Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
1
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(24.6%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,899,203
$
40,012
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
156,416
9,386
VictoryShares
Free
Cash
Flow
ETF
..........................................
266,746
13,268
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
342,786
10,973
VictoryShares
International
Free
Cash
Flow
Growth
ETF
(a)
........................
136,000
4,270
VictoryShares
International
Value
Momentum
ETF
...............................
267,086
20,264
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
280,000
6,955
VictoryShares
Short-Term
Bond
ETF
.........................................
443,598
22,388
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
200,000
7,506
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
106,772
11,680
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
93,804
10,191
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
287,123
14,661
Total
Affiliated
Exchange-Traded
Funds
(Cost
$136,808)
a
a
a
171,554
Affiliated
Mutual
Funds
(74.9%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
268,058
24,321
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
8,518,280
77,005
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
225,335
6,945
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
2,051,421
24,966
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
16,957,333
148,885
Victory
High
Income
Fund,
Institutional
Shares
.................................
4,647,419
31,463
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
287,050
6,172
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
205,273
5,828
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
4,479,611
41,974
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
198,158
13,451
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
60,279
2,570
Victory
RS
International
Fund,
Class
R6
......................................
1,785,905
28,789
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
8,468,243
76,807
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
383,341
6,559
Victory
Target
Managed
Allocation
Fund
......................................
517,866
6,463
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
1,846,949
21,221
Total
Affiliated
Mutual
Funds
(Cost
$484,651)
a
a
a
523,419
Short-Term
Investments
(0.0%)(b)
Collateral
for
Securities
Loaned
(0.0%):^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(c)
........
45,414
45
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(c)
............
45,414
46
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(c)
...............
45,414
46
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(c)
.
45,414
45
182
Total
Short-Term
Investments
(Cost
$182)
a
a
a
182
Total
Investments
(Cost
$621,641)
—
99.5%
695,155
Other
assets
in
excess
of
liabilities
—  0.5%
3,146
NET
ASSETS
-
100.00%
$
698,301
At
July
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
23.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
23,339
$
48
$
—
$
—
$
934
$
24,321
268,058
$
48
$
—
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
75,349
2,922
—
—
(
1,266
)
77,005
8,518,280
902
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
6,810
—
—
—
135
6,945
225,335
—
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
26,586
—
(
3,026
)
707
699
24,966
2,051,421
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
148,893
2,525
—
—
(
2,533
)
148,885
16,957,333
1,492
—
Victory
High
Income
Fund,
Institutional
Shares
......
31,270
516
—
—
(
323
)
31,463
4,647,419
515
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
5,638
30
—
—
504
6,172
287,050
30
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
5,466
—
—
—
362
5,828
205,273
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
40,878
561
—
—
535
41,974
4,479,611
561
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
13,051
—
—
—
400
13,451
198,158
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
3,033
—
—
—
(
463
)
2,570
60,279
—
—
Victory
RS
International
Fund,
Class
R6
.............
27,628
—
—
—
1,161
28,789
1,785,905
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
76,320
907
—
—
(
420
)
76,807
8,468,243
887
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
5,942
—
—
—
617
6,559
383,341
—
—
Victory
Target
Managed
Allocation
Fund
........
13,204
—
(
7,069
)
1,981
(
1,653
)
6,463
517,866
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
20,631
—
—
—
590
21,221
1,846,949
—
—
VictoryShares
Corporate
Bond
ETF
.................
40,789
—
—
—
(
777
)
40,012
1,899,203
438
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
9,447
—
—
—
(
61
)
9,386
156,416
82
—
VictoryShares
Free
Cash
Flow
ETF
.................
11,219
—
—
—
2,049
13,268
266,746
23
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
10,071
—
—
—
902
10,973
342,786
—
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
4,145
—
—
—
125
4,270
136,000
9
—
VictoryShares
International
Value
Momentum
ETF
...
19,132
—
—
—
1,132
20,264
267,086
246
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
6,958
—
—
—
(
3
)
6,955
280,000
109
—
VictoryShares
Short-Term
Bond
ETF
............
22,468
—
—
—
(
80
)
22,388
443,598
252
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
6,494
—
—
—
1,012
7,506
200,000
10
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
11,002
—
—
—
678
11,680
106,772
56
—
VictoryShares
US
Value
Momentum
ETF
........
9,553
—
—
—
638
10,191
93,804
44
—
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
WestEnd
U.S.
Sector
ETF
............
$
14,069
$
—
$
—
$
—
$
592
$
14,661
287,123
$
24
$
—
$
689,385
$
7,509
$
(
10,095
)
$
2,688
$
5,486
$
694,973
55,380,055
$
5,728
$
—
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
4
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(32.9%)
VictoryShares
Corporate
Bond
ETF
(a)
........................................
2,360,410
$
49,729
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
407,025
24,424
VictoryShares
Free
Cash
Flow
ETF
(a)
........................................
856,759
42,615
VictoryShares
Free
Cash
Flow
Growth
ETF
(a)
..................................
843,261
26,993
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
647,000
20,314
VictoryShares
International
Value
Momentum
ETF
(a)
.............................
700,880
53,177
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
540,000
13,414
VictoryShares
Short-Term
Bond
ETF
.........................................
1,418,858
71,610
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
593,995
22,293
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
284,422
31,114
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
346,589
37,655
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
969,469
49,501
Total
Affiliated
Exchange-Traded
Funds
(Cost
$329,591)
a
a
a
442,839
Affiliated
Mutual
Funds
(66.9%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
790,038
71,680
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
11,795,245
106,629
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
538,376
16,593
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
5,781,351
70,359
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
23,057,811
202,448
Victory
High
Income
Fund,
Institutional
Shares
.................................
7,481,105
50,647
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,173,377
25,228
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
713,336
20,252
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
5,148,145
48,238
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
653,362
44,350
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
114,275
4,871
Victory
RS
International
Fund,
Class
R6
......................................
4,624,908
74,553
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
7,912,606
71,767
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
1,227,774
21,007
Victory
Target
Managed
Allocation
Fund
......................................
1,097,082
13,692
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
4,935,230
56,706
Total
Affiliated
Mutual
Funds
(Cost
$775,397)
a
a
a
899,020
Short-Term
Investments
(0.3%)
Collateral
for
Securities
Loaned
(0.3%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(b)
........
1,159,476
1,159
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(b)
............
1,159,476
1,160
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(b)
...............
1,159,476
1,160
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(b)
.
1,159,476
1,159
4,638
Total
Short-Term
Investments
(Cost
$4,638)
a
a
a
4,638
Total
Investments
(Cost
$1,109,626)
—
100.1%
1,346,497
Liabilities
in
excess
of
other
assets
—  (0.1)%
(1,179)
NET
ASSETS
-
100.00%
$
1,345,318
At
July
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
27.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
68,787
$
142
$
—
$
—
$
2,751
$
71,680
790,038
$
142
$
—
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
104,172
4,195
—
—
(
1,738
)
106,629
11,795,245
1,250
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
16,270
—
—
—
323
16,593
538,376
—
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
73,548
—
(
7,019
)
1,530
2,300
70,359
5,781,351
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
203,816
2,074
—
—
(
3,442
)
202,448
23,057,811
2,031
—
Victory
High
Income
Fund,
Institutional
Shares
......
50,337
830
—
—
(
520
)
50,647
7,481,105
830
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
23,047
121
—
—
2,060
25,228
1,173,377
121
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
18,996
—
—
—
1,256
20,252
713,336
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
45,001
2,635
—
—
602
48,238
5,148,145
636
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
43,030
—
—
—
1,320
44,350
653,362
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
5,749
—
—
—
(
878
)
4,871
114,275
—
—
Victory
RS
International
Fund,
Class
R6
.............
71,547
—
—
—
3,006
74,553
4,624,908
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
71,313
848
—
—
(
394
)
71,767
7,912,606
830
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
19,030
—
—
—
1,977
21,007
1,227,774
—
—
Victory
Target
Managed
Allocation
Fund
........
41,923
—
(
29,109
)
6,611
(
5,733
)
13,692
1,097,082
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
55,127
—
—
—
1,579
56,706
4,935,230
—
—
VictoryShares
Corporate
Bond
ETF
.................
50,694
—
—
—
(
965
)
49,729
2,360,410
544
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
24,582
—
—
—
(
158
)
24,424
407,025
213
—
VictoryShares
Free
Cash
Flow
ETF
.................
36,035
—
—
—
6,580
42,615
856,759
73
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
24,775
—
—
—
2,218
26,993
843,261
—
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
19,718
—
—
—
596
20,314
647,000
43
—
VictoryShares
International
Value
Momentum
ETF
...
50,206
—
—
—
2,971
53,177
700,880
645
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
13,419
—
—
—
(
5
)
13,414
540,000
209
—
VictoryShares
Short-Term
Bond
ETF
............
71,865
—
—
—
(
255
)
71,610
1,418,858
807
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
19,288
—
—
—
3,005
22,293
593,995
29
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
29,307
—
—
—
1,807
31,114
284,422
148
—
VictoryShares
US
Value
Momentum
ETF
........
35,298
—
—
—
2,357
37,655
346,589
161
—
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
WestEnd
U.S.
Sector
ETF
............
$
47,504
$
—
$
—
$
—
$
1,997
$
49,501
969,469
$
81
$
—
$
1,334,384
$
10,845
$
(
36,128
)
$
8,141
$
24,617
$
1,341,859
87,012,689
$
8,793
$
—
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
7
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(38.9%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,949,335
$
41,068
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
823,858
49,437
VictoryShares
Free
Cash
Flow
ETF
..........................................
1,816,057
90,331
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
1,871,473
59,906
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
1,174,000
36,861
VictoryShares
International
Value
Momentum
ETF
...............................
1,252,800
95,052
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
840,000
20,866
VictoryShares
Short-Term
Bond
ETF
.........................................
1,459,060
73,639
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
1,009,485
37,886
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
514,983
56,337
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
757,333
82,280
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
1,952,689
99,704
Total
Affiliated
Exchange-Traded
Funds
(Cost
$525,418)
a
a
a
743,367
Affiliated
Mutual
Funds
(60.7%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
1,645,152
149,265
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
9,112,255
82,375
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
614,467
18,938
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
11,840,879
144,103
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
13,607,264
119,472
Victory
High
Income
Fund,
Institutional
Shares
.................................
9,090,715
61,544
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
2,195,261
47,198
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
1,238,380
35,158
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
4,444,072
41,641
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
1,332,576
90,455
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
200,297
8,539
Victory
RS
International
Fund,
Class
R6
......................................
8,662,521
139,640
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
2,925,516
26,534
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
2,698,855
46,177
Victory
Target
Managed
Allocation
Fund
......................................
3,728,394
46,530
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
8,848,617
101,671
Total
Affiliated
Mutual
Funds
(Cost
$901,347)
a
a
a
1,159,240
Short-Term
Investments
(0.0%)(b)
Collateral
for
Securities
Loaned
(0.0%):^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(c)
........
152,969
153
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(c)
............
152,969
153
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(c)
...............
152,969
153
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(c)
.
152,969
153
612
Total
Short-Term
Investments
(Cost
$612)
a
a
a
612
Total
Investments
(Cost
$1,427,377)
—
99.6%
1,903,219
Other
assets
in
excess
of
liabilities
—  0.4%
7,573
NET
ASSETS
-
100.00%
$
1,910,792
At
July
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
33.3%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
143,241
$
296
$
—
$
—
$
5,728
$
149,265
1,645,152
$
296
$
—
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
82,742
993
—
—
(
1,360
)
82,375
9,112,255
972
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
18,569
—
—
—
369
18,938
614,467
—
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
139,598
—
(
2,977
)
225
7,257
144,103
11,840,879
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
117,283
4,221
—
—
(
2,032
)
119,472
13,607,264
1,195
—
Victory
High
Income
Fund,
Institutional
Shares
......
61,167
1,008
—
—
(
631
)
61,544
9,090,715
1,008
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
43,119
226
—
—
3,853
47,198
2,195,261
226
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
32,978
—
—
—
2,180
35,158
1,238,380
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
38,576
2,548
—
—
517
41,641
4,444,072
548
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
87,763
—
—
—
2,692
90,455
1,332,576
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
10,077
—
—
—
(
1,538
)
8,539
200,297
—
—
Victory
RS
International
Fund,
Class
R6
.............
134,009
—
—
—
5,631
139,640
8,662,521
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
26,366
313
—
—
(
145
)
26,534
2,925,516
307
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
41,832
—
—
—
4,345
46,177
2,698,855
—
—
Victory
Target
Managed
Allocation
Fund
........
80,769
—
(
36,142
)
8,105
(
6,202
)
46,530
3,728,394
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
98,839
—
—
—
2,832
101,671
8,848,617
—
—
VictoryShares
Corporate
Bond
ETF
.................
41,866
—
—
—
(
798
)
41,068
1,949,335
450
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
49,756
—
—
—
(
319
)
49,437
823,858
430
—
VictoryShares
Free
Cash
Flow
ETF
.................
76,383
—
—
—
13,948
90,331
1,816,057
155
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
54,984
—
—
—
4,922
59,906
1,871,473
—
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
33,645
2,194
—
—
1,022
36,861
1,174,000
73
—
VictoryShares
International
Value
Momentum
ETF
...
89,741
—
—
—
5,311
95,052
1,252,800
1,153
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
20,874
—
—
—
(
8
)
20,866
840,000
326
—
VictoryShares
Short-Term
Bond
ETF
............
64,809
9,076
—
—
(
246
)
73,639
1,459,060
774
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
32,779
—
—
—
5,107
37,886
1,009,485
49
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
53,064
—
—
—
3,273
56,337
514,983
268
—
VictoryShares
US
Value
Momentum
ETF
........
77,130
—
—
—
5,150
82,280
757,333
352
—
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
WestEnd
U.S.
Sector
ETF
............
$
95,682
$
—
$
—
$
—
$
4,022
$
99,704
1,952,689
$
163
$
—
$
1,847,641
$
20,875
$
(
39,119
)
$
8,330
$
64,880
$
1,902,607
97,606,294
$
8,745
$
—
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
10
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(40.1%)
VictoryShares
Corporate
Bond
ETF
..........................................
698,750
$
14,721
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
576,226
34,578
VictoryShares
Free
Cash
Flow
ETF
(a)
........................................
1,342,090
66,756
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
1,484,836
47,530
VictoryShares
International
Free
Cash
Flow
Growth
ETF
(a)
........................
867,000
27,222
VictoryShares
International
Value
Momentum
ETF
...............................
932,283
70,734
VictoryShares
Pioneer
Asset-Based
Income
ETF
.................................
400,000
9,936
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
856,847
32,157
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
288,087
17,203
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
375,468
41,074
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
576,857
62,673
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
1,483,654
75,755
Total
Affiliated
Exchange-Traded
Funds
(Cost
$328,362)
a
a
a
500,339
Affiliated
Mutual
Funds
(59.5%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
1,240,161
112,520
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
4,756,615
43,000
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
656,526
20,234
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
8,577,128
104,384
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
5,488,725
48,191
Victory
High
Income
Fund,
Institutional
Shares
.................................
1,447,819
9,802
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,485,506
31,938
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
933,634
26,506
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
1,409,376
13,206
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
1,061,296
72,041
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
116,752
4,977
Victory
RS
International
Fund,
Class
R6
......................................
6,903,956
111,292
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
109,614
994
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
2,026,096
34,666
Victory
Target
Managed
Allocation
Fund
......................................
2,536,168
31,651
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
6,698,579
76,967
Total
Affiliated
Mutual
Funds
(Cost
$548,323)
a
a
a
742,369
Short-Term
Investments
(0.6%)
Collateral
for
Securities
Loaned
(0.6%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(b)
........
1,730,797
1,731
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(b)
............
1,730,797
1,730
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(b)
...............
1,730,797
1,731
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(b)
.
1,730,797
1,731
6,923
Total
Short-Term
Investments
(Cost
$6,923)
a
a
a
6,923
Total
Investments
(Cost
$883,608)
—
100.2%
1,249,631
Liabilities
in
excess
of
other
assets
—  (0.2)%
(3,018)
NET
ASSETS
-
100.00%
$
1,246,613
At
July
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
37.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
107,979
$
223
$
—
$
—
$
4,318
$
112,520
1,240,161
$
223
$
—
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
39,204
4,502
—
—
(
706
)
43,000
4,756,615
491
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
15,314
5,000
—
—
(
80
)
20,234
656,526
—
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
104,835
—
(
6,035
)
581
5,003
104,384
8,577,128
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
45,512
3,485
—
—
(
806
)
48,191
5,488,725
475
—
Victory
High
Income
Fund,
Institutional
Shares
......
9,742
161
—
—
(
101
)
9,802
1,447,819
161
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
29,178
153
—
—
2,607
31,938
1,485,506
153
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
24,863
—
—
—
1,643
26,506
933,634
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
10,883
2,168
—
—
155
13,206
1,409,376
168
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
69,897
—
—
—
2,144
72,041
1,061,296
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
5,874
—
—
—
(
897
)
4,977
116,752
—
—
Victory
RS
International
Fund,
Class
R6
.............
101,779
5,000
—
—
4,513
111,292
6,903,956
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
988
12
—
—
(
6
)
994
109,614
11
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
31,404
—
—
—
3,262
34,666
2,026,096
—
—
Victory
Target
Managed
Allocation
Fund
........
63,277
—
(
33,119
)
7,403
(
5,910
)
31,651
2,536,168
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
72,810
2,000
—
—
2,157
76,967
6,698,579
—
—
VictoryShares
Corporate
Bond
ETF
.................
15,007
—
—
—
(
286
)
14,721
698,750
161
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
34,801
—
—
—
(
223
)
34,578
576,226
301
—
VictoryShares
Free
Cash
Flow
ETF
.................
56,448
—
—
—
10,308
66,756
1,342,090
114
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
43,624
—
—
—
3,906
47,530
1,484,836
—
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
22,765
3,950
—
—
507
27,222
867,000
50
—
VictoryShares
International
Value
Momentum
ETF
...
66,782
—
—
—
3,952
70,734
932,283
858
—
VictoryShares
Pioneer
Asset-
Based
Income
ETF
......
9,940
—
—
—
(
4
)
9,936
400,000
155
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
27,823
—
—
—
4,334
32,157
856,847
41
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
..
16,934
—
—
—
269
17,203
288,087
60
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
38,688
—
—
—
2,386
41,074
375,468
196
—
VictoryShares
US
Value
Momentum
ETF
........
58,749
—
—
—
3,924
62,673
576,857
268
—
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
VictoryShares
WestEnd
U.S.
Sector
ETF
............
$
72,699
$
—
$
—
$
—
$
3,056
$
75,755
1,483,654
$
124
$
—
$
1,197,799
$
26,654
$
(
39,154
)
$
7,984
$
49,425
$
1,242,708
55,330,049
$
4,010
$
—
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
13
(Unaudited)
Security
Description
Shares
a
Value
(000)
Affiliated
Exchange-Traded
Funds
(40.0%)
VictoryShares
Corporate
Bond
ETF
..........................................
81,206
$
1,711
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
90,347
5,421
VictoryShares
Free
Cash
Flow
ETF
..........................................
218,406
10,863
VictoryShares
Free
Cash
Flow
Growth
ETF
....................................
212,019
6,787
VictoryShares
International
Free
Cash
Flow
Growth
ETF
..........................
195,000
6,123
VictoryShares
International
Value
Momentum
ETF
...............................
148,180
11,243
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
144,334
5,417
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
43,625
2,605
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
59,930
6,556
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
92,671
10,068
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
242,452
12,380
Total
Affiliated
Exchange-Traded
Funds
(Cost
$51,056)
a
a
a
79,174
Affiliated
Mutual
Funds
(59.5%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
202,726
18,393
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
...............................
625,846
5,658
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
161,013
4,962
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
1,321,760
16,086
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
749,802
6,583
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
280,156
6,023
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
134,752
3,826
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
113,683
1,065
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
177,886
12,075
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
17,465
745
Victory
RS
International
Fund,
Class
R6
......................................
1,211,386
19,528
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
138
1
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
308,357
5,276
Victory
Target
Managed
Allocation
Fund
......................................
404,835
5,052
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
1,067,297
12,263
Total
Affiliated
Mutual
Funds
(Cost
$87,378)
a
a
a
117,536
Short-Term
Investments
(0.1%)
Collateral
for
Securities
Loaned
(0.1%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(b)
........
33,375
33
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(b)
............
33,375
34
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(b)
...............
33,375
34
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(b)
.
33,375
33
134
Total
Short-Term
Investments
(Cost
$134)
a
a
a
134
Total
Investments
(Cost
$138,568)
—
99.6%
196,844
Other
assets
in
excess
of
liabilities
—  0.4%
815
NET
ASSETS
-
100.00%
$
197,659
At
July
31,
2026,
the
foreign
securities
held
by
the
underlying
Funds
were
39.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
500
Index
Fund,
Reward
Shares
.........
$
17,651
$
37
$
—
$
—
$
705
$
18,393
202,726
$
37
$
—
Victory
Core
Plus
Bond
Fund,
Institutional
Shares
......
4,187
1,562
—
—
(
91
)
5,658
625,846
61
—
Victory
Emerging
Markets
Fund,
Institutional
Shares
.
3,933
1,000
—
—
29
4,962
161,013
—
—
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
...............
15,745
—
(
496
)
38
799
16,086
1,321,760
—
—
Victory
Government
Securities
Fund,
Institutional
Shares
.
6,628
67
—
—
(
112
)
6,583
749,802
66
—
Victory
Income
Stock
Fund,
Institutional
Shares
......
5,503
29
—
—
491
6,023
280,156
29
—
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
....
3,588
—
—
—
238
3,826
134,752
—
—
Victory
Market
Neutral
Income
Fund,
Class
I
..........
543
512
—
—
10
1,065
113,683
12
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
.........
11,716
—
—
—
359
12,075
177,886
—
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
...............
879
—
—
—
(
134
)
745
17,465
—
—
Victory
RS
International
Fund,
Class
R6
.............
17,747
1,000
—
—
781
19,528
1,211,386
—
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.
1
—
*
—
—
—
*
1
138
—
*
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
......
4,780
—
—
—
496
5,276
308,357
—
—
Victory
Target
Managed
Allocation
Fund
........
10,357
—
(
5,546
)
1,197
(
956
)
5,052
404,835
—
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
10,934
1,000
—
—
329
12,263
1,067,297
—
—
VictoryShares
Corporate
Bond
ETF
.................
1,744
—
—
—
(
33
)
1,711
81,206
19
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
.................
5,456
—
—
—
(
35
)
5,421
90,347
47
—
VictoryShares
Free
Cash
Flow
ETF
.................
9,186
—
—
—
1,677
10,863
218,406
19
—
VictoryShares
Free
Cash
Flow
Growth
ETF
...........
6,229
—
—
—
558
6,787
212,019
—
—
VictoryShares
International
Free
Cash
Flow
Growth
ETF
5,943
—
—
—
180
6,123
195,000
13
—
VictoryShares
International
Value
Momentum
ETF
...
10,615
—
—
—
628
11,243
148,180
135
—
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
.........
4,687
—
—
—
730
5,417
144,334
7
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
..
2,564
—
—
—
41
2,605
43,625
9
—
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
6,175
—
—
—
381
6,556
59,930
31
—
VictoryShares
US
Value
Momentum
ETF
........
9,438
—
—
—
630
10,068
92,671
43
—
VictoryShares
WestEnd
U.S.
Sector
ETF
............
11,880
—
—
—
500
12,380
242,452
20
—
$
188,109
$
5,207
$
(
6,042
)
$
1,235
$
8,201
$
196,710
8,305,272
$
548
$
—
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
15
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.7%)
Australia
(1.0%):
Industrials
(0.3%):
Brambles
Ltd.
.........................................................
44,969
$
617
Computershare
Ltd.
.....................................................
20,408
587
1,204
Materials
(0.7%):
BHP
Group
Ltd.
........................................................
39,960
1,684
Fortescue
Ltd.
.........................................................
56,125
728
2,412
3,616
Belgium
(0.1%):
Consumer
Discretionary
(0.1%):
D'ieteren
Group
........................................................
1,481
306
Brazil
(0.8%):
Energy
(0.1%):
Petroleo
Brasileiro
SA
-
Petrobras,
Preference
Shares
.............................
68,000
582
Financials
(0.4%):
Itau
Unibanco
Holding
SA,
Preference
Shares
..................................
164,603
1,393
Materials
(0.3%):
Vale
SA
..............................................................
73,697
1,109
3,084
Canada
(2.8%):
Consumer
Discretionary
(0.2%):
Magna
International,
Inc.
.................................................
13,627
935
Consumer
Staples
(0.5%):
George
Weston
Ltd.
.....................................................
7,131
533
Loblaw
Cos.
Ltd.
.......................................................
29,408
1,381
1,914
Energy
(0.4%):
Suncor
Energy,
Inc.
.....................................................
22,149
1,487
Financials
(1.2%):
Canadian
Imperial
Bank
of
Commerce
........................................
11,423
1,353
iA
Financial
Corp.,
Inc.
...................................................
6,816
1,008
Manulife
Financial
Corp.
.................................................
25,009
1,111
Sun
Life
Financial,
Inc.
..................................................
11,235
932
4,404
Information
Technology
(0.2%):
Celestica,
Inc.(a)
.......................................................
2,251
745
Materials
(0.3%):
Barrick
Mining
Corp.
....................................................
7,903
290
Kinross
Gold
Corp.
.....................................................
19,962
460
Lundin
Gold,
Inc.
.......................................................
4,997
280
1,030
10,515
China
(2.0%):
Communication
Services
(0.1%):
Kuaishou
Technology,
Class
B(b)
...........................................
38,000
212
NetEase,
Inc.
..........................................................
11,500
306
518
Consumer
Discretionary
(0.3%):
ANTA
Sports
Products
Ltd.
................................................
25,800
260
JD.com,
Inc.,
Class
A
....................................................
30,150
496
Vipshop
Holdings
Ltd.,
ADR
..............................................
26,495
406
1,162
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Energy
(0.3%):
PetroChina
Co.
Ltd.,
Class
H
..............................................
928,000
$
1,181
Financials
(1.1%):
Agricultural
Bank
of
China
Ltd.,
Class
H
......................................
1,255,000
1,009
China
Life
Insurance
Co.
Ltd.,
Class
H
.......................................
304,000
1,132
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.............................
1,828,000
1,749
3,890
Materials
(0.2%):
Zijin
Mining
Group
Co.
Ltd.,
Class
H
........................................
136,000
577
7,328
Denmark
(0.2%):
Health
Care
(0.2%):
Genmab
A/S(a)(c)
......................................................
2,474
712
France
(1.9%):
Communication
Services
(0.3%):
Orange
SA
............................................................
54,847
1,048
Health
Care
(0.1%):
Ipsen
SA
.............................................................
2,688
519
Industrials
(1.0%):
Bouygues
SA
..........................................................
8,749
493
Cie
de
Saint-Gobain
SA
..................................................
10,903
1,025
Eiffage
SA
............................................................
4,458
634
Safran
SA
............................................................
1,640
644
Thales
SA
............................................................
2,032
578
Vinci
SA
.............................................................
2,478
350
3,724
Utilities
(0.5%):
Engie
SA(c)
...........................................................
61,160
1,906
7,197
Germany
(2.4%):
Communication
Services
(0.2%):
Deutsche
Telekom
AG
...................................................
24,983
771
Consumer
Discretionary
(0.2%):
Continental
AG
........................................................
8,006
666
Financials
(0.6%):
Allianz
SE,
Registered
Shares
..............................................
1,424
709
Deutsche
Bank
AG,
Registered
Shares
........................................
29,820
1,097
Talanx
AG
............................................................
4,707
626
2,432
Health
Care
(0.1%):
Bayer
AG,
Registered
Shares
..............................................
6,691
371
Industrials
(0.8%):
Deutsche
Post
AG
......................................................
15,787
1,054
GEA
Group
AG
........................................................
9,993
710
Siemens
Energy
AG
.....................................................
7,947
1,358
3,122
Materials
(0.3%):
Heidelberg
Materials
AG
.................................................
5,642
1,050
Utilities
(0.2%):
E.ON
SE
.............................................................
27,623
595
9,007
Hong
Kong
(0.8%):
Consumer
Staples
(0.2%):
WH
Group
Ltd.(b)
......................................................
601,500
647
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Financials
(0.5%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
263,000
$
1,749
Industrials
(0.1%):
SITC
International
Holdings
Co.
Ltd.
.........................................
103,000
519
2,915
Hungary
(0.5%):
Financials
(0.5%):
OTP
Bank
Nyrt
........................................................
12,495
1,853
India
(0.7%):
Communication
Services
(0.1%):
Bharti
Airtel
Ltd.
.......................................................
22,761
470
Health
Care
(0.2%):
Sun
Pharmaceutical
Industries
Ltd.
..........................................
32,555
679
Industrials
(0.1%):
Bharat
Electronics
Ltd.
...................................................
64,110
261
Information
Technology
(0.3%):
HCL
Technologies
Ltd.
...................................................
31,254
442
Infosys
Ltd.
...........................................................
49,215
584
Tata
Consultancy
Services
Ltd.
.............................................
8,374
208
1,234
2,644
Ireland
(1.9%):
Consumer
Discretionary
(0.2%):
PDD
Holdings,
Inc.,
ADR(a)
...............................................
7,734
685
Industrials
(0.5%):
Trane
Technologies
PLC
..................................................
4,071
1,852
Information
Technology
(0.8%):
Accenture
PLC,
Class
A
..................................................
5,702
946
TE
Connectivity
PLC
....................................................
10,254
2,109
3,055
Materials
(0.4%):
CRH
PLC
............................................................
14,703
1,397
6,989
Israel
(0.5%):
Financials
(0.4%):
Bank
Hapoalim
BM
.....................................................
15,960
388
Bank
Leumi
Le-Israel
BM
................................................
53,325
1,261
1,649
Health
Care
(0.1%):
Teva
Pharmaceutical
Industries
Ltd.,
ADR(a)
...................................
5,408
189
1,838
Italy
(0.3%):
Utilities
(0.3%):
Enel
SpA
.............................................................
107,355
1,212
Japan
(4.1%):
Communication
Services
(0.1%):
KDDI
Corp.
...........................................................
24,400
449
Consumer
Discretionary
(0.9%):
Asics
Corp.
...........................................................
19,100
563
Isuzu
Motors
Ltd.
.......................................................
40,900
610
Subaru
Corp.
..........................................................
41,200
702
Suzuki
Motor
Corp.
.....................................................
97,900
1,278
3,153
Financials
(0.7%):
SBI
Holdings,
Inc.
......................................................
39,400
744
Sompo
Holdings,
Inc.
....................................................
17,900
795
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Tokio
Marine
Holdings,
Inc.
...............................................
19,300
$
983
2,522
Health
Care
(0.3%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
7,600
330
Shionogi
&
Co.
Ltd.
.....................................................
43,300
783
1,113
Industrials
(1.1%):
Central
Japan
Railway
Co.
................................................
21,400
533
Fujikura
Ltd.
..........................................................
14,400
365
Sumitomo
Corp.
........................................................
171,200
1,777
Toyota
Tsusho
Corp.
.....................................................
36,100
1,499
4,174
Information
Technology
(0.7%):
Advantest
Corp.
........................................................
5,600
1,107
Fujitsu
Ltd.
...........................................................
17,700
408
Kioxia
Holdings
Corp.(a)
.................................................
2,200
613
NEC
Corp.
...........................................................
13,800
410
2,538
Materials
(0.2%):
Nitto
Denko
Corp.
......................................................
37,400
790
Utilities
(0.1%):
Chubu
Electric
Power
Co.,
Inc.
.............................................
27,600
478
15,217
Mexico
(0.5%):
Financials
(0.2%):
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
.................................
61,036
707
Materials
(0.3%):
Grupo
Mexico
SAB
de
CV,
Class
B
..........................................
96,520
1,158
1,865
Netherlands
(0.8%):
Communication
Services
(0.2%):
Koninklijke
KPN
NV
....................................................
197,562
933
Consumer
Staples
(0.3%):
Koninklijke
Ahold
Delhaize
NV
............................................
26,671
1,055
X5
Retail
Group
NV,
GDR(a)(d)(e)
..........................................
18,705
—
1,055
Industrials
(0.1%):
Wolters
Kluwer
NV
.....................................................
2,450
192
Information
Technology
(0.2%):
ASML
Holding
NV
.....................................................
565
931
3,111
Norway
(0.3%):
Communication
Services
(0.2%):
Telenor
ASA
..........................................................
44,402
628
Materials
(0.1%):
Norsk
Hydro
ASA
......................................................
52,151
481
1,109
Peru
(0.3%):
Financials
(0.3%):
Credicorp
Ltd.
.........................................................
2,476
992
Russian
Federation
(0.0%):
Energy
(0.0%):
LUKOIL
PJSC(a)(d)(e)
..................................................
34,009
—
Tatneft
PJSC(a)(d)(e)
....................................................
90,761
—
—
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Financials
(0.0%):
Sberbank
of
Russia
PJSC(a)(d)(e)
...........................................
409,312
$
—
Materials
(0.0%):
MMC
Norilsk
Nickel
PJSC(a)(d)(e)
..........................................
524,900
—
—
Singapore
(0.6%):
Financials
(0.6%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
56,900
1,293
Singapore
Exchange
Ltd.
.................................................
54,700
1,043
2,336
South
Africa
(0.6%):
Financials
(0.4%):
FirstRand
Ltd.
.........................................................
136,189
815
Standard
Bank
Group
Ltd.
................................................
37,156
740
1,555
Materials
(0.2%):
Gold
Fields
Ltd.
........................................................
22,854
738
2,293
South
Korea
(2.2%):
Consumer
Discretionary
(0.4%):
Kia
Corp.
............................................................
17,837
1,609
Information
Technology
(1.8%):
Samsung
Electronics
Co.
Ltd.
..............................................
18,378
3,200
SK
hynix,
Inc.
.........................................................
2,902
3,296
6,496
8,105
Spain
(2.1%):
Financials
(1.0%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
80,912
2,268
Banco
Santander
SA
.....................................................
112,417
1,598
3,866
Industrials
(0.4%):
ACS
Actividades
de
Construccion
y
Servicios
SA
................................
6,612
843
Aena
SME
SA(b)
.......................................................
22,815
703
1,546
Utilities
(0.7%):
Endesa
SA
............................................................
22,845
1,112
Iberdrola
SA
..........................................................
58,836
1,398
2,510
7,922
Sweden
(0.3%):
Industrials
(0.2%):
Volvo
AB,
Class
B
......................................................
17,767
680
Information
Technology
(0.1%):
Telefonaktiebolaget
LM
Ericsson,
Class
B
.....................................
54,486
536
1,216
Switzerland
(1.9%):
Consumer
Staples
(0.3%):
Coca-Cola
HBC
AG(a)
...................................................
15,614
1,053
Financials
(0.1%):
Zurich
Insurance
Group
AG
...............................................
499
380
Health
Care
(1.2%):
Novartis
AG,
Registered
Shares
.............................................
13,689
2,141
Roche
Holding
AG
......................................................
4,862
2,126
4,267
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Industrials
(0.1%):
Schindler
Holding
AG,
Participation
Certificates
.................................
1,147
$
361
Information
Technology
(0.1%):
Logitech
International
SA,
Class
R(c)
........................................
4,892
500
Materials
(0.1%):
Holcim
AG(a)
.........................................................
5,069
460
7,021
Taiwan
(2.5%):
Information
Technology
(2.5%):
Accton
Technology
Corp.
.................................................
9,000
583
Delta
Electronics,
Inc.
...................................................
24,000
1,181
MediaTek,
Inc.
.........................................................
10,000
1,065
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
88,000
6,510
9,339
United
Kingdom
(4.4%):
Consumer
Discretionary
(0.4%):
Next
PLC
............................................................
6,574
1,316
Consumer
Staples
(0.8%):
British
American
Tobacco
PLC
.............................................
10,411
631
Imperial
Brands
PLC
....................................................
37,236
1,413
Reckitt
Benckiser
Group
PLC
..............................................
4,331
306
Tesco
PLC
............................................................
106,962
704
3,054
Energy
(0.7%):
BP
PLC
..............................................................
81,749
614
Shell
PLC
............................................................
39,791
1,821
2,435
Financials
(0.8%):
HSBC
Holdings
PLC
....................................................
138,912
2,958
Health
Care
(0.4%):
GSK
PLC
............................................................
55,558
1,444
Industrials
(0.7%):
International
Consolidated
Airlines
Group
SA
...................................
88,485
517
Rolls-Royce
Holdings
PLC
................................................
109,865
2,191
2,708
Materials
(0.4%):
Rio
Tinto
PLC
.........................................................
15,796
1,535
Utilities
(0.2%):
Centrica
PLC
..........................................................
366,089
764
16,214
United
States
(63.1%):
Communication
Services
(6.7%):
Alphabet,
Inc.,
Class
C
...................................................
32,022
11,420
Alphabet,
Inc.,
Class
A
...................................................
22,168
7,895
AT&T,
Inc.
...........................................................
86,379
2,008
Fox
Corp.,
Class
A
......................................................
13,102
763
T-Mobile
US,
Inc.
......................................................
6,061
1,047
Verizon
Communications,
Inc.
..............................................
36,609
1,714
24,847
Consumer
Discretionary
(3.9%):
Booking
Holdings,
Inc.
...................................................
13,309
2,567
eBay,
Inc.
............................................................
7,145
815
Expedia
Group,
Inc.
.....................................................
7,577
2,233
General
Motors
Co.
.....................................................
31,991
2,843
Las
Vegas
Sands
Corp.
...................................................
22,129
1,082
NVR,
Inc.(a)
..........................................................
37
227
Ross
Stores,
Inc.
.......................................................
6,646
1,669
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Tapestry,
Inc.
..........................................................
14,143
$
2,155
The
TJX
Cos.,
Inc.
......................................................
6,717
1,057
14,648
Consumer
Staples
(2.5%):
Altria
Group,
Inc.
.......................................................
25,737
1,758
Dollar
General
Corp.
....................................................
10,773
1,369
Dollar
Tree,
Inc.(a)
......................................................
12,784
1,626
Monster
Beverage
Corp.(a)
................................................
12,979
1,251
Philip
Morris
International,
Inc.
.............................................
3,208
612
Target
Corp.
..........................................................
8,214
1,187
Walmart,
Inc.
..........................................................
11,852
1,318
9,121
Energy
(2.1%):
EOG
Resources,
Inc.
....................................................
12,054
1,792
Halliburton
Co.
........................................................
43,070
1,389
Marathon
Petroleum
Corp.
................................................
6,840
2,165
Valero
Energy
Corp.
.....................................................
7,333
2,295
7,641
Financials
(8.9%):
American
Express
Co.
...................................................
5,462
1,837
Ameriprise
Financial,
Inc.
.................................................
3,463
1,890
Capital
One
Financial
Corp.
...............................................
8,367
1,749
Citigroup,
Inc.
.........................................................
8,913
1,180
Fidelity
National
Financial,
Inc.
............................................
19,406
1,001
Interactive
Brokers
Group,
Inc.,
Class
A
.......................................
19,436
1,710
JPMorgan
Chase
&
Co.
..................................................
15,101
5,312
Loews
Corp.
..........................................................
12,040
1,397
Mastercard,
Inc.,
Class
A
.................................................
2,214
1,269
PayPal
Holdings,
Inc.
....................................................
43,450
2,486
Regions
Financial
Corp.
..................................................
59,472
1,841
SEI
Investments
Co.
.....................................................
7,969
821
Synchrony
Financial
.....................................................
24,757
1,876
The
Allstate
Corp.
......................................................
8,604
2,272
The
Charles
Schwab
Corp.
................................................
5,825
613
The
Goldman
Sachs
Group,
Inc.
............................................
2,731
2,781
The
Hartford
Insurance
Group,
Inc.
..........................................
5,608
796
The
Progressive
Corp.
...................................................
6,048
1,279
U.S.
Bancorp
..........................................................
16,197
1,020
33,130
Health
Care
(7.0%):
AbbVie,
Inc.
..........................................................
12,920
3,242
Bristol-Myers
Squibb
Co.
.................................................
36,840
2,406
Cardinal
Health,
Inc.
....................................................
9,977
2,295
Cencora,
Inc.
..........................................................
4,875
1,518
CVS
Health
Corp.
......................................................
10,275
1,073
Gilead
Sciences,
Inc.
....................................................
18,665
2,430
Johnson
&
Johnson
.....................................................
13,400
3,435
McKesson
Corp.
.......................................................
2,529
2,165
Merck
&
Co.,
Inc.
......................................................
22,028
2,868
Royalty
Pharma
PLC,
Class
A
..............................................
21,084
1,232
The
Cigna
Group
.......................................................
4,894
1,366
UnitedHealth
Group,
Inc.
.................................................
1,367
567
Zoetis,
Inc.,
Class
A
.....................................................
20,240
1,564
26,161
Industrials
(6.7%):
Automatic
Data
Processing,
Inc.
............................................
2,399
639
C.H.
Robinson
Worldwide,
Inc.
.............................................
8,618
1,273
Caterpillar,
Inc.
........................................................
3,026
2,466
Comfort
Systems
USA,
Inc.
...............................................
1,418
2,453
Cummins,
Inc.
.........................................................
2,009
1,274
Delta
Air
Lines,
Inc.
.....................................................
12,634
1,105
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
EMCOR
Group,
Inc.
....................................................
2,836
$
2,262
Expeditors
International
of
Washington,
Inc.
....................................
9,360
1,571
FedEx
Corp.
..........................................................
3,390
1,042
Ferguson
Enterprises,
Inc.
.................................................
5,854
1,372
General
Dynamics
Corp.
..................................................
1,326
508
General
Electric
Co.
.....................................................
7,127
2,566
Leidos
Holdings,
Inc.
....................................................
8,993
1,040
Lockheed
Martin
Corp.
...................................................
2,810
1,637
United
Airlines
Holdings,
Inc.(a)
............................................
6,220
755
United
Parcel
Service,
Inc.,
Class
B
..........................................
15,765
1,643
Vertiv
Holdings
Co.,
Class
A
...............................................
5,120
1,237
24,843
Information
Technology
(20.8%):
Adobe,
Inc.(a)
.........................................................
2,966
743
Amphenol
Corp.,
Class
A
.................................................
12,254
1,969
Apple,
Inc.
...........................................................
75,521
23,329
Applied
Materials,
Inc.
...................................................
4,063
2,063
Cisco
Systems,
Inc.
.....................................................
36,016
4,177
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
19,504
1,080
Dell
Technologies,
Inc.,
Class
C
............................................
6,543
2,652
Dropbox,
Inc.,
Class
A(a)
.................................................
9,279
302
Fortinet,
Inc.(a)
........................................................
3,684
597
GoDaddy,
Inc.,
Class
A(a)
.................................................
8,639
715
International
Business
Machines
Corp.
........................................
7,270
1,626
Jabil,
Inc.
............................................................
6,404
2,018
KLA
Corp.
...........................................................
1,561
285
Lam
Research
Corp.
.....................................................
9,867
2,891
Micron
Technology,
Inc.
..................................................
6,736
5,544
Motorola
Solutions,
Inc.
..................................................
1,657
722
NetApp,
Inc.
..........................................................
11,905
2,125
NVIDIA
Corp.
.........................................................
107,162
21,513
Seagate
Technology
Holdings
PLC
..........................................
2,459
2,105
VeriSign,
Inc.
..........................................................
3,308
959
77,415
Materials
(2.6%):
Anglogold
Ashanti
PLC
..................................................
11,157
844
CF
Industries
Holdings,
Inc.
...............................................
11,119
1,392
Newmont
Corp.
........................................................
18,248
1,710
Nucor
Corp.
...........................................................
7,097
1,826
Packaging
Corp.
of
America
...............................................
3,271
804
Reliance,
Inc.
..........................................................
3,202
1,300
Steel
Dynamics,
Inc.
.....................................................
7,647
1,922
9,798
Utilities
(1.9%):
Edison
International
.....................................................
19,330
1,418
Evergy,
Inc.
...........................................................
16,694
1,386
Eversource
Energy
......................................................
7,628
546
NiSource,
Inc.
.........................................................
32,471
1,443
NRG
Energy,
Inc.
.......................................................
10,571
1,419
PG&E
Corp.
..........................................................
50,798
883
7,095
234,699
Uruguay
(0.1%):
Consumer
Discretionary
(0.1%):
MercadoLibre,
Inc.(a)
....................................................
182
342
Total
Common
Stocks
(Cost
$272,409)
370,997
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$1,562
(thousands)
and
amounted
to
0.4%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
July
31,
2026
(amounts
in
thousands):
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(f)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
Security
Description
Shares
Value
(000)
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.,
expiring
3/31/40(a)(e)
...............................
1,403
$
—
Total
Warrants
(Cost
$–)
—
Short-Term
Investments
(0.6%)
Collateral
for
Securities
Loaned
(0.6%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(f)
........
524,819
525
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.60%(f)
............
524,819
524
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.66%(f)
................
524,819
525
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.59%(f)
.
524,819
525
Total
Short-Term
Investments
(Cost
$2,099)
2,099
Total
Investments
(Cost
$274,508)
—
100.3%
373,096
Liabilities
in
excess
of
other
assets
—
(0.3)%
(917)
NET
ASSETS
-
100.00%
$
372,179
Security
Name
Acquisition
Date
Cost
Value
LUKOIL
PJSC
.....................................................
4/22/20
$
2,312
$
—
MMC
Norilsk
Nickel
PJSC
............................................
