@100
.........................
2,000
2,002
Series
B,
5.00%,
7/1/30,
Continuously
Callable
@100
.........................
2,000
2,003
Series
B,
5.00%,
7/1/31,
Continuously
Callable
@100
.........................
2,000
2,002
Miami-Dade
County
Housing
Finance
Authority
Revenue,
Series
A,
4.88%,
3/1/46
........
1,250
1,262
Miami-Dade
County
IDA
Revenue,
5.00%,
6/15/46,
Continuously
Callable
@102
.........
1,075
1,078
Northern
Palm
Beach
County
Improvement
District
Special
Assessment,
4.00%,
8/1/46,
Continuously
Callable
@100
...........................................
3,000
2,864
Palm
Beach
County
Educational
Facilities
Authority
Revenue,
4.00%,
10/1/41,
Continuously
Callable
@100
.....................................................
3,695
3,350
Palm
Beach
County
Health
Facilities
Authority
Revenue
4.00%,
8/15/49,
Continuously
Callable
@100
...............................
6,050
5,387
5.75%,
11/1/50,
Continuously
Callable
@100
...............................
1,000
1,047
Series
A,
5.00%,
11/1/39,
Continuously
Callable
@100
........................
1,150
1,186
Series
A,
5.00%,
11/1/42,
Continuously
Callable
@100
........................
850
869
Series
B,
4.00%,
11/15/41,
Continuously
Callable
@103
.......................
250
237
Series
B,
5.00%,
11/15/49,
Continuously
Callable
@103
.......................
3,000
3,003
Pinellas
County
IDA
Revenue,
5.00%,
7/1/29
...................................
600
607
224,427
Georgia
(2.0%):
Development
Authority
of
Appling
County
Revenue,
Series
GA,
1.50%,
9/1/41,
Continuously
Callable
@100(e)
...................................................
2,000
2,000
Gainesville
&
Hall
County
Development
Authority
Revenue,
5.63%,
6/1/50,
Continuously
Callable
@100
.....................................................
2,795
2,891
George
L
Smith
II
Congress
Center
Authority
Revenue,
4.00%,
1/1/36,
Continuously
Callable
@100
...........................................................
1,000
992
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Georgia
Housing
&
Finance
Authority
Revenue
Series
A,
4.65%,
12/1/50,
Continuously
Callable
@100
........................
$
5,000
$
4,973
Series
C,
5.05%,
12/1/45,
Continuously
Callable
@100
........................
1,750
1,798
Series
C,
4.55%,
12/1/49,
Continuously
Callable
@100
........................
5,000
4,859
Series
E,
5.13%,
12/1/45,
Continuously
Callable
@100
........................
2,145
2,251
Glynn-Brunswick
Memorial
Hospital
Authority
Revenue
4.00%,
8/1/36,
Continuously
Callable
@100
...............................
1,840
1,775
4.00%,
8/1/37,
Continuously
Callable
@100
...............................
1,500
1,461
Main
Street
Natural
Gas,
Inc.
Revenue
Series
A,
5.00%,
5/15/37
.............................................
3,500
3,715
Series
A,
5.00%,
5/15/38
.............................................
2,500
2,662
Series
D,
5.00%,
5/1/54,
(Put
Date
12/1/30)(b)
..............................
6,000
6,293
Series
E-2,
4.13%
(SOFR+170bps),
12/1/53,
(Put
Date
6/1/31)(b)(c)
..............
5,000
5,086
Savannah
Georgia
Convention
Center
Authority
Revenue,
Series
C,
5.50%,
6/1/50,
Continuously
Callable
@100
...........................................
250
264
Savannah
Hospital
Authority
Revenue,
Series
A,
4.00%,
7/1/39,
Continuously
Callable
@100
2,500
2,378
The
Burke
County
Development
Authority
Revenue,
2.20%,
10/1/32,
Continuously
Callable
@100
...........................................................
1,850
1,712
The
Development
Authority
of
Burke
County
Revenue,
Series
1,
1.55%,
7/1/49,
Continuously
Callable
@100(e)
...................................................
2,630
2,630
The
Development
Authority
of
Burke
County
Revenue
(NBGA
-
Southern
Co.),
Series
GA,
1.45%,
11/1/52,
Continuously
Callable
@100(e)
.............................
3,585
3,585
The
Development
Authority
of
Cobb
County
Revenue,
Series
A,
2.25%,
4/1/33
,
(Put
Date
10/1/29)(b)
.......................................................
4,975
4,726
56,051
Guam
(0.1%):
Territory
of
Guam
Revenue
Series
A,
5.00%,
12/1/30,
Continuously
Callable
@100
........................
1,500
1,508
Series
A,
5.00%,
12/1/31,
Continuously
Callable
@100
........................
2,000
2,010
3,518
Hawaii
(0.1%):
State
of
Hawaii
Airports
System
Revenue
AMT,
Series
C,
5.00%,
7/1/45,
Continuously
Callable
@100
.....................................................
2,500
2,603
Idaho
(0.6%):
Idaho
Health
Facilities
Authority
Revenue
Series
A,
5.00%,
3/1/35,
Continuously
Callable
@100
.........................
5,805
5,974
Series
A,
5.00%,
3/1/36,
Continuously
Callable
@100
.........................
7,520
7,739
Idaho
Housing
&
Finance
Association
Revenue
Series
A,
4.00%,
7/15/38,
Continuously
Callable
@100
........................
3,000
3,051
Series
C,
5.15%,
7/1/45,
Continuously
Callable
@100
.........................
750
796
17,560
Illinois
(13.0%):
Champaign
County
Community
Unit
School
District
No.
4,
GO
4.00%,
6/1/34,
Continuously
Callable
@100
...............................
1,000
1,018
4.00%,
6/1/35,
Continuously
Callable
@100
...............................
1,290
1,312
4.00%,
6/1/36,
Continuously
Callable
@100
...............................
1,575
1,591
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Revenue,
5.50%,
4/1/43,
Continuously
Callable
@100
...........................................
5,000
5,300
Chicago
Board
of
Education,
GO
Series
A,
12/1/26(d)
.................................................
3,700
3,626
Series
A,
5.00%,
12/1/39,
Continuously
Callable
@100
........................
4,700
4,675
Series
A,
5.00%,
12/1/43,
Continuously
Callable
@100
........................
7,965
7,772
Series
A,
5.75%,
12/1/50,
Continuously
Callable
@100
........................
2,855
2,871
Series
B,
4.00%,
12/1/40,
Continuously
Callable
@100
........................
21,900
19,583
Series
B,
4.00%,
12/1/41,
Continuously
Callable
@100
........................
8,710
7,748
Series
B,
6.00%,
12/1/44,
Continuously
Callable
@100
........................
1,000
1,052
Series
C,
6.00%,
12/1/44,
Continuously
Callable
@100
........................
3,670
3,860
Chicago
O'Hare
International
Airport
Revenue,
Series
A,
4.00%,
1/1/38,
Continuously
Callable
@100
...........................................................
1,000
1,002
Chicago
O'Hare
International
Airport
Revenue
AMT
Series
A,
5.00%,
1/1/48,
Continuously
Callable
@100
.........................
6,495
6,481
Series
A,
5.25%,
1/1/48,
Continuously
Callable
@100
.........................
12,500
12,873
Series
C,
5.25%,
1/1/45,
Continuously
Callable
@100
.........................
1,600
1,688
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
E,
5.50%,
1/1/48,
Continuously
Callable
@100
.........................
$
3,000
$
3,175
Chicago
Park
District,
GO
Series
F-2,
4.00%,
1/1/34,
Continuously
Callable
@100
.......................
1,200
1,222
Series
F-2,
4.00%
,
1/1/36,
Continuously
Callable
@100
.......................
1,300
1,307
Series
F-2,
5.00%,
1/1/37,
Continuously
Callable
@100
.......................
2,000
2,093
Series
F-2,
4.00%,
1/1/38,
Continuously
Callable
@100
.......................
1,750
1,751
Series
F-2,
5.00%,
1/1/39,
Continuously
Callable
@100
.......................
1,500
1,559
Series
F-2,
5.00%,
1/1/40,
Continuously
Callable
@100
.......................
1,125
1,164
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Revenue,
Series
A,
4.00%,
12/1/49,
Continuously
Callable
@100
...........................................
5,005
4,450
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.),
Series
A,
4.00%,
12/1/50,
Continuously
Callable
@100
............
6,385
5,629
City
of
Calumet
City,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
A,
4.50%,
3/1/43,
Continuously
Callable
@100
...........................................
1,000
1,007
City
of
Chicago
Lakeshore
East
Special
Assessment
3.04%,
12/1/28(a)
..................................................
270
261
3.20%,
12/1/29(a)
..................................................
325
311
3.29%,
12/1/30(a)
..................................................
350
332
3.38%,
12/1/31(a)
..................................................
373
353
3.45%,
12/1/32(a)
..................................................
300
288
City
of
Chicago
Wastewater
Transmission
Revenue,
Series
B,
5.00%,
1/1/35,
Continuously
Callable
@100
.....................................................
8,000
8,077
City
of
Chicago
Waterworks
Revenue,
Series
A,
5.00%,
11/1/51,
Continuously
Callable
@100
2,100
2,157
City
of
Chicago,
GO
Series
A,
5.00%,
1/1/45,
Continuously
Callable
@100
.........................
3,800
3,704
Series
A,
5.50%,
1/1/49,
Continuously
Callable
@100
.........................
605
606
Series
A,
6.00%,
1/1/50,
Continuously
Callable
@100
.........................
3,330
3,482
Series
F,
6.00%,
1/1/50,
Continuously
Callable
@100
.........................
1,000
1,044
City
of
Galesburg
Revenue
Series
A,
4.00%,
10/1/36,
Continuously
Callable
@100
........................
1,125
1,018
Series
A,
4.00%,
10/1/41,
Continuously
Callable
@100
........................
1,475
1,236
City
of
Springfield,
GO,
5.00%,
12/1/30,
Continuously
Callable
@100
.................
8,500
8,513
Cook
County
Community
College
District
No.
508,
GO
5.00%,
12/1/43,
Continuously
Callable
@100
...............................
1,650
1,740
5.50%,
12/1/51,
Continuously
Callable
@100
...............................
500
535
County
of
Cook
Sales
Tax
Revenue
4.00%,
11/15/34,
Continuously
Callable
@100
..............................
3,750
3,772
5.00%,
11/15/36,
Continuously
Callable
@100
..............................
5,000
5,109
Illinois
Educational
Facilities
Authority
Revenue
3.90%,
11/1/36,
Continuously
Callable
@102
...............................
2,220
2,250
4.00%,
11/1/36,
Continuously
Callable
@102
...............................
9,750
9,889
4.45%,
11/1/36,
Continuously
Callable
@102
...............................
4,500
4,571
Illinois
Finance
Authority
Revenue
0.00%,
2/15/27(f)
...................................................
6,822
205
0.00%,
5/15/31,
Continuously
Callable
@100(f)
.............................
565
24
5.00%,
12/1/34
....................................................
3,500
3,500
5.00%,
10/1/35,
Continuously
Callable
@100
...............................
600
632
4.00%,
12/1/35
....................................................
5,000
5,000
0.00%,
5/15/36,
Continuously
Callable
@100(f)
.............................
422
18
4.00%,
12/1/36
....................................................
3,000
3,000
5.00%,
10/1/37,
Continuously
Callable
@100
...............................
700
731
2.45%,
10/1/39,
(Put
Date
10/1/29)(b)
....................................
14,000
13,536
5.00%,
10/1/39,
Continuously
Callable
@100
...............................
700
726
4.00%,
10/1/40,
Continuously
Callable
@100
...............................
1,000
944
5.75%,
10/1/45,
Continuously
Callable
@100(a)
.............................
2,235
2,192
5.50%,
4/1/51,
Continuously
Callable
@100
...............................
3,000
3,185
Series
2026-A,
5.38%,
11/1/50,
Continuously
Callable
@103
...................
1,000
1,000
Series
A,
4.00%,
5/15/27
.............................................
640
645
Series
A,
5.00%,
5/15/30,
Continuously
Callable
@100
........................
1,000
1,001
Series
A,
4.00%,
10/1/31,
Continuously
Callable
@100
........................
1,000
1,002
Series
A,
4.00%,
10/1/32,
Continuously
Callable
@100
........................
1,000
1,001
Series
A,
4.00%,
10/1/34,
Continuously
Callable
@100
........................
1,000
1,001
Series
A,
5.00%,
11/15/34,
Continuously
Callable
@100
.......................
3,700
3,706
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A,
5.00%,
5/15/35,
Continuously
Callable
@100
........................
$
1,100
$
1,101
Series
A,
5.00%,
11/15/35,
Continuously
Callable
@100
.......................
3,000
3,002
Series
A,
5.00%,
2/15/37,
Continuously
Callable
@100
........................
1,000
1,005
Series
A,
4.00%,
8/1/39,
Continuously
Callable
@100
.........................
1,850
1,733
Series
A,
4.00%,
8/1/40,
Continuously
Callable
@100
.........................
3,780
3,533
Series
A,
4.00%,
8/1/41,
Continuously
Callable
@100
.........................
1,935
1,801
Series
A,
4.00%,
8/1/43,
Continuously
Callable
@100
.........................
2,105
1,939
Series
A,
4.00%,
7/15/47,
Continuously
Callable
@100
........................
6,500
5,751
Series
B,
5.00%,
10/1/44,
Continuously
Callable
@100(a)
......................
750
733
Series
C,
4.00%,
2/15/36,
Continuously
Callable
@100
........................
3,640
3,649
Series
R,
5.40%,
4/1/27,
Continuously
Callable
@100
.........................
390
390
Illinois
Housing
Development
Authority
Revenue
Series
A,
4.88%,
4/1/50,
Continuously
Callable
@100
.........................
2,000
1,987
Series
A,
4.90%,
4/1/51,
Continuously
Callable
@100
.........................
2,400
2,413
Series
I,
4.63%,
4/1/50,
Continuously
Callable
@100
.........................
3,000
2,872
Illinois
State
Toll
Highway
Authority
Revenue
Series
A,
5.00%,
1/1/34,
Continuously
Callable
@100
.........................
5,870
5,882
Series
A,
5.00%,
1/1/35,
Continuously
Callable
@100
.........................
5,600
5,611
Madison-Macoupin
Etc
Counties
Community
College
District
No.
536,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A,
5.00%,
11/1/31,
Continuously
Callable
@100
........................
1,000
1,007
Series
A,
5.00%,
11/1/32,
Continuously
Callable
@100
........................
2,000
2,013
Series
A,
5.00%,
11/1/33,
Continuously
Callable
@100
........................
750
755
Metropolitan
Pier
&
Exposition
Authority
Revenue
5.00%,
6/15/42,
Continuously
Callable
@100
...............................
2,000
2,058
4.00%,
12/15/42,
Continuously
Callable
@100
..............................
8,000
7,744
Metropolitan
Pier
&
Exposition
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
B,
6/15/26(d)
.................................................
5,000
4,993
Northern
Illinois
Municipal
Power
Agency
Revenue
Series
A,
4.00%,
12/1/31,
Continuously
Callable
@100
........................
1,800
1,807
Series
A,
4.00%,
12/1/32,
Continuously
Callable
@100
........................
2,100
2,106
Series
A,
4.00%,
12/1/33,
Continuously
Callable
@100
........................
4,000
4,008
Series
A,
4.00%,
12/1/35,
Continuously
Callable
@100
........................
5,000
4,982
Northern
Illinois
University
Certificates
of
Participation,
4.25%,
4/1/44,
Continuously
Callable
@100
...........................................................
1,000
955
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
4.00%,
10/1/43,
Continuously
Callable
@100
...............................
1,300
1,213
Series
B,
4.00%,
4/1/35,
Continuously
Callable
@100
.........................
1,200
1,211
Series
B,
4.00%,
4/1/39,
Continuously
Callable
@100
.........................
1,375
1,343
Regional
Transportation
Authority
Revenue
Series
A,
4.00%,
7/1/34,
Continuously
Callable
@100
.........................
23,160
23,396
Series
A,
4.00%,
7/1/35,
Continuously
Callable
@100
.........................
11,650
11,767
Sales
Tax
Securitization
Corp.
Revenue
Series
A,
4.00%,
1/1/38,
Continuously
Callable
@100
.........................
5,060
5,042
Series
A,
4.00%,
1/1/39,
Continuously
Callable
@100
.........................
1,750
1,725
State
of
Illinois,
GO
Series
B,
5.25%,
5/1/43,
Continuously
Callable
@100
.........................
2,500
2,635
Series
C,
5.50%,
4/1/51,
Continuously
Callable
@100
.........................
2,285
2,434
The
Illinois
Sports
Facilities
Authority
Revenue,
5.00%,
6/15/30,
Continuously
Callable
@100
1,025
1,057
The
Illinois
Sports
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.)
5.25%,
6/15/30,
Continuously
Callable
@100
...............................
3,000
3,004
5.25%,
6/15/31,
Continuously
Callable
@100
...............................
5,000
5,075
5.25%,
6/15/32,
Continuously
Callable
@100
...............................
5,000
5,040
Village
of
Bolingbrook,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A,
5.00%,
1/1/30,
Continuously
Callable
@100
.........................
1,500
1,542
Series
A,
5.00%,
1/1/31,
Continuously
Callable
@100
.........................
2,400
2,465
Series
A,
5.00%,
1/1/32,
Continuously
Callable
@100
.........................
2,350
2,411
Series
A,
5.00%,
1/1/38,
Continuously
Callable
@100
.........................
1,500
1,531
Village
of
Rosemont,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
A,
5.00%,
12/1/26
2,110
2,131
Volo
Village
Special
Service
Area
No.
3
&
6
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.),
4.00%,
3/1/36,
Continuously
Callable
@100
..........................
1,250
1,250
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Will
County
Community
High
School
District
No.
210
Lincoln-Way,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.),
4.00%,
1/1/34,
Continuously
Callable
@100
...........
$
650
$
657
360,865
Indiana
(3.3%):
Hammond
Multi-School
Building
Corp.
Revenue
5.00%,
7/15/33,
Continuously
Callable
@100
...............................
1,165
1,197
5.00%,
7/15/34,
Continuously
Callable
@100
...............................
1,000
1,026
5.00%,
7/15/35,
Continuously
Callable
@100
...............................
1,250
1,280
5.00%,
7/15/38,
Continuously
Callable
@100
...............................
3,000
3,059
Indiana
Bond
Bank
Revenue
1/15/30,
Continuously
Callable
@97(d)
...................................
740
634
7/15/30,
Continuously
Callable
@96(d)
...................................
750
627
7/15/31,
Continuously
Callable
@93(d)
...................................
1,490
1,189
7/15/32,
Continuously
Callable
@91(d)
...................................
1,400
1,066
Indiana
Finance
Authority
Revenue
1.40%,
8/1/29,
Continuously
Callable
@100
...............................
7,000
6,478
5.00%,
9/1/30,
Continuously
Callable
@100
...............................
1,250
1,256
5.00%,
9/1/31,
Continuously
Callable
@100
...............................
1,500
1,506
5.00%,
11/15/33,
Continuously
Callable
@103
..............................
2,000
2,052
4.00%,
4/1/35,
Continuously
Callable
@100
...............................
1,210
1,191
4.00%,
4/1/36,
Continuously
Callable
@100
...............................
1,255
1,222
4.00%,
7/1/36,
Continuously
Callable
@100
...............................
3,660
3,581
4.00%,
4/1/37,
Continuously
Callable
@100
...............................
1,310
1,262
4.00%,
4/1/38,
Continuously
Callable
@100
...............................
2,045
1,951
4.00%,
7/1/38,
Continuously
Callable
@100
...............................
4,030
3,844
5.00%
,
11/15/38,
Continuously
Callable
@103
..............................
3,000
3,030
4.00%,
4/1/39,
Continuously
Callable
@100
...............................
1,625
1,535
4.00%,
7/1/39,
Continuously
Callable
@100
...............................
3,605
3,392
4.00%,
4/1/40,
Continuously
Callable
@100
...............................
2,215
2,076
4.00%,
4/1/41,
Continuously
Callable
@100
...............................
2,305
2,111
4.00%,
4/1/42,
Continuously
Callable
@100
...............................
2,400
2,189
4.25%,
3/1/49,
Continuously
Callable
@100
...............................
1,625
1,490
Series
A,
5.00%,
7/1/40,
Continuously
Callable
@100
.........................
2,240
2,329
Series
A,
4.00%,
11/15/41,
Continuously
Callable
@103
.......................
8,400
7,964
Series
A,
5.00%,
7/1/42,
Continuously
Callable
@100
.........................
11,240
11,613
Series
A,
5.00%,
6/1/43,
Continuously
Callable
@100
.........................
855
876
Series
A,
4.00%,
11/15/43,
Continuously
Callable
@100
.......................
1,505
1,323
Series
A,
4.25%,
7/1/44,
Continuously
Callable
@100
.........................
1,965
1,842
Indiana
Housing
&
Community
Development
Authority
Revenue
Series
A-1,
4.65%,
7/1/50,
Continuously
Callable
@100
.......................
2,500
2,422
Series
B-1,
5.00%,
7/1/50,
Continuously
Callable
@100
.......................
1,500
1,518
Series
D-1,
4.70%,
7/1/49,
Continuously
Callable
@100
.......................
1,500
1,468
Richmond
Hospital
Authority
Revenue,
Series
A,
5.00%,
1/1/35,
Continuously
Callable
@100
6,500
6,507
Terre
Haute
Sanitary
District
Revenue,
4.38%,
1/1/49,
Continuously
Callable
@100
.......
5,000
4,680
92,786
Iowa
(0.9%):
Iowa
Finance
Authority
Revenue
Series
A,
4.70%,
7/1/50,
Continuously
Callable
@100
.........................
3,000
2,934
Series
E,
4.00%,
8/15/35,
Continuously
Callable
@100
........................
5,425
5,425
Series
E,
4.00%,
8/15/36,
Continuously
Callable
@100
........................
15,105
14,954
Iowa
Higher
Education
Loan
Authority
Revenue,
4.75%,
10/1/42,
Continuously
Callable
@100
1,500
1,520
Iowa
Tobacco
Settlement
Authority
Revenue
Series
A-2,
4.00%,
6/1/38,
Continuously
Callable
@100
.......................
270
267
Series
A-2,
4.00%,
6/1/39,
Continuously
Callable
@100
.......................
300
293
Series
A-2,
4.00%,
6/1/40,
Continuously
Callable
@100
.......................
200
194
25,587
Kansas
(0.1%):
City
of
Manhattan
Revenue,
Series
A,
4.00%,
6/1/36,
Continuously
Callable
@103
........
1,640
1,560
Kentucky
(1.7%):
City
of
Ashland
Revenue
4.00%,
2/1/35,
Continuously
Callable
@100
...............................
470
473
4.00%,
2/1/37,
Continuously
Callable
@100
...............................
1,115
1,103
County
of
Boyle
Revenue,
Series
A,
5.25%,
6/1/49,
Continuously
Callable
@100
.........
3,595
3,644
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
County
of
Trimble
Revenue,
3.75%,
6/1/33,
Continuously
Callable
@100
...............
$
15,000
$
14,989
Kenton
County
Airport
Board
Revenue
AMT,
Series
A,
5.25%,
1/1/49,
Continuously
Callable
@100
...........................................................
5,000
5,171
Kentucky
Economic
Development
Finance
Authority
Revenue
Series
A,
5.00%,
5/15/31,
Continuously
Callable
@100
........................
3,205
3,189
Series
B,
5.00%,
8/15/41,
Continuously
Callable
@100
........................
480
486
Kentucky
Public
Energy
Authority
Revenue
Series
A-2,
3.63%
(SOFR+120bps),
8/1/52,
(Put
Date
8/1/30)(b)(c)
...............
7,500
7,382
Series
B,
5.00%,
12/1/33,
Continuously
Callable
@100
........................
1,815
1,862
Series
C,
5.00%,
5/1/36,
Continuously
Callable
@100
.........................
5,000
5,325
Kentucky
State
Property
&
Building
Commission
Revenue
Series
A,
4.00%,
11/1/36,
Continuously
Callable
@100
........................
2,000
2,021
Series
A,
4.00%,
11/1/38,
Continuously
Callable
@100
........................
500
501
46,146
Louisiana
(2.9%):
City
of
New
Orleans,
GO,
Series
A,
5.50%,
12/1/51,
Continuously
Callable
@100
........
665
697
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
C,
5.00%,
12/1/30,
Continuously
Callable
@100
........................
1,000
1,040
Series
C,
5.00%,
12/1/31,
Continuously
Callable
@100
........................
2,000
2,078
Louisiana
Housing
Corp.
Revenue,
Series
A,
4.60%,
12/1/50,
Continuously
Callable
@100
..
1,000
979
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue,
3.50%,
11/1/32,
Continuously
Callable
@100
.......................
10,000
9,719
Louisiana
Public
Facilities
Authority
Revenue
5.00%,
7/1/33,
Continuously
Callable
@100
...............................
8,940
8,947
5.00%,
5/15/34,
Continuously
Callable
@100
...............................
2,975
3,012
5.00%,
7/1/34,
Continuously
Callable
@100
...............................
13,465
13,474
4.00%,
5/15/35,
Continuously
Callable
@100
...............................
3,465
3,434
5
.00%,
5/15/35,
Continuously
Callable
@100
...............................
2,000
2,020
4.00%,
5/15/36,
Continuously
Callable
@100
...............................
1,485
1,485
5.00%,
5/15/36,
Continuously
Callable
@100
...............................
1,560
1,574
5.00%,
10/1/43,
Continuously
Callable
@100
...............................
640
649
5.25%,
10/1/48,
Continuously
Callable
@100
...............................
1,195
1,207
Series
A,
4.00%,
12/15/32,
Continuously
Callable
@100
.......................
2,430
2,435
Series
A,
4.00%,
12/15/32,
Pre-refunded
12/15/26
@
100
......................
305
307
Series
A,
4.00%,
12/15/33,
Continuously
Callable
@100
.......................
3,095
3,101
Series
A,
5.25%,
5/15/50,
Continuously
Callable
@100
........................
2,000
2,080
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Revenue
Series
A,
4.00%,
7/1/31,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A,
4.00%,
7/1/32,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A,
4.00%,
7/1/33,
Continuously
Callable
@100
.........................
1,000
1,001
New
Orleans
Aviation
Board
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
5.00%,
10/1/37,
Continuously
Callable
@100
....................................
2,000
2,067
New
Orleans
Aviation
Board
Revenue
AMT,
Series
C-2,
5.25%,
1/1/49,
Continuously
Callable
@100
...........................................................
3,000
3,078
Port
New
Orleans
Board
of
Commissioners
Revenue
AMT,
Series
B,
5.50%,
4/1/51,
Continuously
Callable
@100
...........................................
2,500
2,674
St.
John
the
Baptist
Parish
School
District
No.
1,
GO,
5.25%,
3/1/43,
Continuously
Callable
@100
...........................................................
5,000
5,369
Tangipahoa
Parish
Hospital
Service
District
No.
1
Revenue
4.00%,
2/1/38,
Continuously
Callable
@100
...............................
2,375
2,341
4
.00%,
2/1/39,
Continuously
Callable
@100
...............................
2,330
2,279
4.00%,
2/1/41,
Continuously
Callable
@100
...............................
1,500
1,456
4.00%,
2/1/42,
Continuously
Callable
@100
...............................
1,500
1,436
81,941
Maine
(0.2%):
Maine
State
Housing
Authority
Revenue
Series
A,
4.65%,
11/15/50,
Continuously
Callable
@100
.......................
2,500
2,458
Series
C,
5.10%,
11/15/45,
Continuously
Callable
@100
.......................
2,000
2,089
4,547
Maryland
(1.9%):
City
of
Gaithersburg
Revenue
Series
A,
5.00%,
1/1/33,
Continuously
Callable
@102
.........................
3,000
3,053
Series
A,
5.00%,
1/1/36,
Continuously
Callable
@102
.........................
1,000
1,017
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Howard
County
Housing
Commission
Revenue,
Series
A,
1.60%,
6/1/29,
Continuously
Callable
@100
.....................................................
$
3,000
$
2,819
Maryland
Economic
Development
Corp.
Revenue
5.00%,
10/1/50,
Continuously
Callable
@100
...............................
4,000
4,094
Series
A,
5.00%,
6/1/30,
Continuously
Callable
@100
.........................
1,250
1,296
Series
A,
5.00%,
6/1/31,
Continuously
Callable
@100
.........................
1,000
1,036
Series
A,
5.00%,
6/1/32,
Continuously
Callable
@100
.........................
1,000
1,035
Series
A,
5.00%,
6/1/35,
Continuously
Callable
@100
.........................
2,000
2,059
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
5.00%,
7/1/31,
Continuously
Callable
@100
...............................
3,190
3,255
5.00%,
7/1/32,
Continuously
Callable
@100
...............................
6,505
6,630
5.00%,
7/1/34,
Continuously
Callable
@100
...............................
2,500
2,543
4.00%,
1/1/38,
Continuously
Callable
@100
...............................
865
833
4.00%,
7/1/38,
Continuously
Callable
@100
...............................
1,500
1,493
4.00%,
7/1/39,
Continuously
Callable
@100
...............................
1,585
1,563
4.00%,
7/1/40,
Continuously
Callable
@100
...............................
1,645
1,613
5.25%,
7/1/50,
Continuously
Callable
@100
...............................
2,000
2,147
Series
A,
5.50%,
1/1/29,
Continuously
Callable
@100
.........................
1,415
1,431
Series
A,
5.50%,
1/1/30,
Continuously
Callable
@100
.........................
1,750
1,769
Series
A,
5.50%,
1/1/31,
Continuously
Callable
@100
.........................
1,585
1,606
Series
A,
5.00%,
7/1/33,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A,
5.00%,
7/1/34,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A,
5.00%,
7/1/35,
Continuously
Callable
@100
.........................
1,310
1,312
Series
A,
5.50%,
1/1/36,
Continuously
Callable
@100
.........................
5,000
5,037
Series
A,
5.00%,
7/1/36,
Continuously
Callable
@100
.........................
1,000
1,001
State
of
Maryland
Department
of
Transportation
Revenue
AMT,
Series
A,
5.25%,
8/1/49,
Continuously
Callable
@100
...........................................
2,000
2,120
52,764
Massachusetts
(1.8%):
Massachusetts
Development
Finance
Agency
Revenue
5.00%,
7/1/32,
Continuously
Callable
@100
...............................
1,250
1,262
5.00%,
4/15/33,
Continuously
Callable
@100
...............................
1,930
1,910
5.00%,
7/1/33,
Continuously
Callable
@100
...............................
1,250
1,255
5.00%,
7/1/34,
Continuously
Callable
@100
...............................
1,000
1,007
5.00%,
7/1/36,
Continuously
Callable
@100
...............................
895
905
5.00%,
7/1/37,
Continuously
Callable
@100
...............................
1,215
1,225
5.00%,
7/1/37,
Continuously
Callable
@100
...............................
800
834
5.00%,
10/1/37,
Continuously
Callable
@102(a)
.............................
1,000
1,006
5.00%,
7/1/38,
Continuously
Callable
@100
...............................
600
625
5.00%,
7/1/38,
Continuously
Callable
@100
...............................
335
337
4.00%,
9/1/41,
Continuously
Callable
@100
...............................
1,010
980
6.00%,
9/1/45,
Continuously
Callable
@100
...............................
500
563
5.25%,
7/1/50,
Continuously
Callable
@103
...............................
1,000
1,012
6.00%,
7/1/50,
Continuously
Callable
@100
...............................
1,120
1,189
6.00%,
9/1/50,
Continuously
Callable
@100
...............................
500
547
Series
A,
5.00%,
1/1/31,
Continuously
Callable
@100
.........................
450
454
Series
A,
5.00%,
1/1/32,
Continuously
Callable
@100
.........................
645
650
Series
A,
5.00%,
1/1/33,
Continuously
Callable
@100
.........................
535
539
Series
A,
5.00%,
1/1/34,
Continuously
Callable
@100
.........................
700
705
Series
A,
5.00%,
1/1/35,
Continuously
Callable
@100
.........................
735
740
Series
A,
5.00%,
1/1/36,
Continuously
Callable
@100
.........................
1,000
1,006
Series
A,
5.00%,
7/1/36,
Continuously
Callable
@100
.........................
2,000
2,019
Series
A,
5.00%,
7/1/38,
Continuously
Callable
@100
.........................
1,000
1,010
Series
A,
5.00%,
7/1/39,
Continuously
Callable
@100
.........................
2,250
2,271
Series
A,
5.00%,
7/1/44,
Continuously
Callable
@100(a)
.......................
1,000
1,008
Series
A,
6.00%,
10/1/49,
Continuously
Callable
@100
........................
1,275
1,387
Series
A,
5.50%,
8/15/50,
Continuously
Callable
@100
........................
1,000
1,042
Series
B,
4.00%,
6/1/35,
Continuously
Callable
@100
.........................
2,300
2,144
Series
B,
4.00%,
6/1/41,
Continuously
Callable
@100
.........................
2,750
2,339
Series
E,
5.00%,
7/1/36,
Continuously
Callable
@100
.........................
2,105
2,105
Series
F,
5.50%,
10/1/45,
Continuously
Callable
@100
........................
1,000
1,067
Series
I,
5.00%,
7/1/30,
Continuously
Callable
@100
.........................
2,000
2,003
Series
I,
5.00%,
7/1/31,
Continuously
Callable
@100
.........................
1,675
1,678
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
J2,
5.00%,
7/1/43,
Continuously
Callable
@100
........................
$
10,000
$
10,127
Massachusetts
Housing
Finance
Agency
Revenue,
Series
242,
4.75%,
12/1/50,
Continuously
Callable
@100
.....................................................
2,000
1,999
50,950
Michigan
(1.9%):
Flint
Hospital
Building
Authority
Revenue
4.00%,
7/1/32,
Continuously
Callable
@100
...............................
2,525
2,528
4.00%,
7/1/33,
Continuously
Callable
@100
...............................
2,620
2,607
4.00%,
7/1/34,
Continuously
Callable
@100
...............................
2,730
2,701
4.00%,
7/1/35,
Continuously
Callable
@100
...............................
1,635
1,606
4.00%
,
7/1/38,
Continuously
Callable
@100
...............................
1,855
1,765
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Series
D,
4.00%,
7/1/32,
Continuously
Callable
@100
...........................................
13,560
13,567
Michigan
Finance
Authority
Revenue
5.00%,
11/1/34,
Continuously
Callable
@100
...............................
1,000
1,043
5.00%,
11/1/35,
Continuously
Callable
@100
...............................
1,000
1,041
4.00%,
11/15/35,
Continuously
Callable
@100
..............................
6,000
5,988
5.00%,
11/1/36,
Continuously
Callable
@100
...............................
1,000
1,039
4.00%,
11/15/36,
Continuously
Callable
@100
..............................
1,000
984
5.00%,
11/1/37,
Continuously
Callable
@100
...............................
1,250
1,298
4.00%,
12/1/41,
Continuously
Callable
@100
...............................
2,125
1,316
5.38%,
11/1/43,
Continuously
Callable
@100
...............................
3,530
3,739
Michigan
State
Housing
Development
Authority
Revenue
Series
A,
4.95%,
12/1/50,
Continuously
Callable
@100
........................
2,000
2,016
Series
A-1,
5.15%,
10/1/45,
Continuously
Callable
@100
......................
2,000
2,115
Series
C,
5.00%,
6/1/46,
Continuously
Callable
@100
.........................
1,500
1,539
Series
D,
4.45%,
12/1/49,
Continuously
Callable
@100
........................
3,500
3,348
NorthWestern
Regional
Airport
Authority
Revenue
AMT,
5.25%,
1/1/51,
Continuously
Callable
@100
...........................................................
1,000
1,044
Summit
Academy
North
Revenue,
4.00%,
11/1/41,
Continuously
Callable
@103
.........
2,870
2,461
53,745
Minnesota
(0.5%):
City
of
Minneapolis
Revenue,
Series
A,
5.00%,
11/15/36,
Continuously
Callable
@100
.....
5,000
5,106
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
Revenue
AMT,
Series
B,
5.25%,
1/1/44,
Continuously
Callable
@100
.....................................
3,000
3,221
Minnesota
Municipal
Gas
Agency
Revenue,
Series
A,
5.00%,
9/1/35,
Continuously
Callable
@100
...........................................................
5,000
5,225
13,552
Mississippi
(0.9%):
Mississippi
Business
Finance
Corp.
Revenue,
3.20%,
9/1/28,
Continuously
Callable
@100
..
6,000
6,000
Mississippi
Business
Finance
Corp.
Revenue
AMT,
Series
A,
4.38%,
2/1/48,
(Put
Date
8/2/27)
(a)(b)
...........................................................
2,750
2,761
Mississippi
Development
Bank
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
5.00%,
9/1/30,
Continuously
Callable
@100
.....................................
3,995
4,015
Mississippi
Home
Corp.
Revenue,
Series
A,
4.90%,
12/1/50,
Continuously
Callable
@100
...
3,000
3,069
Mississippi
Hospital
Equipment
&
Facilities
Authority
Revenue
Series
A,
4.00%,
1/1/36,
Continuously
Callable
@100
.........................
2,240
2,246
Series
A,
4.00%,
1/1/37,
Continuously
Callable
@100
.........................
2,260
2,257
Series
A,
4.00%,
1/1/39,
Continuously
Callable
@100
.........................
1,850
1,814
Series
A,
4.00%,
1/1/40,
Continuously
Callable
@100
.........................
2,675
2,601
24,763
Missouri
(1.8%):
Cape
Girardeau
County
IDA
Revenue
5.00%,
3/1/32,
Continuously
Callable
@100
...............................
500
506
5.00%,
3/1/36,
Continuously
Callable
@100
...............................
750
756
4.00%,
3/1/41,
Continuously
Callable
@100
...............................
750
743
Series
A,
6.00%,
3/1/33,
Continuously
Callable
@100
.........................
1,445
1,448
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
0.00%,
5/15/32,
Continuously
Callable
@102(f)
.............................
469
20
0.00%,
5/15/36,
Continuously
Callable
@102(f)
.............................
1,377
59
Series
A,
5.00%,
2/1/29,
Continuously
Callable
@102
.........................
800
817
Series
A,
5.00%,
2/1/34,
Continuously
Callable
@102
.........................
2,000
2,036
Kansas
City
IDA
Revenue
AMT,
Series
B,
5.00%,
3/1/46,
Continuously
Callable
@100
....
2,550
2,577
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Lees
Summit
IDA
Revenue,
Series
A,
5.38%,
8/15/50,
Continuously
Callable
@103
.......
$
600
$
601
Missouri
Development
Finance
Board
Revenue
Series
A,
5.00%,
6/1/30,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A,
5.00%,
6/1/31,
Continuously
Callable
@100
.........................
4,215
4,219
Missouri
Housing
Development
Commission
Revenue
Series
A,
4.63%,
11/1/50,
Continuously
Callable
@100
........................
4,550
4,307
Series
C,
4.95%,
11/1/50,
Continuously
Callable
@100
........................
3,000
3,032
Series
D,
5.05%,
11/1/45,
Continuously
Callable
@100
........................
2,000
2,105
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority
Revenue,
Series
A-R,
2.90%,
9/1/33,
Continuously
Callable
@102
...........................
25,000
23,206
St.
Louis
County
IDA
Revenue,
Series
A,
5.50%,
9/1/33,
Continuously
Callable
@100
.....
2,315
2,317
Stoddard
County
IDA
Revenue,
Series
B,
6.00%,
3/1/37,
Continuously
Callable
@100
.....
1,555
1,558
51,308
Montana
(0.1%):
Montana
Board
of
Housing
Revenue,
Series
A,
4.85%,
12/1/50,
Continuously
Callable
@100
1,400
1,394
Nebraska
(0.6%):
Central
Plains
Energy
Project
Revenue,
Series
A,
5.00%,
9/1/37
......................
3,210
3,334
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
Series
S,
4.00%,
1/1/35,
Continuously
Callable
@102
.........................
795
802
Series
S,
4.00%,
1/1/36,
Continuously
Callable
@102
.........................
1,240
1,224
Series
S,
4.00%,
1/1/38,
Continuously
Callable
@102
.........................
2,595
2,567
Series
S,
4.00%,
1/1/39,
Continuously
Callable
@102
.........................
1,800
1,765
Nebraska
Investment
Finance
Authority
Revenue
Series
A,
4.60%,
9/1/50,
Continuously
Callable
@100
.........................
1,000
973
Series
C,
5.05%,
9/1/45,
Continuously
Callable
@100
.........................
2,000
2,069
Series
G,
4.55%,
9/1/44,
Continuously
Callable
@100
........................
1,000
1,003
Omaha
Airport
Authority
Revenue
AMT,
5.25%,
12/15/49,
Continuously
Callable
@100
....
1,750
1,829
15,566
Nevada
(1.2%):
Carson
City
Revenue
5.00%,
9/1/29,
Continuously
Callable
@100
...............................
620
633
5.00%,
9/1/31,
Continuously
Callable
@100
...............................
1,000
1,020
5.00%,
9/1/33,
Continuously
Callable
@100
...............................
1,000
1,017
5.00%,
9/1/37,
Continuously
Callable
@100
...............................
1,950
1,964
5.00%,
9/1/47,
Continuously
Callable
@100
...............................
2,775
2,752
City
of
North
Las
Vegas,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
4.00%,
6/1/35,
Continuously
Callable
@100
...............................
1,870
1,896
4.00%,
6/1/37,
Continuously
Callable
@100
...............................
7,345
7,378
4.00%,
6/1/38,
Continuously
Callable
@100
...............................
6,135
6,140
Las
Vegas
Convention
&
Visitors
Authority
Revenue
Series
C,
4.00%,
7/1/33,
Continuously
Callable
@100
.........................
2,000
2,002
Series
C,
4.00%,
7/1/34,
Continuously
Callable
@100
.........................
4,560
4,564
Reno-Tahoe
Airport
Authority
Revenue
AMT,
Series
A,
5.25%,
7/1/49,
Continuously
Callable
@100
...........................................................
2,700
2,771
32,137
New
Hampshire
(0.6%):
New
Hampshire
Business
Finance
Authority
Revenue
4.00%,
1/1/41,
Continuously
Callable
@103
...............................
5,100
4,693
5.75%,
8/1/45,
Continuously
Callable
@100
...............................
2,000
2,049
Series
A,
5.00%,
11/1/49,
Continuously
Callable
@100
........................
3,000
3,058
Series
A,
5.50%,
6/1/50,
Continuously
Callable
@100
.........................
1,500
1,575
New
Hampshire
Health
and
Education
Facilities
Authority
Act
Revenue
5.50%,
8/1/50,
Continuously
Callable
@100
...............................
1,000
1,077
Series
A,
5.00%,
8/1/37,
Continuously
Callable
@100
.........................
1,500
1,533
New
Hampshire
Housing
Finance
Authority
Revenue,
Series
C,
4.63%,
7/1/48,
Continuously
Callable
@100
.....................................................
2,000
1,959
15,944
New
Jersey
(1.2%):
Casino
Reinvestment
Development
Authority,
Inc.
Revenue,
Series
A,
4.00%,
11/1/44,
Continuously
Callable
@100
...........................................
1,000
991
City
of
Atlantic
City,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A,
5.00%,
3/1/32,
Continuously
Callable
@100
.........................
630
639
Series
A,
5.00%,
3/1/37,
Continuously
Callable
@100
.........................
750
758
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Essex
County
Improvement
Authority
Revenue,
4.00%,
6/15/38,
Continuously
Callable
@100
$
550
$
534
New
Brunswick
Parking
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.),
Series
A,
5.00%,
9/1/36,
Continuously
Callable
@100
.........................