9/30/19
1,604
—
Sberbank
of
Russia
PJSC
.............................................
4/22/20
1,393
—
Tatneft
PJSC
......................................................
12/21/20
608
—
X5
Retail
Group
NV,
GDR
............................................
11/11/21
637
—
Total
(–%
of
net
assets)
$6,554
$—
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Capital
Growth
Fund
24
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.2%)
Australia
(1.8%):
Consumer
Discretionary
(0.3%):
Aristocrat
Leisure
Ltd.
...................................................
66,558
$
2,991
Financials
(0.5%):
ANZ
Group
Holdings
Ltd.
................................................
58,097
1,518
Macquarie
Group
Ltd.
...................................................
18,540
3,290
QBE
Insurance
Group
Ltd.
................................................
56,082
973
5,781
Industrials
(0.1%):
Computershare
Ltd.
.....................................................
28,049
806
Qantas
Airways
Ltd.
.....................................................
112,462
782
1,588
Materials
(0.5%):
BHP
Group
Ltd.
........................................................
103,587
4,365
Rio
Tinto
Ltd.
.........................................................
10,681
1,273
5,638
Real
Estate
(0.4%):
Charter
Hall
Group(a)
....................................................
58,889
963
Goodman
Group
.......................................................
26,482
551
Scentre
Group
.........................................................
1,061,548
2,914
4,428
20,426
Austria
(0.5%):
Financials
(0.5%):
BAWAG
Group
AG(b)
...................................................
27,040
5,483
Belgium
(0.6%):
Consumer
Staples
(0.2%):
Anheuser-Busch
InBev
SA
................................................
25,172
2,186
Health
Care
(0.2%):
Argenx
SE(c)
..........................................................
1,237
1,059
UCB
SA
.............................................................
3,440
883
1,942
Industrials
(0.0%):(d)
Cenergy
Holdings
SA
....................................................
13,100
327
Information
Technology
(0.1%):
Melexis
NV
...........................................................
17,385
1,365
Materials
(0.1%):
Titan
SA
.............................................................
10,265
618
6,438
Brazil
(0.1%):
Consumer
Discretionary
(0.0%):(d)
Vivara
Participacoes
SA
..................................................
66,300
290
Energy
(0.1%):
Brava
Energia
.........................................................
70,050
274
PRIO
SA(c)
...........................................................
27,800
334
608
Financials
(0.0%):(d)
Banco
do
Estado
do
Rio
Grande
do
Sul
SA,
Preference
Shares
.......................
91,100
253
Pagseguro
Digital
Ltd.,
Class
A
.............................................
20,287
195
448
1,346
Canada
(2.0%):
Consumer
Discretionary
(0.1%):
Aritzia
,
Inc.(c)
.........................................................
12,371
1,233
Victory
Portfolios
III
Victory
Capital
Growth
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Consumer
Staples
(0.3%):
George
Weston
Ltd.
.....................................................
35,375
$
2,644
Energy
(0.1%):
Parex
Resources,
Inc.
....................................................
57,932
1,003
Financials
(0.9%):
Manulife
Financial
Corp.
.................................................
125,460
5,573
National
Bank
of
Canada
.................................................
27,514
4,451
10,024
Industrials
(0.3%):
Bombardier,
Inc.,
Class
B(c)
...............................................
15,333
3,695
Information
Technology
(0.1%):
Constellation
Software,
Inc.
...............................................
551
1,180
Materials
(0.2%):
Agnico
Eagle
Mines
Ltd.
.................................................
11,854
1,721
Stella-Jones,
Inc.
.......................................................
8,914
492
2,213
21,992
Chile
(0.1%):
Real
Estate
(0.1%):
Parque
Arauco
SA
......................................................
88,078
374
Utilities
(0.0%):(d)
Enel
Chile
SA
.........................................................
3,628,730
321
695
China
(0.4%):
Communication
Services
(0.1%):
Tencent
Holdings
Ltd.
...................................................
23,500
1,436
Consumer
Discretionary
(0.1%):
361
Degrees
International
Ltd.
.............................................
415,000
247
TravelSky
Technology
Ltd.,
Class
H
.........................................
178,000
197
444
Consumer
Staples
(0.0%):(d)
Guoquan
Food
Shanghai
Co.
Ltd.,
Class
H(a)
...................................
696,725
180
Health
Care
(0.1%):
AK
Medical
Holdings
Ltd.(b)
..............................................
315,752
222
Shanghai
Conant
Optical
Co.
Ltd.,
Class
H(a)
...................................
83,200
335
Zylox
-Tonbridge
Medical
Technology
Co.
Ltd.,
Class
H(b)
.........................
93,000
226
783
Industrials
(0.1%):
China
Communications
Services
Corp.
Ltd.,
Class
H
..............................
374,000
203
Harbin
Electric
Co.
Ltd.,
Class
H
............................................
166,000
334
REPT
BATTERO
Energy
Co.
Ltd.,
Class
H(c)
..................................
154,223
212
749
Information
Technology
(0.0%):(d)
GDS
Holdings
Ltd.,
Class
A(c)
.............................................
83,800
341
Utilities
(0.0%):(d)
Beijing
Jingneng
Clean
Energy
Co.
Ltd.,
Class
H
................................
782,000
193
4,126
Czech
Republic
(0.0%):(d)
Industrials
(0.0%):(d)
Colt
CZ
Group
SE
......................................................
6,006
260
Denmark
(0.3%):
Health
Care
(0.2%):
Novo
Nordisk
A/S,
Class
B
................................................
59,171
2,799
Victory
Portfolios
III
Victory
Capital
Growth
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Industrials
(0.1%):
Vestas
Wind
Systems
A/S
.................................................
31,692
$
853
3,652
Finland
(0.3%):
Financials
(0.3%):
Nordea
Bank
Abp
.......................................................
163,829
3,306
Industrials
(0.0%):(d)
Konecranes
Oyj
........................................................
18,261
570
3,876
France
(2.9%):
Communication
Services
(0.2%):
Orange
SA
............................................................
56,219
1,074
Publicis
Groupe
SA
.....................................................
7,771
829
1,903
Consumer
Discretionary
(0.1%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
2,082
1,143
Consumer
Staples
(0.3%):
L'Oreal
SA
...........................................................
7,541
3,358
Energy
(0.2%):
Gaztransport
Et
Technigaz
SA
..............................................
9,834
2,222
Vallourec
SACA
.......................................................
31,838
768
2,990
Financials
(0.2%):
AXA
SA
.............................................................
25,479
1,320
BNP
Paribas
SA
........................................................
11,228
1,427
2,747
Health
Care
(0.1%):
Ipsen
SA
.............................................................
4,680
904
Industrials
(1.3%):
Eiffage
SA
............................................................
15,950
2,267
Rexel
SA
.............................................................
94,149
3,906
Safran
SA
............................................................
15,377
6,042
Schneider
Electric
SE(a)
..................................................
5,580
1,875
SPIE
SA
.............................................................
12,184
655
14,745
Information
Technology
(0.1%):
Capgemini
SE
.........................................................
7,836
931
Materials
(0.1%):
Arkema
SA
...........................................................
11,361
774
Real
Estate
(0.1%):
Klepierre
SA
..........................................................
19,384
880
Utilities
(0.2%):
Engie
SA
.............................................................
34,479
1,075
Veolia
Environnement
SA
.................................................
21,367
850
1,925
32,300
Germany
(2.6%):
Consumer
Discretionary
(0.1%):
Volkswagen
AG,
Preference
Shares
..........................................
10,001
864
Consumer
Staples
(0.1%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
11,020
961
Financials
(0.7%):
Allianz
SE,
Registered
Shares
..............................................
14,230
7,087
Muenchener
Rueckversicherungs
-Gesellschaft
AG
in
Muenchen
,
Registered
Shares(a)
.....
1,821
1,094
8,181
Victory
Portfolios
III
Victory
Capital
Growth
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Industrials
(0.8%):
Deutsche
Post
AG
......................................................
13,608
$
909
GEA
Group
AG
........................................................
7,838
557
Siemens
AG,
Registered
Shares
.............................................
15,052
4,931
Siemens
Energy
AG
.....................................................
12,805
2,187
8,584
Information
Technology
(0.3%):
SAP
SE
..............................................................
17,255
3,162
Materials
(0.1%):
Heidelberg
Materials
AG
.................................................
8,682
1,616
Utilities
(0.5%):
RWE
AG
.............................................................
82,767
5,444
28,812
Greece
(0.0%):(d)
Financials
(0.0%):(d)
Optima
Bank
SA
.......................................................
32,933
399
Hong
Kong
(0.7%):
Consumer
Discretionary
(0.0%):(d)
TCL
Electronics
Holdings
Ltd.(c)
...........................................
188,762
388
Energy
(0.0%):(d)
CGN
Mining
Co.
Ltd.
....................................................
740,000
229
Financials
(0.4%):
AIA
Group
Ltd.
........................................................
154,800
1,561
BOC
Hong
Kong
Holdings
Ltd.
............................................
187,000
1,244
Hong
Kong
Exchanges
&
Clearing
Ltd.
.......................................
18,700
974
3,779
Health
Care
(0.0%):(d)
China
Medical
System
Holdings
Ltd.
.........................................
201,000
306
Industrials
(0.0%):(d)
China
Everbright
Environment
Group
Ltd.
.....................................
347,087
226
Materials
(0.0%):(d)
Nine
Dragons
Paper
Holdings
Ltd.(c)
.........................................
325,696
314
Real
Estate
(0.3%):
CK
Asset
Holdings
Ltd.
..................................................
443,500
2,701
7,943
Hungary
(0.1%):
Communication
Services
(0.1%):
Magyar
Telekom
Telecommunications
PLC
....................................
79,217
687
India
(1.1%):
Consumer
Discretionary
(0.2%):
Leela
Palaces
Hotels
&
Resorts
Ltd.(c)
.......................................
53,334
276
Lumax
Auto
Technologies
Ltd.
.............................................
18,041
297
Sansera
Engineering
Ltd.(b)
...............................................
17,238
604
SKY
Gold
and
Diamonds
Ltd.(c)
............................................
61,627
416
1,593
Energy
(0.0%):(d)
Mangalore
Refinery
&
Petrochemicals
Ltd.
....................................
132,680
236
Financials
(0.2%):
Angel
One
Ltd.
........................................................
67,613
211
Can
Fin
Homes
Ltd.
.....................................................
31,386
270
City
Union
Bank
Ltd.
....................................................
150,924
327
LIC
Housing
Finance
Ltd.
.................................................
46,757
256
Nippon
Life
India
Asset
Management
Ltd.(b)
...................................
55,592
676
Nuvama
Wealth
Management
Ltd.
...........................................
15,366
291
The
Karur
Vysya
Bank
Ltd.
................................................
165,248
593
2,624
Victory
Portfolios
III
Victory
Capital
Growth
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Health
Care
(0.2%):
Acutaas
Chemicals
Ltd.
..................................................
13,353
$
434
Ajanta
Pharma
Ltd.
.....................................................
8,834
321
Granules
India
Ltd.
.....................................................
38,459
332
Strides
Pharma
Science
Ltd.
...............................................
24,857
267
Yatharth
Hospital
&
Trauma
Care
Services
Ltd.(c)
...............................
45,743
393
1,747
Industrials
(0.2%):
AIA
Engineering
Ltd.
....................................................
6,051
291
eClerx
Services
Ltd.
.....................................................
10,444
202
Engineers
India
Ltd.
.....................................................
108,115
252
GE
Vernova
T&D
India
Ltd.
...............................................
11,077
502
Kirloskar
Pneumatic
Co.
Ltd.
..............................................
16,020
249
RR
Kabel
Ltd.
.........................................................
11,900
324
Sagility
Ltd.
...........................................................
761,800
347
Transport
Corp.
of
India
Ltd.
...............................................
17,757
173
VRL
Logistics
Ltd.
......................................................
94,393
263
2,603
Information
Technology
(0.1%):
Coforge
Ltd.
..........................................................
23,322
420
Syrma
SGS
Technology
Ltd.
...............................................
27,789
398
Zensar
Technologies
Ltd.
.................................................
28,536
152
970
Materials
(0.1%):
National
Aluminium
Co.
Ltd.
..............................................
178,349
656
Welspun
Corp.
Ltd.
.....................................................
40,386
699
1,355
Real
Estate
(0.0%):(d)
Wework
India
Management
Ltd.(c)
..........................................
52,601
410
Utilities
(0.1%):
CESC
Ltd.
............................................................
148,734
258
VA
Tech
Wabag
Ltd.
.....................................................
15,472
320
578
12,116
Indonesia
(0.1%):
Consumer
Staples
(0.1%):
PT
Cisarua
Mountain
Dairy
Tbk
............................................
687,400
177
PT
Japfa
Comfeed
Indonesia
Tbk
...........................................
2,850,400
341
518
Materials
(0.0%):(d)
PT
Aneka
Tambang
Tbk
..................................................
2,309,900
368
Utilities
(0.0%):(d)
PT
Perusahaan
Gas
Negara
Tbk
.............................................
2,174,000
181
1,067
Ireland
(0.6%):
Consumer
Discretionary
(0.1%):
Aptiv
PLC(c)
..........................................................
19,378
1,094
Consumer
Staples
(0.1%):
Kerry
Group
PLC,
Class
A
................................................
7,237
691
Financials
(0.1%):
Bank
of
Ireland
Group
PLC
...............................................
44,073
926
Industrials
(0.1%):
AerCap
Holdings
NV
....................................................
8,979
1,355
Materials
(0.2%):
CRH
PLC
............................................................
8,489
807
Victory
Portfolios
III
Victory
Capital
Growth
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
James
Hardie
Industries
PLC(c)
............................................
71,158
$
1,836
2,643
6,709
Italy
(1.0%):
Consumer
Discretionary
(0.1%):
Lottomatica
Group
SpA
..................................................
23,302
630
Moncler
SpA
..........................................................
10,688
608
1,238
Energy
(0.1%):
Eni
SpA
.............................................................
43,454
1,209
Financials
(0.4%):
Banca
Mediolanum
SpA
..................................................
32,942
883
Banco
BPM
SpA
.......................................................
82,069
1,498
UniCredit
SpA
.........................................................
19,995
1,885
4,266
Utilities
(0.4%):
Enel
SpA
.............................................................
405,948
4,584
11,297
Japan
(7.2%):
Communication
Services
(0.2%):
Konami
Group
Corp.
....................................................
9,700
1,250
SoftBank
Group
Corp.
...................................................
33,500
1,043
2,293
Consumer
Discretionary
(1.4%):
Asics
Corp.
...........................................................
108,800
3,208
Food
&
Life
Cos.
Ltd.
...................................................
40,000
1,397
Open
House
Group
Co.
Ltd.
...............................................
15,400
818
Panasonic
Holdings
Corp.
.................................................
34,400
910
Sony
Group
Corp.
......................................................
62,700
1,465
Sumitomo
Electric
Industries
Ltd.
...........................................
63,600
842
Suzuki
Motor
Corp.
.....................................................
46,200
603
Toyoda
Gosei
Co.
Ltd.
...................................................
41,700
1,440
Toyota
Motor
Corp.
.....................................................
261,600
4,951
15,634
Consumer
Staples
(0.1%):
MatsukiyoCocokara
&
Co.
................................................
40,100
640
Financials
(1.6%):
Japan
Exchange
Group,
Inc.
...............................................
90,600
1,233
Mizuho
Financial
Group,
Inc.
..............................................
151,020
7,830
ORIX
Corp.
...........................................................
26,000
1,049
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
66,400
2,853
Tokio
Marine
Holdings,
Inc.
...............................................
97,300
4,960
17,925
Health
Care
(0.7%):
Astellas
Pharma,
Inc.
....................................................
57,600
791
Hoya
Corp.
...........................................................
22,200
3,395
Otsuka
Holdings
Co.
Ltd.
.................................................
16,900
1,172
Shionogi
&
Co.
Ltd.
.....................................................
156,500
2,830
8,188
Industrials
(1.7%):
Central
Japan
Railway
Co.
................................................
33,900
844
Fuji
Electric
Co.
Ltd.
....................................................
44,200
3,858
Fujikura
Ltd.
..........................................................
58,800
1,492
ITOCHU
Corp.
........................................................
129,100
1,620
Kubota
Corp.
..........................................................
45,900
779
MISUMI
Group,
Inc.
....................................................
103,000
2,451
Mitsubishi
Corp.
.......................................................
27,600
825
Mitsubishi
Heavy
Industries
Ltd.
............................................
151,000
3,528
Nippon
Yusen
KK(a)
....................................................
36,600
1,405
Victory
Portfolios
III
Victory
Capital
Growth
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Obayashi
Corp.
........................................................
40,400
$
794
Recruit
Holdings
Co.
Ltd.
.................................................
17,700
1,400
18,996
Information
Technology
(1.3%):
Advantest
Corp.
........................................................
12,700
2,510
Anritsu
Corp.
..........................................................
36,300
793
Disco
Corp.
...........................................................
9,300
3,324
Fujitsu
Ltd.
...........................................................
84,300
1,943
Ibiden
Co.
Ltd.
.........................................................
13,200
1,321
Kioxia
Holdings
Corp.(c)
.................................................
4,100
1,143
Kyocera
Corp.
.........................................................
37,500
855
Murata
Manufacturing
Co.
Ltd.
.............................................
17,800
811
NEC
Corp.
...........................................................
37,400
1,112
SCREEN
Holdings
Co.
Ltd.
...............................................
12,800
977
14,789
Materials
(0.1%):
Asahi
Kasei
Corp.
......................................................
70,700
755
Utilities
(0.1%):
Kyushu
Electric
Power
Co.,
Inc.
............................................
111,600
1,237
80,457
Luxembourg
(0.5%):
Communication
Services
(0.4%):
Millicom
International
Cellular
SA(c)
........................................
43,604
4,163
Materials
(0.1%):
ArcelorMittal
SA
.......................................................
17,448
1,233
5,396
Malaysia
(0.1%):
Industrials
(0.0%):(d)
Zetrix
Ai
Bhd
..........................................................
2,339,000
426
Materials
(0.1%):
Malayan
Cement
Bhd
....................................................
311,600
495
Real
Estate
(0.0%):(d)
Sunway
Real
Estate
Investment
Trust
.........................................
408,100
222
1,143
Mexico
(0.2%):
Consumer
Staples
(0.0%):(d)
La
Comer
SAB
de
CV(a)
.................................................
110,720
218
Energy
(0.1%):
Vista
Energy
SAB
de
CV,
ADR(c)
...........................................
5,760
406
Financials
(0.0%):(d)
Gentera
SAB
de
CV
.....................................................
135,880
315
Materials
(0.1%):
GCC
SAB
de
CV(a)
.....................................................
42,528
490
Real
Estate
(0.0%):(d)
Concentradora
Fibra
Danhos
SA
de
CV
.......................................
172,515
292
1,721
Netherlands
(2.2%):
Communication
Services
(0.3%):
Koninklijke
KPN
NV
....................................................
640,681
3,025
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
19,933
788
Energy
(0.0%):(d)
SBM
Offshore
NV(a)
....................................................
17,119
639
Financials
(0.7%):
Euronext
NV(b)
........................................................
7,010
1,282
Victory
Portfolios
III
Victory
Capital
Growth
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
ING
Groep
NV
........................................................
160,330
$
5,633
NN
Group
NV
.........................................................
10,266
968
7,883
Industrials
(0.0%):(d)
Wolters
Kluwer
NV
.....................................................
9,003
707
Information
Technology
(1.1%):
ASML
Holding
NV
.....................................................
7,325
12,069
25,111
New
Zealand
(0.2%):
Health
Care
(0.2%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
81,781
1,955
Norway
(0.5%):
Energy
(0.1%):
Aker
BP
ASA
.........................................................
32,820
1,170
Industrials
(0.2%):
Kongsberg
Gruppen
ASA
.................................................
82,852
2,583
Materials
(0.2%):
Norsk
Hydro
ASA
......................................................
153,441
1,416
Yara
International
ASA(a)
.................................................
11,705
552
1,968
5,721
Peru
(0.0%):(d)
Financials
(0.0%):(d)
Intercorp
Financial
Services,
Inc.
............................................
5,079
296
Philippines
(0.0%):(d)
Utilities
(0.0%):(d)
Manila
Water
Co.,
Inc.
...................................................
368,100
213
Poland
(0.1%):
Communication
Services
(0.1%):
Orange
Polska
SA
......................................................
86,091
352
Financials
(0.0%):(d)
Alior
Bank
SA
.........................................................
6,882
254
Utilities
(0.0%):(d)
Tauron
Polska
Energia
SA
.................................................
114,180
276
882
Portugal
(0.1%):
Energy
(0.1%):
Galp
Energia
SGPS
SA
...................................................
34,033
773
Puerto
Rico
(0.3%):
Financials
(0.3%):
Popular,
Inc.
..........................................................
20,189
3,537
Russian
Federation
(0.0%):
Consumer
Discretionary
(0.0%):
Detsky
Mir
PJSC(c)(e)(f)
.................................................
214,920
—
Financials
(0.0%):
Bank
St.
Petersburg
PJSC(c)(e)(f)
...........................................
372,110
—
—
Saudi
Arabia
(0.0%):(d)
Industrials
(0.0%):(d)
Riyadh
Cables
Group
Co.
.................................................
9,136
243
Singapore
(0.5%):
Communication
Services
(0.0%):(d)
JOYY,
Inc.,
ADR
.......................................................
4,831
355
Financials
(0.5%):
DBS
Group
Holdings
Ltd.
.................................................
27,400
1,581
Victory
Portfolios
III
Victory
Capital
Growth
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Singapore
Exchange
Ltd.
.................................................
198,400
$
3,784
5,365
5,720
South
Africa
(0.2%):
Consumer
Staples
(0.1%):
Boxer
Retail
Ltd.
.......................................................
67,978
321
Tiger
Brands
Ltd.
.......................................................
12,043
202
523
Energy
(0.0%):(d)
Exxaro
Resources
Ltd.
...................................................
22,331
276
Financials
(0.0%):(d)
Momentum
Group
Ltd.
...................................................
154,338
384
Materials
(0.1%):
Northam
Platinum
Holdings
Ltd.
............................................
18,492
265
Pan
African
Resources
PLC
...............................................
398,297
498
763
Real
Estate
(0.0%):(d)
Growthpoint
Properties
Ltd.
...............................................
234,360
251
2,197
South
Korea
(0.7%):
Communication
Services
(0.0%):(d)
NC
Corp.
.............................................................
1,540
250
Consumer
Discretionary
(0.1%):
Shinsegae
,
Inc.
.........................................................
866
251
Youngone
Corp.
........................................................
4,869
302
553
Consumer
Staples
(0.0%):(d)
Kolmar
Korea
Co.
Ltd.(c)
.................................................
6,024
399
Financials
(0.1%):
JB
Financial
Group
Co.
Ltd.
...............................................
21,077
384
KIWOOM
Securities
Co.
Ltd.
..............................................
2,302
460
844
Health
Care
(0.1%):
Classys
,
Inc.
..........................................................
7,639
219
Daewoong
Pharmaceutical
Co.
Ltd.
..........................................
2,034
162
HK
inno
N
Corp.(c)
.....................................................
7,341
184
565
Industrials
(0.2%):
Daehan
Shipbuilding
Co.
Ltd.
..............................................
4,040
142
DL
E&C
Co.
Ltd.
.......................................................
6,221
249
Hanwha
Corp.
.........................................................
4,070
249
HD-Hyundai
Marine
Engine(c)
.............................................
7,527
256
Samsung
E&A
Co.
Ltd.
..................................................
27,909
826
Sanil
Electric
Co.
Ltd.
...................................................
2,102
204
1,926
Information
Technology
(0.2%):
IsuPetasys
Co.
Ltd.
......................................................
6,609
332
LEENO
Industrial,
Inc.
...................................................
6,299
277
LG
Innotek
Co.
Ltd.
.....................................................
1,726
596
PSK,
Inc.
.............................................................
7,981
703
WONIK
IPS
Co.
Ltd.
....................................................
7,993
525
2,433
Materials
(0.0%):(d)
Han
Kuk
Carbon
Co.
Ltd.(c)
...............................................
9,025
135
Hyosung
TNC
Corp.
.....................................................
1,003
213
Victory
Portfolios
III
Victory
Capital
Growth
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Poongsan
Corp.
........................................................
3,836
$
193
541
7,511
Spain
(1.4%):
Consumer
Discretionary
(0.1%):
Industria
de
Diseno
Textil
SA
..............................................
22,073
1,440
Energy
(0.1%):
Repsol
SA
............................................................
42,120
1,285
Financials
(0.8%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
151,299
4,241
Banco
Santander
SA
.....................................................
235,619
3,350
Bankinter
SA
..........................................................
58,755
1,081
8,672
Industrials
(0.3%):
Aena
SME
SA(b)
.......................................................
104,480
3,221
Utilities
(0.1%):
Endesa
SA
............................................................
23,094
1,125
15,743
Sweden
(0.7%):
Communication
Services
(0.1%):
Telia
Co.
AB
..........................................................
220,630
1,023
Consumer
Staples
(0.1%):
Essity
AB,
Class
B
......................................................
27,886
810
Financials
(0.1%):
Swedbank
AB,
Class
A
...................................................
23,452
938
Industrials
(0.4%):
Atlas
Copco
AB,
Class
B
.................................................
188,626
3,487
Volvo
AB,
Class
B
......................................................
27,110
1,037
4,524
Materials
(0.0%):(d)
Boliden
AB
...........................................................
12,798
644
7,939
Switzerland
(3.8%):
Consumer
Discretionary
(0.3%):
Avolta
AG(c)
..........................................................
24,060
1,445
Cie
Financiere
Richemont
SA,
Registered
Shares
................................
5,179
1,224
Versigent
PLC(c)
.......................................................
6,897
285
2,954
Consumer
Staples
(0.8%):
Coca-Cola
HBC
AG(c)
...................................................
86,788
5,851
Nestle
SA,
Registered
Shares
..............................................
36,203
3,619
9,470
Financials
(0.5%):
Partners
Group
Holding
AG
...............................................
531
443
UBS
Group
AG
........................................................
66,127
3,496
Zurich
Insurance
Group
AG
...............................................
1,967
1,498
5,437
Health
Care
(1.5%):
Novartis
AG,
Registered
Shares
.............................................
58,050
9,080
Roche
Holding
AG
......................................................
13,450
5,880
Sandoz
Group
AG
......................................................
11,902
971
Ypsomed
Holding
AG,
Registered
Shares(a)
....................................
1,619
773
16,704
Industrials
(0.4%):
ABB
Ltd.,
Registered
Shares
...............................................
47,303
4,668
Victory
Portfolios
III
Victory
Capital
Growth
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Information
Technology
(0.1%):
Logitech
International
SA,
Class
R
..........................................
14,515
$
1,483
Materials
(0.2%):
Amrize
Ltd.(c)
.........................................................
11,537
566
Holcim
AG(c)
.........................................................
13,712
1,245
1,811
42,527
Taiwan
(1.1%):
Consumer
Discretionary
(0.1%):
Fusheng
Precision
Co.
Ltd.
................................................
32,000
250
Lion
Travel
Service
Co.
Ltd.
...............................................
46,000
209
Minth
Group
Ltd.
.......................................................
98,000
347
Poya
International
Co.
Ltd.
................................................
24,980
556
1,362
Health
Care
(0.0%):(d)
Visco
Vision,
Inc.
.......................................................
41,111
233
Industrials
(0.2%):
Acter
Group
Corp.
Ltd.
...................................................
8,000
225
Bizlink
Holding,
Inc.
....................................................
6,266
399
Mega
Union
Technology,
Inc.
..............................................
19,500
430
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
.................................
124,532
499
1,553
Information
Technology
(0.8%):
AURAS
Technology
Co.
Ltd.
..............................................
11,195
306
Chenbro
Micom
Co.
Ltd.
.................................................
31,000
985
Chroma
ATE,
Inc.
......................................................
6,000
377
Compeq
Manufacturing
Co.
Ltd.
............................................
49,000
251
Ennoconn
Corp.
........................................................
20,000
249
Genius
Electronic
Optical
Co.
Ltd.
..........................................
18,000
264
Gold
Circuit
Electronics
Ltd.
...............................................
11,400
273
Innodisk
Corp.
.........................................................
11,852
458
Kinsus
Interconnect
Technology
Corp.
........................................
27,314
518
MPI
Corp.
............................................................
2,000
318
Nanya
Technology
Corp.
.................................................
88,000
941
Phison
Electronics
Corp.
..................................................
15,000
738
Taiwan
Union
Technology
Corp.
............................................
30,000
1,005
Tripod
Technology
Corp.
.................................................
48,000
539
Winbond
Electronics
Corp.
................................................
121,000
467
WinWay
Technology
Co.
Ltd.
..............................................
1,000
175
WT
Microelectronics
Co.
Ltd.
..............................................
63,315
382
8,246
Materials
(0.0%):(d)
Nan
Pao
Resins
Chemical
Co.
Ltd.
..........................................
32,000
304
11,698
Thailand
(0.2%):
Consumer
Discretionary
(0.0%):(d)
Com7
PCL,
NVDR
.....................................................
503,600
460
Financials
(0.0%):(d)
Thanachart
Capital
PCL,
NVDR
............................................
134,700
314
Health
Care
(0.0%):(d)
Bumrungrad
Hospital
PCL,
NVDR
..........................................
53,800
302
Industrials
(0.1%):
CH
Karnchang
PCL,
NVDR
...............................................
882,700
481
Real
Estate
(0.0%):(d)
Amata
Corp.
PCL,
NVDR
................................................
437,200
377
Victory
Portfolios
III
Victory
Capital
Growth
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Utilities
(0.1%):
Gunkul
Engineering
PCL,
NVDR
...........................................
3,862,500
$
582
2,516
Turkey
(0.0%):(d)
Health
Care
(0.0%):(d)
MLP
Saglik
Hizmetleri
A/S,
Class
B(b)(c)
.....................................
27,467
234
Real
Estate
(0.0%):(d)
Torunlar
Gayrimenkul
Yatirim
Ortakligi
A/S
....................................
140,746
278
512
United
Kingdom
(4.8%):
Communication
Services
(0.1%):
Informa
PLC
..........................................................
58,415
699
Consumer
Discretionary
(0.4%):
Next
PLC
............................................................
21,593
4,324
Pepco
Group
NV
.......................................................
39,709
489
4,813
Consumer
Staples
(0.5%):
Imperial
Brands
PLC
....................................................
82,665
3,137
Unilever
PLC
.........................................................
32,104
2,042
5,179
Energy
(0.8%):
BP
PLC
..............................................................
219,271
1,647
Harbour
Energy
PLC
....................................................
199,760
648
Shell
PLC
............................................................
124,914
5,716
TechnipFMC
PLC
......................................................
20,633
1,479
9,490
Financials
(1.2%):
Barclays
PLC
.........................................................
908,518
6,244
HSBC
Holdings
PLC
....................................................
210,198
4,475
Standard
Chartered
PLC
..................................................
103,089
3,047
13,766
Health
Care
(0.5%):
AstraZeneca
PLC
.......................................................
15,744
2,678
GSK
PLC
............................................................
91,630
2,382
5,060
Industrials
(0.6%):
Babcock
International
Group
PLC
...........................................
58,637
890
Howden
Joinery
Group
PLC
...............................................
125,435
1,336
International
Consolidated
Airlines
Group
SA
...................................
219,216
1,285
RELX
PLC
...........................................................
25,210
886
Rolls-Royce
Holdings
PLC
................................................
114,846
2,291
6,688
Materials
(0.4%):
Endeavour
Mining
PLC
..................................................
15,367
733
Rio
Tinto
PLC
.........................................................
43,756
4,251
4,984
Real
Estate
(0.1%):
LondonMetric
Property
PLC
...............................................
213,076
563
Utilities
(0.2%):
Centrica
PLC
..........................................................
567,886
1,185
Drax
Group
PLC
.......................................................
64,988
647
National
Grid
PLC
......................................................
51,005
816
2,648
53,890
United
States
(58.2%):
Communication
Services
(5.6%):
Alphabet,
Inc.,
Class
C
...................................................
10,385
3,704
Victory
Portfolios
III
Victory
Capital
Growth
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Alphabet,
Inc.,
Class
A
...................................................
123,953
$
44,143
Comcast
Corp.,
Class
A
..................................................
168,519
4,038
Meta
Platforms,
Inc.,
Class
A
..............................................
2,196
1,222
The
New
York
Times
Co.,
Class
A
...........................................
36,573
2,739
Verizon
Communications,
Inc.
..............................................
134,670
6,304
62,150
Consumer
Discretionary
(4.9%):
Amazon.com,
Inc.(c)
....................................................
52,617
14,290
Booking
Holdings,
Inc.
...................................................
26,475
5,107
BorgWarner,
Inc.
.......................................................
43,001
2,741
Expedia
Group,
Inc.
.....................................................
17,260
5,087
General
Motors
Co.
.....................................................
56,634
5,033
Las
Vegas
Sands
Corp.
...................................................
62,405
3,051
Lowe's
Cos.,
Inc.
.......................................................
1,419
295
PulteGroup,
Inc.
........................................................
18,957
2,397
Ralph
Lauren
Corp.,
Class
A
...............................................
9,974
3,794
Ross
Stores,
Inc.
.......................................................
6,447
1,619
Tapestry,
Inc.
..........................................................
24,892
3,793
The
TJX
Cos.,
Inc.
......................................................
24,122
3,795
Toll
Brothers,
Inc.
......................................................
7,726
1,127
Ulta
Beauty,
Inc.(c)
.....................................................
6,176
3,167
55,296
Consumer
Staples
(3.5%):
Altria
Group,
Inc.
.......................................................
81,317
5,556
Coca-Cola
Consolidated,
Inc.
..............................................
17,974
3,377
Dollar
General
Corp.
....................................................
43,112
5,477
Monster
Beverage
Corp.(c)
................................................
42,275
4,074
Philip
Morris
International,
Inc.
.............................................
4,941
943
Sysco
Corp.
...........................................................
29,782
2,539
Target
Corp.
..........................................................
33,439
4,832
The
Kroger
Co.
........................................................
11,114
642
U.S.
Foods
Holding
Corp.(c)
...............................................
37,226
3,745
Walmart,
Inc.
..........................................................
66,567
7,402
38,587
Energy
(1.8%):
Devon
Energy
Corp.
.....................................................
114,005
5,145
EOG
Resources,
Inc.
....................................................
41,956
6,238
Halliburton
Co.
........................................................
107,783
3,476
Marathon
Petroleum
Corp.
................................................
17,204
5,445
20,304
Financials
(7.1%):
Affiliated
Managers
Group,
Inc.
............................................
3,885
1,425
Ameriprise
Financial,
Inc.
.................................................
10,470
5,715
Brookfield
Asset
Management
Ltd.,
Class
A
....................................
33,134
1,603
Cincinnati
Financial
Corp.
................................................
16,537
2,938
Fidelity
National
Financial,
Inc.
............................................
22,089
1,139
Interactive
Brokers
Group,
Inc.,
Class
A
.......................................
43,023
3,786
JPMorgan
Chase
&
Co.
..................................................
38,325
13,482
PayPal
Holdings,
Inc.
....................................................
100,809
5,767
Synchrony
Financial
.....................................................
66,499
5,040
The
Allstate
Corp.
......................................................
28,587
7,549
The
Charles
Schwab
Corp.
................................................
42,899
4,515
The
Goldman
Sachs
Group,
Inc.
............................................
7,105
7,236
The
Hartford
Insurance
Group,
Inc.
..........................................
17,979
2,551
The
PNC
Financial
Services
Group,
Inc.
......................................
24,841
6,207
The
Progressive
Corp.
...................................................
19,610
4,146
The
Travelers
Cos.,
Inc.
..................................................
13,206
4,944
U.S.
Bancorp
..........................................................
15,310
965
W.R.
Berkley
Corp.
.....................................................
3,310
240
79,248
Victory
Portfolios
III
Victory
Capital
Growth
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
Value
(000)
Health
Care
(5.9%):
AbbVie,
Inc.
..........................................................
33,016
$
8,285
Bristol-Myers
Squibb
Co.
.................................................
78,783
5,145
Cardinal
Health,
Inc.
....................................................
20,015
4,604
Cencora
,
Inc.
..........................................................
12,176
3,791
CVS
Health
Corp.
......................................................
50,938
5,320
Exelixis
,
Inc.(c)
........................................................
31,836
1,688
Gilead
Sciences,
Inc.
....................................................
36,888
4,803
Johnson
&
Johnson
.....................................................
37,644
9,650
McKesson
Corp.
.......................................................
5,759
4,931
Merck
&
Co.,
Inc.
......................................................
59,217
7,710
Royalty
Pharma
PLC,
Class
A
..............................................
67,252
3,930
Tenet
Healthcare
Corp.(c)
.................................................
17,868
4,552
The
Cigna
Group
.......................................................
2,820
787
Universal
Health
Services,
Inc.,
Class
B
.......................................
5,282
890
66,086
Industrials
(6.0%):
Allison
Transmission
Holdings,
Inc.
.........................................
9,741
1,116
Automatic
Data
Processing,
Inc.
............................................
6,391
1,703
Caterpillar,
Inc.
........................................................
7,749
6,314
Comfort
Systems
USA,
Inc.
...............................................
2,642
4,570
Cummins,
Inc.
.........................................................
7,855
4,982
Delta
Air
Lines,
Inc.
.....................................................
53,949
4,717
EMCOR
Group,
Inc.
....................................................
5,773
4,603
FedEx
Corp.
..........................................................
6,271
1,928
Ferguson
Enterprises,
Inc.
.................................................
12,442
2,915
GE
Vernova
,
Inc.
.......................................................
4,557
4,513
Illinois
Tool
Works,
Inc.
..................................................
10,070
2,889
Leidos
Holdings,
Inc.
....................................................
24,469
2,829
Lockheed
Martin
Corp.
...................................................
9,294
5,416
Mueller
Industries,
Inc.
...................................................
55,308
3,673
Parker-Hannifin
Corp.
...................................................
2,670
2,607
Uber
Technologies,
Inc.(c)
................................................
69,263
4,873
United
Airlines
Holdings,
Inc.(c)
............................................
38,734
4,700
Vertiv
Holdings
Co.,
Class
A
...............................................
12,939
3,126
67,474
Information
Technology
(20.6%):
Adobe,
Inc.(c)
.........................................................
8,592
2,152
Amphenol
Corp.,
Class
A
.................................................
36,741
5,904
Apple,
Inc.
...........................................................
176,559
54,541
Applied
Materials,
Inc.
...................................................
11,770
5,975
Arista
Networks,
Inc.(c)
..................................................
33,033
5,957
Broadcom,
Inc.
........................................................
54,063
21,046
Cisco
Systems,
Inc.
.....................................................
73,080
8,477
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
48,298
2,673
Dropbox,
Inc.,
Class
A(c)
.................................................
95,261
3,102
Flex
Ltd.(c)
...........................................................
29,368
3,341
GoDaddy,
Inc.,
Class
A(c)
.................................................
2,244
186
Jabil,
Inc.
............................................................
13,400
4,222
KLA
Corp.
...........................................................
30,890
5,647
Lam
Research
Corp.
.....................................................
23,910
7,006
Micron
Technology,
Inc.
..................................................
15,317
12,606
Microsoft
Corp.
........................................................
41,806
19,428
NetApp,
Inc.
..........................................................
31,659
5,651
NVIDIA
Corp.
.........................................................
287,288
57,673
Sandisk
Corp.(c)
.......................................................
3,771
4,581
230,168
Materials
(1.7%):
CF
Industries
Holdings,
Inc.
...............................................
35,573
4,453
Newmont
Corp.
........................................................
46,564
4,364
Nucor
Corp.
...........................................................
17,285
4,447
Reliance,
Inc.
..........................................................
1,765
717
Victory
Portfolios
III
Victory
Capital
Growth
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
^
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
July
31,
2026,
the
fair
value
of
these
securities
was
$11,948
(thousands)
and
amounted
to
1.1%
of
net
assets.
(c)
Non-income
producing
security.
(d)
Amount
represents
less
than
0.05%
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
July
31,
2026
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(g)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
Security
Description
Shares
Value
(000)
Steel
Dynamics,
Inc.
.....................................................
18,389
$
4,620
18,601
Utilities
(1.1%):
Edison
International
.....................................................
49,824
3,656
FirstEnergy
Corp.
.......................................................
18,760
906
NRG
Energy,
Inc.
.......................................................
26,692
3,585
PG&E
Corp.
..........................................................
189,142
3,287
Talen
Energy
Corp.(c)
...................................................
2,452
819
12,253
650,167
Total
Common
Stocks
(Cost
$726,199)
1,097,492
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.,
expiring
3/31/40(c)(f)
...............................
1,780
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(1.3%)
United
States
(1.3%):
iShares
Core
MSCI
EAFE
ETF
.............................................
14,799
1,454
iShares
MSCI
Emerging
Markets
Small-Cap
ETF
................................
743
52
State
Street
Real
Estate
Select
Sector
SPDR
ETF
................................
285,472
12,866
14,372
Total
Exchange-Traded
Funds
(Cost
$13,564)
14,372
Short-Term
Investments
(0.2%)
Collateral
for
Securities
Loaned
(0.2%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(g)
........
482,464
482
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.60%(g)
............
482,464
483
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.66%(g)
...............
482,464
483
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.59%(g)
.
482,464
482
Total
Short-Term
Investments
(Cost
$1,930)
1,930
Total
Investments
(Cost
$741,693)
—
99.7%
1,113,794
Other
assets
in
excess
of
liabilities
—
0.3%
3,467
NET
ASSETS
-
100.00%
$
1,117,261
Security
Name
Acquisition
Date
Cost
Value
Bank
St.
Petersburg
PJSC
..........................................
12/15/21
$
410
$
—
Detsky
Mir
PJSC
.................................................
9/30/20
348
—
Total
(–%
of
net
assets)
$758
$—
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
39
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(96.8%)
Communication
Services
(13.2%):
Alphabet,
Inc.
,
Class
C
...................................................
534,834
$
190,748
Meta
Platforms,
Inc.
,
Class
A
..............................................
186,426
103,785
Netflix,
Inc.
(a)
.........................................................
524,315
37,599
Reddit,
Inc.
,
Class
A
(a)
...................................................
34,287
4,823
Space
Exploration
Technologies
Corp.
,
Class
A
(a)
(b)
.............................
30,632
3,320
The
New
York
Times
Co.
,
Class
A
...........................................
35,828
2,683
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
180,093
3,249
346,207
Communications
Equipment
(3.1%):
Arista
Networks,
Inc.
(a)
..................................................
273,425
49,312
Motorola
Solutions,
Inc.
..................................................
72,848
31,744
81,056
Consumer
Discretionary
(9.8%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
39,979
6,058
Amazon.com,
Inc.
(a)
....................................................
299,737
81,402
Booking
Holdings,
Inc.
...................................................
33,975
6,554
Burlington
Stores,
Inc.
(a)
.................................................
39,208
14,447
Chewy,
Inc.
,
Class
A
(a)
..................................................
45,091
1,019
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
291,785
10,860
Deckers
Outdoor
Corp.
(a)
.................................................
108,207
10,483
DoorDash,
Inc.
,
Class
A
(a)
................................................
15,338
3,009
Expedia
Group,
Inc.
.....................................................
27,296
8,045
Hilton
Worldwide
Holdings,
Inc.
............................................
43,124
13,821
Las
Vegas
Sands
Corp.
...................................................
82,736
4,045
Lululemon
Athletica,
Inc.
(a)
...............................................
52,119
6,195
Marriott
International,
Inc.
,
Class
A
..........................................
18,848
7,027
O'Reilly
Automotive,
Inc.
(a)
...............................................
253,740
22,672
Ralph
Lauren
Corp.
,
Class
A
...............................................
13,115
4,988
Tesla,
Inc.
(a)
..........................................................
140,959
43,868
Ulta
Beauty,
Inc.
(a)
.....................................................
2,143
1,099
Viking
Holdings
Ltd.
(a)
..................................................
93,499
9,757
255,349
Consumer
Staples
(1.3%):
Costco
Wholesale
Corp.
..................................................
12,694
12,083
elf
Beauty,
Inc.
(a)
.......................................................
42,083
3,488
Maplebear,
Inc.
(a)
......................................................
47,176
2,104
Monster
Beverage
Corp.
(a)
................................................
88,635
8,543
The
Coca-Cola
Co.
......................................................
85,791
7,515
33,733
Electronic
Equipment,
Instruments
&
Components
(0.3%):
Amphenol
Corp.
,
Class
A
.................................................
40,450
6,500
Energy
(0.5%):
Diamondback
Energy,
Inc.
................................................
33,483
6,795
Texas
Pacific
Land
Corp.
.................................................
5,949
2,395
Viper
Energy,
Inc.
,
Class
A
................................................
88,228
3,936
13,126
Financials
(4.9%):
Huntington
Bancshares,
Inc.
...............................................
334,962
5,708
LPL
Financial
Holdings,
Inc.
...............................................
29,635
10,482
Mastercard,
Inc.
,
Class
A
.................................................
26,714
15,310
MSCI,
Inc.
,
Class
A
.....................................................
10,872
6,221
The
Progressive
Corp.
...................................................
20,141
4,258
Tradeweb
Markets,
Inc.
,
Class
A
............................................
78,512
7,891
Visa,
Inc.
,
Class
A
......................................................
216,626
79,313
129,183
Health
Care
(8.4%):
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
16,684
3,429
Argenx
SE
,
ADR
(a)
.....................................................
11,241
9,598
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Cardinal
Health,
Inc.
....................................................
20,549
$
4,727
Cencora,
Inc.
..........................................................
20,170
6,280
Dexcom,
Inc.
(a)
........................................................
170,187
14,202
Eli
Lilly
&
Co.
.........................................................
54,525
62,640
Exelixis,
Inc.
(a)
........................................................
88,801
4,709
Halozyme
Therapeutics,
Inc.
(a)
.............................................
130,450
10,767
IDEXX
Laboratories,
Inc.
(a)
...............................................
7,145
3,994
Incyte
Corp.
(a)
.........................................................
88,417
10,568
Intuitive
Surgical,
Inc.
(a)
.................................................
53,171
18,787
McKesson
Corp.
.......................................................
14,961
12,809
Medpace
Holdings,
Inc.
(a)
................................................
17,651
10,187
Natera,
Inc.
(a)
.........................................................
44,512
11,918
Neurocrine
Biosciences,
Inc.
(a)
.............................................
51,109
8,525
Royalty
Pharma
PLC
,
Class
A
..............................................
269,073
15,722
UnitedHealth
Group,
Inc.
.................................................
15,858
6,572
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
19,913
4,058
219,492
Industrials
(8.9%):
Armstrong
World
Industries,
Inc.
............................................
12,814
2,238
BWX
Technologies,
Inc.
..................................................
40,674
6,862
Cintas
Corp.
..........................................................
22,362
4,576
Clean
Harbors,
Inc.
(a)
...................................................
18,256
5,712
Comfort
Systems
USA,
Inc.
...............................................
9,738
16,844
FTAI
Aviation
Ltd.
......................................................
37,520
7,729
GE
Vernova,
Inc.
.......................................................
20,269
20,072
HEICO
Corp.
,
Class
A
...................................................
35,422
9,113
Howmet
Aerospace,
Inc.
..................................................
32,111
9,064
Lyft,
Inc.
,
Class
A
(a)
....................................................
284,403
4,511
Mueller
Industries,
Inc.
...................................................
102,552
6,810
Paychex,
Inc.
..........................................................
48,216
5,634
Quanta
Services,
Inc.
....................................................
24,280
16,203
Rollins,
Inc.
...........................................................
145,266
5,516
Trane
Technologies
PLC
..................................................
70,274
31,971
Uber
Technologies,
Inc.
(a)
................................................
405,417
28,525
Vertiv
Holdings
Co.
,
Class
A
...............................................
142,296
34,374
W.W.
Grainger,
Inc.
.....................................................
3,291
4,549
Woodward,
Inc.
........................................................
30,287
10,926
231,229
IT
Services
(1.3%):
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
51,316
4,246
Snowflake,
Inc.
,
Class
A
(a)
................................................
102,853
30,165
34,411
Semiconductors
&
Semiconductor
Equipment
(26.6%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
79,440
37,825
Astera
Labs,
Inc.
(a)
.....................................................
16,810
5,232
Broadcom,
Inc.
........................................................
425,618
165,684
KLA
Corp.
...........................................................
143,960
26,319
Lam
Research
Corp.
.....................................................
115,795
33,930
Micron
Technology,
Inc.
..................................................
30,643
25,220
Monolithic
Power
Systems,
Inc.
............................................
18,679
26,637
NVIDIA
Corp.
.........................................................
1,812,148
363,789
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
26,555
10,735
695,371
Software
(12.3%):
Adobe,
Inc.
(a)
.........................................................
54,092
13,545
AppLovin
Corp.
,
Class
A
(a)
...............................................
50,652
20,053
Atlassian
Corp.
,
Class
A
(a)
................................................
26,375
2,664
Cadence
Design
Systems,
Inc.
(a)
............................................
38,837
13,205
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
134,026
25,580
Datadog,
Inc.
,
Class
A
(a)
.................................................
12,265
3,287
Elastic
NV
(a)
..........................................................
16,525
1,087
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Fair
Isaac
Corp.
(a)
......................................................
2,383
$
2,676
Fortinet,
Inc.
(a)
........................................................
34,481
5,584
HubSpot,
Inc.
(a)
.......................................................
5,821
1,382
Intuit,
Inc.
............................................................
7,979
2,522
Manhattan
Associates,
Inc.
(a)
..............................................
7,995
1,530
Microsoft
Corp.
........................................................
202,844
94,266
Nutanix,
Inc.
,
Class
A
(a)
..................................................
24,521
1,447
Oracle
Corp.
..........................................................
52,694
6,844
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
173,510
21,352
Palo
Alto
Networks,
Inc.
(a)
................................................
194,298
64,474
ServiceNow,
Inc.
(a)
.....................................................
353,447
39,314
320,812
Technology
Hardware,
Storage
&
Peripherals
(6.2%):
Apple,
Inc.
...........................................................
338,039
104,424
Dell
Technologies,
Inc.
,
Class
C
............................................
42,640
17,285
Everpure,
Inc.
,
Class
A
(a)
.................................................
85,905
6,629
Sandisk
Corp.
(a)
.......................................................
23,034
27,983
Western
Digital
Corp.
....................................................
12,274
6,687
163,008
Total
Common
Stocks
(Cost
$1,180,991)
a
a
a
2,529,477
Exchange-Traded
Funds
(2.7%)
iShares
Top
20
US
Stocks
ETF
.............................................
689,021
22,510
Vanguard
Information
Technology
ETF
.......................................
226,592
25,639
Vanguard
Mega
Cap
Growth
ETF
(b)
.........................................
265,885
22,954
Total
Exchange-Traded
Funds
(Cost
$64,286)
a
a
a
71,103
Short-Term
Investments
(0.3%)
Collateral
for
Securities
Loaned
(0.3%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(c)
........
1,855,853
1,856
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(c)
............
1,855,853
1,855
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(c)
...............
1,855,853
1,856
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(c)
.
1,855,853
1,856
7,423
Total
Short-Term
Investments
(Cost
$7,423)
a
a
a
7,423
Total
Investments
(Cost
$1,252,700)
—
99.8%
2,608,003
Other
assets
in
excess
of
liabilities
—  0.2%
5,280
NET
ASSETS
-
100.00%
$
2,613,283
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Growth
Fund
42
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.6%)
Communication
Services
(17.2%):
Alphabet,
Inc.
,
Class
A
...................................................
320,380
$
114,097
Alphabet,
Inc.
,
Class
C
...................................................
253,798
90,517
Meta
Platforms,
Inc.
,
Class
A
..............................................
202,994
113,009
Netflix,
Inc.
(a)
.........................................................
848,573
60,851
Space
Exploration
Technologies
Corp.
,
Class
A
(a)
(b)
.............................
31,333
3,395
The
Walt
Disney
Co.
....................................................
258,964
24,910
406,779
Communications
Equipment
(1.1%):
Arista
Networks,
Inc.
(a)
..................................................
139,174
25,100
Consumer
Discretionary
(12.2%):
Amazon.com,
Inc.
(a)
....................................................
481,744
130,832
Burlington
Stores,
Inc.
(a)
.................................................
40,117
14,782
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
298,157
11,097
Hilton
Worldwide
Holdings,
Inc.
............................................
30,914
9,908
NIKE,
Inc.
,
Class
B
.....................................................
144,622
6,032
Starbucks
Corp.
........................................................
170,611
17,957
Tesla,
Inc.
(a)
..........................................................
274,266
85,354
Yum!
Brands,
Inc.
......................................................
70,516
10,809
286,771
Consumer
Staples
(2.7%):
Costco
Wholesale
Corp.
..................................................
12,983
12,358
Monster
Beverage
Corp.
(a)
................................................
454,241
43,780
The
Coca-Cola
Co.
......................................................
87,746
7,686
63,824
Energy
(0.3%):
Diamondback
Energy,
Inc.
................................................
34,233
6,948
Financials
(6.9%):
Block,
Inc.
,
Class
A
(a)
...................................................
129,543
10,524
FactSet
Research
Systems,
Inc.
.............................................
26,854
7,068
Huntington
Bancshares,
Inc.
...............................................
342,147
5,830
LPL
Financial
Holdings,
Inc.
...............................................
30,313
10,722
SEI
Investments
Co.
.....................................................
152,936
15,749
The
Progressive
Corp.
...................................................
20,602
4,356
Tradeweb
Markets,
Inc.
,
Class
A
............................................
80,300
8,070
Visa,
Inc.
,
Class
A
......................................................
274,258
100,414
162,733
Health
Care
(10.1%):
Argenx
SE
,
ADR
(a)
.....................................................
11,793
10,069
Dexcom,
Inc.
(a)
........................................................
172,720
14,414
Eli
Lilly
&
Co.
.........................................................
45,177
51,901
Illumina,
Inc.
(a)
........................................................
34,653
7,107
Intuitive
Surgical,
Inc.
(a)
.................................................
34,028
12,023
Natera,
Inc.
(a)
.........................................................
45,533
12,192
Novartis
AG
,
ADR
......................................................
101,902
15,912
Novo
Nordisk
A/S
,
ADR
..................................................
380,424
17,911
Regeneron
Pharmaceuticals,
Inc.
............................................
35,281
26,906
Roche
Holding
AG
,
ADR
.................................................
231,803
12,673
Thermo
Fisher
Scientific,
Inc.
..............................................
26,566
15,257
UnitedHealth
Group,
Inc.
.................................................
16,272
6,743
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
73,339
34,990
238,098
Industrials
(7.3%):
BWX
Technologies,
Inc.
..................................................
42,626
7,191
Clean
Harbors,
Inc.
(a)
...................................................
18,837
5,894
Comfort
Systems
USA,
Inc.
...............................................
6,374
11,025
Deere
&
Co.
..........................................................
24,534
14,541
Expeditors
International
of
Washington,
Inc.
....................................
101,888
17,106
FTAI
Aviation
Ltd.
......................................................
38,340
7,898
Victory
Portfolios
III
Victory
Growth
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
GE
Vernova,
Inc.
.......................................................
10,930
$
10,824
HEICO
Corp.
,
Class
A
...................................................
36,247
9,326
Howmet
Aerospace,
Inc.
..................................................
32,812
9,261
Quanta
Services,
Inc.
....................................................
18,849
12,579
The
Boeing
Co.
(a)
......................................................
260,169
56,233
Woodward,
Inc.
........................................................
30,693
11,072
172,950
IT
Services
(2.1%):
Shopify,
Inc.
,
Class
A
(a)
..................................................
248,103
29,065
Snowflake,
Inc.
,
Class
A
(a)
................................................
69,109
20,269
49,334
Semiconductors
&
Semiconductor
Equipment
(21.3%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
76,047
36,210
Broadcom,
Inc.
........................................................
139,879
54,452
KLA
Corp.
...........................................................
74,623
13,643
Lam
Research
Corp.
.....................................................
118,435
34,704
Micron
Technology,
Inc.
..................................................
5,372
4,421
Monolithic
Power
Systems,
Inc.
............................................
12,840
18,310
NVIDIA
Corp.
.........................................................
1,638,304
328,889
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
27,161
10,980
501,609
Software
(12.5%):
AppLovin
Corp.
,
Class
A
(a)
...............................................
24,385
9,654
Autodesk,
Inc.
(a)
.......................................................
116,058
27,181
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
85,822
16,380
Microsoft
Corp.
........................................................
280,127
130,181
Oracle
Corp.
..........................................................
350,471
45,516
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
65,951
8,116
Palo
Alto
Networks,
Inc.
(a)
................................................
52,793
17,518
Salesforce,
Inc.
........................................................
112,609
20,722
ServiceNow,
Inc.
(a)
.....................................................
115,348
12,830
Workday,
Inc.
,
Class
A
(a)
.................................................
40,380
6,474
294,572
Technology
Hardware,
Storage
&
Peripherals
(4.9%):
Apple,
Inc.
...........................................................
282,438
87,248
Dell
Technologies,
Inc.
,
Class
C
............................................
21,956
8,900
Sandisk
Corp.
(a)
.......................................................
16,902
20,533
116,681
Total
Common
Stocks
(Cost
$786,785)
a
a
a
2,325,399
Short-Term
Investments
(0.2%)
Collateral
for
Securities
Loaned
(0.2%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(c)
........
887,919
888
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(c)
............
887,919
888
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(c)
...............
887,919
888
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(c)
.
887,919
888
3,552
Total
Short-Term
Investments
(Cost
$3,552)
a
a
a
3,552
Total
Investments
(Cost
$790,337)
—
98.8%
2,328,951
Other
assets
in
excess
of
liabilities
—  1.2%
29,058
NET
ASSETS
-
100.00%
$
2,358,009
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
44
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.9%)
Communication
Services
(7.5%):
Alphabet,
Inc.
,
Class
A
...................................................
63,501
$
22,615
Alphabet,
Inc.
,
Class
C
...................................................
133,604
47,650
AST
SpaceMobile,
Inc.
,
Class
A
(a)
(b)
........................................
2,700
159
AT&T,
Inc.
...........................................................
345,384
8,030
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
...................................
959
139
Comcast
Corp.
,
Class
A
..................................................
722,219
17,304
EchoStar
Corp.
,
Class
A
(a)
................................................
1,403
118
Electronic
Arts,
Inc.
.....................................................
2,443
513
Fox
Corp.
,
Class
A
......................................................
60,549
3,526
Fox
Corp.
,
Class
B
......................................................
1,465
76
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
............................
257
23
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
Class
C
(a)
.....................
2,407
236
Live
Nation
Entertainment,
Inc.
(a)
...........................................
1,689
294
Meta
Platforms,
Inc.
,
Class
A
..............................................
56,925
31,691
Netflix,
Inc.
(a)
.........................................................
95,329
6,836
News
Corp.
,
Class
A
.....................................................
3,962
109
News
Corp.
,
Class
B
....................................................
1,192
37
Omnicom
Group,
Inc.
....................................................
3,055
241
Reddit,
Inc.
,
Class
A
(a)
...................................................
1,472
207
ROBLOX
Corp.
,
Class
A
(a)
...............................................
6,664
237
Space
Exploration
Technologies
Corp.
,
Class
A
(a)
(b)
.............................
17,432
1,889
Spotify
Technology
SA
(a)
.................................................
1,653
826
Take-Two
Interactive
Software,
Inc.
(a)
........................................
1,868
454
The
New
York
Times
Co.
,
Class
A
...........................................
146,300
10,956
The
Walt
Disney
Co.
....................................................
18,676
1,797
T-Mobile
US,
Inc.
......................................................
5,353
925
Verizon
Communications,
Inc.
..............................................
313,348
14,668
Warner
Bros
Discovery,
Inc.
(a)
.............................................
25,828
679
172,235
Communications
Equipment
(1.2%):
Arista
Networks,
Inc.
(a)
..................................................
61,118
11,023
Ciena
Corp.
(a)
.........................................................
1,207
455
Cisco
Systems,
Inc.
.....................................................
127,934
14,839
F5,
Inc.
(a)
............................................................
490
197
Lumentum
Holdings,
Inc.
(a)
...............................................
649
463
Motorola
Solutions,
Inc.
..................................................
1,449
632
27,609
Consumer
Discretionary
(7.3%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
2,253
341
Amazon.com,
Inc.
(a)
....................................................
124,795
33,892
AutoZone,
Inc.
(a)
.......................................................
93
281
Best
Buy
Co.,
Inc.
......................................................
1,127
97
Booking
Holdings,
Inc.
...................................................
4,530
874
Burlington
Stores,
Inc.
(a)
.................................................
14,357
5,290
Carnival
Corp.
Ltd.
.....................................................
8,051
224
Carvana
Co.
,
Class
A
(a)
..................................................
3,760
235
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
118,709
4,418
D.R.
Horton,
Inc.
.......................................................
1,474
211
Darden
Restaurants,
Inc.
..................................................
645
131
Domino's
Pizza,
Inc.
.....................................................
19,380
6,733
DoorDash,
Inc.
,
Class
A
(a)
................................................
2,122
416
eBay,
Inc.
............................................................
2,499
285
Expedia
Group,
Inc.
.....................................................
660
195
Ford
Motor
Co.
........................................................
22,093
324
Garmin
Ltd.
...........................................................
935
275
General
Motors
Co.
.....................................................
76,828
6,827
Hilton
Worldwide
Holdings,
Inc.
............................................
11,856
3,800
Las
Vegas
Sands
Corp.
...................................................
1,564
77
Lennar
Corp.
,
Class
A
....................................................
1,231
101
Lennar
Corp.
,
Class
B
(b)
.................................................
54
4
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Lowe's
Cos.,
Inc.
.......................................................
61,149
$
12,707
Lululemon
Athletica,
Inc.
(a)
...............................................
567
67
Marriott
International,
Inc.
,
Class
A
..........................................
1,234
460
McDonald's
Corp.
......................................................
4,025
1,089
Mobility
Global,
Inc.
(a)
..................................................
4,946
101
NIKE,
Inc.
,
Class
B
.....................................................
6,566
274
NVR,
Inc.
(a)
..........................................................
15
92
O'Reilly
Automotive,
Inc.
(a)
...............................................
4,676
418
PulteGroup,
Inc.
........................................................
37,765
4,776
Ralph
Lauren
Corp.
,
Class
A
...............................................
25,903
9,852
Rivian
Automotive,
Inc.
,
Class
A
(a)
..........................................
4,329
66
Ross
Stores,
Inc.
.......................................................
36,463
9,155
Royal
Caribbean
Cruises
Ltd.
..............................................
1,472
469
Somnigroup
International,
Inc.
.............................................
1,170
76
Starbucks
Corp.
........................................................
6,461
680
Tapestry,
Inc.
..........................................................
52,311
7,971
Tesla,
Inc.
(a)
..........................................................
56,856
17,694
The
Home
Depot,
Inc.
...................................................
29,944
9,940
The
TJX
Cos.,
Inc.
......................................................
63,325
9,964
Tractor
Supply
Co.
......................................................
2,970
91
Ulta
Beauty,
Inc.
(a)
.....................................................
245
126
Viking
Holdings
Ltd.
(a)
..................................................
1,181
123
Williams-Sonoma,
Inc.
...................................................
43,163
9,870
Yum!
Brands,
Inc.
......................................................
33,868
5,191
166,283
Consumer
Staples
(3.7%):
Altria
Group,
Inc.
.......................................................
216,152
14,770
Archer-Daniels-Midland
Co.
...............................................
109,300
8,664
Colgate-Palmolive
Co.
...................................................
100,382
9,165
Costco
Wholesale
Corp.
..................................................
4,770
4,540
Dollar
General
Corp.
....................................................
30,800
3,913
PepsiCo,
Inc.
..........................................................
31,195
4,354
Philip
Morris
International,
Inc.
.............................................
21,138
4,034
Sysco
Corp.
...........................................................
111,922
9,540
The
Coca-Cola
Co.
......................................................
32,445
2,842
The
Hershey
Co.
.......................................................
18,400
3,221
The
Kroger
Co.
........................................................
84,543
4,881
The
Procter
&
Gamble
Co.
................................................
75,612
10,925
Walmart,
Inc.
..........................................................
34,000
3,781
84,630
Electronic
Equipment,
Instruments
&
Components
(0.7%):
Amphenol
Corp.
,
Class
A
.................................................
84,471
13,574
CDW
Corp.
...........................................................
1,104
163
Coherent
Corp.
(a)
......................................................
1,637
430
Corning,
Inc.
..........................................................
6,926
958
Fabrinet
(a)
............................................................
308
134
Jabil,
Inc.
............................................................
897
283
Keysight
Technologies,
Inc.
(a)
.............................................
1,473
470
TD
SYNNEX
Corp.
.....................................................
625
160
TE
Connectivity
PLC
....................................................
2,526
520
Teledyne
Technologies,
Inc.
(a)
.............................................
400
262
16,954
Energy
(3.6%):
Chevron
Corp.
.........................................................
21,886
4,308
Devon
Energy
Corp.
.....................................................
234,171
10,568
Diamondback
Energy,
Inc.
................................................
12,569
2,551
EOG
Resources,
Inc.
....................................................
126,866
18,864
Halliburton
Co.
........................................................
85,900
2,770
HF
Sinclair
Corp.
.......................................................
88,446
8,090
Marathon
Petroleum
Corp.
................................................
55,308
17,503
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Valero
Energy
Corp.
.....................................................
57,359
$
17,948
82,602
Financials
(18.0%):
Affirm
Holdings,
Inc.
,
Class
A
(a)
............................................
4,777
342
Aflac,
Inc.
............................................................
7,625
972
American
Express
Co.
...................................................
33,525
11,273
American
International
Group,
Inc.
..........................................
8,915
701
Ameriprise
Financial,
Inc.
.................................................
22,232
12,135
Annaly
Capital
Management,
Inc.
...........................................
171,900
3,906
Aon
PLC
,
Class
A
......................................................
3,548
1,279
Apollo
Global
Management,
Inc.
............................................
6,805
855
Arch
Capital
Group
Ltd.
(a)
................................................
5,722
575
Ares
Management
Corp.
,
Class
A
...........................................
3,439
441
Arthur
J.
Gallagher
&
Co.
.................................................
4,257
1,062
Bank
of
America
Corp.
...................................................
187,392
11,609
Berkshire
Hathaway,
Inc.
,
Class
A
(a)
.........................................
5
3,833
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
23,341
11,940
BlackRock,
Inc.
........................................................
4,772
5,203
Blackstone,
Inc.
........................................................
12,037
1,538
Block,
Inc.
,
Class
A
(a)
...................................................
8,844
719
Brown
&
Brown,
Inc.
....................................................
4,880
344
Capital
One
Financial
Corp.
...............................................
47,868
10,005
Cboe
Global
Markets,
Inc.
................................................
1,745
541
Chubb
Ltd.
...........................................................
6,494
2,277
Cincinnati
Financial
Corp.
................................................
35,319
6,275
Citigroup,
Inc.
.........................................................
28,673
3,798
Citizens
Financial
Group,
Inc.
..............................................
7,046
505
CME
Group,
Inc.
,
Class
A
.................................................
6,004
1,608
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
3,554
520
Corpay,
Inc.
(a)
.........................................................
1,050
401
East
West
Bancorp,
Inc.
..................................................
69,469
9,100
Evercore,
Inc.
,
Class
A
...................................................
23,931
7,671
Everest
Group
Ltd.
......................................................
20,254
7,578
Fidelity
National
Financial,
Inc.
............................................
112,673
5,813
Fidelity
National
Information
Services,
Inc.
....................................
8,679
389
Fifth
Third
Bancorp
.....................................................
15,152
856
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
132
289
Fiserv,
Inc.
(a)
..........................................................
8,919
481
Global
Payments,
Inc.
....................................................
34,076
2,865
Huntington
Bancshares,
Inc.
...............................................
162,439
2,768
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
7,147
629
Intercontinental
Exchange,
Inc.
.............................................
9,407
1,434
JPMorgan
Chase
&
Co.
..................................................
182,598
64,236
KeyCorp
.............................................................
18,216
412
KKR
&
Co.,
Inc.
.......................................................
11,489
1,165
Loews
Corp.
..........................................................
2,814
326
LPL
Financial
Holdings,
Inc.
...............................................
12,556
4,441
M&T
Bank
Corp.
.......................................................
2,455
605
Markel
Group,
Inc.
(a)
....................................................
206
388
Marsh
&
McLennan
Cos.,
Inc.
.............................................
8,121
1,540
Mastercard,
Inc.
,
Class
A
.................................................
13,569
7,776
MetLife,
Inc.
..........................................................
9,009
866
Moody's
Corp.
.........................................................
2,937
1,405
Morgan
Stanley
........................................................
19,964
4,201
MSCI,
Inc.
,
Class
A
.....................................................
1,182
676
Nasdaq,
Inc.
..........................................................
7,468
703
Northern
Trust
Corp.
....................................................
35,221
6,417
PayPal
Holdings,
Inc.
....................................................
14,772
845
Principal
Financial
Group,
Inc.
.............................................
95,405
10,848
Prudential
Financial,
Inc.
.................................................
5,809
709
Raymond
James
Financial,
Inc.
.............................................
2,910
512
Regions
Financial
Corp.
..................................................
14,319
443
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
12,654
1,095
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Rocket
Cos.,
Inc.
,
Class
A
(a)
...............................................
16,689
$
215
S&P
Global,
Inc.
.......................................................
4,946
2,037
SEI
Investments
Co.
.....................................................
48,427
4,987
SoFi
Technologies,
Inc.
(a)
.................................................
21,154
345
State
Street
Corp.
.......................................................
67,127
12,362
Synchrony
Financial
.....................................................
138,734
10,515
T.
Rowe
Price
Group,
Inc.
.................................................
3,531
395
The
Allstate
Corp.
......................................................
67,784
17,900
The
Bank
of
New
York
Mellon
Corp.
.........................................
86,263
13,486
The
Carlyle
Group,
Inc.
..................................................
4,394
202
The
Charles
Schwab
Corp.
................................................
105,399
11,092
The
Goldman
Sachs
Group,
Inc.
............................................
13,718
13,970
The
Hartford
Insurance
Group,
Inc.
..........................................
37,875
5,375
The
PNC
Financial
Services
Group,
Inc.
......................................
80,490
20,112
The
Progressive
Corp.
...................................................
17,420
3,683
The
Travelers
Cos.,
Inc.
..................................................
3,559
1,332
Tradeweb
Markets,
Inc.
,
Class
A
............................................
29,506
2,965
Truist
Financial
Corp.
....................................................
20,889
1,083
U.S.
Bancorp
..........................................................
25,880
1,631
Visa,
Inc.
,
Class
A
......................................................
72,718
26,624
W.R.
Berkley
Corp.
.....................................................
75,870
5,504
Wells
Fargo
&
Co.
......................................................
86,243
7,456
Willis
Towers
Watson
PLC
................................................
1,584
532
Zions
Bancorp
NA
......................................................
73,706
5,137
413,079
Health
Care
(13.7%):
Abbott
Laboratories
.....................................................
48,534
5,130
AbbVie,
Inc.
..........................................................
112,054
28,119
Agilent
Technologies,
Inc.
.................................................
5,616
777
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
5,451
1,120
Amgen,
Inc.
...........................................................
21,877
8,426
Argenx
SE
,
ADR
(a)
.....................................................
4,048
3,456
Becton
Dickinson
&
Co.
..................................................
4,009
664
Biogen,
Inc.
(a)
.........................................................
6,037
1,225
Boston
Scientific
Corp.
(a)
.................................................
21,070
985
Bristol-Myers
Squibb
Co.
.................................................
283,872
18,540
Cardinal
Health,
Inc.
....................................................
40,315
9,274
Cencora,
Inc.
..........................................................
14,294
4,450
Centene
Corp.
(a)
.......................................................
6,949
432
CVS
Health
Corp.
......................................................
83,481
8,718
Danaher
Corp.
.........................................................
12,863
2,508
Dexcom,
Inc.
(a)
........................................................
67,442
5,628
Edwards
Lifesciences
Corp.
(a)
.............................................
8,202
706
Elevance
Health,
Inc.
....................................................
14,443
5,428
Eli
Lilly
&
Co.
.........................................................
28,509
32,752
GE
HealthCare
Technologies,
Inc.
...........................................
6,627
451
Gilead
Sciences,
Inc.
....................................................
125,028
16,280
HCA
Healthcare,
Inc.
....................................................
15,241
6,136
Humana,
Inc.
..........................................................
1,749
636
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,130
632
Illumina,
Inc.
(a)
........................................................
2,998
615
Incyte
Corp.
(a)
.........................................................
8,144
973
Insmed,
Inc.
(a)
.........................................................
8,732
861
Intuitive
Surgical,
Inc.
(a)
.................................................
5,080
1,795
IQVIA
Holdings,
Inc.
(a)
..................................................
3,323
781
Johnson
&
Johnson
.....................................................
122,904
31,506
Labcorp
Holdings,
Inc.
...................................................
1,186
367
McKesson
Corp.
.......................................................
6,794
5,817
Medline,
Inc.
,
Class
A
(a)
.................................................
6,603
259
Medtronic
PLC
........................................................
97,562
8,331
Merck
&
Co.,
Inc.
......................................................
224,984
29,293
Mettler-Toledo
International,
Inc.
(a)
.........................................
399
565
Moderna,
Inc.
(a)
.......................................................
14,873
815
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Natera,
Inc.
(a)
.........................................................
22,392
$
5,996
Pfizer,
Inc.
............................................................
344,326
8,612
Quest
Diagnostics,
Inc.
...................................................
1,595
372
Regeneron
Pharmaceuticals,
Inc.
............................................
4,133
3,152
ResMed,
Inc.
..........................................................
2,090
441
Revolution
Medicines,
Inc.
(a)
..............................................
7,775
1,458
Royalty
Pharma
PLC
,
Class
A
..............................................
53,664
3,136
STERIS
PLC
..........................................................
1,412
322
Stryker
Corp.
..........................................................
5,211
1,697
Tenet
Healthcare
Corp.
(a)
.................................................
1,226
312
The
Cigna
Group
.......................................................
23,119
6,451
Thermo
Fisher
Scientific,
Inc.
..............................................
7,367
4,231
United
Therapeutics
Corp.
(a)
..............................................
1,666
863
UnitedHealth
Group,
Inc.
.................................................
42,798
17,735
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
2,138
436
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
10,355
4,940
Viatris,
Inc.
...........................................................
16,601
292
Waters
Corp.
(a)
........................................................
1,963
741
West
Pharmaceutical
Services,
Inc.
..........................................
1,387
473
Zimmer
Biomet
Holdings,
Inc.
.............................................
2,808
264
Zoetis,
Inc.
,
Class
A
.....................................................
98,473
7,611
313,986
Industrials
(9.3%):
3M
Co.
..............................................................
21,600
3,808
Automatic
Data
Processing,
Inc.
............................................
22,148
5,902
BWX
Technologies,
Inc.
..................................................
14,465
2,440
C.H.
Robinson
Worldwide,
Inc.
.............................................
63,216
9,339
Carlisle
Cos.,
Inc.
.......................................................
7,035
2,532
Caterpillar,
Inc.
........................................................
9,216
7,509
Clean
Harbors,
Inc.
(a)
...................................................
6,519
2,040
Comfort
Systems
USA,
Inc.
...............................................
2,272
3,930
CSX
Corp.
............................................................
75,792
3,820
Cummins,
Inc.
.........................................................
13,449
8,529
Delta
Air
Lines,
Inc.
.....................................................
31,385
2,744
Expeditors
International
of
Washington,
Inc.
....................................
54,790
9,199
FedEx
Corp.
..........................................................
27,873
8,568
FTAI
Aviation
Ltd.
......................................................
14,332
2,952
GE
Vernova,
Inc.
.......................................................
3,888
3,850
General
Dynamics
Corp.
..................................................
25,560
9,800
HEICO
Corp.
,
Class
A
...................................................
12,609
3,244
Howmet
Aerospace,
Inc.
..................................................
12,266
3,462
Huntington
Ingalls
Industries,
Inc.
...........................................
15,480
5,053
J.B.
Hunt
Transport
Services,
Inc.
...........................................
3,082
838
Leidos
Holdings,
Inc.
....................................................
31,500
3,641
Lockheed
Martin
Corp.
...................................................
32,109
18,711
Masco
Corp.
..........................................................
92,920
6,642
Norfolk
Southern
Corp.
..................................................
9,182
3,080
Old
Dominion
Freight
Line,
Inc.
............................................
35,490
7,529
Otis
Worldwide
Corp.
....................................................
131,237
9,443
Owens
Corning
........................................................
14,778
2,053
Parker-Hannifin
Corp.
...................................................
6,080
5,937
Quanta
Services,
Inc.
....................................................
6,611
4,412
Rockwell
Automation,
Inc.
................................................
11,760
5,646
RTX
Corp.
............................................................
17,000
3,659
Southwest
Airlines
Co.
...................................................
23,348
1,050
SS&C
Technologies
Holdings,
Inc.
..........................................
95,610
7,367
Trane
Technologies
PLC
..................................................
15,658
7,124
Uber
Technologies,
Inc.
(a)
................................................
80,236
5,645
Union
Pacific
Corp.
.....................................................
24,234
7,079
United
Airlines
Holdings,
Inc.
(a)
............................................
15,674
1,902
United
Parcel
Service,
Inc.
,
Class
B
..........................................
68,862
7,177
Woodward,
Inc.
........................................................
10,913
3,937
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
XPO,
Inc.
(a)
..........................................................
4,636
$
932
212,525
IT
Services
(1.9%):
Accenture
PLC
,
Class
A
..................................................
97,015
16,097
Akamai
Technologies,
Inc.
(a)
..............................................
1,225
141
Cloudflare,
Inc.
,
Class
A
(a)
................................................
2,769
772
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
87,736
4,856
CoreWeave,
Inc.
,
Class
A
(a)
...............................................
2,897
208
International
Business
Machines
Corp.
........................................
48,121
10,762
MongoDB,
Inc.
,
Class
A
(a)
................................................
663
224
Okta,
Inc.
,
Class
A
(a)
....................................................
1,440
204
Snowflake,
Inc.
,
Class
A
(a)
................................................
28,795
8,445
Twilio,
Inc.
,
Class
A
(a)
...................................................
1,381
273
VeriSign,
Inc.
..........................................................
785
228
42,210
Materials
(3.3%):
Air
Products
and
Chemicals,
Inc.
............................................
6,558
1,934
Albemarle
Corp.
.......................................................
3,395
399
Alcoa
Corp.
...........................................................
7,449
337
Amcor
PLC
...........................................................
13,782
619
CF
Industries
Holdings,
Inc.
...............................................
95,119
11,908
Coeur
Mining,
Inc.
......................................................
29,137
434
Corteva,
Inc.
..........................................................
54,440
4,285
CRH
PLC
............................................................
26,882
2,554
Dow,
Inc.
............................................................
20,695
627
DuPont
de
Nemours,
Inc.
.................................................
3,786
519
Ecolab,
Inc.
...........................................................
13,284
3,688
Freeport-McMoRan,
Inc.
.................................................
109,197
6,839
International
Flavors
&
Fragrances,
Inc.
.......................................
7,559
599
International
Paper
Co.
...................................................
15,507
633
Linde
PLC
............................................................
13,692
6,550
LyondellBasell
Industries
NV
,
Class
A
........................................
50,490
3,134
Martin
Marietta
Materials,
Inc.
.............................................
1,789
940
Newmont
Corp.
........................................................
30,051
2,816
Nucor
Corp.
...........................................................
26,906
6,923
Packaging
Corp.
of
America
...............................................
2,581
635
PPG
Industries,
Inc.
.....................................................
6,642
734
Reliance,
Inc.
..........................................................
7,349
2,984
Royal
Gold,
Inc.
........................................................
2,435
483
Smurfit
WestRock
PLC
...................................................
15,562
715
Steel
Dynamics,
Inc.
.....................................................
26,459
6,648
The
Sherwin-Williams
Co.
................................................
18,801
6,408
Vulcan
Materials
Co.
....................................................
3,880
1,042
75,387
Real
Estate
(2.0%):
Brixmor
Property
Group,
Inc.
..............................................
76,700
2,417
Digital
Realty
Trust,
Inc.
..................................................
14,500
2,734
Equinix,
Inc.
..........................................................
3,087
3,146
Equity
Residential
......................................................
38,000
2,525
First
Industrial
Realty
Trust,
Inc.
............................................
38,700
2,548
Kimco
Realty
Corp.
.....................................................
111,218
2,834
Omega
Healthcare
Investors,
Inc.
...........................................
57,400
2,906
Prologis,
Inc.
..........................................................
46,661
6,748
Public
Storage
.........................................................
8,540
2,768
Simon
Property
Group,
Inc.
...............................................
21,236
4,871
Ventas,
Inc.
...........................................................
42,200
3,946
Welltower,
Inc.
.........................................................
35,500
8,323
45,766
Semiconductors
&
Semiconductor
Equipment
(10.8%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
44,697
21,283
Analog
Devices,
Inc.
....................................................
21,331
7,837
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Applied
Materials,
Inc.
...................................................
14,476
$
7,349
Astera
Labs,
Inc.
(a)
.....................................................
1,260
392
Broadcom,
Inc.
........................................................
106,811
41,579
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
1,475
305
Entegris,
Inc.
..........................................................
1,314
157
First
Solar,
Inc.
(a)
......................................................
897
189
GLOBALFOUNDRIES,
Inc.
..............................................
1,150
58
Intel
Corp.
(a)
..........................................................
37,541
3,386
KLA
Corp.
...........................................................
90,374
16,522
Lam
Research
Corp.
.....................................................
54,352
15,926
Lattice
Semiconductor
Corp.
(a)
.............................................
1,181
147
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
608
153
Marvell
Technology,
Inc.
.................................................
7,586
1,423
Microchip
Technology,
Inc.
................................................
4,619
343
Micron
Technology,
Inc.
..................................................
11,859
9,760
MKS,
Inc.
............................................................
561
167
Monolithic
Power
Systems,
Inc.
............................................
5,858
8,354
NVIDIA
Corp.
.........................................................
510,633
102,510
ON
Semiconductor
Corp.
(a)
...............................................
3,390
277
Qnity
Electronics,
Inc.
...................................................
1,844
242
QUALCOMM,
Inc.
.....................................................
23,775
3,509
SiTime
Corp.
(a)
........................................................
193
103
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
9,971
4,031
Teradyne,
Inc.
.........................................................
1,373
505
Texas
Instruments,
Inc.
...................................................
7,911
2,181
248,688
Software
(5.0%):
Adobe,
Inc.
(a)
.........................................................
3,489
874
AppLovin
Corp.
,
Class
A
(a)
...............................................
11,153
4,415
Atlassian
Corp.
,
Class
A
(a)
................................................
1,377
139
Autodesk,
Inc.
(a)
.......................................................
1,831
429
Cadence
Design
Systems,
Inc.
(a)
............................................
2,374
807
Circle
Internet
Group,
Inc.
,
Class
A
(a)
........................................
1,593
100
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
40,408
7,712
Datadog,
Inc.
,
Class
A
(a)
.................................................
2,813
754
Fair
Isaac
Corp.
(a)
......................................................
197
221
Fortinet,
Inc.
(a)
........................................................
5,264
853
Gen
Digital,
Inc.
.......................................................
4,735
130
Intuit,
Inc.
............................................................
15,366
4,857
Microsoft
Corp.
........................................................
144,045
66,941
Oracle
Corp.
..........................................................
33,472
4,347
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
42,350
5,212
Palo
Alto
Networks,
Inc.
(a)
................................................
26,475
8,785
PTC,
Inc.
(a)
...........................................................
1,007
138
Roper
Technologies,
Inc.
..................................................
883
346
Salesforce,
Inc.
........................................................
6,830
1,257
ServiceNow,
Inc.
(a)
.....................................................
51,363
5,713
Strategy,
Inc.
,
Class
A
(a)
..................................................
2,838
265
Synopsys,
Inc.
(a)
.......................................................
1,587
617
Workday,
Inc.
,
Class
A
(a)
.................................................
1,703
273
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
2,282
219
Zscaler,
Inc.
(a)
.........................................................
909
137
115,541
Technology
Hardware,
Storage
&
Peripherals
(7.5%):
Apple,
Inc.
...........................................................
350,716
108,340
Dell
Technologies,
Inc.
,
Class
C
............................................
52,414
21,247
Everpure,
Inc.
,
Class
A
(a)
.................................................
2,707
209
Hewlett
Packard
Enterprise
Co.
.............................................
197,250
9,448
HP,
Inc.
..............................................................
198,338
5,408
IonQ,
Inc.
(a)
(b)
........................................................
3,100
113
NetApp,
Inc.
..........................................................
80,061
14,291
Sandisk
Corp.
(a)
.......................................................
7,608
9,242
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Seagate
Technology
Holdings
PLC
..........................................
1,891
$
1,619
Super
Micro
Computer,
Inc.
(a)
.............................................
4,532
129
Western
Digital
Corp.
....................................................
2,887
1,573
171,619
Utilities
(3.4%):
Alliant
Energy
Corp.
....................................................
6,048
428
Ameren
Corp.
.........................................................
39,268
4,304
American
Electric
Power
Co.,
Inc.
...........................................
12,695
1,623
American
Water
Works
Co.,
Inc.
............................................
4,571
613
Atmos
Energy
Corp.
.....................................................
3,923
678
CenterPoint
Energy,
Inc.
..................................................
15,260
641
CMS
Energy
Corp.
......................................................
7,176
517
Consolidated
Edison,
Inc.
.................................................
8,604
937
Constellation
Energy
Corp.
................................................
7,883
2,071
Dominion
Energy,
Inc.
...................................................
20,535
1,420
DTE
Energy
Co.
.......................................................
4,865
690
Duke
Energy
Corp.
......................................................
18,214
2,285
Edison
International
.....................................................
234,152
17,180
Entergy
Corp.
.........................................................
10,699
1,151
Evergy,
Inc.
...........................................................
88,168
7,319
Eversource
Energy
......................................................
8,773
628
Exelon
Corp.
..........................................................
23,942
1,097
FirstEnergy
Corp.
.......................................................
112,493
5,435
National
Fuel
Gas
Co.
...................................................
28,141
2,316
NextEra
Energy,
Inc.
....................................................
71,051
6,176
NiSource,
Inc.
.........................................................
11,119
494
NRG
Energy,
Inc.
.......................................................
64,948
8,722
OGE
Energy
Corp.
......................................................
49,403
2,339
PG&E
Corp.
..........................................................
51,398
893
PPL
Corp.
............................................................
17,553
618
Public
Service
Enterprise
Group,
Inc.
.........................................
11,641
893
Sempra
..............................................................
15,252
1,351
Talen
Energy
Corp.
(a)
...................................................
1,037
346
The
Southern
Co.
.......................................................
26,281
2,485
Vistra
Corp.
...........................................................
7,763
1,150
WEC
Energy
Group,
Inc.
.................................................
7,598
831
Xcel
Energy,
Inc.
.......................................................
14,664
1,147
78,778
Total
Common
Stocks
(Cost
$1,545,676)
a
a
a
2,267,892
Rights
(0.0%)(c)
Financials
(0.0%):(c)
TPG,
Inc.,
CVR
,
expiring
4/9/29
(a)
(d)
........................................
2,949
—
(e)
Total
Rights
(Cost
$—)
a
a
a
—
(e)
Short-Term
Investments
(0.1%)
Collateral
for
Securities
Loaned
(0.1%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(f)
........
597,357
597
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(f)
............
597,357
598
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(f)
................
597,357
597
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(f)
.
597,357
597
2,389
Total
Short-Term
Investments
(Cost
$2,389)
a
a
a
2,389
Total
Investments
(Cost
$1,548,065)
—
99.0%
2,270,281
Other
assets
in
excess
of
liabilities
—  1.0%
23,947
NET
ASSETS
-
100.00%
$
2,294,228
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Income
Stock
Fund
53
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(4.1%):
AT&T,
Inc.
...........................................................
651,800
$
15,154
Comcast
Corp.
,
Class
A
..................................................
1,614,101
38,674
Fox
Corp.
,
Class
A
......................................................
136,700
7,960
The
New
York
Times
Co.
,
Class
A
...........................................
360,923
27,030
Verizon
Communications,
Inc.
..............................................
641,646
30,035
118,853
Consumer
Discretionary
(7.6%):
Domino's
Pizza,
Inc.
.....................................................
48,606
16,888
General
Motors
Co.
.....................................................
195,000
17,328
Lennar
Corp.
,
Class
A
....................................................
69,252
5,703
Lowe's
Cos.,
Inc.
.......................................................
138,776
28,839
PulteGroup,
Inc.
........................................................
88,270
11,164
Ralph
Lauren
Corp.
,
Class
A
...............................................
61,885
23,537
Ross
Stores,
Inc.
.......................................................
79,100
19,860
Tapestry,
Inc.
..........................................................
121,831
18,563
The
Home
Depot,
Inc.
...................................................
57,400
19,054
The
TJX
Cos.,
Inc.
......................................................
136,278
21,442
Williams-Sonoma,
Inc.
...................................................
100,559
22,994
Yum!
Brands,
Inc.
......................................................
76,875
11,783
217,155
Consumer
Staples
(6.7%):
Altria
Group,
Inc.
.......................................................
515,211
35,204
Archer-Daniels-Midland
Co.
...............................................
261,040
20,693
Colgate-Palmolive
Co.
...................................................
239,956
21,908
Dollar
General
Corp.
....................................................
73,559
9,346
PepsiCo,
Inc.
..........................................................
74,437
10,389
Philip
Morris
International,
Inc.
.............................................
50,418
9,621
Sysco
Corp.
...........................................................
267,520
22,803
The
Hershey
Co.
.......................................................
43,800
7,667
The
Kroger
Co.
........................................................
201,842
11,654
The
Procter
&
Gamble
Co.
................................................
239,893
34,662
Walmart,
Inc.
..........................................................
83,836
9,323
193,270
Energy
(6.7%):
Chevron
Corp.
.........................................................
52,348
10,304
Devon
Energy
Corp.
.....................................................
557,985
25,182
EOG
Resources,
Inc.
....................................................
298,914
44,445
Halliburton
Co.
........................................................
206,100
6,647
HF
Sinclair
Corp.
.......................................................
215,385
19,701
Marathon
Petroleum
Corp.
................................................
131,983
41,769
Valero
Energy
Corp.
.....................................................
136,739
42,785
190,833
Financials
(20.9%):
American
Express
Co.
...................................................
51,888
17,447
Ameriprise
Financial,
Inc.
.................................................