2,000
2,007
New
Jersey
Economic
Development
Authority
Revenue
4.00%,
11/1/39,
Continuously
Callable
@100
...............................
2,000
1,996
Series
A,
3.13%,
7/1/29,
Continuously
Callable
@100
.........................
665
651
New
Jersey
Educational
Facilities
Authority
Revenue
Series
F,
4.00%,
7/1/33,
Continuously
Callable
@100
.........................
150
150
Series
F,
4.00%,
7/1/34,
Continuously
Callable
@100
.........................
260
260
Series
F,
4.00%,
7/1/35,
Continuously
Callable
@100
.........................
975
975
New
Jersey
Educational
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
A,
4.00%,
7/1/36,
Continuously
Callable
@100
...................
1,800
1,801
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A,
5.00%,
7/1/27,
Continuously
Callable
@100
.........................
2,000
2,003
Series
A,
5.00%,
7/1/30,
Continuously
Callable
@100
.........................
1,500
1,502
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue,
Series
M,
5.05%,
10/1/45,
Continuously
Callable
@100
...........................................
1,110
1,135
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Series
AA,
4.25%,
6/15/44,
Continuously
Callable
@100
......................
1,000
1,003
Series
CC,
4.13%,
6/15/50,
Continuously
Callable
@100
......................
3,000
2,807
Newark
Housing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
4.00%,
12/1/29,
Continuously
Callable
@100
...............................
500
503
4.00%,
12/1/30,
Continuously
Callable
@100
...............................
750
754
4.00%,
12/1/31,
Continuously
Callable
@100
...............................
500
502
South
Jersey
Transportation
Authority
Revenue
4.50%,
11/1/42,
Continuously
Callable
@100
...............................
1,000
1,032
Series
A,
4.00%,
11/1/40,
Continuously
Callable
@100
........................
4,300
4,295
The
Passaic
County
Improvement
Authority
Revenue,
5.25%,
7/1/43,
Continuously
Callable
@100
...........................................................
665
683
Tobacco
Settlement
Financing
Corp.
Revenue,
Series
A,
5.00%,
6/1/36,
Continuously
Callable
@100
...........................................................
5,000
5,127
32,108
New
Mexico
(0.6%):
City
of
Farmington
Revenue,
Series
B,
2.15%,
4/1/33,
Continuously
Callable
@101
.......
10,000
8,624
City
of
Santa
Fe
Revenue
Series
A,
5.00%,
5/15/34,
Continuously
Callable
@103
........................
525
535
Series
A,
5.00%,
5/15/39,
Continuously
Callable
@103
........................
480
481
New
Mexico
Hospital
Equipment
Loan
Council
Revenue,
Series
A,
5.00%,
7/1/39,
Continuously
Callable
@102
...........................................
1,075
1,071
New
Mexico
Mortgage
Finance
Authority
Revenue,
Series
A,
4.70%,
9/1/50,
Continuously
Callable
@100
.....................................................
4,910
4,813
Village
of
Los
Ranchos
de
Albuquerque
Revenue
4.00%,
9/1/35,
Continuously
Callable
@100
...............................
300
303
4.00%,
9/1/40,
Continuously
Callable
@100
...............................
1,200
1,183
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation,
4.00%,
5/1/33,
Continuously
Callable
@103(a)
...................................
600
597
17,607
New
York
(5.4%):
Allegany
County
Capital
Resource
Corp.
Revenue
Series
A,
5.00%,
12/1/32,
Continuously
Callable
@100
........................
1,390
1,383
Series
A,
5.00%,
12/1/37,
Continuously
Callable
@100
........................
1,500
1,402
Series
A,
5.00%,
12/1/42,
Continuously
Callable
@100
........................
1,925
1,697
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue,
6.25%,
5/1/45,
Continuously
Callable
@100
...........................................
2,000
2,132
Build
NYC
Resource
Corp.
Revenue
4.50%,
6/15/43,
Continuously
Callable
@100
...............................
700
645
Series
A,
5.00%,
7/1/42,
Continuously
Callable
@100
.........................
500
508
Series
A,
6.75%,
4/15/43,
Continuously
Callable
@100(a)
......................
1,810
1,914
Series
A,
5.25%,
6/1/46,
Continuously
Callable
@100(a)
.......................
1,000
987
Series
A,
5.38%,
12/1/46,
Continuously
Callable
@100
........................
500
528
Series
A,
5.50%,
6/15/50,
Continuously
Callable
@100
........................
1,250
1,234
Series
A,
5.25%,
10/15/50,
Continuously
Callable
@100(a)
.....................
3,000
2,869
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A,
5.25%,
6/15/51,
Continuously
Callable
@100
........................
$
1,150
$
1,156
Series
B-1,
5.65%,
12/15/32,
Continuously
Callable
@100(a)
...................
6,000
5,934
Build
NYC
Resource
Corp.
Revenue
AMT,
5.50%,
7/1/50,
Continuously
Callable
@100
....
500
520
City
of
Cortland,
GO
Series
A,
6.00%,
5/14/27,
Continuously
Callable
@100
........................
7,520
7,521
Series
B,
5.00%,
5/14/27
.............................................
6,829
6,865
City
of
New
York,
GO,
Series
B-3,
1.45%,
10/1/46,
Continuously
Callable
@100(e)
.......
2,000
2,000
Empire
State
Development
Corp.
Revenue
Series
A,
4.00%,
3/15/39,
Continuously
Callable
@100
........................
5,000
5,077
Series
E-2,
4.00%,
3/15/39,
Continuously
Callable
@100
......................
5,785
5,820
Metropolitan
Transportation
Authority
Revenue
Series
A,
4.63%,
11/15/50,
Continuously
Callable
@100
.......................
665
661
Series
C-1,
4.00%,
11/15/35,
Continuously
Callable
@100
.....................
9,040
9,093
Series
C-1,
5.00%,
11/15/36,
Continuously
Callable
@100
.....................
3,705
3,731
Metropolitan
Transportation
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
A-1,
4.00%,
11/15/41,
Continuously
Callable
@100
.....................
9,820
9,611
Monroe
County
Industrial
Development
Corp.
Revenue
4.00%,
12/1/38,
Continuously
Callable
@100
...............................
1,200
1,165
4.00%,
12/1/39,
Continuously
Callable
@100
...............................
1,200
1,159
Nassau
County
Local
Economic
Assistance
Corp.
Revenue,
Series
A,
5.00%,
7/1/43,
Continuously
Callable
@100
...........................................
1,000
901
New
York
City
Housing
Development
Corp.
Revenue,
Series
A-1,
4.75%,
11/1/50,
Continuously
Callable
@100
...........................................
1,500
1,507
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
4.00%,
11/1/38,
Continuously
Callable
@100
...........................................
1,250
1,257
New
York
Liberty
Development
Corp.
Revenue
2.63%,
9/15/69,
Continuously
Callable
@100
...............................
3,350
3,202
Series
1,
5.00%,
11/15/44,
Continuously
Callable
@100(a)
.....................
3,000
3,000
Series
A,
2.10%,
11/15/32,
Continuously
Callable
@100
.......................
6,730
5,912
Series
A,
2.20%,
11/15/33,
Continuously
Callable
@100
.......................
9,000
7,826
New
York
State
Dormitory
Authority
Revenue
5.00%,
12/1/35,
Continuously
Callable
@100(a)
.............................
600
574
6.00%,
7/1/40,
Continuously
Callable
@100(a)
.............................
4,220
4,115
Series
A,
4.00%,
9/1/36,
Continuously
Callable
@100
.........................
500
486
Series
A,
4.00%,
9/1/37,
Continuously
Callable
@100
.........................
350
344
Series
A,
4.00%,
9/1/38,
Continuously
Callable
@100
.........................
1,250
1,220
Series
A,
4.00%,
9/1/40,
Continuously
Callable
@100
.........................
750
722
Series
A,
4.00%,
3/15/41,
Continuously
Callable
@100
........................
21,605
21,570
Series
A,
4.25%,
7/1/50,
Continuously
Callable
@100
.........................
1,250
1,129
Series
A,
5.00%,
7/15/50,
Continuously
Callable
@100
........................
2,000
1,949
Series
A,
5.13%,
11/15/50,
Continuously
Callable
@103
.......................
1,000
1,001
Series
A-1,
4.00%,
7/1/40,
Continuously
Callable
@100
.......................
4,535
4,589
Series
A-1,
5.50%,
7/1/50,
Continuously
Callable
@100
.......................
250
270
New
York
State
Dormitory
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A,
5.00%,
10/1/27,
Continuously
Callable
@100
........................
1,000
1,002
Series
A,
5.00%,
10/1/28,
Continuously
Callable
@100
........................
1,000
1,002
Series
A,
5.00%,
10/1/29,
Continuously
Callable
@100
........................
1,300
1,302
New
York
Transportation
Development
Corp.
Revenue
AMT,
6.00%,
6/30/44,
Continuously
Callable
@100
.....................................................
500
553
New
York
Transportation
Development
Corp.
Revenue
AMT
(INS
-
Assured
Guaranty
Corp.),
4.25%,
6/30/42,
Continuously
Callable
@100
...............................
4,565
4,551
Onondaga
Civic
Development
Corp.
Revenue,
5.13%,
8/1/44,
Continuously
Callable
@100
..
500
472
Saratoga
County
Capital
Resource
Corp.
Revenue,
Series
A,
5.00%,
12/1/28,
Continuously
Callable
@100
.....................................................
790
791
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series
266,
4.65%,
10/1/50,
Continuously
Callable
@100
....................................
2,500
2,417
The
Genesee
County
Funding
Corp.
Revenue,
Series
A,
5.25%,
12/1/50,
Continuously
Callable
@100
...........................................................
500
511
Westchester
County
Local
Development
Corp.
Revenue,
5.00%,
7/1/38,
Continuously
Callable
@100
...........................................................
750
798
150,585
North
Carolina
(0.7%):
Nash
Health
Care
Systems
Revenue,
5.75%,
2/1/50,
Continuously
Callable
@100
.........
500
535
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
North
Carolina
Medical
Care
Commission
Revenue
5.00%,
10/1/40,
Continuously
Callable
@103
...............................
$
1,050
$
1,035
4
.50%,
12/1/44,
Continuously
Callable
@100
...............................
8,000
7,677
5.00%,
10/1/45,
Continuously
Callable
@103
...............................
1,000
976
Series
A,
4.00%,
9/1/40,
Continuously
Callable
@100
.........................
3,050
2,796
Series
A,
4.00%,
10/1/40,
Continuously
Callable
@103
........................
600
570
Series
A,
5.00%,
10/1/45,
Continuously
Callable
@103
........................
1,800
1,775
Series
A,
5.25%,
11/1/50,
Continuously
Callable
@103
........................
3,000
3,063
18,427
North
Dakota
(0.6%):
City
of
Grand
Forks
Revenue
4.00%,
12/1/36,
Continuously
Callable
@100
...............................
2,475
2,392
4.00%,
12/1/38,
Continuously
Callable
@100
...............................
1,100
1,043
4.00%,
12/1/40,
Continuously
Callable
@100
...............................
1,700
1,585
4.00%,
12/1/41,
Continuously
Callable
@100
...............................
1,750
1,618
Series
A,
5.00%,
12/1/42,
Continuously
Callable
@100
........................
350
373
Series
A,
5.00%,
12/1/43,
Continuously
Callable
@100
........................
695
736
County
of
Ward
Revenue,
Series
C,
5.00%,
6/1/43,
Continuously
Callable
@100
.........
4,500
4,198
North
Dakota
Housing
Finance
Agency
Revenue
Series
A,
5.00%,
7/1/50,
Continuously
Callable
@100
.........................
1,500
1,524
Series
D,
4.65%,
7/1/49,
Continuously
Callable
@100
........................
3,000
2,961
16,430
Ohio
(3.7%):
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
4.00%,
11/15/36,
Pre-refunded
11/15/30
@
100
.............................
1,000
1,053
4.00%,
11/15/37,
Pre-refunded
11/15/30
@
100
.............................
800
850
4.00%,
11/15/38,
Pre-refunded
11/15/30
@
100
.............................
500
531
City
of
Centerville
Revenue,
5.25%,
11/1/37,
Continuously
Callable
@100
..............
2,250
2,263
Cleveland-Cuyahoga
County
Port
Authority
Revenue,
Series
A,
5.88%,
1/1/49,
Continuously
Callable
@102(a)
...................................................
640
632
Columbus
Regional
Airport
Authority
Revenue
AMT,
Series
A,
5.50%,
1/1/50,
Continuously
Callable
@100
.....................................................
6,000
6,371
County
of
Allen
Hospital
Facilities
Revenue
4.00%,
12/1/40,
Continuously
Callable
@100
...............................
7,500
7,343
Series
A,
4.00%,
8/1/36,
Continuously
Callable
@100
.........................
5,000
4,988
Series
A,
4.00%,
8/1/37,
Continuously
Callable
@100
.........................
10,800
10,809
County
of
Cuyahoga
Revenue
4.00%,
2/15/29,
Continuously
Callable
@100
...............................
7,430
7,455
5.00%,
2/15/37,
Continuously
Callable
@100
...............................
4,000
4,021
County
of
Fayette
Revenue,
5.25%,
12/1/49,
Continuously
Callable
@100
..............
2,000
2,106
County
of
Hamilton
Revenue
5.00%,
1/1/31,
Continuously
Callable
@100
...............................
1,350
1,351
5.00%,
1/1/36,
Continuously
Callable
@100
...............................
1,400
1,401
5.00%,
9/15/39,
Continuously
Callable
@100
...............................
1,375
1,395
5.00%,
9/15/40,
Continuously
Callable
@100
...............................
1,100
1,115
5.50%,
1/1/50,
Continuously
Callable
@103
...............................
1,000
1,022
Series
A,
5.50%,
1/1/43,
Continuously
Callable
@103
.........................
750
782
Series
A,
5.50%,
8/1/51,
Continuously
Callable
@100
.........................
1,500
1,537
County
of
Hardin
Revenue,
5.25%,
5/1/40,
Continuously
Callable
@103
...............
2,000
1,920
County
of
Montgomery
Revenue
3.00%,
11/15/36,
Continuously
Callable
@100
..............................
7,000
6,191
5.00%,
11/15/37,
Continuously
Callable
@100
..............................
2,200
2,252
5.25%,
9/1/49,
Continuously
Callable
@100
...............................
1,000
1,018
County
of
Ross
Revenue,
5.00%,
12/1/44,
Continuously
Callable
@100
................
2,405
2,439
County
of
Warren
Revenue,
5.00%,
7/1/49,
Continuously
Callable
@100
...............
2,360
2,363
Ohio
Higher
Educational
Facility
Commission
Revenue
5.00%,
5/1/45,
Continuously
Callable
@100
...............................
790
797
5.25%,
5/1/49,
Continuously
Callable
@100
...............................
3,000
3,025
Series
2025,
5.50%,
10/1/50,
Continuously
Callable
@100
.....................
1,735
1,723
Ohio
Housing
Finance
Agency
Revenue
Series
A,
4.65%,
9/1/50,
Continuously
Callable
@100
.........................
5,000
4,928
Series
C,
4.65%,
9/1/49,
Continuously
Callable
@100
.........................
985
988
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Port
of
Greater
Cincinnati
Development
Authority
Revenue,
Series
A,
5.00%,
12/1/50,
Continuously
Callable
@100
...........................................
$
1,000
$
1,026
Southeastern
Ohio
Port
Authority
Revenue
5.50%,
12/1/29,
Continuously
Callable
@100
...............................
750
750
5.00%,
12/1/35,
Continuously
Callable
@100
...............................
750
745
State
of
Ohio
Revenue
4.00%,
11/15/36,
Continuously
Callable
@100
..............................
1,260
1,229
4.00%,
11/15/38,
Continuously
Callable
@100
..............................
1,270
1,217
4.00%,
11/15/40,
Continuously
Callable
@100
..............................
655
617
Series
A,
4.00%,
1/15/38,
Continuously
Callable
@100
........................
1,000
993
Series
A,
4.00%,
1/15/40,
Continuously
Callable
@100
........................
1,800
1,759
Summit
County
Development
Finance
Authority
Revenue
5.50%,
12/1/43,
Continuously
Callable
@100
...............................
1,500
1,598
Series
A,
5.00%,
7/1/45,
Continuously
Callable
@100
.........................
1,500
1,542
Village
of
Bluffton
Revenue
5.00%,
12/1/31,
Continuously
Callable
@100
...............................
1,500
1,541
4.00%,
12/1/32,
Continuously
Callable
@100
...............................
1,500
1,511
4.00%,
12/1/33,
Continuously
Callable
@100
...............................
1,600
1,610
4.00%,
12/1/34,
Continuously
Callable
@100
...............................
1,795
1,804
102,611
Oklahoma
(0.3%):
Oklahoma
Development
Finance
Authority
Revenue,
Series
B,
5.00%,
8/15/33,
Continuously
Callable
@100
.....................................................
4,100
4,193
Pontotoc
County
Educational
Facilities
Authority
Revenue,
4.00%,
9/1/40,
Continuously
Callable
@100
.....................................................
2,000
1,950
Tulsa
County
Industrial
Authority
Revenue
5.00%,
11/15/28,
Continuously
Callable
@102
..............................
940
955
5.00%,
11/15/30,
Continuously
Callable
@102
..............................
1,780
1,807
8,905
Oregon
(0.2%):
Albany
Hospital
Facility
Authority
Revenue,
Series
A,
5.25%,
5/15/45,
Continuously
Callable
@103
...........................................................
1,000
1,042
Clackamas
County
Hospital
Facility
Authority
Revenue
Series
A,
5.00%,
11/15/32,
Continuously
Callable
@102
.......................
1,000
1,016
Series
A,
5.00%,
11/15/37,
Continuously
Callable
@102
.......................
500
507
Oregon
State
Facilities
Authority
Revenue
Series
A,
5.00%,
10/1/35,
Continuously
Callable
@100
........................
275
286
Series
A,
5.00%,
10/1/40,
Continuously
Callable
@100
........................
1,750
1,785
Port
of
Portland
Airport
Revenue
AMT,
Series
30A,
5.25%,
7/1/49,
Continuously
Callable
@100
...........................................................
1,500
1,565
Salem
Hospital
Facility
Authority
Revenue,
4.00%,
5/15/40,
Continuously
Callable
@103
...
800
749
6,950
Pennsylvania
(9.8%):
Adams
County
General
Authority
Revenue,
5.00%,
8/15/50,
Continuously
Callable
@100
...
1,000
1,007
Allegheny
County
Airport
Authority
Revenue
AMT
Series
A,
5.50%,
1/1/50,
Continuously
Callable
@100
.........................
2,000
2,150
Series
A,
5.00%,
1/1/51,
Continuously
Callable
@100
.........................
12,930
12,978
Allegheny
County
Hospital
Development
Authority
Revenue
Series
A,
5.00%,
4/1/35,
Continuously
Callable
@100
.........................
7,315
7,489
Series
A,
4.00%,
7/15/38,
Continuously
Callable
@100
........................
1,500
1,496
Series
A,
4.00%,
7/15/39,
Continuously
Callable
@100
........................
3,495
3,404
Series
A,
5.00%,
4/1/47,
Continuously
Callable
@100
.........................
7,875
7,923
Allegheny
County
Sanitary
Authority
Revenue,
4.00%,
12/1/49,
Continuously
Callable
@100
1,000
919
Allegheny
County
Sanitary
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
4.00%,
12/1/33,
Continuously
Callable
@100
...............................
1,500
1,504
4.00%,
12/1/34,
Continuously
Callable
@100
...............................
1,475
1,478
Allentown
Commercial
and
IDA
Revenue
5.75%,
6/15/43,
Continuously
Callable
@100
...............................
600
620
5.00%,
7/1/45,
Continuously
Callable
@100(a)
.............................
2,500
2,454
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Revenue,
6.00%,
5/1/42,
Continuously
Callable
@100(a)
.........................................
750
814
Bucks
County
IDA
Revenue
5.00%,
10/1/30,
Continuously
Callable
@102
...............................
325
330
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
5.00%,
10/1/31,
Continuously
Callable
@102
...............................
$
450
$
456
5.00%,
10/1/37,
Continuously
Callable
@102
...............................
2,260
2,290
Butler
County
Hospital
Authority
Revenue,
5.00%,
7/1/35,
Continuously
Callable
@100
....
1,885
1,885
Chester
County
IDA
Revenue
5.63%,
10/15/42,
Continuously
Callable
@100(a)
............................
8,875
8,147
4.25%,
10/1/44,
Continuously
Callable
@100(a)
.............................
1,075
977
4.50%,
10/1/49,
Continuously
Callable
@100(a)
.............................
800
710
Series
A,
5.13%,
10/15/37,
Continuously
Callable
@100
.......................
2,750
2,509
Chester
County
IDA
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.),
Series
A,
4.00%,
8/1/48,
Continuously
Callable
@100
.....................................
10,000
9,063
Clairton
Municipal
Authority
Revenue,
Series
B,
4.38%,
12/1/42,
Continuously
Callable
@100
2,250
2,262
Commonwealth
Financing
Authority
Revenue,
Series
A,
5.00%,
6/1/34,
Continuously
Callable
@100
...........................................................
5,000
5,036
Commonwealth
of
Pennsylvania
Certificates
of
Participation
Series
A,
5.00%,
7/1/34,
Continuously
Callable
@100
.........................
1,350
1,386
Series
A,
5.00%,
7/1/35,
Continuously
Callable
@100
.........................
750
769
Series
A,
5.00%,
7/1/37,
Continuously
Callable
@100
.........................
800
819
County
of
Lehigh
Revenue
4.00%,
7/1/37,
Continuously
Callable
@100
...............................
2,000
1,958
4.00%,
7/1/38,
Continuously
Callable
@100
...............................
2,000
1,981
4.00%,
7/1/39,
Continuously
Callable
@100
...............................
2,000
1,953
Cumberland
County
Municipal
Authority
Revenue
4.00%,
11/1/36,
Continuously
Callable
@100
...............................
1,250
1,245
4.00%,
11/1/37,
Continuously
Callable
@100
...............................
2,130
2,102
Dauphin
County
General
Authority
Revenue
Series
A,
4.00%,
6/1/30
..............................................
2,000
2,000
Series
A,
4.00%,
6/1/31
..............................................
1,000
1,000
Delaware
County
Authority
Revenue
5.00%,
10/1/30
....................................................
1,200
1,237
5.00%,
10/1/35,
Continuously
Callable
@100
...............................
2,220
2,296
5.00%,
10/1/39,
Continuously
Callable
@100
...............................
2,250
2,232
General
Authority
of
Southcentral
Pennsylvania
Revenue,
5.25%,
5/1/50,
Continuously
Callable
@100
.....................................................
2,000
2,026
Lancaster
Higher
Education
Authority
Revenue,
Series
A,
5.00%,
10/1/42,
Continuously
Callable
@100
.....................................................
3,360
3,374
Lancaster
Municipal
Authority
Revenue,
Series
A,
5.00%,
5/1/44,
Continuously
Callable
@103
1,200
1,214
Latrobe
IDA
Revenue
4.00%,
3/1/40,
Continuously
Callable
@100
...............................
250
218
4.00%,
3/1/41,
Continuously
Callable
@100
...............................
250
215
4.00%,
3/1/46,
Continuously
Callable
@100
...............................
750
596
5.38%,
3/1/51,
Continuously
Callable
@100
...............................
1,170
1,127
Lehigh
County
General
Purpose
Authority
Revenue
5.00%,
2/1/43,
Continuously
Callable
@100
...............................
1,520
1,544
5.00%,
2/1/44,
Continuously
Callable
@100
...............................
2,000
2,020
Montgomery
County
Higher
Education
&
Health
Authority
Revenue
5.00%,
9/1/34,
Continuously
Callable
@100
...............................
1,750
1,802
5.00%,
9/1/35,
Continuously
Callable
@100
...............................
1,850
1,908
4.00%,
9/1/36,
Continuously
Callable
@100
...............................
1,100
1,086
4.00%,
9/1/37,
Continuously
Callable
@100
...............................
1,000
979
5.00%,
9/1/37,
Continuously
Callable
@100
...............................
1,750
1,787
4.00%,
9/1/38,
Continuously
Callable
@100
...............................
900
874
4.00%,
9/1/39,
Continuously
Callable
@100
...............................
1,000
964
Montgomery
County
IDA
Revenue
5.00%,
11/1/44,
Continuously
Callable
@100
...............................
1,440
1,413
5.25%,
11/1/49,
Continuously
Callable
@100
...............................
1,340
1,295
Northampton
County
General
Purpose
Authority
Revenue,
4.00%,
8/15/48,
Continuously
Callable
@100
.....................................................
2,335
2,035
Northeastern
Pennsylvania
Hospital
and
Education
Authority
Revenue,
Series
A,
5.00%,
3/1/37,
Continuously
Callable
@100
.....................................
1,525
1,526
Pennsylvania
Economic
Development
Financing
Authority
Revenue
4.00%,
7/1/33,
Continuously
Callable
@103
...............................
1,750
1,757
4.00%,
7/1/41,
Continuously
Callable
@103
...............................
1,050
998
5.25%
,
10/1/50,
Continuously
Callable
@100
...............................
2,250
2,217
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A-2,
4.00%,
5/15/43,
Continuously
Callable
@100
......................
$
1,125
$
1,073
Series
B-2,
5.00%,
7/1/42,
Continuously
Callable
@103
.......................
3,000
3,092
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue,
Series
B-1,
4.25%,
11/1/48,
Continuously
Callable
@100
...........................................
10,000
9,413
Pennsylvania
Housing
Finance
Agency
Revenue
Series
145A,
4.60%,
10/1/44,
Continuously
Callable
@100
.....................
3,000
3,025
Series
146A,
4.50%,
10/1/44,
Continuously
Callable
@100
.....................
3,000
2,981
Series
147A,
4.70%,
10/1/49,
Continuously
Callable
@100
.....................
2,000
1,946
Series
148A,
4.75%,
10/1/50,
Continuously
Callable
@100
.....................
5,000
4,876
Series
149A,
5.10%,
10/1/45,
Continuously
Callable
@100
.....................
2,000
2,072
Pennsylvania
Turnpike
Commission
Revenue
5.00%,
12/1/41,
Continuously
Callable
@100
...............................
2,000
2,161
Series
B,
4.00%,
6/1/34
..............................................
20,000
20,000
Philadelphia
Housing
Authority
Revenue,
Series
A,
5.25%,
3/1/45,
Continuously
Callable
@100
...........................................................
2,000
2,149
Philadelphia
IDA
Revenue
5.00%,
5/1/35,
Continuously
Callable
@100
...............................
750
773
5.00%,
5/1/38,
Continuously
Callable
@100
...............................
2,500
2,574
5.00%,
6/15/40,
Continuously
Callable
@100(a)
.............................
900
902
5.50%,
6/15/43,
Continuously
Callable
@100(a)
.............................
1,750
1,759
Series
A,
5.75%,
6/1/50,
Continuously
Callable
@100
.........................
1,000
1,033
Pittsburgh
Water
&
Sewer
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
B,
4.00%,
9/1/35,
Continuously
Callable
@100
.........................
300
305
Reading
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
5.00%,
3/1/36,
Continuously
Callable
@100
...............................
2,000
2,021
5.00%,
3/1/37,
Continuously
Callable
@100
...............................
1,500
1,515
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
E,
5.00%,
12/1/32,
Continuously
Callable
@100
........................
1,000
1,027
Series
E,
5.00%,
12/1/33,
Continuously
Callable
@100
........................
1,600
1,641
Series
E,
5.00%,
12/1/35,
Continuously
Callable
@100
........................
750
767
State
Public
School
Building
Authority
Revenue,
Series
A,
5.00%,
6/1/29,
Continuously
Callable
@100
.....................................................
10,000
10,107
State
Public
School
Building
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A,
5.00%,
6/1/31,
Continuously
Callable
@100
.........................
6,100
6,143
Series
A,
4.00%,
12/1/31,
Continuously
Callable
@100
........................
13,085
13,125
The
Berks
County
Municipal
Authority
Revenue
Series
A1,
8.00%,
6/30/34,
Continuously
Callable
@104
.......................
1,000
1,025
Series
A-2A,
6.00%,
6/30/34,
Continuously
Callable
@104
.....................
501
530
Series
A3,
5.00%,
6/30/39,
Continuously
Callable
@100
.......................
6,720
6,301
Series
B1,
0.00%,
6/30/44,
Continuously
Callable
@90(g)
......................
3,358
2,502
The
School
District
of
Philadelphia,
GO
Series
A,
5.00%,
9/1/35,
Continuously
Callable
@100
.........................
1,000
1,035
Series
A,
5.00%,
9/1/36,
Continuously
Callable
@100
.........................
1,000
1,031
Series
A,
5.00%,
9/1/37,
Continuously
Callable
@100
.........................
1,000
1,029
Series
A,
4.00%,
9/1/38,
Continuously
Callable
@100
.........................
1,700
1,702
Series
A,
4.00%,
9/1/39,
Continuously
Callable
@100
.........................
1,600
1,600
Series
A,
5.50%,
9/1/51,
Continuously
Callable
@100
.........................
1,750
1,891
Series
F,
5.00%,
9/1/31,
Continuously
Callable
@100
.........................
9,895
9,944
Series
F,
5.00%,
9/1/32,
Continuously
Callable
@100
.........................
5,000
5,024
Series
F,
5.00%,
9/1/33,
Continuously
Callable
@100
.........................
3,600
3,617
Series
F,
5.00%,
9/1/34,
Continuously
Callable
@100
.........................
4,250
4,267
Westmoreland
County
IDA
Revenue,
Series
A,
4.00%,
7/1/37,
Continuously
Callable
@100
.
1,400
1,336
Wilkes-Barre
Finance
Authority
Revenue,
4.00%,
3/1/42,
Continuously
Callable
@100
.....
2,600
2,334
273,502
Rhode
Island
(0.8%):
Rhode
Island
Health
and
Educational
Building
Corp.
Revenue
5.00%,
5/15/40,
Continuously
Callable
@100
...............................
575
606
5.00%,
5/15/41,
Continuously
Callable
@100
...............................
625
660
5.00%,
5/15/42,
Continuously
Callable
@100
...............................
750
789
5.00%,
5/15/43,
Continuously
Callable
@100
...............................
675
709
5.00%,
5/15/44,
Continuously
Callable
@100
...............................
750
782
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
4.60%,
10/1/44,
Continuously
Callable
@100
...............................
3,000
3,047
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
85-A,
4.65%,
10/1/50,
Continuously
Callable
@100
.....................
$
3,000
$
2,999
Rhode
Island
Turnpike
&
Bridge
Authority
Revenue
Series
A,
5.00%,
10/1/33,
Continuously
Callable
@100
........................
1,350
1,352
Series
A,
5.00%,
10/1/35,
Continuously
Callable
@100
........................
4,345
4,350
Tobacco
Settlement
Financing
Corp.
Revenue
Series
A,
5.00%,
6/1/28,
Continuously
Callable
@100
.........................
2,000
2,002
Series
A,
5.00%,
6/1/29,
Continuously
Callable
@100
.........................
2,000
2,003
Series
A,
5.00%,
6/1/30,
Continuously
Callable
@100
.........................
2,500
2,503
21,802
South
Carolina
(1.1%):
Charleston
County
Airport
District
Revenue
AMT,
Series
A,
5.25%,
7/1/49,
Continuously
Callable
@100
.....................................................
3,250
3,375
Charleston
Housing
Authority
Revenue,
4.50%,
9/1/35,
Continuously
Callable
@100
......
2,000
2,066
Lexington
County
Health
Services
District,
Inc.
Revenue
4.00%,
11/1/31,
Continuously
Callable
@100
...............................
1,000
1,009
4.00%,
11/1/32,
Continuously
Callable
@100
...............................
1,000
1,009
Patriots
Energy
Group
Financing
Agency
Revenue,
Series
A1,
5.25%,
10/1/54,
(Put
Date
8/1/31)(b)
........................................................
3,000
3,193
South
Carolina
Jobs-Economic
Development
Authority
Revenue
5.50%,
11/15/44,
Continuously
Callable
@100
..............................
500
512
5.25%,
4/1/51,
Continuously
Callable
@103
...............................
500
504
Series
A,
5.50%,
6/15/33,
Continuously
Callable
@100
........................
2,500
2,431
Series
C,
5.63%,
9/1/50,
Continuously
Callable
@100
.........................
1,100
1,156
South
Carolina
Public
Service
Authority
Revenue
Series
A,
5.00%,
12/1/34,
Continuously
Callable
@100
........................
6,640
6,645
Series
A,
5.00%,
12/1/34
.............................................
3,195
3,195
Series
B,
4.13%,
12/1/44,
Continuously
Callable
@100
........................
1,880
1,840
South
Carolina
State
Housing
Finance
&
Development
Authority
Revenue
Series
A,
4.65%,
7/1/50,
Continuously
Callable
@100
.........................
2,415
2,351
Series
B,
5.00%,
7/1/50,
Continuously
Callable
@100
.........................
995
1,018
30,304
South
Dakota
(0.3%):
South
Dakota
Housing
Development
Authority
Revenue
Series
A,
4.70%,
5/1/50,
Continuously
Callable
@100
.........................
4,250
4,201
Series
C,
5.00%,
11/1/45,
Continuously
Callable
@100
........................
2,000
2,070
Series
C,
4.70%,
11/1/49,
Continuously
Callable
@100
........................
1,000
991
7,262
Tennessee
(1.3%):
Greeneville
Health
&
Educational
Facilities
Board
Revenue,
5.00%,
7/1/37,
Continuously
Callable
@100
.....................................................
3,500
3,579
Knox
County
Health
Educational
&
Housing
Facility
Board
Revenue
Series
A-1,
5.00%,
7/1/39,
Continuously
Callable
@100
.......................
450
484
Series
A-1,
5.00%,
7/1/40,
Continuously
Callable
@100
.......................
420
451
Series
A-1,
5.00%,
7/1/41,
Continuously
Callable
@100
.......................
825
883
Series
A-1,
5.00%,
7/1/42,
Continuously
Callable
@100
.......................
1,100
1,169
Series
A-1,
5.00%,
7/1/43,
Continuously
Callable
@100
.......................
550
581
Series
A-1,
5.00%,
7/1/44,
Continuously
Callable
@100
.......................
625
655
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue,
5.00%,
7/1/40,
Continuously
Callable
@100
...................
5,500
5,501
New
Memphis
Arena
Public
Building
Authority
Revenue
4/1/32,
Continuously
Callable
@98(d)
....................................
875
675
4/1/33,
Continuously
Callable
@96(d)
....................................
625
459
4/1/34,
Continuously
Callable
@94(d)
....................................
875
613
4/1/35,
Continuously
Callable
@92(d)
....................................
875
582
Shelby
County
Health
&
Educational
Facilities
Board
Revenue,
Series
A1,
5.00%,
6/1/44,
Continuously
Callable
@100(a)
.........................................
1,000
984
Tennergy
Corp.
Revenue,
Series
A,
5.50%,
10/1/53
,
(Put
Date
12/1/30)(b)
..............
12,500
13,245
Tennessee
Energy
Acquisition
Corp.
Revenue,
Series
A,
5.00%,
12/1/35,
Continuously
Callable
@100
...........................................................
1,600
1,688
Tennessee
Housing
Development
Agency
Revenue,
Series
1A,
5.00%,
7/1/50,
Continuously
Callable
@100
.....................................................
500
510
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Metropolitan
Nashville
Airport
Authority
Revenue
AMT,
Series
B,
5.25%,
7/1/51,
Continuously
Callable
@100
...........................................
$
3,500
$
3,636
35,695
Texas
(9.5%):
Arlington
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
4.00%,
2/15/44,
Continuously
Callable
@100
...............................
10,000
9,726
4.13%,
8/15/49,
Continuously
Callable
@100
...............................
4,600
4,270
4.50%,
8/15/50,
Continuously
Callable
@100
...............................
1,250
1,221
Austin
Convention
Enterprises,
Inc.
Revenue,
Series
A,
5.00%,
1/1/34,
Continuously
Callable
@100
...........................................................
1,105
1,109
Barbers
Hill
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund),
4.00%,
2/15/49,
Continuously
Callable
@100
....................................
5,000
4,677
Board
of
Managers
Joint
Guadalupe
County-City
of
Seguin
Hospital
Revenue
5.00%,
12/1/27,
Continuously
Callable
@100
...............................
2,990
2,992
5.00%,
12/1/28,
Continuously
Callable
@100
...............................
1,640
1,641
5.00%,
12/1/29,
Continuously
Callable
@100
...............................
1,600
1,601
5.00%,
12/1/30,
Continuously
Callable
@100
...............................
1,700
1,701
5.25%,
12/1/35,
Continuously
Callable
@100
...............................
5,150
5,152
City
of
Arlington
Special
Tax
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
C,
5.00%,
2/15/34,
Continuously
Callable
@100
........................
1,500
1,547
Series
C,
5.00%,
2/15/35,
Continuously
Callable
@100
........................
1,500
1,548
Series
C,
5
.00%,
2/15/36,
Continuously
Callable
@100
........................
3,100
3,194
Series
C,
5.00%,
2/15/37,
Continuously
Callable
@100
........................
3,305
3,404
Series
C,
5.00%,
2/15/38,
Continuously
Callable
@100
........................
4,380
4,512
City
of
Corpus
Christi
Utility
System
Revenue
4.00%,
7/15/32,
Continuously
Callable
@100
...............................
1,800
1,801
4.00%,
7/15/33,
Continuously
Callable
@100
...............................
1,100
1,101
4.00%,
7/15/34,
Continuously
Callable
@100
...............................
1,050
1,050
4
.00%,
7/15/35,
Continuously
Callable
@100
...............................
1,000
1,000
City
of
Galveston
Wharves
&
Terminal
Revenue
AMT,
Series
A,
5.50%,
8/1/41,
Continuously
Callable
@100
.....................................................
500
545
City
of
Houston
Airport
System
Revenue
AMT
Series
A,
5.50%,
7/1/45,
Continuously
Callable
@100
.........................
500
546
Series
B,
5.50%,
7/15/39,
Continuously
Callable
@100
........................
3,000
3,177
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue,
Series
D,
5.25%,
9/1/51,
Continuously
Callable
@100
...........................................
625
657
City
of
Laredo
Waterworks
&
Sewer
System
Revenue
4.00%,
3/1/32,
Continuously
Callable
@100
...............................
740
740
4.00%,
3/1/33,
Continuously
Callable
@100
...............................
1,000
1,001
4.00%,
3/1/34,
Continuously
Callable
@100
...............................
1,000
1,001
4.00%,
3/1/36,
Continuously
Callable
@100
...............................
1,500
1,501
Clifton
Higher
Education
Finance
Corp.
Revenue
4.63%,
4/1/50,
Continuously
Callable
@100
...............................
1,800
1,776
Series
A,
4.00%,
8/15/38,
Continuously
Callable
@100
........................
1,085
1,085
Series
A,
4.00%,
8/15/39,
Continuously
Callable
@100
........................
1,130
1,127
Series
A,
4.00%,
8/15/40,
Continuously
Callable
@100
........................
1,180
1,170
Series
A,
4.00%,
8/15/41,
Continuously
Callable
@100
........................
1,225
1,204
Series
A,
4.00%,
8/15/42,
Continuously
Callable
@100
........................
1,035
1,004
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
4.00%,
8/15/33,
Continuously
Callable
@100
...............................
2,130
2,167
4.00%,
8/15/34,
Continuously
Callable
@100
...............................
2,275
2,311
4.00%,
8/15/35,
Continuously
Callable
@100
...............................
2,375
2,405
4.00%,
8/15/36,
Continuously
Callable
@100
...............................
3,710
3,742
4.00%,
8/15/37,
Continuously
Callable
@100
...............................
3,860
3,876
4
.00%,
8/15/38,
Continuously
Callable
@100
...............................
4,015
4,019
4.00%,
8/15/39,
Continuously
Callable
@100
...............................
4,305
4,272
Series
A,
4.00%,
8/15/32,
Continuously
Callable
@100
........................
1,300
1,301
Dallas
Fort
Worth
International
Airport
Revenue
AMT,
Series
A-1,
5.25%,
11/1/46,
Continuously
Callable
@100
...........................................
3,000
3,152
El
Paso
County
Hospital
District
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.),
4.13%,
2/15/49,
Continuously
Callable
@100
...............................
1,000
910
EP
Cimarron
Ventanas
PFC
Revenue,
4.13%,
12/1/39,
Continuously
Callable
@100
.......
2,000
1,966
EP
Essential
Housing
WF
PFC
Revenue,
4.25%,
12/1/34,
Continuously
Callable
@100
.....
1,150
1,164
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Grayson
County
Junior
College
District,
GO,
4.00%,
2/15/49,
Continuously
Callable
@100
..
$
1,350
$
1,226
Gulf
Coast
IDA
Revenue,
1.35%,
11/1/41,
Continuously
Callable
@100(e)
..............
2,505
2,505
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue,
Series
A,
5.00%,
6/1/28,
Continuously
Callable
@100
...........................................
890
886
Main
Street
Market
Square
Redevelopment
Authority
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00%,
9/1/29,
Continuously
Callable
@100
...............................
1,215
1,217
5.00%,
9/1/30,
Continuously
Callable
@100
...............................
1,380
1,382
5.00%,
9/1/31,
Continuously
Callable
@100
...............................
2,000
2,003
5.00%,
9/1/32,
Continuously
Callable
@100
...............................
1,500
1,502
5.00%,
9/1/33,
Continuously
Callable
@100
...............................
2,680
2,684
Matagorda
County
Navigation
District
No.
1
Revenue,
Series
B-2,
4.00%,
6/1/30,
Continuously
Callable
@100
...........................................
5,405
5,395
Mesquite
Health
Facilities
Development
Corp.
Revenue
0.00%
(f)
.........................................................
1,049
12
0.00%,
2/15/35,
Continuously
Callable
@100(f)
.............................
364
4
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Series
A,
5.00%,
7/1/30,
Continuously
Callable
@100(f)
.......................
7,500
7,262
Series
B2,
4.63%,
10/1/30,
Continuously
Callable
@100
.......................
1,000
1,001
Series
B3,
4.25%,
10/1/30,
Continuously
Callable
@100
.......................
1,000
1,005
Newark
Higher
Education
Finance
Corp.
Revenue
4.00%,
4/1/32,
Continuously
Callable
@100
...............................
1,635
1,635
4.00%,
4/1/33,
Continuously
Callable
@100
...............................
2,000
2,001
4.00%,
4/1/34,
Continuously
Callable
@100
...............................
4,470
4,471
4.00%,
4/1/35,
Continuously
Callable
@100
...............................
1,650
1,650
4.00%,
4/1/36,
Continuously
Callable
@100
...............................
2,150
2,150
North
Texas
Tollway
Authority
Revenue
Series
A,
4.00%,
1/1/43,
Continuously
Callable
@100
.........................
14,120
13,861
Series
A,
4.00%,
1/1/44,
Continuously
Callable
@100
.........................
1,085
1,060
North
Texas
Tollway
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.),
Series
1,
1/1/29(d)
.
20,000
18,519
North
Texas
Tollway
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B,
4.00%,
1/1/35,
Continuously
Callable
@100
.........................
2,000
2,009
Series
B,
4.00%,
1/1/36,
Continuously
Callable
@100
.........................
1,695
1,699
Port
of
Port
Arthur
Navigation
District
Revenue
Series
A,
1.50%,
4/1/40,
Continuously
Callable
@100(e)
.......................
12,600
12,600
Series
B,
1.50%,
4/1/40,
Continuously
Callable
@100(e)
.......................