49,517
27,028
Annaly
Capital
Management,
Inc.
...........................................
409,300
9,299
Bank
of
America
Corp.
...................................................
169,100
10,476
Capital
One
Financial
Corp.
...............................................
90,039
18,819
Cincinnati
Financial
Corp.
................................................
78,370
13,925
East
West
Bancorp,
Inc.
..................................................
166,161
21,767
Evercore,
Inc.
,
Class
A
...................................................
57,211
18,340
Everest
Group
Ltd.
......................................................
48,642
18,200
Fidelity
National
Financial,
Inc.
............................................
301,828
15,571
Global
Payments,
Inc.
....................................................
123,833
10,412
JPMorgan
Chase
&
Co.
..................................................
329,422
115,887
Northern
Trust
Corp.
....................................................
76,906
14,012
Principal
Financial
Group,
Inc.
.............................................
218,843
24,883
SEI
Investments
Co.
.....................................................
115,832
11,928
State
Street
Corp.
.......................................................
149,203
27,477
Victory
Portfolios
III
Victory
Income
Stock
Fund
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Synchrony
Financial
.....................................................
333,812
$
25,300
The
Allstate
Corp.
......................................................
151,911
40,117
The
Bank
of
New
York
Mellon
Corp.
.........................................
178,748
27,944
The
Charles
Schwab
Corp.
................................................
210,189
22,120
The
Goldman
Sachs
Group,
Inc.
............................................
21,565
21,961
The
Hartford
Insurance
Group,
Inc.
..........................................
79,600
11,296
The
PNC
Financial
Services
Group,
Inc.
......................................
176,431
44,085
W.R.
Berkley
Corp.
.....................................................
171,868
12,467
Wells
Fargo
&
Co.
......................................................
83,948
7,257
Zions
Bancorp
NA
......................................................
176,230
12,283
600,301
Health
Care
(13.2%):
Abbott
Laboratories
.....................................................
57,332
6,060
AbbVie,
Inc.
..........................................................
95,149
23,877
Bristol-Myers
Squibb
Co.
.................................................
608,209
39,722
Cardinal
Health,
Inc.
....................................................
87,780
20,192
Cencora,
Inc.
..........................................................
27,289
8,496
CVS
Health
Corp.
......................................................
155,361
16,224
Elevance
Health,
Inc.
....................................................
26,987
10,143
Gilead
Sciences,
Inc.
....................................................
179,850
23,418
HCA
Healthcare,
Inc.
....................................................
31,196
12,559
Johnson
&
Johnson
.....................................................
210,736
54,022
McKesson
Corp.
.......................................................
12,085
10,347
Medtronic
PLC
........................................................
206,196
17,607
Merck
&
Co.,
Inc.
......................................................
453,697
59,072
Pfizer,
Inc.
............................................................
624,959
15,630
Royalty
Pharma
PLC
,
Class
A
..............................................
117,601
6,872
The
Cigna
Group
.......................................................
46,214
12,896
UnitedHealth
Group,
Inc.
.................................................
56,969
23,608
Zoetis,
Inc.
,
Class
A
.....................................................
211,100
16,316
377,061
Industrials
(13.1%):
3M
Co.
..............................................................
53,268
9,390
Automatic
Data
Processing,
Inc.
............................................
52,835
14,078
C.H.
Robinson
Worldwide,
Inc.
.............................................
144,371
21,328
Carlisle
Cos.,
Inc.
.......................................................
16,749
6,028
Caterpillar,
Inc.
........................................................
26,370
21,487
Cummins,
Inc.
.........................................................
41,860
26,548
Expeditors
International
of
Washington,
Inc.
....................................
121,679
20,429
FedEx
Corp.
..........................................................
50,916
15,652
General
Dynamics
Corp.
..................................................
60,946
23,368
Huntington
Ingalls
Industries,
Inc.
...........................................
36,988
12,075
Leidos
Holdings,
Inc.
....................................................
75,280
8,702
Lockheed
Martin
Corp.
...................................................
76,689
44,690
Masco
Corp.
..........................................................
229,576
16,410
Old
Dominion
Freight
Line,
Inc.
............................................
68,528
14,537
Otis
Worldwide
Corp.
....................................................
313,750
22,574
Owens
Corning
........................................................
67,515
9,378
Parker-Hannifin
Corp.
...................................................
14,440
14,101
Rockwell
Automation,
Inc.
................................................
28,056
13,469
Rollins,
Inc.
...........................................................
138,853
5,272
RTX
Corp.
............................................................
47,293
10,178
SS&C
Technologies
Holdings,
Inc.
..........................................
225,209
17,352
Trane
Technologies
PLC
..................................................
37,423
17,026
United
Parcel
Service,
Inc.
,
Class
B
..........................................
112,608
11,736
375,808
Information
Technology
(15.4%):
Accenture
PLC
,
Class
A
..................................................
247,850
41,123
Amphenol
Corp.
,
Class
A
.................................................
140,114
22,516
Analog
Devices,
Inc.
....................................................
40,800
14,990
Apple,
Inc.
...........................................................
296,668
91,644
Applied
Materials,
Inc.
...................................................
16,875
8,567
Victory
Portfolios
III
Victory
Income
Stock
Fund
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Broadcom,
Inc.
........................................................
32,257
$
12,557
Cisco
Systems,
Inc.
.....................................................
247,174
28,670
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
209,616
11,602
Dell
Technologies,
Inc.
,
Class
C
............................................
96,201
38,997
Hewlett
Packard
Enterprise
Co.
.............................................
510,227
24,440
HP,
Inc.
..............................................................
457,240
12,469
International
Business
Machines
Corp.
........................................
94,973
21,241
Intuit,
Inc.
............................................................
27,480
8,686
KLA
Corp.
...........................................................
122,800
22,450
Microsoft
Corp.
........................................................
77,345
35,944
NetApp,
Inc.
..........................................................
217,716
38,862
QUALCOMM,
Inc.
.....................................................
34,612
5,109
439,867
Materials
(3.9%):
CF
Industries
Holdings,
Inc.
...............................................
227,084
28,429
Corteva,
Inc.
..........................................................
122,144
9,614
CRH
PLC
............................................................
63,424
6,026
Ecolab,
Inc.
...........................................................
37,995
10,548
Freeport-McMoRan,
Inc.
.................................................
162,300
10,165
LyondellBasell
Industries
NV
,
Class
A
........................................
96,100
5,966
Nucor
Corp.
...........................................................
48,200
12,401
Reliance,
Inc.
..........................................................
13,912
5,650
Steel
Dynamics,
Inc.
.....................................................
53,394
13,416
The
Sherwin-Williams
Co.
................................................
26,520
9,039
111,254
Real
Estate
(3.8%):
Brixmor
Property
Group,
Inc.
..............................................
184,881
5,826
Digital
Realty
Trust,
Inc.
..................................................
36,164
6,818
Equinix,
Inc.
..........................................................
7,345
7,487
Equity
Residential
......................................................
95,087
6,318
First
Industrial
Realty
Trust,
Inc.
............................................
92,391
6,083
Kimco
Realty
Corp.
.....................................................
265,815
6,773
Omega
Healthcare
Investors,
Inc.
...........................................
137,637
6,968
Prologis,
Inc.
..........................................................
110,945
16,044
Public
Storage
.........................................................
20,375
6,605
Simon
Property
Group,
Inc.
...............................................
51,108
11,723
Ventas,
Inc.
...........................................................
100,673
9,414
Welltower,
Inc.
.........................................................
84,800
19,880
109,939
Utilities
(4.3%):
Ameren
Corp.
.........................................................
80,505
8,824
Edison
International
.....................................................
538,381
39,501
Evergy,
Inc.
...........................................................
246,756
20,483
FirstEnergy
Corp.
.......................................................
232,100
11,213
National
Fuel
Gas
Co.
...................................................
135,893
11,185
NextEra
Energy,
Inc.
....................................................
65,103
5,659
NRG
Energy,
Inc.
.......................................................
145,080
19,483
OGE
Energy
Corp.
......................................................
118,308
5,602
121,950
Total
Common
Stocks
(Cost
$2,187,575)
a
a
a
2,856,291
Total
Investments
(Cost
$2,187,575)
—
99.7%
2,856,291
Other
assets
in
excess
of
liabilities
—  0.3%
9,525
NET
ASSETS
-
100.00%
$
2,865,816
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
56
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.6%)
Communication
Services
(10.2%):
Alphabet,
Inc.,
Class
A
...................................................
124,098
$
44,195
Meta
Platforms,
Inc.,
Class
A
..............................................
108,361
60,326
Netflix,
Inc.(a)
.........................................................
212,641
15,248
Pinterest,
Inc.,
Class
A(a)
.................................................
32,788
787
Reddit,
Inc.,
Class
A(a)
...................................................
32,400
4,558
ROBLOX
Corp.,
Class
A(a)
...............................................
60,108
2,140
Space
Exploration
Technologies
Corp.,
Class
A(a)(b)
.............................
64,903
7,034
Take-Two
Interactive
Software,
Inc.(a)
........................................
74,158
18,014
152,302
Communications
Equipment
(3.3%):
Arista
Networks,
Inc.(a)
..................................................
181,747
32,778
Ciena
Corp.(a)
.........................................................
6,022
2,271
Cisco
Systems,
Inc.
.....................................................
6,028
699
Lumentum
Holdings,
Inc.(a)
...............................................
1,522
1,087
Motorola
Solutions,
Inc.
..................................................
1,824
795
Viavi
Solutions,
Inc.(a)
...................................................
185,940
6,870
Zhongji
Innolight
Co.
Ltd.,
Class
H(a)
........................................
23,950
3,139
47,639
Consumer
Discretionary
(3.4%):
Airbnb,
Inc.,
Class
A(a)
..................................................
11,438
1,733
Amazon.com,
Inc.(a)
....................................................
147,981
40,188
MercadoLibre
,
Inc.(a)
....................................................
685
1,286
Navan,
Inc.,
Class
A(a)
...................................................
290,038
7,721
50,928
Consumer
Staples
(0.4%):
Maplebear
,
Inc.(a)
......................................................
132,576
5,913
Electronic
Equipment,
Instruments
&
Components
(4.8%):
Amphenol
Corp.,
Class
A
.................................................
80,720
12,972
Celestica,
Inc.(a)
.......................................................
15,327
5,080
Cognex
Corp.
.........................................................
71,283
4,650
Coherent
Corp.(a)
......................................................
87,936
23,117
Corning,
Inc.
..........................................................
10,805
1,494
Fabrinet(a)
............................................................
24,054
10,473
Flex
Ltd.(a)
...........................................................
71,928
8,182
Novanta,
Inc.(a)
........................................................
42,364
6,039
TTM
Technologies,
Inc.(a)
................................................
12,234
1,412
73,419
Financials
(1.6%):
Block,
Inc.,
Class
A(a)
...................................................
24,980
2,029
HCI
Group,
Inc.
........................................................
25,873
4,528
Toast,
Inc.,
Class
A(a)
....................................................
102,135
3,296
Visa,
Inc.,
Class
A
......................................................
36,572
13,390
23,243
Health
Care
(14.1%):
Abbott
Laboratories
.....................................................
1,747
185
AbbVie,
Inc.
..........................................................
1,694
425
Absci
Corp.(a)
.........................................................
362,068
2,817
Adaptive
Biotechnologies
Corp.(a)
..........................................
2,122
48
Agilent
Technologies,
Inc.
.................................................
1,121
155
Alamar
Biosciences,
Inc.(a)
...............................................
100
3
Alebund
Pharmaceuticals
Jiangsu
Ltd.,
Class
H(a)
...............................
1,100
4
Alignment
Healthcare,
Inc.(a)
..............................................
2,080
31
Alnylam
Pharmaceuticals,
Inc.(a)
...........................................
324
67
Amgen,
Inc.
...........................................................
365
141
AnaptysBio
,
Inc.(a)
.....................................................
187,893
10,026
Arcus
Biosciences,
Inc.(a)
.................................................
2,042
58
Argenx
SE,
ADR(a)
.....................................................
65
55
Ascendis
Pharma
A/S(a)
..................................................
313
76
AstraZeneca
PLC
.......................................................
472
80
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Avalyn
Pharma,
Inc.(a)
...................................................
200
$
6
Biogen,
Inc.(a)
.........................................................
677
137
Boston
Scientific
Corp.(a)
.................................................
4,156
194
Bridgebio
Pharma,
Inc.(a)
.................................................
161,635
12,945
Bristol-Myers
Squibb
Co.
.................................................
1,159
76
CAMP4
Therapeutics
Corp.(a)(b)
...........................................
226,602
782
Cardinal
Health,
Inc.
....................................................
361
83
Celldex
Therapeutics,
Inc.(a)
...............................................
1,379
52
Cencora
,
Inc.
..........................................................
802
250
Centene
Corp.(a)
.......................................................
1,782
111
CG
oncology,
Inc.(a)
....................................................
546
39
CVS
Health
Corp.
......................................................
2,731
285
Cytokinetics,
Inc.(a)
.....................................................
916
71
Danaher
Corp.
.........................................................
1,329
259
Definium
Therapeutics,
Inc.(a)
.............................................
700
30
Dexcom,
Inc.(a)
........................................................
1,102
92
Dianthus
Therapeutics,
Inc.(a)
..............................................
488
52
Disc
Medicine,
Inc.,
Class
A(a)
.............................................
64,634
4,977
Dyne
Therapeutics,
Inc.(a)
................................................
103,776
2,613
Edwards
Lifesciences
Corp.(a)
.............................................
2,905
250
Elanco
Animal
Health,
Inc.(a)
..............................................
2,831
75
Elevance
Health,
Inc.
....................................................
811
305
Eli
Lilly
&
Co.
.........................................................
12,329
14,164
Encompass
Health
Corp.
..................................................
486
54
First
Tracks
Biotherapeutics,
Inc.(a)
..........................................
187,893
8,275
Galderma
Group
AG(a)
..................................................
319
70
GenFleet
Therapeutics
Shanghai,
Inc.,
Class
H(a)
................................
7,550
27
GSK
PLC
............................................................
4,504
117
Guardant
Health,
Inc.(a)
..................................................
222,060
35,971
HCA
Healthcare,
Inc.
....................................................
474
191
HeartFlow
,
Inc.(a)
......................................................
2,413
61
ICON
PLC(a)
.........................................................
153
25
Ideaya
Biosciences,
Inc.(a)
................................................
160,856
5,710
Immunocore
Holdings
PLC,
ADR(a)
.........................................
1,459
50
Immunome,
Inc.(a)
......................................................
1,800
41
Incyte
Corp.(a)
.........................................................
802
96
Insmed
,
Inc.(a)
.........................................................
62,349
6,148
Inspire
Medical
Systems,
Inc.(a)
............................................
701
35
Intuitive
Surgical,
Inc.(a)
.................................................
825
291
Ionis
Pharmaceuticals,
Inc.(a)
..............................................
1,374
71
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
H
...............................
4,318
31
Johnson
&
Johnson
.....................................................
2,637
676
Kailera
Therapeutics,
Inc.(a)
...............................................
1,760
30
Kymera
Therapeutics,
Inc.(a)
..............................................
60,814
6,288
Madrigal
Pharmaceuticals,
Inc.(a)
...........................................
152
71
Medtronic
PLC
........................................................
1,318
113
Merck
&
Co.,
Inc.
......................................................
4,672
608
Mirum
Pharmaceuticals,
Inc.(a)
.............................................
418
44
Moderna,
Inc.(a)
.......................................................
531
29
Natera
,
Inc.(a)
.........................................................
52,743
14,122
Olema
Pharmaceuticals,
Inc.(a)
.............................................
254,784
2,917
Option
Care
Health,
Inc.(a)
................................................
1,912
44
ORIC
Pharmaceuticals,
Inc.(a)
.............................................
358,298
3,966
Pharvaris
NV(a)
........................................................
1,659
54
Protagonist
Therapeutics,
Inc.(a)
............................................
77,782
10,628
PTC
Therapeutics,
Inc.(a)
.................................................
1,046
71
QIAGEN
NV
..........................................................
966
40
Regeneron
Pharmaceuticals,
Inc.
............................................
270
206
Revolution
Medicines,
Inc.(a)
..............................................
152,410
28,581
Scholar
Rock
Holding
Corp.(a)
.............................................
1,019
48
Spyre
Therapeutics,
Inc.(a)
................................................
76,720
7,544
STERIS
PLC
..........................................................
376
86
Stoke
Therapeutics,
Inc.(a)
................................................
1,182
34
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Structure
Therapeutics,
Inc.,
ADR(a)
.........................................
1,047
$
50
Stryker
Corp.
..........................................................
383
125
Thermo
Fisher
Scientific,
Inc.
..............................................
278
160
Trevi
Therapeutics,
Inc.(a)
................................................
2,047
37
Twist
Bioscience
Corp.(a)
.................................................
113,554
10,396
UCB
SA
.............................................................
319
82
United
Therapeutics
Corp.(a)
..............................................
171
89
UnitedHealth
Group,
Inc.
.................................................
1,172
486
Vaxcyte
,
Inc.(a)
........................................................
761
41
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
16,887
8,057
Viridian
Therapeutics,
Inc.(a)(b)
............................................
247,296
4,679
Zenas
Biopharma,
Inc.(a)(b)
...............................................
1,437
45
Zymeworks
,
Inc.(a)
.....................................................
82,485
1,810
211,540
IT
Services
(2.7%):
Akamai
Technologies,
Inc.(a)
..............................................
3,143
362
Cloudflare,
Inc.,
Class
A(a)
................................................
3,737
1,043
CoreWeave
,
Inc.,
Class
A(a)
...............................................
5,492
394
Gartner,
Inc.(a)
........................................................
5,809
877
GoDaddy,
Inc.,
Class
A(a)
.................................................
27,284
2,257
MongoDB,
Inc.,
Class
A(a)
................................................
1,696
572
Shopify,
Inc.,
Class
A(a)
..................................................
58,112
6,808
Snowflake,
Inc.,
Class
A(a)
................................................
96,892
28,416
40,729
Semiconductors
&
Semiconductor
Equipment
(29.0%):
Advanced
Micro
Devices,
Inc.(a)
............................................
18,769
8,937
Advanced
Micro-Fabrication
Equipment,
Inc.,
Class
A
............................
83,249
4,236
Applied
Materials,
Inc.
...................................................
19,235
9,765
ASML
Holding
NV,
Registered
Shares,
NYS
...................................
3,275
5,335
Broadcom,
Inc.
........................................................
134,634
52,410
Cirrus
Logic,
Inc.(a)
.....................................................
17,550
2,270
Credo
Technology
Group
Holding
Ltd.(a)
.....................................
83,969
17,381
Impinj
,
Inc.(a)(b)
.......................................................
42,730
6,468
KLA
Corp.
...........................................................
83,216
15,214
Lam
Research
Corp.
.....................................................
120,494
35,307
MACOM
Technology
Solutions
Holdings,
Inc.(a)
................................
71,597
18,002
MaxLinear
,
Inc.,
Class
A(a)
................................................
137,884
9,213
Micron
Technology,
Inc.
..................................................
17,033
14,019
MKS,
Inc.
............................................................
5,508
1,638
Monolithic
Power
Systems,
Inc.
............................................
23,808
33,951
NVIDIA
Corp.
.........................................................
740,298
148,615
Qnity
Electronics,
Inc.
...................................................
4,454
584
Semtech
Corp.(a)
.......................................................
166,004
19,559
Silicon
Motion
Technology
Corp.,
ADR
.......................................
52,534
13,322
SK
hynix
,
Inc.
.........................................................
6,903
7,842
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
92,505
6,843
Teradyne,
Inc.
.........................................................
3,184
1,171
432,082
Software
(23.9%):
Adobe,
Inc.(a)
.........................................................
9,028
2,261
Appfolio
,
Inc.,
Class
A(a)
.................................................
10,474
1,887
AppLovin
Corp.,
Class
A(a)
...............................................
85,999
34,047
Atlassian
Corp.,
Class
A(a)
................................................
17,638
1,782
Autodesk,
Inc.(a)
.......................................................
11,433
2,678
Cadence
Design
Systems,
Inc.(a)
............................................
13,777
4,684
Core
Scientific,
Inc.(a)
...................................................
201,135
4,167
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
42,616
8,134
CyberArk
Software
Ltd.(a)
................................................
24,033
1,081
Datadog,
Inc.,
Class
A(a)
.................................................
22,242
5,960
Docusign
,
Inc.,
Class
A(a)
.................................................
61,822
3,390
Dynatrace,
Inc.(a)
......................................................
73,030
3,237
Elastic
NV(a)
..........................................................
33,581
2,209
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Fair
Isaac
Corp.(a)
......................................................
1,914
$
2,149
Fortinet,
Inc.(a)
........................................................
19,116
3,096
HubSpot,
Inc.(a)
.......................................................
4,156
986
Intuit,
Inc.
............................................................
12,805
4,047
JFrog
Ltd.(a)
..........................................................
192,619
15,369
Keel
Infrastructure
Corp.(a)
...............................................
1,128,222
4,479
Klaviyo
,
Inc.,
Class
A(a)
..................................................
305,982
5,459
Manhattan
Associates,
Inc.(a)
..............................................
12,917
2,472
Microsoft
Corp.
........................................................
192,864
89,628
Nebius
Group
NV,
Class
A(a)(b)
............................................
79,805
15,196
Nutanix,
Inc.,
Class
A(a)
..................................................
35,611
2,101
Oracle
Corp.
..........................................................
121,011
15,716
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
112,373
13,829
Palo
Alto
Networks,
Inc.(a)
................................................
66,186
21,962
Pegasystems,
Inc.
.......................................................
87,887
2,685
RingCentral,
Inc.,
Class
A
.................................................
78,687
4,377
Riot
Platforms,
Inc.(a)
...................................................
243,696
4,915
Rubrik,
Inc.,
Class
A(a)
..................................................
57,989
4,196
Salesforce,
Inc.
........................................................
12,397
2,281
Samsara,
Inc.,
Class
A(a)
.................................................
181,155
6,752
ServiceNow,
Inc.(a)
.....................................................
212,762
23,666
Strategy,
Inc.,
Class
A(a)
..................................................
7,361
687
Synopsys,
Inc.(a)
.......................................................
16,869
6,558
Terawulf
,
Inc.(a)(b)
.....................................................
221,162
3,906
Varonis
Systems,
Inc.,
Class
B(a)
...........................................
354,770
14,173
Workday,
Inc.,
Class
A(a)
.................................................
20,707
3,320
Zeta
Global
Holdings
Corp.,
Class
A(a)
.......................................
243,610
5,262
Zscaler,
Inc.(a)
.........................................................
18,863
2,852
357,636
Technology
Hardware,
Storage
&
Peripherals
(5.2%):
Apple,
Inc.
...........................................................
110,769
34,218
Dell
Technologies,
Inc.,
Class
C
............................................
4,408
1,787
Everpure
,
Inc.,
Class
A(a)
.................................................
19,399
1,497
Novanta,
Inc.(a)
........................................................
74,357
10,335
Sandisk
Corp.(a)
.......................................................
12,339
14,990
Seagate
Technology
Holdings
PLC
..........................................
15,955
13,660
Western
Digital
Corp.
....................................................
1,856
1,011
77,498
Total
Common
Stocks
(Cost
$707,045)
a
a
a
1,472,929
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
ABIOMED,
Inc.,
CVR,
expiring
1/4/27(a)(d)
...................................
145
—(e)
Total
Rights
(Cost
$—)
a
a
a
—(e)
Warrants
(0.0%)(c)
Health
Care
(0.0%):(c)
Athenex
,
Inc.,
expiring
8/15/27(a)(d)
.........................................
5,153,482
—(e)
Total
Warrants
(Cost
$52)
a
a
a
—(e)
Short-Term
Investments
(1.9%)
Collateral
for
Securities
Loaned
(1.9%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(f)
........
7,000,625
7,001
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.60%(f)
............
7,000,625
7,000
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.66%(f)
................
7,000,625
7,001
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.59%(f)
.
7,000,625
$
7,001
28,003
Total
Short-Term
Investments
(Cost
$28,003)
a
a
a
28,003
Total
Investments
(Cost
$735,100)
—
100.5%
1,500,932
Liabilities
in
excess
of
other
assets
—  (0.5)%
(6,748)
NET
ASSETS
-
100.00%
$
1,494,184
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
5.6%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
NYS
—
New
York
Registered
Shares
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
61
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.1%)
Communication
Services
(2.5%):
Cargurus,
Inc.,
Class
A(a)
.................................................
37,930
$
1,375
Cinemark
Holdings,
Inc.
..................................................
45,154
1,652
Cogent
Communications
Holdings,
Inc.
.......................................
65,700
887
Gray
Media,
Inc.
.......................................................
126,553
511
IDT
Corp.,
Class
B
......................................................
29,196
1,923
Lumen
Technologies,
Inc.(a)
...............................................
136,082
868
Madison
Square
Garden
Sports
Corp.(a)
.......................................
1,710
673
Magnite,
Inc.(a)
........................................................
354,313
6,839
Nexstar
Media
Group,
Inc.,
Class
A
..........................................
6,700
1,277
Nexxen
International
Ltd.(a)
...............................................
120,471
1,238
Playtika
Holding
Corp.
...................................................
235,868
941
Trivago
NV,
ADR(a)
....................................................
71,452
377
Yelp,
Inc.,
Class
A(a)
....................................................
104,607
2,765
Ziff
Davis,
Inc.(a)
.......................................................
57,543
3,054
24,380
Consumer
Discretionary
(9.3%):
Academy
Sports
&
Outdoors,
Inc.
...........................................
42,274
2,006
American
Eagle
Outfitters,
Inc.
.............................................
137,703
2,366
Asbury
Automotive
Group,
Inc.(a)
...........................................
4,100
950
Bath
&
Body
Works,
Inc.
.................................................
68,080
1,370
Boot
Barn
Holdings,
Inc.(a)
...............................................
2,350
350
Brinker
International,
Inc.(a)
...............................................
14,161
3,026
Brunswick
Corp.
.......................................................
19,510
1,541
Build-A-Bear
Workshop,
Inc.(b)
............................................
36,608
1,242
Callaway
Golf
Co.(a)
....................................................
80,306
1,482
Cava
Group,
Inc.(a)
.....................................................
10,424
680
Champion
Homes,
Inc.(a)
.................................................
18,075
1,439
Cricut,
Inc.,
Class
A(b)
...................................................
181,369
851
First
Watch
Restaurant
Group,
Inc.(a)
........................................
36,887
474
Frontdoor,
Inc.(a)
.......................................................
37,872
2,751
Garrett
Motion,
Inc.
.....................................................
178,822
5,569
Genius
Sports
Ltd.(a)
....................................................
269,041
1,864
G-III
Apparel
Group
Ltd.
.................................................
64,160
2,336
Global-e
Online
Ltd.(a)
..................................................
26,318
1,035
Green
Brick
Partners,
Inc.(a)
...............................................
24,900
1,761
Group
1
Automotive,
Inc.
.................................................
5,843
1,676
Hamilton
Beach
Brands
Holding
Co.,
Class
A
...................................
30,243
695
Installed
Building
Products,
Inc.
............................................
12,930
2,883
KB
Home
............................................................
32,731
1,799
Kohl's
Corp.
..........................................................
193,499
3,704
Kontoor
Brands,
Inc.
....................................................
35,256
2,952
Kura
Sushi
USA,
Inc.,
Class
A(a)(b)
.........................................
26,820
1,236
Life
Time
Group
Holdings,
Inc.(a)
...........................................
52,193
2,354
Lindblad
Expeditions
Holdings,
Inc.(a)
.......................................
16,805
497
M/I
Homes,
Inc.(a)
......................................................
13,440
1,964
Marriott
Vacations
Worldwide
Corp.
.........................................
16,619
1,621
Mattel,
Inc.(a)
.........................................................
75,510
1,139
Meritage
Homes
Corp.
...................................................
13,070
918
Monarch
Casino
&
Resort,
Inc.
.............................................
19,551
2,400
National
Vision
Holdings,
Inc.(a)
............................................
66,300
1,461
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
.......................................
4,762
350
Penn
Entertainment,
Inc.(a)
................................................
63,430
1,302
Phinia,
Inc.
...........................................................
37,987
2,795
PVH
Corp.
...........................................................
12,900
1,118
Sally
Beauty
Holdings,
Inc.(a)
..............................................
89,700
1,343
SharkNinja,
Inc.(a)
......................................................
16,498
2,669
Signet
Jewelers
Ltd.
.....................................................
52,351
4,862
Sweetgreen,
Inc.,
Class
A(a)
...............................................
85,681
553
The
Buckle,
Inc.
........................................................
83,500
3,655
Valvoline,
Inc.(a)
.......................................................
46,480
1,785
Victoria's
Secret
&
Co.(a)
.................................................
16,210
1,438
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Visteon
Corp.
..........................................................
15,470
$
1,617
Warby
Parker,
Inc.,
Class
A(a)
..............................................
41,916
1,119
Winmark
Corp.
........................................................
5,106
1,703
Winnebago
Industries,
Inc.
................................................
35,537
1,076
YETI
Holdings,
Inc.(a)
...................................................
25,070
1,227
89,004
Consumer
Staples
(2.4%):
Cal-Maine
Foods,
Inc.
...................................................
34,815
3,056
Dole
PLC
............................................................
165,820
2,345
Edgewell
Personal
Care
Co.
...............................................
94,264
2,563
Freshpet,
Inc.(a)
........................................................
5,689
339
Herbalife
Ltd.(a)
.......................................................
99,710
1,238
Interparfums,
Inc.
.......................................................
13,073
1,628
Mama's
Creations,
Inc.(a)
.................................................
75,751
1,396
Medifast,
Inc.(a)
.......................................................
33,086
325
Sprouts
Farmers
Market,
Inc.(a)
............................................
6,978
608
The
Andersons,
Inc.
.....................................................
17,595
1,245
The
Chefs'
Warehouse,
Inc.(a)
..............................................
39,448
4,551
The
Vita
Coco
Co.,
Inc.(a)
................................................
28,611
1,887
United
Natural
Foods,
Inc.(a)
..............................................
40,701
2,069
23,250
Energy
(4.6%):
Ardmore
Shipping
Corp.
..................................................
110,992
1,930
Cactus,
Inc.,
Class
A
.....................................................
36,510
2,374
California
Resources
Corp.
................................................
29,182
1,536
Centrus
Energy
Corp.,
Class
A(a)(b)
.........................................
2,333
413
Core
Natural
Resources,
Inc.
...............................................
26,771
2,137
DHT
Holdings,
Inc.
.....................................................
69,629
1,293
Diversified
Energy
Co.
...................................................
65,810
886
Gulfport
Energy
Corp.(a)
.................................................
12,005
1,937
Innovex
International,
Inc.(a)
..............................................
47,600
1,337
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
73,541
1,891
Matador
Resources
Co.
...................................................
26,428
1,318
Murphy
Oil
Corp.
......................................................
99,322
3,947
Noble
Corp.
PLC
.......................................................
30,935
1,312
Northern
Oil
&
Gas,
Inc.
..................................................
45,570
964
Patterson-UTI
Energy,
Inc.
................................................
148,861
1,560
Plains
GP
Holdings
LP,
Class
A(a)
...........................................
73,090
1,924
Ranger
Energy
Services,
Inc.,
Class
A
........................................
116,379
1,868
Scorpio
Tankers,
Inc.
....................................................
71,514
5,568
SM
Energy
Co.
........................................................
96,600
3,141
Teekay
Corp.
Ltd.
......................................................
67,021
781
Teekay
Tankers
Ltd.,
Class
A
...............................................
37,145
2,948
Tidewater,
Inc.(a)
.......................................................
42,231
3,170
44,235
Financials
(19.1%):
1st
Source
Corp.
.......................................................
16,070
1,442
Acadian
Asset
Management,
Inc.
............................................
51,433
4,448
AGNC
Investment
Corp.(b)
...............................................
106,800
1,138
Amalgamated
Financial
Corp.
..............................................
84,767
4,186
Ameris
Bancorp
........................................................
43,914
3,830
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
63,503
420
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
104,892
4,116
Atlanticus
Holdings
Corp.(a)
...............................................
24,363
2,570
Axis
Capital
Holdings
Ltd.
................................................
14,725
1,551
BancFirst
Corp.
........................................................
17,569
1,982
Bank
of
Hawaii
Corp.
....................................................
23,907
1,910
BOK
Financial
Corp.
....................................................
14,124
1,996
Bread
Financial
Holdings,
Inc.
.............................................
39,269
4,244
Cathay
General
Bancorp
..................................................
49,168
3,107
Chime
Financial,
Inc.,
Class
A(a)
...........................................
104,302
2,398
City
Holding
Co.
.......................................................
10,438
1,515
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Coastal
Financial
Corp.(a)
................................................
26,871
$
1,101
Cohen
&
Steers,
Inc.
....................................................
23,563
1,939
Commerce
Bancshares,
Inc.
...............................................
42,011
2,490
CVB
Financial
Corp.
....................................................
88,006
1,969
Dave,
Inc.(a)
..........................................................
6,394
2,383
Dime
Commercial
Bancshares,
Inc.
..........................................
35,532
1,448
Dynex
Capital,
Inc.
.....................................................
126,040
1,602
Enova
International,
Inc.(a)
................................................
23,551
5,986
Essent
Group
Ltd.
......................................................
76,591
5,053
Figure
Technology
Solutions,
Inc.,
Class
A(a)
...................................
78,763
1,962
First
American
Financial
Corp.
.............................................
13,030
977
First
Bancorp
NC
.......................................................
14,536
914
First
Bancorp
Puerto
Rico
.................................................
154,178
4,460
First
Financial
Bancorp
...................................................
107,226
3,627
First
Interstate
BancSystem,
Inc.,
Class
A
......................................
49,939
1,899
First
Merchants
Corp.
....................................................
44,358
1,914
FNB
Corp.
............................................................
105,300
1,990
Franklin
BSP
Realty
Trust,
Inc.
.............................................
73,133
555
Glacier
Bancorp,
Inc.
....................................................
43,316
2,135
Globe
Life,
Inc.
........................................................
18,400
3,353
Hamilton
Insurance
Group
Ltd.,
Class
B
......................................
91,866
3,304
Hancock
Whitney
Corp.
..................................................
53,077
4,087
International
Bancshares
Corp.
.............................................
47,135
3,608
Jack
Henry
&
Associates,
Inc.
..............................................
11,550
1,779
Jackson
Financial,
Inc.,
Class
A
.............................................
26,455
3,235
Kinsale
Capital
Group,
Inc.
................................................
4,683
1,669
Ladder
Capital
Corp.,
Class
A
..............................................
230,882
2,207
Lincoln
International,
Inc.,
Class
A(a)
........................................
40,000
832
Lincoln
National
Corp.
...................................................
29,000
1,323
Live
Oak
Bancshares,
Inc.
................................................
33,104
1,417
Marex
Group
Ltd.
......................................................
32,431
2,105
MFA
Financial,
Inc.
.....................................................
59,613
543
NBT
Bancorp,
Inc.
......................................................
37,958
1,998
Northeast
Community
Bancorp,
Inc.
.........................................
28,725
767
OFG
Bancorp
.........................................................
70,308
3,716
Old
National
Bancorp
....................................................
77,110
2,054
Old
Second
Bancorp,
Inc.
.................................................
118,258
2,991
PJT
Partners,
Inc.,
Class
A
................................................
18,382
3,094
Primerica,
Inc.
.........................................................
6,130
1,961
QCR
Holdings,
Inc.
.....................................................
46,209
4,757
Renasant
Corp.
........................................................
36,580
1,594
RLI
Corp.
............................................................
28,400
1,739
Shift4
Payments,
Inc.,
Class
A(a)(b)
.........................................
32,438
1,719
Skyward
Specialty
Insurance
Group,
Inc.(a)
....................................
67,784
4,064
SLM
Corp.
...........................................................
59,525
1,547
SouthState
Bank
Corp.
...................................................
37,048
3,893
Stewart
Information
Services
Corp.
..........................................
25,850
1,747
StoneCo
Ltd.,
Class
A
....................................................
77,199
878
Texas
Capital
Bancshares,
Inc.
.............................................
44,910
4,439
The
Bancorp,
Inc.(a)
.....................................................
43,678
2,929
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
91,222
5,592
Toast,
Inc.,
Class
A(a)
....................................................
63,958
2,064
TWFG,
Inc.,
Class
A(a)
..................................................
13,130
352
UMB
Financial
Corp.
....................................................
15,480
2,256
United
Bankshares,
Inc.
..................................................
28,270
1,370
Universal
Insurance
Holdings,
Inc.
..........................................
84,190
3,680
Valley
National
Bancorp
..................................................
79,940
1,142
Virtus
Investment
Partners,
Inc.
.............................................
10,200
1,625
Western
Alliance
Bancorp
.................................................
20,550
1,654
White
Mountains
Insurance
Group
Ltd.
.......................................
560
1,175
World
Acceptance
Corp.(a)
................................................
5,479
985
182,501
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Health
Care
(17.3%):
AdaptHealth
Corp.,
Class
A(a)
.............................................
147,018
$
1,588
Alignment
Healthcare,
Inc.(a)
..............................................
84,156
1,250
Alkermes
PLC(a)
.......................................................
38,231
1,873
Amphastar
Pharmaceuticals,
Inc.(a)
..........................................
60,972
1,216
AnaptysBio,
Inc.(a)
.....................................................
31,643
1,688
Annexon,
Inc.(a)
.......................................................
84,619
431
Arcutis
Biotherapeutics,
Inc.(a)
.............................................
46,194
1,241
Arrowhead
Pharmaceuticals,
Inc.(a)
..........................................
26,536
2,246
Azenta,
Inc.(a)
.........................................................
40,012
1,126
Beta
Bionics,
Inc.(a)
.....................................................
70,981
911
BridgeBio
Oncology
Therapeutics,
Inc.,
Class
A(a)(b)
.............................
134,743
1,090
Bridgebio
Pharma,
Inc.(a)
.................................................
22,803
1,826
Brookdale
Senior
Living,
Inc.(a)
............................................
81,900
1,196
Butterfly
Network,
Inc.,
Class
A(a)
..........................................
18,600
132
Celcuity,
Inc.(a)
........................................................
48,090
4,154
Celldex
Therapeutics,
Inc.(a)
...............................................
19,241
732
Charles
River
Laboratories
International,
Inc.(a)
.................................
5,274
1,226
Cogent
Biosciences,
Inc.(a)
................................................
35,362
1,377
Collegium
Pharmaceutical,
Inc.(a)
...........................................
26,450
936
CorVel
Corp.(a)
........................................................
45,240
2,717
CryoPort,
Inc.(a)
.......................................................
55,857
843
Cytokinetics,
Inc.(a)
.....................................................
25,030
1,931
Dianthus
Therapeutics,
Inc.(a)
..............................................
10,761
1,151
Dyne
Therapeutics,
Inc.(a)
................................................
80,534
2,028
Edgewise
Therapeutics,
Inc.(a)
.............................................
49,713
1,910
Encompass
Health
Corp.
..................................................
10,000
1,111
Envista
Holdings
Corp.(a)
.................................................
71,000
1,939
Erasca,
Inc.(a)
.........................................................
50,172
911
EyePoint,
Inc.(a)
.......................................................
30,874
378
First
Tracks
Biotherapeutics,
Inc.(a)
..........................................
31,995
1,409
GRAIL,
Inc.(a)
........................................................
35,064
2,404
Harmony
Biosciences
Holdings,
Inc.(a)
.......................................
89,791
3,164
HealthEquity,
Inc.(a)
....................................................
38,028
3,826
ICU
Medical,
Inc.(a)
....................................................
12,467
2,101
Immunome,
Inc.(a)
......................................................
126,454
2,878
Immunovant,
Inc.(a)
.....................................................
51,764
1,999
Inhibrx
Biosciences,
Inc.(a)
................................................
9,414
772
Innoviva,
Inc.(a)
.......................................................
103,413
2,169
iRadimed
Corp.
........................................................
39,594
3,598
iRhythm
Holdings,
Inc.(a)
.................................................
12,007
1,407
Ironwood
Pharmaceuticals,
Inc.,
Class
A(a)
....................................
146,579
620
Kiniksa
Pharmaceuticals
International
PLC,
Class
A(a)
............................
32,607
2,424
Kodiak
Sciences,
Inc.(a)
..................................................
10,463
435
Krystal
Biotech,
Inc.(a)
...................................................
3,423
1,168
Kymera
Therapeutics,
Inc.(a)
..............................................
13,357
1,381
Lantheus
Holdings,
Inc.(a)
................................................
45,337
4,517
Ligand
Pharmaceuticals,
Inc.(a)
.............................................
11,682
3,359
LivaNova
PLC(a)
.......................................................
23,907
1,916
Lumexa
Imaging
Holdings,
Inc.(a)
..........................................
38,845
404
Madrigal
Pharmaceuticals,
Inc.(a)
...........................................
2,919
1,364
Mineralys
Therapeutics,
Inc.(a)
.............................................
25,365
647
Mirum
Pharmaceuticals,
Inc.(a)
.............................................
8,263
875
Monte
Rosa
Therapeutics,
Inc.(a)
...........................................
23,716
392
MoonLake
Immunotherapeutics,
Class
A(a)
....................................
45,833
845
Neogen
Corp.(a)
.......................................................
178,370
2,148
Niagen
Bioscience,
Inc.(a)
................................................
282,651
961
Option
Care
Health,
Inc.(a)
................................................
111,769
2,574
OrthoPediatrics
Corp.(a)
..................................................
191,211
3,861
Oruka
Therapeutics,
Inc.(a)
................................................
32,066
3,095
Owlet,
Inc.,
Class
A(a)
...................................................
232,162
1,193
Pacira
BioSciences,
Inc.(a)
................................................
85,552
2,259
Palvella
Therapeutics,
Inc.(a)
..............................................
9,944
1,383
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Pediatrix
Medical
Group,
Inc.(a)
............................................
68,887
$
1,826
Praxis
Precision
Medicines,
Inc.(a)
..........................................
4,386
1,350
Precigen,
Inc.(a)
........................................................
144,523
906
Progyny,
Inc.(a)
........................................................
100,297
3,122
Protagonist
Therapeutics,
Inc.(a)
............................................
21,933
2,997
PTC
Therapeutics,
Inc.(a)
.................................................
7,774
529
RadNet,
Inc.(a)
........................................................
24,970
1,593
Relay
Therapeutics,
Inc.(a)
................................................
62,280
1,173
Repligen
Corp.(a)
.......................................................
40,609
5,726
Rhythm
Pharmaceuticals,
Inc.(a)
............................................
20,956
2,080
Scholar
Rock
Holding
Corp.(a)
.............................................
41,978
1,985
SI-BONE,
Inc.(a)
.......................................................
297,417
5,282
SIGA
Technologies,
Inc.
..................................................
245,315
802
Spyre
Therapeutics,
Inc.(a)
................................................
36,353
3,575
Stoke
Therapeutics,
Inc.(a)
................................................
133,427
3,851
Strata
Critical
Medical,
Inc.(a)
.............................................
69,186
347
Supernus
Pharmaceuticals,
Inc.(a)
...........................................
23,283
1,039
Surgery
Partners,
Inc.(a)(b)
................................................
63,000
970
Syndax
Pharmaceuticals,
Inc.(a)
............................................
143,800
2,739
Tango
Therapeutics,
Inc.(a)
................................................
70,320
1,911
Taysha
Gene
Therapies,
Inc.(a)
.............................................
498,102
2,919
Teleflex,
Inc.
..........................................................
12,280
1,679
The
Ensign
Group,
Inc.
...................................................
8,650
1,541
The
Pennant
Group,
Inc.(a)
................................................
38,580
1,556
Travere
Therapeutics,
Inc.(a)
...............................................
22,001
1,230
Twist
Bioscience
Corp.(a)
.................................................
20,061
1,837
Tyra
Biosciences,
Inc.(a)
..................................................
26,362
840
Vera
Therapeutics,
Inc.,
Class
A(a)
..........................................
13,847
444
Viking
Therapeutics,
Inc.(a)
...............................................
23,877
758
Xenon
Pharmaceuticals,
Inc.(a)
.............................................
24,334
1,525
Xeris
Biopharma
Holdings,
Inc.(a)
..........................................
216,235
1,747
Zymeworks,
Inc.(a)
.....................................................
80,194
1,759
166,344
Industrials
(15.5%):
ACCO
Brands
Corp.
....................................................
460,230
1,942
AeroVironment,
Inc.(a)(b)
.................................................
6,267
936
Albany
International
Corp.,
Class
A
..........................................
18,800
1,401
Apogee
Enterprises,
Inc.
..................................................
37,991
1,504
Applied
Industrial
Technologies,
Inc.
.........................................
3,794
1,310
ArcBest
Corp.
.........................................................
21,387
3,087
Argan,
Inc.
...........................................................
6,469
3,690
Arxis,
Inc.,
Class
A(a)
...................................................
34,657
1,882
Atkore,
Inc.
...........................................................
48,317
3,525
Atmus
Filtration
Technologies,
Inc.
..........................................
37,870
1,955
Beta
Technologies,
Inc.,
Class
A(a)
..........................................
21,429
406
Blue
Bird
Corp.(a)
......................................................
31,281
2,327
BlueLinx
Holdings,
Inc.(a)
................................................
15,100
819
Boise
Cascade
Co.
......................................................
14,602
1,115
BWX
Technologies,
Inc.
..................................................
14,693
2,479
Capstone
Energy+,
Inc.(a)
.................................................
47,437
367
Casella
Waste
Systems,
Inc.,
Class
A(a)
.......................................
65,600
5,884
CECO
Environmental
Corp.(a)
.............................................
26,552
1,750
Columbus
McKinnon
Corp.
...............................................
76,206
1,461
Costamare,
Inc.
........................................................
31,638
493
Deluxe
Corp.
..........................................................
124,703
3,226
DNOW,
Inc.(a)
........................................................
98,461
1,390
ExlService
Holdings,
Inc.(a)
...............................................
42,581
1,445
Exponent,
Inc.
.........................................................
26,835
1,794
Fluor
Corp.(a)
.........................................................
17,100
858
Forgent
Power
Solutions,
Inc.,
Class
A(a)
......................................
18,651
621
FTAI
Aviation
Ltd.
......................................................
20,397
4,202
Gates
Industrial
Corp
Ltd.(a)
...............................................
279,086
7,808
Generac
Holdings,
Inc.(a)
.................................................
9,856
1,943
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Gibraltar
Industries,
Inc.(a)
................................................
57,180
$
2,416
Granite
Construction,
Inc.
.................................................
9,570
1,158
Griffon
Corp.
..........................................................
27,935
2,407
Hayward
Holdings,
Inc.(a)
................................................
86,070
1,302
Huron
Consulting
Group,
Inc.(a)
............................................
17,049
2,588
ICF
International,
Inc.
...................................................
20,170
1,632
JBT
Marel
Corp.
.......................................................
23,206
3,213
Karman
Holdings,
Inc.(a)
.................................................
24,201
1,165
Kforce,
Inc.
...........................................................
53,589
3,042
Korn
Ferry
...........................................................
56,767
4,670
Kornit
Digital
Ltd.(a)
....................................................
51,443
783
Legalzoom.com,
Inc.(a)
..................................................
284,829
2,242
Liquidity
Services,
Inc.(a)
.................................................
72,167
2,813
Masterbrand,
Inc.(a)
.....................................................
112,681
930
Matson,
Inc.
..........................................................
16,199
3,282
Maximus,
Inc.
.........................................................
42,301
2,549
Modine
Manufacturing
Co.(a)
..............................................
5,125
1,030
Mueller
Industries,
Inc.
...................................................
16,050
1,066
Neutron
Holdings,
Inc.(a)
.................................................
73,532
2,172
Nextpower,
Inc.,
Class
A(a)
................................................
27,147
2,440
Onterris,
Inc.(a)
........................................................
26,618
559
Powell
Industries,
Inc.
...................................................
10,751
2,244
Power
Solutions
International,
Inc.(a)
........................................
42,979
1,187
QXO,
Inc.(a)(b)
........................................................
166,933
2,220
RBC
Bearings,
Inc.(a)
...................................................
8,347
4,602
Resideo
Technologies,
Inc.(a)
..............................................
26,735
917
Ryder
System,
Inc.
......................................................
7,515
1,927
Sensata
Technologies
Holding
PLC
..........................................
31,124
1,441
SkyWest,
Inc.(a)
........................................................
15,600
1,669
Spire
Global,
Inc.,
Class
A(a)(b)
............................................
24,796
284
Terex
Corp.
...........................................................
77,359
4,861
The
Brink's
Co.
........................................................
14,240
1,687
The
Greenbrier
Cos.,
Inc.
.................................................
22,650
1,116
The
Timken
Co.
........................................................
23,895
3,287
Titan
International,
Inc.(a)
.................................................
104,000
751
Titan
Machinery,
Inc.(a)
..................................................
36,447
619
TriNet
Group,
Inc.
......................................................
62,836
4,136
UFP
Industries,
Inc.
.....................................................
20,380
1,768
Upwork,
Inc.(a)
........................................................
165,309
1,514
V2X,
Inc.(a)
..........................................................
31,430
2,836
Valmont
Industries,
Inc.
..................................................
3,222
1,552
Wabash
National
Corp.
...................................................
61,571
773
WillScot
Holdings
Corp.
..................................................
83,251
2,021
York
Space
Systems,
Inc.(a)(b)
.............................................
11,220
165
148,656
Information
Technology
(18.2%):
908
Devices,
Inc.(a)
.....................................................
149,337
1,196
A10
Networks,
Inc.
.....................................................
98,632
2,917
ACI
Worldwide,
Inc.(a)
..................................................
33,660
1,930
Adeia,
Inc.
............................................................
153,722
4,097
Advanced
Energy
Industries,
Inc.
...........................................
3,769
1,091
Agilysys,
Inc.(a)
.......................................................
23,743
2,497
Alkami
Technology,
Inc.(a)(b)
..............................................
155,472
2,825
Allegro
MicroSystems,
Inc.(a)
..............................................
54,193
2,249
Arlo
Technologies,
Inc.(a)
.................................................
163,511
2,407
Arteris,
Inc.(a)
.........................................................
27,767
830
Belden,
Inc.
...........................................................
36,949
4,584
Benchmark
Electronics,
Inc.
...............................................
33,301
2,656
BILL
Holdings,
Inc.(a)
...................................................
41,608
1,878
Box,
Inc.,
Class
A(a)
....................................................
88,118
2,780
Cellebrite
DI
Ltd.(a)
.....................................................
225,287
3,323
Clear
Secure,
Inc.,
Class
A
................................................
64,173
3,545
Commvault
Systems,
Inc.(a)
...............................................
36,335
4,280
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Consensus
Cloud
Solutions,
Inc.(a)
..........................................
57,469
$
2,092
Core
Scientific,
Inc.(a)
...................................................
73,600
1,525
Crane
NXT
Co.
........................................................
45,430
2,360
Digital
Turbine,
Inc.(a)
...................................................
524,969
4,231
DigitalOcean
Holdings,
Inc.(a)
.............................................
18,609
2,187
Diodes,
Inc.(a)
.........................................................
17,959
1,478
Everforth,
Inc.(a)
.......................................................
85,904
2,443
Evolv
Technologies
Holdings,
Inc.(a)
.........................................
26,216
145
Extreme
Networks,
Inc.(a)
................................................
172,820
5,209
Guidewire
Software,
Inc.(a)
...............................................
36,978
5,617
indie
Semiconductor,
Inc.,
Class
A(a)(b)
......................................
1,247,603
4,030
Insight
Enterprises,
Inc.(a)
................................................
26,648
3,436
InterDigital,
Inc.
.......................................................
10,593
3,229
JFrog
Ltd.(a)
..........................................................
54,817
4,374
Knowles
Corp.(a)
.......................................................
106,259
3,888
Kulicke
&
Soffa
Industries,
Inc.
.............................................
19,548
1,744
Lattice
Semiconductor
Corp.(a)
.............................................
12,689
1,577
LightPath
Technologies,
Inc.,
Class
A(a)(b)
....................................
136,697
1,418
Littelfuse,
Inc.
.........................................................
2,675
1,183
Napco
Security
Technologies,
Inc.
...........................................
41,211
1,528
NetScout
Systems,
Inc.(a)
.................................................
81,003
3,294
Netskope,
Inc.,
Class
A(a)
.................................................
149,742
1,885
nLight,
Inc.(a)
.........................................................
10,442
718
Nutanix,
Inc.,
Class
A(a)
..................................................
70,390
4,154
Okta,
Inc.,
Class
A(a)
....................................................
9,921
1,408
Onto
Innovation,
Inc.(a)
..................................................
11,148
2,883
PagerDuty,
Inc.(a)
......................................................
97,167
1,028
Photronics,
Inc.(a)
......................................................
15,683
475
Plexus
Corp.(a)
........................................................
4,876
1,226
Porch
Group,
Inc.(a)
.....................................................
691,906
9,997
Progress
Software
Corp.(a)
................................................
96,909
3,934
Q2
Holdings,
Inc.(a)
.....................................................
40,332
2,455
Qualys,
Inc.(a)
.........................................................
24,868
3,600
Quantinuum,
Inc.,
Class
A(a)
..............................................
3,741
192
Rambus,
Inc.(a)
........................................................
32,253
2,936
Rigetti
Computing,
Inc.(a)(b)
..............................................
107,612
1,609
Sanmina
Corp.(a)
.......................................................
12,195
2,263
ScanSource,
Inc.(a)
.....................................................
47,526
2,691
Silicom
Ltd.(a)
.........................................................
9,240
368
Silicon
Motion
Technology
Corp.,
ADR
.......................................
33,301
8,444
Synaptics,
Inc.(a)
.......................................................
10,418
1,118
Teradata
Corp.(a)
.......................................................
53,646
1,662
The
Descartes
Systems
Group,
Inc.(a)
........................................
73,833
5,549
TTM
Technologies,
Inc.(a)
................................................
1,772
205
Unusual
Machines,
Inc.(a)(b)
..............................................
105,355
2,229
Veeco
Instruments,
Inc.(a)
.................................................
49,744
2,487
Viasat,
Inc.(a)
.........................................................
15,285
1,176
Viavi
Solutions,
Inc.(a)
...................................................
16,050
593
Vishay
Intertechnology,
Inc.
...............................................
28,254
967
Vontier
Corp.
..........................................................
36,620
1,177
Zeta
Global
Holdings
Corp.,
Class
A(a)
.......................................
102,240
2,208
173,710
Materials
(3.0%):
AdvanSix,
Inc.
.........................................................
60,807
1,220
Almonty
Industries,
Inc.(a)
................................................
27,490
304
Avient
Corp.
..........................................................
39,000
1,416
Cabot
Corp.
...........................................................
23,223
2,044
Century
Aluminum
Co.(a)
.................................................
50,410
2,257
Commercial
Metals
Co.
..................................................
51,180
3,518
Hawkins,
Inc.
.........................................................
19,490
2,495
Ingevity
Corp.(a)
.......................................................
20,214
1,478
Knife
River
Corp.(a)
....................................................
16,040
1,174
Materion
Corp.
........................................................
13,774
2,905
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Methanex
Corp.
........................................................
25,440
$
1,413
MP
Materials
Corp.(a)(b)
.................................................
45,000
1,862
O-I
Glass,
Inc.(a)
.......................................................
143,843
1,028
Olin
Corp.
............................................................
38,135
706
Ryerson
Holding
Corp.
...................................................
83,280
2,314
SSR
Mining,
Inc.(a)
.....................................................
17,210
441
SunCoke
Energy,
Inc.
....................................................
162,786
1,380
Sylvamo
Corp.
.........................................................
31,421
1,175
United
States
Antimony
Corp.(a)(b)
..........................................
24,062
122
29,252
Real
Estate
(5.1%):
Acadia
Realty
Trust
.....................................................
32,145
722
American
Healthcare
REIT,
Inc.
............................................
18,299
1,017
Americold
Realty
Trust,
Inc.
...............................................
75,860
1,069
Apple
Hospitality
REIT,
Inc.
...............................................
60,433
998
Broadstone
Net
Lease,
Inc.,
Class
A
..........................................
151,292
3,238
CareTrust
REIT,
Inc.
....................................................
94,238
3,951
CBL
&
Associates
Properties,
Inc.
...........................................
11,500
675
Compass,
Inc.,
Class
A(a)
.................................................
146,520
1,669
COPT
Defense
Properties
.................................................
38,770
1,472
Curbline
Properties
Corp.
.................................................
64,904
1,989
Cushman
&
Wakefield
Ltd.(a)
..............................................
206,209
2,767
DiamondRock
Hospitality
Co.
..............................................
83,499
1,106
Diversified
Healthcare
Trust
...............................................
81,862
729
Douglas
Emmett,
Inc.
....................................................
168,580
1,993
Easterly
Government
Properties,
Inc.,
Class
A
..................................
52,321
1,275
Essential
Properties
Realty
Trust,
Inc.
........................................
84,992
2,659
Four
Corners
Property
Trust,
Inc.
............................................
67,060
1,717
Howard
Hughes
Holdings,
Inc.(a)
...........................................
12,730
814
Industrial
Logistics
Properties
Trust
..........................................
73,600
634
Kilroy
Realty
Corp.
.....................................................
31,790
1,234
LXP
Industrial
Trust
.....................................................
29,572
1,790
National
Health
Investors,
Inc.
.............................................
10,541
808
Newmark
Group,
Inc.,
Class
A
.............................................
56,635
849
Outfront
Media,
Inc.
.....................................................
22,739
725
Phillips
Edison
&
Co.,
Inc.
................................................
18,475
785
Ryman
Hospitality
Properties,
Inc.
...........................................
9,143
1,222
Sabra
Health
Care
REIT,
Inc.
..............................................
117,738
2,493
SL
Green
Realty
Corp.
...................................................
14,544
770
STAG
Industrial,
Inc.
....................................................
18,410
704
Summit
Hotel
Properties,
Inc.
..............................................
95,600
658
Tanger,
Inc.
...........................................................
19,844
807
Terreno
Realty
Corp.
....................................................
14,085
1,009
The
Macerich
Co.
......................................................
61,924
1,600
The
St.
Joe
Co.
........................................................
26,880
1,673
Urban
Edge
Properties
...................................................
41,364
937
48,558
Utilities
(2.1%):
Avista
Corp.
..........................................................
55,927
2,262
Black
Hills
Corp.
.......................................................
80,610
5,741
Genie
Energy
Ltd.,
Class
B
................................................
72,336
1,006
H2O
America(b)
.......................................................
26,530
1,627
MGE
Energy,
Inc.
......................................................
5,099
406
National
Fuel
Gas
Co.
...................................................
14,230
1,171
New
Jersey
Resources
Corp.
...............................................
21,620
1,252
ONE
Gas,
Inc.
.........................................................
17,440
1,354
Portland
General
Electric
Co.
..............................................
28,503
1,406
Southwest
Gas
Holdings,
Inc.
..............................................
17,688
1,581
Spire,
Inc.
............................................................
22,119
1,766
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Unitil
Corp.
...........................................................
16,250
$
877
20,449
Total
Common
Stocks
(Cost
$735,853)
a
a
a
950,339
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
Flexion
Therapeutics,
Inc.,
CVR,
expiring
6/14/30(a)(d)
...........................
58,207
1
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares,
expiring
11/1/27(a)(d)
................
7,105
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares,
expiring
11/1/27(a)(d)
................
7,105
—
1
Total
Rights
(Cost
$36)
a
a
a
1
Short-Term
Investments
(1.9%)
Collateral
for
Securities
Loaned
(1.9%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(e)
........
4,560,364
4,560
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.60%(e)
............
4,560,364
4,561
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.66%(e)
...............
4,560,364
4,560
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.59%(e)
.
4,560,364
4,560
18,241
Total
Short-Term
Investments
(Cost
$18,241)
a
a
a
18,241
Total
Investments
(Cost
$754,130)
—
101.0%
968,581
Liabilities
in
excess
of
other
assets
—  (1.0)%
(9,259)
NET
ASSETS
-
100.00%
$
959,322
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
9.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(e)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Value
Fund
70
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(98.4%)
Communication
Services
(3.2%):
Alphabet,
Inc.
,
Class
A
...................................................
27,980
$
9,964
AT&T,
Inc.
...........................................................
178,416
4,148
Comcast
Corp.
,
Class
A
..................................................
165,263
3,960
Match
Group,
Inc.
......................................................
78,380
3,089
Netflix,
Inc.
(a)
.........................................................
49,748
3,567
Omnicom
Group,
Inc.
....................................................
63,345
4,985
Spotify
Technology
SA
(a)
.................................................
6,684
3,342
The
Walt
Disney
Co.
....................................................
47,674
4,586
T-Mobile
US,
Inc.
......................................................
19,782
3,417
Verizon
Communications,
Inc.
..............................................
147,982
6,927
47,985
Consumer
Discretionary
(10.8%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
25,402
3,849
Amazon.com,
Inc.
(a)
....................................................
248,787
67,566
Booking
Holdings,
Inc.
...................................................
42,651
8,227
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
109,541
4,077
D.R.
Horton,
Inc.
.......................................................
34,298
4,907
Darden
Restaurants,
Inc.
..................................................
27,000
5,497
Deckers
Outdoor
Corp.
(a)
.................................................
40,412
3,915
Domino's
Pizza,
Inc.
.....................................................
5,855
2,034
Expedia
Group,
Inc.
.....................................................
22,123
6,521
Ford
Motor
Co.
........................................................
110,588
1,623
General
Motors
Co.
.....................................................
48,013
4,266
Lowe's
Cos.,
Inc.
.......................................................
48,470
10,073
Mattel,
Inc.
(a)
.........................................................
604,200
9,117
PulteGroup,
Inc.
........................................................
45,375
5,739
Ross
Stores,
Inc.
.......................................................
14,403
3,616
Tapestry,
Inc.
..........................................................
19,725
3,005
The
TJX
Cos.,
Inc.
......................................................
25,674
4,040
Toll
Brothers,
Inc.
......................................................
60,700
8,855
Ulta
Beauty,
Inc.
(a)
.....................................................
8,962
4,596
161,523
Consumer
Staples
(5.8%):
Altria
Group,
Inc.
.......................................................
167,425
11,440
Coca-Cola
Consolidated,
Inc.
..............................................
23,810
4,474
Colgate-Palmolive
Co.
...................................................
70,709
6,456
Keurig
Dr.
Pepper,
Inc.
...................................................
215,892
6,719
Mondelez
International,
Inc.
,
Class
A
.........................................
158,900
9,901
PepsiCo,
Inc.
..........................................................
24,264
3,386
Sysco
Corp.
...........................................................
70,125
5,977
The
Procter
&
Gamble
Co.
................................................
128,243
18,530
U.S.
Foods
Holding
Corp.
(a)
...............................................
137,600
13,841
Walmart,
Inc.
..........................................................
62,742
6,977
87,701
Energy
(5.6%):
Devon
Energy
Corp.
.....................................................
144,909
6,540
Enterprise
Products
Partners
LP
.............................................
439,124
16,709
EOG
Resources,
Inc.
....................................................
52,315
7,779
ExxonMobil
Holdings
Corp.
...............................................
121,136
18,829
Marathon
Petroleum
Corp.
................................................
28,721
9,089
TechnipFMC
PLC
......................................................
70,094
5,023
Valero
Energy
Corp.
.....................................................
63,031
19,722
83,691
Financials
(20.6%):
American
Express
Co.
...................................................
15,119
5,084
Ameriprise
Financial,
Inc.
.................................................
12,303
6,715
Bank
of
America
Corp.
...................................................
84,711
5,248
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
13,787
7,053
Capital
One
Financial
Corp.
...............................................
24,051
5,027
Victory
Portfolios
III
Victory
Value
Fund
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Cboe
Global
Markets,
Inc.
................................................
38,900
$
12,068
Citigroup,
Inc.
.........................................................
155,400
20,583
Corpay,
Inc.
(a)
.........................................................
48,200
18,418
East
West
Bancorp,
Inc.
..................................................
50,822
6,658
Evercore,
Inc.
,
Class
A
...................................................
12,531
4,017
Everest
Group
Ltd.
......................................................
12,014
4,495
Fairfax
Financial
Holdings
Ltd.
.............................................
7,200
12,058
Fidelity
National
Financial,
Inc.
............................................
74,957
3,867
Fiserv,
Inc.
(a)
..........................................................
67,950
3,665
Global
Payments,
Inc.
....................................................
46,215
3,886
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
47,067
4,141
JPMorgan
Chase
&
Co.
..................................................
112,761
39,668
KeyCorp
.............................................................
747,000
16,875
London
Stock
Exchange
Group
PLC
,
ADR
....................................
508,300
14,319
MetLife,
Inc.
..........................................................
34,577
3,324
MGIC
Investment
Corp.
..................................................
117,403
3,527
Morgan
Stanley
........................................................
17,349
3,651
PayPal
Holdings,
Inc.
....................................................
115,642
6,616
Principal
Financial
Group,
Inc.
.............................................
55,815
6,346
Prudential
Financial,
Inc.
.................................................
28,619
3,494
Regions
Financial
Corp.
..................................................
150,569
4,660
SEI
Investments
Co.
.....................................................
44,226
4,554
Synchrony
Financial
.....................................................
88,050
6,673
The
Allstate
Corp.
......................................................
30,335
8,011
The
Charles
Schwab
Corp.
................................................
49,687
5,229
The
Goldman
Sachs
Group,
Inc.
............................................
7,244
7,377
The
PNC
Financial
Services
Group,
Inc.
......................................
15,640
3,908
The
Progressive
Corp.
...................................................
58,089
12,281
U.S.
Bancorp
..........................................................
98,119
6,182
Unum
Group
..........................................................
198,300
17,076
Voya
Financial,
Inc.
.....................................................
42,785
4,254
W.R.
Berkley
Corp.
.....................................................
33,472
2,428
Zions
Bancorp
NA
......................................................
65,616
4,573
308,009
Health
Care
(13.7%):
Abbott
Laboratories
.....................................................
35,066
3,706
AbbVie,
Inc.
..........................................................
61,463
15,424
Boston
Scientific
Corp.
(a)
.................................................
201,000
9,393
Bristol-Myers
Squibb
Co.
.................................................
160,557
10,486
Cardinal
Health,
Inc.
....................................................
10,882
2,503
Centene
Corp.
(a)
.......................................................
42,070
2,618
Chemed
Corp.
.........................................................
7,584
4,037
CVS
Health
Corp.
......................................................
164,688
17,198
Elevance
Health,
Inc.
....................................................
11,045
4,151
Exelixis,
Inc.
(a)
........................................................
70,695
3,749
Gilead
Sciences,
Inc.
....................................................
41,474
5,400
HCA
Healthcare,
Inc.
....................................................
8,281
3,334
Johnson
&
Johnson
.....................................................
87,329
22,387
McKesson
Corp.
.......................................................
4,736
4,055
Medpace
Holdings,
Inc.
(a)
................................................
6,814
3,932
Merck
&
Co.,
Inc.
......................................................
93,606
12,187
Pfizer,
Inc.
............................................................
188,451
4,713
Regeneron
Pharmaceuticals,
Inc.
............................................
18,839
14,367
Royalty
Pharma
PLC
,
Class
A
..............................................
83,927
4,904
Tenet
Healthcare
Corp.
(a)
.................................................
20,657
5,263
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(a)
...................................
568,000
19,886
The
Cigna
Group
.......................................................
72,387
20,200
UnitedHealth
Group,
Inc.
.................................................
17,283
7,162
Zoetis,
Inc.
,
Class
A
.....................................................
50,347
3,891
204,946
Industrials
(13.2%):
A.O.
Smith
Corp.
.......................................................
51,547
3,100
Victory
Portfolios
III
Victory
Value
Fund
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
AMETEK,
Inc.
........................................................
53,600
$
12,956
Automatic
Data
Processing,
Inc.
............................................
20,448
5,449
CACI
International,
Inc.
,
Class
A
(a)
.........................................
18,900
9,408
Delta
Air
Lines,
Inc.
.....................................................
55,697
4,870
Dover
Corp.
...........................................................
52,400
10,722
Eaton
Corp.
PLC
.......................................................
25,600
10,629
EMCOR
Group,
Inc.
....................................................
6,623
5,281
Expeditors
International
of
Washington,
Inc.
....................................
32,855
5,516
FedEx
Corp.
..........................................................
48,320
14,854
FedEx
Freight
Holding
Co.,
Inc.
(a)
..........................................
7,360
1,034
Honeywell
International,
Inc.
..............................................
30,950
7,522
Leidos
Holdings,
Inc.
....................................................
91,021
10,522
Lincoln
Electric
Holdings,
Inc.
.............................................
16,942
4,427
Lockheed
Martin
Corp.
...................................................
19,244
11,214
Masco
Corp.
..........................................................
63,925
4,569
Old
Dominion
Freight
Line,
Inc.
............................................
22,665
4,808
Otis
Worldwide
Corp.
....................................................
64,936
4,672
PACCAR,
Inc.
.........................................................
50,647
6,720
RTX
Corp.
............................................................
61,367
13,207
SS&C
Technologies
Holdings,
Inc.
..........................................
145,800
11,234
Uber
Technologies,
Inc.
(a)
................................................
95,856
6,745
Union
Pacific
Corp.
.....................................................
56,200
16,418
United
Airlines
Holdings,
Inc.
(a)
............................................
42,316
5,134
Verisk
Analytics,
Inc.
,
Class
A
..............................................
37,600
7,326
198,337
Information
Technology
(15.6%):
Accenture
PLC
,
Class
A
..................................................
50,309
8,347
Adobe,
Inc.
(a)
.........................................................
24,700
6,185
Amphenol
Corp.
,
Class
A
.................................................
43,200
6,942
Analog
Devices,
Inc.
....................................................
22,200
8,156
Apple,
Inc.
...........................................................
186,676
57,666
Applied
Materials,
Inc.
...................................................
13,700
6,955
AppLovin
Corp.
,
Class
A
(a)
...............................................
8,717
3,451
Arista
Networks,
Inc.
(a)
..................................................
18,361
3,311
Cirrus
Logic,
Inc.
(a)
.....................................................
13,009
1,683
Cisco
Systems,
Inc.
.....................................................
75,702
8,781
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
61,393
3,398
Fair
Isaac
Corp.
(a)
......................................................
2,818
3,165
Fortinet,
Inc.
(a)
........................................................
37,373
6,053
Hewlett
Packard
Enterprise
Co.
.............................................
50,892
2,438
International
Business
Machines
Corp.
........................................
21,610
4,833
Intuit,
Inc.
............................................................
8,075
2,552
Jabil,
Inc.
............................................................
12,418
3,912
Manhattan
Associates,
Inc.
(a)
..............................................
7,523
1,440
Micron
Technology,
Inc.
..................................................
3,444
2,834
Microsoft
Corp.
........................................................
110,880
51,528
NetApp,
Inc.
..........................................................
38,670
6,903
NVIDIA
Corp.
.........................................................
19,096
3,834
QUALCOMM,
Inc.
.....................................................
37,563
5,545
Sandisk
Corp.
(a)
.......................................................
3,652
4,437
Zebra
Technologies
Corp.
(a)
...............................................
54,000
15,866
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
34,870
3,350
233,565
Materials
(3.4%):
Anglogold
Ashanti
PLC
..................................................
52,939
4,199
Avery
Dennison
Corp.
...................................................
21,579
3,663
CF
Industries
Holdings,
Inc.
...............................................
31,964
4,002
Freeport-McMoRan,
Inc.
.................................................
87,300
5,468
Newmont
Corp.
........................................................
173,113
16,222
PPG
Industries,
Inc.
.....................................................
118,200
13,063
The
Sherwin-Williams
Co.
................................................
13,241
4,513
51,130
Victory
Portfolios
III
Victory
Value
Fund
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Real
Estate
(2.5%):
Equinix,
Inc.
..........................................................
4,439
$
4,525
Equity
LifeStyle
Properties,
Inc.
............................................
184,300
11,993
Equity
Residential
......................................................
37,111
2,466
Prologis,
Inc.
..........................................................
26,245
3,795
Public
Storage
.........................................................
7,756
2,514
Simon
Property
Group,
Inc.
...............................................
14,198
3,257
Ventas,
Inc.
...........................................................
30,328
2,836
Welltower,
Inc.
.........................................................
24,191
5,671
37,057
Utilities
(4.0%):
American
Electric
Power
Co.,
Inc.
...........................................
98,300
12,568
Consolidated
Edison,
Inc.
.................................................
43,250
4,708
Duke
Energy
Corp.
......................................................
95,548
11,985
Edison
International
.....................................................
92,148
6,761
Exelon
Corp.
..........................................................
279,300
12,797
National
Fuel
Gas
Co.
...................................................
36,584
3,011
NRG
Energy,
Inc.
.......................................................
30,795
4,135
PG&E
Corp.
..........................................................
262,906
4,569
60,534
Total
Common
Stocks
(Cost
$1,145,947)
a
a
a
1,474,478
Total
Investments
(Cost
$1,145,947)
—
98.4%
1,474,478
Other
assets
in
excess
of
liabilities
—  1.6%
24,181
NET
ASSETS
-
100.00%
$
1,498,659
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
5.2%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
500
Index
Fund
74
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(10.0%):
Alphabet,
Inc.
,
Class
A
...................................................
1,360,442
$
484,494
Alphabet,
Inc.
,
Class
C
...................................................
1,187,863
423,651
AST
SpaceMobile,
Inc.
,
Class
A
(a)
(b)
........................................
59,378
3,502
AT&T,
Inc.
...........................................................
1,623,757
37,752
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
20,268
2,939
Comcast
Corp.
,
Class
A
..................................................
825,477
19,779
EchoStar
Corp.
,
Class
A
(a)
................................................
30,210
2,540
Electronic
Arts,
Inc.
.....................................................
52,418
11,001
Fox
Corp.
,
Class
A
......................................................
44,863
2,612
Fox
Corp.
,
Class
B
......................................................
30,021
1,559
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
............................
4,646
417
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
Class
C
(a)
.....................
51,110
5,016
Live
Nation
Entertainment,
Inc.
(a)
...........................................
36,227
6,308
Meta
Platforms,
Inc.
,
Class
A
..............................................
513,541
285,893
Netflix,
Inc.
(a)
.........................................................
980,289
70,297
News
Corp.
,
Class
A
.....................................................
82,547
2,275
News
Corp.
,
Class
B
....................................................
23,262
727
Omnicom
Group,
Inc.
....................................................
65,184
5,130
Reddit,
Inc.
,
Class
A
(a)
...................................................
31,555
4,439
ROBLOX
Corp.
,
Class
A
(a)
...............................................
143,567
5,111
Space
Exploration
Technologies
Corp.
,
Class
A
(a)
(b)
.............................
129,580
14,043
Spotify
Technology
SA
(a)
.................................................
35,327
17,661
Take-Two
Interactive
Software,
Inc.
(a)
........................................
40,010
9,719
The
Walt
Disney
Co.
....................................................
405,795
39,034
T-Mobile
US,
Inc.
......................................................
116,012
20,037
Verizon
Communications,
Inc.
..............................................
977,235
45,744
Warner
Bros
Discovery,
Inc.
(a)
.............................................
556,878
14,646
1,536,326
Communications
Equipment
(1.3%):
Arista
Networks,
Inc.
(a)
..................................................
244,441
44,085
Ciena
Corp.
(a)
.........................................................
32,652
12,312
Cisco
Systems,
Inc.
.....................................................
921,707
106,909
F5,
Inc.
(a)
............................................................
12,940
5,209
Lumentum
Holdings,
Inc.
(a)
...............................................
17,643
12,596
Motorola
Solutions,
Inc.
..................................................
38,589
16,815
197,926
Consumer
Discretionary
(9.2%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
92,519
14,018
Amazon.com,
Inc.
(a)
....................................................
2,295,907
623,522
AutoZone,
Inc.
(a)
.......................................................
3,824
11,534
Best
Buy
Co.,
Inc.
......................................................
45,002
3,882
Booking
Holdings,
Inc.
...................................................
180,951
34,905
Burlington
Stores,
Inc.
(a)
.................................................
14,439
5,321
Carnival
Corp.
Ltd.
.....................................................
320,496
8,913
Carvana
Co.
,
Class
A
(a)
..................................................
154,155
9,613
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
.......................................
296,466
11,034
D.R.
Horton,
Inc.
.......................................................
58,604
8,384
Darden
Restaurants,
Inc.
..................................................
26,377
5,370
DoorDash,
Inc.
,
Class
A
(a)
................................................
87,022
17,070
eBay,
Inc.
............................................................
103,114
11,756
Expedia
Group,
Inc.
.....................................................
26,233
7,732
Ford
Motor
Co.
........................................................
908,815
13,341
Garmin
Ltd.
...........................................................
38,363
11,270
General
Motors
Co.
.....................................................
210,223
18,680
Hilton
Worldwide
Holdings,
Inc.
............................................
51,969
16,656
Las
Vegas
Sands
Corp.
...................................................
62,622
3,062
Lennar
Corp.
,
Class
A
....................................................
48,560
3,999
Lennar
Corp.
,
Class
B
(b)
.................................................
1,145
92
Lowe's
Cos.,
Inc.
.......................................................
130,969
27,217
Lululemon
Athletica,
Inc.
(a)
...............................................
22,351
2,657
Victory
Portfolios
III
Victory
500
Index
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Marriott
International,
Inc.
,
Class
A
..........................................
50,422
$
18,799
McDonald's
Corp.
......................................................
166,308
45,010
NIKE,
Inc.
,
Class
B
.....................................................
272,258
11,356
NVR,
Inc.
(a)
..........................................................
586
3,602
O'Reilly
Automotive,
Inc.
(a)
...............................................
192,472
17,197
PulteGroup,
Inc.
........................................................
43,736
5,531
Rivian
Automotive,
Inc.
,
Class
A
(a)
..........................................
174,748
2,660
Ross
Stores,
Inc.
.......................................................
73,293
18,402
Royal
Caribbean
Cruises
Ltd.
..............................................
58,598
18,652
Somnigroup
International,
Inc.
.............................................
46,328
3,027
Starbucks
Corp.
........................................................
266,051
28,002
Tapestry,
Inc.
..........................................................
46,616
7,103
Tesla,
Inc.
(a)
..........................................................
683,076
212,580
The
Home
Depot,
Inc.
...................................................
233,484
77,507
The
TJX
Cos.,
Inc.
......................................................
258,253
40,634
Tractor
Supply
Co.
......................................................
119,955
3,691
Ulta
Beauty,
Inc.
(a)
.....................................................
9,893
5,073
Viking
Holdings
Ltd.
(a)
..................................................
47,573
4,964
Williams-Sonoma,
Inc.
...................................................
26,711
6,108
Yum!
Brands,
Inc.
......................................................
64,021
9,813
1,409,739
Consumer
Staples
(4.6%):
Altria
Group,
Inc.
.......................................................
389,969
26,647
Archer-Daniels-Midland
Co.
...............................................
111,263
8,820
Bunge
Global
SA
.......................................................
36,917
3,922
Casey's
General
Stores,
Inc.
...............................................
8,528
7,428
Church
&
Dwight
Co.,
Inc.
................................................
54,615
5,396
Colgate-Palmolive
Co.
...................................................
186,451
17,023
Constellation
Brands,
Inc.
,
Class
A
..........................................
34,623
4,509
Costco
Wholesale
Corp.
..................................................
103,736
98,745
Dollar
General
Corp.
....................................................
50,690
6,440
Dollar
Tree,
Inc.
(a)
......................................................
44,306
5,636
General
Mills,
Inc.
......................................................
122,361
4,374
Kenvue,
Inc.
..........................................................
445,472
8,571
Keurig
Dr.
Pepper,
Inc.
...................................................
301,556
9,384
Kimberly-Clark
Corp.
....................................................
76,943
8,411
Mondelez
International,
Inc.
,
Class
A
.........................................
299,238
18,646
Monster
Beverage
Corp.
(a)
................................................
161,782
15,593
PepsiCo,
Inc.
..........................................................
318,838
44,497
Philip
Morris
International,
Inc.
.............................................
364,378
69,531
Sysco
Corp.
...........................................................
110,975
9,459
Target
Corp.
..........................................................
105,732
15,277
The
Coca-Cola
Co.
......................................................
1,001,560
87,727
The
Estee
Lauder
Cos.,
Inc.
,
Class
A
.........................................
56,828
4,768
The
Hershey
Co.
.......................................................
33,766
5,911
The
Kraft
Heinz
Co.
.....................................................
273,874
7,080
The
Kroger
Co.
........................................................
141,831
8,189
The
Procter
&
Gamble
Co.
................................................
545,273
78,786
Tyson
Foods,
Inc.
,
Class
A
................................................
63,069
3,655
U.S.
Foods
Holding
Corp.
(a)
...............................................
50,434
5,073
Walmart,
Inc.
..........................................................
1,025,413
114,026
703,524
Electronic
Equipment,
Instruments
&
Components
(0.9%):
Amphenol
Corp.
,
Class
A
.................................................
286,692
46,071
CDW
Corp.
...........................................................
29,249
4,323
Coherent
Corp.
(a)
......................................................
43,564
11,453
Corning,
Inc.
..........................................................
184,231
25,470
Fabrinet
(a)
............................................................
8,179
3,561
Jabil,
Inc.
............................................................
24,005
7,563
Keysight
Technologies,
Inc.
(a)
.............................................
39,512
12,607
TD
SYNNEX
Corp.
.....................................................
17,055
4,361
TE
Connectivity
PLC
....................................................
67,991
13,985
Victory
Portfolios
III
Victory
500
Index
Fund
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Teledyne
Technologies,
Inc.
(a)
.............................................
10,645
$
6,979
136,373
Energy
(3.4%):
Baker
Hughes
Co.
,
Class
A
................................................
230,749
13,958
Cheniere
Energy,
Inc.
....................................................
48,534
12,792
Chevron
Corp.
.........................................................
464,712
91,469
ConocoPhillips
Co.
.....................................................
284,819
34,315
Devon
Energy
Corp.
.....................................................
264,280
11,927
Diamondback
Energy,
Inc.
................................................
45,388
9,212
EOG
Resources,
Inc.
....................................................
124,091
18,451
EQT
Corp.
............................................................
143,543
7,649
Expand
Energy
Corp.
....................................................
54,973
5,169
ExxonMobil
Holdings
Corp.
...............................................
969,254
150,661
Halliburton
Co.
........................................................
192,470
6,207
Kinder
Morgan,
Inc.
.....................................................
452,627
14,566
Marathon
Petroleum
Corp.
................................................
68,007
21,522
Occidental
Petroleum
Corp.
...............................................
231,038
13,185
ONEOK,
Inc.
..........................................................
146,602
13,313
Phillips
66
Co.
.........................................................
93,546
19,802
SLB
Ltd.
.............................................................
347,714
17,243
Targa
Resources
Corp.
...................................................
49,250
13,316
Texas
Pacific
Land
Corp.
.................................................
15,891
6,397
The
Williams
Cos.,
Inc.
..................................................
284,355
20,343
Valero
Energy
Corp.
.....................................................
69,106
21,623
523,120
Financials
(12.7%):
Affirm
Holdings,
Inc.
,
Class
A
(a)
............................................
64,835
4,636
Aflac,
Inc.
............................................................
105,877
13,497
American
Express
Co.
...................................................
159,608
53,668
American
International
Group,
Inc.
..........................................
122,968
9,663
Ameriprise
Financial,
Inc.
.................................................
20,897
11,406
Aon
PLC
,
Class
A
......................................................
49,360
17,797
Apollo
Global
Management,
Inc.
............................................
96,026
12,060
Arch
Capital
Group
Ltd.
(a)
................................................
78,958
7,938
Ares
Management
Corp.
,
Class
A
...........................................
47,859
6,130
Arthur
J.
Gallagher
&
Co.
.................................................
58,779
14,661
Bank
of
America
Corp.
...................................................
1,658,707
102,757
Berkshire
Hathaway,
Inc.
,
Class
A
(a)
.........................................
73
55,962
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
326,917
167,231
BlackRock,
Inc.
........................................................
67,129
73,197
Blackstone,
Inc.
........................................................
171,652
21,929
Block,
Inc.
,
Class
A
(a)
...................................................
121,242
9,850
Brown
&
Brown,
Inc.
....................................................
66,653
4,692
Capital
One
Financial
Corp.
...............................................
142,877
29,863
Cboe
Global
Markets,
Inc.
................................................
24,211
7,511
Chubb
Ltd.
...........................................................
90,416
31,707
Cincinnati
Financial
Corp.
................................................
35,085
6,234
Citigroup,
Inc.
.........................................................
400,388
53,031
Citizens
Financial
Group,
Inc.
..............................................
97,101
6,957
CME
Group,
Inc.
,
Class
A
.................................................
83,527
22,368
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
49,691
7,268
Corpay,
Inc.
(a)
.........................................................
14,503
5,542
Fidelity
National
Information
Services,
Inc.
....................................
119,254
5,339
Fifth
Third
Bancorp
.....................................................
210,166
11,874
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
1,804
3,945
Fiserv,
Inc.
(a)
..........................................................
123,068
6,638
Global
Payments,
Inc.
....................................................
52,424
4,408
Huntington
Bancshares,
Inc.
...............................................
466,282
7,945
Interactive
Brokers
Group,
Inc.
,
Class
A
.......................................
100,423
8,836
Intercontinental
Exchange,
Inc.
.............................................
131,310
20,022
JPMorgan
Chase
&
Co.
..................................................
625,396
220,008
KeyCorp
.............................................................
249,669
5,640
Victory
Portfolios
III
Victory
500
Index
Fund
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
KKR
&
Co.,
Inc.
.......................................................
161,063
$
16,337
Loews
Corp.
..........................................................
38,500
4,466
LPL
Financial
Holdings,
Inc.
...............................................
18,423
6,516
M&T
Bank
Corp.
.......................................................
33,893
8,348
Markel
Group,
Inc.
(a)
....................................................
2,823
5,314
Marsh
&
McLennan
Cos.,
Inc.
.............................................
112,464
21,333
Mastercard,
Inc.
,
Class
A
.................................................
189,708
108,722
MetLife,
Inc.
..........................................................
125,630
12,077
Moody's
Corp.
.........................................................
40,761
19,499
Morgan
Stanley
........................................................
280,450
59,012
MSCI,
Inc.
,
Class
A
.....................................................
16,314
9,336
Nasdaq,
Inc.
..........................................................
103,491
9,748
Northern
Trust
Corp.
....................................................
42,178
7,684
PayPal
Holdings,
Inc.
....................................................
205,246
11,742
Principal
Financial
Group,
Inc.
.............................................
49,554
5,634
Prudential
Financial,
Inc.
.................................................
80,556
9,834
Raymond
James
Financial,
Inc.
.............................................
40,474
7,123
Regions
Financial
Corp.
..................................................
196,917
6,095
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
177,611
15,374
Rocket
Cos.,
Inc.
,
Class
A
(a)
...............................................
218,983
2,825
S&P
Global,
Inc.
.......................................................
69,058
28,447
SoFi
Technologies,
Inc.
(a)
.................................................
290,333
4,735
State
Street
Corp.
.......................................................
64,158
11,815
Synchrony
Financial
.....................................................
77,411
5,867
T.
Rowe
Price
Group,
Inc.
.................................................
48,599
5,431
The
Allstate
Corp.
......................................................
59,768
15,784
The
Bank
of
New
York
Mellon
Corp.
.........................................
160,043
25,020
The
Carlyle
Group,
Inc.
..................................................
60,382
2,779
The
Charles
Schwab
Corp.
................................................
383,368
40,346
The
Goldman
Sachs
Group,
Inc.
............................................
68,731
69,994
The
Hartford
Insurance
Group,
Inc.
..........................................
63,471
9,007
The
PNC
Financial
Services
Group,
Inc.
......................................
93,495
23,362
The
Progressive
Corp.
...................................................
136,321
28,821
The
Travelers
Cos.,
Inc.
..................................................
49,408
18,496
Truist
Financial
Corp.
....................................................
290,138
15,041
U.S.
Bancorp
..........................................................
362,024
22,811
Visa,
Inc.
,
Class
A
......................................................
388,180
142,124
W.R.
Berkley
Corp.
.....................................................
51,938
3,768
Wells
Fargo
&
Co.
......................................................
715,469
61,852
Willis
Towers
Watson
PLC
................................................
21,801
7,323
1,942,052
Health
Care
(9.2%):
Abbott
Laboratories
.....................................................
405,055
42,814
AbbVie,
Inc.
..........................................................
413,642
103,799
Agilent
Technologies,
Inc.
.................................................
65,426
9,053
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
30,780
6,326
Amgen,
Inc.
...........................................................
126,105
48,571
Becton
Dickinson
&
Co.
..................................................
64,000
10,600
Biogen,
Inc.
(a)
.........................................................
33,921
6,884
Boston
Scientific
Corp.
(a)
.................................................
344,964
16,120
Bristol-Myers
Squibb
Co.
.................................................
476,252
31,104
Cardinal
Health,
Inc.
....................................................
54,441
12,523
Cencora,
Inc.
..........................................................
45,151
14,057
Centene
Corp.
(a)
.......................................................
111,956
6,966
CVS
Health
Corp.
......................................................
298,056
31,126
Danaher
Corp.
.........................................................
150,875
29,418
Dexcom,
Inc.
(a)
........................................................
87,918
7,337
Edwards
Lifesciences
Corp.
(a)
.............................................
132,395
11,395
Elevance
Health,
Inc.
....................................................
50,569
19,006
Eli
Lilly
&
Co.
.........................................................
198,575
228,131
GE
HealthCare
Technologies,
Inc.
...........................................
105,172
7,154
Gilead
Sciences,
Inc.
....................................................
290,219
37,789
HCA
Healthcare,
Inc.
....................................................
34,986
14,085
Victory
Portfolios
III
Victory
500
Index
Fund
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Humana,
Inc.
..........................................................
27,887
$
10,147
IDEXX
Laboratories,
Inc.
(a)
...............................................
18,282
10,221
Illumina,
Inc.
(a)
........................................................
34,970
7,172
Incyte
Corp.
(a)
.........................................................
45,730
5,466
Insmed,
Inc.
(a)
.........................................................
49,507
4,881
Intuitive
Surgical,
Inc.
(a)
.................................................
82,287
29,074
IQVIA
Holdings,
Inc.
(a)
..................................................
38,417
9,029
Johnson
&
Johnson
.....................................................
563,542
144,464
Labcorp
Holdings,
Inc.
...................................................
18,885
5,839
McKesson
Corp.
.......................................................
28,081
24,043
Medline,
Inc.
,
Class
A
(a)
.................................................
105,063
4,127
Medtronic
PLC
........................................................
299,907
25,609
Merck
&
Co.,
Inc.