19,905
19,905
Series
C,
1.50%,
4/1/40,
Continuously
Callable
@100(e)
.......................
13,380
13,380
San
Antonio
Education
Facilities
Corp.
Revenue
4.00%,
4/1/39,
Continuously
Callable
@100
...............................
700
667
4.00%,
4/1/40,
Continuously
Callable
@100
...............................
1,000
944
4.00%,
4/1/41,
Continuously
Callable
@100
...............................
895
835
5.25%,
10/1/45,
Continuously
Callable
@100
...............................
2,000
2,075
5.00%,
10/1/50,
Continuously
Callable
@100
...............................
1,250
1,205
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5.00%,
11/15/30,
Continuously
Callable
@100
..............................
2,145
2,203
5.00%,
11/15/31,
Continuously
Callable
@100
..............................
2,250
2,309
5.00%,
11/15/32,
Continuously
Callable
@100
..............................
2,365
2,424
5.00%,
11/15/37,
Continuously
Callable
@100
..............................
2,175
2,220
5.00%,
10/1/44,
Continuously
Callable
@103
...............................
2,200
2,250
Texas
Department
of
Housing
&
Community
Affairs
Revenue,
Series
B,
5.00%,
7/1/50,
Continuously
Callable
@100
...........................................
600
612
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Revenue,
5.00%,
12/15/30
..........
9,835
10,364
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
Revenue,
5.00%,
4/1/36,
Continuously
Callable
@100
.....................................................
3,570
3,782
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
Revenue
4.00%,
6/30/38,
Continuously
Callable
@100
...............................
3,300
3,223
4.00%,
12/31/38,
Continuously
Callable
@100
..............................
3,850
3,737
4.00%,
6/30/39,
Continuously
Callable
@100
...............................
2,150
2,088
265,028
Utah
(0.0%):(h)
Military
Installation
Development
Authority
Revenue,
Series
A-1,
4.00%,
6/1/36,
Continuously
Callable
@103
.....................................................
1,045
1,024
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vermont
(0.5%):
Vermont
Economic
Development
Authority
Revenue
4.00%,
5/1/37,
Continuously
Callable
@103
...............................
$
4,190
$
3,992
Series
B,
4.00%,
5/1/33,
Continuously
Callable
@103
.........................
3,905
3,794
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
5.75%,
10/1/43,
Continuously
Callable
@100(a)
.............................
3,000
2,813
Series
A,
5.00%,
12/1/36,
Continuously
Callable
@100
........................
2,500
2,501
13,100
Virginia
(1.5%):
Chesapeake
Hospital
Authority
Revenue
4.00%,
7/1/36,
Continuously
Callable
@100
...............................
1,175
1,183
4.00%,
7/1/37,
Continuously
Callable
@100
...............................
1,205
1,210
Loudoun
County
Economic
Development
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.),
Series
2023-DBE-8106,
1.70%,
6/1/63,
Continuously
Callable
@100(a)(e)
..........
5,600
5,600
Lynchburg
Economic
Development
Authority
Revenue,
Series
A,
5.50%,
1/1/51,
Continuously
Callable
@100
.....................................................
1,000
1,068
Salem
Economic
Development
Authority
Revenue
5.50%,
4/1/45,
Continuously
Callable
@100
...............................
530
563
6.00%,
4/1/50,
Continuously
Callable
@100
...............................
235
252
Stafford
County
Economic
Development
Authority
Revenue
5.00%,
6/15/33,
Continuously
Callable
@100
...............................
750
750
5.00%,
6/15/34,
Continuously
Callable
@100
...............................
2,620
2,621
5.00%,
6/15/35,
Continuously
Callable
@100
...............................
1,930
1,931
Virginia
College
Building
Authority
Revenue
4.00%,
2/1/36,
Continuously
Callable
@100
...............................
3,000
3,014
6.00%,
6/1/50,
Continuously
Callable
@100
...............................
1,500
1,608
Virginia
Housing
Development
Authority
Revenue
Series
A,
4.60%,
9/1/50,
Continuously
Callable
@100
.........................
1,500
1,491
Series
D,
4.65%,
1/1/50,
Continuously
Callable
@100
........................
2,000
1,969
Series
E,
4.63%,
7/1/50,
Continuously
Callable
@100
.........................
1,250
1,228
Series
H,
4.63%,
12/1/49,
Continuously
Callable
@100
........................
1,200
1,192
Virginia
Small
Business
Financing
Authority
Revenue
Series
A,
4.00%,
1/1/37,
Continuously
Callable
@103
.........................
500
502
Series
A,
4.00%,
1/1/38,
Continuously
Callable
@103
.........................
6,000
6,024
Series
A,
4.00%,
1/1/39,
Continuously
Callable
@103
.........................
7,000
6,908
Series
A,
4.50%,
12/1/44,
Continuously
Callable
@102
........................
1,850
1,859
40,973
Washington
(1.7%):
County
of
Spokane
Airport
Revenue
AMT,
Series
B,
5.25%,
1/1/49,
Continuously
Callable
@100
...........................................................
8,000
8,316
King
County
Housing
Authority
Revenue,
5.38%,
7/1/45,
Continuously
Callable
@100
.....
2,740
2,908
King
County
Public
Hospital
District
No.
2,
GO,
5.25%,
12/1/45,
Continuously
Callable
@100
2,500
2,652
Port
of
Seattle
Revenue
AMT,
Series
B,
5.25%,
7/1/49,
Continuously
Callable
@100
......
4,000
4,127
Skagit
County
Public
Hospital
District
No.
1
Revenue
5.50%,
12/1/38,
Continuously
Callable
@100
...............................
300
321
5.50%,
12/1/39,
Continuously
Callable
@100
...............................
500
534
5.50%,
12/1/40,
Continuously
Callable
@100
...............................
500
533
5.50%,
12/1/41,
Continuously
Callable
@100
...............................
325
346
5.50%,
12/1/42,
Continuously
Callable
@100
...............................
300
319
5.50%,
12/1/43,
Continuously
Callable
@100
...............................
500
528
5.50%,
12/1/44,
Continuously
Callable
@100
...............................
450
473
Washington
Health
Care
Facilities
Authority
Revenue
5.00%,
7/1/35,
Continuously
Callable
@100
...............................
2,355
2,394
5.00%,
8/15/35,
Continuously
Callable
@100
...............................
1,775
1,805
5.00%,
7/1/36,
Continuously
Callable
@100
...............................
2,250
2,284
4.00%,
7/1/37,
Continuously
Callable
@100
...............................
3,125
3,000
4.00%,
12/1/45,
Continuously
Callable
@100(a)
.............................
2,080
1,936
Washington
State
Housing
Finance
Commission
Revenue
5.88%,
7/1/43,
Continuously
Callable
@103(a)
.............................
1,000
1,057
Series
A,
5.00%,
7/1/38,
Continuously
Callable
@103
.........................
1,590
1,655
Series
A,
5.00%,
7/1/43,
Continuously
Callable
@103
.........................
4,450
4,551
Series
A,
5.00%,
7/1/45,
Continuously
Callable
@100(a)
.......................
1,000
1,014
Series
A,
6.00%,
1/1/46,
Continuously
Callable
@100
.........................
5,000
5,111
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A-1,
3.50%,
12/20/35
...........................................
$
2,463
$
2,384
48,248
West
Virginia
(0.9%):
West
Virginia
Hospital
Finance
Authority
Revenue
5.00%,
1/1/35,
Continuously
Callable
@100
...............................
2,920
2,924
5.00%,
1/1/36,
Continuously
Callable
@100
...............................
2,065
2,062
5.00%,
9/1/38,
Continuously
Callable
@100
...............................
2,000
2,042
5.00%,
9/1/39,
Continuously
Callable
@100
...............................
1,000
1,018
Series
A,
5.00%,
6/1/33,
Continuously
Callable
@100
.........................
1,850
1,876
Series
A,
5.00%,
6/1/34,
Continuously
Callable
@100
.........................
2,970
3,009
Series
A,
5.00%,
6/1/35,
Continuously
Callable
@100
.........................
2,405
2,434
Series
A,
4.13%,
6/1/42,
Continuously
Callable
@100
.........................
5,000
4,881
Series
A,
5.50%,
6/1/50,
Continuously
Callable
@100
.........................
1,000
1,062
Series
B,
5.75%,
9/1/43,
Continuously
Callable
@100
.........................
4,000
4,369
25,677
Wisconsin
(2.9%):
Public
Finance
Authority
Revenue
4.00%,
3/1/29(a)
...................................................
890
872
4.00%,
6/15/29,
Continuously
Callable
@100(a)
.............................
160
158
4.00%,
9/1/29,
Continuously
Callable
@103(a)
.............................
1,020
1,018
4.00%,
3/1/30(a)
...................................................
950
921
4.00%,
3/1/34,
Continuously
Callable
@100(a)
.............................
3,520
3,243
5.00%,
4/1/35,
Continuously
Callable
@100
...............................
785
805
5.25%,
5/15/37,
Continuously
Callable
@101(a)
.............................
1,000
1,007
5.00%,
6/15/39,
Continuously
Callable
@100(a)
.............................
410
407
5.00%,
9/1/39,
Continuously
Callable
@103(a)
.............................
2,230
2,242
5.00%,
1/1/40,
Continuously
Callable
@100
...............................
3,500
3,591
5.00%,
4/1/40,
Pre-refunded
4/1/30
@
100(a)
...............................
95
104
5.00%
,
4/1/40,
Continuously
Callable
@100(a)
.............................
1,080
1,079
4.00%,
1/1/42,
Continuously
Callable
@103
...............................
1,150
1,125
4.00%,
4/1/42,
Continuously
Callable
@100(a)
.............................
900
787
5.00%,
4/1/43,
Continuously
Callable
@100
...............................
4,185
4,082
6.63%,
7/1/43,
Continuously
Callable
@100(a)
.............................
485
500
5.00%,
1/1/45,
Continuously
Callable
@100
...............................
3,275
3,298
4.75%,
7/1/45,
Continuously
Callable
@100(a)
.............................
300
278
5.25%,
12/1/48,
Continuously
Callable
@100
...............................
1,500
1,510
5.25%,
11/15/50,
Continuously
Callable
@103
..............................
1,000
1,021
5.75%,
12/1/54,
Continuously
Callable
@100(a)
.............................
1,000
982
Series
A,
5.25%,
10/1/38,
Continuously
Callable
@100
........................
3,250
3,209
Series
A,
4.00%,
7/1/41,
Continuously
Callable
@100
.........................
770
702
Series
A,
5.00%,
11/15/41,
Continuously
Callable
@103
.......................
4,680
4,811
Series
A,
5.50%,
7/1/43,
Continuously
Callable
@100(a)
.......................
2,000
2,028
Series
A,
6.38%,
7/1/43,
Continuously
Callable
@103(a)
.......................
300
310
Series
A,
5.25%,
6/1/45,
Continuously
Callable
@100
.........................
370
376
Series
A,
4.00%,
10/1/49,
Continuously
Callable
@100
........................
2,750
2,380
Series
A,
5.25%,
6/15/50,
Continuously
Callable
@100
........................
750
780
Series
A,
5.00%,
7/1/50,
Continuously
Callable
@100
.........................
2,250
2,280
Series
A-1,
4.00%,
7/1/41,
Continuously
Callable
@100(a)
.....................
675
548
Series
B,
5.25%,
6/15/45,
Continuously
Callable
@100
........................
550
578
Series
B,
5.75%,
12/1/48,
Continuously
Callable
@100
........................
7,785
8,201
Series
D,
4.05%,
11/1/30,
Continuously
Callable
@100
........................
1,500
1,500
University
of
Wisconsin
Hospitals
&
Clinics
Revenue,
Series
A,
4.00%,
4/1/44,
Continuously
Callable
@100
.....................................................
1,300
1,261
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4.00%,
1/1/27
.....................................................
360
362
4.00%,
1/1/28,
Continuously
Callable
@103
...............................
370
372
4.00%,
1/1/29,
Continuously
Callable
@103
...............................
390
393
4.00%,
1/1/30,
Continuously
Callable
@103
...............................
405
407
4.00%,
1/1/37,
Continuously
Callable
@103
...............................
1,460
1,416
4.00%,
3/15/40,
Continuously
Callable
@100
...............................
750
711
4.00%,
12/1/41,
Continuously
Callable
@100
...............................
850
672
5.38%,
6/1/50,
Continuously
Callable
@103
...............................
1,000
1,004
Series
A,
4.00%,
11/15/36,
Continuously
Callable
@100
.......................
9,830
9,844
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A,
4.38%,
11/1/39,
Continuously
Callable
@100
........................
$
5,000
$
5,079
Series
B,
4.00%,
9/15/36,
Continuously
Callable
@103
........................
530
502
Series
B,
4.00%,
9/15/41,
Continuously
Callable
@103
........................
510
473
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.)
4.00%,
2/15/35,
Continuously
Callable
@100
...............................
500
510
4.00%,
2/15/37,
Continuously
Callable
@100
...............................
1,000
1,003
80,742
Wyoming
(0.1%):
Wyoming
Community
Development
Authority
Revenue,
Series
1,
4.85%,
12/1/50,
Continuously
Callable
@100
...........................................
1,440
1,453
Total
Municipal
Bonds
(Cost
$2,824,174)
a
a
a
2,762,158
Total
Investments
(Cost
$2,824,174)
—
99.3%
2,762,158
Other
assets
in
excess
of
liabilities
—  0.7%
20,505
NET
ASSETS
-
100.00%
$
2,782,663
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$141,552
(thousands)
and
amounted
to
5.1%
of
net
assets.
(b)
Put
Bond.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2026.
(d)
Zero-coupon
bond.
(e)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(f)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(g)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(h)
Amount
represents
less
than
0.05%
of
net
assets.
AMT
—
Alternative
Minimum
Tax
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
SOFR
—
Secured
Overnight
Financing
Rate
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
105
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(98.9%)
Alabama
(2.7%):
Alabama
Housing
Finance
Authority
Revenue
,
Series
A
,
4
.88
%
,
10/1/55
,
Continuously
Callable
@100
.....................................................
$
3,165
$
3,138
Black
Belt
Energy
Gas
District
Revenue
Series
A
,
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
........................
1,970
2,076
Series
A
,
5
.25
%
,
5/1/56
,
(Put
Date
5/1/32)
(a)
...............................
9,175
9,317
Series
B
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
7,000
7,109
Series
F
,
5
.00
%
,
6/1/36
,
Continuously
Callable
@100
.........................
1,000
1,045
Series
G
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
2,610
2,761
County
of
Jefferson
Sewer
Revenue
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
........
1,000
1,045
DCH
Healthcare
Authority
Revenue
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
..
4,000
3,317
Homewood
Educational
Building
Authority
Revenue
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...............................
4,500
4,296
Series
A
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
........................
3,000
2,453
Mobile
County
IDA
Revenue
AMT
Series
A
,
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
.........................
500
490
Series
B
,
4
.75
%
,
12/1/54
,
Continuously
Callable
@100
........................
1,000
939
Southeast
Energy
Authority
A
Cooperative
District
Revenue
,
Series
A
,
5
.00
%
,
1/1/56
,
(Put
Date
6/1/35)
(a)
....................................................
4,500
4,585
42,571
Alaska
(0.1%):
Northern
Tobacco
Securitization
Corp.
Revenue
,
Series
A
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.....................................................
1,000
849
Arizona
(2.4%):
Arizona
IDA
Revenue
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
600
603
Series
F
,
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
1,725
1,717
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
Series
B
,
5
.50
%
,
7/1/29
..............................................
1,000
1,085
Series
B
,
5
.50
%
,
7/1/30
..............................................
1,500
1,659
Maricopa
County
IDA
Revenue
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
1,600
1,449
Series
A
,
4
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
1,000
858
Pinal
County
Electric
District
No.
3
Revenue
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
..
10,000
10,000
Sierra
Vista
IDA
Revenue
,
5
.75
%
,
6/15/53
,
Continuously
Callable
@100
(b)
.............
3,000
2,872
Tempe
IDA
Revenue
,
Series
A
,
4
.00
%
,
12/1/46
,
Continuously
Callable
@102
............
2,500
2,078
The
County
of
Pima
IDA
Revenue
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(b)
............................
2,500
1,845
Series
A
,
6
.88
%
,
11/15/52
,
Continuously
Callable
@103
(b)
.....................
3,750
3,975
The
County
of
Yavapai
IDA
Revenue
,
4
.00
%
,
8/1/43
,
Continuously
Callable
@100
........
1,725
1,632
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
...............................
1,200
1,200
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
6,000
6,004
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
1,250
1,236
38,213
Arkansas
(0.3%):
Arkansas
Development
Finance
Authority
Revenue
(INS
-
AMBAC
Assurance
Corp.)
7/1/28
(c)
.........................................................
1,000
934
7/1/29
(c)
.........................................................
1,165
1,048
7/1/30
(c)
.........................................................
1,150
994
7/1/36
(c)
.........................................................
2,500
1,635
4,611
California
(4.8%):
California
Educational
Facilities
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
.....................................................
3,000
2,918
California
Health
Facilities
Financing
Authority
Revenue
,
5
.00
%
,
11/15/56
,
Continuously
Callable
@100
.....................................................
1,000
1,006
Cerritos
Community
College
District,
GO
Series
D
,
8/1/31
(c)
..................................................
1,000
858
Series
D
,
8/1/32
(c)
..................................................
2,500
2,069
Series
D
,
8/1/33
(c)
..................................................
2,175
1,734
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
D
,
8/1/34
(c)
..................................................
$
1,000
$
766
Series
D
,
8/1/35
(c)
..................................................
1,500
1,100
Series
D
,
8/1/36
(c)
..................................................
2,200
1,533
Coachella
Valley
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
D
,
8/1/41
(c)
..................................................
8,500
4,644
El
Monte
Union
High
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
6/1/42
(c)
.........................................................
10,000
5,055
Indio
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A
,
5
.25
%
,
8/15/35
,
Continuously
Callable
@100
...........................................
1,440
1,442
Los
Alamitos
Unified
School
District
Certificates
of
Participation
5
.95
%
,
8/1/34
,
Continuously
Callable
@100
...............................
1,200
1,305
6
.05
%
,
8/1/42
,
Continuously
Callable
@100
...............................
4,000
4,320
Paramount
Unified
School
District,
GO
8/1/34
(c)
.........................................................
1,860
1,419
8/1/35
(c)
.........................................................
2,000
1,461
8/1/36
(c)
.........................................................
2,750
1,910
8/1/37
(c)
.........................................................
2,750
1,819
Sacramento
City
Schools
Joint
Powers
Financing
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
.........................
2,560
2,563
Series
A
,
5
.00
%
,
3/1/40
,
Continuously
Callable
@100
.........................
2,000
2,002
San
Ysidro
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
G
,
8/1/36
(c)
..................................................
13,605
9,217
Series
G
,
8/1/37
(c)
..................................................
14,285
9,209
Santa
Ana
Unified
School
District
Certificates
of
Participation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4/1/29
(c)
...........................................
8,720
7,815
Stockton
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
D
,
8/1/34
(c)
.........................................................
8,885
6,818
The
El
Camino
Community
College
District
Foundation,
GO
Series
C
,
8/1/34
(c)
..................................................
3,000
2,298
Series
C
,
8/1/38
(c)
..................................................
3,000
1,887
77,168
Colorado
(1.6%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
4
.00
%
,
1/1/52
,
Continuously
Callable
@100
...............................
675
543
5
.00
%
,
4/1/53
,
Continuously
Callable
@100
...............................
750
750
4
.50
%
,
7/1/53
,
Continuously
Callable
@100
...............................
3,000
2,773
4
.00
%
,
1/1/62
,
Continuously
Callable
@100
...............................
795
602
Series
A
,
4
.00
%
,
12/1/48
,
Continuously
Callable
@100
........................
2,500
2,198
Series
A
,
5
.25
%
,
3/1/56
,
Continuously
Callable
@100
.........................
1,000
1,044
Colorado
Health
Facilities
Authority
Revenue
5
.50
%
,
11/1/47
,
Continuously
Callable
@100
...............................
1,000
1,051
Series
A
,
4
.00
%
,
8/1/44
,
Continuously
Callable
@100
.........................
2,070
1,918
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@103
........................
2,250
1,822
County
of
Routt
Co.
Revenue
AMT
,
5
.50
%
,
6/1/56
,
Continuously
Callable
@100
.........
750
785
Denver
Health
&
Hospital
Authority
Revenue
,
Series
A
,
4
.00
%
,
12/1/40
,
Continuously
Callable
@100
...........................................................
750
696
E-470
Public
Highway
Authority
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
9/1/35
,
Continuously
Callable
@64
(c)
.............................
10,000
6,304
Rampart
Range
Metropolitan
District
No.
1
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.........................
4,000
4,048
Southlands
Metropolitan
District
No.
1,
GO
,
Series
A-1
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.....................................................
1,000
973
25,507
Connecticut
(0.5%):
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
5
.25
%
,
7/1/53
,
Continuously
Callable
@100
...............................
3,000
3,119
Series
A
,
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
.........................
3,000
2,728
Series
U
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
........................
3,000
2,752
8,599
District
of
Columbia
(0.1%):
District
of
Columbia
Revenue
5
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............................
1,275
1,273
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
...............................
$
1,140
$
1,107
2,380
Florida
(7.7%):
Alachua
County
Health
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@103
...........................................................
700
599
Capital
Projects
Finance
Authority
Revenue
,
5
.00
%
,
11/1/53
,
Continuously
Callable
@100
..
1,250
1,131
Capital
Trust
Agency,
Inc.
Revenue
,
6
.38
%
,
5/1/53
,
Continuously
Callable
@100
(b)
.......
1,750
1,784
Capital
Trust
Authority
Revenue
,
Series
A
,
5
.25
%
,
12/1/55
,
Continuously
Callable
@100
...
200
201
City
of
Atlantic
Beach
Revenue
Series
A
,
5
.00
%
,
11/15/53
,
Continuously
Callable
@103
.......................
2,000
1,928
Series
B
,
5
.63
%
,
11/15/43
,
Continuously
Callable
@100
.......................
7,000
7,010
City
of
Jacksonville
Revenue
,
4
.00
%
,
11/1/45
,
Continuously
Callable
@100
.............
2,500
2,258
City
of
Pompano
Beach
Revenue
4
.00
%
,
9/1/50
,
Continuously
Callable
@103
...............................
2,000
1,629
Series
A
,
4
.00
%
,
9/1/51
,
Continuously
Callable
@103
.........................
2,895
2,349
City
of
Venice
Revenue
,
Series
A
,
5
.50
%
,
1/1/55
,
Continuously
Callable
@103
(b)
.........
755
744
County
of
Hillsborough
Solid
Waste
&
Resource
Recovery
Revenue
AMT
,
Series
A
,
5
.25
%
,
9/1/54
,
Continuously
Callable
@100
.....................................
2,000
2,075
County
of
Lee
Airport
Revenue
AMT
,
5
.25
%
,
10/1/54
,
Continuously
Callable
@100
.......
2,500
2,566
County
of
Miami-Dade
Aviation
Revenue
AMT
,
Series
A
,
5
.50
%
,
10/1/55
,
Continuously
Callable
@100
.....................................................
1,000
1,049
County
of
Miami-Dade
Rickenbacker
Causeway
Revenue
,
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
.....................................................
1,750
1,751
County
of
Miami-Dade
Water
&
Sewer
System
Revenue
,
Series
B
,
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
...........................................
21,500
21,078
County
of
Pasco
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
9/1/48
,
Continuously
Callable
@100
...........................................
1,000
1,035
Escambia
County
Health
Facilities
Authority
Revenue
4
.00
%
,
8/15/45
,
Continuously
Callable
@100
...............................
6,265
5,586
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
...............................
5,050
4,387
Florida
Development
Finance
Corp.
Revenue
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
600
504
4
.00
%
,
2/1/52
,
Continuously
Callable
@100
...............................
4,000
3,193
Series
A
,
5
.00
%
,
6/15/55
,
Continuously
Callable
@100
........................
1,500
1,386
Florida
Higher
Educational
Facilities
Financing
Authority
Revenue
5
.00
%
,
3/1/44
,
Continuously
Callable
@100
...............................
4,280
3,299
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
...............................
1,400
1,233
5
.00
%
,
3/1/49
,
Continuously
Callable
@100
...............................
1,250
905
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
...............................
1,150
952
4
.13
%
,
12/1/54
,
Continuously
Callable
@100
...............................
1,000
876
Florida
Housing
Finance
Corp.
Revenue
,
Series
3
,
5
.13
%
,
1/1/56
,
Continuously
Callable
@100
385
390
Jacksonville
Aviation
Authority
Revenue
AMT
,
5
.25
%
,
10/1/55
,
Continuously
Callable
@100
1,000
1,028
Lee
County
IDA
Revenue
5
.00
%
,
11/15/49
,
Continuously
Callable
@103
..............................
12,350
12,167
Series
2019A-1
,
4
.00
%
,
4/1/49
,
Continuously
Callable
@100
...................
4,500
3,926
Series
A
,
5
.25
%
,
10/1/52
,
Continuously
Callable
@103
........................
1,000
941
Series
C
,
5
.00
%
,
11/15/54
,
Continuously
Callable
@103
.......................
2,000
1,958
Miami
Beach
Health
Facilities
Authority
Revenue
,
4
.00
%
,
11/15/51
,
Continuously
Callable
@100
...........................................................
2,500
2,181
Miami-Dade
County
Expressway
Authority
Revenue
Series
A
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
.........................
5,000
5,004
Series
A
,
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
.........................
5,000
5,004
Miami-Dade
County
Health
Facilities
Authority
Revenue
,
4
.00
%
,
8/1/47
,
Continuously
Callable
@100
.....................................................
2,000
1,813
Orange
County
Health
Facilities
Authority
Revenue
,
Series
B
,
4
.00
%
,
10/1/45
,
Continuously
Callable
@100
.....................................................
1,500
1,389
Palm
Beach
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
.....................................................
2,070
1,624
Palm
Beach
County
Health
Facilities
Authority
Revenue
5
.00
%
,
11/15/45
,
Continuously
Callable
@103
..............................
150
151
5
.00
%
,
5/15/47
,
Continuously
Callable
@100
...............................
5,000
4,652
Series
A
,
5
.00
%
,
11/1/52
,
Continuously
Callable
@100
........................
250
241
Series
B
,
5
.00
%
,
11/15/42
,
Continuously
Callable
@103
.......................
1,000
1,026
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Polk
County
IDA
Revenue
5
.00
%
,
1/1/49
,
Continuously
Callable
@102
...............................
$
1,000
$
934
5
.00
%
,
1/1/55
,
Continuously
Callable
@102
...............................
1,000
925
Sarasota
County
Health
Facilities
Authority
Revenue
,
5
.00
%
,
5/15/48
,
Continuously
Callable
@102
...........................................................
1,835
1,732
St.
Johns
County
IDA
Revenue
,
4
.00
%
,
8/1/55
,
Continuously
Callable
@103
............
2,000
1,617
Tampa
Housing
Authority
Revenue
,
4
.85
%
,
7/1/36
,
Callable
7/1/26
@
100
..............
2,200
2,202
122,413
Georgia
(2.2%):
Columbia
County
Hospital
Authority
Revenue
,
Series
A
,
5
.13
%
,
4/1/53
,
Continuously
Callable
@100
...........................................................
1,000
1,026
Crisp
County
Hospital
Authority
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
....
3,000
2,676
Development
Authority
for
Fulton
County
Revenue
,
5
.25
%
,
6/1/56
,
Continuously
Callable
@100
...........................................................
2,000
2,063
Gainesville
&
Hall
County
Hospital
Authority
Revenue
,
4
.00
%
,
2/15/45
,
Continuously
Callable
@100
...........................................................
13,000
12,103
Glynn-Brunswick
Memorial
Hospital
Authority
Revenue
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
.....................................................
1,500
1,503
Main
Street
Natural
Gas,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
5/15/49
.....................
3,000
3,076
Municipal
Electric
Authority
of
Georgia
Revenue
,
Series
A
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@100
.....................................................
1,100
999
Private
Colleges
&
Universities
Authority
Revenue
,
4
.00
%
,
6/1/45
,
Continuously
Callable
@100
...........................................................
1,700
1,590
The
Development
Authority
of
Burke
County
Revenue
,
Series
1
,
1
.55
%
,
7/1/49
,
Continuously
Callable
@100
(d)
...................................................
1,800
1,800
The
Development
Authority
of
Burke
County
Revenue
(NBGA
-
Southern
Co.)
,
Series
GA
,
1
.45
%
,
11/1/52
,
Continuously
Callable
@100
(d)
.............................
8,300
8,300
35,136
Hawaii
(0.1%):
State
of
Hawaii
Airports
System
Revenue
AMT
,
Series
A
,
5
.25
%
,
7/1/51
,
Continuously
Callable
@100
.....................................................
1,750
1,821
Illinois
(11.2%):
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Revenue
,
5
.75
%
,
4/1/48
,
Continuously
Callable
@100
...........................................
2,500
2,605
Chicago
Board
of
Education,
GO
Series
A
,
4
.00
%
,
12/1/47
,
Continuously
Callable
@100
........................
4,220
3,418
Series
A
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
........................
1,800
1,673
Chicago
O'Hare
International
Airport
Revenue
,
Series
C
,
5
.25
%
,
1/1/54
,
Continuously
Callable
@100
...........................................................
500
523
Chicago
O'Hare
International
Airport
Revenue
AMT
,
Series
E
,
5
.50
%
,
1/1/55
,
Continuously
Callable
@100
.....................................................
5,075
5,276
City
of
Chicago
Wastewater
Transmission
Revenue
,
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.....................................................
3,000
3,014
City
of
Chicago,
GO
Series
A
,
6
.00
%
,
1/1/50
,
Continuously
Callable
@100
.........................
1,335
1,396
Series
F
,
6
.00
%
,
1/1/55
,
Continuously
Callable
@100
.........................
1,000
1,034
City
of
Galesburg
Revenue
,
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
.......
4,000
3,043
Cook
County
Community
College
District
No.
508,
GO
,
5
.50
%
,
12/1/55
,
Continuously
Callable
@100
.....................................................
1,525
1,629
Cook
County
Community
College
District
No.
508,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...................
9,500
9,563
County
of
Cook
Sales
Tax
Revenue
,
5
.00
%
,
11/15/38
,
Continuously
Callable
@100
.......
7,750
7,904
Illinois
Finance
Authority
Revenue
5
.50
%
,
4/1/32
,
Continuously
Callable
@100
...............................
7,065
7,066
4
.00
%
,
3/1/38
,
Continuously
Callable
@100
...............................
2,000
2,000
5
.00
%
,
8/1/42
,
Continuously
Callable
@100
...............................
750
757
4
.00
%
,
12/1/46
....................................................
4,500
4,500
5
.00
%
,
8/1/47
,
Continuously
Callable
@100
...............................
750
729
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...............................
2,000
1,909
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
...............................
1,250
1,267
5
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
1,000
1,004
5
.00
%
,
3/1/52
,
Continuously
Callable
@100
...............................
1,075
961
4
.00
%
,
10/1/55
,
Continuously
Callable
@100
...............................
2,000
1,651
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
5
.00
%
,
5/15/37
,
Continuously
Callable
@100
........................
$
700
$
707
Series
A
,
4
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
12,395
12,201
Series
A
,
5
.00
%
,
2/15/47
,
Continuously
Callable
@100
........................
1,000
933
Series
A
,
5
.00
%
,
5/15/47
,
Continuously
Callable
@100
........................
1,155
1,130
Series
A
,
5
.00
%
,
2/15/50
,
Continuously
Callable
@100
........................
500
456
Series
A
,
4
.00
%
,
8/1/51
,
Continuously
Callable
@100
.........................
3,500
2,864
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded
2/15/27
@
100
........................
20
20
Series
C
,
4
.00
%
,
2/15/41
,
Continuously
Callable
@100
........................
30
30
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded
2/15/27
@
100
........................
320
323
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded
2/15/27
@
100
........................
485
490
Illinois
Housing
Development
Authority
Revenue
,
Series
A
,
4
.90
%
,
4/1/51
,
Continuously
Callable
@100
.....................................................
1,600
1,608
Illinois
State
Toll
Highway
Authority
Revenue
,
Series
A
,
4
.00
%
,
1/1/46
,
Continuously
Callable
@100
...........................................................
4,000
3,809
Metropolitan
Pier
&
Exposition
Authority
Revenue
,
5
.00
%
,
6/15/50
,
Continuously
Callable
@100
...........................................................
9,500
9,566
Northern
Illinois
Municipal
Power
Agency
Revenue
,
Series
A
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
.....................................................
9,000
8,764
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.00
%
,
4/1/41
,
Continuously
Callable
@100
...............................
600
575
Regional
Transportation
Authority
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
6
.50
%
,
7/1/30
.....................................................
37,550
40,956
Sangamon
County
Water
Reclamation
District,
GO
Series
A
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@100
.........................
15,000
13,635
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@100
.........................
2,000
2,004
State
of
Illinois,
GO
Series
A
,
5
.00
%
,
10/1/33
,
Continuously
Callable
@100
........................
2,000
2,069
Series
C
,
5
.50
%
,
4/1/51
,
Continuously
Callable
@100
.........................
915
975
State
of
Illinois,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
2/1/31
,
Continuously
Callable
@100
...............................
1,000
1,003
4
.00
%
,
2/1/32
,
Continuously
Callable
@100
...............................
1,000
1,002
Village
of
Rosemont,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
....................................
10,000
10,006
178,048
Indiana
(2.4%):
Evansville
Redevelopment
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
2/1/38
,
Continuously
Callable
@100
...............................
5,540
5,542
4
.00
%
,
2/1/39
,
Continuously
Callable
@100
...............................
3,605
3,606
Indiana
Finance
Authority
Revenue
5
.00
%
,
11/15/43
,
Continuously
Callable
@103
..............................
1,970
1,990
5
.00
%
,
11/15/48
,
Continuously
Callable
@103
..............................
3,895
3,844
5
.25
%
,
3/1/54
,
Continuously
Callable
@100
...............................
1,000
1,026
Series
A
,
5
.50
%
,
4/1/46
,
Continuously
Callable
@100
.........................
5,000
5,004
Series
A
,
4
.00
%
,
11/15/51
,
Continuously
Callable
@100
.......................
1,030
819
Series
A
,
5
.50
%
,
7/1/52
,
Continuously
Callable
@100
.........................
4,500
4,632
Series
A
,
5
.00
%
,
6/1/53
,
Continuously
Callable
@100
.........................
1,000
960
Indiana
Housing
&
Community
Development
Authority
Revenue
Series
B-1
,
5
.05
%
,
7/1/55
,
Continuously
Callable
@100
.......................
1,800
1,821
Series
D-1
,
4
.75
%
,
7/1/54
,
Continuously
Callable
@100
.......................
1,000
975
Indianapolis
Local
Public
Improvement
Bond
Bank
Revenue
AMT
,
Series
B2
,
5
.00
%
,
1/1/55
,
Continuously
Callable
@100
...........................................
500
503
Richmond
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@100
7,000
7,007
37,729
Iowa
(0.5%):
Iowa
Finance
Authority
Revenue
,
Series
A
,
5
.00
%
,
5/15/43
,
Continuously
Callable
@100
...
6,235
6,245
Iowa
Higher
Education
Loan
Authority
Revenue
,
5
.38
%
,
10/1/52
,
Continuously
Callable
@100
1,000
1,015
Iowa
Tobacco
Settlement
Authority
Revenue
,
Series
A-2
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
...........................................................
1,000
878
8,138
Kansas
(0.6%):
City
of
Lawrence
Revenue
,
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
........
5,000
5,014
City
of
Manhattan
Revenue
Series
A
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@103
.........................
1,000
835
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
4
.00
%
,
6/1/52
,
Continuously
Callable
@103
.........................
$
1,500
$
1,161
Wyandotte
County-Kansas
City
Unified
Government
Utility
System
Revenue
,
Series
A
,
5
.00
%
,
9/1/45
,
Continuously
Callable
@100
.....................................
2,000
2,001
9,011
Kentucky
(1.4%):
City
of
Hazard
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
.................
3,000
2,594
County
of
Boyle
Revenue
,
Series
A
,
4
.50
%
,
6/1/53
,
Continuously
Callable
@100
.........
1,525
1,358
Kentucky
Bond
Development
Corp.
Revenue
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
..
1,070
882
Kentucky
Economic
Development
Finance
Authority
Revenue
Series
A
,
5
.00
%
,
5/15/46
,
Continuously
Callable
@100
........................
5,500
4,551
Series
B
,
5
.00
%
,
8/15/41
,
Continuously
Callable
@100
........................
3,000
3,035
Kentucky
Economic
Development
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
500
496
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
2,000
2,018
Kentucky
Public
Energy
Authority
Revenue
,
Series
B
,
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
...........................................................
2,000
2,052
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
Series
A
,
5
.00
%
,
5/15/52
,
Continuously
Callable
@100
...........................................
6,000
5,671
22,657
Louisiana
(3.3%):
City
of
New
Orleans,
GO
,
Series
A
,
5
.75
%
,
12/1/55
,
Continuously
Callable
@100
........
250
266
City
of
Shreveport
Water
&
Sewer
Revenue
,
Series
B
,
5
.00
%
,
12/1/41
,
Continuously
Callable
@100
...........................................................
5,500
5,525
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
Series
B
,
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
....................................
1,000
889
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,100
1,084
Jefferson
Sales
Tax
District
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
12/1/42
,
Continuously
Callable
@100
...............................
7,000
6,897
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
1,685
1,720
5
.00
%
,
10/1/48
,
Continuously
Callable
@100
...............................
5,000
5,006
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
........................
8,210
7,729
Louisiana
Public
Facilities
Authority
Revenue
4
.00
%
,
5/15/41
,
Continuously
Callable
@100
...............................
1,235
1,186
5
.00
%
,
5/15/46
,
Continuously
Callable
@100
...............................
5,000
5,006
5
.00
%
,
7/1/57
,
Continuously
Callable
@100
...............................
2,000
2,003
Series
A
,
4
.00
%
,
12/15/50
,
Pre-refunded
12/15/27
@
100
......................
30
31
Series
A
,
4
.00
%
,
12/15/50
,
Continuously
Callable
@100
.......................
970
869
Series
A
,
4
.00
%
,
1/1/56
,
Continuously
Callable
@100
.........................
9,000
7,498
New
Orleans
Aviation
Board
Revenue
AMT
,
Series
C-2
,
5
.25
%
,
1/1/51
,
Continuously
Callable
@100
...........................................................
4,120
4,196
Port
New
Orleans
Board
of
Commissioners
Revenue
AMT
Series
B
,
5
.50
%
,
4/1/51
,
Continuously
Callable
@100
.........................
1,900
2,032
Series
B
,
5
.50
%
,
4/1/54
,
Continuously
Callable
@100
.........................
1,300
1,380
53,317
Maine
(0.4%):
Maine
Health
&
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........................................
9,000
7,111
Maryland
(0.1%):
State
of
Maryland
Department
of
Transportation
Revenue
AMT
,
Series
A
,
5
.25
%
,
8/1/54
,
Continuously
Callable
@100
...........................................
2,000
2,078
Massachusetts
(2.3%):
Massachusetts
Development
Finance
Agency
Revenue
5
.00
%
,
4/15/40
,
Continuously
Callable
@100
...............................
1,000
983
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
3,280
3,100
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
1,000
834
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,500
1,430
5
.25
%
,
7/1/55
,
Continuously
Callable
@103
...............................
1,000
1,001
Series
A
,
5
.50
%
,
7/1/44
,
Continuously
Callable
@100
.........................
2,000
1,834
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
........................
$
3,370
$
2,808
Series
B
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.........................
1,700
1,283
Series
B
,
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
.........................
975
784
Series
D
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
........................
3,000
2,952
Series
E
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
1,000
956
Series
I
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
4,000
3,978
Series
J2
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
........................
10,000
10,062
Series
N
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
........................
2,000
2,117
Massachusetts
Development
Finance
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
4
.00
%
,
10/1/45
,
Continuously
Callable
@100
..................
1,250
1,142
Massachusetts
Housing
Finance
Agency
Revenue
,
Series
242
,
4
.80
%
,
12/1/55
,
Continuously
Callable
@100
.....................................................
1,250
1,233
36,497
Michigan
(2.5%):
County
of
Genesee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.00
%
,
2/1/41
,
Continuously
Callable
@100
...........................................
2,000
2,000
Downriver
Utility
Wastewater
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
4/1/43
,
Continuously
Callable
@100
...............................
2,500
2,542
Flint
Hospital
Building
Authority
Revenue
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
....
2,500
2,379
Jackson
Public
Schools,
GO
(NBGA
-
Michigan
School
Bond
Qualification
and
Loan
Program)
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
...............................
6,000
6,103
5
.00
%
,
5/1/48
,
Continuously
Callable
@100
...............................
3,000
3,014
Karegnondi
Water
Authority
Revenue
,
5
.00
%
,
11/1/45
,
Continuously
Callable
@100
.......
2,750
2,767
Michigan
Finance
Authority
Revenue
5
.00
%
,
11/1/43
,
Continuously
Callable
@100
...............................
1,000
1,021
4
.00
%
,
2/15/44
,
Continuously
Callable
@100
...............................
5,000
4,621
4
.00
%
,
2/15/47
,
Continuously
Callable
@100
...............................
1,000
896
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
...............................
1,000
736
5
.63
%
,
11/1/52
,
Continuously
Callable
@100
...............................
3,000
3,093
4
.00
%
,
11/1/55
,
Continuously
Callable
@100
...............................
4,000
3,514
Series
A
,
4
.00
%
,
11/15/50
,
Continuously
Callable
@100
.......................
3,000
2,556
Michigan
State
Building
Authority
Revenue
,
4
.00
%
,
10/15/49
,
Continuously
Callable
@100
.
2,500
2,303
Michigan
State
Housing
Development
Authority
Revenue
,
Series
A
,
5
.00
%
,
12/1/55
,
Continuously
Callable
@100
...........................................
1,000
1,009
NorthWestern
Regional
Airport
Authority
Revenue
AMT
,
5
.25
%
,
1/1/56
,
Continuously
Callable
@100
...........................................................
1,125
1,163
39,717
Minnesota
(0.2%):
Minnesota
Municipal
Gas
Agency
Revenue
,
Series
A
,
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
...........................................................
2,500
2,612
Mississippi
(0.1%):
Mississippi
Home
Corp.
Revenue
,
Series
A
,
4
.95
%
,
6/1/53
,
Continuously
Callable
@100
...
1,665
1,705
Missouri
(3.4%):
Cape
Girardeau
County
IDA
Revenue
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
750
756
Series
A
,
6
.00
%
,
3/1/33
,
Continuously
Callable
@100
.........................
1,455
1,458
Hannibal
IDA
Revenue
,
5
.00
%
,
10/1/47
,
Continuously
Callable
@100
.................
3,000
2,716
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
4
.00
%
,
8/1/36
,
Continuously
Callable
@100
...............................
440
429
0.00%,
5/15/40
,
Continuously
Callable
@102
(e)
.............................
1,662
71
4
.00
%
,
8/1/41
,
Continuously
Callable
@100
...............................
410
371
4
.00
%
,
2/1/48
,
Continuously
Callable
@100
...............................
10,000
8,413
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
...............................
1,000
823
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
...............................
1,000
1,026
Series
A
,
5
.00
%
,
2/1/42
,
Continuously
Callable
@102
.........................
3,500
3,523
Series
A
,
4
.00
%
,
2/15/54
,
Continuously
Callable
@100
........................
2,500
2,177
Missouri
Development
Finance
Board
Revenue
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
...............................