......................................................
577,746
75,223
Mettler-Toledo
International,
Inc.
(a)
.........................................
4,644
6,577
Moderna,
Inc.
(a)
.......................................................
83,791
4,593
Natera,
Inc.
(a)
.........................................................
31,717
8,493
Pfizer,
Inc.
............................................................
1,332,207
33,319
Quest
Diagnostics,
Inc.
...................................................
25,483
5,938
Regeneron
Pharmaceuticals,
Inc.
............................................
23,555
17,964
ResMed,
Inc.
..........................................................
33,314
7,029
Revolution
Medicines,
Inc.
(a)
..............................................
44,215
8,292
Royalty
Pharma
PLC
,
Class
A
..............................................
95,228
5,564
STERIS
PLC
..........................................................
22,457
5,129
Stryker
Corp.
..........................................................
84,287
27,452
Tenet
Healthcare
Corp.
(a)
.................................................
19,655
5,008
The
Cigna
Group
.......................................................
60,846
16,979
Thermo
Fisher
Scientific,
Inc.
..............................................
86,845
49,875
United
Therapeutics
Corp.
(a)
..............................................
9,463
4,899
UnitedHealth
Group,
Inc.
.................................................
212,280
87,969
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
34,270
6,984
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
59,239
28,263
Viatris,
Inc.
...........................................................
262,882
4,616
Waters
Corp.
(a)
........................................................
22,788
8,598
West
Pharmaceutical
Services,
Inc.
..........................................
16,220
5,530
Zimmer
Biomet
Holdings,
Inc.
.............................................
44,400
4,170
Zoetis,
Inc.
,
Class
A
.....................................................
96,701
7,474
1,410,268
Industrials
(8.9%):
3M
Co.
..............................................................
121,778
21,467
AMETEK,
Inc.
........................................................
53,198
12,859
ATI,
Inc.
(a)
...........................................................
31,205
5,849
Automatic
Data
Processing,
Inc.
............................................
93,295
24,859
Axon
Enterprise,
Inc.
(a)
..................................................
17,744
9,365
Bloom
Energy
Corp.
,
Class
A
(a)
............................................
62,120
12,785
Broadridge
Financial
Solutions,
Inc.
.........................................
26,472
4,075
C.H.
Robinson
Worldwide,
Inc.
.............................................
26,907
3,975
Carpenter
Technology
Corp.
...............................................
11,129
5,783
Carrier
Global
Corp.
.....................................................
184,339
11,394
Caterpillar,
Inc.
........................................................
107,711
87,764
Cintas
Corp.
..........................................................
79,899
16,350
Comfort
Systems
USA,
Inc.
...............................................
8,104
14,017
Copart,
Inc.
(a)
.........................................................
195,556
5,695
CSX
Corp.
............................................................
433,496
21,848
Cummins,
Inc.
.........................................................
32,131
20,377
Curtiss-Wright
Corp.
....................................................
8,507
6,159
Deere
&
Co.
..........................................................
58,474
34,656
Delta
Air
Lines,
Inc.
.....................................................
152,378
13,324
Dover
Corp.
...........................................................
30,990
6,341
Eaton
Corp.
PLC
.......................................................
90,700
37,659
EMCOR
Group,
Inc.
....................................................
10,242
8,167
Emerson
Electric
Co.
....................................................
130,482
19,549
Equifax,
Inc.
..........................................................
27,234
4,701
Expeditors
International
of
Washington,
Inc.
....................................
29,995
5,036
Victory
Portfolios
III
Victory
500
Index
Fund
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Fastenal
Co.
...........................................................
267,038
$
12,740
FedEx
Corp.
..........................................................
50,891
15,644
Ferguson
Enterprises,
Inc.
.................................................
45,046
10,556
Fortive
Corp.
..........................................................
69,872
4,137
FTAI
Aviation
Ltd.
......................................................
23,371
4,814
GE
Vernova,
Inc.
.......................................................
62,858
62,248
General
Dynamics
Corp.
..................................................
62,821
24,087
General
Electric
Co.
.....................................................
243,787
87,780
HEICO
Corp.
..........................................................
9,745
3,473
HEICO
Corp.
,
Class
A
...................................................
17,655
4,542
Honeywell
International,
Inc.
..............................................
74,210
18,037
Howmet
Aerospace,
Inc.
..................................................
92,604
26,138
Hubbell,
Inc.
,
Class
B
....................................................
12,172
5,752
Illinois
Tool
Works,
Inc.
..................................................
66,945
19,210
Ingersoll
Rand,
Inc.
.....................................................
90,600
7,554
J.B.
Hunt
Transport
Services,
Inc.
...........................................
17,237
4,684
Jacobs
Solutions,
Inc.
....................................................
54,710
7,382
Johnson
Controls
International
PLC
..........................................
142,073
20,836
L3Harris
Technologies,
Inc.
...............................................
43,203
11,970
Leidos
Holdings,
Inc.
....................................................
28,515
3,296
Lennox
International,
Inc.
.................................................
7,197
2,993
Lockheed
Martin
Corp.
...................................................
53,889
31,403
MasTec,
Inc.
(a)
........................................................
14,137
3,719
Nextpower,
Inc.
,
Class
A
(a)
................................................
33,787
3,036
Norfolk
Southern
Corp.
..................................................
52,384
17,574
Northrop
Grumman
Corp.
.................................................
33,087
17,949
nVent
Electric
PLC
......................................................
37,031
5,696
Old
Dominion
Freight
Line,
Inc.
............................................
42,697
9,058
Otis
Worldwide
Corp.
....................................................
88,765
6,387
PACCAR,
Inc.
.........................................................
120,528
15,992
Parker-Hannifin
Corp.
...................................................
29,430
28,739
Paychex,
Inc.
..........................................................
74,722
8,731
Quanta
Services,
Inc.
....................................................
34,730
23,177
RBC
Bearings,
Inc.
(a)
...................................................
7,150
3,942
Republic
Services,
Inc.
,
Class
A
............................................
45,791
9,641
Rocket
Lab
Corp.
(a)
.....................................................
131,480
8,540
Rockwell
Automation,
Inc.
................................................
25,869
12,419
Rollins,
Inc.
...........................................................
71,169
2,702
RTX
Corp.
............................................................
315,275
67,854
Snap-on,
Inc.
..........................................................
11,661
4,786
Southwest
Airlines
Co.
...................................................
111,600
5,019
SS&C
Technologies
Holdings,
Inc.
..........................................
47,523
3,662
Sterling
Infrastructure,
Inc.
(a)
..............................................
6,883
4,108
Textron,
Inc.
..........................................................
39,514
3,369
The
Boeing
Co.
(a)
......................................................
184,360
39,848
Trane
Technologies
PLC
..................................................
51,537
23,447
TransDigm
Group,
Inc.
...................................................
12,889
16,168
TransUnion
...........................................................
43,788
3,443
Uber
Technologies,
Inc.
(a)
................................................
456,290
32,105
Union
Pacific
Corp.
.....................................................
138,730
40,527
United
Airlines
Holdings,
Inc.
(a)
............................................
74,954
9,094
United
Parcel
Service,
Inc.
,
Class
B
..........................................
174,315
18,167
United
Rentals,
Inc.
.....................................................
14,537
15,689
Veralto
Corp.
..........................................................
56,612
5,331
Verisk
Analytics,
Inc.
,
Class
A
..............................................
30,221
5,889
Vertiv
Holdings
Co.
,
Class
A
...............................................
88,226
21,313
W.W.
Grainger,
Inc.
.....................................................
10,325
14,271
Waste
Management,
Inc.
..................................................
93,613
21,208
Watsco,
Inc.
...........................................................
7,912
2,447
Westinghouse
Air
Brake
Technologies
Corp.
....................................
39,247
11,415
Woodward,
Inc.
........................................................
13,686
4,937
XPO,
Inc.
(a)
..........................................................
26,267
5,279
Victory
Portfolios
III
Victory
500
Index
Fund
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Xylem,
Inc.
...........................................................
54,853
$
6,416
1,366,424
IT
Services
(1.0%):
Accenture
PLC
,
Class
A
..................................................
143,142
23,750
Akamai
Technologies,
Inc.
(a)
..............................................
32,600
3,755
Cloudflare,
Inc.
,
Class
A
(a)
................................................
74,291
20,726
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
109,101
6,039
CoreWeave,
Inc.
,
Class
A
(a)
...............................................
78,009
5,599
International
Business
Machines
Corp.
........................................
219,887
49,178
MongoDB,
Inc.
,
Class
A
(a)
................................................
17,836
6,019
Okta,
Inc.
,
Class
A
(a)
....................................................
38,122
5,410
Snowflake,
Inc.
,
Class
A
(a)
................................................
78,502
23,023
Twilio,
Inc.
,
Class
A
(a)
...................................................
35,042
6,915
VeriSign,
Inc.
..........................................................
20,878
6,055
156,469
Materials
(1.7%):
Air
Products
and
Chemicals,
Inc.
............................................
51,925
15,312
Albemarle
Corp.
.......................................................
26,884
3,163
Alcoa
Corp.
...........................................................
59,742
2,704
Amcor
PLC
...........................................................
106,308
4,771
Coeur
Mining,
Inc.
......................................................
235,632
3,513
Corteva,
Inc.
..........................................................
155,632
12,250
Dow,
Inc.
............................................................
165,850
5,024
DuPont
de
Nemours,
Inc.
.................................................
31,332
4,292
Ecolab,
Inc.
...........................................................
58,785
16,320
Freeport-McMoRan,
Inc.
.................................................
334,119
20,926
International
Flavors
&
Fragrances,
Inc.
.......................................
57,739
4,574
International
Paper
Co.
...................................................
120,178
4,907
Linde
PLC
............................................................
107,776
51,558
LyondellBasell
Industries
NV
,
Class
A
........................................
59,029
3,665
Martin
Marietta
Materials,
Inc.
.............................................
13,822
7,259
Newmont
Corp.
........................................................
249,300
23,362
Nucor
Corp.
...........................................................
52,768
13,577
Packaging
Corp.
of
America
...............................................
19,844
4,878
PPG
Industries,
Inc.
.....................................................
51,479
5,689
Reliance,
Inc.
..........................................................
11,714
4,757
Royal
Gold,
Inc.
........................................................
19,433
3,855
Smurfit
WestRock
PLC
...................................................
120,534
5,541
Steel
Dynamics,
Inc.
.....................................................
31,212
7,842
The
Sherwin-Williams
Co.
................................................
53,957
18,391
Vulcan
Materials
Co.
....................................................
30,070
8,076
256,206
Real
Estate
(1.7%):
American
Tower
Corp.
...................................................
108,618
18,830
AvalonBay
Communities,
Inc.
..............................................
32,685
6,067
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
67,652
9,932
Crown
Castle,
Inc.
......................................................
101,186
7,720
Digital
Realty
Trust,
Inc.
..................................................
81,975
15,454
Equinix,
Inc.
..........................................................
22,979
23,422
Equity
Residential
......................................................
85,698
5,695
Essex
Property
Trust,
Inc.
.................................................
14,656
4,164
Extra
Space
Storage,
Inc.
.................................................
48,445
7,172
Invitation
Homes,
Inc.
...................................................
135,361
4,023
Iron
Mountain,
Inc.
.....................................................
68,349
8,360
Mid-America
Apartment
Communities,
Inc.
....................................
26,437
3,499
Prologis,
Inc.
..........................................................
217,578
31,464
Public
Storage
.........................................................
36,685
11,892
Realty
Income
Corp.
....................................................
217,046
13,863
SBA
Communications
Corp.
,
Class
A
.........................................
24,092
4,360
Simon
Property
Group,
Inc.
...............................................
74,961
17,194
Sun
Communities,
Inc.
...................................................
27,888
3,444
Ventas,
Inc.
...........................................................
112,498
10,520
Victory
Portfolios
III
Victory
500
Index
Fund
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
VICI
Properties,
Inc.
,
Class
A
..............................................
252,006
$
6,640
Welltower,
Inc.
.........................................................
165,178
38,724
Weyerhaeuser
Co.
......................................................
164,974
4,129
256,568
Semiconductors
&
Semiconductor
Equipment
(16.4%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
380,380
181,118
Analog
Devices,
Inc.
....................................................
113,724
41,783
Applied
Materials,
Inc.
...................................................
185,243
94,042
Astera
Labs,
Inc.
(a)
.....................................................
32,598
10,145
Broadcom,
Inc.
........................................................
1,093,634
425,730
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
38,385
7,945
Entegris,
Inc.
..........................................................
34,905
4,155
First
Solar,
Inc.
(a)
......................................................
23,432
4,945
GLOBALFOUNDRIES,
Inc.
..............................................
29,032
1,451
Intel
Corp.
(a)
..........................................................
995,305
89,777
KLA
Corp.
...........................................................
305,583
55,867
Lam
Research
Corp.
.....................................................
292,096
85,590
Lattice
Semiconductor
Corp.
(a)
.............................................
31,184
3,875
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
15,851
3,986
Marvell
Technology,
Inc.
.................................................
203,209
38,114
Microchip
Technology,
Inc.
................................................
123,528
9,177
Micron
Technology,
Inc.
..................................................
263,191
216,614
MKS,
Inc.
............................................................
15,017
4,467
Monolithic
Power
Systems,
Inc.
............................................
11,053
15,762
NVIDIA
Corp.
.........................................................
5,440,724
1,092,225
ON
Semiconductor
Corp.
(a)
...............................................
90,364
7,375
Qnity
Electronics,
Inc.
...................................................
48,408
6,350
QUALCOMM,
Inc.
.....................................................
246,465
36,381
SiTime
Corp.
(a)
........................................................
5,068
2,712
Teradyne,
Inc.
.........................................................
36,244
13,327
Texas
Instruments,
Inc.
...................................................
212,648
58,636
2,511,549
Software
(8.4%):
Adobe,
Inc.
(a)
.........................................................
94,295
23,612
AppLovin
Corp.
,
Class
A
(a)
...............................................
60,008
23,757
Atlassian
Corp.
,
Class
A
(a)
................................................
36,216
3,658
Autodesk,
Inc.
(a)
.......................................................
48,944
11,463
Cadence
Design
Systems,
Inc.
(a)
............................................
64,180
21,823
Circle
Internet
Group,
Inc.
,
Class
A
(a)
........................................
42,313
2,649
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
229,881
43,875
Datadog,
Inc.
,
Class
A
(a)
.................................................
75,540
20,242
Fair
Isaac
Corp.
(a)
......................................................
5,192
5,831
Fortinet,
Inc.
(a)
........................................................
141,662
22,942
Gen
Digital,
Inc.
.......................................................
124,244
3,411
Intuit,
Inc.
............................................................
62,503
19,755
Microsoft
Corp.
........................................................
1,714,675
796,844
Oracle
Corp.
..........................................................
400,535
52,018
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
513,853
63,235
Palo
Alto
Networks,
Inc.
(a)
................................................
188,983
62,710
PTC,
Inc.
(a)
...........................................................
26,384
3,620
Roper
Technologies,
Inc.
..................................................
23,370
9,160
Salesforce,
Inc.
........................................................
185,552
34,145
ServiceNow,
Inc.
(a)
.....................................................
238,918
26,575
Strategy,
Inc.
,
Class
A
(a)
..................................................
76,537
7,139
Synopsys,
Inc.
(a)
.......................................................
42,602
16,562
Workday,
Inc.
,
Class
A
(a)
.................................................
45,594
7,311
Zoom
Communications,
Inc.
,
Class
A
(a)
......................................
61,042
5,864
Zscaler,
Inc.
(a)
.........................................................
23,948
3,621
1,291,822
Technology
Hardware,
Storage
&
Peripherals
(8.2%):
Apple,
Inc.
...........................................................
3,438,931
1,062,320
Dell
Technologies,
Inc.
,
Class
C
............................................
70,452
28,559
Victory
Portfolios
III
Victory
500
Index
Fund
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Everpure,
Inc.
,
Class
A
(a)
.................................................
72,595
$
5,602
Hewlett
Packard
Enterprise
Co.
.............................................
307,166
14,713
HP,
Inc.
..............................................................
210,926
5,752
IonQ,
Inc.
(a)
(b)
........................................................
83,794
3,054
NetApp,
Inc.
..........................................................
45,231
8,074
Sandisk
Corp.
(a)
.......................................................
34,211
41,561
Seagate
Technology
Holdings
PLC
..........................................
52,330
44,801
Super
Micro
Computer,
Inc.
(a)
.............................................
118,517
3,366
Western
Digital
Corp.
....................................................
79,938
43,553
1,261,355
Utilities
(2.1%):
Alliant
Energy
Corp.
....................................................
59,321
4,199
Ameren
Corp.
.........................................................
63,926
7,007
American
Electric
Power
Co.,
Inc.
...........................................
126,584
16,184
American
Water
Works
Co.,
Inc.
............................................
45,107
6,052
Atmos
Energy
Corp.
.....................................................
38,500
6,652
CenterPoint
Energy,
Inc.
..................................................
151,078
6,351
CMS
Energy
Corp.
......................................................
70,862
5,101
Consolidated
Edison,
Inc.
.................................................
85,536
9,311
Constellation
Energy
Corp.
................................................
78,921
20,737
Dominion
Energy,
Inc.
...................................................
204,856
14,170
DTE
Energy
Co.
.......................................................
48,002
6,810
Duke
Energy
Corp.
......................................................
181,984
22,826
Edison
International
.....................................................
89,012
6,531
Entergy
Corp.
.........................................................
106,382
11,449
Evergy,
Inc.
...........................................................
52,346
4,345
Eversource
Energy
......................................................
86,941
6,224
Exelon
Corp.
..........................................................
238,046
10,907
FirstEnergy
Corp.
.......................................................
133,792
6,463
NextEra
Energy,
Inc.
....................................................
487,154
42,343
NiSource,
Inc.
.........................................................
110,208
4,897
NRG
Energy,
Inc.
.......................................................
46,581
6,255
PG&E
Corp.
..........................................................
508,917
8,845
PPL
Corp.
............................................................
173,809
6,120
Public
Service
Enterprise
Group,
Inc.
.........................................
115,622
8,866
Sempra
..............................................................
152,265
13,483
Talen
Energy
Corp.
(a)
...................................................
10,202
3,408
The
Southern
Co.
.......................................................
263,236
24,886
Vistra
Corp.
...........................................................
77,770
11,525
WEC
Energy
Group,
Inc.
.................................................
75,523
8,264
Xcel
Energy,
Inc.
.......................................................
145,126
11,349
321,560
Total
Common
Stocks
(Cost
$2,992,074)
a
a
a
15,281,281
Rights
(0.0%)(c)
Financials
(0.0%):(c)
TPG,
Inc.,
CVR
,
expiring
4/9/29
(a)
(d)
........................................
52,689
1
Total
Rights
(Cost
$—)
a
a
a
1
Short-Term
Investments
(0.1%)
Collateral
for
Securities
Loaned
(0.1%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(e)
........
4,718,744
4,719
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(e)
............
4,718,744
4,718
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(e)
...............
4,718,744
4,719
Victory
Portfolios
III
Victory
500
Index
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(e)
.
4,718,744
$
4,719
18,875
Total
Short-Term
Investments
(Cost
$18,875)
a
a
a
18,875
Total
Investments
(Cost
$3,010,949)
—
99.8%
15,300,157
Other
assets
in
excess
of
liabilities
—  0.2%
31,834
NET
ASSETS
-
100.00%
$
15,331,991
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(e)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
S&P
500
Futures
..............
122
9/18/26
$
45,646
$
45,867
$
221
Total
unrealized
appreciation
$
221
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
221
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
84
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(3.0%):
Advantage
Solutions,
Inc.(a)
...............................................
491
$
19
AMC
Entertainment
Holdings,
Inc.,
Class
A(a)
..................................
70,081
198
AMC
Global
Media,
Inc.(a)
...............................................
3,604
40
Angel
Studios,
Inc.,
Class
A(a)(b)
...........................................
9,244
38
Angi,
Inc.,
Class
A(a)
....................................................
3,298
19
Anterix,
Inc.(a)
........................................................
2,102
196
Array
Digital
Infrastructure,
Inc.(b)
..........................................
1,744
61
Atlanta
Braves
Holdings,
Inc.,
Class
C(a)
......................................
6,821
347
ATN
International,
Inc.
...................................................
1,141
27
Bandwidth,
Inc.,
Class
A(a)
................................................
3,358
131
Boston
Omaha
Corp.,
Class
A(a)
............................................
3,290
47
Bumble,
Inc.,
Class
A(a)
..................................................
10,653
30
Cable
One,
Inc.(a)(b)
....................................................
535
21
Cargurus,
Inc.,
Class
A(a)
.................................................
8,456
306
Cars.com,
Inc.(a)
.......................................................
5,234
62
Cinemark
Holdings,
Inc.
..................................................
12,041
441
Clear
Channel
Outdoor
Holdings,
Inc.,
Class
A(a)
................................
44,002
106
Cogent
Communications
Holdings,
Inc.
.......................................
5,340
72
comScore,
Inc.(a)
.......................................................
1,561
11
CuriosityStream,
Inc.
....................................................
4,673
11
DHI
Group,
Inc.(a)
......................................................
4,017
17
DoubleVerify
Holdings,
Inc.(a)
.............................................
15,480
174
Entravision
Communications
Corp.,
Class
A
....................................
6,894
77
Eva
Live,
Inc.(a)
.......................................................
1,245
2
EverQuote,
Inc.,
Class
A(a)
................................................
3,125
79
Firy,
Inc.,
Class
A(a)(b)
..................................................
982
9
fuboTV,
Inc.,
Class
A(a)(b)
................................................
3,324
29
Getty
Images
Holdings,
Inc.(a)
.............................................
9,884
4
Globalstar,
Inc.(a)
......................................................
6,015
502
Gogo,
Inc.(a)
..........................................................
9,036
38
Gray
Media,
Inc.
.......................................................
10,814
44
HMH
Holding,
Inc.,
Class
A(a)
.............................................
1,236
26
Ibotta,
Inc.,
Class
A(a)
...................................................
1,065
26
IDT
Corp.,
Class
B
......................................................
2,342
154
iHeartMedia,
Inc.,
Class
A(a)
..............................................
13,467
48
Iridium
Communications,
Inc.
..............................................
10,581
501
John
Wiley
&
Sons,
Inc.,
Class
A
............................................
4,655
243
Lee
Enterprises,
Inc.(a)
...................................................
662
5
Liberty
Broadband
Corp.,
Class
C(a)
.........................................
15,327
522
Liberty
Capital
Corp.(a)
..................................................
4,122
96
Liberty
Global
Ltd.,
Class
A(a)
.............................................
33,807
359
Liberty
Latin
America
Ltd.,
Class
C(a)
........................................
17,331
140
Liberty
Live
Holdings,
Inc.,
Class
C(a)
.......................................
9,604
947
Lionsgate
Studios
Corp.(a)
................................................
22,781
303
Lumen
Technologies,
Inc.(a)
...............................................
109,400
698
Madison
Square
Garden
Entertainment
Corp.,
Class
A(a)
..........................
4,469
345
Madison
Square
Garden
Sports
Corp.(a)
.......................................
1,961
772
Magnite,
Inc.(a)
........................................................
16,139
311
Match
Group,
Inc.
......................................................
26,763
1,055
MediaAlpha,
Inc.,
Class
A(a)
..............................................
3,307
41
MNTN,
Inc.,
Class
A(a)
..................................................
3,053
28
National
CineMedia,
Inc.
.................................................
7,531
30
Newsmax,
Inc.,
Class
B(a)
................................................
7,611
59
Nexstar
Media
Group,
Inc.,
Class
A
..........................................
3,284
626
Nextdoor
Holdings,
Inc.(a)
................................................
26,057
58
Optimum
Communications,
Inc.,
Class
A(a)
....................................
29,047
22
Paramount
Skydance
Corp.,
Class
B(b)
.......................................
100,053
796
People,
Inc.(a)
.........................................................
7,104
295
Pinterest,
Inc.,
Class
A(a)
.................................................
54,476
1,308
Playtika
Holding
Corp.
...................................................
18,154
72
PubMatic,
Inc.,
Class
A(a)
................................................
4,366
55
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
QuinStreet,
Inc.(a)
......................................................
6,076
$
94
Reservoir
Media,
Inc.(a)
..................................................
3,842
39
Roku,
Inc.,
Class
A(a)
....................................................
15,038
2,181
RUM
Group,
Inc.(a)(b)
...................................................
12,612
74
Scholastic
Corp.
........................................................
1,928
78
Shenandoah
Telecommunications
Co.
........................................
5,673
68
Shutterstock,
Inc.
.......................................................
2,734
15
Sinclair,
Inc.
..........................................................
4,844
67
Sirius
XM
Holdings,
Inc.
.................................................
38,062
1,127
Snap,
Inc.,
Class
A(a)
....................................................
124,161
582
Sphere
Entertainment
Co.(a)(b)
.............................................
3,118
447
Spok
Holdings,
Inc.
.....................................................
2,359
26
Stagwell,
Inc.,
Class
A(a)(b)
...............................................
12,469
105
Stubhub
Holdings,
Inc.,
Class
A(a)
..........................................
29,107
246
Teads
Holding
Co.(a)
....................................................
3,298
2
TechTarget,
Inc.(a)(b)
....................................................
3,430
15
Telephone
and
Data
Systems,
Inc.
...........................................
11,309
380
The
E.W.
Scripps
Co.,
Class
A(a)
...........................................
6,211
17
The
Marcus
Corp.
......................................................
2,542
74
The
New
York
Times
Co.,
Class
A
...........................................
18,299
1,370
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
48,180
869
Thryv
Holdings,
Inc.(a)
..................................................
4,687
19
TKO
Group
Holdings,
Inc.,
Class
A
..........................................
7,171
1,304
Travelzoo(a)
..........................................................
762
6
TripAdvisor,
Inc.(a)
.....................................................
12,417
176
Trump
Media
&
Technology
Group
Corp.(a)
...................................
18,253
180
Uniti
Group,
Inc.(a)
.....................................................
26,282
255
USA
TODAY
Co.,
Inc.(a)
.................................................
13,662
119
Versant
Media
Group,
Inc.
................................................
16,239
584
Warner
Music
Group
Corp.,
Class
A
.........................................
16,369
425
Yelp,
Inc.,
Class
A(a)
....................................................
6,098
161
Ziff
Davis,
Inc.(a)
.......................................................
3,796
202
ZipRecruiter,
Inc.(a)
.....................................................
7,015
28
ZoomInfo
Technologies,
Inc.,
Class
A(a)
......................................
26,634
88
24,522
Consumer
Discretionary
(10.9%):
1-800-Flowers.com,
Inc.,
Class
A(a)(b)
.......................................
3,539
14
1stdibs.com,
Inc.(a)
.....................................................
2,608
11
Abercrombie
&
Fitch
Co.(a)
...............................................
5,016
499
Academy
Sports
&
Outdoors,
Inc.
...........................................
7,069
335
Accel
Entertainment,
Inc.,
Class
A(a)
.........................................
6,049
73
Acushnet
Holdings
Corp.
.................................................
3,150
319
ADT,
Inc.
............................................................
83,487
638
Advance
Auto
Parts,
Inc.(b)
...............................................
6,850
380
American
Eagle
Outfitters,
Inc.
.............................................
18,022
310
American
Outdoor
Brands,
Inc.(a)
...........................................
1,342
17
American
Public
Education,
Inc.(a)
..........................................
2,007
97
Aptiv
PLC(a)
..........................................................
24,145
1,363
Aramark
.............................................................
30,153
1,718
Arhaus,
Inc.,
Class
A
....................................................
5,963
44
Arko
Corp.
...........................................................
8,596
69
ARKO
Petroleum
Corp.,
Class
A
............................................
1,444
29
Asbury
Automotive
Group,
Inc.(a)
...........................................
2,135
495
AutoNation,
Inc.(a)
.....................................................
2,810
597
Bally's
Corp.(a)(b)
......................................................
1,145
16
Barnes
&
Noble
Education,
Inc.
............................................
1,459
18
Bassett
Furniture
Industries,
Inc.
............................................
829
16
Bath
&
Body
Works,
Inc.
.................................................
24,750
498
Beazer
Homes
USA,
Inc.(a)
...............................................
2,815
90
Bed
Bath
&
Beyond,
Inc.(a)(b)
.............................................
8,376
42
Biglari
Holdings,
Inc.,
Class
B(a)(b)
.........................................
370
147
BJ's
Restaurants,
Inc.(a)
..................................................
2,267
153
Black
Rock
Coffee
Bar,
Inc.,
Class
A(a)
.......................................
2,425
20
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Bloomin'
Brands,
Inc.
....................................................
9,771
$
85
Bob's
Discount
Furniture,
Inc.(a)(b)
..........................................
3,505
58
Boot
Barn
Holdings,
Inc.(a)
...............................................
3,479
518
BorgWarner,
Inc.
.......................................................
23,539
1,500
Bowl
America,
Inc.(a)(c)
.................................................
349
—(d)
Boyd
Gaming
Corp.
.....................................................
5,949
506
Bright
Horizons
Family
Solutions,
Inc.(a)
.....................................
6,024
449
Brightstar
Lottery
PLC
...................................................
12,434
125
Brinker
International,
Inc.(a)
...............................................
4,897
1,046
Brunswick
Corp.
.......................................................
7,417
586
Build-A-Bear
Workshop,
Inc.
..............................................
1,375
47
Caesars
Entertainment,
Inc.(a)
..............................................
22,017
655
Caleres,
Inc.
..........................................................
3,730
48
Callaway
Golf
Co.(a)
....................................................
17,394
321
Camping
World
Holdings,
Inc.,
Class
A
.......................................
6,876
43
Capri
Holdings
Ltd.(a)
...................................................
12,970
207
CarMax,
Inc.(a)
........................................................
15,823
906
Carriage
Services,
Inc.,
Class
A
.............................................
1,635
66
Carter's,
Inc.
..........................................................
4,048
156
Cava
Group,
Inc.(a)
.....................................................
11,573
755
Cavco
Industries,
Inc.(a)
..................................................
874
478
Century
Communities,
Inc.
................................................
2,909
195
Champion
Homes,
Inc.(a)
.................................................
6,240
497
Chegg,
Inc.(a)
.........................................................
11,750
12
Chewy,
Inc.,
Class
A(a)
..................................................
26,564
600
Choice
Hotels
International,
Inc.
............................................
2,917
325
Churchill
Downs,
Inc.
....................................................
7,521
634
Citi
Trends,
Inc.(a)
......................................................
870
58
Clarus
Corp.
..........................................................
3,358
11
Columbia
Sportswear
Co.
.................................................
2,534
150
Cooper-Standard
Holdings,
Inc.(a)
...........................................
1,938
57
Coursera,
Inc.(a)
.......................................................
25,434
135
Covista,
Inc.(a)
........................................................
3,825
478
Cracker
Barrel
Old
Country
Store,
Inc.(b)
.....................................
2,535
143
Cricut,
Inc.,
Class
A(b)
...................................................
5,370
25
Crocs,
Inc.(a)
..........................................................
5,525
707
Dana,
Inc.
............................................................
12,320
332
Dauch
Corp.(a)
........................................................
26,336
149
Dave
&
Buster's
Entertainment,
Inc.(a)
.......................................
3,913
42
Deckers
Outdoor
Corp.(a)
.................................................
15,888
1,539
Designer
Brands,
Inc.,
Class
A(b)
...........................................
4,078
25
Dick's
Sporting
Goods,
Inc.
................................................
7,348
1,440
Dillard's,
Inc.,
Class
A
...................................................
882
519
Dine
Brands
Global,
Inc.(b)
...............................................
1,389
50
Domino's
Pizza,
Inc.
.....................................................
3,813
1,325
Dorman
Products,
Inc.(a)
.................................................
2,998
399
DraftKings,
Inc.(a)
......................................................
54,970
1,291
Dream
Finders
Homes,
Inc.,
Class
A(a)
.......................................
3,244
41
Driven
Brands
Holdings,
Inc.(a)
............................................
6,827
97
Duluth
Holdings,
Inc.,
Class
B(a)
...........................................
1,535
6
Duolingo,
Inc.,
Class
A(a)
.................................................
4,572
616
Dutch
Bros,
Inc.,
Class
A(a)
...............................................
14,024
923
El
Pollo
Loco
Holdings,
Inc.(a)
.............................................
3,251
54
Empery
Digital,
Inc.(a)(b)
.................................................
1,891
5
Envela
Corp.(a)
........................................................
780
17
Escalade,
Inc.
.........................................................
944
19
Ethan
Allen
Interiors,
Inc.
.................................................
2,684
60
Etsy,
Inc.(a)
...........................................................
10,845
886
EVgo,
Inc.,
Class
A(a)(b)
.................................................
15,388
24
Faraday
Future
Intelligent
Electric,
Inc.(a)(b)
...................................
220
1
Figs,
Inc.,
Class
A(a)
....................................................
17,565
188
First
Watch
Restaurant
Group,
Inc.(a)
........................................
6,964
89
Five
Below,
Inc.(a)
......................................................
6,247
1,356
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Flexsteel
Industries,
Inc.
..................................................
418
$
31
Floor
&
Decor
Holdings,
Inc.,
Class
A(a)
......................................
12,210
703
Fossil
Group,
Inc.(a)
.....................................................
6,065
30
Fox
Factory
Holding
Corp.(a)
..............................................
4,793
86
Frontdoor,
Inc.(a)
.......................................................
8,058
585
Funko,
Inc.,
Class
A(a)
...................................................
4,628
27
GameStop
Corp.,
Class
A(a)(b)
.............................................
47,270
1,027
Garrett
Motion,
Inc.
.....................................................
20,418
636
Genesco,
Inc.(a)
........................................................
1,110
42
Genius
Sports
Ltd.(a)
....................................................
25,658
178
Gentex
Corp.
..........................................................
24,534
573
Gentherm,
Inc.(a)
.......................................................
3,467
141
Genuine
Parts
Co.
......................................................
15,768
1,961
GigaCloud
Technology,
Inc.,
Class
A(a)
.......................................
3,093
135
G-III
Apparel
Group
Ltd.
.................................................
4,123
150
Global
Business
Travel
Group,
Inc.(a)
........................................
27,616
261
Gold.com,
Inc.
.........................................................
2,257
93
GoPro,
Inc.,
Class
A(a)
...................................................
14,929
11
Graham
Holdings
Co.,
Class
B
.............................................
366
440
Grand
Canyon
Education,
Inc.(a)
............................................
2,999
436
Green
Brick
Partners,
Inc.(a)
...............................................
4,579
324
Group
1
Automotive,
Inc.
.................................................
1,328
381
Groupon,
Inc.,
Class
A(a)(b)
...............................................
2,651
73
H&R
Block,
Inc.
.......................................................
14,452
636
Hamilton
Beach
Brands
Holding
Co.,
Class
A
...................................
638
15
Harley-Davidson,
Inc.
...................................................
12,043
296
Hasbro,
Inc.
...........................................................
16,244
1,526
Haverty
Furniture
Cos.,
Inc.
...............................................
1,580
39
Helen
of
Troy
Ltd.(a)
....................................................
2,622
72
Hilton
Grand
Vacations,
Inc.(a)
.............................................
6,910
319
Holley,
Inc.(a)
.........................................................
8,761
23
Hooker
Furnishings
Corp.
.................................................
1,208
17
Hovnanian
Enterprises,
Inc.,
Class
A(a)
.......................................
525
65
Hyatt
Hotels
Corp.,
Class
A
................................................
4,439
773
Inspired
Entertainment,
Inc.(a)
.............................................
2,848
20
Installed
Building
Products,
Inc.
............................................
2,685
599
J.
Jill,
Inc.(b)
..........................................................
748
14
Jack
in
the
Box,
Inc.(a)(b)
.................................................
1,932
32
JAKKS
Pacific,
Inc.
.....................................................
1,047
28
Johnson
Outdoors,
Inc.,
Class
A
............................................
951
45
KB
Home
............................................................
6,914
380
KinderCare
Learning
Cos.,
Inc.(a)
...........................................
3,480
19
Kodiak
AI,
Inc.(a)(b)
....................................................
14,079
61
Kohl's
Corp.
..........................................................
12,513
239
Kontoor
Brands,
Inc.
....................................................
6,266
525
Krispy
Kreme,
Inc.(a)
....................................................
10,829
34
Kura
Sushi
USA,
Inc.,
Class
A(a)
...........................................
843
39
Lands'
End,
Inc.(a)
......................................................
1,104
13
Latham
Group,
Inc.(a)
...................................................
5,766
31
Laureate
Education,
Inc.,
Class
A(a)
.........................................
14,967
573
La-Z-Boy,
Inc.
.........................................................
4,639
183
LCI
Industries
.........................................................
2,688
275
Lear
Corp.
............................................................
5,763
753
Legacy
Education,
Inc.(a)
.................................................
1,214
14
Legacy
Housing
Corp.(a)
.................................................
1,004
26
Leggett
&
Platt,
Inc.
.....................................................
15,370
151
Levi
Strauss
&
Co.,
Class
A
...............................................
11,054
271
LGI
Homes,
Inc.(a)
.....................................................
2,272
124
Life
Time
Group
Holdings,
Inc.(a)
...........................................
18,800
848
Lifetime
Brands,
Inc.
....................................................
1,362
11
Lincoln
Educational
Services
Corp.(a)
........................................
3,399
142
Lindblad
Expeditions
Holdings,
Inc.(a)
.......................................
5,662
167
Lithia
Motors,
Inc.,
Class
A
................................................
2,596
1,001
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
LKQ
Corp.
...........................................................
29,266
$
657
Lucid
Group,
Inc.(a)(b)
...................................................
19,943
147
Lucky
Strike
Entertainment
Corp.(b)
.........................................
8,312
56
M/I
Homes,
Inc.(a)
......................................................
2,866
419
Macy's,
Inc.
...........................................................
30,299
752
Malibu
Boats,
Inc.,
Class
A(a)
..............................................
2,205
61
MarineMax,
Inc.(a)
.....................................................
2,255
78
Marriott
Vacations
Worldwide
Corp.
.........................................
3,626
354
MasterCraft
Boat
Holdings,
Inc.(a)
..........................................
2,121
51
Mattel,
Inc.(a)
.........................................................
33,278
502
Matthews
International
Corp.,
Class
A
........................................
3,315
92
Meritage
Homes
Corp.
...................................................
7,472
525
MGM
Resorts
International(a)
..............................................
21,468
957
Mobileye
Global,
Inc.,
Class
A(a)
...........................................
18,472
147
Mohawk
Industries,
Inc.(a)
................................................
5,788
712
Monarch
Casino
&
Resort,
Inc.
.............................................
1,375
169
Monro,
Inc.
...........................................................
2,716
33
Motorcar
Parts
of
America,
Inc.(a)
...........................................
1,710
23
Movado
Group,
Inc.
.....................................................
1,717
66
Murphy
USA,
Inc.
......................................................
1,944
1,181
Nathan's
Famous,
Inc.
....................................................
330
32
National
Vision
Holdings,
Inc.(a)
............................................
9,029
199
Navan,
Inc.,
Class
A(a)
...................................................
9,064
241
Newell
Brands,
Inc.
.....................................................
48,415
271
Norwegian
Cruise
Line
Holdings
Ltd.(a)
......................................
52,646
976
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
.......................................
6,966
512
OneSpaWorld
Holdings
Ltd.
...............................................
11,240
290
OneWater
Marine,
Inc.,
Class
A(a)
...........................................
1,311
16
Outdoor
Holding
Co.(a)
..................................................
10,138
22
Oxford
Industries,
Inc.
...................................................
1,596
61
Papa
John's
International,
Inc.(b)
............................................
3,729
111
Patrick
Industries,
Inc.
...................................................
3,644
301
Pattern
Group,
Inc.,
Class
A(a)
.............................................
3,769
87
Peloton
Interactive,
Inc.,
Class
A(a)
..........................................
46,182
295
Penn
Entertainment,
Inc.(a)
................................................
15,066
309
Penske
Automotive
Group,
Inc.
.............................................
2,037
443
Perdoceo
Education
Corp.
.................................................
7,055
224
Petco
Health
&
Wellness
Co.,
Inc.,
Class
A(a)
..................................
16,821
47
Phinia,
Inc.
...........................................................
4,179
308
Planet
Fitness,
Inc.,
Class
A(a)
.............................................
9,108
509
Playboy,
Inc.(a)
........................................................
6,294
7
Polaris,
Inc.
...........................................................
6,148
412
Pool
Corp.
............................................................
4,068
755
Portillo's,
Inc.,
Class
A(a)
.................................................
7,625
35
Pursuit
Attractions
and
Hospitality,
Inc.(a)
.....................................
2,340
118
PVH
Corp.
...........................................................
5,269
457
QuantumScape
Corp.,
Class
A(a)(b)
.........................................
57,136
298
Ralph
Lauren
Corp.,
Class
A
...............................................
4,254
1,618
RCI
Hospitality
Holdings,
Inc.
.............................................
763
19
Red
Rock
Resorts,
Inc.,
Class
A
.............................................
5,400
348
Rent
the
Runway,
Inc.,
Class
A(a)
...........................................
2,735
10
Revolve
Group,
Inc.,
Class
A(a)
............................................
4,757
119
RH(a)
...............................................................
1,779
294
RideNow
Group,
Inc.,
Class
B(a)
...........................................
2,743
17
Rocky
Brands,
Inc.
......................................................
840
41
Rush
Street
Interactive,
Inc.,
Class
A(a)
.......................................
11,609
312
Sabre
Corp.(a)
.........................................................
36,361
67
Sally
Beauty
Holdings,
Inc.(a)
..............................................
10,883
163
Savers
Value
Village,
Inc.(a)
...............................................
4,365
45
Serve
Robotics,
Inc.(a)(b)
.................................................
7,832
37
Service
Corp.
International
................................................
15,630
1,347
Shake
Shack,
Inc.,
Class
A(a)
..............................................
4,447
279
SharkNinja,
Inc.(a)
......................................................
9,666
1,564
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Sharplink,
Inc.(a)
.......................................................
20,677
$
127
Shoe
Station
Group,
Inc.
..................................................
2,067
31
Signet
Jewelers
Ltd.
.....................................................
4,458
414
Six
Flags
Entertainment
Corp.(a)(b)
..........................................
11,516
200
Smith
&
Wesson
Brands,
Inc.
..............................................
4,969
72
Solid
Power,
Inc.(a)
.....................................................
23,614
49
Sonic
Automotive,
Inc.,
Class
A
............................................
1,310
120
Sonos,
Inc.(a)
.........................................................
13,515
198
Standard
Motor
Products,
Inc.
..............................................
2,434
93
Steven
Madden
Ltd.
.....................................................
8,246
380
Stitch
Fix,
Inc.,
Class
A(a)
................................................
13,022
52
Stoneridge,
Inc.(a)
......................................................
3,167
22
Strategic
Education,
Inc.
..................................................
2,516
206
Strattec
Security
Corp.(a)
.................................................
467
41
Stride,
Inc.(a)
..........................................................
4,778
384
Sturm
Ruger
&
Co.,
Inc.
..................................................
1,577
59
Superior
Group
of
Cos.,
Inc.
...............................................
1,169
14
Sweetgreen,
Inc.,
Class
A(a)
...............................................
11,808
76
Target
Hospitality
Corp.(a)
................................................
4,648
71
Texas
Roadhouse,
Inc.,
Class
A
.............................................
7,567
1,555
The
Buckle,
Inc.
........................................................
3,669
161
The
Cheesecake
Factory,
Inc.
..............................................
5,286
536
The
Gap,
Inc.
..........................................................
27,434
551
The
Goodyear
Tire
&
Rubber
Co.(a)
.........................................
31,856
221
The
Lovesac
Co.(a)(b)
...................................................
1,613
26
The
RealReal,
Inc.(a)
....................................................
12,673
153
The
Wendy's
Co.(b)
.....................................................
20,026
147
Thor
Industries,
Inc.(b)
...................................................
5,729
430
ThredUp,
Inc.,
Class
A(a)
.................................................
11,771
68
Toll
Brothers,
Inc.
......................................................
10,715
1,563
Torrid
Holdings,
Inc.(a)
..................................................
3,965
10
Traeger,
Inc.(a)
........................................................
147
9
Travel
+
Leisure
Co.
.....................................................
6,892
524
Under
Armour,
Inc.,
Class
A(a)(b)
...........................................
34,308
228
United
Parks
&
Resorts,
Inc.(a)(b)
...........................................
5,297
236
Universal
Technical
Institute,
Inc.(a)
.........................................
6,121
241
Upbound
Group,
Inc.
....................................................
6,192
120
Urban
Outfitters,
Inc.(a)
..................................................
5,585
414
Vail
Resorts,
Inc.(b)
.....................................................
4,054
606
Valvoline,
Inc.(a)
.......................................................
14,698
565
Venu
Holding
Corp.(a)
...................................................
4,981
10
VF
Corp.
.............................................................
42,330
606
Victoria's
Secret
&
Co.(a)
.................................................
7,856
697
Visteon
Corp.
..........................................................
3,032
317
Warby
Parker,
Inc.,
Class
A(a)
..............................................
11,663
311
Wayfair,
Inc.,
Class
A(a)
..................................................
11,867
1,008
Weyco
Group,
Inc.
......................................................
666
26
Whirlpool
Corp.
........................................................
7,157
268
Wingstop,
Inc.
.........................................................
3,127
405
Winmark
Corp.
........................................................
343
114
Winnebago
Industries,
Inc.
................................................
3,132
95
Wolverine
World
Wide,
Inc.