2,000
1,612
Series
D
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
........................
17,775
16,837
Missouri
Housing
Development
Commission
Revenue
Series
A
,
4
.65
%
,
11/1/55
,
Continuously
Callable
@100
........................
1,000
953
Series
C
,
5
.00
%
,
11/1/55
,
Continuously
Callable
@100
........................
1,000
1,011
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
D
,
5
.15
%
,
11/1/55
,
Continuously
Callable
@100
........................
$
1,000
$
1,010
St.
Louis
County
IDA
Revenue
5
.00
%
,
9/1/48
,
Continuously
Callable
@100
...............................
2,000
1,932
Series
A
,
5
.88
%
,
9/1/43
,
Continuously
Callable
@100
.........................
5,000
5,003
St.
Louis
Municipal
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
10/1/38
,
Continuously
Callable
@100
...............................
3,065
3,116
Stoddard
County
IDA
Revenue
,
Series
B
,
6
.00
%
,
3/1/37
,
Continuously
Callable
@100
.....
1,560
1,563
54,800
Montana
(0.3%):
City
of
Forsyth
Revenue
,
Series
A
,
3
.90
%
,
3/1/31
,
Continuously
Callable
@100
..........
4,000
3,988
Montana
Board
of
Housing
Revenue
,
Series
A
,
4
.88
%
,
12/1/54
,
Continuously
Callable
@100
250
248
Montana
Facility
Finance
Authority
Revenue
4
.00
%
,
6/1/45
,
Continuously
Callable
@100
...............................
1,000
940
Series
A
,
5
.50
%
,
2/15/55
,
Continuously
Callable
@100
........................
165
173
5,349
Nebraska
(1.6%):
Central
Plains
Energy
Project
Revenue
,
Series
A
,
5
.00
%
,
9/1/42
......................
13,665
13,977
Douglas
County
Hospital
Authority
No.
3
Revenue
,
5
.00
%
,
11/1/48
,
Continuously
Callable
@100
...........................................................
3,400
3,400
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
,
Series
S
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@102
...............................
7,500
6,775
Omaha
Airport
Authority
Revenue
AMT
,
5
.25
%
,
12/15/54
,
Continuously
Callable
@100
....
1,500
1,549
25,701
Nevada
(1.2%):
Carson
City
Revenue
,
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
...................
2,775
2,752
Las
Vegas
Convention
&
Visitors
Authority
Revenue
Series
C
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
4,400
4,354
Series
C
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
12,140
11,443
Reno-Tahoe
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
...........................................................
1,000
1,019
19,568
New
Hampshire
(0.4%):
New
Hampshire
Business
Finance
Authority
Revenue
4
.00
%
,
1/1/51
,
Continuously
Callable
@103
...............................
3,000
2,496
Series
A
,
5
.25
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,000
1,012
Series
A
,
5
.25
%
,
11/1/54
,
Continuously
Callable
@100
........................
1,000
1,004
Series
C
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.........................
2,750
2,692
7,204
New
Jersey
(2.6%):
City
of
Newark
Mass
Transit
Access
Tax
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
5
.38
%
,
11/15/52
,
Continuously
Callable
@100
...................................
1,000
1,059
New
Jersey
Economic
Development
Authority
Revenue
4
.00
%
,
11/1/44
,
Continuously
Callable
@100
...............................
3,000
2,905
Series
A
,
5
.00
%
,
6/15/47
,
Continuously
Callable
@100
........................
3,000
3,025
Series
B
,
5
.00
%
,
6/15/43
,
Continuously
Callable
@100
........................
3,500
3,593
New
Jersey
Economic
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
6/1/42
,
Continuously
Callable
@100
..........................
1,200
1,209
New
Jersey
Educational
Facilities
Authority
Revenue
Series
B
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
5,000
5,018
Series
F
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
3,000
2,281
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
5
.00
%
,
10/1/38
,
Continuously
Callable
@100
.....................................................
2,250
2,305
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........
1,250
1,251
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
,
Series
BB
,
4
.00
%
,
6/15/50
,
Continuously
Callable
@100
...........................................
15,000
13,743
The
Camden
County
Improvement
Authority
Revenue
,
6
.00
%
,
6/15/52
,
Continuously
Callable
@100
...........................................................
1,325
1,369
The
Passaic
County
Improvement
Authority
Revenue
,
5
.38
%
,
7/1/53
,
Continuously
Callable
@100
...........................................................
500
502
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
,
5
.25
%
,
6/1/46
,
Continuously
Callable
@100
...........................................................
3,000
3,011
41,271
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
New
Mexico
(0.5%):
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
,
Series
A
,
5
.00
%
,
7/1/49
,
Continuously
Callable
@102
...........................................
$
8,625
$
7,853
New
York
(3.3%):
Allegany
County
Capital
Resource
Corp.
Revenue
,
Series
A
,
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
.....................................................
4,000
3,258
Build
NYC
Resource
Corp.
Revenue
Series
A
,
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
700
679
Series
A
,
7
.00
%
,
4/15/53
,
Continuously
Callable
@100
(b)
......................
2,500
2,570
Series
A
,
5
.50
%
,
12/1/56
,
Continuously
Callable
@100
........................
720
746
City
of
Cortland,
GO
,
Series
A
,
6
.00
%
,
5/14/27
,
Continuously
Callable
@100
............
3,000
3,000
City
of
New
York,
GO
,
Series
B-3
,
1
.45
%
,
10/1/46
,
Continuously
Callable
@100
(d)
.......
5,365
5,365
Empire
State
Development
Corp.
Revenue
,
Series
A
,
4
.00
%
,
3/15/45
,
Continuously
Callable
@100
...........................................................
5,000
4,864
Metropolitan
Transportation
Authority
Dedicated
Tax
Fund
Revenue
,
Series
A
,
11/15/32
(c)
..
5,000
4,055
Metropolitan
Transportation
Authority
Revenue
,
Series
A-2
,
5
.00
%
,
11/15/45
,
(Put
Date
5/15/30)
(a)
.......................................................
5,490
5,880
New
York
City
Housing
Development
Corp.
Revenue
,
Series
A-1
,
4
.80
%
,
11/1/55
,
Continuously
Callable
@100
...........................................
1,000
1,008
New
York
Liberty
Development
Corp.
Revenue
,
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
1,500
1,420
New
York
State
Dormitory
Authority
Revenue
5
.25
%
,
10/1/49
,
Continuously
Callable
@100
...............................
2,000
2,061
Series
A
,
4
.25
%
,
7/1/50
,
Continuously
Callable
@100
.........................
625
565
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
3,000
2,518
Series
A-1
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
.......................
335
357
New
York
Transportation
Development
Corp.
Revenue
AMT
(INS
-
Assured
Guaranty
Corp.)
,
4
.63
%
,
6/30/54
,
Continuously
Callable
@100
...............................
5,000
4,732
Onondaga
Civic
Development
Corp.
Revenue
,
5
.38
%
,
8/1/54
,
Continuously
Callable
@100
..
750
680
Triborough
Bridge
&
Tunnel
Authority
Revenue
Series
A
,
11/15/31
(c)
................................................
5,000
4,163
Series
A
,
11/15/32
(c)
................................................
3,000
2,400
Series
B
,
11/15/32
(c)
................................................
2,500
2,035
TSASC,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
6/1/41
,
Continuously
Callable
@100
............
1,000
1,004
53,360
North
Carolina
(0.4%):
City
of
Charlotte
Airport
Revenue
,
5
.25
%
,
7/1/56
,
Continuously
Callable
@100
..........
1,000
1,065
North
Carolina
Medical
Care
Commission
Revenue
5
.00
%
,
1/1/49
,
Continuously
Callable
@102
...............................
2,725
2,725
5
.25
%
,
12/1/54
,
Continuously
Callable
@100
...............................
2,000
2,000
5,790
North
Dakota
(0.8%):
City
of
Grand
Forks
Revenue
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
2,375
1,950
Series
A
,
5
.00
%
,
12/1/53
,
Continuously
Callable
@100
........................
1,400
1,417
County
of
Ward
Revenue
,
Series
C
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........
7,500
6,997
North
Dakota
Housing
Finance
Agency
Revenue
,
Series
A
,
5
.05
%
,
7/1/53
,
Continuously
Callable
@100
.....................................................
465
473
University
of
North
Dakota
Certificates
of
Participation
(INS
-
Assured
Guaranty
Corp.)
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
.............................
1,500
1,335
12,172
Ohio
(3.4%):
City
of
Centerville
Revenue
,
5
.25
%
,
11/1/47
,
Continuously
Callable
@100
..............
2,700
2,641
City
of
Middleburg
Heights
Revenue
,
Series
A
,
4
.00
%
,
8/1/47
,
Continuously
Callable
@100
.
2,000
1,726
Columbus
Regional
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.50
%
,
1/1/55
,
Continuously
Callable
@100
.....................................................
2,000
2,091
County
of
Cuyahoga
Revenue
,
4
.75
%
,
2/15/47
,
Continuously
Callable
@100
............
9,000
8,497
County
of
Franklin
Revenue
,
Series
B
,
5
.00
%
,
7/1/45
,
Continuously
Callable
@103
.......
2,000
2,002
County
of
Hamilton
Revenue
5
.00
%
,
1/1/51
,
Continuously
Callable
@100
...............................
2,500
2,386
Series
A
,
5
.50
%
,
8/1/51
,
Continuously
Callable
@100
.........................
1,335
1,368
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@103
.........................
2,000
2,035
County
of
Lucas
Revenue
,
Series
A
,
5
.25
%
,
11/15/48
,
Continuously
Callable
@100
.......
3,000
2,979
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
County
of
Montgomery
Revenue
4
.00
%
,
11/15/42
,
Continuously
Callable
@100
..............................
$
2,500
$
2,290
4
.00
%
,
11/15/45
,
Continuously
Callable
@100
..............................
2,000
1,756
5
.25
%
,
9/1/54
,
Continuously
Callable
@100
...............................
1,500
1,508
County
of
Ross
Revenue
,
5
.00
%
,
12/1/49
,
Continuously
Callable
@100
................
9,100
9,123
County
of
Warren
Revenue
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
...............
1,785
1,751
Ohio
Higher
Educational
Facility
Commission
Revenue
6
.00
%
,
9/1/47
,
Continuously
Callable
@100
...............................
4,475
4,573
5
.25
%
,
5/1/54
,
Continuously
Callable
@100
...............................
1,500
1,471
Port
of
Greater
Cincinnati
Development
Authority
Revenue
,
Series
A
,
5
.00
%
,
12/1/55
,
Continuously
Callable
@100
...........................................
700
714
State
of
Ohio
Revenue
4
.00
%
,
11/15/40
,
Continuously
Callable
@100
..............................
655
617
Series
A
,
4
.00
%
,
1/15/50
,
Continuously
Callable
@100
........................
5,000
4,385
53,913
Oklahoma
(1.2%):
Norman
Regional
Hospital
Authority
Revenue
,
4
.00
%
,
9/1/45
,
Continuously
Callable
@100
.
4,250
2,817
Oklahoma
Development
Finance
Authority
Revenue
,
Series
B
,
5
.50
%
,
8/15/57
,
Continuously
Callable
@100
.....................................................
4,250
4,256
Oklahoma
Municipal
Power
Authority
Revenue
,
Series
A
,
4
.00
%
,
1/1/47
,
Continuously
Callable
@100
.....................................................
10,000
9,375
Tulsa
County
Industrial
Authority
Revenue
,
5
.25
%
,
11/15/45
,
Continuously
Callable
@102
..
2,000
2,008
18,456
Oregon
(0.7%):
City
of
Keizer
Special
Assessment
,
5
.20
%
,
6/1/31
,
Continuously
Callable
@100
..........
400
401
Deschutes
County
Hospital
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
1/1/46
,
Continuously
Callable
@100
...........................................
2,000
1,811
Medford
Hospital
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
.....................................................
3,800
3,313
Oregon
State
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...........................................................
1,000
759
Port
of
Portland
Airport
Revenue
AMT
,
Series
30A
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
...........................................................
1,000
1,034
Salem
Hospital
Facility
Authority
Revenue
,
5
.00
%
,
5/15/53
,
Continuously
Callable
@102
...
1,000
960
Union
County
Hospital
Facility
Authority
Revenue
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
450
438
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,325
1,252
Yamhill
County
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
11/15/51
,
Continuously
Callable
@101
...........................................................
1,180
1,004
10,972
Pennsylvania
(8.8%):
Adams
County
General
Authority
Revenue
,
4
.00
%
,
8/15/45
,
Continuously
Callable
@100
...
7,400
6,704
Allegheny
County
Airport
Authority
Revenue
AMT
Series
A
,
5
.00
%
,
1/1/51
,
Continuously
Callable
@100
.........................
4,355
4,371
Series
A
,
5
.50
%
,
1/1/55
,
Continuously
Callable
@100
.........................
1,000
1,059
Series
A
,
5
.00
%
,
1/1/56
,
Continuously
Callable
@100
.........................
1,820
1,822
Allegheny
County
Hospital
Development
Authority
Revenue
,
Series
A
,
5
.00
%
,
4/1/47
,
Continuously
Callable
@100
...........................................
3,500
3,521
Allegheny
County
Sanitary
Authority
Revenue
,
4
.13
%
,
12/1/55
,
Continuously
Callable
@100
500
456
Allentown
Commercial
and
IDA
Revenue
5
.00
%
,
7/1/50
,
Continuously
Callable
@100
(b)
.............................
2,000
1,873
6
.00
%
,
6/15/53
,
Continuously
Callable
@100
...............................
1,600
1,636
Armstrong
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
4
.00
%
,
3/15/38
,
Continuously
Callable
@100
........................
1,000
1,004
Series
A
,
4
.00
%
,
3/15/41
,
Continuously
Callable
@100
........................
2,250
2,258
Bucks
County
IDA
Revenue
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
.............
3,000
2,561
Canon-McMillan
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
...............................
3,500
3,489
4
.00
%
,
6/1/48
,
Continuously
Callable
@100
...............................
1,105
1,039
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
...............................
6,065
5,526
Chester
County
IDA
Revenue
6
.00
%
,
10/15/52
,
Continuously
Callable
@100
(b)
............................
1,775
1,543
4
.50
%
,
10/1/54
,
Continuously
Callable
@100
(b)
............................
645
552
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
5
.25
%
,
10/15/47
,
Continuously
Callable
@100
.......................
$
3,250
$
2,628
County
of
Allegheny,
GO
,
Series
C-77
,
5
.00
%
,
11/1/43
,
Continuously
Callable
@100
......
3,170
3,269
County
of
Lehigh
Revenue
,
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............
11,000
9,611
Delaware
County
Authority
Revenue
,
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
.......
2,250
2,232
Delaware
River
Joint
Toll
Bridge
Commission
Revenue
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...........................................................
5,000
5,058
General
Authority
of
Southcentral
Pennsylvania
Revenue
,
5
.25
%
,
5/1/55
,
Continuously
Callable
@100
.....................................................
2,000
2,005
Lancaster
IDA
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@103
.................
1,000
802
Lancaster
Municipal
Authority
Revenue
,
Series
B
,
5
.00
%
,
5/1/54
,
Continuously
Callable
@103
800
766
Montgomery
County
Higher
Education
&
Health
Authority
Revenue
,
Series
B
,
4
.00
%
,
5/1/52
,
Continuously
Callable
@100
...........................................
8,000
6,901
Montgomery
County
IDA
Revenue
5
.00
%
,
12/1/49
,
Continuously
Callable
@103
...............................
2,000
1,929
Series
A
,
5
.00
%
,
12/1/48
,
Continuously
Callable
@102
........................
2,000
2,001
Northampton
County
General
Purpose
Authority
Revenue
4
.00
%
,
8/15/40
,
Continuously
Callable
@100
...............................
4,000
3,836
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
...............................
2,440
2,451
Northeastern
Pennsylvania
Hospital
and
Education
Authority
Revenue
5
.00
%
,
5/1/44
,
Continuously
Callable
@100
...............................
1,000
986
5
.00
%
,
5/1/49
,
Continuously
Callable
@100
...............................
1,350
1,254
Pennsylvania
Economic
Development
Financing
Authority
Revenue
4
.00
%
,
7/1/46
,
Continuously
Callable
@103
...............................
1,000
879
Series
A
,
4
.00
%
,
10/15/51
,
Continuously
Callable
@100
.......................
2,320
2,049
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
Series
A
,
4
.00
%
,
7/15/46
,
Continuously
Callable
@100
........................
2,025
1,706
Series
B2
,
4
.38
%
,
11/1/54
,
Continuously
Callable
@100
.......................
1,200
1,091
Pennsylvania
Housing
Finance
Agency
Revenue
Series
148A
,
4
.80
%
,
10/1/55
,
Continuously
Callable
@100
.....................
2,000
1,945
Series
149A
,
5
.20
%
,
4/1/53
,
Continuously
Callable
@100
......................
500
509
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax
Revenue
,
Series
B
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...........................................
5,645
5,126
Pennsylvania
Turnpike
Commission
Revenue
Series
2
,
5
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,000
1,022
Series
A
,
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
........................
5,000
4,590
Series
A-1
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
......................
4,000
4,041
Series
A-2
,
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
......................
1,250
1,308
Series
B
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
........................
1,500
1,356
Series
B-1
,
5
.00
%
,
6/1/42
,
Continuously
Callable
@100
.......................
9,000
9,092
Reading
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
4/1/44
,
Continuously
Callable
@100
.....................................
1,055
1,039
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
E
,
4
.00
%
,
12/1/37
,
Continuously
Callable
@100
....................................
1,025
1,018
The
Berks
County
Municipal
Authority
Revenue
Series
A1
,
8
.00
%
,
6/30/34
,
Continuously
Callable
@104
.......................
885
907
Series
A-2A
,
6
.00
%
,
6/30/34
,
Continuously
Callable
@104
.....................
444
469
Series
A3
,
5
.00
%
,
6/30/39
,
Continuously
Callable
@100
.......................
5,950
5,579
Series
B1
,
0.00%
,
6/30/44
,
Continuously
Callable
@90
(f)
......................
2,973
2,215
The
School
District
of
Philadelphia,
GO
Series
B
,
5
.00
%
,
9/1/43
,
Continuously
Callable
@100
.........................
2,500
2,562
Series
F
,
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
1,000
1,003
Series
F
,
5
.00
%
,
9/1/38
,
Pre-refunded
9/1/26
@
100
..........................
10
10
Series
F
,
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
1,990
1,998
Wilkes-Barre
Area
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
4/15/49
,
Continuously
Callable
@100
...............................
750
673
5
.00
%
,
4/15/59
,
Continuously
Callable
@100
...............................
3,000
3,006
140,336
Rhode
Island
(0.1%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
,
Series
85-A
,
4
.70
%
,
4/1/55
,
Continuously
Callable
@100
...........................................
1,000
1,002
South
Carolina
(0.5%):
City
of
Rock
Hill
Combined
Utility
System
Revenue
,
Series
A
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@100
.....................................................
2,500
2,316
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Patriots
Energy
Group
Revenue
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
.....
$
2,000
$
1,791
South
Carolina
Jobs-Economic
Development
Authority
Revenue
5
.00
%
,
11/15/47
,
Continuously
Callable
@103
..............................
1,850
1,852
4
.00
%
,
4/1/54
,
Continuously
Callable
@103
...............................
1,165
943
5
.00
%
,
4/1/54
,
Continuously
Callable
@103
...............................
1,000
990
7,892
Tennessee
(1.2%):
Greeneville
Health
&
Educational
Facilities
Board
Revenue
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
.....................................................
2,000
2,023
Knox
County
Health
Educational
&
Housing
Facility
Board
Revenue
,
Series
A-1
,
5
.50
%
,
7/1/54
,
Continuously
Callable
@100
.....................................
1,000
1,042
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
5,000
5,000
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
1,000
786
Series
A
,
5
.00
%
,
10/1/45
,
Continuously
Callable
@100
........................
1,500
1,392
Shelby
County
Health
&
Educational
Facilities
Board
Revenue
,
Series
A1
,
5
.25
%
,
6/1/56
,
Continuously
Callable
@100
(b)
........................................
1,000
963
Tennergy
Corp.
Revenue
,
Series
A
,
5
.50
%
,
10/1/53
,
(Put
Date
12/1/30)
(a)
..............
5,000
5,298
Tennessee
Housing
Development
Agency
Revenue
,
Series
1A
,
5
.05
%
,
7/1/55
,
Continuously
Callable
@100
.....................................................
500
510
The
Metropolitan
Nashville
Airport
Authority
Revenue
AMT
,
Series
B
,
5
.25
%
,
7/1/56
,
Continuously
Callable
@100
...........................................
1,500
1,544
18,558
Texas
(14.4%):
Arlington
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
4
.00
%
,
8/15/43
,
Continuously
Callable
@100
...............................
10,000
9,602
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
2,170
2,082
4
.50
%
,
8/15/55
,
Continuously
Callable
@100
...............................
1,000
961
Series
A
,
5
.00
%
,
2/15/41
,
Continuously
Callable
@100
........................
3,000
3,001
Series
A
,
5
.00
%
,
12/1/53
,
Continuously
Callable
@100
........................
7,200
7,202
Bexar
County
Health
Facilities
Development
Corp.
Revenue
5
.00
%
,
7/15/42
,
Continuously
Callable
@103
...............................
600
590
4
.00
%
,
7/15/45
,
Continuously
Callable
@100
...............................
8,450
6,981
Capital
Area
Housing
Finance
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8159
,
1
.70
%
,
3/1/41
(b)
(d)
.............................................
5,200
5,200
Central
Texas
Turnpike
System
Revenue
(INS
-
AMBAC
Assurance
Corp.)
,
Series
A
,
8/15/30
(c)
........................................................
18,530
16,169
City
of
Arlington
Special
Tax
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
2/15/48
,
Continuously
Callable
@100
...............................
6,500
6,561
City
of
Austin
Airport
System
Revenue
AMT
,
Series
B
,
5
.25
%
,
11/15/56
,
Continuously
Callable
@100
.....................................................
2,000
2,065
City
of
Corpus
Christi
Utility
System
Revenue
,
4
.00
%
,
7/15/39
,
Continuously
Callable
@100
5,900
5,707
City
of
Garland
Electric
Utility
System
Revenue
,
Series
A
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
.....................................................
1,000
888
City
of
Laredo
Waterworks
&
Sewer
System
Revenue
,
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...........................................................
700
697
Clifton
Higher
Education
Finance
Corp.
Revenue
5
.00
%
,
8/15/48
,
Pre-refunded
8/15/28
@
100
...............................
645
680
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
...............................
9,355
9,409
4
.25
%
,
8/15/52
,
Continuously
Callable
@100
...............................
1,500
1,330
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
11,000
10,456
County
of
Bexar
Revenue
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
500
476
4
.00
%
,
8/15/49
,
Continuously
Callable
@100
...............................
1,700
1,536
Del
Mar
College
District,
GO
,
Series
A
,
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
.....
6,500
6,507
El
Paso
County
Hospital
District
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.25
%
,
2/15/54
,
Continuously
Callable
@100
...............................
1,250
1,094
Everman
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.00
%
,
2/15/50
,
Continuously
Callable
@100
....................................
4,500
4,129
Grand
Parkway
Transportation
Corp.
Revenue
,
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
2,000
1,791
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Greater
Texas
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
4
.00
%
,
3/1/50
,
Continuously
Callable
@100
...........................................
$
2,000
$
1,784
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/1/38
,
Continuously
Callable
@100
...........................................
6,100
5,452
Harris
County
Hospital
District
Revenue
,
4
.00
%
,
2/15/42
,
Continuously
Callable
@100
....
15,000
14,191
Kerrville
Health
Facilities
Development
Corp.
Revenue
,
5
.00
%
,
8/15/35
,
Continuously
Callable
@100
.....................................................
1,900
1,901
Matagorda
County
Navigation
District
No.
1
Revenue
Series
B-1
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
.......................
9,615
9,615
Series
B-2
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
.......................
6,000
5,989
Midlothian
Independent
School
District,
GO
5
.00
%
,
2/15/47
,
Continuously
Callable
@100
...............................
7,885
7,958
5
.00
%
,
2/15/47
,
Pre-refunded
2/15/27
@
100
...............................
7,115
7,239
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
4
.00
%
,
11/1/55
,
Continuously
Callable
@103
...............................
1,250
996
Series
A-1
,
0.00%
,
11/15/37
(e)
.........................................
410
410
Series
A-2
,
0.00%
,
11/15/36
(e)
.........................................
2,565
2,565
Series
B
,
0.00%
,
11/15/61
,
Continuously
Callable
@105
(e)
.....................
11,160
5,518
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A1
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
..........
1,000
1,004
North
Texas
Tollway
Authority
Revenue
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
...............................
3,750
3,793
Series
B
,
9/1/37
,
Pre-refunded
9/1/31
@
64.10
(c)
............................
3,000
1,631
Series
B
,
5
.00
%
,
1/1/48
,
Pre-refunded
1/1/27
@
100
..........................
500
507
Series
B
,
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
.........................
4,500
4,514
Port
of
Port
Arthur
Navigation
District
Revenue
,
Series
B
,
1
.50
%
,
4/1/40
,
Continuously
Callable
@100
(d)
...................................................
2,300
2,300
Red
River
Education
Finance
Corp.
Revenue
4
.00
%
,
6/1/41
,
Continuously
Callable
@100
...............................
2,000
1,814
5
.50
%
,
10/1/46
,
Continuously
Callable
@100
...............................
3,000
3,001
San
Antonio
Education
Facilities
Corp.
Revenue
4
.00
%
,
4/1/54
,
Continuously
Callable
@100
...............................
1,000
784
5
.50
%
,
10/1/55
,
Continuously
Callable
@100
...............................
1,700
1,722
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
..............................
1,000
1,001
Series
A
,
0.00%
,
11/15/45
,
Continuously
Callable
@100
(e)
.....................
3,682
2
Series
B
,
0.00%
,
11/15/36
,
Continuously
Callable
@100
(e)
.....................
2,945
2
Series
B
,
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
.......................
9,000
8,965
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
Revenue
,
5
.00
%
,
4/1/36
,
Continuously
Callable
@100
.....................................................
1,430
1,515
Texas
Transportation
Commission
State
Highway
249
System
Revenue
,
5
.00
%
,
8/1/57
,
Continuously
Callable
@100
...........................................
5,000
5,009
Uptown
Development
Authority
Tax
Allocation
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
4,365
4,371
5
.00
%
,
9/1/40
,
Continuously
Callable
@100
...............................
2,490
2,493
Series
A
,
5
.00
%
,
9/1/39
,
Continuously
Callable
@100
.........................
1,645
1,649
Victory
Street
Public
Facility
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8158
,
1
.70
%
,
8/1/62
,
Continuously
Callable
@100
(b)
(d)
.......................
2,500
2,500
Waco
Educational
Finance
Corp.
Revenue
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
....
4,000
3,541
West
Harris
County
Regional
Water
Authority
Revenue
4
.00
%
,
12/15/45
,
Continuously
Callable
@100
..............................
1,600
1,506
4
.00
%
,
12/15/49
,
Continuously
Callable
@100
..............................
3,945
3,539
Ysleta
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.00
%
,
8/15/52
,
Continuously
Callable
@100
....................................
5,000
4,547
230,442
Utah
(0.1%):
Utah
Charter
School
Finance
Authority
Revenue
Series
A
,
5
.63
%
,
6/15/42
,
Continuously
Callable
@100
(b)
......................
500
497
Series
A
,
4
.00
%
,
10/15/51
,
Continuously
Callable
@100
.......................
1,550
1,312
1,809
Vermont
(0.5%):
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
5
.00
%
,
10/15/46
,
Continuously
Callable
@100
..............................
7,000
5,456
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
6
.00
%
,
10/1/52
,
Continuously
Callable
@100
(b)
............................
$
2,000
$
1,795
7,251
Virginia
(0.3%):
Lewistown
Commerce
Center
Community
Development
Authority
Tax
Allocation
Series
A
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@101
(e)
.......................
1,551
1,101
Series
B
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@101
.........................
1,466
1,344
Series
C
,
4
.75
%
,
3/1/54
,
Continuously
Callable
@100
(e)
.......................
6,327
3,037
5,482
Washington
(1.8%):
County
of
Spokane
Airport
Revenue
AMT
,
Series
B
,
5
.25
%
,
1/1/54
,
Continuously
Callable
@100
...........................................................
2,000
2,053
King
County
Public
Hospital
District
No.
1,
GO
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
9,000
9,218
King
County
Public
Hospital
District
No.
2,
GO
,
Series
A
,
4
.00
%
,
12/1/45
,
Continuously
Callable
@100
.....................................................
4,000
3,733
Skagit
County
Public
Hospital
District
No.
1
Revenue
,
5
.50
%
,
12/1/54
,
Continuously
Callable
@100
...........................................................
1,000
1,009
Washington
Health
Care
Facilities
Authority
Revenue
,
4
.00
%
,
7/1/42
,
Continuously
Callable
@100
...........................................................
5,500
5,179
Washington
Higher
Education
Facilities
Authority
Revenue
,
4
.00
%
,
5/1/50
,
Continuously
Callable
@100
.....................................................
1,250
1,093
Washington
State
Housing
Finance
Commission
Revenue
5
.00
%
,
1/1/43
,
Continuously
Callable
@102
(b)
.............................
3,055
2,895
6
.13
%
,
7/1/53
,
Continuously
Callable
@103
(b)
.............................
2,000
2,063
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,100
1,086
Series
A-1
,
3
.50
%
,
12/20/35
...........................................
912
883
29,212
West
Virginia
(0.4%):
West
Virginia
Hospital
Finance
Authority
Revenue
5
.00
%
,
1/1/43
,
Continuously
Callable
@100
...............................
2,000
1,885
Series
A
,
4
.38
%
,
6/1/53
,
Continuously
Callable
@100
.........................
3,000
2,782
Series
B
,
6
.00
%
,
9/1/53
,
Continuously
Callable
@100
.........................
1,750
1,855
6,522
Wisconsin
(3.5%):
Public
Finance
Authority
Revenue
5
.25
%
,
5/15/42
,
Continuously
Callable
@101
(b)
............................
2,200
2,201
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
6,000
6,115
5
.00
%
,
11/15/44
,
Continuously
Callable
@103
..............................
455
458
4
.00
%
,
1/1/45
,
Continuously
Callable
@100
...............................
1,500
1,430
5
.00
%
,
6/15/49
,
Continuously
Callable
@100
(b)
............................
520
473
5
.00
%
,
6/15/49
,
Continuously
Callable
@100
...............................
1,480
1,419
5
.00
%
,
11/15/49
,
Continuously
Callable
@103
..............................
2,400
2,349
4
.00
%
,
2/1/51
,
Continuously
Callable
@100
...............................
1,500
1,135
4
.00
%
,
10/1/51
,
Continuously
Callable
@103
...............................
2,185
1,859
4
.00
%
,
1/1/52
,
Continuously
Callable
@103
...............................
2,350
2,073
5
.13
%
,
4/1/52
,
Continuously
Callable
@100
...............................
3,000
2,732
5
.00
%
,
6/15/53
,
Continuously
Callable
@100
...............................
1,000
935
5
.00
%
,
2/1/54
,
Continuously
Callable
@100
...............................
500
453
5
.00
%
,
6/15/54
,
Continuously
Callable
@100
(b)
............................
455
405
Series
A
,
5
.25
%
,
10/1/43
,
Continuously
Callable
@100
........................
3,090
2,974
Series
A
,
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
........................
4,740
4,243
Series
A
,
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
........................
11,000
9,519
Series
A
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
.........................
1,000
804
Series
A
,
6
.63
%
,
7/1/53
,
Continuously
Callable
@103
(b)
......................
570
582
Series
A
,
5
.25
%
,
6/15/55
,
Continuously
Callable
@100
........................
500
515
Series
A
,
4
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
2,250
1,708
Series
A-1
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
(b)
.....................
2,870
2,038
Series
B
,
5
.50
%
,
6/15/55
,
Continuously
Callable
@100
........................
375
387
Series
L
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
952
Series
L
,
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
1,000
918
Public
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,285
1,290
Series
A
,
5
.00
%
,
7/1/58
,
Continuously
Callable
@100
.........................
1,500
1,507
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
5
.00
%
,
3/15/50
,
Continuously
Callable
@100
...............................
$
1,175
$
1,165
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
500
335
4
.38
%
,
8/15/55
,
Continuously
Callable
@100
...............................
2,000
1,827
Series
B
,
4
.00
%
,
9/15/45
,
Continuously
Callable
@103
........................
475
419
55,220
Total
Municipal
Bonds
(Cost
$1,666,751)
a
a
a
1,578,023
Total
Investments
(Cost
$1,666,751)
—
98.9%
1,578,023
Other
assets
in
excess
of
liabilities
—  1.1%
17,383
NET
ASSETS
-
100.00%
$
1,595,406
(a)
Put
Bond.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$39,370
(thousands)
and
amounted
to
2.5%
of
net
assets.
(c)
Zero-coupon
bond.
(d)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(e)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(f)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
AMBAC
—
American
Municipal
Bond
Assurance
Corporation
AMT
—
Alternative
Minimum
Tax
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
120
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(99.8%)
Alabama
(11.1%):
Baldwin
County
IDA
Revenue
AMT
,
Series
A
,
5
.00
%
,
6/1/55
,
(Put
Date
6/1/32)
(a)
(b)
......
$
1,000
$
1,018
Black
Belt
Energy
Gas
District
Revenue
4
.00
%
,
10/1/52
,
(Put
Date
12/1/26)
(b)
....................................
3,000
3,008
Series
A
,
5
.00
%
,
9/1/26
..............................................
200
200
Series
A
,
5
.00
%
,
5/1/27
..............................................
1,100
1,107
Series
A
,
5
.00
%
,
5/1/28
..............................................
4,075
4,124
Series
A
,
5
.25
%
,
5/1/56
,
(Put
Date
5/1/32)
(b)
...............................
2,000
2,031
Series
B
,
5
.00
%
,
9/1/26
..............................................
2,330
2,338
Series
B
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
3,825
3,885
Series
B
,
5
.00
%
,
10/1/55
,
(Put
Date
9/1/32)
(b)
..............................
3,585
3,780
Series
C
,
5
.50
%
,
6/1/26
..............................................
1,000
1,000
Series
C
,
5
.00
%
,
5/1/55
,
(Put
Date
7/1/31)
(b)
...............................
2,000
2,104
Series
D
,
5
.00
%
,
11/1/26
.............................................
1,000
1,006
Series
D2
,
3
.85
%
(
SOFR
+
140
bps
)
,
7/1/52
,
(Put
Date
6/1/27)
(b)
(c)
................
3,300
3,250
Chatom
Industrial
Development
Board
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
8/1/30
.....................................................
1,275
1,374
Energy
Southeast
A
Cooperative
District
Revenue
Series
B
,
5
.00
%
,
12/1/26
.............................................
250
252
Series
B
,
5
.00
%
,
6/1/27
..............................................
200
203
Series
B
,
5
.00
%
,
12/1/27
.............................................
250
256
Series
B
,
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
.........................
5,000
5,099
Selma
Industrial
Development
Board
Revenue
,
Series
A
,
3
.45
%
,
11/1/33
,
(Put
Date
10/1/31)
(b)
4,525
4,507
Southeast
Energy
Authority
A
Cooperative
District
Revenue
Series
A
,
5
.00
%
,
7/1/26
..............................................
1,755
1,757
Series
A
,
5
.00
%
,
11/1/26
..............................................
2,060
2,074
Series
A
,
5
.00
%
,
11/1/27
..............................................
1,975
2,022
Series
A
,
5
.00
%
,
6/1/31
..............................................
325
333
Series
A
,
5
.00
%
,
11/1/33
..............................................
2,070
2,178
Series
A
,
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
........................
3,000
3,121
Series
A
,
5
.00
%
,
1/1/56
,
(Put
Date
6/1/35)
(b)
...............................
2,500
2,547
Series
B
,
5
.25
%
,
3/1/55
,
(Put
Date
1/1/33)
(b)
...............................
9,950
10,301
Series
C
,
5
.00
%
,
10/1/55
,
(Put
Date
11/1/32)
(b)
.............................
1,500
1,590
The
Lower
Alabama
Gas
District
Revenue
,
Series
A
,
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
...........................................................
2,500
2,621
69,086
Arizona
(2.5%):
Arizona
IDA
Revenue
3
.00
%
,
12/15/31
,
Continuously
Callable
@100
(a)
............................
365
343
Series
B
,
4
.00
%
,
7/1/31
..............................................
215
215
Chandler
IDA
Revenue
AMT
,
4
.00
%
,
6/1/49
,
(Put
Date
6/1/29)
(b)
....................
7,500
7,599
Maricopa
County
IDA
Revenue
4
.00
%
,
7/1/29
(a)
...................................................
725
722
3
.00
%
,
7/1/31
(a)
...................................................
500
484
Series
A
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
2,500
2,441
Sierra
Vista
IDA
Revenue
,
5
.00
%
,
6/15/34
,
Continuously
Callable
@100
(a)
.............
1,250
1,260
Tempe
IDA
Revenue
Series
A
,
4
.00
%
,
12/1/26
.............................................
240
240
Series
A
,
4
.00
%
,
12/1/27
.............................................
355
356
Series
A
,
4
.00
%
,
12/1/28
.............................................
365
365
Series
A
,
4
.00
%
,
12/1/29
.............................................
380
379
Series
A
,
4
.00
%
,
12/1/30
,
Continuously
Callable
@102
........................
495
495
Series
A
,
4
.00
%
,
12/1/31
,
Continuously
Callable
@102
........................
465
464
15,363
Arkansas
(2.2%):
Arkansas
Development
Finance
Authority
Revenue
5
.00
%
,
9/1/30
.....................................................
1,180
1,264
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
1,200
1,282
5
.00
%
,
9/1/44
,
(Put
Date
9/1/27)
(b)
......................................
4,000
4,055
Series
B
,
2
.88
%
,
7/1/57
,
(Put
Date
5/15/27)
(b)
..............................
2,000
1,993
Arkansas
Development
Finance
Authority
Revenue
AMT
3
.88
%
,
10/15/65
,
(Put
Date
10/15/32)
(b)
..................................
1,000
999
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
4
.00
%
,
9/1/46
,
(Put
Date
3/1/33)
(a)
(b)
.............................
$
4,000
$
3,995
13,588
California
(4.3%):
California
Community
Choice
Financing
Authority
Revenue
Series
B
,
5
.00
%
,
1/1/55
,
(Put
Date
12/1/32)
(b)
..............................
4,000
4,111
Series
C
,
5
.00
%
,
8/1/55
,
(Put
Date
10/1/32)
(b)
..............................
5,000
5,203
Series
G
,
5
.00
%
,
11/1/55
,
(Put
Date
8/1/32)
(b)
..............................
2,500
2,564
California
County
Tobacco
Securitization
Agency
Revenue
,
Series
A
,
5
.00
%
,
6/1/30
.......
200
209
California
Health
Facilities
Financing
Authority
Revenue
,
Series
A
,
3
.85
%
,
11/15/27
,
Continuously
Callable
@100
...........................................
1,500
1,500
California
Municipal
Finance
Authority
Revenue
AMT
Series
A
,
2
.95
%
,
7/1/41
,
(Put
Date
10/1/26)
(b)
..............................
2,000
1,995
Series
A
,
3
.45
%
,
10/1/41
,
(Put
Date
10/2/28)
(b)
.............................
1,500
1,500
Series
A
,
2
.80
%
,
3/1/56
,
(Put
Date
6/15/26)
(b)
..............................
2,000
1,997
California
Pollution
Control
Financing
Authority
Revenue
AMT
2
.88
%
,
7/1/43
,
(Put
Date
8/17/26)
(a)
(b)
...................................
1,500
1,498
Series
A-1
,
2
.95
%
,
11/1/42
,
(Put
Date
7/15/26)
(a)
(b)
..........................
1,500
1,499
California
School
Finance
Authority
Revenue
,
4
.40
%
,
12/1/26
(a)
.....................
1,000
999
City
of
Los
Angeles
Department
of
Airports
Revenue
AMT
,
Series
F
,
5
.00
%
,
5/15/33
......
2,030
2,253
Sierra
View
Local
Health
Care
District
Revenue
5
.00
%
,
7/1/27
.....................................................
315
321
5
.00
%
,
7/1/28
.....................................................
330
343
5
.00
%
,
7/1/29
.....................................................
315
330
5
.00
%
,
7/1/30
.....................................................
310
332
Southern
California
Public
Power
Authority
Revenue
,
Series
A
,
5
.00
%
,
9/1/26
...........
235
236
26,890
Colorado
(0.5%):
Colorado
Health
Facilities
Authority
Revenue
Series
A
,
5
.00
%
,
8/1/29
..............................................
500
529
Series
A
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
1,950
2,058
Southlands
Metropolitan
District
No.
1,
GO
,
Series
A-1
,
3
.50
%
,
12/1/27
................
400
401
2,988
Connecticut
(1.9%):
City
of
Bridgeport,
GO
,
Series
B
,
5
.00
%
,
8/15/26
................................
3,450
3,464
City
of
New
Haven,
GO
Series
A
,
5
.00
%
,
8/1/26
..............................................
580
582
Series
A
,
5
.00
%
,
8/1/27
..............................................
1,000
1,025
City
of
New
Haven,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B
,
5
.00
%
,
2/1/27
..............................................
600
609
Series
B
,
5
.00
%
,
2/1/28
..............................................
525
545
Series
B
,
5
.00
%
,
2/1/29
..............................................
550
581
City
of
West
Haven,
GO
,
Series
A
,
5
.00
%
,
11/1/27
...............................
650
669
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
,
Series
B-2
,
5
.00
%
,
7/1/53
,
(Put
Date
1/1/27)
(b)
...........................................
3,000
3,036
Stamford
Housing
Authority
Revenue
,
Series
C
,
4
.75
%
,
10/1/32
.....................
1,500
1,546
12,057
District
of
Columbia
(0.8%):
Deutsche
Bank
Spears/Lifers
Trust
Revenue
,
Series
8178
,
5/1/30
(a)
(d)
(e)
...............
5,000
5,000
Florida
(3.8%):
Alachua
County
Health
Facilities
Authority
Revenue
5
.00
%
,
12/1/37
,
(Put
Date
12/1/26)
(b)
....................................
3,000
3,003
Series
B-1
,
4
.00
%
,
10/1/30
,
Continuously
Callable
@100
......................
735
736
Series
B-2
,
3
.75
%
,
10/1/30
,
Continuously
Callable
@100
......................
1,000
996
Series
B-3
,
3
.63
%
,
10/1/30
,
Continuously
Callable
@100
......................
1,390
1,370
Brevard
County
Health
Facilities
Authority
Revenue
,
Series
A
,
5
.00
%
,
7/1/31
,
Continuously
Callable
@101
.....................................................
1,500
1,616
Capital
Trust
Agency,
Inc.
Revenue
,
4
.00
%
,
8/1/30
...............................
135
135
Capital
Trust
Authority
Revenue
,
Series
A
,
4
.25
%
,
12/15/34
,
Continuously
Callable
@100
..
3,000
2,952
City
of
Pompano
Beach
Revenue
,
3
.50
%
,
9/1/30
,
Continuously
Callable
@103
...........
3,590
3,527
City
of
Venice
Revenue
Series
B-1
,
4
.63
%
,
1/1/30
,
Continuously
Callable
@100
(a)
.....................
750
751
Series
B-2
,
4
.50
%
,
1/1/30
,
Continuously
Callable
@100
(a)
.....................
575
575
County
of
Escambia
Revenue
,
Series
B
,
3
.45
%
,
11/1/33
,
(Put
Date
10/1/31)
(b)
...........
1,500
1,494
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Florida
Development
Finance
Corp.
Revenue
Series
A
,
5
.00
%
,
6/15/27
.............................................
$
390
$
395
Series
A
,
5
.00
%
,
6/15/28
,
Continuously
Callable
@100
........................
410
415
Series
A
,
5
.00
%
,
6/15/29
,
Continuously
Callable
@100
........................
360
364
Series
A
,
5
.00
%
,
6/15/30
,
Continuously
Callable
@100
........................
475
480
Florida
Development
Finance
Corp.
Revenue
AMT
,
Series
A
,
3
.40
%
,
9/1/50
,
(Put
Date
9/1/28)
(b)
........................................................
1,000
992
Florida
Local
Government
Finance
Commission
Revenue
Series
B-2
,
4
.45
%
,
11/15/31
,
Continuously
Callable
@100
(a)
...................
1,500
1,520
Series
B-3
,
4
.20
%
,
11/15/30
,
Continuously
Callable
@100
(a)
...................
1,500
1,523
Lee
County
IDA
Revenue
,
Series
B-1
,
4
.75
%
,
11/15/29
,
Continuously
Callable
@100
......
1,000
1,006
23,850
Georgia
(6.5%):
Development
Authority
of
Appling
County
Revenue
,
Series
GA
,
1
.50
%
,
9/1/29
,
Continuously
Callable
@100
(d)
...................................................
1,000
1,000
Development
Authority
of
Heard
County
Revenue
,
Series
GA
,
1
.50
%
,
9/1/26
,
Continuously
Callable
@100
(d)
...................................................
1,000
1,000
George
L
Smith
II
Congress
Center
Authority
Revenue
,
2
.38
%
,
1/1/31
.................
1,000
932
Main
Street
Natural
Gas,
Inc.
Revenue
Series
A
,
5
.00
%
,
5/15/28
.............................................
1,000
1,033
Series
A
,
5
.00
%
,
5/15/29
.............................................
1,775
1,860
Series
B
,
5
.00
%
,
12/1/52
,
(Put
Date
6/1/29)
(b)
..............................
6,000
6,233
Series
C
,
5
.00
%
,
12/1/54
,
(Put
Date
12/1/31)
(b)
.............................
12,500
13,150
Series
D
,
5
.00
%
,
5/1/54
,
(Put
Date
12/1/30)
(b)
..............................
2,000
2,098
The
Development
Authority
of
Burke
County
Revenue
,
Series
1
,
1
.55
%
,
7/1/49
,
Continuously
Callable
@100
(d)
...................................................
3,000
3,000
The
Development
Authority
of
Burke
County
Revenue
(NBGA
-
Southern
Co.)
,
Series
GA
,
1
.45
%
,
11/1/52
,
Continuously
Callable
@100
(d)
.............................
4,100
4,100
The
Development
Authority
of
Cobb
County
Revenue
,
Series
A
,
2
.25
%
,
4/1/33
,
(Put
Date
10/1/29)
(b)
.......................................................
5,000
4,750
The
Development
Authority
of
Monroe
County
Revenue
,
Series
GA
,
2
.80
%
,
6/1/42
,
(Put
Date
3/6/31)
(b)
........................................................
1,500
1,480
40,636
Illinois
(6.9%):
Chicago
Board
of
Education,
GO
Series
A
,
4
.00
%
,
12/1/27
.............................................
1,400
1,401
Series
B
,
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
1,000
1,025
Chicago
Park
District,
GO
Series
F-2
,
5
.00
%
,
1/1/27
.............................................
600
608
Series
F-2
,
5
.00
%
,
1/1/28
.............................................
1,000
1,035
Series
F-2
,
5
.00
%
,
1/1/29
.............................................
1,000
1,056
Series
F-2
,
5
.00
%
,
1/1/30
.............................................
1,305
1,401
Series
F-2
,
5
.00
%
,
1/1/31
,
Continuously
Callable
@100
.......................
2,115
2,258
Series
F-2
,
5
.00
%
,
1/1/32
,
Continuously
Callable
@100
.......................
1,750
1,862
Chicago
Park
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
1/1/31
,
Continuously
Callable
@100
.....................................
750
768
Chicago
Transit
Authority
Capital
Grant
Receipts
Revenue
,
5
.00
%
,
6/1/26
..............
1,000
1,000
City
of
Chicago
Lakeshore
East
Special
Assessment
2
.69
%
,
12/1/26
(a)
..................................................
205
203
2
.87
%
,
12/1/27
(a)
..................................................
155
151
City
of
Chicago
Waterworks
Revenue
5
.00
%
,
11/1/26
.....................................................
1,000
1,009
Series
A-1
,
4
.00
%
,
11/1/26
............................................
2,500
2,511
Illinois
Development
Finance
Authority
Revenue
AMT
,
3
.45
%
,
11/1/44
,
(Put
Date
11/2/26)
(b)
750
753
Illinois
Finance
Authority
Revenue
5
.00
%
,
10/1/29
....................................................
500
526
5
.00
%
,
10/1/30
....................................................
250
265
3
.71
%
(
SOFR
+
115
bps
)
,
11/1/34
,
(Put
Date
9/1/28)
(b)
(c)
.......................
3,380
3,336
Series
B
,
5
.00
%
,
10/1/34
(a)
...........................................
900
934
Series
B-1
,
5
.00
%
,
8/15/43
,
(Put
Date
8/15/30)
(b)
............................
3,000
3,188
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
10/1/30
....................................................
325
347
5
.00
%
,
10/1/31
,
Continuously
Callable
@100
...............................
450
481
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
B
,
5
.00
%
,
4/1/30
..............................................
$
250
$
266
Sales
Tax
Securitization
Corp.
Revenue
,
Series
A
,
5
.00
%
,
1/1/30
.....................
2,000
2,137
State
of
Illinois,
GO
,
Series
C
,
5
.00
%
,
11/1/29
,
Continuously
Callable
@100
............
8,985
9,256
The
Illinois
Sports
Facilities
Authority
Revenue
5
.00
%
,
6/15/28
....................................................
1,000
1,027
5
.00
%
,
6/15/30
....................................................
1,500
1,571
5
.00
%
,
6/15/31
....................................................
575
607
5
.00
%
,
6/15/32
,
Continuously
Callable
@100
...............................
480
506
Western
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
4/1/29
.....................................................
750
770
4
.00
%
,
4/1/30
.....................................................
750
775
43,033
Indiana
(1.9%):
City
of
Rockport
Revenue
,
Series
A
,
3
.70
%
,
6/1/47
,
(Put
Date
6/1/29)
(b)
...............
2,000
2,027
Indiana
Bond
Bank
Revenue
1/15/27
(e)
........................................................
1,280
1,257
1/15/28
(e)
........................................................
1,100
1,050
1/15/29
(e)
........................................................
565
524
7/15/29
,
Continuously
Callable
@99
(e)
...................................
730
639
Indiana
Finance
Authority
Revenue
5
.00
%
,
4/1/27
.....................................................
830
841
5
.00
%
,
4/1/28
.....................................................
870
893
5
.00
%
,
4/1/29
.....................................................
1,180
1,226
Series
C-1
,
4
.13
%
,
5/15/32
,
Continuously
Callable
@100
......................
1,000
1,000
Series
C-2
,
3
.75
%
,
5/15/32
,
Continuously
Callable
@100
......................
1,000
990
Indianapolis
Local
Public
Improvement
Bond
Bank
Revenue
AMT
,
Series
B2
,
5
.00
%
,
1/1/33
1,500
1,647
12,094
Iowa
(0.1%):
Iowa
Student
Loan
Liquidity
Corp.
Revenue
AMT
,
Series
B
,
5
.00
%
,
12/1/35
............
635
682
Kentucky
(7.1%):
City
of
Ashland
Revenue
5
.00
%
,
2/1/28
.....................................................
1,775
1,833
5
.00
%
,
2/1/30
.....................................................
740
789
County
of
Carroll
Revenue
,
1
.55
%
,
9/1/42
,
(Put
Date
9/1/26)
(b)
.....................
5,000
4,967
County
of
Owen
Revenue
Series
A
,
2
.45
%
,
6/1/39
,
(Put
Date
10/1/29)
(b)
..............................
10,000
9,740
Series
B
,
2
.45
%
,
9/1/39
,
(Put
Date
10/1/29)
(b)
..............................
5,000
4,787
Kentucky
Economic
Development
Finance
Authority
Revenue
,
4
.50
%
,
10/1/27
,
Continuously
Callable
@100
.....................................................
5,000
5,003
Kentucky
Public
Energy
Authority
Revenue
Series
A
,
5
.00
%
,
5/1/55
,
(Put
Date
7/1/30)
(b)
...............................
1,000
1,047
Series
A
,
5
.25
%
,
6/1/55
,
(Put
Date
12/1/29)
(b)
..............................
5,000
5,278
Series
B
,
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
........................
1,820
1,868
Series
B
,
5
.00
%
,
1/1/55
,
(Put
Date
8/1/32)
(b)
...............................
1,000
1,054
Series
C
,
4
.00
%
,
2/1/50
,
(Put
Date
2/1/28)
(b)
...............................
3,370
3,404
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
Series
D
,
5
.00
%
,
10/1/47
,
(Put
Date
10/1/29)
(b)
...................................................
4,000
4,206
43,976
Louisiana
(0.8%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
Series
A
,
2
.00
%
,
6/1/30
,
Continuously
Callable
@100
.................
1,000
940
Tangipahoa
Parish
Hospital
Service
District
No.
1
Revenue
,
5
.00
%
,
2/1/32
,
Continuously
Callable
@100
.....................................................
3,470
3,719
4,659
Maryland
(1.7%):
Maryland
Economic
Development
Corp.
Revenue
Series
A
,
5
.00
%
,
6/1/26
..............................................
2,000
2,000
Series
A
,
5
.00
%
,
6/1/27
..............................................
1,340
1,367
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
5
.00
%
,
7/1/28
.....................................................
1,910
1,984
5
.00
%
,
7/1/29
.....................................................
1,130
1,192
5
.00
%
,
7/1/30
.....................................................
1,000
1,067
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Town
of
Chestertown
Revenue
Series
A
,
5
.00
%
,
3/1/31
..............................................
$
1,475
$
1,484
Series
A
,
5
.00
%
,
3/1/32
,
Continuously
Callable
@100
.........................
1,550
1,553
10,647
Massachusetts
(0.9%):
Massachusetts
Development
Finance
Agency
Revenue
5
.25
%
,
9/1/26
.....................................................
875
880
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
1,425
1,476
Series
B
,
5
.00
%
,
8/15/55
,
(Put
Date
8/15/31)
(b)
.............................
1,000
1,064
Series
S
,
5
.00
%
,
7/15/26
,
ETM
.........................................
310
311
Series
S
,
5
.00
%
,
7/15/28
,
ETM
.........................................
340
356
Series
S
,
5
.00
%
,
7/15/30
,
ETM
.........................................
640
697
Massachusetts
Development
Finance
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
5
.00
%
,
10/1/30
........................................
975
1,051
5,835
Michigan
(2.2%):
Flint
Hospital
Building
Authority
Revenue
5
.00
%
,
7/1/29
.....................................................
1,995
2,058
5
.00
%
,
7/1/30
.....................................................
2,290
2,414
Michigan
Finance
Authority
Revenue
4
.00
%
,
2/1/27
.....................................................
50
50
4
.00
%
,
2/1/32
.....................................................
285
289
Michigan
Strategic
Fund
Revenue
AMT
,
4
.13
%
,
8/1/27
............................
5,000
5,035
Summit
Academy
North
Revenue
2
.25
%
,
11/1/26
.....................................................
280
277
4
.00
%
,
11/1/31
,
Continuously
Callable
@103
...............................
1,565
1,511
Wayne
County
Airport
Authority
Revenue
AMT
,
Series
G
,
5
.00
%
,
12/1/26
..............
2,000
2,019
13,653
Minnesota
(0.4%):
Minnesota
Municipal
Gas
Agency
Revenue
Series
A
,
5
.00
%
,
9/1/28
..............................................
625
643
Series
A
,
5
.00
%
,
9/1/29
..............................................
1,575
1,634
2,277
Mississippi
(0.6%):
Mississippi
Business
Finance
Corp.
Revenue
,
3
.20
%
,
9/1/28
,
Continuously
Callable
@100
..
4,000
4,000
Missouri
(0.6%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
4
.00
%
,
8/1/26
.....................................................
205
205
4
.00
%
,
8/1/28
.....................................................
415
421
4
.00
%
,
8/1/30
.....................................................
295
300
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority
Revenue
AMT
,
4
.05
%
,
5/1/38
,
(Put
Date
7/1/30)
(b)
......................................
2,700
2,730
3,656
Nebraska
(1.0%):
Central
Plains
Energy
Project
Revenue
,
Series
1
,
5
.00
%
,
5/1/53
,
(Put
Date
10/1/29)
(b)
.....
6,000
6,278
Nevada
(0.3%):
State
of
Nevada
Department
of
Business
&
Industry
Revenue
AMT
,
Series
200
,
2
.85
%
,
12/1/26
(a)
........................................................
2,000
2,000
New
Hampshire
(0.2%):
New
Hampshire
Business
Finance
Authority
Revenue
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
(a)
.............................
700
700
4
.00
%
,
1/1/30
,
Continuously
Callable
@103
...............................
280
282
4
.00
%
,
1/1/31
,
Continuously
Callable
@103
...............................
295
296
1,278
New
Jersey
(1.2%):
New
Jersey
Higher
Education
Student
Assistance
Authority
Revenue
AMT
Series
1B
,
5
.00
%
,
12/1/29
.............................................
2,000
2,102
Series
2
,
5
.00
%
,
12/1/56
..............................................
5,000
5,000
Series
A
,
5
.00
%
,
12/1/30
.............................................
500
533
7,635
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
New
Mexico
(1.9%):
City
of
Farmington
Revenue
Series
A
,
2
.15
%
,
4/1/33
,
Continuously
Callable
@101
.........................
$
5,000
$
4,340
Series
C
,
3
.88
%
,
6/1/40
,
(Put
Date
6/1/29)
(b)
...............................
1,000
1,020
Series
E
,
3
.88
%
,
6/1/40
,
(Put
Date
6/1/29)
(b)
...............................
600
612
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
5
.00
%
,
6/1/27
.....................................................
770
785
5
.00
%
,
6/1/28
.....................................................
780
808
5
.00
%
,
6/1/29
.....................................................
835
878
5
.00
%
,
6/1/30
.....................................................
525
555
5
.00
%
,
6/1/31
,
Continuously
Callable
@100
...............................
690
732
Village
of
Los
Ranchos
de
Albuquerque
Revenue
5
.00
%
,
9/1/28
.....................................................
840
876
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
300
322
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation
,
3
.75
%
,
5/1/28
(a)
.........................................................
702
704
11,632
New
York
(10.3%):
Build
NYC
Resource
Corp.
Revenue
,
Series
A
,
3
.40
%
,
7/1/27
.......................
125
125
City
of
Cortland,
GO
Series
A
,
6
.00
%
,
5/14/27
,
Continuously
Callable
@100
........................
6,000
6,000
Series
B
,
5
.00
%
,
5/14/27
.............................................
6,000
6,032
City
of
Fulton,
GO
,
Series
A
,
5
.25
%
,
7/31/26
...................................
4,925
4,934
City
of
Ithaca,
GO
,
Series
A
,
4
.25
%
,
2/12/27
...................................
2,800
2,812
City
of
Little
Falls,
GO
,
5
.00
%
,
7/6/26
........................................
2,000
2,002
City
of
Mount
Vernon,
GO
4
.50
%
,
12/23/26
(a)
..................................................
1,300
1,304
5
.00
%
,
5/28/27
(a)
..................................................
3,000
3,023
Metropolitan
Transportation
Authority
Revenue
,
Series
A-2
,
5
.00
%
,
11/15/45
,
(Put
Date
5/15/30)
(b)
.......................................................
1,830
1,960
New
York
City
Housing
Development
Corp.
Revenue
,
Series
E-2
,
3
.13
%
,
11/1/65
,
(Put
Date
7/1/30)
(b)
........................................................
1,000
992
New
York
Liberty
Development
Corp.
Revenue
2
.63
%
,
9/15/69
,
Continuously
Callable
@100
...............................
1,650
1,577
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
...............................
14,950
14,158
Series
A
,
1
.90
%
,
11/15/31
,
Continuously
Callable
@100
.......................
2,000
1,743
New
York
State
Housing
Finance
Agency
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
DBE-
8105
,
1
.70
%
,
8/1/50
,
Continuously
Callable
@100
(a)
(d)
.......................
9
9
South
Country
Central
School
District
at
Brookhaven,
GO
,
Series
A
,
4
.50
%
,
5/28/27
(a)
.....
5,500
5,542
Troy
Capital
Resource
Corp.
Revenue
5
.00
%
,
8/1/26
,
Continuously
Callable
@100
...............................
1,050
1,050
5
.00
%
,
9/1/27
.....................................................
1,250
1,278
Village
of
Valley
Stream,
GO
,
Series
A
,
4
.50
%
,
5/7/27
............................
9,330
9,382
63,923
North
Carolina
(0.7%):
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
Revenue
,
3
.45
%
,
11/1/33
,
(Put
Date
10/1/31)
(b)
....................................
1,100
1,100
North
Carolina
Medical
Care
Commission
Revenue
Series
A
,
4
.00
%
,
10/1/27
.............................................
600
608
Series
B-1
,
2
.55
%
,
9/1/26
,
Continuously
Callable
@100
.......................
1,575
1,574
Series
B-1
,
4
.25
%
,
10/1/28
,
Continuously
Callable
@100
......................
250
250
Series
B-1
,
4
.75
%
,
9/1/29
,
Continuously
Callable
@100
.......................
410
410
Series
B-2
,
4
.50
%
,
9/1/29
,
Continuously
Callable
@100
.......................
625
625
4,567
North
Dakota
(0.4%):
City
of
Grand
Forks
Revenue
5
.00
%
,
12/1/31
....................................................
1,200
1,277
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
...............................
1,300
1,381
2,658
Ohio
(1.9%):
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
5
.00
%
,
11/15/29
,
ETM
...............................................
275
294
5
.00
%
,
11/15/30
,
ETM
...............................................
350
379
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.00
%
,
11/15/31
,
Pre-refunded
11/15/30
@
100
.............................
$
300
$
331
Cleveland-Cuyahoga
County
Port
Authority
Revenue
,
Series
A
,
5
.25
%
,
1/1/34
,
Continuously
Callable
@102
(a)
...................................................
500
512
County
of
Allen
Hospital
Facilities
Revenue
,
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
..
2,000
2,147
County
of
Hamilton
Revenue
,
5
.00
%
,
9/15/29
..................................
1,345
1,401
Ohio
Air
Quality
Development
Authority
Revenue
,
Series
B
,
2
.40
%
,
12/1/38
,
(Put
Date
10/1/29)
(b)
.......................................................
3,250
3,124
Ohio
Air
Quality
Development
Authority
Revenue
AMT
,
Series
A
,
3
.75
%
,
1/1/29
.........
1,000
1,007
State
of
Ohio
Revenue
5
.00
%
,
11/15/27
....................................................
425
435
5
.00
%
,
11/15/30
....................................................
710
752
5
.00
%
,
11/15/31
,
Continuously
Callable
@100
..............................
465
491
Series
A
,
5
.00
%
,
1/15/30
.............................................
1,000
1,065
11,938
Oklahoma
(0.8%):
Muskogee
Industrial
Trust
Revenue
,
4
.00
%
,
9/1/28
...............................
5,000
5,024
Oregon
(1.2%):
County
of
Gilliam
Revenue
AMT
,
Series
A
,
4
.25
%
,
7/1/38
,
(Put
Date
7/2/29)
(b)
..........
6,250
6,366
Oregon
State
Facilities
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/28
.............................................
150
155
Series
A
,
5
.00
%
,
10/1/29
.............................................
300
314
Series
A
,
5
.00
%
,
10/1/30
.............................................
300
318
7,153
Pennsylvania
(5.4%):
Chester
County
IDA
Revenue
,
5
.00
%
,
3/1/27
,
Continuously
Callable
@100
.............
3,375
3,386
Clairton
Municipal
Authority
Revenue
Series
A
,
4
.00
%
,
12/1/29
.............................................
705
718
Series
B
,
5
.00
%
,
12/1/26
.............................................
675
681
Commonwealth
Financing
Authority
Revenue
,
5
.00
%
,
6/1/26
.......................
2,000
2,000
County
of
Lehigh
Revenue
5
.00
%
,
7/1/28
.....................................................
1,750
1,814
5
.00
%
,
7/1/29
.....................................................
2,000
2,103
Delaware
County
Authority
Revenue
,
5
.00
%
,
10/1/30
.............................
1,200
1,237
Latrobe
IDA
Revenue
5
.00
%
,
3/1/28
.....................................................
135
137
5
.00
%
,
3/1/29
.....................................................
175
179
5
.00
%
,
3/1/30
.....................................................
150
155
5
.00
%
,
3/1/31
.....................................................
1,500
1,536
5
.00
%
,
3/1/31
.....................................................
175
181
Pennsylvania
Economic
Development
Financing
Authority
Revenue
,
Series
B
,
5
.00
%
,
6/15/31
,
Continuously
Callable
@100
...........................................
4,000
4,326
Pennsylvania
Economic
Development
Financing
Authority
Revenue
AMT
Series
A
,
4
.00
%
,
6/1/41
,
(Put
Date
7/1/26)
(b)
...............................
5,000
5,001
Series
A
,
2
.85
%
,
6/1/49
,
(Put
Date
9/1/26)
(b)
...............................
1,250
1,250
Series
B1
,
2
.95
%
,
4/1/49
,
(Put
Date
7/15/26)
(b)
.............................
1,000
999
Pennsylvania
Higher
Education
Assistance
Agency
Revenue
AMT
,
Series
1A
,
5
.00
%
,
6/1/30
.
500
526
Philadelphia
IDA
Revenue
5
.00
%
,
6/15/28
(a)
..................................................
210
213
5
.00
%
,
6/15/29
,
Continuously
Callable
@100
(a)
.............................
220
223
5
.00
%
,
6/15/30
,
Continuously
Callable
@100
(a)
.............................
145
147
Series
DB-8161
,
1
.70
%
,
7/1/61
,
Callable
8/6/26
@
100
(a)
(d)
....................
5,000
5,000
The
Berks
County
Municipal
Authority
Revenue
Series
A1
,
8
.00
%
,
6/30/34
,
Continuously
Callable
@104
.......................
177
181
Series
A-2A
,
6
.00
%
,
6/30/34
,
Continuously
Callable
@104
.....................
89
94
Series
A3
,
5
.00
%
,
6/30/39
,
Continuously
Callable
@100
.......................
1,190
1,116
Series
B1
,
0.00%
,
6/30/44
,
Continuously
Callable
@90
(f)
......................
595
443
33,646
Rhode
Island
(0.2%):
Rhode
Island
Student
Loan
Authority
Revenue
AMT
,
Series
A
,
5
.00
%
,
12/1/31
...........
830
890
South
Carolina
(1.3%):
Piedmont
Municipal
Power
Agency
Revenue
,
Series
D
,
4
.00
%
,
1/1/32
,
Continuously
Callable
@100
...........................................................
2,220
2,276
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
South
Carolina
Jobs-Economic
Development
Authority
Revenue
,
4
.00
%
,
12/1/35
,
Continuously
Callable
@100
...........................................
$
3,000
$
3,026
South
Carolina
Jobs-Economic
Development
Authority
Revenue
AMT
,
Series
A
,
3
.95
%
,
4/1/33
2,750
2,737
8,039
Tennessee
(2.2%):
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
,
Series
B
,
5
.00
%
,
7/1/32
..................................
2,000
2,189
Metropolitan
Government
Nashville
&
Davidson
County
Industrial
Development
Board
Revenue
AMT
,
3
.88
%
,
8/1/31
,
(Put
Date
8/3/26)
(b)
..........................
2,000
1,999
Tennergy
Corp.
Revenue
Series
A
,
4
.00
%
,
12/1/51
,
(Put
Date
9/1/28)
(b)
..............................
4,130
4,186
Series
A
,
5
.50
%
,
10/1/53
,
(Put
Date
12/1/30)
(b)
.............................
5,000
5,298
13,672
Texas
(8.3%):
City
of
Austin
Airport
System
Revenue
AMT
,
Series
B
,
5
.00
%
,
11/15/32
...............
2,000
2,192
City
of
Galveston
Wharves
&
Terminal
Revenue
AMT
Series
A
,
5
.00
%
,
8/1/26
..............................................
250
251
Series
A
,
5
.00
%
,
8/1/27
..............................................
280
286
Series
A
,
5
.00
%
,
8/1/28
..............................................
230
239
Series
A
,
5
.00
%
,
8/1/29
..............................................
250
264
Series
A
,
5
.00
%
,
8/1/30
..............................................
345
368
Series
A
,
5
.00
%
,
8/1/31
..............................................
660
712
County
of
Wise
Revenue
5
.00
%
,
8/15/29
....................................................
880
911
5
.00
%
,
8/15/31
....................................................
680
713
5
.00
%
,
8/15/32
,
Continuously
Callable
@100
...............................
450
472
5
.00
%
,
8/15/33
,
Continuously
Callable
@100
...............................
930
970
Dallas
Fort
Worth
International
Airport
Revenue
AMT
,
Series
A-2
,
5
.00
%
,
11/1/50
,
(Put
Date
11/1/32)
(b)
.......................................................
3,000
3,244
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
7/1/49
,
(Put
Date
12/1/26)
(b)
.....................................
1,400
1,415
Series
A
,
5
.00
%
,
11/15/54
,
(Put
Date
5/15/32)
(b)
............................
2,000
2,152
Houston
Housing
Finance
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2024-DBE-
8153
,
1
.70
%
,
3/1/60
,
Continuously
Callable
@100
(a)
(d)
.......................
5,820
5,820
Las
Varas
Public
Facility
Corp.
Revenue
,
Series
A
,
3
.35
%
,
11/1/44
,
(Put
Date
11/1/29)
(b)
...
3,500
3,490
Martin
County
Hospital
District,
GO
4
.00
%
,
4/1/27
.....................................................
300
302
4
.00
%
,
4/1/29
.....................................................
405
415
4
.00
%
,
4/1/32
,
Continuously
Callable
@100
...............................
350
358
Mission
Economic
Development
Corp.
Revenue
AMT
,
5
.00
%
,
12/1/64
,
(Put
Date
6/1/30)
(b)
.
800
837
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Series
A
,
5
.00
%
,
7/1/27
(g)
............................................
1,251
1,244
Series
A
,
5
.00
%
,
7/1/28
(g)
............................................
2,135
2,124
Series
B2
,
4
.63
%
,
10/1/30
,
Continuously
Callable
@100
.......................
1,000
1,001
Series
B3
,
4
.25
%
,
10/1/30
,
Continuously
Callable
@100
.......................
1,000
1,005
Port
of
Port
Arthur
Navigation
District
Revenue
Series
A
,
1
.50
%
,
4/1/40
,
Continuously
Callable
@100
(d)
......................
6,185
6,185
Series
B
,
1
.50
%
,
4/1/40
,
Continuously
Callable
@100
(d)
......................
4,275
4,275
Series
C
,
1
.50
%
,
4/1/40
,
Continuously
Callable
@100
(d)
......................
3,255
3,255
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Revenue
,
5
.00
%
,
12/15/27
..........
2,000
2,047
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
Revenue
,
5
.00
%
,
1/1/55
,
(Put
Date
1/1/34)
(b)
........................................................
2,000
2,129
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
Revenue
,
4
.00
%
,
6/30/31
,
Continuously
Callable
@100
...........................................
2,355
2,400
Victory
Street
Public
Facility
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8158
,
1
.70
%
,
8/1/62
,
Continuously
Callable
@100
(a)
(d)
.......................
600
600
51,676
Vermont
(0.3%):
Vermont
Economic
Development
Authority
Revenue
4
.00
%
,
5/1/29
,
Continuously
Callable
@103
...............................
445
443
4
.00
%
,
5/1/30
,
Continuously
Callable
@103
...............................
230
228
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
,
5
.00
%
,
10/15/26
.....
1,000
1,000
1,671
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Virginia
(1.7%):
James
City
County
Economic
Development
Authority
Revenue
,
Series
A
,
4
.00
%
,
12/1/30
,
Continuously
Callable
@103
...........................................
$
220
$
220
Loudoun
County
Economic
Development
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2023-DBE-8106
,
1
.70
%
,
6/1/63
,
Continuously
Callable
@100
(a)
(d)
..........
5,855
5,855
Marquis
Community
Development
Authority
of
York
County
Revenue
,
1
.50
%
,
9/1/45
(a)
(g)
..
1,074
387
Marquis
Community
Development
Authority
of
York
County
Tax
Allocation
Series
A
,
1
.02
%
,
9/1/36
(g)
............................................
3,506
1,262
Series
C
,
9/1/41
(e)
..................................................
5,111
5
Prince
William
County
IDA
Revenue
,
5
.00
%
,
1/1/31
,
Continuously
Callable
@101
........
1,700
1,706
Virginia
Small
Business
Financing
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/30
,
Continuously
Callable
@103
.....................................................
1,250
1,313
10,748
Washington
(0.9%):
Washington
Health
Care
Facilities
Authority
Revenue
5
.00
%
,
8/15/26
....................................................
2,000
2,007
5
.00
%
,
8/15/27
....................................................
2,175
2,206
Series
B-3
,
5
.00
%
,
8/1/49
,
(Put
Date
8/1/26)
(b)
.............................
1,000
1,001
Washington
State
Housing
Finance
Commission
Revenue
,
Series
A
,
5
.00
%
,
7/1/26
........
290
290
5,504
West
Virginia
(0.1%):
County
of
Ohio
Special
District
Excise
Tax
Revenue
,
Series
A
,
5
.00
%
,
6/1/26
............
525
525
Wisconsin
(2.7%):
Public
Finance
Authority
Revenue
4
.00
%
,
3/1/27
(a)
...................................................
795
792
4
.00
%
,
3/1/28
(a)
...................................................
840
830
Series
1-A
,
3
.60
%
(
SOFR
+
115
bps
)
,
12/1/68
,
(Put
Date
5/1/29)
(a)
(b)
(c)
............
3,000
2,999
Series
A
,
5
.00
%
,
6/1/30
..............................................
750
773
Series
B
,
5
.00
%
,
12/1/30
.............................................
2,405
2,535
Series
B
,
5
.00
%
,
12/1/31
.............................................
2,725
2,887
Series
WI
,
3
.25
%
,
1/1/30
.............................................
1,795
1,787
Series
WI
,
5
.00
%
,
4/1/30
(a)
...........................................
500
513
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
3/15/30
....................................................
325
328
Series
B
,
4
.00
%
,
9/15/26
.............................................
110
110
Series
B
,
4
.00
%
,
9/15/27
.............................................
140
141
Series
B
,
4
.00
%
,
9/15/28
,
Continuously
Callable
@103
........................
200
201
Series
B
,
4
.00
%
,
9/15/29
,
Continuously
Callable
@103
........................
305
307
Series
B
,
4
.00
%
,
9/15/30
,
Continuously
Callable
@103
........................
320
320
Series
B
,
4
.00
%
,
9/15/31
,
Continuously
Callable
@103
........................
315
313
Series
B-2
,
5
.00
%
,
2/15/51
,
Pre-refunded
8/15/26
@
100
.......................
2,000
2,010
16,846
Total
Municipal
Bonds
(Cost
$632,176)
a
a
a
621,273
Total
Investments
(Cost
$632,176)
—
99.8%
621,273
Other
assets
in
excess
of
liabilities
—  0.2%
1,211
NET
ASSETS
-
100.00%
$
622,484
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$59,648
(thousands)
and
amounted
to
9.6%
of
net
assets.
(b)
Put
Bond.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2026.
(d)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(e)
Zero-coupon
bond.
(f)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(g)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
AMT
—
Alternative
Minimum
Tax
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
ETM
—
Escrowed
to
Maturity
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
SOFR
—
Secured
Overnight
Financing
Rate
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
California
Bond
Fund
130
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(99.1%)
California
(98.2%):
Alameda
Corridor
Transportation
Authority
Revenue
,
Series
A
,
0.00%
,
10/1/50
,
Continuously
Callable
@100
(a)
...................................................
$
1,250
$
727
Albany
Unified
School
District,
GO
,
Series
B
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
..
1,500
1,443
Bay
Area
Toll
Authority
Revenue
,
Series
A
,
2
.82
%
(
MUNIPSA
+
125
bps
)
,
4/1/36
,
(Put
Date
4/1/27)
(b)
(c)
......................................................
15,000
15,015
Burbank
Unified
School
District,
GO
4
.30
%
,
8/1/33
,
Continuously
Callable
@100
...............................
3,085
3,137
4
.35
%
,
8/1/34
,
Continuously
Callable
@100
...............................
3,000
3,049
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
Revenue
AMT
Series
B
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.........................
4,875
5,042
Series
B
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
.........................
1,250
1,344
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
Revenue
AMT
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.50
%
,
7/1/54
,
Continuously
Callable
@100
....
1,000
954
California
Community
Choice
Financing
Authority
Revenue
,
Series
C
,
5
.00
%
,
12/1/55
,
(Put
Date
10/1/33)
(c)
....................................................
500
521
California
Community
Housing
Agency
Revenue
,
Series
A
,
5
.00
%
,
8/1/50
,
Continuously
Callable
@100
(d)
...................................................
1,900
1,762
California
County
Tobacco
Securitization
Agency
Revenue
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
...............................
500
436
Series
A
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
.........................
500
448
Series
A
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
.........................
1,000
875
California
Educational
Facilities
Authority
Revenue
5
.00
%
,
10/1/48
,
Continuously
Callable
@100
...............................
2,000
2,030
Series
A
,
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
........................
1,000
1,001
Series
A
,
4
.25
%
,
11/1/50
,
Continuously
Callable
@100
........................
1,000
946
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
........................
5,500
5,349
Series
A
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
........................
500
492
California
Enterprise
Development
Authority
Revenue
5
.00
%
,
6/1/44
,
Continuously
Callable
@100
(d)
.............................
750
761
4
.00
%
,
11/1/49
,
Continuously
Callable
@100
...............................
1,900
1,722
4
.00
%
,
11/1/50
,
Continuously
Callable
@100
...............................
680
620
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
(d)
.............................
2,485
2,392
California
Health
Facilities
Financing
Authority
Revenue
Series
A
,
4
.00
%
,
3/1/39
,
Continuously
Callable
@100
.........................
7,375
7,081
Series
A
,
5
.00
%
,
8/15/47
,
Continuously
Callable
@100
........................
2,900
2,684
Series
A
,
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
........................
10,000
9,110
Series
A
,
4
.00
%
,
4/1/49
,
Pre-refunded
4/1/30
@
100
..........................
55
58
Series
B
,
4
.00
%
,
11/15/41
,
Continuously
Callable
@100
.......................
14,000
13,994
Series
B
,
5
.25
%
,
11/15/53
,
Continuously
Callable
@100
.......................
1,000
1,014
California
Infrastructure
&
Economic
Development
Bank
Revenue
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
...............................
4,000
3,648
Series
A
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.........................
2,000
2,040
Series
B
,
5
.00
%
,
11/1/57
,
Continuously
Callable
@100
........................
1,300
1,313
California
Municipal
Finance
Authority
Certificates
of
Participation
,
5
.25
%
,
6/1/55
,
Continuously
Callable
@100
...........................................
3,000
3,093
California
Municipal
Finance
Authority
Certificates
of
Participation
(INS
-
Assured
Guaranty
Corp.)
Series
A
,
5
.25
%
,
11/1/36
,
Continuously
Callable
@100
........................
1,000
1,051
Series
A
,
5
.25
%
,
11/1/52
,
Continuously
Callable
@100
........................
500
504
California
Municipal
Finance
Authority
Revenue
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
6,500
5,811
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
965
853
5
.00
%
,
7/1/55
,
Continuously
Callable
@103
...............................
1,000
1,028
Series
A
,
5
.00
%
,
2/1/37
,
Continuously
Callable
@100
.........................
750
753
Series
A
,
5
.50
%
,
5/1/44
,
Continuously
Callable
@100
(d)
......................
290
291
Series
A
,
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
2,000
1,837
Series
A
,
5
.00
%
,
2/1/47
,
Continuously
Callable
@100
.........................
2,000
2,002
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
992
Series
A
,
5
.00
%
,
6/1/50
,
Continuously
Callable
@100
.........................
1,000
984
Series
A
,
4
.00
%
,
11/15/52
,
Continuously
Callable
@103
.......................
750
630
Series
A
,
5
.00
%
,
4/1/54
,
Continuously
Callable
@103
.........................
1,540
1,477
Victory
Portfolios
III
Victory
California
Bond
Fund
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
5
.75
%
,
5/1/54
,
Continuously
Callable
@100
(d)
......................
$
710
$
694
Series
A
,
5
.25
%
,
9/1/55
,
Continuously
Callable
@100
.........................
430
434
Series
A
,
5
.50
%
,
9/1/56
,
Continuously
Callable
@100
.........................
150
162
Series
A
,
4
.00
%
,
11/15/56
,
Continuously
Callable
@103
.......................
1,100
906
Series
A
,
5
.88
%
,
5/1/59
,
Continuously
Callable
@100
(d)
......................
305
308
California
Municipal
Finance
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program)
4
.13
%
,
5/15/39
,
Continuously
Callable
@100
...............................
1,900
1,902
4
.13
%
,
5/15/46
,
Continuously
Callable
@100
...............................
2,100
1,984
Series
B
,
5
.00
%
,
5/15/47
,
Continuously
Callable
@101
........................
2,500
2,516
California
Pollution
Control
Financing
Authority
Revenue
,
5
.00
%
,
11/21/45
,
Continuously
Callable
@100
(d)
...................................................
5,470
5,580
California
Public
Finance
Authority
Revenue
5
.00
%
,
10/15/37
,
Continuously
Callable
@100
..............................
1,000
1,004
5
.00
%
,
10/15/47
,
Continuously
Callable
@100
..............................
3,000
3,000
Series
A
,
5
.00
%
,
11/1/54
,
Continuously
Callable
@100
........................
1,000
1,013
Series
A
,
5
.10
%
,
4/1/66
,
(Put
Date
4/1/33)
(c)
(d)
.............................
1,500
1,486
California
School
Finance
Authority
Revenue
5
.00
%
,
8/1/41
,
Continuously
Callable
@100
(d)
.............................
1,600
1,600
5
.00
%
,
8/1/46
,
Continuously
Callable
@100
(d)
.............................
2,050
1,974
5
.00
%
,
7/1/49
,
Continuously
Callable
@103
(d)
.............................
1,000
998
6
.00
%
,
6/1/56
,
Continuously
Callable
@101
(d)
.............................
300
310
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
(d)
......................
3,420
3,408
Series
A
,
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
(d)
......................
1,385
1,285
Series
A
,
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
(d)
......................
900
817
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
(d)
......................
3,150
3,021
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
(d)
......................
1,050
983
Series
A
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
(d)
......................
2,000
1,874
Series
A
,
5
.25
%
,
7/1/56
,
Continuously
Callable
@100
(d)
......................
1,040
1,027
Series
IS
,
5
.00
%
,
8/1/42
,
Continuously
Callable
@100
(d)
......................
1,000
1,001
Series
IS
,
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
(d)
......................
1,000
925
California
Statewide
Communities
Development
Authority
Revenue
5
.00
%
,
5/15/40
,
Continuously
Callable
@100
...............................
2,750
2,752
5
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
2,750
2,758
Series
A
,
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
.........................
1,500
1,417
Series
A
,
5
.00
%
,
5/15/47
,
Continuously
Callable
@100
........................
2,000
1,956
Series
A
,
4
.00
%
,
8/15/51
,
Continuously
Callable
@100
........................
3,000
2,739
Series
A
,
5
.00
%
,
12/1/53
,
Continuously
Callable
@100
........................
1,000
1,004
Series
A
,
5
.00
%
,
12/1/57
,
Continuously
Callable
@100
........................
2,500
2,507
California
Statewide
Communities
Development
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program)
,
4
.00
%
,
11/1/46
,
Continuously
Callable
@100
.....................................................
4,000
3,713
California
Statewide
Communities
Development
Authority
Special
Tax
Series
A
,
5
.00
%
,
9/2/55
,
Continuously
Callable
@100
.........................
1,255
1,262
Series
C-2
,
5
.00
%
,
9/2/56
,
Continuously
Callable
@100
.......................
740
745
Centinela
Valley
Union
High
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
8/1/50
,
Continuously
Callable
@100
.........................
9,000
8,529
City
&
County
of
San
Francisco
Community
Facilities
District
No.
2014-1
Special
Tax
,
Series
A
,
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
.............................
750
764
City
&
County
of
San
Francisco
Community
Facilities
District
No.
2016-1
Special
Tax
,
4
.00
%
,
9/1/52
,
Callable
9/1/28
@
103
(d)
........................................
1,750
1,462
City
&
County
of
San
Francisco
Infrastructure
&
Revitalization
Financing
District
No.
1
Tax
Allocation
Series
A
,
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
(d)
......................
1,250
1,184
Series
A
,
5
.00
%
,
9/1/55
,
Continuously
Callable
@100
(d)
......................
1,000
964
Series
B
,
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
(d)
......................
640
596
City
of
Atwater
Wastewater
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
5/1/43
,
Continuously
Callable
@100
...............................
1,300
1,318
City
of
Fillmore
Wastewater
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
5/1/47
,
Continuously
Callable
@100
.....................................
2,000
2,021
City
of
Los
Angeles
Department
of
Airports
Revenue
AMT
Series
A
,
5
.00
%
,
5/15/55
,
Continuously
Callable
@100
........................
1,500
1,552
Series
C
,
4
.00
%
,
5/15/50
,
Continuously
Callable
@100
........................
1,840
1,642
Victory
Portfolios
III
Victory
California
Bond
Fund
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
City
of
Sacramento
Special
Tax
,
5
.38
%
,
9/1/52
,
Continuously
Callable
@103
(d)
..........
$
2,000
$
2,040
City
of
Tulare
Sewer
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4
.00
%
,
11/15/44
,
Continuously
Callable
@100
...........................................
5,000
4,925
City
of
Upland
Certificates
of
Participation
4
.00
%
,
1/1/42
,
Continuously
Callable
@100
...............................
3,000
2,731
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
...............................
2,000
2,006
County
of
Sacramento
Airport
System
Revenue
AMT
,
Series
D
,
5
.25
%
,
7/1/50
,
Continuously
Callable
@100
.....................................................
2,000
2,087
Foothill-Eastern
Transportation
Corridor
Agency
Revenue
,
Series
B-2
,
3
.50
%
,
1/15/53
,
Continuously
Callable
@100
...........................................
1,500
1,235
Foothill-Eastern
Transportation
Corridor
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
1/15/34
(e)
........................................................
15,000
11,755
1/15/35
(e)
........................................................
7,500
5,658
Golden
State
Tobacco
Securitization
Corp.
Revenue
,
Series
B
,
5
.00
%
,
6/1/51
,
Continuously
Callable
@100
.....................................................
1,000
1,004
Indio
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A
,
5
.25
%
,
8/15/31
,
Continuously
Callable
@100
...........................................
2,940
2,945
Inglewood
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
...............................
3,550
3,402
Inglewood
Unified
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
C
,
4
.00
%
,
8/1/37
,
Continuously
Callable
@100
.........................
450
453
Series
C
,
4
.00
%
,
8/1/39
,
Continuously
Callable
@100
.........................