...............................................
9,287
183
WW
International,
Inc.(a)(b)
...............................................
1,032
15
Wyndham
Hotels
&
Resorts,
Inc.
............................................
8,466
634
Wynn
Resorts
Ltd.
......................................................
8,676
862
XMAX,
Inc.(a)(b)
......................................................
7,274
63
XPEL,
Inc.(a)
.........................................................
2,887
128
Xponential
Fitness,
Inc.,
Class
A(a)
..........................................
3,460
23
YETI
Holdings,
Inc.(a)
...................................................
8,642
423
Zumiez,
Inc.(a)
........................................................
1,506
30
88,595
Consumer
Staples
(3.5%):
Albertsons
Cos.,
Inc.,
Class
A
..............................................
38,670
448
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Alico,
Inc.
............................................................
635
$
24
B&G
Foods,
Inc.(b)
.....................................................
8,890
31
BellRing
Brands,
Inc.(a)
..................................................
13,205
164
Beyond
Meat,
Inc.(a)(b)
..................................................
57,290
32
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
14,663
1,434
BRC,
Inc.,
Class
A(a)
....................................................
12,261
13
Brown-Forman
Corp.,
Class
B
.............................................
37,480
1,077
Buda
Juice,
Inc.(a)
......................................................
450
3
Cal-Maine
Foods,
Inc.
...................................................
4,927
432
Celsius
Holdings,
Inc.(a)
..................................................
21,103
616
Central
Garden
&
Pet
Co.,
Class
A(a)
........................................
6,744
256
Coca-Cola
Consolidated,
Inc.
..............................................
6,534
1,228
Conagra
Brands,
Inc.
....................................................
54,954
797
Coty,
Inc.,
Class
A(a)
....................................................
43,244
119
Darling
Ingredients,
Inc.(a)
................................................
18,132
1,099
Del
Monte
Corp.
.......................................................
4,481
133
Edgewell
Personal
Care
Co.
...............................................
5,254
143
elf
Beauty,
Inc.(a)
.......................................................
6,645
551
Energizer
Holdings,
Inc.
..................................................
6,986
146
Flowers
Foods,
Inc.
.....................................................
22,672
159
Freshpet,
Inc.(a)
........................................................
5,569
332
Grocery
Outlet
Holding
Corp.(a)
............................................
10,476
96
Herbalife
Ltd.(a)
.......................................................
11,641
145
Hormel
Foods
Corp.
.....................................................
33,316
833
Ingles
Markets,
Inc.,
Class
A
...............................................
1,672
150
Ingredion,
Inc.
.........................................................
7,206
717
Interparfums,
Inc.
.......................................................
2,090
260
J
&
J
Snack
Foods
Corp.
..................................................
1,690
129
John
B.
Sanfilippo
&
Son,
Inc.
.............................................
1,023
85
Lamb
Weston
Holdings,
Inc.
...............................................
15,713
826
Lifeway
Foods,
Inc.(a)
...................................................
1,081
32
Limoneira
Co.
.........................................................
1,892
25
Mama's
Creations,
Inc.(a)
.................................................
4,197
77
Maplebear,
Inc.(a)
......................................................
21,191
945
McCormick
&
Co.,
Inc.
..................................................
30,454
1,550
Medifast,
Inc.(a)
.......................................................
1,205
12
MGP
Ingredients,
Inc.
....................................................
1,668
29
Mission
Produce,
Inc.(a)
..................................................
5,693
72
Molson
Coors
Beverage
Co.,
Class
B
.........................................
17,425
724
National
Beverage
Corp.
..................................................
2,743
87
Natural
Grocers
by
Vitamin
Cottage,
Inc.
......................................
1,110
36
Nature's
Sunshine
Products,
Inc.(a)
..........................................
1,914
39
Nu
Skin
Enterprises,
Inc.,
Class
A
...........................................
5,481
28
Oil-Dri
Corp.
of
America
.................................................
1,128
112
Once
Upon
a
Farm
PBC(a)(b)
..............................................
2,737
41
Performance
Food
Group
Co.(a)
............................................
17,822
2,039
Post
Holdings,
Inc.(a)
....................................................
4,462
408
PriceSmart,
Inc.
........................................................
2,964
575
Primo
Brands
Corp.,
Class
A(b)
.............................................
27,919
634
Reynolds
Consumer
Products,
Inc.
..........................................
6,298
157
Seaboard
Corp.
........................................................
28
124
Seneca
Foods
Corp.,
Class
A(a)
.............................................
583
96
Spectrum
Brands
Holdings,
Inc.
............................................
2,534
225
Sprouts
Farmers
Market,
Inc.(a)
............................................
10,797
941
The
Andersons,
Inc.
.....................................................
3,771
267
The
Boston
Beer
Co.,
Inc.,
Class
A(a)
........................................
874
160
The
Campbell's
Company(b)
...............................................
24,928
548
The
Chefs'
Warehouse,
Inc.(a)
..............................................
4,249
490
The
Clorox
Co.
........................................................
13,892
1,327
The
Honest
Co.,
Inc.(a)
...................................................
10,777
39
The
J.M.
Smucker
Co.
...................................................
12,055
1,438
The
Marzetti
Company
...................................................
2,212
236
The
Simply
Good
Foods
Co.(a)
.............................................
9,506
97
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
The
Vita
Coco
Co.,
Inc.(a)
................................................
5,653
$
373
Tootsie
Roll
Industries,
Inc.
................................................
1,918
75
Turning
Point
Brands,
Inc.
................................................
2,099
157
United
Natural
Foods,
Inc.(a)
..............................................
6,821
347
Universal
Corp.
........................................................
2,816
148
USANA
Health
Sciences,
Inc.(a)
............................................
1,260
28
Utz
Brands,
Inc.
........................................................
8,313
117
Village
Super
Market,
Inc.,
Class
A
..........................................
1,048
46
Vital
Farms,
Inc.(a)(b)
...................................................
4,054
52
WD-40
Co.
...........................................................
1,548
352
Weis
Markets,
Inc.
......................................................
1,411
109
Westrock
Coffee
Co.(a)(b)
................................................
5,525
45
Yesway,
Inc.,
Class
A(a)
..................................................
1,730
36
Zevia
PBC,
Class
A(a)
...................................................
7,710
13
27,986
Energy
(4.6%):
Aemetis,
Inc.(a)
........................................................
7,534
11
American
Resources
Corp.,
Class
A(a)(b)
......................................
9,819
18
Amplify
Energy
Corp.(a)
.................................................
3,650
14
Antero
Midstream
Corp.
..................................................
38,028
835
Antero
Resources
Corp.(a)
................................................
34,183
1,235
APA
Corp.
............................................................
40,670
1,518
Archrock,
Inc.
.........................................................
19,715
705
Ardmore
Shipping
Corp.
..................................................
3,993
69
Atlas
Energy
Solutions,
Inc.,
Class
A
.........................................
9,197
99
BKV
Corp.(a)
.........................................................
3,658
89
Bristow
Group,
Inc.
.....................................................
3,313
150
Cactus,
Inc.,
Class
A
.....................................................
7,925
515
California
Resources
Corp.
................................................
9,377
493
Calumet,
Inc.(a)
........................................................
7,912
350
Centrus
Energy
Corp.,
Class
A(a)(b)
.........................................
2,186
387
Chord
Energy
Corp.
.....................................................
6,109
858
Clean
Energy
Fuels
Corp.(a)
...............................................
18,560
36
CNX
Resources
Corp.(a)
.................................................
15,703
562
Comstock
Resources,
Inc.(a)
...............................................
7,374
98
Comstock,
Inc.(a)
.......................................................
8,634
24
Core
Laboratories,
Inc.
...................................................
5,252
56
Core
Natural
Resources,
Inc.
...............................................
5,693
455
Crescent
Energy
Co.,
Class
A
..............................................
32,067
368
CVR
Energy,
Inc.
.......................................................
3,391
121
Dawson
Geophysical
Co.(a)(b)
.............................................
3,539
17
Delek
US
Holdings,
Inc.
..................................................
6,902
468
DHT
Holdings,
Inc.
.....................................................
16,517
307
Diversified
Energy
Co.
...................................................
7,052
95
DMC
Global,
Inc.(a)
....................................................
2,080
14
Dorian
LPG
Ltd.
.......................................................
4,234
201
DT
Midstream,
Inc.
.....................................................
11,731
1,619
Eagle
Nuclear
Energy
Corp.(a)
.............................................
1,816
10
Energy
Services
of
America
Corp.
...........................................
1,726
25
Evolution
Petroleum
Corp.
................................................
3,716
14
Excelerate
Energy,
Inc.,
Class
A
............................................
3,605
142
Expro
Ltd.(a)
..........................................................
12,989
207
Flowco
Holdings,
Inc.,
Class
A
.............................................
4,137
85
Forum
Energy
Technologies,
Inc.(a)
.........................................
1,179
74
FutureFuel
Corp.
.......................................................
3,020
15
Gevo,
Inc.(a)(b)
........................................................
26,736
40
Golar
LNG
Ltd.
........................................................
9,826
483
Gran
Tierra
Energy,
Inc.(a)(b)
..............................................
3,935
29
Granite
Ridge
Resources,
Inc.
..............................................
7,427
35
Green
Plains,
Inc.(a)
.....................................................
7,816
132
Greenland
Energy
Co.(a)
.................................................
3,155
7
Gulfport
Energy
Corp.(a)
.................................................
2,050
331
Helix
Energy
Solutions
Group,
Inc.(a)
........................................
15,873
151
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Helmerich
&
Payne,
Inc.
..................................................
11,087
$
383
HF
Sinclair
Corp.
.......................................................
19,416
1,776
Infinity
Natural
Resources,
Inc.,
Class
A(a)(b)
..................................
408
5
Innovex
International,
Inc.(a)
..............................................
5,179
145
International
Seaways,
Inc.
................................................
4,796
461
Kinetik
Holdings,
Inc.,
Class
A
.............................................
5,668
287
Kodiak
Gas
Services,
Inc.
.................................................
11,543
678
Kosmos
Energy
Ltd.(a)
...................................................
65,934
177
Liberty
Energy,
Inc.,
Class
A
...............................................
18,458
345
Lightbridge
Corp.(a)
.....................................................
3,821
31
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
20,941
538
Mammoth
Energy
Services,
Inc.(a)
..........................................
5,429
14
Matador
Resources
Co.
...................................................
13,315
664
Murphy
Oil
Corp.
......................................................
15,598
620
Nabors
Industries
Ltd.(a)
.................................................
1,607
138
NACCO
Industries,
Inc.,
Class
A
............................................
421
20
National
Energy
Services
Reunited
Corp.(a)
....................................
10,237
276
Natural
Gas
Services
Group,
Inc.
............................................
1,344
49
NCS
Multistage
Holdings,
Inc.(a)
...........................................
84
4
New
Era
Energy
&
Digital,
Inc.(a)(b)
.........................................
9,816
46
New
Fortress
Energy,
Inc.,
Class
A(a)(b)
......................................
22,032
7
NextDecade
Corp.(a)(b)
..................................................
14,914
100
Nordic
American
Tankers
Ltd.
..............................................
23,189
151
Northern
Oil
&
Gas,
Inc.
..................................................
11,847
251
NOV,
Inc.
............................................................
41,207
801
Oceaneering
International,
Inc.(a)
...........................................
11,335
553
Oil
States
International,
Inc.(a)
.............................................
6,388
52
Ovintiv,
Inc.
..........................................................
32,335
2,020
Par
Pacific
Holdings,
Inc.(a)
...............................................
5,615
483
Patterson-UTI
Energy,
Inc.
................................................
42,118
441
PBF
Energy,
Inc.,
Class
A
.................................................
11,213
810
Peabody
Energy
Corp.
...................................................
13,176
281
Permian
Resources
Corp.,
Class
A
...........................................
86,309
1,839
Presidio
Production
Co.(b)
................................................
2,122
24
PrimeEnergy
Resources
Corp.(a)
............................................
88
16
ProPetro
Holding
Corp.(a)
................................................
13,027
145
Range
Resources
Corp.
...................................................
26,825
1,077
Ranger
Energy
Services,
Inc.,
Class
A
........................................
2,192
35
REX
American
Resources
Corp.(a)
..........................................
3,305
142
Riley
Exploration
Permian,
Inc.
.............................................
1,683
58
Ring
Energy,
Inc.(a)
.....................................................
26,353
33
RPC,
Inc.
............................................................
12,622
71
SandRidge
Energy,
Inc.
..................................................
3,630
51
Scorpio
Tankers,
Inc.
....................................................
5,190
404
SEACOR
Marine
Holdings,
Inc.(a)
..........................................
2,451
23
Select
Water
Solutions,
Inc.,
Class
A
.........................................
13,120
243
SFL
Corp.
Ltd.,
Class
B
..................................................
12,368
153
SM
Energy
Co.
........................................................
27,495
894
Smart
Sand,
Inc.
........................................................
3,345
14
Solaris
Energy
Infrastructure,
Inc.,
Class
A
.....................................
4,950
254
Summit
Midstream
Corp.(a)
...............................................
1,069
33
Sunococorp
LLC
.......................................................
5,939
454
Talos
Energy,
Inc.(a)
.....................................................
14,374
218
Tamboran
Resources
Corp.(a)(b)
............................................
2,914
97
Teekay
Corp.
Ltd.
......................................................
6,317
74
Teekay
Tankers
Ltd.,
Class
A
...............................................
2,770
220
TETRA
Technologies,
Inc.(a)
..............................................
14,687
113
Tidewater,
Inc.(a)
.......................................................
5,408
406
Transocean
Ltd.(a)
......................................................
117,000
622
Uranium
Energy
Corp.(a)(b)
...............................................
56,125
539
VAALCO
Energy,
Inc.
...................................................
11,723
62
Venture
Global,
Inc.,
Class
A
...............................................
58,108
777
Viper
Energy,
Inc.,
Class
A
................................................
20,690
923
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Vitesse
Energy,
Inc.(b)
...................................................
3,593
$
56
W&T
Offshore,
Inc.
.....................................................
11,285
41
WaterBridge
Infrastructure
LLC,
Class
A(b)
....................................
2,861
98
Weatherford
International
PLC
.............................................
8,244
724
World
Kinect
Corp.
.....................................................
5,692
227
XCF
Global,
Inc.,
Class
A(a)(b)
............................................
15,361
6
37,340
Financials
(18.2%):
1st
Source
Corp.
.......................................................
2,042
183
Acacia
Research
Corp.(a)
.................................................
11,020
49
Acadian
Asset
Management,
Inc.
............................................
4,095
354
ACNB
Corp.
..........................................................
1,134
73
ACRES
Commercial
Realty
Corp.(a)
.........................................
651
11
Adamas
Trust,
Inc.
......................................................
9,623
87
Affiliated
Managers
Group,
Inc.
............................................
2,924
1,072
Affinity
Bancshares,
Inc.(a)
................................................
629
14
AGNC
Investment
Corp.
.................................................
131,883
1,406
AI
Financial
Corp.(a)
....................................................
15,793
7
Alerus
Financial
Corp.
...................................................
2,617
87
Ally
Financial,
Inc.
......................................................
35,151
1,523
Amalgamated
Financial
Corp.
..............................................
2,046
101
Amerant
Bancorp,
Inc.,
Class
A
.............................................
4,097
121
American
Coastal
Insurance
Corp.
...........................................
2,822
30
American
Financial
Group,
Inc.
.............................................
7,870
1,115
American
Integrity
Insurance
Group,
Inc.
......................................
1,265
26
Ameris
Bancorp
........................................................
7,332
639
AMERISAFE,
Inc.
......................................................
2,120
62
Ames
National
Corp.
....................................................
1,004
31
Angel
Oak
Mortgage
REIT,
Inc.
............................................
2,153
19
Annaly
Capital
Management,
Inc.
...........................................
84,522
1,920
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
14,994
99
Arbor
Realty
Trust,
Inc.(b)
................................................
21,312
107
Ares
Commercial
Real
Estate
Corp.(b)
........................................
6,007
26
ARMOUR
Residential
REIT,
Inc.(b)
.........................................
14,307
236
Arrow
Financial
Corp.
...................................................
1,850
74
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
8,018
315
Associated
Banc-Corp.
...................................................
16,371
506
Assurant,
Inc.
.........................................................
5,683
1,587
Assured
Guaranty
Ltd.
...................................................
4,804
397
Atlantic
Union
Bankshares
Corp.
............................................
16,383
695
Atlanticus
Holdings
Corp.(a)
...............................................
1,070
113
Avidbank
Holdings,
Inc.(a)
................................................
965
31
Avidia
Bancorp,
Inc.
.....................................................
2,058
46
Axis
Capital
Holdings
Ltd.
................................................
8,447
890
Axos
Financial,
Inc.(a)
...................................................
6,293
638
Bakkt,
Inc.,
Class
A(a)(b)
.................................................
2,172
16
Banc
of
California,
Inc.
..................................................
17,240
330
BancFirst
Corp.
........................................................
2,465
278
Bank
First
Corp.
.......................................................
1,166
178
Bank
of
Hawaii
Corp.
....................................................
4,515
361
Bank
of
Marin
Bancorp
..................................................
1,778
52
Bank
OZK
............................................................
13,306
683
Bank7
Corp.
..........................................................
476
24
BankUnited,
Inc.
.......................................................
8,328
389
Bankwell
Financial
Group,
Inc.
.............................................
672
46
Banner
Corp.
..........................................................
3,820
269
Bar
Harbor
Bankshares,
Inc.
...............................................
1,872
74
BayCom
Corp.
.........................................................
1,175
35
BCB
Bancorp,
Inc.
......................................................
1,820
18
Beacon
Financial
Corp.
..................................................
9,559
301
BGC
Group,
Inc.,
Class
A
.................................................
42,092
485
Bitgo
Holdings,
Inc.,
Class
A(a)
............................................
7,442
36
Blackstone
Mortgage
Trust,
Inc.,
Class
A
......................................
18,180
264
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Blue
Owl
Capital,
Inc.,
Class
A(b)
...........................................
73,929
$
761
Blue
Ridge
Bankshares,
Inc.
...............................................
7,228
25
BOK
Financial
Corp.
....................................................
2,560
362
Bowhead
Specialty
Holdings,
Inc.(a)
.........................................
2,514
77
BRC
Group
Holdings,
Inc.(a)(b)
............................................
3,097
22
Bread
Financial
Holdings,
Inc.
.............................................
4,585
496
Bridgewater
Bancshares,
Inc.(a)
............................................
2,416
49
Brighthouse
Financial,
Inc.(a)
..............................................
6,551
406
BrightSpire
Capital,
Inc.,
Class
A
...........................................
14,625
73
Burke
&
Herbert
Financial
Services
Corp.
.....................................
1,864
137
Business
First
Bancshares,
Inc.
.............................................
3,543
113
Byline
Bancorp,
Inc.
.....................................................
3,800
149
C&F
Financial
Corp.
....................................................
350
29
California
Bancorp
......................................................
3,283
70
Camden
National
Corp.
..................................................
1,908
110
Cannae
Holdings,
Inc.
...................................................
4,271
62
Capital
Bancorp,
Inc.
....................................................
1,251
47
Capital
City
Bank
Group,
Inc.
..............................................
1,584
82
Capitol
Federal
Financial,
Inc.
..............................................
13,496
119
Carter
Bankshares,
Inc.
...................................................
2,461
85
Cass
Information
Systems,
Inc.
.............................................
1,309
73
Cathay
General
Bancorp
..................................................
7,401
468
Central
Pacific
Financial
Corp.
.............................................
2,942
116
CF
Bankshares,
Inc.
.....................................................
578
21
Chain
Bridge
BanCorp,
Inc.,
Class
A(a)
.......................................
321
15
Chemung
Financial
Corp.
.................................................
417
34
Chicago
Atlantic
Real
Estate
Finance,
Inc.
.....................................
2,123
21
Chime
Financial,
Inc.,
Class
A(a)
...........................................
17,343
399
Chimera
Investment
Corp.
................................................
9,483
118
ChoiceOne
Financial
Services,
Inc.
..........................................
1,613
55
Citizens
&
Northern
Corp.
................................................
1,962
50
Citizens
Community
Bancorp,
Inc.
..........................................
1,033
23
Citizens
Financial
Services,
Inc.
............................................
519
40
Citizens,
Inc.,
Class
A(a)(b)
...............................................
5,166
24
City
Holding
Co.
.......................................................
1,599
232
Civista
Bancshares,
Inc.
..................................................
2,351
68
Claros
Mortgage
Trust,
Inc.(a)
..............................................
12,070
21
CNA
Financial
Corp.(b)
..................................................
31,091
1,631
CNB
Financial
Corp.
....................................................
3,296
116
CNO
Financial
Group,
Inc.
................................................
10,447
576
Coastal
Financial
Corp.(a)
................................................
1,491
61
CoastalSouth
Bancshares,
Inc.
..............................................
1,042
28
Cohen
&
Steers,
Inc.
....................................................
3,203
264
Colony
Bankcorp,
Inc.
...................................................
2,301
50
Columbia
Banking
System,
Inc.
............................................
33,216
1,039
Columbia
Financial,
Inc.(a)
................................................
6,657
72
Commerce
Bancshares,
Inc.
...............................................
16,347
969
Commercial
Bancgroup,
Inc.
...............................................
991
34
Community
Bancorp
....................................................
571
23
Community
Financial
System,
Inc.
..........................................
6,018
390
Community
Trust
Bancorp,
Inc.
.............................................
2,045
160
Community
West
Bancshares
..............................................
2,838
71
Compass
Diversified
Holdings(a)
...........................................
7,695
78
ConnectOne
Bancorp,
Inc.
................................................
5,471
180
Consumer
Portfolio
Services,
Inc.(a)
.........................................
1,060
10
Corebridge
Financial,
Inc.
.................................................
45,282
1,412
Crawford
&
Co.,
Class
A
.................................................
2,499
27
Credit
Acceptance
Corp.(a)(b)
..............................................
615
350
Cullen/Frost
Bankers,
Inc.
.................................................
6,800
1,131
Customers
Bancorp,
Inc.(a)
................................................
3,617
285
CVB
Financial
Corp.
....................................................
19,236
430
Dave,
Inc.(a)
..........................................................
1,139
424
DeFi
Development
Corp.(a)
...............................................
2,465
6
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
DigitalBridge
Group,
Inc.
.................................................
20,273
$
322
Dime
Commercial
Bancshares,
Inc.
..........................................
4,898
200
Donegal
Group,
Inc.,
Class
A
..............................................
2,050
40
Donnelley
Financial
Solutions,
Inc.(a)
........................................
2,734
129
Dynex
Capital,
Inc.
.....................................................
24,674
314
Eagle
Bancorp
Montana,
Inc.
..............................................
849
20
Eagle
Bancorp,
Inc.
.....................................................
3,243
90
Eagle
Financial
Services,
Inc.
..............................................
529
21
East
West
Bancorp,
Inc.
..................................................
15,712
2,058
Eastern
Bankshares,
Inc.
..................................................
24,689
567
ECB
Bancorp,
Inc.(a)
....................................................
827
17
Ellington
Financial,
Inc.
..................................................
14,176
188
Employers
Holdings,
Inc.
.................................................
2,047
103
Enact
Holdings,
Inc.
.....................................................
3,149
149
Encore
Capital
Group,
Inc.(a)
..............................................
2,382
224
Enova
International,
Inc.(a)
................................................
2,723
692
Enterprise
Financial
Services
Corp.
..........................................
4,153
275
Equitable
Holdings,
Inc.
..................................................
32,353
1,542
Equity
Bancshares,
Inc.,
Class
A
............................................
1,930
98
Erie
Indemnity
Co.,
Class
A
...............................................
2,903
703
Esquire
Financial
Holdings,
Inc.
............................................
835
108
Essent
Group
Ltd.
......................................................
10,260
677
Ethos
Technologies,
Inc.,
Class
A(a)(b)
.......................................
1,547
32
Euronet
Worldwide,
Inc.(a)
................................................
4,093
292
Evercore,
Inc.,
Class
A
...................................................
4,173
1,338
Everest
Group
Ltd.
......................................................
3,411
1,276
EVERTEC,
Inc.
........................................................
6,954
212
EZCORP,
Inc.,
Class
A(a)
.................................................
6,250
186
F&G
Annuities
&
Life,
Inc.
................................................
14,916
426
FactSet
Research
Systems,
Inc.
.............................................
4,200
1,105
Farmers
&
Merchants
Bancorp,
Inc.
..........................................
1,474
49
Farmers
National
Banc
Corp.
..............................................
6,678
106
FB
Bancorp,
Inc.(a)
.....................................................
1,582
24
FB
Financial
Corp.
......................................................
5,812
351
Federal
Agricultural
Mortgage
Corp.,
Class
C
...................................
1,054
240
Federated
Hermes,
Inc.,
Class
B
............................................
8,358
501
Fidelity
D&D
Bancorp,
Inc.
...............................................
528
28
Fidelity
National
Financial,
Inc.
............................................
29,342
1,514
Figure
Technology
Solutions,
Inc.,
Class
A(a)
...................................
13,569
338
Finance
of
America
Cos.,
Inc.,
Class
A(a)
......................................
555
13
Financial
Institutions,
Inc.
.................................................
2,217
92
Finward
Bancorp
.......................................................
434
19
Finwise
Bancorp(a)
.....................................................
1,085
15
First
American
Financial
Corp.
.............................................
11,337
850
First
Bancorp
NC
.......................................................
4,691
295
First
Bancorp
Puerto
Rico
.................................................
17,445
505
First
Bank
............................................................
2,629
49
First
Busey
Corp.
.......................................................
9,329
288
First
Business
Financial
Services,
Inc.
........................................
888
62
First
Capital,
Inc.
.......................................................
369
23
First
Commonwealth
Financial
Corp.
.........................................
11,531
248
First
Community
Bankshares,
Inc.
...........................................
1,844
88
First
Community
Corp.
...................................................
980
33
First
Financial
Bancorp
...................................................
11,991
406
First
Financial
Bankshares,
Inc.
.............................................
15,952
561
First
Financial
Corp.
.....................................................
1,307
105
First
Guaranty
Bancshares,
Inc.
.............................................
774
7
First
Hawaiian,
Inc.
.....................................................
13,942
387
First
Horizon
Corp.
.....................................................
54,153
1,388
First
Internet
Bancorp
....................................................
843
25
First
Interstate
BancSystem,
Inc.,
Class
A
......................................
9,533
362
First
Merchants
Corp.
....................................................
7,137
308
First
Mid
Bancshares,
Inc.
................................................
2,764
144
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
First
National
Corp.
.....................................................
890
$
28
First
Northern
Community
Bancorp(a)(b)
......................................
1,664
31
First
United
Corp.
......................................................
709
31
First
Western
Financial,
Inc.(a)
.............................................
934
29
FirstCash
Holdings,
Inc.
..................................................
4,602
939
Firstsun
Capital
Bancorp(a)
................................................
4,140
160
Five
Star
Bancorp
......................................................
1,748
82
Flagstar
Bank
NA
.......................................................
34,763
494
Flywire
Corp.(a)
.......................................................
13,172
211
FNB
Corp.
............................................................
40,490
765
Franklin
BSP
Realty
Trust,
Inc.
.............................................
8,695
66
Franklin
Financial
Services
Corp.
...........................................
483
31
Franklin
Resources,
Inc.
..................................................
31,818
1,077
Freedom
Holding
Corp.(a)(b)
..............................................
2,078
314
FS
Bancorp,
Inc.
.......................................................
728
31
Fulton
Financial
Corp.
...................................................
21,851
532
FVCBankcorp,
Inc.
.....................................................
1,725
32
Galaxy
Digital,
Inc.,
Class
A(a)
.............................................
21,740
457
GBank
Financial
Holdings,
Inc.(a)(b)
.........................................
1,061
22
GCM
Grosvenor,
Inc.,
Class
A
.............................................
6,783
85
Gemini
Space
Station,
Inc.,
Class
A(a)(b)
......................................
3,652
14
Genworth
Financial,
Inc.,
Class
A(a)
.........................................
43,204
425
German
American
Bancorp,
Inc.
............................................
4,201
214
Glacier
Bancorp,
Inc.
....................................................
14,976
738
Globe
Life,
Inc.
........................................................
8,907
1,623
Goosehead
Insurance,
Inc.,
Class
A(a)
........................................
2,482
154
Great
Southern
Bancorp,
Inc.
..............................................
859
69
Green
Dot
Corp.,
Class
A(a)
...............................................
6,053
79
Greene
County
Bancorp,
Inc.
..............................................
799
27
Greenlight
Capital
Re
Ltd.,
Class
A(a)
........................................
2,888
48
HA
Sustainable
Infrastructure
Capital,
Inc.(b)
...................................
14,553
551
Hagerty,
Inc.,
Class
A(a)
..................................................
11,320
131
Hamilton
Insurance
Group
Ltd.,
Class
B
......................................
7,207
259
Hamilton
Lane,
Inc.,
Class
A
...............................................
3,732
332
Hancock
Whitney
Corp.
..................................................
9,291
715
Hanmi
Financial
Corp.
...................................................
3,366
107
Hanover
Bancorp,
Inc.
...................................................
960
25
Happen,
Inc.(a)
........................................................
12,889
247
Hawthorn
Bancshares,
Inc.
................................................
651
25
HBT
Financial,
Inc.
.....................................................
1,965
70
HCI
Group,
Inc.
........................................................
1,266
222
Heritage
Financial
Corp.
..................................................
4,694
140
Heritage
Insurance
Holdings,
Inc.(a)
.........................................
2,813
83
Hilltop
Holdings,
Inc.
....................................................
4,511
178
Hippo
Holdings,
Inc.(a)
..................................................
2,253
71
Home
Bancorp,
Inc.
.....................................................
796
57
Home
Bancshares,
Inc.
...................................................
21,800
677
HomeTrust
Bancshares,
Inc.
...............................................
1,747
89
Hope
Bancorp,
Inc.
.....................................................
14,349
201
Horace
Mann
Educators
Corp.
..............................................
4,641
242
Horizon
Bancorp,
Inc.
...................................................
5,807
119
Houlihan
Lokey,
Inc.,
Class
A
..............................................
6,267
786
Hoyne
Bancorp,
Inc.(a)
...................................................
904
15
Independent
Bank
Corp.
..................................................
2,266
87
Independent
Bank
Corp.
MA
...............................................
5,507
462
Innventure,
Inc.(a)(b)
....................................................
6,436
21
International
Bancshares
Corp.
.............................................
6,251
478
International
Money
Express,
Inc.(a)
.........................................
3,197
38
Invesco
Ltd.
...........................................................
50,850
1,505
Invesco
Mortgage
Capital,
Inc.(b)
...........................................
10,695
79
Investar
Holding
Corp.
...................................................
1,398
42
Investors
Title
Co.
......................................................
163
47
Isabella
Bank
Corp.
.....................................................
788
31
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Jack
Henry
&
Associates,
Inc.
..............................................
8,168
$
1,258
Jackson
Financial,
Inc.,
Class
A
.............................................
7,356
899
James
River
Group
Holdings,
Inc.
...........................................
4,158
19
Jefferies
Financial
Group,
Inc.
..............................................
18,908
1,032
Jefferson
Capital,
Inc.
....................................................
2,479
50
John
Marshall
Bancorp,
Inc.
...............................................
1,419
33
Kearny
Financial
Corp.
...................................................
6,646
64
Kemper
Corp.
.........................................................
6,707
190
Kingstone
Cos.,
Inc.
.....................................................
1,335
27
Kingsway
Corp.(a)
......................................................
2,434
22
Kinsale
Capital
Group,
Inc.
................................................
2,518
897
KKR
Real
Estate
Finance
Trust,
Inc.
.........................................
7,123
50
Ladder
Capital
Corp.,
Class
A
..............................................
12,894
123
Lake
Shore
Bancorp,
Inc.(b)
...............................................
767
13
Lakeland
Financial
Corp.
.................................................
2,783
174
Landmark
Bancorp,
Inc.
..................................................
567
18
Lazard,
Inc.,
Class
A
.....................................................
11,278
478
LCNB
Corp.
..........................................................
1,541
31
Lemonade,
Inc.(a)
......................................................
7,992
386
LendingTree,
Inc.(a)
.....................................................
1,360
43
Lesaka
Technologies,
Inc.(a)
...............................................
5,763
27
Lincoln
National
Corp.
...................................................
21,883
998
Live
Oak
Bancshares,
Inc.
................................................
4,153
178
loanDepot,
Inc.,
Class
A(a)(b)
..............................................
12,750
13
LUB
Liquidating
Trust(a)(c)
...............................................
2,351
1
MainStreet
Bancshares,
Inc.
...............................................
633
15
MarketAxess
Holdings,
Inc.
...............................................
4,072
661
Marqeta,
Inc.,
Class
A(a)
.................................................
9,961
173
MBIA,
Inc.(a)
.........................................................
5,216
27
Medallion
Financial
Corp.
................................................
1,652
16
Mercantile
Bank
Corp.
...................................................
1,920
115
Merchants
Bancorp
.....................................................
2,223
123
Mercury
General
Corp.
...................................................
3,070
329
Meridian
Corp.
........................................................
1,043
20
Metrocity
Bankshares,
Inc.
................................................
2,643
94
Metropolitan
Bank
Holding
Corp.
...........................................
1,250
116
MFA
Financial,
Inc.
.....................................................
11,619
106
MGIC
Investment
Corp.
..................................................
24,040
722
Miami
International
Holdings,
Inc.(a)(b)
......................................
9,831
462
Mid
Penn
Bancorp,
Inc.
..................................................
2,408
92
Midland
States
Bancorp,
Inc.
..............................................
2,191
74
Moelis
&
Co.,
Class
A
...................................................
8,509
571
Morningstar,
Inc.
.......................................................
2,252
434
MVB
Financial
Corp.
....................................................
1,337
41
National
Bank
Holdings
Corp.,
Class
A
.......................................
4,772
206
National
Bankshares,
Inc.
.................................................
712
29
Navient
Corp.
.........................................................
10,656
89
NB
Bancorp,
Inc.
.......................................................
4,539
104
NBT
Bancorp,
Inc.
......................................................
5,926
312
NCR
Atleos
Corp.(a)
....................................................
8,395
395
Nelnet,
Inc.,
Class
A
.....................................................
1,985
270
Neptune
Insurance
Holdings,
Inc.,
Class
A(a)
...................................
4,300
136
NerdWallet,
Inc.,
Class
A(a)
...............................................
3,623
33
NewtekOne,
Inc.
.......................................................
2,878
43
Nexpoint
Real
Estate
Finance,
Inc.(b)
........................................
1,980
34
NI
Holdings,
Inc.(a)
.....................................................
877
13
Nicolet
Bankshares,
Inc.
..................................................
2,241
383
NMI
Holdings,
Inc.,
Class
A(a)
.............................................
8,586
380
Northeast
Bank
........................................................
902
112
Northeast
Community
Bancorp,
Inc.
.........................................
1,397
37
Northpointe
Bancshares,
Inc.
...............................................
2,045
36
Northrim
Bancorp,
Inc.
...................................................
2,497
66
Northwest
Bancshares,
Inc.
................................................
16,096
253
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Norwood
Financial
Corp.
.................................................
1,144
$
39
Oak
Valley
Bancorp
.....................................................
813
28
OceanFirst
Financial
Corp.
................................................
10,775
208
Octave
Specialty
Group,
Inc.(a)
.............................................
4,907
27
OFG
Bancorp
.........................................................
4,834
256
Ohio
Valley
Banc
Corp.
..................................................
427
18
Old
National
Bancorp
....................................................
39,559
1,054
Old
Republic
International
Corp.
............................................
25,935
1,121
Old
Second
Bancorp,
Inc.
.................................................
5,593
141
OneMain
Holdings,
Inc.,
Class
A
............................................
13,233
828
Onity
Group,
Inc.(a)
.....................................................
784
29
OP
Bancorp
...........................................................
1,374
21
Oportun
Financial
Corp.(a)
................................................
4,434
25
Oppenheimer
Holdings,
Inc.,
Class
A
.........................................
705
75
OppFi,
Inc.(a)
.........................................................
9,202
86
Orange
County
Bancorp,
Inc.
..............................................
1,369
52
Orchid
Island
Capital,
Inc.(b)
..............................................
23,158
150
Origin
Bancorp,
Inc.
.....................................................
3,254
178
Orrstown
Financial
Services,
Inc.
...........................................
2,159
92
Oscar
Health,
Inc.,
Class
A(a)
..............................................
27,867
870
Palomar
Holdings,
Inc.(a)
.................................................
2,989
400
Park
National
Corp.
.....................................................
2,044
425
Parke
Bancorp,
Inc.
.....................................................
1,156
39
Pathward
Financial,
Inc.
..................................................
2,406
212
Patria
Investments
Ltd.,
Class
A
............................................
7,330
79
Patriot
National
Bancorp,
Inc.(a)
............................................
9,611
11
Paymentus
Holdings,
Inc.,
Class
A(a)
........................................
6,469
221
Payoneer
Global,
Inc.(a)
..................................................
29,426
211
Paysafe
Ltd.(a)
.........................................................
2,578
21
Paysign,
Inc.(a)
........................................................
4,990
45
PCB
Bancorp
..........................................................
1,219
34
Peapack-Gladstone
Financial
Corp.
..........................................
1,764
81
Pelagos
Insurance
Capital
Ltd.
.............................................
5,225
132
PennyMac
Financial
Services,
Inc.
..........................................
3,956
298
PennyMac
Mortgage
Investment
Trust
........................................
9,961
94
Peoples
Bancorp
of
North
Carolina,
Inc.
.......................................
517
22
Peoples
Bancorp,
Inc.
....................................................
4,012
167
Peoples
Financial
Services
Corp.
............................................
1,062
75
Perella
Weinberg
Partners,
Class
A
...........................................
7,777
137
Pinnacle
Financial
Partners,
Inc.
............................................
17,217
1,812
Pioneer
Bancorp,
Inc.(a)
..................................................
1,194
21
Piper
Sandler
Cos.
......................................................
7,930
601
PJT
Partners,
Inc.,
Class
A
................................................
2,905
489
Plumas
Bancorp
........................................................
742
45
Ponce
Financial
Group,
Inc.(a)
.............................................
2,271
46
Popular,
Inc.
..........................................................
7,286
1,277
PRA
Group,
Inc.(a)
.....................................................
4,272
74
Preferred
Bank
.........................................................
1,548
162
Primerica,
Inc.
.........................................................
3,582
1,146
Primis
Financial
Corp.
...................................................
2,383
38
Princeton
Bancorp,
Inc.
..................................................
558
23
Priority
Technology
Holdings,
Inc.(a)
........................................
3,809
25
Procap
Financial,
Inc.(a)
..................................................
7,704
13
PROG
Holdings,
Inc.
....................................................
4,465
197
Prosperity
Bancshares,
Inc.
................................................
13,197
988
Provident
Financial
Services,
Inc.
...........................................
14,177
350
QCR
Holdings,
Inc.
.....................................................
1,849
190
Radian
Group,
Inc.
......................................................
15,105
589
RBB
Bancorp
.........................................................
1,763
46
Ready
Capital
Corp.
.....................................................
16,983
24
Red
River
Bancshares,
Inc.
................................................
549
55
Redwood
Trust,
Inc.
.....................................................
14,230
65
Regional
Management
Corp.
...............................................
963
31
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Reinsurance
Group
of
America,
Inc.
.........................................
7,552
$
1,789
Remitly
Global,
Inc.(a)
...................................................
20,492
467
RenaissanceRe
Holdings
Ltd.
..............................................
4,666
1,493
Renasant
Corp.
........................................................
10,452
455
Repay
Holdings
Corp.,
Class
A(a)
...........................................
7,462
30
Republic
Bancorp,
Inc.,
Class
A
............................................
997
99
Rhinebeck
Bancorp,
Inc.(a)
................................................
728
9
Richmond
Mutual
Bancorp,
Inc.
............................................
945
15
Ridgepost
Capital,
Inc.,
Class
A
.............................................
6,483
56
Rithm
Capital
Corp.
.....................................................
64,222
635
Rithm
Property
Trust,
Inc.
.................................................
897
11
Riverview
Bancorp,
Inc.
..................................................
2,292
12
RLI
Corp.
............................................................
10,480
642
Root,
Inc.,
Class
A(a)
....................................................
1,248
68
Runway
Growth
Finance
Corp.(b)
...........................................
4,029
22
Ryan
Specialty
Holdings,
Inc.,
Class
A
........................................
12,946
572
S&T
Bancorp,
Inc.
......................................................
4,100
214
Safety
Insurance
Group,
Inc.
...............................................
1,660
172
SB
Financial
Group,
Inc.
.................................................
646
17
Seacoast
Banking
Corp.
of
Florida
...........................................
11,047
384
Security
National
Financial
Corp.,
Class
A(a)
...................................
2,057
19
SEI
Investments
Co.
.....................................................
12,088
1,245
Selective
Insurance
Group,
Inc.
.............................................
6,858
650
Selectquote,
Inc.(a)
.....................................................
15,867
12
ServisFirst
Bancshares,
Inc.
...............................................
5,905
529
Seven
Hills
Realty
Trust
..................................................
2,525
19
Sezzle,
Inc.(a)(b)
.......................................................
1,887
292
Shift4
Payments,
Inc.,
Class
A(a)(b)
.........................................
6,457
342
Shore
Bancshares,
Inc.
...................................................
3,509
86
Sierra
Bancorp
.........................................................
1,336
54
Simmons
First
National
Corp.,
Class
A
.......................................
16,544
390
SiriusPoint
Ltd.(a)
......................................................
11,901
281
Skyward
Specialty
Insurance
Group,
Inc.(a)
....................................
4,286
257
Slide
Insurance
Holdings,
Inc.(a)
............................................
8,358
167
SLM
Corp.
...........................................................
21,337
555
SmartFinancial,
Inc.
.....................................................
1,741
91
South
Plains
Financial,
Inc.
................................................
1,620
73
Southern
First
Bancshares,
Inc.(a)
...........................................
1,013
63
Southern
Missouri
Bancorp,
Inc.
............................................
1,088
84
Southside
Bancshares,
Inc.
................................................
3,269
106
SouthState
Bank
Corp.
...................................................
11,140
1,171
SR
Bancorp,
Inc.
.......................................................
773
15
Starwood
Property
Trust,
Inc.
..............................................
40,412
646
StepStone
Group,
Inc.,
Class
A
.............................................
8,763
384
Sterling
Bancorp,
Inc.(a)(c)
................................................
2,117
—(d)
Stewart
Information
Services
Corp.
..........................................
3,446
233
Stifel
Financial
Corp.
....................................................
17,117
1,419
Stock
Yards
Bancorp,
Inc.
.................................................
3,146
268
StoneX
Group,
Inc.(a)
...................................................
12,402
950
Sui
Group
Holdings
Ltd.(a)
................................................
8,004
7
Sunrise
Realty
Trust,
Inc.
.................................................
1,118
9
Texas
Capital
Bancshares,
Inc.
.............................................
4,916
486
TFS
Financial
Corp.
.....................................................
32,269
594
The
Baldwin
Insurance
Group,
Inc.,
Class
A(a)(b)
................................
10,813
300
The
Bancorp,
Inc.(a)
.....................................................
4,516
303
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
5,317
326
The
First
Bancorp,
Inc.
...................................................
1,131
40
The
Hanover
Insurance
Group,
Inc.
..........................................
4,002
931
The
Hingham
Institution
for
Savings(b)
.......................................
201
57
The
Western
Union
Co.(b)
................................................
35,583
226
Third
Coast
Bancshares,
Inc.(a)
.............................................
1,559
68
Timberland
Bancorp,
Inc.
.................................................
842
38
Tiptree,
Inc.
...........................................................
2,670
47
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Toast,
Inc.,
Class
A(a)
....................................................
55,910
$
1,804
Tompkins
Financial
Corp.
.................................................
1,550
155
Towne
Bank(b)
........................................................
10,486
398
TPG
Mortgage
Investment
Trust,
Inc.
........................................
3,367
23
TPG
RE
Finance
Trust,
Inc.
...............................................
8,288
66
TPG,
Inc.,
Class
A
......................................................
16,143
705
Tradeweb
Markets,
Inc.,
Class
A
............................................
13,361
1,343
TriCo
Bancshares
.......................................................
3,374
194
Triumph
Financial,
Inc.(a)
.................................................
2,588
197
Trupanion,
Inc.(a)
......................................................
3,933
96
TrustCo
Bank
Corp.
.....................................................
1,950
111
Trustmark
Corp.
........................................................
6,271
298
Twenty
One
Capital,
Inc.,
Class
A(a)(b)
.......................................
29,524
126
TWFG,
Inc.,
Class
A(a)
..................................................
1,325
36
Two
Harbors
Investment
Corp.
.............................................
12,007
145
UMB
Financial
Corp.
....................................................
8,311
1,211
United
Bankshares,
Inc.
..................................................
15,544
753
United
Community
Banks,
Inc.
.............................................
13,742
487
United
Fire
Group,
Inc.
...................................................
2,458
126
Unity
Bancorp,
Inc.
.....................................................
793
47
Universal
Insurance
Holdings,
Inc.
..........................................
2,931
128
Univest
Financial
Corp.
..................................................
3,167
140
Unum
Group
..........................................................
18,303
1,576
Upstart
Holdings,
Inc.(a)(b)
...............................................
9,471
260
USCB
Financial
Holdings,
Inc.
.............................................
1,356
30
UWM
Holdings
Corp.(b)
.................................................