450
452
Irvine
Unified
School
District
Special
Tax
Series
A
,
5
.00
%
,
9/1/45
,
Continuously
Callable
@100
.........................
2,990
3,039
Series
B
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
.........................
995
1,007
Series
B
,
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
.........................
995
1,007
Series
C
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
.........................
995
1,004
Series
C
,
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
.........................
520
524
Series
D
,
5
.00
%
,
9/1/49
,
Continuously
Callable
@100
........................
995
999
Irvine
Unified
School
District
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
1,790
1,654
Series
A
,
5
.00
%
,
9/1/56
,
Continuously
Callable
@100
.........................
5,970
6,026
Local
Public
Schools
Funding
Authority
School
Improvement
District
No.
2016-1,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
8/1/52
,
Continuously
Callable
@100
...........................................................
1,500
1,407
Los
Angeles
Department
of
Water
&
Power
Revenue
,
Series
C
,
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
.....................................................
1,500
1,555
Los
Angeles
Housing
Authority
Revenue
,
Series
A
,
4
.40
%
,
12/1/54
,
Continuously
Callable
@100
...........................................................
2,000
1,806
Manteca
Unified
School
District
Special
Tax
,
Series
A
,
5
.00
%
,
9/1/54
,
Continuously
Callable
@100
...........................................................
2,000
2,008
March
Joint
Powers
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
8/1/41
,
Continuously
Callable
@100
5,790
5,793
Middle
Fork
Project
Finance
Authority
Revenue
,
5
.00
%
,
4/1/33
,
Continuously
Callable
@100
2,205
2,296
Monrovia
Financing
Authority
Revenue
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
.....
3,435
3,441
Monrovia
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
....................................
2,345
2,348
Moreno
Valley
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
5
.00
%
,
8/1/47
,
Continuously
Callable
@100
.............................
6,500
6,662
Norwalk
Redevelopment
Agency
Tax
Allocation
(INS
-
National
Public
Finance
Guarantee
Corp.)
Series
A
,
5
.00
%
,
10/1/30
,
Continuously
Callable
@100
........................
5,000
5,008
Series
A
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
3,500
3,504
Norwalk-La
Mirada
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
8/1/30
(e)
..................................................
7,500
6,629
Palomar
Health,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
2004-A
,
8/1/31
(e)
...
12,230
10,082
Palomar
Health,
GO
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
A
,
8/1/26
(e)
...
5,500
5,469
Perris
Union
High
School
District,
GO
(INS
-
Assured
Guaranty
Corp.)
,
Series
A
,
4
.00
%
,
9/1/48
,
Continuously
Callable
@100
.....................................
5,000
4,811
Poway
Unified
School
District
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.....................................
4,750
4,242
Victory
Portfolios
III
Victory
California
Bond
Fund
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
(NBGA
-
University
of
California
Medical
Center)
,
Series
O-1
,
1
.00
%
,
5/15/45
,
Callable
7/1/26
@
100
(f)
...
$
310
$
310
Rio
Elementary
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
...............................
2,800
2,736
River
Islands
Public
Financing
Authority
Special
Tax
(INS
-
Assured
Guaranty
Corp.)
,
Series
A-1
,
5
.25
%
,
9/1/52
,
Continuously
Callable
@103
............................
1,500
1,582
River
Islands
Public
Financing
Authority
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
2016-1
,
5
.25
%
,
9/1/52
,
Continuously
Callable
@103
...............
2,000
2,100
RNR
School
Financing
Authority
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
9/1/41
,
Continuously
Callable
@100
.........................
2,000
2,007
Sacramento
Area
Flood
Control
Agency
Special
Assessment
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
...................
2,000
2,002
San
Diego
County
Regional
Airport
Authority
Revenue
AMT
Series
B
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
3,000
2,802
Series
B
,
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
.........................
1,685
1,706
Series
B
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
.........................
1,500
1,598
Series
B
,
5
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
5,250
5,315
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Revenue
AMT
Series
A
,
5
.25
%
,
5/1/49
,
Continuously
Callable
@100
.........................
3,400
3,564
Series
A
,
5
.50
%
,
5/1/55
,
Continuously
Callable
@100
.........................
12,000
12,758
Series
D
,
5
.25
%
,
5/1/55
,
Continuously
Callable
@100
........................
2,000
2,080
Santa
Clarita
Community
College
District,
GO
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
.
5,250
5,090
Stockton
Public
Financing
Authority
Revenue
4
.00
%
,
3/1/40
,
Continuously
Callable
@100
...............................
920
860
5
.00
%
,
3/1/47
,
Continuously
Callable
@100
...............................
4,385
4,344
Tahoe-Truckee
Unified
School
District
Certificates
of
Participation
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
6/1/43
,
Continuously
Callable
@100
..............
1,000
1,000
Tobacco
Securitization
Authority
of
Southern
California
Revenue
5
.00
%
,
6/1/48
,
Continuously
Callable
@100
...............................
655
641
5
.00
%
,
6/1/48
,
Continuously
Callable
@100
...............................
2,175
2,181
Transbay
Joint
Powers
Authority
Tax
Allocation
,
Series
A
,
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
.....................................................
800
804
University
of
California
Revenue
,
Series
AL-2
,
0
.90
%
,
5/15/48
,
Callable
7/1/26
@
100
(f)
...
6,550
6,550
Vacaville
Unified
School
District,
GO
,
Series
D
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
1,850
1,831
Val
Verde
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
...............................
4,475
4,487
Washington
Township
Health
Care
District
Revenue
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
1,000
997
Series
A
,
5
.75
%
,
7/1/53
,
Continuously
Callable
@100
.........................
1,500
1,550
Washington
Township
Health
Care
District,
GO
,
Series
A
,
4
.00
%
,
8/1/51
,
Continuously
Callable
@100
.....................................................
3,280
2,899
390,219
Guam
(0.9%):
Antonio
B
Won
Pat
International
Airport
Authority
Revenue
AMT
,
Series
A
,
5
.25
%
,
10/1/41
,
Continuously
Callable
@100
...........................................
100
107
Guam
Government
Waterworks
Authority
Revenue
,
Series
A
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
.....................................................
750
781
Guam
Power
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
...
2,800
2,815
3,703
Total
Municipal
Bonds
(Cost
$401,075)
a
a
a
393,922
Total
Investments
(Cost
$401,075)
—
99.1%
393,922
Other
assets
in
excess
of
liabilities
—  0.9%
3,502
NET
ASSETS
-
100.00%
$
397,424
(a)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2026.
(c)
Put
Bond.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$38,743
(thousands)
and
amounted
to
9.7%
of
net
assets.
(e)
Zero-coupon
bond.
Victory
Portfolios
III
Victory
California
Bond
Fund
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
(f)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
AMT
—
Alternative
Minimum
Tax
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
MUNIPSA
—
SIFMA
Municipal
Swap
Index
Yield
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Government
Securities
Fund
135
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(1.4%)
ABS
Other
(0.8%):
Consumers
2014
Securitization
Funding
LLC
,
Series
2014-A
,
Class
A3
,
3
.53
%
,
5/1/29
.....
$
1,974
$
1,957
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
5,000
4,855
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
2,986
2,673
9,485
Agency
ABS
Other
(0.6%):
Nelnet
Student
Loan
Trust
................................................
Series
2006-3
,
Class
B
,
4
.20
%
(
SOFR90A
+
51
bps
)
,
6/25/41
,
Callable
6/25/26
@
100
(a)
1,214
1,130
Series
2015-3A
,
Class
A2
,
4
.33
%
(
SOFR30A
+
71
bps
)
,
2/27/51
,
Callable
9/25/29
@
100
(a)
(b)
.........................................................
528
527
Series
2019-5
,
Class
A
,
2
.53
%
,
10/25/67
,
Callable
4/25/33
@
100
(b)
..............
3,052
2,762
SLM
Student
Loan
Trust
..................................................
Series
2006-4
,
Class
B
,
4
.13
%
(
SOFR90A
+
46
bps
)
,
1/25/70
,
Callable
10/25/30
@
100
(a)
1,722
1,665
Series
2013-6
,
Class
A3
,
4
.38
%
(
SOFR30A
+
76
bps
)
,
6/25/55
,
Callable
2/25/32
@
100
(a)
1,409
1,402
7,486
Total
Asset-Backed
Securities
(Cost
$17,508)
a
a
a
16,971
Collateralized
Mortgage
Obligations
(16.3%)
Agency
CMO
(0.4%):
Federal
Home
Loan
Mortgage
Corporation
REMICS
,
Series
4772
,
Class
ZG
,
4
.50
%
,
12/15/47
1,958
1,900
Government
National
Mortgage
Association
,
Series
2025-131
,
Class
ZM
,
4
.50
%
,
8/20/65
...
3,103
2,868
4,768
Agency
CMO
Floating
(0.7%):
Federal
Home
Loan
Mortgage
Corporation
REMICS
.............................
Series
3134
,
Class
FA
,
4
.06
%
(
SOFR30A
+
41
bps
)
,
3/15/36
(a)
...................
215
213
Series
4023
,
Class
PF
,
4
.31
%
(
SOFR30A
+
66
bps
)
,
10/15/41
(a)
...................
131
131
Series
5522
,
Class
BF
,
4
.66
%
(
SOFR30A
+
105
bps
)
,
3/25/55
(a)
..................
1,930
1,938
Series
5525
,
Class
FA
,
4
.81
%
(
SOFR30A
+
120
bps
)
,
4/25/55
(a)
..................
1,286
1,291
Series
5611
,
Class
LE
,
4
.50
%
,
8/25/49
....................................
2,602
2,562
Federal
National
Mortgage
Association
REMICS
................................
Series
2005-29
,
Class
FY
,
4
.03
%
(
SOFR30A
+
41
bps
)
,
4/25/35
(a)
.................
333
332
Series
2007-84
,
Class
F
,
4
.03
%
(
SOFR30A
+
41
bps
)
,
8/25/37
(a)
..................
253
251
Series
2024-96
,
Class
FC
,
4
.81
%
(
SOFR30A
+
120
bps
)
,
12/25/54
(a)
...............
2,006
2,015
8,733
Agency
CMO
Other
(6.4%):
Federal
Home
Loan
Mortgage
Corporation
REMICS
.............................
Series
4623
,
Class
H
,
2
.50
%
,
11/15/44
....................................
831
768
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
2,483
2,517
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
2,039
2,025
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
1,505
1,517
Series
5547
,
Class
V
,
5
.00
%
,
4/25/39
.....................................
2,847
2,844
Series
5575
,
Class
A
,
5
.00
%
,
11/25/51
....................................
1,935
1,932
Series
5598
,
Class
PG
,
4
.50
%
,
11/25/55
...................................
1,202
1,169
Series
5639
,
Class
DA
,
4
.50
%
,
2/25/49
...................................
2,847
2,787
Series
5648
,
Class
MP
,
4
.50
%
,
10/25/55
...................................
2,975
2,890
Series
5648
,
Class
NM
,
4
.50
%
,
8/25/52
...................................
2,420
2,379
Federal
Home
Loan
Mortgage
Corporation
STRIPS
,
Series
446
,
Class
AK
,
4
.35
%
,
5/25/31
..
3,928
3,893
Federal
National
Mortgage
Association
REMICS
................................
Series
2012-100
,
Class
BA
,
1
.50
%
,
9/25/27
................................
31
31
Series
2012-102
,
Class
GA
,
1
.38
%
,
9/25/27
................................
62
61
Series
2012-103
,
Class
HB
,
1
.50
%
,
9/25/27
................................
39
39
Series
2012-107
,
Class
GC
,
1
.50
%
,
10/25/27
...............................
50
50
Series
2012-73
,
Class
DC
,
1
.50
%
,
7/25/27
.................................
90
89
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
746
753
Series
2024-33
,
Class
PB
,
5
.00
%
,
3/25/48
.................................
1,304
1,312
Series
2025-33
,
Class
P
,
5
.00
%
,
5/25/54
...................................
2,619
2,608
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
.................................
957
959
Series
2026-10
,
Class
AD
,
4
.50
%
,
1/25/51
.................................
2,715
2,665
Series
2026-12
,
Class
GB
,
2
.50
%
,
10/25/51
................................
3,438
3,004
Victory
Portfolios
III
Victory
Government
Securities
Fund
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Government
National
Mortgage
Association
....................................
Series
2020-162
,
Class
AB
,
1
.00
%
,
10/20/50
...............................
$
2,427
$
1,853
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
2,308
2,026
Series
2022-68
,
Class
WQ
,
3
.80
%
,
5/20/50
(c)
..............................
3,465
3,377
Series
2022-90
,
Class
QU
,
4
.00
%
,
11/20/49
................................
5,396
5,230
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
2,645
2,683
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
822
832
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
1,459
1,473
Series
2023-149
,
Class
D
,
5
.50
%
,
9/20/47
.................................
415
417
Series
2023-196
,
Class
E
,
3
.00
%
,
9/20/48
.................................
2,722
2,584
Series
2023-53
,
Class
QA
,
5
.00
%
,
6/20/49
.................................
2,372
2,389
Series
2024-160
,
Class
H
,
4
.00
%
,
9/20/62
.................................
1,910
1,893
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
409
413
Series
2024-20
,
Class
PA
,
4
.50
%
,
2/20/54
.................................
945
942
Series
2024-64
,
Class
NK
,
5
.00
%
,
1/20/51
.................................
2,472
2,466
Series
2024-97
,
Class
MC
,
5
.00
%
,
1/20/64
.................................
1,042
1,048
Series
2025-114
,
Class
JA
,
4
.50
%
,
8/20/51
.................................
1,568
1,547
Series
2025-131
,
Class
QC
,
4
.00
%
,
7/20/51
................................
1,417
1,385
Series
2025-139
,
Class
DT
,
5
.00
%
,
3/20/65
................................
1,899
1,905
Series
2025-139
,
Class
EA
,
4
.00
%
,
3/20/65
................................
1,768
1,753
Series
2025-175
,
Class
AP
,
4
.50
%
,
10/20/55
................................
1,921
1,883
Series
2025-196
,
Class
GA
,
4
.75
%
,
5/20/65
................................
2,888
2,878
Series
2025-98
,
Class
ET
,
4
.50
%
,
6/20/65
.................................
1,747
1,747
79,016
Agency
Commercial
MBS
(8.8%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K057
,
Class
A2
,
2
.57
%
,
7/25/26
...................................
4,325
4,309
Series
K080
,
Class
A2
,
3
.93
%
,
7/25/28
(c)
.................................
5,000
4,956
Series
K126
,
Class
A2
,
2
.07
%
,
1/25/31
...................................
2,860
2,587
Series
K136
,
Class
A2
,
2
.13
%
,
11/25/31
...................................
5,000
4,443
Series
K141
,
Class
A2
,
2
.25
%
,
2/25/32
...................................
2,000
1,781
Series
K142
,
Class
A2
,
2
.40
%
,
3/25/32
...................................
3,000
2,687
Series
K143
,
Class
A2
,
2
.35
%
,
3/25/32
...................................
5,000
4,462
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
...................................
5,183
4,643
Series
K145
,
Class
A2
,
2
.58
%
,
5/25/32
...................................
3,423
3,083
Series
K146
,
Class
A2
,
2
.92
%
,
6/25/32
...................................
3,000
2,752
Series
K147
,
Class
A2
,
3
.00
%
,
6/25/32
(c)
.................................
3,000
2,763
Series
K149
,
Class
A2
,
3
.53
%
,
8/25/32
...................................
3,000
2,840
Series
K-172
,
Class
A2
,
4
.58
%
,
8/25/35
(c)
.................................
7,000
6,936
Series
K523
,
Class
AS
,
4
.20
%
(
SOFR30A
+
55
bps
)
,
5/25/29
,
Callable
4/25/29
@
100
(a)
.
2,993
3,000
Series
K536
,
Class
AS
,
4
.15
%
(
SOFR30A
+
50
bps
)
,
11/25/29
(a)
..................
2,743
2,746
Series
K759
,
Class
A2
,
4
.80
%
,
1/25/32
(c)
.................................
3,000
3,043
Series
KPLB2
,
Class
A
,
4
.83
%
,
6/25/33
(d)
.................................
5,000
5,048
Federal
National
Mortgage
Association
.......................................
Series
2017-M12
,
Class
A2
,
3
.06
%
,
6/25/27
(c)
..............................
2,997
2,966
Series
2017-M8
,
Class
A2
,
3
.06
%
,
5/25/27
(c)
...............................
5,128
5,079
Series
2018-M10
,
Class
A2
,
3
.36
%
,
7/25/28
(c)
..............................
7,376
7,257
Series
2018-M4
,
Class
A2
,
3
.07
%
,
3/25/28
(c)
...............................
1,715
1,684
Series
2021-M3G
,
Class
A2
,
1
.24
%
,
1/25/31
(c)
.............................
3,000
2,623
Series
2022-M12
,
Class
A
,
3
.02
%
,
12/25/28
(c)
..............................
5,471
5,308
Series
2022-M13
,
Class
A2
,
2
.59
%
,
6/25/32
................................
10,671
9,633
Series
2022-M2
,
Class
A2
,
2
.40
%
,
11/25/31
................................
5,000
4,528
Series
2022-M3
,
Class
A2
,
1
.71
%
,
11/25/31
(c)
..............................
4,000
3,470
Series
2023-M4
,
Class
A2
,
3
.77
%
,
8/25/32
(c)
...............................
4,000
3,839
108,466
Total
Collateralized
Mortgage
Obligations
(Cost
$200,689)
a
a
a
200,983
Corporate
Bonds
(1.8%)
Financials
(0.1%):
Swepco
Storm
Recovery
Funding
LLC
,
4
.88
%
,
9/1/39
............................
2,106
2,087
Victory
Portfolios
III
Victory
Government
Securities
Fund
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Utilities
(1.7%):
Appalachian
Power
Recovery
Funding
LLC
,
4
.96
%
,
10/1/37
........................
$
5,000
$
5,043
Centerpoint
Energy
Restoration
Bond
Co.
II
LLC
,
4
.26
%
,
7/1/47
.....................
4,000
3,931
Centerpoint
Energy
Restoration
Bond
Co.
III
LLC
,
4
.48
%
,
6/15/36
...................
4,000
3,920
Duke
Energy
Carolinas
SC
Storm
Funding
LLC
,
4
.90
%
,
3/1/46
......................
541
535
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/40
.......................
3,207
3,231
Tennessee
Valley
Authority
,
3
.50
%
,
12/15/42
...................................
5,000
4,114
20,774
Total
Corporate
Bonds
(Cost
$23,223)
a
a
a
22,861
Municipal
Bonds
(0.7%)
Hawaii
(0.2%):
State
of
Hawaii
Department
of
Business
Economic
Development
&
Tourism
Revenue
,
Series
A-2
,
3
.24
%
,
1/1/31
..................................................
139
137
State
of
Hawaii,
GO
,
Series
GN
,
4
.94
%
,
10/1/37
,
Continuously
Callable
@100
...........
2,000
1,996
2,133
Louisiana
(0.5%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.15
%
,
2/1/33
..............................................
3,150
3,130
Series
A
,
4
.28
%
,
2/1/36
..............................................
2,000
1,962
Series
A1-A3
,
5
.08
%
,
6/1/31
...........................................
538
544
5,636
Texas
(0.0%):(e)
State
of
Texas,
GO
,
4
.86
%
,
10/1/35
,
Continuously
Callable
@100
....................
500
502
Total
Municipal
Bonds
(Cost
$8,323)
a
a
a
8,271
U.S.
Government
Agency
Mortgages
(48.3%)
Federal
Farm
Credit
Banks
Funding
Corporation
3
.98
%
,
2/5/29
.....................................................
3,000
2,969
2
.55
%
,
12/21/34
....................................................
3,000
2,526
2
.20
%
,
9/2/36
.....................................................
2,000
1,574
5
.60
%
,
8/5/39
.....................................................
4,000
3,979
11,048
Federal
Home
Loan
Mortgage
Corporation
4
.05
%
,
10/1/29
....................................................
4,000
3,944
4
.40
%
,
11/1/29
.....................................................
3,355
3,341
3
.00
%
,
3/1/32
-
5/1/52
...............................................
15,413
13,929
3
.42
%
,
10/1/33
....................................................
346
322
3
.50
%
,
10/1/33
-
7/1/52
..............................................
20,727
19,112
4
.00
%
,
10/1/33
-
12/1/52
.............................................
21,391
20,534
4
.75
%
,
4/1/35
.....................................................
3,300
3,304
5
.50
%
,
12/1/35
-
1/1/55
..............................................
23,964
24,207
1
.50
%
,
4/1/37
.....................................................
2,517
2,258
5
.00
%
,
3/1/38
-
3/1/56
...............................................
61,163
60,722
5
.10
%
,
7/1/40
.....................................................
994
1,006
4
.50
%
,
10/1/40
-
5/1/55
..............................................
19,616
19,136
2
.50
%
,
5/1/42
.....................................................
2,189
1,961
3
.93
%
(
SOFR30A
+
226
bps
)
,
8/1/52
(a)
....................................
5,542
5,474
6
.50
%
,
2/1/53
.....................................................
1,523
1,590
6
.00
%
,
8/1/53
-
3/1/55
...............................................
8,405
8,612
189,452
Federal
National
Mortgage
Association
2
.25
%
,
11/1/26
.....................................................
1,699
1,684
3
.00
%
,
2/1/27
-
4/1/52
...............................................
11,684
10,429
2
.48
%
,
11/1/29
.....................................................
858
807
1
.74
%
,
2/1/31
.....................................................
2,945
2,610
1
.64
%
,
9/1/31
.....................................................
1,250
1,085
1
.21
%
,
10/1/32
(c)
..................................................
2,283
2,011
2
.13
%
,
1/1/34
.....................................................
3,975
3,396
Victory
Portfolios
III
Victory
Government
Securities
Fund
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.46
%
,
4/1/35
.....................................................
$
4,962
$
4,875
5
.00
%
,
12/1/35
-
11/1/55
..............................................
41,475
41,196
1
.50
%
,
3/1/37
.....................................................
2,298
2,066
5
.50
%
,
11/1/37
-
1/1/56
..............................................
41,591
42,024
4
.50
%
,
1/1/38
-
1/1/56
...............................................
38,768
37,593
4
.00
%
,
4/1/38
-
2/1/55
...............................................
39,641
37,495
6
.00
%
,
5/1/38
-
11/1/54
..............................................
2,039
2,101
4
.29
%
,
10/1/39
....................................................
2,366
2,224
2
.50
%
,
6/1/41
-
3/1/52
...............................................
17,641
15,161
3
.50
%
,
1/1/42
-
12/1/52
..............................................
33,319
30,699
3
.48
%
,
7/1/42
.....................................................
496
452
4
.24
%
,
4/1/43
(c)
...................................................
1,225
1,176
2
.44
%
,
10/1/51
....................................................
2,575
1,715
2
.00
%
,
11/1/51
-
12/1/51
..............................................
22,275
18,017
258,816
Government
National
Mortgage
Association
7
.00
%
,
5/15/27
-
7/15/32
.............................................
161
165
8
.00
%
,
5/15/27
-
9/15/30
.............................................
63
66
7
.50
%
,
2/15/28
-
10/20/54
.............................................
1,152
1,172
6
.00
%
,
4/15/28
-
10/20/53
.............................................
5,516
5,699
6
.50
%
,
5/15/28
-
8/20/34
.............................................
718
746
6
.75
%
,
5/15/28
....................................................
1
1
5
.50
%
,
4/20/33
-
2/20/54
.............................................
17,107
17,433
5
.00
%
,
5/20/33
-
11/20/54
.............................................
13,916
13,856
2
.50
%
,
1/20/37
-
7/20/53
.............................................
38,811
33,237
4
.50
%
,
9/15/39
-
3/20/56
.............................................
22,359
21,772
4
.00
%
,
7/15/40
-
6/20/52
.............................................
3,732
3,494
3
.00
%
,
8/20/51
-
12/20/53
.............................................
28,636
25,362
3
.50
%
,
4/20/52
-
6/20/52
.............................................
3,015
2,708
125,711
Small
Business
Administration
Pools
3
.90
%
(
PRIME
-
285
bps
)
,
9/25/31
(a)
.....................................
1,947
1,940
6
.38
%
(
PRIME
-
38
bps
)
,
2/25/32
(a)
......................................
1,658
1,709
7
.62
%
(
PRIME
+
88
bps
)
,
2/25/32
(a)
......................................
766
801
8
.35
%
(
PRIME
+
160
bps
)
,
2/25/32
(a)
.....................................
1,450
1,535
6
.87
%
(
PRIME
+
13
bps
)
,
6/25/32
(a)
......................................
1,023
1,062
4
.25
%
(
PRIME
-
250
bps
)
,
9/25/32
(a)
.....................................
1,587
1,590
5
.00
%
(
PRIME
-
175
bps
)
,
10/25/34
(a)
.....................................
803
814
9,451
Total
U.S.
Government
Agency
Mortgages
(Cost
$611,667)
a
a
a
594,478
U.S.
Treasury
Obligations
(30.3%)
U.S.
Treasury
Bonds
5
.25
%
,
2/15/29
....................................................
10,000
10,312
1
.75
%
,
8/15/41
....................................................
7,000
4,666
2
.00
%
,
11/15/41
....................................................
5,000
3,444
3
.38
%
,
8/15/42
....................................................
5,000
4,155
3
.75
%
,
11/15/43
....................................................
6,000
5,160
5
.00
%
,
5/15/45
....................................................
5,000
5,020
4
.63
%
,
2/15/46
....................................................
15,000
14,327
U.S.
Treasury
Notes
1
.38
%
,
8/31/26
....................................................
2,000
1,988
1
.88
%
,
2/28/27
....................................................
5,250
5,175
2
.75
%
,
4/30/27
....................................................
10,000
9,900
2
.63
%
,
5/31/27
....................................................
10,500
10,369
3
.13
%
,
8/31/27
....................................................
13,000
12,871
4
.13
%
,
9/30/27
....................................................
10,000
10,022
1
.13
%
,
2/29/28
....................................................
7,000
6,663
1
.25
%
,
5/31/28
....................................................
5,000
4,738
1
.13
%
,
8/31/28
....................................................
12,000
11,259
1
.25
%
,
9/30/28
....................................................
13,500
12,672
1
.38
%
,
10/31/28
....................................................
8,200
7,702
Victory
Portfolios
III
Victory
Government
Securities
Fund
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
2
.63
%
,
2/15/29
....................................................
$
12,000
$
11,563
2
.38
%
,
3/31/29
....................................................
14,100
13,474
2
.88
%
,
4/30/29
....................................................
16,000
15,486
2
.38
%
,
5/15/29
....................................................
11,300
10,780
2
.75
%
,
5/31/29
....................................................
13,750
13,248
3
.88
%
,
11/30/29
....................................................
14,000
13,904
3
.88
%
,
12/31/29
....................................................
8,000
7,943
3
.50
%
,
1/31/30
....................................................
10,000
9,798
4
.88
%
,
10/31/30
....................................................
16,000
16,478
0
.88
%
,
11/15/30
....................................................
18,000
15,640
3
.63
%
,
12/31/30
....................................................
5,000
4,895
1
.63
%
,
5/15/31
....................................................
15,000
13,317
1
.25
%
,
8/15/31
....................................................
16,000
13,833
1
.38
%
,
11/15/31
....................................................
6,000
5,183
2
.88
%
,
5/15/32
....................................................
13,000
12,086
4
.13
%
,
11/15/32
....................................................
10,000
9,930
3
.50
%
,
2/15/33
....................................................
15,000
14,330
3
.38
%
,
5/15/33
....................................................
18,000
17,019
3
.88
%
,
8/15/34
....................................................
8,000
7,736
4
.00
%
,
11/15/35
....................................................
7,000
6,771
Total
U.S.
Treasury
Obligations
(Cost
$382,490)
a
a
a
373,857
Shares
Investment
Companies
(0.2%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
3
.50
%
(f)
............
2,094,656
2,095
Total
Investment
Companies
(Cost
$2,095)
a
a
a
2,095
Principal
Amount
(000)
Repurchase
Agreements
(0.8%)
Fixed
Income
Clearing
Corporation-State
Street
Bank
&
Trust
Co.
,
3
.58
%
,
purchased
on
5/29/26,
with
a
maturity
date
of
6/1/26,
with
a
repurchase
value
of
$10,003
(collateralized
by
U.S.
Treasury
Notes
,
3.63%,
due
8/31/29,
with
an
aggregate
value
of
$10,200)
...........
$
10,000
10,000
Total
Repurchase
Agreements
(Cost
$10,000)
a
a
a
10,000
Total
Investments
(Cost
$1,255,995)
—
99.8%
1,229,516
Other
assets
in
excess
of
liabilities
—  0.2%
2,155
NET
ASSETS
-
100.00%
$
1,231,671
(a)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2026.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$3,289
(thousands)
and
amounted
to
0.3%
of
net
assets.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
May
31,
2026.
(d)
Security
is
interest
only.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Rate
disclosed
is
the
daily
yield
on
May
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
LLC
—
Limited
Liability
Company
MBS
—
Mortgage-Backed
Securities
PRIME
—
US
Prime
rate,
rate
disclosed
as
of
May
31,
2026.
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
SOFR
—
Secured
Overnight
Financing
Rate
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
May
31,
2026.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
May
31,
2026.
STRIPS
—
Separately
Trading
Registered
Interest
and
Principal
Securities
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
140
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(47.0%)
Communication
Services
(4.9%):
Alphabet,
Inc.
,
Class
A
...................................................
42,169
$
16,038
Alphabet,
Inc.
,
Class
C
...................................................
27,613
10,393
AT&T,
Inc.
...........................................................
5,225
130
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
...................................
189
27
Comcast
Corp.
,
Class
A
..................................................
29,196
726
EchoStar
Corp.
,
Class
A
(a)
................................................
1,057
137
Electronic
Arts,
Inc.
.....................................................
1,990
401
Fox
Corp.
,
Class
A
......................................................
1,072
69
Fox
Corp.
,
Class
B
......................................................
827
47
Live
Nation
Entertainment,
Inc.
(a)
...........................................
1,691
285
Meta
Platforms,
Inc.
,
Class
A
..............................................
16,254
10,281
Netflix,
Inc.
(a)
.........................................................
24,503
2,108
News
Corp.
,
Class
A
.....................................................
2,721
71
Omnicom
Group,
Inc.
....................................................
2,709
197
Paramount
Skydance
Corp.
,
Class
B
(b)
.......................................
2,494
26
Take-Two
Interactive
Software,
Inc.
(a)
........................................
1,589
356
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
2,436
53
The
Walt
Disney
Co.
....................................................
13,618
1,387
TKO
Group
Holdings,
Inc.
,
Class
A
..........................................
350
72
T-Mobile
US,
Inc.
......................................................
3,497
656
Verizon
Communications,
Inc.
..............................................
31,911
1,526
Warner
Bros
Discovery,
Inc.
(a)
.............................................
8,591
232
45,218
Consumer
Discretionary
(4.8%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
3,008
401
Amazon.com,
Inc.
(a)
....................................................
72,549
19,634
AutoZone,
Inc.
(a)
.......................................................
236
693
Best
Buy
Co.,
Inc.
......................................................
1,247
97
Booking
Holdings,
Inc.
...................................................
4,825
808
Carnival
Corp.
Ltd.
.....................................................
2,770
78
Carvana
Co.
,
Class
A
(a)
..................................................
3,249
237
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
16,242
517
D.R.
Horton,
Inc.
.......................................................
3,028
445
Darden
Restaurants,
Inc.
..................................................
1,474
301
Deckers
Outdoor
Corp.
(a)
.................................................
1,296
148
DoorDash,
Inc.
,
Class
A
(a)
................................................
1,675
267
eBay,
Inc.
............................................................
6,771
740
Expedia
Group,
Inc.
.....................................................
575
130
Ford
Motor
Co.
........................................................
28,868
503
Garmin
Ltd.
...........................................................
1,270
297
General
Motors
Co.
.....................................................
4,309
359
Genuine
Parts
Co.
......................................................
1,110
110
Hasbro,
Inc.
...........................................................
1,004
87
Hilton
Worldwide
Holdings,
Inc.
............................................
3,004
984
Lennar
Corp.
,
Class
A
....................................................
1,970
177
Lowe's
Cos.,
Inc.
.......................................................
3,214
689
Marriott
International,
Inc.
,
Class
A
..........................................
1,512
568
McDonald's
Corp.
......................................................
2,228
622
MGM
Resorts
International
(a)
..............................................
1,171
51
NIKE,
Inc.
,
Class
B
.....................................................
9,000
416
O'Reilly
Automotive,
Inc.
(a)
...............................................
6,159
535
PulteGroup,
Inc.
........................................................
2,359
279
Ralph
Lauren
Corp.
,
Class
A
...............................................
420
153
Ross
Stores,
Inc.
.......................................................
2,808
651
Royal
Caribbean
Cruises
Ltd.
..............................................
2,197
625
Starbucks
Corp.
........................................................
10,260
1,017
Tapestry,
Inc.
..........................................................
3,019
439
Tesla,
Inc.
(a)
..........................................................
21,064
9,179
The
Home
Depot,
Inc.
...................................................
5,161
1,637
The
TJX
Cos.,
Inc.
......................................................
2,944
456
Tractor
Supply
Co.
......................................................
6,907
218
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Ulta
Beauty,
Inc.
(a)
.....................................................
87
$
44
Wynn
Resorts
Ltd.
......................................................
87
9
Yum!
Brands,
Inc.
......................................................
2,220
328
44,929
Consumer
Staples
(2.1%):
Altria
Group,
Inc.
.......................................................
14,443
1,005
Archer-Daniels-Midland
Co.
...............................................
3,352
267
Brown-Forman
Corp.
,
Class
B
.............................................
1,408
36
Bunge
Global
SA
.......................................................
932
115
Church
&
Dwight
Co.,
Inc.
................................................
630
60
Colgate-Palmolive
Co.
...................................................
5,911
533
Constellation
Brands,
Inc.
,
Class
A
..........................................
1,420
197
Costco
Wholesale
Corp.
..................................................
2,092
2,001
Kenvue,
Inc.
..........................................................
19,074
330
Keurig
Dr.
Pepper,
Inc.
...................................................
6,662
200
Kimberly-Clark
Corp.
(b)
.................................................
2,224
217
Mondelez
International,
Inc.
,
Class
A
.........................................
11,574
708
Monster
Beverage
Corp.
(a)
................................................
4,374
385
PepsiCo,
Inc.
..........................................................
8,481
1,223
Philip
Morris
International,
Inc.
.............................................
10,426
1,849
Sysco
Corp.
...........................................................
3,290
249
Target
Corp.
..........................................................
3,796
482
The
Campbell's
Company
(b)
...............................................
1,364
29
The
Coca-Cola
Co.
......................................................
28,138
2,223
The
Estee
Lauder
Cos.,
Inc.
,
Class
A
.........................................
1,480
132
The
Hershey
Co.
.......................................................
910
177
The
J.M.
Smucker
Co.
...................................................
957
99
The
Kraft
Heinz
Co.
.....................................................
7,782
187
The
Kroger
Co.
........................................................
7,825
486
The
Procter
&
Gamble
Co.
................................................
17,371
2,494
Tyson
Foods,
Inc.
,
Class
A
................................................
2,503
153
Walmart,
Inc.
..........................................................
34,226
3,962
19,799
Energy
(1.3%):
Baker
Hughes
Co.
,
Class
A
................................................
8,513
544
Chevron
Corp.
.........................................................
11,766
2,147
ConocoPhillips
Co.
.....................................................
541
62
Devon
Energy
Corp.
.....................................................
8,486
378
Diamondback
Energy,
Inc.
................................................
2,110
404
EOG
Resources,
Inc.
....................................................
4,595
613
Exxon
Mobil
Corp.
.....................................................
19,925
2,893
Halliburton
Co.
........................................................
8,466
329
Kinder
Morgan,
Inc.
.....................................................
3,889
121
Marathon
Petroleum
Corp.
................................................
2,388
594
Occidental
Petroleum
Corp.
...............................................
3,679
208
ONEOK,
Inc.
..........................................................
5,513
463
Phillips
66
Co.
.........................................................
3,188
561
SLB
Ltd.
.............................................................
11,320
618
Targa
Resources
Corp.
...................................................
1,221
311
Texas
Pacific
Land
Corp.
.................................................
301
118
The
Williams
Cos.,
Inc.
..................................................
14,335
1,023
Valero
Energy
Corp.
.....................................................
2,568
629
12,016
Financials
(5.2%):
Aflac,
Inc.
............................................................
6,523
733
American
Express
Co.
...................................................
3,454
1,093
American
International
Group,
Inc.
..........................................
6,463
480
Ameriprise
Financial,
Inc.
.................................................
1,152
513
Aon
PLC
,
Class
A
......................................................
2,315
732
Apollo
Global
Management,
Inc.
............................................
486
63
Ares
Management
Corp.
,
Class
A
...........................................
1,881
242
Arthur
J.
Gallagher
&
Co.
.................................................
2,370
477
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Bank
of
America
Corp.
...................................................
34,136
$
1,761
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
13,284
6,304
BlackRock,
Inc.
........................................................
1,116
1,168
Blackstone,
Inc.
........................................................
421
49
Block,
Inc.
,
Class
A
(a)
...................................................
5,000
379
Capital
One
Financial
Corp.
...............................................
4,293
807
Cboe
Global
Markets,
Inc.
................................................
633
211
Chubb
Ltd.
...........................................................
825
257
Cincinnati
Financial
Corp.
................................................
970
153
Citigroup,
Inc.
.........................................................
10,197
1,284
CME
Group,
Inc.
,
Class
A
.................................................
2,504
685
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
1,893
358
Everest
Group
Ltd.
......................................................
204
66
FactSet
Research
Systems,
Inc.
.............................................
214
53
Fidelity
National
Information
Services,
Inc.
....................................
1,180
51
Fifth
Third
Bancorp
.....................................................
8,234
411
Fiserv,
Inc.
(a)
..........................................................
4,269
241
Global
Payments,
Inc.
....................................................
1,572
119
Huntington
Bancshares,
Inc.
...............................................
9,061
148
Intercontinental
Exchange,
Inc.
.............................................
5,129
758
JPMorgan
Chase
&
Co.
..................................................
16,736
5,010
KeyCorp
.............................................................
2,645
56
KKR
&
Co.,
Inc.
.......................................................
4,994
479
Loews
Corp.
..........................................................
2,090
216
M&T
Bank
Corp.
.......................................................
660
143
Marsh
&
McLennan
Cos.,
Inc.
.............................................
5,030
805
Mastercard,
Inc.
,
Class
A
.................................................
5,891
2,910
MetLife,
Inc.
..........................................................
4,334
358
Moody's
Corp.
.........................................................
1,532
694
Morgan
Stanley
........................................................
4,160
865
MSCI,
Inc.
,
Class
A
.....................................................
991
626
Nasdaq,
Inc.
..........................................................
3,477
322
Northern
Trust
Corp.
....................................................
40
7
PayPal
Holdings,
Inc.
....................................................
7,830
350
Principal
Financial
Group,
Inc.
.............................................
2,475
256
Prudential
Financial,
Inc.
.................................................
2,120
213
Raymond
James
Financial,
Inc.
.............................................
1,988
285
Regions
Financial
Corp.
..................................................
9,785
274
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
3,492
329
S&P
Global,
Inc.
.......................................................
1,722
730
State
Street
Corp.
.......................................................
2,324
362
Synchrony
Financial
.....................................................
6,100
436
T.
Rowe
Price
Group,
Inc.
.................................................
1,970
206
The
Allstate
Corp.
......................................................
3,038
626
The
Bank
of
New
York
Mellon
Corp.
.........................................
5,526
770
The
Charles
Schwab
Corp.
................................................
8,304
725
The
Goldman
Sachs
Group,
Inc.
............................................
3,096
3,175
The
Hartford
Insurance
Group,
Inc.
..........................................
2,900
369
The
PNC
Financial
Services
Group,
Inc.
......................................
2,905
642
The
Travelers
Cos.,
Inc.
..................................................
2,350
686
Truist
Financial
Corp.
....................................................
5,847
282
U.S.
Bancorp
..........................................................
5,908
324
Visa,
Inc.
,
Class
A
......................................................
9,186
2,998
W.R.
Berkley
Corp.
.....................................................
4,011
255
Wells
Fargo
&
Co.
......................................................
20,730
1,607
Willis
Towers
Watson
PLC
................................................
801
200
48,187
Health
Care
(3.8%):
Abbott
Laboratories
.....................................................
15,054
1,289
AbbVie,
Inc.
..........................................................
13,178
2,869
Agilent
Technologies,
Inc.
.................................................
2,762
374
Amgen,
Inc.
...........................................................
4,830
1,627
Becton
Dickinson
&
Co.
..................................................
1,310
193
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Biogen,
Inc.
(a)
.........................................................
1,081
$
212
Boston
Scientific
Corp.
(a)
.................................................
12,299
594
Bristol-Myers
Squibb
Co.
.................................................
14,599
835
Cardinal
Health,
Inc.
....................................................
2,310
455
Cencora,
Inc.
..........................................................
1,410
380
Centene
Corp.
(a)
.......................................................
2,019
120
CVS
Health
Corp.
......................................................
6,602
601
DaVita,
Inc.
(a)
.........................................................
748
145
Dexcom,
Inc.
(a)
........................................................
1,337
99
Edwards
Lifesciences
Corp.
(a)
.............................................
5,760
498
Elevance
Health,
Inc.
....................................................
1,583
622
Eli
Lilly
&
Co.
.........................................................
5,124
5,662
Gilead
Sciences,
Inc.
....................................................
8,764
1,178
HCA
Healthcare,
Inc.
....................................................
699
265
Henry
Schein,
Inc.
(a)
....................................................
585
45
Humana,
Inc.
..........................................................
886
271
IDEXX
Laboratories,
Inc.
(a)
...............................................
808
455
Intuitive
Surgical,
Inc.
(a)
.................................................
3,141
1,334
IQVIA
Holdings,
Inc.
(a)
..................................................
1,549
282
Johnson
&
Johnson
.....................................................
17,080
3,849
Labcorp
Holdings,
Inc.
...................................................
522
136
McKesson
Corp.
.......................................................
611
454
Medtronic
PLC
........................................................
3,801
281
Merck
&
Co.,
Inc.
......................................................
16,731
1,986
Mettler-Toledo
International,
Inc.
(a)
.........................................
250
295
Moderna,
Inc.
(a)
(b)
.....................................................
5,492
259
Pfizer,
Inc.
............................................................
30,133
789
Quest
Diagnostics,
Inc.
...................................................
837
163
ResMed,
Inc.
..........................................................
1,315
251
Revvity,
Inc.
..........................................................
680
71
Solventum
Corp.
(a)
.....................................................
817
61
Stryker
Corp.
..........................................................
3,361
1,025
The
Cigna
Group
.......................................................
2,052
569
Thermo
Fisher
Scientific,
Inc.
..............................................
1,992
981
UnitedHealth
Group,
Inc.
.................................................
5,464
2,078
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
292
51
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
1,699
760
Viatris,
Inc.
...........................................................
10,317
168
Waters
Corp.
(a)
........................................................
845
324
West
Pharmaceutical
Services,
Inc.
..........................................
657
212
Zimmer
Biomet
Holdings,
Inc.
.............................................
1,001
82
Zoetis,
Inc.
,
Class
A
.....................................................
3,969
308
35,558
Industrials
(3.9%):
3M
Co.
..............................................................
1,946
298
Allegion
PLC
.........................................................
613
80
AMETEK,
Inc.
........................................................
2,775
627
Automatic
Data
Processing,
Inc.
............................................
1,082
240
Axon
Enterprise,
Inc.
(a)
..................................................
123
55
C.H.
Robinson
Worldwide,
Inc.
.............................................
614
110
Carrier
Global
Corp.
.....................................................
7,990
510
Caterpillar,
Inc.
........................................................
3,227
2,825
Cintas
Corp.
..........................................................
4,174
715
Comfort
Systems
USA,
Inc.
...............................................
152
278
Copart,
Inc.
(a)
.........................................................
9,139
299
Cummins,
Inc.
.........................................................
1,300
841
Deere
&
Co.
..........................................................
1,348
731
Delta
Air
Lines,
Inc.
.....................................................
3,845
317
Dover
Corp.
...........................................................
936
198
Eaton
Corp.
PLC
.......................................................
2,511
1,006
EMCOR
Group,
Inc.
....................................................
211
174
Emerson
Electric
Co.
....................................................
4,724
679
Equifax,
Inc.
..........................................................
1,023
170
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Expeditors
International
of
Washington,
Inc.
....................................
1,122
$
177
Fastenal
Co.
...........................................................
10,764
476
FedEx
Corp.
..........................................................
1,829
753
Fortive
Corp.
..........................................................
2,499
146
GE
Vernova,
Inc.
.......................................................
1,934
1,872
Generac
Holdings,
Inc.
(a)
.................................................
452
126
General
Dynamics
Corp.
..................................................
1,726
599
General
Electric
Co.
.....................................................
7,501
2,428
Honeywell
International,
Inc.
..............................................
5,120
1,218
Howmet
Aerospace,
Inc.
..................................................
3,713
959
IDEX
Corp.
...........................................................
360
76
Illinois
Tool
Works,
Inc.
..................................................
1,946
481
Ingersoll
Rand,
Inc.
.....................................................
4,166
298
J.B.
Hunt
Transport
Services,
Inc.
...........................................
473
131
Jacobs
Solutions,
Inc.
....................................................
963
115
L3Harris
Technologies,
Inc.
...............................................
808
255
Lennox
International,
Inc.
.................................................
154
77
Lockheed
Martin
Corp.
...................................................
1,618
858
Masco
Corp.
..........................................................
2,230
157
Nordson
Corp.
.........................................................
255
73
Norfolk
Southern
Corp.
..................................................
2,167
661
Northrop
Grumman
Corp.
.................................................
1,346
759
Old
Dominion
Freight
Line,
Inc.
............................................
1,764
397
Otis
Worldwide
Corp.
....................................................
2,705
192
PACCAR,
Inc.
.........................................................
3,846
424
Paychex,
Inc.
..........................................................
2,957
287
Pentair
PLC
...........................................................
869
62
Quanta
Services,
Inc.
....................................................
1,444
1,028
Republic
Services,
Inc.
,
Class
A
............................................
2,086
418
Rockwell
Automation,
Inc.
................................................
980
442
RTX
Corp.
............................................................
4,069
731
Snap-on,
Inc.
..........................................................
233
86
Southwest
Airlines
Co.
...................................................
4,050
174
Stanley
Black
&
Decker,
Inc.
..............................................
1,161
92
Textron,
Inc.
..........................................................
2,069
190
The
Boeing
Co.
(a)
......................................................
3,933
909
Trane
Technologies
PLC
..................................................
1,262
570
TransDigm
Group,
Inc.
...................................................
593
746
Uber
Technologies,
Inc.
(a)
................................................
11,330
798
Union
Pacific
Corp.
.....................................................
4,288
1,126
United
Airlines
Holdings,
Inc.
(a)
............................................
2,080
239
United
Parcel
Service,
Inc.
,
Class
B
..........................................
6,209
662
United
Rentals,
Inc.
.....................................................
750
747
Veralto
Corp.
..........................................................
2,045
168
Verisk
Analytics,
Inc.
,
Class
A
..............................................
1,450
254
Vertiv
Holdings
Co.
,
Class
A
...............................................
1,459
461
W.W.
Grainger,
Inc.
.....................................................
478
590
Waste
Management,
Inc.
..................................................
3,791
802
Westinghouse
Air
Brake
Technologies
Corp.
....................................
1,745
456
Xylem,
Inc.
...........................................................
1,548
170
36,069
Information
Technology
(18.3%):
Accenture
PLC
,
Class
A
..................................................
2,116
396
Adobe,
Inc.
(a)
.........................................................
4,438
1,150
Advanced
Micro
Devices,
Inc.
(a)
............................................
10,754
5,550
Akamai
Technologies,
Inc.
(a)
..............................................
1,741
260
Amphenol
Corp.
,
Class
A
.................................................
11,268
1,676
Analog
Devices,
Inc.
....................................................
2,876
1,190
Apple,
Inc.
...........................................................
107,356
33,501
Applied
Materials,
Inc.
...................................................
6,246
2,811
AppLovin
Corp.
,
Class
A
(a)
...............................................
1,682
1,031
Arista
Networks,
Inc.
(a)
..................................................
9,456
1,508
Autodesk,
Inc.
(a)
.......................................................
1,936
448
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Broadcom,
Inc.
........................................................
31,305
$
13,986
Cadence
Design
Systems,
Inc.
(a)
............................................
2,584
969
Ciena
Corp.
(a)
.........................................................
998
579
Cisco
Systems,
Inc.
.....................................................
22,361
2,693
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
3,759
210
Coherent
Corp.
(a)
......................................................
1,258
455
Corning,
Inc.
..........................................................
4,014
727
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
1,363
996
Datadog,
Inc.
,
Class
A
(a)
.................................................
2,997
741
Dell
Technologies,
Inc.
,
Class
C
............................................
2,512
1,057
F5,
Inc.
(a)
............................................................
344
132
Fair
Isaac
Corp.
(a)
......................................................
40
50
First
Solar,
Inc.
(a)
......................................................
881
270
Fortinet,
Inc.
(a)
........................................................
7,291
1,006
Gartner,
Inc.
(a)
........................................................
538
87
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
752
65
Hewlett
Packard
Enterprise
Co.
.............................................
9,551
411
HP,
Inc.
..............................................................
7,898
214
Intel
Corp.
(a)
..........................................................
31,533
3,616
International
Business
Machines
Corp.
........................................
5,772
1,719
Intuit,
Inc.
............................................................
2,548
845
Jabil,
Inc.
............................................................
730
266
Keysight
Technologies,
Inc.
(a)
.............................................
1,865
631
KLA
Corp.
...........................................................
1,040
1,999
Lam
Research
Corp.
.....................................................
9,963
3,170
Lumentum
Holdings,
Inc.
(a)
...............................................
481
411
Microchip
Technology,
Inc.
................................................
2,740
259
Micron
Technology,
Inc.
..................................................
7,452
7,236
Microsoft
Corp.
........................................................
49,462
22,270
Monolithic
Power
Systems,
Inc.
............................................
38
60
Motorola
Solutions,
Inc.
..................................................
1,485
599
NetApp,
Inc.
..........................................................
2,469
430
NVIDIA
Corp.
.........................................................
161,641
34,128
ON
Semiconductor
Corp.
(a)
...............................................
4,061
490
Oracle
Corp.
..........................................................
11,223
2,534
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
11,368
1,780
Palo
Alto
Networks,
Inc.
(a)
................................................
4,863
1,370
Qnity
Electronics,
Inc.
...................................................
1,483
231
QUALCOMM,
Inc.
.....................................................
8,779
2,204
Roper
Technologies,
Inc.
..................................................
798
260
Salesforce,
Inc.
........................................................
7,384
1,411
Sandisk
Corp.
(a)
.......................................................
962
1,631
Seagate
Technology
Holdings
PLC
..........................................
1,172
1,031
ServiceNow,
Inc.
(a)
.....................................................
9,079
1,129
Synopsys,
Inc.
(a)
.......................................................
1,747
831
TE
Connectivity
PLC
....................................................
2,933
626
Teledyne
Technologies,
Inc.
(a)
.............................................
60
37
Teradyne,
Inc.
.........................................................
1,121
420
Texas
Instruments,
Inc.
...................................................
4,512
1,379
VeriSign,
Inc.
..........................................................
690
197
Western
Digital
Corp.
....................................................
2,890
1,535
Zebra
Technologies
Corp.
(a)
...............................................
269
66
170,970
Materials
(0.9%):
Air
Products
and
Chemicals,
Inc.
............................................
1,850
515
Albemarle
Corp.
.......................................................
1,169
206
Avery
Dennison
Corp.
...................................................
660
105
Ball
Corp.
............................................................
2,732
149
CF
Industries
Holdings,
Inc.
...............................................
2,537
285
Corteva,
Inc.
..........................................................
5,118
401
Dow,
Inc.
............................................................
8,496
287
DuPont
de
Nemours,
Inc.
.................................................
2,966
144
Ecolab,
Inc.
...........................................................
1,433
367
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
Freeport-McMoRan,
Inc.
.................................................
15,881
$
1,044
International
Flavors
&
Fragrances,
Inc.
.......................................
645
49
International
Paper
Co.
...................................................
2,781
93
Linde
PLC
............................................................
3,074
1,529
LyondellBasell
Industries
NV
,
Class
A
........................................
3,430
229
Martin
Marietta
Materials,
Inc.
.............................................
721
419
Newmont
Corp.
........................................................
4,083
448
Nucor
Corp.
...........................................................
2,641
660
Packaging
Corp.
of
America
...............................................
179
39
PPG
Industries,
Inc.
.....................................................
1,640
185
Smurfit
Westrock
PLC
...................................................
4,679
193
Steel
Dynamics,
Inc.
.....................................................
183
48
The
Mosaic
Co.
........................................................
4,418
106
The
Sherwin-Williams
Co.
................................................
2,304
700
Vulcan
Materials
Co.
....................................................
1,110
314
8,515
Real
Estate
(0.8%):
American
Tower
Corp.
...................................................
2,283
427
AvalonBay
Communities,
Inc.
..............................................
981
179
BXP,
Inc.
.............................................................
874
52
Camden
Property
Trust
...................................................
590
63
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
3,165
396
Crown
Castle,
Inc.
......................................................
1,116
102
Digital
Realty
Trust,
Inc.
..................................................
1,571
298
Equinix,
Inc.
..........................................................
796
850
Equity
Residential
......................................................
2,830
185
Essex
Property
Trust,
Inc.
.................................................
357
97
Extra
Space
Storage,
Inc.
.................................................
1,230
178
Federal
Realty
Investment
Trust
............................................
462
55
Healthpeak
Properties,
Inc.
................................................
3,912
75
Host
Hotels
&
Resorts,
Inc.
................................................
4,081
94
Invitation
Homes,
Inc.
...................................................
3,136
92
Iron
Mountain,
Inc.
.....................................................
3,876
497
Kimco
Realty
Corp.
.....................................................
4,832
116
Mid-America
Apartment
Communities,
Inc.
....................................
649
84
Prologis,
Inc.
..........................................................
5,650
811
Public
Storage
.........................................................
997
303
Realty
Income
Corp.
....................................................
1,638
100
Regency
Centers
Corp.
...................................................
1,209
94
Simon
Property
Group,
Inc.
...............................................
2,004
411
UDR,
Inc.
............................................................
1,713
63
Ventas,
Inc.
...........................................................
3,829
323
Welltower,
Inc.
.........................................................
4,568
938
Weyerhaeuser
Co.
......................................................
7,171
176
7,059
Utilities
(1.0%):
Alliant
Energy
Corp.
....................................................
1,641
118
Ameren
Corp.
.........................................................
2,397
259
American
Electric
Power
Co.,
Inc.
...........................................
4,687
594
Atmos
Energy
Corp.
.....................................................
760
129
CenterPoint
Energy,
Inc.
..................................................
6,902
292
CMS
Energy
Corp.
......................................................
2,629
191
Consolidated
Edison,
Inc.
.................................................
2,413
255
Constellation
Energy
Corp.
................................................
3,573
1,027
Dominion
Energy,
Inc.
...................................................
3,555
238
DTE
Energy
Co.
.......................................................
1,540
220
Duke
Energy
Corp.
......................................................
5,048
620
Edison
International
.....................................................
5,545
388
Entergy
Corp.
.........................................................
3,368
367
Evergy,
Inc.
...........................................................
1,539
126
Eversource
Energy
......................................................
2,689
184
Exelon
Corp.
..........................................................
6,833
312
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Shares
a
Value
(000)
NextEra
Energy,
Inc.
....................................................
12,560
$
1,092
NiSource,
Inc.
.........................................................
3,843
178
NRG
Energy,
Inc.
.......................................................
2,797
375
PG&E
Corp.
..........................................................
4,485
73
Pinnacle
West
Capital
Corp.
...............................................
906
90
PPL
Corp.
............................................................
5,508
195
Public
Service
Enterprise
Group,
Inc.
.........................................
3,074
242
Sempra
..............................................................
2,820
251
The
AES
Corp.
........................................................
6,388
94
The
Southern
Co.
.......................................................
7,674
705
Vistra
Corp.
...........................................................
565
91
WEC
Energy
Group,
Inc.
.................................................
3,468
385
Xcel
Energy,
Inc.
.......................................................
4,931
392
9,483
Total
Common
Stocks
(Cost
$113,853)
a
a
a
437,803
Rights
(0.0%)(c)
Financials
(0.0%):(c)
TPG,
Inc.,
CVR
,
expiring
4/9/29
(a)
(d)
........................................
1,784
—
(e)
Health
Care
(0.0%):(c)
ABIOMED,
Inc.,
CVR
,
expiring
1/4/27
(a)
(d)
...................................
568
1
Total
Rights
(Cost
$—)
a
a
a
1
Principal
Amount
(000)
Municipal
Bonds
(53.0%)
Alabama
(3.6%):
Black
Belt
Energy
Gas
District
Revenue
Series
A
,
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
........................
$
570
601
Series
A
,
5
.25
%
,
5/1/56
,
(Put
Date
5/1/32)
(f)
...............................
3,000
3,046
Series
B
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
6,300
6,398
Series
D-1
,
5
.50
%
,
6/1/49
,
(Put
Date
2/1/29)
(f)
..............................
1,000
1,044
Series
E
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
2,500
2,630
Series
E
,
5
.00
%
,
12/1/55
,
(Put
Date
5/1/35)
(f)
..............................
1,250
1,328
Series
F
,
5
.00
%
,
6/1/36
,
Continuously
Callable
@100
.........................
1,000
1,045
Cooper
Green
Mercy
Health
Services
Authority
Revenue
,
5
.25
%
,
9/1/52
,
Continuously
Callable
@100
.....................................................
2,000
2,063
County
of
Jefferson
Sewer
Revenue
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
........
1,000
1,045
Energy
Southeast
A
Cooperative
District
Revenue
Series
A
,
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
........................
1,000
1,058
Series
B
,
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
.........................
3,000
3,059
Southeast
Energy
Authority
A
Cooperative
District
Revenue
Series
A
,
5
.00
%
,
1/1/56
,
(Put
Date
6/1/35)
(f)
...............................
4,000
4,075
Series
B
,
5
.25
%
,
3/1/55
,
(Put
Date
1/1/33)
(f)
...............................
1,600
1,657
Series
H
,
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
........................
2,000
2,126
Walker
County
Board
of
Education
Special
Tax
,
4
.25
%
,
3/1/54
,
Continuously
Callable
@100
2,500
2,310
33,485
Arizona
(1.4%):
Arizona
IDA
Revenue
5
.00
%
,
11/1/47
,
Continuously
Callable
@100
...............................
1,000
1,021
Series
B
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
400
369
Series
B
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
840
672
Series
F
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
1,000
La
Paz
County
IDA
Revenue
4
.00
%
,
2/15/41
,
Continuously
Callable
@100
...............................
425
397
4
.00
%
,
2/15/46
,
Continuously
Callable
@100
...............................
345
302
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
...............................
300
247
Maricopa
County
&
Phoenix
IDA
Revenue
,
Series
A
,
4
.70
%
,
9/1/55
,
Continuously
Callable
@100
...........................................................
740
721
Maricopa
County
IDA
Revenue
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
(g)
.............................
1,500
1,211
Series
A
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
.........................
500
511
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
$
735
$
666
Series
A
,
4
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
1,000
857
Sierra
Vista
IDA
Revenue
,
5
.75
%
,
6/15/53
,
Continuously
Callable
@100
(g)
.............
2,000
1,916
Tempe
IDA
Revenue
,
Series
B
,
4
.00
%
,
12/1/46
,
Continuously
Callable
@102
............
1,155
960
The
County
of
Pima
IDA
Revenue
,
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(g)
.......
1,000
738
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
1,300
1,300
12,888
California
(3.1%):
California
Community
Choice
Financing
Authority
Revenue
,
Series
C
,
5
.00
%
,
12/1/55
,
(Put
Date
10/1/33)
(f)
....................................................
1,500
1,562
California
Educational
Facilities
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
.....................................................
1,500
1,459
California
Municipal
Finance
Authority
Revenue
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@103
1,000
1,028
California
Pollution
Control
Financing
Authority
Revenue
,
Series
B
,
0
.90
%
,
3/1/42
(h)
.....
14,000
14,000
Los
Angeles
Housing
Authority
Revenue
,
Series
A
,
4
.40
%
,
12/1/54
,
Continuously
Callable
@100
...........................................................
2,000
1,806
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
(NBGA
-
University
of
California
Medical
Center)
,
Series
O-1
,
1
.00
%
,
5/15/45
,
Callable
7/1/26
@
100
(h)
..
900
900
University
of
California
Revenue
,
Series
AL-2
,
0
.90
%
,
5/15/48
,
Callable
7/1/26
@
100
(h)
...
4,600
4,600
West
Contra
Costa
Unified
School
District,
GO
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
8/1/34
(i)
....................................................
4,435
3,317
28,672
Colorado
(1.0%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
5
.00
%
,
4/1/48
,
Continuously
Callable
@100
...............................
710
711
4
.00
%
,
1/1/52
,
Continuously
Callable
@100
...............................
675
543
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
...............................
730
702
4
.50
%
,
7/1/53
,
Continuously
Callable
@100
...............................
1,000
924
4
.00
%
,
1/1/62
,
Continuously
Callable
@100
...............................
795
602
Series
A
,
5
.00
%
,
12/1/38
,
Continuously
Callable
@100
........................
1,000
1,016
Colorado
Health
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
9/1/50
,
Pre-refunded
9/1/30
@
100
.............................................................
1,000
1,060
Denver
Convention
Center
Hotel
Authority
Revenue
,
5
.00
%
,
12/1/40
,
Continuously
Callable
@100
...........................................................
1,000
1,000
Denver
Health
&
Hospital
Authority
Certificates
of
Participation
,
5
.00
%
,
12/1/48
,
Continuously
Callable
@100
.....................................................
1,900
1,879
Rampart
Range
Metropolitan
District
No.
1
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.........................
1,000
1,012
9,449
Connecticut
(0.6%):
Connecticut
Housing
Finance
Authority
Revenue
,
Series
A-1
,
4
.65
%
,
11/15/51
,
Continuously
Callable
@100
.....................................................
1,500
1,499
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
,
5
.25
%
,
7/1/53
,
Continuously
Callable
@100
...........................................
1,000
1,040
State
of
Connecticut,
GO
Series
A
,
5
.00
%
,
4/15/36
,
Continuously
Callable
@100
........................
1,500
1,574
Series
A
,
5
.00
%
,
4/15/37
,
Continuously
Callable
@100
........................
1,000
1,031
5,144
Delaware
(0.0%):(c)
Delaware
State
Housing
Authority
Revenue
,
Series
A
,
4
.70
%
,
7/1/55
,
Continuously
Callable
@100
...........................................................
245
238
Florida
(2.4%):
Capital
Trust
Agency,
Inc.
Revenue
5
.00
%
,
8/1/40
,
Continuously
Callable
@100
...............................
600
609
5
.00
%
,
8/1/55
,
Continuously
Callable
@100
...............................
1,300
1,187
Capital
Trust
Authority
Revenue
Series
A
,
5
.13
%
,
12/15/54
,
Continuously
Callable
@100
.......................
1,000
915
Series
A
,
5
.25
%
,
12/1/55
,
Continuously
Callable
@100
........................
135
136
City
of
Atlantic
Beach
Revenue
,
Series
A
,
5
.00
%
,
11/15/53
,
Continuously
Callable
@103
...
1,000
964
City
of
Pompano
Beach
Revenue
,
Series
A
,
4
.00
%
,
9/1/51
,
Continuously
Callable
@103
....
500
406
County
of
Miami-Dade
Aviation
Revenue
,
Series
B
,
5
.25
%
,
10/1/55
,
Continuously
Callable
@100
...........................................................
1,500
1,557
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Florida
Development
Finance
Corp.
Revenue
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
$
1,175
$
1,100
Series
A
,
5
.00
%
,
6/15/52
,
Continuously
Callable
@100
........................
1,250
1,167
Florida
Housing
Finance
Corp.
Revenue
,
Series
3
,
5
.13
%
,
1/1/56
,
Continuously
Callable
@100
765
775
Lee
County
IDA
Revenue
,
Series
A
,
5
.25
%
,
10/1/52
,
Continuously
Callable
@103
........
850
800
Miami
Dade
County
IDA
Revenue
,
5
.25
%
,
6/15/56
,
Continuously
Callable
@102
.........
1,400
1,400
Orange
County
Health
Facilities
Authority
Revenue
Series
A
,
4
.50
%
,
10/1/56
,
Continuously
Callable
@100
........................
1,000
941
Series
A
,
5
.25
%
,
10/1/56
,
Continuously
Callable
@100
........................
3,000
3,116
Palm
Beach
County
Health
Facilities
Authority
Revenue
,
Series
B
,
5
.00
%
,
11/15/55
,
Continuously
Callable
@103
...........................................
2,500
2,501
Sarasota
County
Health
Facilities
Authority
Revenue
,
5
.00
%
,
5/15/38
,
Continuously
Callable
@102
...........................................................
700
704
Seminole
County
IDA
Revenue
,
Series
A
,
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(g)
..
830
619
Volusia
County
Educational
Facility
Authority
Revenue
,
5
.25
%
,
6/1/54
,
Continuously
Callable
@100
...........................................................
3,000
3,019
21,916
Georgia
(3.1%):
Development
Authority
for
Fulton
County
Revenue
,
5
.25
%
,
6/1/56
,
Continuously
Callable
@100
...........................................................
2,000
2,063
Development
Authority
of
Appling
County
Revenue
,
Series
GA
,
1
.50
%
,
9/1/41
,
Continuously
Callable
@100
(h)
...................................................
5,300
5,300
Development
Authority
of
Floyd
County
Revenue
,
Series
GA
,
1
.50
%
,
9/1/26
,
Continuously
Callable
@100
(h)
...................................................
3,700
3,700
Georgia
Housing
&
Finance
Authority
Revenue
Series
A
,
4
.70
%
,
12/1/55
,
Continuously
Callable
@100
........................
2,000
1,959
Series
C
,
4
.60
%
,
12/1/54
,
Continuously
Callable
@100
........................
1,000
969
Series
E
,
5
.25
%
,
6/1/55
,
Continuously
Callable
@100
.........................
3,000
3,097
Glynn-Brunswick
Memorial
Hospital
Authority
Revenue
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
.....................................................
1,000
1,002
Main
Street
Natural
Gas,
Inc.
Revenue
,
Series
D
,
5
.00
%
,
5/1/54
,
(Put
Date
12/1/30)
(f)
.....
2,000
2,098
Municipal
Electric
Authority
of
Georgia
Revenue
,
Series
A
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@100
.....................................................
425
378
The
Development
Authority
of
Burke
County
Revenue
(NBGA
-
Southern
Co.)
,
Series
GA
,
1
.45
%
,
11/1/52
,
Continuously
Callable
@100
(h)
.............................
7,870
7,870
28,436
Idaho
(0.1%):
Idaho
Health
Facilities
Authority
Revenue
,
Series
A
,
5
.25
%
,
3/1/53
,
Continuously
Callable
@100
...........................................................
1,000
1,048
Illinois
(4.0%):
Chicago
Board
of
Education,
GO
Series
A
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
........................
3,200
2,974
Series
A
,
5
.75
%
,
12/1/50
,
Continuously
Callable
@100
........................
2,145
2,157
Series
H
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
........................
2,000
1,877
Chicago
O'Hare
International
Airport
Revenue
,
Series
C
,
5
.25
%
,
1/1/54
,
Continuously
Callable
@100
...........................................................
500
523
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Revenue
,
Series
A
,
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
...........................................
685
694
City
of
Chicago
Wastewater
Transmission
Revenue
,
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.....................................................
1,000
1,005
City
of
Chicago
Waterworks
Revenue
,
Series
A
,
5
.00
%
,
11/1/51
,
Continuously
Callable
@100
1,400
1,438
City
of
Chicago,
GO
Series
A
,
5
.00
%
,
1/1/45
,
Continuously
Callable
@100
.........................
2,500
2,438
Series
A
,
6
.00
%
,
1/1/50
,
Continuously
Callable
@100
.........................
1,335
1,396
Cook
County
Community
College
District
No.
508,
GO
,
5
.50
%
,
12/1/55
,
Continuously
Callable
@100
.....................................................
1,200
1,282
Cook
County
Community
College
District
No.
508,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...................
1,000
1,007
County
of
Cook
Sales
Tax
Revenue
,
5
.00
%
,
11/15/38
,
Continuously
Callable
@100
.......
1,000
1,020
Illinois
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
11/1/36
,
Continuously
Callable
@102
...........................................................
1,000
1,014
Illinois
Finance
Authority
Revenue
0.00%,
5/15/40
,
Continuously
Callable
@100
(j)
.............................
385
16
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.00
%
,
10/15/44
,
Continuously
Callable
@103
..............................
$
2,000
$
1,714
5
.50
%
,
4/1/56
,
Continuously
Callable
@100
...............................
1,000
1,051
Series
A
,
5
.00
%
,
5/15/37
,
Continuously
Callable
@100
........................
1,000
1,010
Series
A
,
5
.00
%
,
5/15/45
,
Continuously
Callable
@100
........................
1,000
1,000
Series
B
,
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
(g)
......................
750
709
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded
2/15/27
@
100
........................
25
25
Series
C
,
4
.00
%
,
2/15/41
,
Continuously
Callable
@100
........................
5
5
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded
2/15/27
@
100
........................
925
934
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded
2/15/27
@
100
........................
45
45
Illinois
Housing
Development
Authority
Revenue
,
Series
I
,
4
.63
%
,
4/1/50
,
Continuously
Callable
@100
.....................................................
3,000
2,872
Metropolitan
Pier
&
Exposition
Authority
Revenue
,
5
.00
%
,
6/15/50
,
Continuously
Callable
@100
...........................................................
2,500
2,518
Northern
Illinois
University
Certificates
of
Participation
,
5
.50
%
,
4/1/49
,
Continuously
Callable
@100
...........................................................
1,000
1,055
Sangamon
County
Water
Reclamation
District,
GO
,
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@100
.....................................................
1,235
1,237
St.
Clair
County
Community
Unit
School
District
No.
187,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
1/1/54
,
Continuously
Callable
@100
...........
1,000
1,006
State
of
Illinois,
GO
5
.50
%
,
5/1/39
,
Continuously
Callable
@100
...............................
225
238
Series
A
,
5
.50
%
,
3/1/47
,
Continuously
Callable
@100
.........................
1,000
1,045
Series
B
,
4
.00
%
,
10/1/33
,
Continuously
Callable
@100
........................
2,300
2,322
37,627
Indiana
(0.8%):
Evansville
Redevelopment
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
2/1/39
,
Continuously
Callable
@100
...............................
1,000
1,000
Indiana
Finance
Authority
Revenue
5
.25
%
,
3/1/54
,
Continuously
Callable
@100
...............................
4,000
4,103
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,100
1,077
Richmond
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@100
1,500
1,502
7,682
Iowa
(0.1%):
Iowa
Finance
Authority
Revenue
,
Series
A
,
4
.75
%
,
7/1/55
,
Continuously
Callable
@100
....
1,260
1,226
Kansas
(0.4%):
City
of
Lawrence
Revenue
,
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
........
1,500
1,515
Wyandotte
County-Kansas
City
Unified
Government
Utility
System
Revenue
Series
A
,
5
.00
%
,
9/1/44
,
Continuously
Callable
@100
.........................
1,250
1,251
Series
A
,
5
.00
%
,
9/1/45
,
Continuously
Callable
@100
.........................
1,000
1,000
3,766
Kentucky
(1.4%):
Kentucky
Economic
Development
Finance
Authority
Revenue
,
Series
A
,
5
.00
%
,
5/15/46
,
Continuously
Callable
@100
...........................................
1,000
828
Kentucky
Economic
Development
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
..........
1,000
1,009
Kentucky
Municipal
Energy
Agency
Revenue
,
5
.00
%
,
1/1/50
,
Continuously
Callable
@100
..
3,000
3,090
Kentucky
Public
Energy
Authority
Revenue
Series
B
,
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
........................
3,215
3,299
Series
B
,
5
.00
%
,
1/1/55
,
(Put
Date
8/1/32)
(f)
...............................
1,250
1,318
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
Series
A
,
5
.00
%
,
5/15/52
,
Continuously
Callable
@100
...........................................
4,000
3,780
13,324
Louisiana
(0.7%):
City
of
New
Orleans,
GO
,
Series
A
,
5
.75
%
,
12/1/55
,
Continuously
Callable
@100
........
250
266
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
Series
B
,
4
.00
%
,
12/1/44
,
Continuously
Callable
@100
....................................
500
485
Louisiana
Housing
Corp.
Revenue
,
Series
A
,
4
.70
%
,
6/1/55
,
Continuously
Callable
@100
...
1,000
989
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
1,000
1,021
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
...............................
1,000
1,013
Louisiana
Public
Facilities
Authority
Revenue
5
.25
%
,
10/1/53
,
Continuously
Callable
@100
...............................
2,000
2,002
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.25
%
,
7/1/55
,
Continuously
Callable
@100
...............................
$
700
$
728
6,504
Maine
(0.7%):
Finance
Authority
of
Maine
Revenue
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
........
2,000
2,084
Maine
Health
&
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........................................
1,000
790
Maine
State
Housing
Authority
Revenue
Series
A
,
4
.70
%
,
11/15/53
,
Continuously
Callable
@100
.......................
2,000
1,971
Series
C
,
5
.25
%
,
11/15/55
,
Continuously
Callable
@100
.......................
2,000
2,051
6,896
Maryland
(1.2%):
City
of
Gaithersburg
Revenue
,
5
.13
%
,
1/1/42
,
Continuously
Callable
@103
.............
865
876
Maryland
Economic
Development
Corp.
Revenue
,
4
.50
%
,
10/1/54
,
Continuously
Callable
@100
...........................................................
2,000
1,890
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
5
.25
%
,
7/1/53
,
Continuously
Callable
@100
...............................
1,250
1,267
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
...............................
1,250
1,268
5
.00
%
,
10/1/54
,
Continuously
Callable
@100
...............................
2,500
2,521
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
...............................
1,500
1,522
Series
A
,
5
.25
%
,
7/1/52
,
Continuously
Callable
@100
.........................
2,000
2,082
11,426
Massachusetts
(1.4%):
Massachusetts
Development
Finance
Agency
Revenue
5
.00
%
,
4/15/40
,
Continuously
Callable
@100
...............................
1,000
983
5
.00
%
,
10/1/57
,
Continuously
Callable
@102
(g)
............................
1,000
923
Series
A
,
5
.00
%
,
6/1/39
,
Pre-refunded
6/1/29
@
100
..........................
1,000
1,075
Series
A
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
.........................
1,600
1,603
Series
A
,
5
.50
%
,
7/1/44
,
Continuously
Callable
@100
.........................
500
459
Series
B
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.........................
1,000
754
Series
D
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
........................
1,000
984
Series
I
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
1,000
995
Series
J2
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
........................
1,915
1,927
Series
N
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
........................
2,000
2,116
Massachusetts
Housing
Finance
Agency
Revenue
,
Series
242
,
4
.80
%
,
12/1/55
,
Continuously
Callable
@100
.....................................................
1,250
1,233
13,052
Michigan
(1.2%):
City
of
Wyandotte
Electric
System
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
1,000
1,001
Jackson
Public
Schools,
GO
(NBGA
-
Michigan
School
Bond
Qualification
and
Loan
Program)
,
5
.00
%
,
5/1/42
,
Continuously
Callable
@100
........................
1,000
1,020
Karegnondi
Water
Authority
Revenue
,
5
.00
%
,
11/1/41
,
Continuously
Callable
@100
.......
1,000
1,016
Kentwood
Economic
Development
Corp.
Revenue
,
Series
S
,
4
.00
%
,
11/15/45
,
Continuously
Callable
@103
.....................................................
500
420
Michigan
Finance
Authority
Revenue
4
.00
%
,
2/1/42
,
Continuously
Callable
@100
...............................
745
672
4
.00
%
,
9/1/45
,
Continuously
Callable
@100
...............................
1,000
780
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
1,490
837
5
.63
%
,
11/1/52
,
Continuously
Callable
@100
...............................
2,000
2,062
Michigan
State
Housing
Development
Authority
Revenue
Series
A-1
,
5
.30
%
,
10/1/55
,
Continuously
Callable
@100
......................
2,000
2,090
Series
C
,
5
.00
%
,
6/1/46
,
Continuously
Callable
@100
.........................
1,500
1,539
11,437
Minnesota
(0.5%):
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
Revenue
,
Series
A
,
5
.00
%
,
11/15/47
,
Continuously
Callable
@100
..............................
1,000
998
Minnesota
Housing
Finance
Agency
Revenue
,
Series
L
,
4
.95
%
,
1/1/50
,
Continuously
Callable
@100
...........................................................
1,250
1,266
Minnesota
Municipal
Gas
Agency
Revenue
,
Series
A
,
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
...........................................................
2,500
2,613
4,877
Mississippi
(0.1%):
Mississippi
Home
Corp.
Revenue
,
Series
A
,
4
.95
%
,
6/1/53
,
Continuously
Callable
@100
...
835
855
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Missouri
(0.6%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
5
.00
%
,
8/1/45
,
Continuously
Callable
@100
...............................
$
1,270
$
1,270
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
...............................
480
395
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
...............................
500
513
Series
A
,
4
.00
%
,
2/15/49
,
Continuously
Callable
@100
........................
250
224
Missouri
Development
Finance
Board
Revenue
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
1,000
806
St.
Louis
Municipal
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
10/1/38
,
Continuously
Callable
@100
...............................
1,000
1,016
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
...............................
1,000
1,024
5,248
Montana
(0.1%):
Montana
Board
of
Housing
Revenue
,
Series
A
,
4
.88
%
,
12/1/54
,
Continuously
Callable
@100
250
249
Montana
Facility
Finance
Authority
Revenue
,
Series
A
,
5
.50
%
,
2/15/55
,
Continuously
Callable
@100
...........................................................
335
350
599
Nebraska
(0.7%):
Central
Plains
Energy
Project
Revenue
Series
1
,
5
.00
%
,
5/1/53
,
(Put
Date
10/1/29)
(f)
...............................
2,000
2,092
Series
A
,
5
.00
%
,
9/1/42
..............................................
1,000
1,023
Douglas
County
Hospital
Authority
No.
3
Revenue
,
5
.00
%
,
11/1/48
,
Continuously
Callable
@100
...........................................................
1,000
1,000
Nebraska
Investment
Finance
Authority
Revenue
Series
A
,
4
.65
%
,
9/1/55
,
Continuously
Callable
@100
.........................
1,000
950
Series
E
,
5
.05
%
,
9/1/50
,
Continuously
Callable
@100
.........................
1,000
1,016
6,081
Nevada
(0.4%):
Carson
City
Revenue
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
...................
1,000
1,005
Las
Vegas
Convention
&
Visitors
Authority
Revenue
,
Series
C
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.....................................................
1,555
1,538
Las
Vegas
Redevelopment
Agency
Tax
Allocation
,
5
.00
%
,
6/15/45
,
Continuously
Callable
@100
...........................................................
1,500
1,500
4,043
New
Hampshire
(0.6%):
New
Hampshire
Business
Finance
Authority
Revenue
Series
A
,
5
.25
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,000
1,012
Series
A
,
5
.25
%
,
11/1/54
,
Continuously
Callable
@100
........................
1,000
1,004
Series
A
,
5
.00
%
,
6/1/55
,
Continuously
Callable
@100
.........................
850
840
Series
C
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,000
979
New
Hampshire
Housing
Finance
Authority
Revenue
,
Series
E
,
4
.95
%
,
7/1/56
,
Continuously
Callable
@100
.....................................................
1,775
1,790
5,625
New
Jersey
(1.5%):
New
Jersey
Economic
Development
Authority
Revenue
5
.00
%
,
6/15/43
,
Pre-refunded
12/15/28
@
100
..............................
370
393
5
.00
%
,
6/15/43
,
Continuously
Callable
@100
...............................
630
649
Series
A
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
1,000
988
Series
A
,
5
.00
%
,
6/15/47
,
Continuously
Callable
@100
........................
1,000
1,008
Series
B
,
5
.00
%
,
6/15/43
,
Continuously
Callable
@100
........................
1,000
1,027
Series
DDD
,
5
.00
%
,
6/15/42
,
Pre-refunded
6/15/27
@
100
.....................
2,000
2,052
New
Jersey
Economic
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
6/1/37
,
Continuously
Callable
@100
..........................
500
506
New
Jersey
Educational
Facilities
Authority
Revenue
,
Series
B
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.....................................................
1,000
1,004
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
...............................
1,000
1,026
Series
A
,
5
.25
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,000
1,052
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue
,
Series
A
,
4
.90
%
,
11/1/50
,
Continuously
Callable
@100
...........................................
500
508
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
5
.00
%
,
6/15/48
,
Pre-refunded
12/15/32
@
100
..............................
1,000
1,140
Series
A
,
12/15/38
(i)
................................................
1,500
923
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
South
Jersey
Transportation
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.25
%
,
11/1/52
,
Continuously
Callable
@100
...............................
$
500
$
521
The
Passaic
County
Improvement
Authority
Revenue
,
5
.38
%
,
7/1/53
,
Continuously
Callable
@100
...........................................................
500
502
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
,
5
.25
%
,
6/1/46
,
Continuously
Callable
@100
...........................................................
500
502
13,801
New
York
(4.2%):
Build
NYC
Resource
Corp.
Revenue
Series
A
,
7
.00
%
,
4/15/53
,
Continuously
Callable
@100
(g)
......................
1,000
1,028
Series
A
,
5
.50
%
,
12/1/56
,
Continuously
Callable
@100
........................
720
746
City
of
Cortland,
GO
,
Series
A
,
6
.00
%
,
5/14/27
,
Continuously
Callable
@100
............
1,000
1,000
City
of
New
York,
GO
,
Series
B-3
,
1
.45
%
,
10/1/46
,
Continuously
Callable
@100
(h)
.......
20,025
20,025
Clinton
County
Capital
Resource
Corp.
Revenue
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
(g)
.........................................................
800
838
New
York
City
Housing
Development
Corp.
Revenue
Series
A-1
,
4
.80
%
,
11/1/55
,
Continuously
Callable
@100
......................
1,000
1,008
Series
C
,
4
.95
%
,
2/1/55
,
Continuously
Callable
@100
.........................
835
845
Series
D
,
5
.00
%
,
5/1/56
,
Continuously
Callable
@100
........................
1,000
1,014
Series
F-2
,
5
.00
%
,
11/1/55
,
Continuously
Callable
@100
......................
1,335
1,355
New
York
Liberty
Development
Corp.
Revenue
5
.25
%
,
10/1/35
....................................................
630
717
5
.50
%
,
10/1/37
....................................................
1,500
1,754
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
...............................
1,000
947
New
York
State
Dormitory
Authority
Revenue
5
.50
%
,
10/1/54
,
Continuously
Callable
@100
...............................
1,500
1,591
5
.00
%
,
7/1/57
,
Continuously
Callable
@100
...............................
1,000
788
Series
A
,
4
.25
%
,
7/1/50
,
Continuously
Callable
@100
.........................
625
565
Series
A-1
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
.......................
500
532
St.
Lawrence
County
Industrial
Development
Agency
Revenue
,
5
.25
%
,
7/1/52
,
Continuously
Callable
@100
.....................................................
1,190
1,195
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
Series
266
,
4
.70
%
,
10/1/52
,
Continuously
Callable
@100
....................................
1,485
1,463
The
Genesee
County
Funding
Corp.
Revenue
,
Series
A
,
5
.25
%
,
12/1/52
,
Continuously
Callable
@100
...........................................................
500
507
Triborough
Bridge
&
Tunnel
Authority
Revenue
,
Series
A
,
4
.50
%
,
12/1/56
,
Continuously
Callable
@100
.....................................................
1,000
976
38,894
North
Carolina
(0.4%):
City
of
Charlotte
Airport
Revenue
,
5
.25
%
,
7/1/56
,
Continuously
Callable
@100
..........
1,000
1,065
North
Carolina
Medical
Care
Commission
Revenue
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
1,000
1,003
Series
A
,
5
.13
%
,
10/1/54
,
Continuously
Callable
@100
........................
1,500
1,502
3,570
North
Dakota
(0.5%):
City
of
Grand
Forks
Revenue
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
............
1,450
1,190
County
of
Ward
Revenue
,
Series
C
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........
1,000
933
North
Dakota
Housing
Finance
Agency
Revenue
,
Series
A
,
5
.05
%
,
7/1/53
,
Continuously
Callable
@100
.....................................................
935
951
Williston
Parks
&
Recreation
District
Revenue
,
Series
A
,
4
.75
%
,
12/1/50
,
Continuously
Callable
@100
.....................................................
2,000
2,007
5,081
Ohio
(1.5%):
Columbus
Regional
Airport
Authority
Revenue
,
Series
B
,
5
.25
%
,
1/1/55
,
Continuously
Callable
@100
.....................................................
580
605
County
of
Hamilton
Revenue
5
.50
%
,
1/1/55
,
Continuously
Callable
@103
...............................
1,000
1,010
Series
A
,
5
.50
%
,
8/1/51
,
Continuously
Callable
@100
.........................
1,300
1,332
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@103
.........................
500
509
County
of
Ross
Revenue
,
5
.00
%
,
12/1/49
,
Continuously
Callable
@100
................
2,420
2,427
Northeast
Ohio
Medical
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
...............................
775
815
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ohio
Higher
Educational
Facility
Commission
Revenue
5
.25
%
,
1/1/52
,
Continuously
Callable
@100
...............................
$
1,000
$
1,006
4
.00
%
,
10/1/52
,
Continuously
Callable
@100
...............................
2,000
1,549
Series
S
,
4
.00
%
,
12/1/46
,
Continuously
Callable
@100
........................
750
611
Ohio
Housing
Finance
Agency
Revenue
,
Series
A
,
4
.80
%
,
9/1/56
,
Continuously
Callable
@100
1,000
1,000
Port
of
Greater
Cincinnati
Development
Authority
Revenue
,
Series
A
,
5
.00
%
,
12/1/55
,
Continuously
Callable
@100
...........................................
700
714
Southeastern
Ohio
Port
Authority
Revenue
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
...
750
683
West
Central
Ohio
Port
Authority
Revenue
,
Series
A
,
5
.50
%
,
12/1/55
,
Continuously
Callable
@100
...........................................................
2,000
2,021
14,282
Oklahoma
(0.2%):
Oklahoma
Development
Finance
Authority
Revenue
,
Series
B
,
5
.50
%
,
8/15/57
,
Continuously
Callable
@100
.....................................................
1,000
1,001
Tulsa
County
Industrial
Authority
Revenue
,
5
.25
%
,
11/15/37
,
Continuously
Callable
@102
..
750
762
1,763
Oregon
(0.2%):
Oregon
State
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...........................................................
1,000
760
Salem
Hospital
Facility
Authority
Revenue
,
4
.00
%
,
5/15/47
,
Continuously
Callable
@103
...
1,000
850
1,610
Pennsylvania
(3.0%):
Allegheny
County
Hospital
Development
Authority
Revenue
,
Series
A
,
5
.00
%
,
4/1/47
,
Continuously
Callable
@100
...........................................
2,000
2,012
Butler
County
Hospital
Authority
Revenue
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
....
1,665
1,654
Canon-McMillan
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
.....................................
1,500
1,495
Commonwealth
of
Pennsylvania
Certificates
of
Participation
,
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
...........................................
1,000
1,018
Lancaster
IDA
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@103
.................
500
401
Latrobe
IDA
Revenue
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
...................
800
602
Lehigh
County
General
Purpose
Authority
Revenue
,
5
.25
%
,
2/1/54
,
Continuously
Callable
@100
...........................................................
1,400
1,366
Montgomery
County
IDA
Revenue
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
625
546
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
825
680
Northampton
County
General
Purpose
Authority
Revenue
5
.00
%
,
8/15/43
,
Continuously
Callable
@100
...............................
1,000
1,012
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
...............................
2,500
2,511
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/15/46
,
Continuously
Callable
@100
...........................................
1,575
1,327
Pennsylvania
Housing
Finance
Agency
Revenue
Series
147A
,
4
.73
%
,
4/1/53
,
Continuously
Callable
@100
......................
1,500
1,446
Series
148A
,
4
.80
%
,
10/1/55
,
Continuously
Callable
@100
.....................
2,000
1,945
Series
149A
,
5
.20
%
,
4/1/53
,
Continuously
Callable
@100
......................
500
509
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax
Revenue
,
Series
B
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
...........................................
1,000
1,034
Pennsylvania
Turnpike
Commission
Revenue
,
Series
A-1
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.....................................................
1,000
1,010
Philadelphia
IDA
Revenue
,
5
.00
%
,
8/1/50
,
Continuously
Callable
@100
...............
1,050
1,011
Reading
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
3/1/38
,
Continuously
Callable
@100
...........................................
1,500
1,514
The
Berks
County
Municipal
Authority
Revenue
Series
A1
,
8
.00
%
,
6/30/34
,
Continuously
Callable
@104
.......................
156
160
Series
A-2A
,
6
.00
%
,
6/30/34
,
Continuously
Callable
@104
.....................
78
82
Series
A3
,
5
.00
%
,
6/30/39
,
Continuously
Callable
@100
.......................
1,050
985
Series
B1
,
0.00%
,
6/30/44
,
Continuously
Callable
@90
(k)
......................
525
391
The
School
District
of
Philadelphia,
GO
Series
A
,
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
1,000
1,027
Series
A
,
5
.50
%
,
9/1/51
,
Continuously
Callable
@100
.........................
1,250
1,351
Series
F
,
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
1,000
1,004
28,093
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Rhode
Island
(0.3%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
,
Series
85-A
,
4
.70
%
,
4/1/55
,
Continuously
Callable
@100
...........................................
$
2,000
$
2,003
Rhode
Island
Turnpike
&
Bridge
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
.....................................................
1,000
1,001
3,004
South
Carolina
(0.4%):
South
Carolina
Jobs-Economic
Development
Authority
Revenue
,
5
.25
%
,
2/1/53
,
Continuously
Callable
@100
.....................................................
750
775
South
Carolina
Public
Service
Authority
Revenue
Series
A
,
5
.00
%
,
12/1/55
,
Continuously
Callable
@100
........................
1,000
1,011
Series
B
,
5
.25
%
,
12/1/54
,
Continuously
Callable
@100
........................
1,000
1,045
South
Carolina
State
Housing
Finance
&
Development
Authority
Revenue
,
Series
A
,
4
.70
%
,
1/1/55
,
Continuously
Callable
@100
.....................................
965
962
3,793
South
Dakota
(0.2%):
South
Dakota
Housing
Development
Authority
Revenue
,
Series
C
,
5
.10
%
,
5/1/52
,
Continuously
Callable
@100
...........................................
2,000
2,036
Tennessee
(1.0%):
Greeneville
Health
&
Educational
Facilities
Board
Revenue
,
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
.....................................................
1,500
1,534
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
1,465
1,465
Series
A
,
5
.00
%
,
10/1/45
,
Continuously
Callable
@100
........................
1,000
928
Tennergy
Corp.
Revenue
,
Series
A
,
5
.50
%
,
10/1/53
,
(Put
Date
12/1/30)
(f)
...............
2,500
2,649
Tennessee
Energy
Acquisition
Corp.
Revenue
,
Series
A
,
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...........................................................
2,400
2,532
9,108
Texas
(5.8%):
Bexar
County
Health
Facilities
Development
Corp.
Revenue
,
5
.00
%
,
7/15/37
,
Continuously
Callable
@103
.....................................................
1,000
1,006
Capital
Area
Housing
Finance
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8159
,
1
.70
%
,
3/1/41
(g)
(h)
.............................................
5,000
5,000
City
of
Arlington
Special
Tax
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
2/15/48
,
Continuously
Callable
@100
...............................
1,000
1,009
City
of
Arlington
Tax
Allocation
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
..........
1,700
1,429
City
of
Baytown,
GO
,
4
.50
%
,
2/1/51
,
Continuously
Callable
@100
...................
2,000
1,946
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
,
Series
D
,
5
.25
%
,
9/1/51
,
Continuously
Callable
@100
...........................................
375
394
City
of
Irving
Revenue
,
5
.00
%
,
8/15/43
,
Continuously
Callable
@100
.................
1,000
1,003
City
of
Laredo
Waterworks
&
Sewer
System
Revenue
,
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...........................................................
1,000
996
Clifton
Higher
Education
Finance
Corp.
Revenue
4
.63
%
,
4/1/50
,
Continuously
Callable
@100
...............................
1,800
1,776
4
.25
%
,
8/15/52
,
Continuously
Callable
@100
...............................
1,500
1,330
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.25
%
,
4/1/53
,
Continuously
Callable
@100
...............................
3,250
3,020
County
of
Fort
Bend
Toll
Road
Revenue
,
5
.25
%
,
3/1/55
,
Continuously
Callable
@100
.....
3,000
3,145
EP
Cimarron
Ventanas
PFC
Revenue
,
4
.13
%
,
12/1/39
,
Continuously
Callable
@100
.......
2,000
1,967
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/1/38
,
Continuously
Callable
@100
...........................................
1,000
894
Harris
County
Hospital
District
Revenue
,
4
.00
%
,
2/15/42
,
Continuously
Callable
@100
....
1,000
946
Hidalgo
County
Regional
Mobility
Authority
Revenue
,
Series
B
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
.....................................................
700
626
Houston
Housing
Finance
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2024-DBE-
8153
,
1
.70
%
,
3/1/60
,
Continuously
Callable
@100
(g)
(h)
.......................
4,015
4,015
Martin
County
Hospital
District,
GO
,
4
.00
%
,
4/1/36
,
Continuously
Callable
@100
........
350
351
Matagorda
County
Navigation
District
No.
1
Revenue
,
Series
B-2
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
...........................................
1,000
998
Mesquite
Health
Facilities
Development
Corp.
Revenue
,
0.00%
,
2/15/35
,
Continuously
Callable
@100
(j)
...................................................
338
4
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A1
,
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
..........
$
225
$
230
Port
of
Port
Arthur
Navigation
District
Revenue
,
1
.77
%
,
11/1/40
,
Continuously
Callable
@100
(h)
.........................................................
4,500
4,500
Princeton
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
5
.00
%
,
2/15/43
,
Continuously
Callable
@100
....................................
1,000
1,024
San
Antonio
Education
Facilities
Corp.
Revenue
5
.00
%
,
10/1/50
,
Continuously
Callable
@100
...............................
1,250
1,205
4
.00
%
,
4/1/54
,
Continuously
Callable
@100
...............................
1,000
784
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Series
A
,
0.00%
,
11/15/45
,
Continuously
Callable
@100
(j)
.....................
818
—
(e)
Series
A
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
.........................
2,750
2,783
Series
B
,
0.00%
,
11/15/36
,
Continuously
Callable
@100
(j)
.....................
818
—
(e)
Series
B
,
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
.......................
1,935
1,927
Series
B
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
.........................
2,960
3,000
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Revenue
,
5
.00
%
,
12/15/27
..........
1,375
1,407
Victory
Street
Public
Facility
Corp.
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2025-DBE-
8158
,
1
.70
%
,
8/1/62
,
Continuously
Callable
@100
(g)
(h)
.......................
4,900
4,900
53,615
Utah
(0.4%):
Military
Installation
Development
Authority
Revenue
,
Series
A-1
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.....................................................
500
461
Utah
Charter
School
Finance
Authority
Revenue
4
.00
%
,
4/15/52
,
Continuously
Callable
@100
...............................
3,000
2,527
4
.50
%
,
10/15/52
,
Continuously
Callable
@100
..............................
1,000
924
3,912
Vermont
(0.1%):
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
,
5
.00
%
,
10/15/46
,
Continuously
Callable
@100
...........................................
1,000
779
Virginia
(0.8%):
Salem
Economic
Development
Authority
Revenue
,
6
.00
%
,
4/1/55
,
Continuously
Callable
@100
...........................................................
250
264
Virginia
Housing
Development
Authority
Revenue
Series
E
,
4
.95
%
,
10/1/55
,
Continuously
Callable
@100
........................
2,000
2,017
Series
F-3
,
5
.05
%
,
7/1/55
,
Continuously
Callable
@100
.......................
2,000
2,047
Virginia
Small
Business
Financing
Authority
Revenue
,
Series
A
,
5
.50
%
,
12/1/54
,
Continuously
Callable
@102
.....................................................
3,000
3,093
7,421
Washington
(0.5%):
Washington
Health
Care
Facilities
Authority
Revenue
4
.00
%
,
7/1/42
,
Continuously
Callable
@100
...............................
1,000
942
Series
A
,
5
.00
%
,
1/1/47
,
Pre-refunded
1/1/27
@
100
..........................
1,000
1,014
Washington
State
Housing
Finance
Commission
Revenue
5
.00
%
,
1/1/38
,
Continuously
Callable
@102
(g)
.............................
1,000
1,002
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,000
987
Series
A-1
,
3
.50
%
,
12/20/35
...........................................
274
265
4,210
Wisconsin
(1.7%):
Public
Finance
Authority
Revenue
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
1,000
1,026
5
.00
%
,
1/1/42
,
Continuously
Callable
@103
(g)
.............................
575
539
5
.50
%
,
12/1/44
,
Continuously
Callable
@100
(g)
............................
1,000
1,023
5
.25
%
,
12/1/48
,
Continuously
Callable
@100
...............................
500
503
4
.00
%
,
2/1/51
,
Continuously
Callable
@100
...............................
1,000
757
Series
A
,
5
.25
%
,
3/1/47
,
Continuously
Callable
@100
.........................
2,000
2,052
Series
A
,
5
.25
%
,
10/1/48
,
Continuously
Callable
@100
........................
1,500
1,403
Series
A
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
.........................
880
707
Series
A
,
5
.75
%
,
7/1/53
,
Continuously
Callable
@100
(g)
......................
1,500
1,478
Series
A
,
5
.25
%
,
6/15/55
,
Continuously
Callable
@100
........................
500
515
Series
B
,
5
.75
%
,
12/1/48
,
Continuously
Callable
@100
........................
1,215
1,280
Series
B
,
5
.50
%
,
6/15/55
,
Continuously
Callable
@100
........................
375
387
Public
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
600
607
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
University
of
Wisconsin
Hospitals
&
Clinics
Revenue
,
Series
A
,
4
.25
%
,
4/1/52
,
Continuously
Callable
@100
.....................................................
$
500
$
462
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
,
4
.38
%
,
8/15/55
,
Continuously
Callable
@100
.....................................................
3,000
2,742
15,481
Wyoming
(0.1%):
Wyoming
Community
Development
Authority
Revenue
,
Series
1
,
4
.88
%
,
12/1/53
,
Continuously
Callable
@100
...........................................
1,000
983
Total
Municipal
Bonds
(Cost
$508,892)
a
a
a
492,980
Shares
Exchange-Traded
Funds
(0.1%)
iShares
Core
S&P
500
ETF
................................................
1,569
1,193
Total
Exchange-Traded
Funds
(Cost
$1,165)
a
a
a
1,193
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.53
%
(l)
........
83,286
84
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.54
%
(l)
............
83,286
83
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.57
%
(l)
................
83,286
83
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.55
%
(l)
.
83,286
83
Total
Collateral
for
Securities
Loaned
(Cost
$333)
a
a
a
333
Total
Investments
(Cost
$624,243)
—
100.1%
932,310
Liabilities
in
excess
of
other
assets
—  (0.1)%
(1,159)
NET
ASSETS
-
100.00%
$
931,151
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2026.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Put
Bond.
(g)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$25,939
(thousands)
and
amounted
to
2.8%
of
net
assets.
(h)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(i)
Zero-coupon
bond.
(j)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(k)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(l)
Rate
disclosed
is
the
daily
yield
on
May
31,
2026.
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
CVR
—
Contingent
Value
Right
ETF
—
Exchange-Traded
Fund
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
PLC
—
Public
Limited
Company
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
New
York
Bond
Fund
158
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(98.0%)
New
York
(98.0%):
Albany
Capital
Resource
Corp.
Revenue
,
0.00%
,
6/1/49
,
Continuously
Callable
@100
(a)
...
$
1,500
$
1,075
Albany
County
Airport
Authority
Revenue
,
Series
A
,
5
.00
%
,
12/15/48
,
Continuously
Callable
@100
...........................................................
1,000
1,011
Allegany
County
Capital
Resource
Corp.
Revenue
,
Series
A
,
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
.....................................................
1,000
814
Brookhaven
Local
Development
Corp.
Revenue
5
.25
%
,
11/1/36
,
Continuously
Callable
@100
...............................
1,500
1,508
4
.00
%
,
10/1/45
,
Continuously
Callable
@100
...............................
1,000
926
Series
B
,
4
.00
%
,
11/1/55
,
Continuously
Callable
@102
........................
1,000
801
Broome
County
Local
Development
Corp.
Revenue
,
4
.00
%
,
7/1/47
,
Continuously
Callable
@103
...........................................................
500
424
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
...............................
1,000
921
Series
A
,
5
.00
%
,
6/1/35
,
Continuously
Callable
@101
.........................
1,000
1,011
Build
NYC
Resource
Corp.
Revenue
5
.00
%
,
6/1/40
,
Continuously
Callable
@100
...............................
700
708
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
...............................
500
493
4
.00
%
,
8/1/42
,
Continuously
Callable
@100
...............................
1,000
840
5
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
2,000
2,002
5
.00
%
,
6/1/48
,
Continuously
Callable
@101
...............................
2,000
1,941
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............................
500
448
4
.75
%
,
6/15/53
,
Continuously
Callable
@100
...............................
500
442
5
.75
%
,
6/1/62
,
Continuously
Callable
@100
(b)
.............................
250
241
Series
A
,
5
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
500
476
Series
A
,
5
.50
%
,
12/1/56
,
Continuously
Callable
@100
........................
360
373
Bushnell's
Basin
Fire
Association,
Inc.
Revenue
,
3
.00
%
,
11/1/30
.....................
1,450
1,395
City
of
Elmira,
GO
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.....................
1,575
1,658
City
of
Long
Beach,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.63
%
,
7/15/52
,
Continuously
Callable
@100
....................................
2,000
2,005
City
of
New
York,
GO
,
Series
B-3
,
1
.45
%
,
10/1/46
,
Continuously
Callable
@100
(c)
.......
1,920
1,920
Dutchess
County
Local
Development
Corp.
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
600
600
Series
B
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
2,000
1,870
Hempstead
Town
Local
Development
Corp.
Revenue
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
...........................................................
300
298
Hudson
Yards
Infrastructure
Corp.
Revenue
,
Series
A
,
4
.00
%
,
2/15/44
,
Continuously
Callable
@100
...........................................................
2,000
1,896
Jefferson
County
Civic
Facility
Development
Corp.
Revenue
,
4
.00
%
,
11/1/47
,
Continuously
Callable
@100
.....................................................
1,000
755
Metropolitan
Transportation
Authority
Revenue
Series
A
,
4
.63
%
,
11/15/50
,
Continuously
Callable
@100
.......................
335
333
Series
B
,
4
.00
%
,
11/15/50
,
Continuously
Callable
@100
.......................
1,000
879
Monroe
County
Industrial
Development
Corp.
Revenue
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
...............................
1,500
1,500
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
...............................
1,000
853
5
.00
%
,
6/1/59
,
Continuously
Callable
@100
(b)
.............................
1,000
933
Series
A
,
5
.00
%
,
12/1/42
,
Continuously
Callable
@100
........................
2,000
2,002
Monroe
County
Industrial
Development
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
1/15/38
,
Continuously
Callable
@100
.........................
500
500
Nassau
County
Local
Economic
Assistance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
...........................................
1,000
779
New
York
City
Housing
Development
Corp.
Revenue
4
.20
%
,
11/1/58
,
Continuously
Callable
@100
...............................
2,990
2,732
Series
A-1
,
4
.80
%
,
11/1/55
,
Continuously
Callable
@100
......................
1,000
1,008
Series
C
,
4
.95
%
,
2/1/55
,
Continuously
Callable
@100
.........................
165
167
Series
D
,
5
.00
%
,
5/1/56
,
Continuously
Callable
@100
........................
500
507
Series
F-2
,
5
.00
%
,
11/1/55
,
Continuously
Callable
@100
......................
665
675
New
York
City
Industrial
Development
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
R
,
2
.25
%
,
10/1/29
........................................
620
605
New
York
City
Municipal
Water
Finance
Authority
Revenue
Series
AA-1
,
5
.00
%
,
6/15/55
,
Continuously
Callable
@100
.....................
1,000
1,054
Victory
Portfolios
III
Victory
New
York
Bond
Fund
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
BB
,
4
.25
%
,
6/15/53
,
Continuously
Callable
@100
......................
$
1,000
$
949
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue
,
Series
S-1
,
4
.00
%
,
7/15/45
,
Continuously
Callable
@100
....................................
2,000
1,868
New
York
Convention
Center
Development
Corp.
Revenue
5
.00
%
,
11/15/45
,
Continuously
Callable
@100
..............................
500
500
Series
B
,
11/15/37
(d)
................................................
1,000
620
New
York
Convention
Center
Development
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
11/15/48
(d)
...........................................
2,000
668
New
York
Liberty
Development
Corp.
Revenue
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
...............................
1,500
1,420
Series
1
,
5
.00
%
,
11/15/44
,
Continuously
Callable
@100
(b)
.....................
1,000
1,000
New
York
Power
Authority
Revenue
,
Series
A
,
5
.00
%
,
11/15/53
,
Continuously
Callable
@100
250
259
New
York
State
Dormitory
Authority
Revenue
6
.00
%
,
7/1/40
,
Continuously
Callable
@100
(b)
.............................
2,645
2,579
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
...............................
570
580
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
725
574
5
.00
%
,
7/1/57
,
Continuously
Callable
@100
...............................
1,000
787
Series
1
,
4
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
935
Series
A
,
4
.00
%
,
8/1/38
,
Continuously
Callable
@100
.........................
2,000
1,854
Series
A
,
4
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........................
2,000
1,826
Series
A
,
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
.........................
2,250
2,181
Series
A
,
4
.00
%
,
3/15/49
,
Continuously
Callable
@100
........................
1,500
1,377
Series
A
,
4
.00
%
,
3/15/49
,
Continuously
Callable
@100
........................
750
699
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
500
420
Series
A
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
.........................
1,000
1,030
Series
A
,
5
.25
%
,
7/1/55
,
Continuously
Callable
@100
.........................
1,000
1,069
Series
A-1
,
3
.50
%
,
7/1/44
,
Continuously
Callable
@100
.......................
1,000
838
Series
A-1
,
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
.......................
3,000
2,935
Series
A-1
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
.......................
165
176
New
York
State
Dormitory
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
750
781
New
York
State
Housing
Finance
Agency
Revenue
Series
B-1
,
5
.15
%
,
11/1/55
,
Continuously
Callable
@100
......................
500
503
Series
C-1
,
4
.75
%
,
11/1/53
,
Continuously
Callable
@100
......................
1,100
1,079
New
York
State
Housing
Finance
Agency
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
DBE-
8105
,
1
.70
%
,
8/1/50
,
Continuously
Callable
@100
(b)
(c)
.......................
290
290
New
York
State
Thruway
Authority
Revenue
Series
A
,
4
.00
%
,
1/1/56
,
Continuously
Callable
@100
.........................
1,000
868
Series
B
,
4
.00
%
,
1/1/50
,
Continuously
Callable
@100
.........................
1,000
905
New
York
Transportation
Development
Corp.
Revenue
AMT
,
6
.00
%
,
6/30/55
,
Continuously
Callable
@100
.....................................................
1,000
1,070
New
York
Transportation
Development
Corp.
Revenue
AMT
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
6/30/54
,
Continuously
Callable
@100
...............................
2,000
2,014
Series
A
,
4
.50
%
,
12/31/54
,
Continuously
Callable
@100
.......................
1,000
951
Oneida
County
Local
Development
Corp.
Revenue
,
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...........................................................
750
625
Onondaga
Civic
Development
Corp.
Revenue
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
...............................
1,000
876
5
.00
%
,
1/1/43
,
Continuously
Callable
@100
...............................
1,090
1,095
Onondaga
County
Trust
for
Cultural
Resources
Revenue
,
5
.00
%
,
5/1/40
,
Continuously
Callable
@100
...........................................................
800
803
Southold
Local
Development
Corp.
Revenue
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
.
1,000
1,000
St.
Lawrence
County
Industrial
Development
Agency
Revenue
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
...............................
1,770
1,696
5
.25
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,000
1,004
Series
A
,
4
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........................
500
435
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
Series
211
,
3
.80
%
,
10/1/48
,
Continuously
Callable
@100
....................................
1,060
957
Suffolk
County
Economic
Development
Corp.
Revenue
,
Series
C
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.....................................................
250
250
The
Genesee
County
Funding
Corp.
Revenue
,
Series
A
,
5
.25
%
,
12/1/52
,
Continuously
Callable
@100
...........................................................
750
761
Victory
Portfolios
III
Victory
New
York
Bond
Fund
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Trust
for
Cultural
Resources
of
The
City
of
New
York
Revenue
,
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........................................
$
1,000
$
879
Tompkins
County
Development
Corp.
Revenue
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
1,375
1,375
Triborough
Bridge
&
Tunnel
Authority
Revenue
Series
A
,
4
.00
%
,
11/15/52
,
Continuously
Callable
@100
.......................
3,000
2,666
Series
A
,
4
.50
%
,
12/1/56
,
Continuously
Callable
@100
........................
500
488
Series
A-1
,
4
.00
%
,
11/15/54
,
Continuously
Callable
@100
.....................
1,000
895
Series
B
,
11/15/32
(d)
................................................
1,000
814
TSASC,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
6/1/41
,
Continuously
Callable
@100
............
1,000
1,003
Westchester
County
Local
Development
Corp.
Revenue
5
.00
%
,
7/1/42
,
Continuously
Callable
@102
...............................
815
818
5
.00
%
,
6/1/47
,
Continuously
Callable
@100
...............................
1,000
973
Series
S
,
5
.00
%
,
1/1/51
,
Continuously
Callable
@103
.........................
1,000
1,003
Westchester
Tobacco
Asset
Securitization
Corp.
Revenue
,
Series
B
,
5
.00
%
,
6/1/41
,
Continuously
Callable
@100
...........................................
500
501
99,901
Total
Municipal
Bonds
(Cost
$106,296)
a
a
a
99,901
Total
Investments
(Cost
$106,296)
—
98.0%
99,901
Other
assets
in
excess
of
liabilities
—  2.0%
2,051
NET
ASSETS
-
100.00%
$
101,952
(a)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$5,043
(thousands)
and
amounted
to
4.9%
of
net
assets.
(c)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(d)
Zero-coupon
bond.
AMT
—
Alternative
Minimum
Tax
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2026
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
161
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Municipal
Bonds
(98.8%)
Virginia
(86.9%):
Albemarle
County
Economic
Development
Authority
Revenue
,
Series
B
,
1
.35
%
,
10/1/48
,
Continuously
Callable
@100
(a)
.........................................
$
9,845
$
9,845
Alexandria
IDA
Revenue
,
Series
C
,
4
.00
%
,
1/1/46
,
Continuously
Callable
@100
.........
2,400
2,284
Amherst
IDA
Revenue
5
.00
%
,
9/1/26
,
Continuously
Callable
@100
...............................
295
295
4
.75
%
,
9/1/30
,
Continuously
Callable
@100
...............................
2,000
2,000
Arlington
County
IDA
Revenue
5
.00
%
,
2/15/43
,
Continuously
Callable
@100
...............................
1,775
1,811
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
1,585
1,493
Bristol
IDA
Revenue
,
5
.00
%
,
11/1/53
,
Continuously
Callable
@100
...................
8,030
8,178
Campbell
County
IDA
Revenue
,
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
............
4,600
4,463
Capital
Region
Airport
Commission
Revenue
Series
A
,
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
700
700
Series
A
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
750
750
Charles
City
County
Economic
Development
Authority
Revenue
,
Series
A
,
2
.88
%
,
2/1/29
,
Continuously
Callable
@101
...........................................
10,000
9,768
Chesapeake
Bay
Bridge
&
Tunnel
District
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
2,840
2,841
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
7,785
7,769
Chesapeake
Bay
Bridge
&
Tunnel
District
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
...............................
5,000
5,000
Chesapeake
Hospital
Authority
Revenue
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
1,000
995
4
.00
%
,
7/1/43
,
Continuously
Callable
@100
...............................
4,000
3,861
City
of
Chesapeake
VA
Chesapeake
Expressway
Toll
Road
Revenue
Series
B
,
4
.75
%
,
7/15/32
,
Continuously
Callable
@100
........................
6,520
6,711
Series
B
,
4
.88
%
,
7/15/40
,
Continuously
Callable
@100
........................
3,000
3,053
City
of
Petersburg,
GO
4
.25
%
,
9/1/48
,
Continuously
Callable
@100
...............................
1,000
973
4
.25
%
,
9/1/53
,
Continuously
Callable
@100
...............................
1,250
1,181
City
of
Richmond
Public
Utility
Revenue
4
.00
%
,
1/15/40
,
Continuously
Callable
@100
...............................
6,000
6,001
Series
A
,
4
.00
%
,
1/15/50
,
Continuously
Callable
@100
........................
2,220
2,063
County
of
Fairfax
Sewer
Revenue
,
Series
A
,
5
.00
%
,
7/15/46
,
Continuously
Callable
@100
..
5,000
5,243
Fairfax
County
Economic
Development
Authority
Revenue
,
5
.00
%
,
4/1/47
,
Continuously
Callable
@100
.....................................................
4,000
4,043
Fairfax
County
IDA
Revenue
Series
A
,
4
.00
%
,
5/15/44
,
Continuously
Callable
@100
........................
6,900
6,777
Series
A
,
4
.00
%
,
5/15/48
,
Continuously
Callable
@100
........................
1,500
1,379
Farmville
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
AG
,
5
.38
%
,
7/1/53
,
(Put
Date
7/1/43)
(b)
.................................................
5,800
6,080
Front
Royal
&
Warren
County
IDA
Revenue
,
4
.00
%
,
1/1/50
,
Continuously
Callable
@102
..
7,000
6,220
Hampton
Roads
Transportation
Accountability
Commission
Revenue
Series
A
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
6,000
5,467
Series
A
,
4
.00
%
,
7/1/57
,
Continuously
Callable
@100
.........................
3,000
2,694
Henrico
County
Economic
Development
Authority
Revenue
4
.25
%
,
6/1/26
.....................................................
140
140
5
.00
%
,
10/1/37
,
Continuously
Callable
@102
...............................
2,500
2,518
4
.00
%
,
10/1/40
,
Continuously
Callable
@103
...............................
500
499
4
.00
%
,
10/1/45
,
Continuously
Callable
@103
...............................
725
671
4
.00
%
,
10/1/50
,
Continuously
Callable
@103
...............................
1,500
1,296
Series
A
,
5
.00
%
,
10/1/42
,
Continuously
Callable
@103
........................
1,100
1,145
Series
A
,
5
.00
%
,
10/1/47
,
Continuously
Callable
@103
........................
945
952
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@103
........................
7,380
7,394
James
City
County
Economic
Development
Authority
Revenue
4
.00
%
,
6/1/47
,
Continuously
Callable
@103
...............................
1,000
819
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@103
........................
9,905
7,927
Series
A
,
6
.75
%
,
12/1/53
,
Continuously
Callable
@103
........................
855
916
Lewistown
Commerce
Center
Community
Development
Authority
Tax
Allocation
Series
A
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@101
(c)
.......................
637
452
Series
B
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@101
.........................
590
541
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
C
,
4
.75
%
,
3/1/54
,
Continuously
Callable
@100
(c)
.......................
$
2,599
$
1,247
Lexington
IDA
Revenue
4
.00
%
,
1/1/31
,
Continuously
Callable
@101
...............................
750
753
4
.00
%
,
1/1/37
,
Continuously
Callable
@101
...............................
1,000
997
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
...............................
1,000
1,012
Loudoun
County
Economic
Development
Authority
Revenue
,
Series
E
,
2
.05
%
,
2/15/38
,
Callable
7/1/26
@
100
(a)
.............................................
7,600
7,600
Loudoun
County
Economic
Development
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2023-DBE-8106
,
1
.70
%
,
6/1/63
,
Continuously
Callable
@100
(a)
(d)
..........
2,700
2,700
Lynchburg
Economic
Development
Authority
Revenue
4
.00
%
,
1/1/39
,
Continuously
Callable
@100
...............................
1,320
1,304
4
.00
%
,
1/1/41
,
Continuously
Callable
@100
...............................
1,135
1,094
5
.00
%
,
9/1/43
,
Continuously
Callable
@100
...............................
3,000
3,000
4
.00
%
,
1/1/55
,
Continuously
Callable
@100
...............................
14,420
11,943
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.........................
2,250
2,251
Series
A
,
5
.50
%
,
1/1/56
,
Continuously
Callable
@100
.........................
1,000
1,062
Lynchburg
Economic
Development
Authority
Revenue
(LOC
-
Branch
Banking
&
Trust
Co.)
,
Series
B
,
1
.50
%
,
1/1/47
,
Continuously
Callable
@100
(a)
.......................
900
900
Manassas
Park
Economic
Development
Authority
Revenue
,
4
.00
%
,
12/15/52
,
Continuously
Callable
@100
.....................................................
4,500
4,055
Marquis
Community
Development
Authority
of
York
County
Revenue
,
1
.50
%
,
9/1/45
(c)
(d)
..
1,093
393
Marquis
Community
Development
Authority
of
York
County
Tax
Allocation
Series
B
,
1
.13
%
,
9/1/41
(c)
............................................
3,532
1,271
Series
C
,
9/1/41
(e)
..................................................
5,389
5
Montgomery
County
Economic
Development
Authority
Revenue
,
Series
A
,
4
.00
%
,
6/1/38
,
Continuously
Callable
@100
...........................................
1,750
1,761
Norfolk
Airport
Authority
Revenue
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........
2,800
2,896
Norfolk
Airport
Authority
Revenue
AMT
,
Series
B
,
5
.50
%
,
7/1/56
,
Continuously
Callable
@100
...........................................................
1,000
1,056
Norfolk
Economic
Development
Authority
Revenue
Series
B
,
4
.00
%
,
11/1/48
,
Continuously
Callable
@100
........................
6,100
5,585
Series
B
,
5
.00
%
,
11/1/48
,
(Put
Date
11/1/28)
(b)
.............................
1,600
1,674
Prince
Edward
County
IDA
Revenue
4
.00
%
,
9/1/43
,
Continuously
Callable
@100
...............................
2,250
2,159
5
.00
%
,
9/1/48
,
Continuously
Callable
@100
...............................
2,055
2,045
5
.25
%
,
9/1/57
,
Continuously
Callable
@100
...............................
3,000
3,042
Prince
William
County
IDA
Revenue
5
.00
%
,
1/1/37
,
Continuously
Callable
@101
...............................
1,000
1,001
5
.00
%
,
1/1/46
,
Continuously
Callable
@101
...............................
4,000
3,811
Radford
IDA
Revenue
(NBGA
-
Fannie
Mae)
,
3
.50
%
,
9/15/29
,
Continuously
Callable
@100
.
3,810
3,811
Roanoke
Economic
Development
Authority
Revenue
5
.00
%
,
7/1/47
.....................................................
5,000
5,433
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
5,000
4,602
Series
A
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
1,640
1,671
Series
A
,
5
.00
%
,
9/1/43
,
Continuously
Callable
@100
.........................
4,060
4,061
Rockingham
County
Economic
Development
Authority
Revenue
Series
A
,
4
.00
%
,
12/1/33
,
Continuously
Callable
@100
........................
1,000
1,008
Series
A
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
4,180
4,287
Salem
Economic
Development
Authority
Revenue
4
.00
%
,
4/1/38
,
Continuously
Callable
@100
...............................
250
236
4
.00
%
,
4/1/39
,
Continuously
Callable
@100
...............................
225
209
4
.00
%
,
4/1/40
,
Continuously
Callable
@100
...............................
250
230
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
...............................
750
655
5
.00
%
,
4/1/49
,
Continuously
Callable
@100
...............................
910
883
6
.00
%
,
4/1/55
,
Continuously
Callable
@100
...............................
250
264
Stafford
County
Economic
Development
Authority
Revenue
5
.00
%
,
6/15/36
,
Continuously
Callable
@100
...............................
5,900
5,902
4
.00
%
,
6/15/37
,
Continuously
Callable
@100
...............................
6,495
6,370
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
B1
,
5
.00
%
,
6/1/47
,
Continuously
Callable
@100
...........................................................
5,000
4,174
University
of
Virginia
Revenue
Series
A-1
,
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
.......................
3,600
3,565
Series
B
,
5
.00
%
,
9/1/49
,
Continuously
Callable
@100
.........................
8,000
8,190
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Virginia
Beach
Development
Authority
Revenue
5
.00
%
,
9/1/40
,
Continuously
Callable
@103
...............................
$
3,250
$
3,263
5
.00
%
,
9/1/44
,
Continuously
Callable
@103
...............................
4,865
4,841
4
.00
%
,
9/1/48
,
Continuously
Callable
@103
...............................
3,755
3,050
Virginia
College
Building
Authority
Revenue
5
.00
%
,
6/1/26
.....................................................
250
250
5
.00
%
,
6/1/27
.....................................................
275
280
5
.00
%
,
6/1/28
.....................................................
295
303
5
.00
%
,
6/1/29
.....................................................
300
315
5
.00
%
,
6/1/30
.....................................................
325
345
5
.00
%
,
6/1/31
.....................................................
300
321
4
.00
%
,
1/15/33
,
Continuously
Callable
@100
...............................
965
968
4
.00
%
,
1/15/35
,
Continuously
Callable
@100
...............................
545
541
4
.00
%
,
1/15/36
,
Continuously
Callable
@100
...............................
650
638
4
.00
%
,
6/1/36
,
Continuously
Callable
@100
...............................
925
906
4
.00
%
,
1/15/43
,
Continuously
Callable
@100
...............................
1,285
1,191
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
...............................
1,000
864
6
.00
%
,
6/1/55
,
Continuously
Callable
@100
...............................
1,500
1,588
Series
A
,
3
.00
%
,
1/15/46
,
Continuously
Callable
@100
........................
1,000
771
Series
A
,
3
.00
%
,
1/15/51
,
Continuously
Callable
@100
........................
1,175
835
Series
E
,
5
.00
%
,
2/1/32
,
Continuously
Callable
@100
.........................
4,000
4,138
Virginia
Commonwealth
Transportation
Board
I-81
Regional
Fuels
Tax
Revenue
,
4
.00
%
,
5/15/46
,
Continuously
Callable
@100
....................................
5,195
5,152
Virginia
Commonwealth
Transportation
Board
Revenue
5
.00
%
,
3/15/32
,
Continuously
Callable
@100
...............................
3,350
3,442
5
.00
%
,
9/15/32
,
Continuously
Callable
@100
...............................
9,190
9,438
4
.00
%
,
5/15/42
,
Continuously
Callable
@100
...............................
10,000
9,844
Series
A
,
4
.00
%
,
5/15/36
,
Continuously
Callable
@100
........................
2,000
2,013
Virginia
Commonwealth
University
Health
System
Authority
Revenue
,
Series
B
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
.....................................
5,500
5,537
Virginia
Commonwealth
University
Revenue
Series
A
,
4
.00
%
,
11/1/37
,
Continuously
Callable
@100
........................
750
752
Series
A
,
5
.00
%
,
11/1/38
,
Continuously
Callable
@100
........................
350
363
Series
A
,
4
.00
%
,
5/1/48
,
Continuously
Callable
@100
.........................
2,475
2,296
Virginia
Housing
Development
Authority
Revenue
Series
A
,
4
.65
%
,
9/1/55
,
Continuously
Callable
@100
.........................
1,200
1,200
Series
B
,
3
.60
%
,
5/1/46
,
Continuously
Callable
@100
.........................
6,555
5,738
Series
D
,
4
.75
%
,
8/1/53
,
Continuously
Callable
@100
........................
1,500
1,497
Series
D
,
4
.70
%
,
7/1/55
,
Continuously
Callable
@100
........................
1,250
1,236
Series
E
,
2
.65
%
,
7/1/50
,
Continuously
Callable
@100
.........................
1,640
1,116
Series
E
,
4
.65
%
,
7/1/55
,
Continuously
Callable
@100
.........................
1,000
983
Series
E
,
4
.95
%
,
10/1/55
,
Continuously
Callable
@100
........................
1,000
1,008
Series
E
,
5
.20
%
,
10/1/58
,
Continuously
Callable
@100
........................
3,000
3,077
Series
E-2
,
4
.60
%
,
10/1/54
,
Continuously
Callable
@100
......................
1,000
976
Series
F
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
........................
5,000
5,066
Series
G
,
5
.15
%
,
11/1/52
,
Continuously
Callable
@100
........................
1,750
1,789
Series
H
,
4
.70
%
,
12/1/54
,
Continuously
Callable
@100
........................
800
793
Series
I
,
2
.45
%
,
11/1/45
,
Continuously
Callable
@100
........................
1,500
1,053
Series
K
,
1
.95
%
,
12/1/32
,
Continuously
Callable
@100
........................
1,500
1,357
Series
K
,
2
.05
%
,
12/1/33
,
Continuously
Callable
@100
........................
665
590
Virginia
Resources
Authority
Revenue
4
.00
%
,
11/1/49
,
Continuously
Callable
@100
...............................
6,700
6,313
Series
A
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
15
15
Series
A
,
4
.00
%
,
11/1/43
,
Continuously
Callable
@100
........................
1,445
1,452
Series
A
,
4
.00
%
,
11/1/47
,
Continuously
Callable
@100
........................
1,040
1,001
Series
B
,
4
.75
%
,
11/1/52
,
Continuously
Callable
@100
........................
750
768
Virginia
Small
Business
Financing
Authority
Revenue
5
.00
%
,
10/1/38
....................................................
1,500
1,663
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
...............................
15,830
14,106
4
.00
%
,
12/1/51
,
Continuously
Callable
@103
...............................
4,000
3,372
Series
A
,
4
.00
%
,
1/1/45
,
Continuously
Callable
@103
.........................
2,800
2,641
Series
A
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@103
.........................
16,265
14,373
Series
A
,
5
.50
%
,
12/1/54
,
Continuously
Callable
@102
........................
4,500
4,641
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
A-1
,
5
.25
%
,
6/15/55
,
Continuously
Callable
@100
......................
$
2,000
$
2,053
Virginia
Small
Business
Financing
Authority
Revenue
AMT
Series
66-P3
,
5
.00
%
,
12/31/52
,
Continuously
Callable
@100
....................
5,000
4,931
Series
66-P3
,
5
.00
%
,
12/31/56
,
Continuously
Callable
@100
....................
3,635
3,543
Series
I-495
,
5
.00
%
,
12/31/57
,
Continuously
Callable
@100
....................
2,000
1,969
Western
Regional
Jail
Authority
Revenue
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
1,540
1,552
5
.00
%
,
12/1/38
,
Continuously
Callable
@100
...............................
1,000
1,007
424,500
District
of
Columbia
(9.4%):
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
AMT
Series
A
,
5
.25
%
,
10/1/48
,
Continuously
Callable
@100
........................
3,160
3,277
Series
A
,
5
.00
%
,
10/1/50
,
Continuously
Callable
@100
........................
2,750
2,812
Series
A
,
4
.50
%
,
10/1/53
,
Continuously
Callable
@100
........................
2,175
2,052
Series
A
,
5
.25
%
,
10/1/53
,
Continuously
Callable
@100
........................
2,000
2,055
Series
A
,
5
.50
%
,
10/1/54
,
Continuously
Callable
@100
........................
9,750
10,223
Series
A
,
5
.50
%
,
10/1/55
,
Continuously
Callable
@100
........................
1,225
1,297
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
4
.00
%
,
10/1/52
,
Continuously
Callable
@100
...............................
3,000
2,683
Series
A
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
1,500
1,535
Series
B
,
4
.00
%
,
10/1/53
,
Continuously
Callable
@100
........................
1,500
1,270
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
10/1/30
(e)
.............................
5,500
4,819
Washington
Metropolitan
Area
Transit
Authority
Dedicated
Revenue
5
.25
%
,
7/15/53
,
Continuously
Callable
@100
...............................
5,135
5,355
Series
A
,
4
.00
%
,
7/15/45
,
Continuously
Callable
@100
........................
2,500
2,449
Series
A
,
5
.00
%
,
7/15/49
,
Continuously
Callable
@100
........................
1,000
1,040
Washington
Metropolitan
Area
Transit
Authority
Revenue
,
Series
B
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
...........................................
5,000
5,057
45,924
Guam
(2.5%):
Guam
Government
Waterworks
Authority
Revenue
Series
A
,
5
.00
%
,
1/1/50
,
Continuously
Callable
@100
.........................
1,000
1,014
Series
A
,
5
.50
%
,
7/1/55
,
Continuously
Callable
@100
.........................
750
780
Guam
Power
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
4,000
4,022
Series
A
,
5
.00
%
,
10/1/41
,
Continuously
Callable
@100
........................
1,500
1,553
Series
A
,
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
........................
200
207
Series
A
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
225
230
Port
Authority
of
Guam
Revenue
,
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
....
1,500
1,507
Territory
of
Guam
Revenue
Series
A
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
........................
1,250
1,250
Series
F
,
5
.00
%
,
1/1/31
...............................................
500
533
Series
F
,
4
.00
%
,
1/1/42
,
Continuously
Callable
@100
.........................
1,000
957
12,053
Total
Municipal
Bonds
(Cost
$512,968)
a
a
a
482,477
Total
Investments
(Cost
$512,968)
—
98.8%
482,477
Other
assets
in
excess
of
liabilities
—  1.2%
6,063
NET
ASSETS
-
100.00%
$
488,540
(a)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(b)
Put
Bond.
(c)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2026,
the
fair
value
of
these
securities
was
$3,093
(thousands)
and
amounted
to
0.6%
of
net
assets.
(e)
Zero-coupon
bond.
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2026
AMT
—
Alternative
Minimum
Tax
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
LOC—Principal
and
interest
payments
are
guaranteed
by
a
bank
letter
of
credit
or
other
bank
credit
agreement.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.