37,982
69
Valley
National
Bancorp
..................................................
54,904
785
Velocity
Financial,
Inc.(a)
.................................................
2,843
50
Victory
Capital
Holdings,
Inc.,
Class
A(e)
.....................................
6,259
620
Virginia
National
Bankshares
Corp.
..........................................
534
24
Virtu
Financial,
Inc.,
Class
A
...............................................
9,538
560
Virtus
Investment
Partners,
Inc.
.............................................
722
115
Voya
Financial,
Inc.
.....................................................
10,446
1,039
WaFd,
Inc.
............................................................
8,401
309
Walker
&
Dunlop,
Inc.
...................................................
3,810
189
Washington
Trust
Bancorp,
Inc.
.............................................
2,154
84
Waterstone
Financial,
Inc.
.................................................
1,725
35
Wealthfront
Corp.(a)
....................................................
9,791
93
Webster
Financial
Corp.
..................................................
18,592
1,436
Webull
Corp.(a)
........................................................
35,135
248
WesBanco,
Inc.
........................................................
10,865
450
West
Bancorp,
Inc.
......................................................
1,731
49
Westamerica
Bancorp
....................................................
2,578
155
Western
Alliance
Bancorp
.................................................
11,809
951
Western
New
England
Bancorp,
Inc.
.........................................
2,032
26
Westwood
Holdings
Group,
Inc.
............................................
832
16
WEX,
Inc.(a)
..........................................................
3,956
740
White
Mountains
Insurance
Group
Ltd.
.......................................
277
581
Winchester
Bancorp,
Inc.(a)
...............................................
419
5
Wintrust
Financial
Corp.
..................................................
7,677
1,225
WisdomTree,
Inc.
.......................................................
15,416
299
World
Acceptance
Corp.(a)
................................................
434
78
WSFS
Financial
Corp.
...................................................
5,951
477
Zions
Bancorp
NA
......................................................
16,737
1,167
146,946
Health
Care
(14.5%):
10X
Genomics,
Inc.,
Class
A(a)
.............................................
13,041
616
4D
Molecular
Therapeutics,
Inc.(a)
..........................................
5,391
55
Abeona
Therapeutics,
Inc.(a)
...............................................
5,794
37
Absci
Corp.(a)
.........................................................
15,445
120
Acadia
Healthcare
Co.,
Inc.(a)
..............................................
9,944
295
ACADIA
Pharmaceuticals,
Inc.(a)
...........................................
19,537
505
Accendra
Health,
Inc.(a)
..................................................
8,015
25
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Achieve
Life
Sciences,
Inc.(a)(b)
............................................
8,529
$
55
Aclaris
Therapeutics,
Inc.(a)
...............................................
12,718
66
Acme
United
Corp.
.....................................................
389
22
Acumen
Pharmaceuticals,
Inc.(a)
............................................
7,131
15
AdaptHealth
Corp.,
Class
A(a)
.............................................
10,000
108
Adaptive
Biotechnologies
Corp.(a)
..........................................
17,858
403
Addus
HomeCare
Corp.(a)
................................................
2,098
242
ADMA
Biologics,
Inc.(a)
.................................................
26,044
220
Agenus,
Inc.(a)
........................................................
4,329
32
Agilon
Health,
Inc.(a)
....................................................
1,355
124
Agios
Pharmaceuticals,
Inc.(a)
.............................................
6,441
193
Akebia
Therapeutics,
Inc.(a)
...............................................
30,170
40
Aktis
Oncology,
Inc.(a)
...................................................
3,667
81
Alamar
Biosciences,
Inc.(a)(b)
.............................................
4,370
111
Alector,
Inc.(a)
.........................................................
9,070
14
Align
Technology,
Inc.(a)
.................................................
7,985
1,351
Alignment
Healthcare,
Inc.(a)
..............................................
22,566
335
Alkermes
PLC(a)
.......................................................
18,842
923
Allogene
Therapeutics,
Inc.(a)
..............................................
29,521
56
Alpha
Teknova,
Inc.(a)
...................................................
1,253
6
Alphatec
Holdings,
Inc.(a)
................................................
15,185
145
Altimmune,
Inc.(a)
......................................................
21,218
60
Alto
Neuroscience,
Inc.(a)
................................................
3,629
98
Alumis,
Inc.(a)(b)
......................................................
9,674
273
ALX
Oncology
Holdings,
Inc.(a)
............................................
9,989
19
American
Well
Corp.,
Class
A(a)
............................................
1,536
17
AMN
Healthcare
Services,
Inc.(a)
...........................................
4,440
149
Amneal
Pharmaceuticals,
Inc.(a)
............................................
18,075
331
Amphastar
Pharmaceuticals,
Inc.(a)
..........................................
3,810
76
Amylyx
Pharmaceuticals,
Inc.(a)
............................................
10,707
217
AN2
Therapeutics,
Inc.(a)(b)
...............................................
3,042
16
AnaptysBio,
Inc.(a)
.....................................................
3,148
168
Anavex
Life
Sciences
Corp.(a)
.............................................
10,379
29
AngioDynamics,
Inc.(a)
..................................................
4,226
63
ANI
Pharmaceuticals,
Inc.(a)
..............................................
2,311
183
Anika
Therapeutics,
Inc.(a)
................................................
1,455
28
Annexon,
Inc.(a)
.......................................................
16,538
84
Anteris
Technologies
Global
Corp.(a)(b)
......................................
9,396
74
Apogee
Therapeutics,
Inc.(a)
...............................................
6,583
883
Apyx
Medical
Corp.(a)
...................................................
4,198
17
Aquestive
Therapeutics,
Inc.(a)(b)
...........................................
13,682
51
Arcturus
Therapeutics
Holdings,
Inc.(a)(b)
.....................................
3,011
17
Arcus
Biosciences,
Inc.(a)
.................................................
9,671
273
Arcutis
Biotherapeutics,
Inc.(a)
.............................................
12,767
343
Ardelyx,
Inc.(a)
........................................................
27,325
135
Armata
Pharmaceuticals,
Inc.(a)
............................................
1,328
6
ArriVent
Biopharma,
Inc.(a)(b)
.............................................
3,775
113
Arrowhead
Pharmaceuticals,
Inc.(a)
..........................................
15,298
1,295
ARS
Pharmaceuticals,
Inc.(a)(b)
............................................
7,246
37
Artiva
Biotherapeutics,
Inc.(a)
..............................................
1,787
18
Artivion,
Inc.(a)
........................................................
5,329
143
Arvinas,
Inc.(a)
........................................................
6,286
51
Assembly
Biosciences,
Inc.(a)
..............................................
1,441
36
Astrana
Health,
Inc.(a)
...................................................
4,155
148
AtaiBeckley,
Inc.(a)
.....................................................
33,895
243
Atea
Pharmaceuticals,
Inc.(a)
..............................................
7,314
34
AtriCure,
Inc.(a)
.......................................................
5,613
212
Aura
Biosciences,
Inc.(a)
.................................................
7,466
52
Avalo
Therapeutics,
Inc.(a)
................................................
5,320
97
Avantor,
Inc.(a)
........................................................
76,524
1,055
Aveanna
Healthcare
Holdings,
Inc.(a)
........................................
9,602
90
Avita
Medical,
Inc.(a)
....................................................
3,495
15
Axogen,
Inc.(a)
........................................................
5,978
252
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Axsome
Therapeutics,
Inc.(a)
..............................................
4,978
$
1,085
Azenta,
Inc.(a)
.........................................................
5,273
148
Baxter
International,
Inc.
.................................................
59,147
1,547
Beam
Therapeutics,
Inc.(a)(b)
..............................................
10,840
277
Benitec
Biopharma,
Inc.(a)
................................................
3,864
45
Beta
Bionics,
Inc.(a)
.....................................................
3,854
49
Bicara
Therapeutics,
Inc.(a)
...............................................
4,342
118
Billiontoone,
Inc.,
Class
A(a)
..............................................
1,907
264
BioAge
Labs,
Inc.(a)
....................................................
3,658
33
BioCryst
Pharmaceuticals,
Inc.(a)
...........................................
24,911
224
Biodesix,
Inc.(a)
.......................................................
537
11
Biohaven
Ltd.(a)
.......................................................
14,502
196
BioLife
Solutions,
Inc.(a)
.................................................
5,416
169
BioMarin
Pharmaceutical,
Inc.(a)
...........................................
22,004
1,321
Bio-Rad
Laboratories,
Inc.,
Class
A(a)
........................................
2,067
673
Bio-Techne
Corp.
.......................................................
18,034
1,300
Bioventus,
Inc.,
Class
A(a)
................................................
5,434
72
Black
Diamond
Therapeutics,
Inc.(a)
.........................................
5,320
9
Bridgebio
Pharma,
Inc.(a)
.................................................
19,545
1,565
BrightSpring
Health
Services,
Inc.(a)
.........................................
17,215
1,028
Brookdale
Senior
Living,
Inc.(a)
............................................
24,909
364
Bruker
Corp.
..........................................................
12,846
807
Butterfly
Network,
Inc.,
Class
A(a)
..........................................
23,877
170
C4
Therapeutics,
Inc.(a)
..................................................
11,582
40
Cabaletta
Bio,
Inc.(a)
....................................................
16,490
44
CAMP4
Therapeutics
Corp.(a)(b)
...........................................
3,063
11
Candel
Therapeutics,
Inc.(a)
...............................................
6,693
67
Canton
Strategic
Holdings,
Inc.(a)(b)
.........................................
6,799
13
Capricor
Therapeutics,
Inc.(a)(b)
............................................
6,046
23
CapsoVision,
Inc.(a)(b)
...................................................
3,183
21
Cardiff
Oncology,
Inc.(a)(b)
...............................................
7,233
6
CareDx,
Inc.(a)
........................................................
5,392
236
Caribou
Biosciences,
Inc.(a)(b)
.............................................
10,309
15
Caris
Life
Sciences,
Inc.(a)
................................................
14,161
222
Carlsmed,
Inc.(a)
.......................................................
1,062
13
Cartesian
Therapeutics,
Inc.(a)
.............................................
1,475
12
Castle
Biosciences,
Inc.(a)
................................................
3,413
96
Celcuity,
Inc.(a)
........................................................
4,499
389
Celldex
Therapeutics,
Inc.(a)
...............................................
8,815
336
Century
Therapeutics,
Inc.(a)(b)
............................................
14,101
29
Ceribell,
Inc.(a)
........................................................
2,835
50
Certara,
Inc.(a)
.........................................................
12,338
100
Cerus
Corp.(a)
.........................................................
22,348
48
CG
oncology,
Inc.(a)
....................................................
6,645
473
Charles
River
Laboratories
International,
Inc.(a)
.................................
5,502
1,279
Chemed
Corp.
.........................................................
1,507
802
Circle8
Group,
Inc.(a)
....................................................
2,929
2
Claritev
Corp.,
Class
A(a)(b)
...............................................
1,007
23
ClearPoint
Neuro,
Inc.(a)(b)
...............................................
3,072
46
Climb
Bio,
Inc.(a)(b)
....................................................
5,507
66
Clover
Health
Investments
Corp.,
Class
A(a)
...................................
46,817
195
Codexis,
Inc.(a)
........................................................
9,730
14
Cogent
Biosciences,
Inc.(a)
................................................
17,003
662
Coherus
Oncology,
Inc.(a)(b)
..............................................
13,426
19
Collegium
Pharmaceutical,
Inc.(a)
...........................................
3,677
130
Community
Health
Systems,
Inc.(a)
..........................................
12,715
36
Compass
Therapeutics,
Inc.(a)
..............................................
14,806
28
Concentra
Group
Holdings
Parent,
Inc.
.......................................
13,218
418
CONMED
Corp.
.......................................................
3,467
161
Context
Therapeutics,
Inc.(a)
..............................................
7,457
5
Contineum
Therapeutics,
Inc.,
Class
A(a)
......................................
3,379
52
Corbus
Pharmaceuticals
Holdings,
Inc.(a)
.....................................
1,913
17
Corcept
Therapeutics,
Inc.(a)
..............................................
10,840
1,241
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
CorMedix,
Inc.(a)(b)
....................................................
8,888
$
67
CorVel
Corp.(a)
........................................................
3,298
198
Corvus
Pharmaceuticals,
Inc.(a)
............................................
7,304
97
Coya
Therapeutics,
Inc.(a)
................................................
2,312
10
Crescent
Biopharma,
Inc.(a)
...............................................
2,503
36
Crinetics
Pharmaceuticals,
Inc.(a)
...........................................
11,294
943
CryoPort,
Inc.(a)
.......................................................
5,548
84
Cullinan
Therapeutics,
Inc.(a)
..............................................
5,226
86
CVRx,
Inc.(a)
.........................................................
1,753
9
Cypherpunk
Technologies,
Inc.(a)
...........................................
9,914
6
Cytek
Biosciences,
Inc.(a)
.................................................
13,655
58
Cytokinetics,
Inc.(a)
.....................................................
13,776
1,063
CytomX
Therapeutics,
Inc.(a)
..............................................
19,306
60
Damora
Therapeutics,
Inc.(a)
..............................................
5,305
154
DaVita,
Inc.(a)
.........................................................
7,274
1,746
Delcath
Systems,
Inc.(a)
..................................................
3,689
45
Denali
Therapeutics,
Inc.(a)
...............................................
17,197
396
DENTSPLY
SIRONA,
Inc.
................................................
22,991
307
Design
Therapeutics,
Inc.(a)
...............................................
4,352
53
Dianthus
Therapeutics,
Inc.(a)
..............................................
5,716
611
Disc
Medicine,
Inc.,
Class
A(a)
.............................................
3,197
246
Doximity,
Inc.,
Class
A(a)
.................................................
14,764
309
Dyne
Therapeutics,
Inc.(a)
................................................
15,258
384
Edgewise
Therapeutics,
Inc.(a)
.............................................
9,072
349
Editas
Medicine,
Inc.(a)
..................................................
17,642
46
Eikon
Therapeutics,
Inc.(a)
................................................
2,923
27
Elanco
Animal
Health,
Inc.(a)
..............................................
57,150
1,507
Electromed,
Inc.(a)
......................................................
792
32
Eledon
Pharmaceuticals,
Inc.(a)(b)
..........................................
8,519
29
Elicio
Therapeutics,
Inc.(a)
................................................
1,494
4
Embecta
Corp.
.........................................................
6,323
23
Emergent
BioSolutions,
Inc.(a)
.............................................
5,631
41
Enanta
Pharmaceuticals,
Inc.(a)
.............................................
3,191
40
Encompass
Health
Corp.
..................................................
11,330
1,258
Enliven
Therapeutics,
Inc.(a)
...............................................
5,427
297
Enovis
Corp.(a)
........................................................
6,426
187
Entrada
Therapeutics,
Inc.(a)
...............................................
2,540
17
Envista
Holdings
Corp.(a)
.................................................
18,400
503
Equillium,
Inc.(a)
.......................................................
5,565
12
Erasca,
Inc.(a)
.........................................................
21,618
392
Establishment
Labs
Holdings,
Inc.(a)
.........................................
3,113
288
Eton
Pharmaceuticals,
Inc.(a)
..............................................
3,010
140
Evolent
Health,
Inc.,
Class
A(a)
.............................................
11,752
36
Evolus,
Inc.(a)
.........................................................
6,419
38
Evommune,
Inc.(a)(b)
...................................................
2,219
25
Exagen,
Inc.(a)
........................................................
1,605
7
Exelixis,
Inc.(a)
........................................................
28,160
1,493
EyePoint,
Inc.(a)
.......................................................
9,032
111
Fate
Therapeutics,
Inc.(a)
.................................................
12,778
31
First
Tracks
Biotherapeutics,
Inc.(a)
..........................................
3,950
174
Foghorn
Therapeutics,
Inc.(a)
..............................................
3,577
16
Forte
Biosciences,
Inc.(a)
.................................................
2,047
157
Fortrea
Holdings,
Inc.(a)
..................................................
10,875
209
Fractyl
Health,
Inc.(a)
....................................................
15,009
10
Fulcrum
Therapeutics,
Inc.(a)
..............................................
6,523
23
Fulgent
Genetics,
Inc.(a)
..................................................
2,113
35
Galectin
Therapeutics,
Inc.(a)(b)
............................................
5,424
16
GeneDx
Holdings
Corp.,
Class
A(a)
..........................................
3,010
196
Genelux
Corp.(a)
.......................................................
4,629
14
Generate
Biomedicines,
Inc.(a)
.............................................
6,300
88
Geron
Corp.(a)
.........................................................
72,538
94
Ginkgo
Bioworks
Holdings,
Inc.(a)
..........................................
5,834
47
Glaukos
Corp.(a)
.......................................................
6,520
1,087
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Globus
Medical,
Inc.,
Class
A(a)
............................................
12,998
$
1,024
GoodRx
Holdings,
Inc.,
Class
A(a)
..........................................
10,041
31
GRAIL,
Inc.(a)
........................................................
4,581
314
Greenwich
Lifesciences,
Inc.(a)(b)
..........................................
804
11
Guardant
Health,
Inc.(a)
..................................................
14,682
2,378
Guardian
Pharmacy
Services,
Inc.,
Class
A(a)
...................................
2,794
110
Haemonetics
Corp.(a)
....................................................
5,158
441
Halozyme
Therapeutics,
Inc.(a)
.............................................
13,571
1,120
Harmony
Biosciences
Holdings,
Inc.(a)
.......................................
5,824
205
Harrow,
Inc.(a)(b)
......................................................
3,632
141
HealthEquity,
Inc.(a)
....................................................
9,428
949
HealthStream,
Inc.
......................................................
2,681
75
HeartFlow,
Inc.(a)
......................................................
7,348
185
Henry
Schein,
Inc.(a)
....................................................
11,167
958
Heron
Therapeutics,
Inc.(a)
................................................
20,226
10
Hims
&
Hers
Health,
Inc.(a)(b)
.............................................
24,178
671
Hinge
Health,
Inc.,
Class
A(a)
..............................................
2,716
203
Humacyte,
Inc.(a)
......................................................
23,262
15
Hyperfine,
Inc.,
Class
A(a)
................................................
9,009
8
Hyperliquid
Strategies,
Inc.(a)
..............................................
13,902
86
ICU
Medical,
Inc.(a)
....................................................
2,834
478
Ideaya
Biosciences,
Inc.(a)
................................................
9,605
341
Immix
Biopharma,
Inc.(a)
.................................................
6,245
52
Immuneering
Corp.,
Class
A(a)(b)
...........................................
6,456
27
Immunic,
Inc.(a)
.......................................................
1,556
22
ImmunityBio,
Inc.(a)(b)
..................................................
43,486
312
Immunome,
Inc.(a)(b)
...................................................
11,874
270
Immunovant,
Inc.(a)
.....................................................
9,361
362
Indivior
Pharmaceuticals,
Inc.(a)
............................................
12,703
508
InfuSystem
Holdings,
Inc.(a)
...............................................
2,090
19
Inhibikase
Therapeutics,
Inc.(a)(b)
...........................................
11,504
25
Inhibrx
Biosciences,
Inc.(a)
................................................
1,254
103
Innoviva,
Inc.(a)
.......................................................
8,427
177
Inogen,
Inc.(a)
.........................................................
3,040
20
Insight
Molecular
Diagnostics,
Inc.(a)
........................................
1,464
7
Inspire
Medical
Systems,
Inc.(a)
............................................
3,141
158
Insulet
Corp.(a)
........................................................
7,954
1,315
Integer
Holdings
Corp.(a)
.................................................
3,876
470
Integra
LifeSciences
Holdings
Corp.(a)
.......................................
7,696
128
Intellia
Therapeutics,
Inc.(a)(b)
.............................................
15,291
163
Invivyd,
Inc.(a)
........................................................
27,058
15
Ionis
Pharmaceuticals,
Inc.(a)
..............................................
18,737
970
Iovance
Biotherapeutics,
Inc.(a)
............................................
44,843
183
iRadimed
Corp.
........................................................
960
87
IRhythm
Holdings,
Inc.(a)
................................................
3,750
439
Ironwood
Pharmaceuticals,
Inc.,
Class
A(a)
....................................
18,297
77
Jade
Biosciences,
Inc.(a)
..................................................
5,786
114
Janux
Therapeutics,
Inc.(a)
................................................
6,613
100
Jazz
Pharmaceuticals
PLC(a)
..............................................
6,930
1,752
Journey
Medical
Corp.(a)
.................................................
1,559
10
Kailera
Therapeutics,
Inc.(a)
...............................................
10,306
175
Kalaris
Therapeutics,
Inc.(a)(b)
.............................................
911
3
Karyopharm
Therapeutics,
Inc.(a)
...........................................
2,258
4
Keros
Therapeutics,
Inc.(a)
................................................
2,106
21
Kewaunee
Scientific
Corp.(a)
..............................................
248
9
Kiniksa
Pharmaceuticals
International
PLC,
Class
A(a)
............................
5,116
380
Kodiak
Sciences,
Inc.(a)
..................................................
6,689
278
Korro
Bio,
Inc.(a)
.......................................................
1,108
12
KORU
Medical
Systems,
Inc.(a)
............................................
4,977
20
Krystal
Biotech,
Inc.(a)
...................................................
2,974
1,015
Kura
Oncology,
Inc.(a)
...................................................
9,933
90
Kymera
Therapeutics,
Inc.(a)
..............................................
8,223
850
Kyverna
Therapeutics,
Inc.(a)
..............................................
4,360
32
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Lantheus
Holdings,
Inc.(a)
................................................
7,264
$
724
Larimar
Therapeutics,
Inc.(a)
..............................................
5,850
22
LB
Pharmaceuticals,
Inc.(a)(b)
.............................................
2,400
96
LeMaitre
Vascular,
Inc.
...................................................
2,459
249
LENZ
Therapeutics,
Inc.(a)
................................................
3,163
17
Lexeo
Therapeutics,
Inc.(a)
................................................
7,128
29
Lexicon
Pharmaceuticals,
Inc.(a)(b)
..........................................
24,223
56
Lifecore
Biomedical,
Inc.(a)
...............................................
3,951
17
LifeMD,
Inc.(a)
........................................................
4,582
16
LifeStance
Health
Group,
Inc.(a)
............................................
27,081
284
Ligand
Pharmaceuticals,
Inc.(a)
.............................................
2,262
650
Lineage
Cell
Therapeutics,
Inc.(a)(b)
.........................................
21,668
23
Liquidia
Corp.(a)(b)
.....................................................
8,437
710
Lucid
Diagnostics,
Inc.(a)
.................................................
17,747
15
Lumexa
Imaging
Holdings,
Inc.(a)
..........................................
2,955
31
Lyell
Immunopharma,
Inc.(a)(b)
............................................
898
12
MacroGenics,
Inc.(a)
....................................................
7,071
26
Madrigal
Pharmaceuticals,
Inc.(a)
...........................................
2,508
1,172
MannKind
Corp.(a)
.....................................................
34,052
133
MapLight
Therapeutics,
Inc.(a)(b)
...........................................
1,677
22
Maravai
LifeSciences
Holdings,
Inc.,
Class
A(a)
.................................
12,147
80
MaxCyte,
Inc.(a)
.......................................................
11,457
12
Maze
Therapeutics,
Inc.(a)
................................................
3,975
107
MBX
Biosciences,
Inc.(a)
.................................................
3,404
224
Medpace
Holdings,
Inc.(a)
................................................
2,660
1,535
MeiraGTx
Holdings
PLC(a)
...............................................
8,103
96
Merit
Medical
Systems,
Inc.(a)
.............................................
6,716
571
Merrimack
Pharmaceuticals,
Inc.(a)(c)
........................................
1,827
—(d)
Mesa
Laboratories,
Inc.
..................................................
618
62
Microbot
Medical,
Inc.(a)(b)
...............................................
7,054
12
MiMedx
Group,
Inc.(a)
...................................................
16,887
70
Mineralys
Therapeutics,
Inc.(a)
.............................................
7,492
191
Minerva
Neurosciences,
Inc.(a)(b)
...........................................
4,206
17
Mirum
Pharmaceuticals,
Inc.(a)
.............................................
5,734
608
Molina
Healthcare,
Inc.(a)
................................................
5,937
1,161
Monopar
Therapeutics,
Inc.(a)
..............................................
479
52
Monte
Rosa
Therapeutics,
Inc.(a)
...........................................
8,868
147
MoonLake
Immunotherapeutics,
Class
A(a)
....................................
7,308
135
Myriad
Genetics,
Inc.(a)
..................................................
10,224
29
National
HealthCare
Corp.
................................................
1,340
303
Nautilus
Biotechnology,
Inc.,
Class
A(a)
......................................
6,301
6
Nektar
Therapeutics(a)
...................................................
3,767
266
Neogen
Corp.(a)
.......................................................
24,950
300
NeoGenomics,
Inc.(a)
....................................................
14,794
226
Neumora
Therapeutics,
Inc.(a)(b)
...........................................
8,894
14
Neurocrine
Biosciences,
Inc.(a)
.............................................
11,421
1,905
Neurogene,
Inc.(a)
......................................................
1,449
48
NeuroPace,
Inc.(a)
......................................................
3,016
39
Niagen
Bioscience,
Inc.(a)
................................................
6,085
21
Nkarta,
Inc.(a)
.........................................................
6,270
13
Novavax,
Inc.(a)(b)
.....................................................
18,049
132
Novocure
Ltd.(a)
.......................................................
12,040
179
NRC
Health
...........................................................
1,487
29
NRX
Therapeutics,
Inc.(a)(b)
..............................................
4,275
13
Nurix
Therapeutics,
Inc.(a)
................................................
11,320
263
Nutex
Health,
Inc.(a)(b)
..................................................
539
79
Nuvation
Bio,
Inc.(a)
....................................................
28,570
181
Nuvectis
Pharma,
Inc.(a)(b)
...............................................
1,789
39
Ocugen,
Inc.(a)(b)
......................................................
38,475
47
Ocular
Therapeutix,
Inc.(a)
................................................
23,098
189
Olema
Pharmaceuticals,
Inc.(a)
.............................................
8,163
93
Omada
Health,
Inc.(a)
...................................................
3,331
66
Omeros
Corp.(a)(b)
.....................................................
8,051
95
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
OmniAb,
Inc.(a)
........................................................
13,649
$
27
Omnicell,
Inc.(a)
.......................................................
5,081
180
Oncolytics
Biotech,
Inc.(a)(b)
..............................................
13,506
10
OnKure
Therapeutics,
Inc.,
Class
A(a)(b)
......................................
3,036
12
OPKO
Health,
Inc.(a)
....................................................
43,623
58
Option
Care
Health,
Inc.(a)
................................................
17,856
411
Opus
Genetics,
Inc.(a)
...................................................
7,624
28
Oramed
Pharmaceuticals,
Inc.
..............................................
3,654
15
OraSure
Technologies,
Inc.(a)
..............................................
7,490
30
Organogenesis
Holdings,
Inc.,
Class
A(a)(b)
....................................
7,792
18
Organon
&
Co.
........................................................
30,218
409
ORIC
Pharmaceuticals,
Inc.(a)
.............................................
7,087
78
Orthofix
Medical,
Inc.(a)
.................................................
4,633
55
OrthoPediatrics
Corp.(a)
..................................................
1,983
40
Oruka
Therapeutics,
Inc.(a)(b)
..............................................
5,865
566
Ovid
Therapeutics,
Inc.(a)
.................................................
19,348
43
Owlet,
Inc.,
Class
A(a)
...................................................
1,693
9
Pacific
Biosciences
of
California,
Inc.(a)
......................................
33,057
46
Pacira
BioSciences,
Inc.(a)
................................................
4,363
115
PACS
Group,
Inc.(a)
.....................................................
5,275
243
Palisade
Bio,
Inc.(a)(b)
...................................................
19,757
37
Palvella
Therapeutics,
Inc.(a)
..............................................
1,170
163
PDL
BioPharma,
Inc.(a)(c)
................................................
17,605
5
Pediatrix
Medical
Group,
Inc.(a)
............................................
9,332
247
Penumbra,
Inc.(a)
.......................................................
4,419
1,419
Perrigo
Co.
PLC
.......................................................
15,934
161
Personalis,
Inc.(a)
......................................................
7,165
91
Perspective
Therapeutics,
Inc.(a)(b)
..........................................
10,428
30
Phathom
Pharmaceuticals,
Inc.(a)
...........................................
6,573
58
Phibro
Animal
Health
Corp.,
Class
A
.........................................
2,414
88
Phreesia,
Inc.(a)
........................................................
5,660
61
Praxis
Precision
Medicines,
Inc.(a)
..........................................
3,018
929
Precigen,
Inc.(a)
........................................................
18,246
114
Precision
BioSciences,
Inc.(a)(b)
............................................
2,642
18
Prelude
Therapeutics,
Inc.(a)
...............................................
5,310
24
Prestige
Consumer
Healthcare,
Inc.(a)
........................................
5,398
271
Prime
Medicine,
Inc.(a)(b)
................................................
10,979
32
Privia
Health
Group,
Inc.(a)
...............................................
13,588
322
PROCEPT
BioRobotics
Corp.(a)
............................................
6,326
118
Pro-Dex,
Inc.(a)
........................................................
233
14
Progyny,
Inc.(a)
........................................................
8,033
250
ProKidney
Corp.,
Class
A(a)(b)
.............................................
6,538
10
Protagonist
Therapeutics,
Inc.(a)
............................................
7,053
964
Protalix
BioTherapeutics,
Inc.(a)
............................................
8,951
21
Protara
Therapeutics,
Inc.(a)
...............................................
5,824
23
PTC
Therapeutics,
Inc.(a)
.................................................
9,264
630
Pulse
Biosciences,
Inc.(a)
.................................................
2,031
71
Puma
Biotechnology,
Inc.(a)
...............................................
4,501
36
Pyxis
Oncology,
Inc.(a)
..................................................
5,968
16
Q32
Bio,
Inc.(a)
........................................................
1,087
17
Quanterix
Corp.(a)
......................................................
4,433
15
Quantum-Si,
Inc.(a)
.....................................................
19,630
14
QuidelOrtho
Corp.(a)(b)
..................................................
7,800
131
RadNet,
Inc.(a)
........................................................
8,130
519
Rapport
Therapeutics,
Inc.(a)
..............................................
3,288
135
Recursion
Pharmaceuticals,
Inc.,
Class
A(a)(b)
..................................
54,254
163
REGENXBIO,
Inc.(a)
...................................................
5,418
53
Relay
Therapeutics,
Inc.(a)
................................................
18,836
355
Relmada
Therapeutics,
Inc.(a)
..............................................
10,637
57
Repligen
Corp.(a)
.......................................................
6,169
870
Replimune
Group,
Inc.(a)
.................................................
8,814
99
Revvity,
Inc.(b)
........................................................
12,837
1,444
Rezolute,
Inc.(a)
.......................................................
9,295
44
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Rhythm
Pharmaceuticals,
Inc.(a)
............................................
7,679
$
762
Rigel
Pharmaceuticals,
Inc.(a)
..............................................
2,067
76
Rocket
Pharmaceuticals,
Inc.(a)
.............................................
11,968
37
RxSight,
Inc.(a)
........................................................
4,484
27
SAB
Biotherapeutics,
Inc.(a)
...............................................
6,592
24
Sagimet
Biosciences,
Inc.,
Class
A(a)
.........................................
6,764
48
Sana
Biotechnology,
Inc.(a)
...............................................
20,085
63
Sanara
Medtech,
Inc.(a)
..................................................
565
19
SANUWAVE
Health,
Inc.(a)
...............................................
940
6
Sarepta
Therapeutics,
Inc.(a)
...............................................
11,703
174
Savara,
Inc.(a)
.........................................................
12,329
67
Scholar
Rock
Holding
Corp.(a)
.............................................
11,143
527
Schrodinger,
Inc.(a)
.....................................................
7,323
111
SCYNEXIS,
Inc.(a)
.....................................................
1,099
5
SELLAS
Life
Sciences
Group,
Inc.(a)(b)
......................................
21,400
214
Senseonics
Holdings,
Inc.(a)
...............................................
5,299
27
Septerna,
Inc.(a)
........................................................
3,157
109
Shattuck
Labs,
Inc.(a)
....................................................
7,587
54
Shoulder
Innovations,
Inc.(a)
..............................................
1,292
29
SI-BONE,
Inc.(a)
.......................................................
4,865
86
SIGA
Technologies,
Inc.
..................................................
4,750
16
Sight
Sciences,
Inc.(a)
...................................................
4,161
22
Simulations
Plus,
Inc.(a)
..................................................
1,930
35
Sionna
Therapeutics,
Inc.(a)
...............................................
3,046
144
Solana
Co.(a)
..........................................................
4,871
8
Solid
Biosciences,
Inc.(a)(b)
...............................................
9,035
73
Solventum
Corp.(a)
.....................................................
17,009
1,453
Sonida
Senior
Living,
Inc.(a)
..............................................
5,342
216
Sotera
Health
Co.(a)
.....................................................
32,109
573
Spero
Therapeutics,
Inc.(a)
................................................
4,961
6
Spruce
Biosciences,
Inc.(a)
................................................
264
11
SpyGlass
Pharma,
Inc.(a)(b)
...............................................
1,609
36
Spyre
Therapeutics,
Inc.(a)
................................................
8,931
878
STAAR
Surgical
Co.(a)
..................................................
3,459
84
Standard
BioTools,
Inc.(a)
................................................
43,405
38
Stereotaxis,
Inc.(a)(b)
....................................................
9,499
12
Stoke
Therapeutics,
Inc.(a)
................................................
5,688
164
Strata
Critical
Medical,
Inc.(a)
.............................................
7,589
38
Streamex
Corp.(a)(b)
....................................................
7,788
6
Strive,
Inc.,
Class
B(a)(b)
.................................................
7,863
87
Supernus
Pharmaceuticals,
Inc.(a)
...........................................
6,298
281
Surgery
Partners,
Inc.(a)(b)
................................................
9,024
139
Surrozen,
Inc.(a)
.......................................................
644
14
Sutro
Biopharma,
Inc.(a)
..................................................
1,648
40
Syndax
Pharmaceuticals,
Inc.(a)
............................................
9,299
177
Tactile
Systems
Technology,
Inc.(a)
..........................................
2,514
71
Talkspace,
Inc.(a)
.......................................................
17,330
90
Tandem
Diabetes
Care,
Inc.(a)
..............................................
7,324
143
Tango
Therapeutics,
Inc.(a)
................................................
13,790
375
Tarsus
Pharmaceuticals,
Inc.(a)
.............................................
4,667
276
Taysha
Gene
Therapies,
Inc.(a)
.............................................
27,523
161
Tectonic
Therapeutic,
Inc.(a)
...............................................
1,090
31
Teladoc
Health,
Inc.(a)
...................................................
20,341
137
Teleflex,
Inc.
..........................................................
5,083
695
Tempus
AI,
Inc.,
Class
A(a)(b)
.............................................
12,213
536
Tenax
Therapeutics,
Inc.(a)
................................................
2,622
36
Tenaya
Therapeutics,
Inc.(a)
...............................................
24,395
18
TG
Therapeutics,
Inc.(a)
..................................................
16,421
854
The
Cooper
Cos.,
Inc.(a)
..................................................
22,343
1,616
The
Ensign
Group,
Inc.
...................................................
6,515
1,161
The
Joint
Corp.(a)
......................................................
1,384
12
The
Oncology
Institute,
Inc.(a)
.............................................
6,666
32
The
Pennant
Group,
Inc.(a)
................................................
3,819
154
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Theravance
Biopharma,
Inc.(a)
.............................................
5,579
$
94
Third
Harmonic
Bio,
Inc.(a)(c)
.............................................
2,389
—(d)
Tonix
Pharmaceuticals
Holding
Corp.(a)(b)
....................................
1,838
18
TransMedics
Group,
Inc.(a)
................................................
3,859
295
Travere
Therapeutics,
Inc.(a)
...............................................
10,446
584
Treace
Medical
Concepts,
Inc.(a)(b)
.........................................
5,569
24
Trevi
Therapeutics,
Inc.(a)
................................................
10,705
195
TuHURA
Biosciences,
Inc.(a)(b)
............................................
5,613
12
Turn
Therapeutics,
Inc.(a)
.................................................
1,244
10
Twist
Bioscience
Corp.(a)
.................................................
6,889
631
Tyra
Biosciences,
Inc.(a)
..................................................
5,107
163
U.S.
Physical
Therapy,
Inc.
................................................
1,716
136
UFP
Technologies,
Inc.(a)
.................................................
860
219
Ultragenyx
Pharmaceutical,
Inc.(a)
..........................................
10,366
258
Unicycive
Therapeutics,
Inc.(a)(b)
...........................................
2,789
14
Universal
Health
Services,
Inc.,
Class
B
.......................................
5,829
982
Upstream
Bio,
Inc.(a)
....................................................
4,193
26
Utah
Medical
Products,
Inc.
...............................................
342
24
Vanda
Pharmaceuticals,
Inc.(a)
.............................................
6,568
34
Varex
Imaging
Corp.(a)
..................................................
4,786
54
Vaxcyte,
Inc.(a)
........................................................
16,322
883
Vera
Therapeutics,
Inc.,
Class
A(a)
..........................................
6,756
217
Veracyte,
Inc.(a)
........................................................
8,985
416
VeraDermics,
Inc.(a)(b)
..................................................
3,448
362
Verastem,
Inc.(a)
.......................................................
9,462
55
Vericel
Corp.(a)
........................................................
5,833
268
Viking
Therapeutics,
Inc.(a)
...............................................
13,048
414
Vir
Biotechnology,
Inc.(a)
.................................................
15,403
133
Viridian
Therapeutics,
Inc.(a)
..............................................
11,849
224
Vivani
Medical,
Inc.(a)
...................................................
4,637
6
Vor
BioPharma,
Inc.(a)
...................................................
3,335
71
Voyager
Therapeutics,
Inc.(a)
..............................................
5,823
18
vTv
Therapeutics,
Inc.,
Class
A(a)
...........................................
236
8
WaVe
Life
Sciences
Ltd.(a)
................................................
18,248
101
Waystar
Holding
Corp.(a)(b)
...............................................
16,082
340
Whitehawk
Therapeutics,
Inc.(a)
............................................
3,459
13
X4
Pharmaceuticals,
Inc.(a)
...............................................
8,775
35
Xencor,
Inc.(a)
.........................................................
8,078
163
Xeris
Biopharma
Holdings,
Inc.(a)
..........................................
19,172
155
Z
Squared,
Inc.(a)(b)
....................................................
5,648
27
Zenas
Biopharma,
Inc.(a)(b)
...............................................
3,676
116
Zentalis
Pharmaceuticals,
Inc.(a)
............................................
5,303
25
Zevra
Therapeutics,
Inc.(a)
................................................
6,746
64
Zymeworks,
Inc.(a)
.....................................................
8,144
179
117,177
Industrials
(18.0%):
3D
Systems
Corp.(a)
....................................................
18,093
48
A.O.
Smith
Corp.
.......................................................
12,762
767
AAON,
Inc.
...........................................................
7,865
700
AAR
Corp.(a)
.........................................................
4,502
630
ABM
Industries,
Inc.
....................................................
6,659
319
ACCO
Brands
Corp.
....................................................
10,352
44
Acuity,
Inc.
...........................................................
3,489
1,146
ACV
Auctions,
Inc.,
Class
A(a)
.............................................
18,918
142
Advanced
Drainage
Systems,
Inc.
...........................................
8,233
1,140
AECOM
.............................................................
14,770
1,069
AeroVironment,
Inc.(a)
...................................................
4,334
647
AerSale
Corp.(a)
.......................................................
4,453
28
Aevex
Corp.,
Class
A(a)(b)
................................................
2,134
35
AGCO
Corp.
..........................................................
6,987
714
AIRO
Group
Holdings,
Inc.(a)(b)
...........................................
2,207
15
Alamo
Group,
Inc.
......................................................
1,349
215
Alaska
Air
Group,
Inc.(a)
.................................................
12,776
606
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Albany
International
Corp.,
Class
A
..........................................
3,258
$
243
Alight,
Inc.,
Class
A
.....................................................
2,626
45
Allegiant
Travel
Co.(a)
...................................................
2,656
261
Allegion
PLC
.........................................................
9,905
1,559
Alliance
Laundry
Holdings,
Inc.(a)
..........................................
4,942
130
Allient,
Inc.
...........................................................
1,734
152
Allison
Transmission
Holdings,
Inc.
.........................................
9,511
1,089
Alta
Equipment
Group,
Inc.(a)
.............................................
2,247
15
Amentum
Holdings,
Inc.(a)
................................................
22,787
506
Ameresco,
Inc.,
Class
A(a)
................................................
3,699
78
American
Airlines
Group,
Inc.(a)
............................................
75,238
1,149
American
Infrastructure
Corp.(a)(b)(c)
........................................
242
—(d)
American
Superconductor
Corp.(a)
..........................................
5,313
156
Amprius
Technologies,
Inc.(a)
..............................................
14,569
140
Andersen
Group,
Inc.,
Class
A(a)(b)
.........................................
1,545
73
API
Group
Corp.(a)
.....................................................
44,163
1,752
Apogee
Enterprises,
Inc.
..................................................
2,395
95
Applied
Industrial
Technologies,
Inc.
.........................................
4,236
1,462
ArcBest
Corp.
.........................................................
2,523
364
Archer
Aviation,
Inc.,
Class
A(a)(b)
..........................................
73,512
341
Arcosa,
Inc.
...........................................................
5,564
808
Argan,
Inc.
...........................................................
1,552
885
Armstrong
World
Industries,
Inc.
............................................
4,858
848
Array
Technologies,
Inc.(a)(b)
..............................................
17,452
91
Arxis,
Inc.,
Class
A(a)
...................................................
7,694
418
Astec
Industries,
Inc.
....................................................
2,619
133
Astronics
Corp.(a)
......................................................
3,880
270
Asure
Software,
Inc.(a)
...................................................
2,682
22
Atkore,
Inc.
...........................................................
3,827
279
Atmus
Filtration
Technologies,
Inc.
..........................................
9,361
483
Avis
Budget
Group,
Inc.(a)(b)
..............................................
4,020
553
AZZ,
Inc.
............................................................
3,406
493
Babcock
&
Wilcox
Enterprises,
Inc.(a)
........................................
16,548
154
Barrett
Business
Services,
Inc.
.............................................
2,732
107
Beta
Technologies,
Inc.,
Class
A(a)
..........................................
13,089
248
BlackSky
Technology,
Inc.,
Class
A(a)(b)
......................................
3,566
82
Blink
Charging
Co.(a)(b)
.................................................
16,202
8
Blue
Bird
Corp.(a)
......................................................
3,606
268
BlueLinx
Holdings,
Inc.(a)
................................................
863
47
Boise
Cascade
Co.
......................................................
3,959
302
Booz
Allen
Hamilton
Holding
Corp.,
Class
A
...................................
13,671
953
Bowman
Consulting
Group
Ltd.(a)
..........................................
1,646
44
Brady
Corp.,
Class
A
....................................................
4,900
462
Bridger
Aerospace
Group
Holdings,
Inc.(a)
....................................
4,392
9
BrightView
Holdings,
Inc.(a)
..............................................
7,887
103
Builders
FirstSource,
Inc.(a)
...............................................
12,027
799
BWX
Technologies,
Inc.
..................................................
10,509
1,773
Byrna
Technologies,
Inc.(a)(b)
.............................................
2,052
9
CACI
International,
Inc.,
Class
A(a)
.........................................
2,528
1,258
Cadre
Holdings,
Inc.
.....................................................
3,546
109
Cardinal
Infrastructure
Group,
Inc.,
Class
A(a)(b)
................................
1,574
97
Carlisle
Cos.,
Inc.
.......................................................
4,615
1,661
Casella
Waste
Systems,
Inc.,
Class
A(a)
.......................................
7,194
645
CBIZ,
Inc.(a)
..........................................................
5,538
305
CEA
Industries,
Inc.(a)
...................................................
4,363
12
CECO
Environmental
Corp.(a)
.............................................
5,462
360
Centuri
Holdings,
Inc.(a)
.................................................
9,963
277
ChargePoint
Holdings,
Inc.(a)(b)
............................................
2,774
15
CitroTech,
Inc.(a)
.......................................................
1,282
7
Civeo
Corp.(a)
.........................................................
1,173
37
Clean
Harbors,
Inc.(a)
...................................................
5,801
1,815
Cleancore
Solutions,
Inc.,
Class
B(a)
.........................................
24,217
9
Columbus
McKinnon
Corp.
...............................................
3,241
62
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Commercial
Vehicle
Group,
Inc.(a)
..........................................
3,301
$
15
Concentrix
Corp.(b)
.....................................................
5,473
135
Concrete
Pumping
Holdings,
Inc.(a)
.........................................
2,344
23
Conduent,
Inc.(a)
.......................................................
16,073
25
Construction
Partners,
Inc.,
Class
A(a)
........................................
5,443
563
Core
&
Main,
Inc.,
Class
A(a)
..............................................
21,531
947
CoreCivic,
Inc.(a)
......................................................
11,031
330
Covenant
Logistics
Group,
Inc.,
Class
A
.......................................
1,744
62
CRA
International,
Inc.
...................................................
719
129
Crane
Co.
............................................................
6,606
1,410
CSW
Industrials,
Inc.
....................................................
1,860
593
Custom
Truck
One
Source,
Inc.(a)
...........................................
6,937
70
Deluxe
Corp.
..........................................................
5,125
133
Distribution
Solutions
Group,
Inc.(a)
.........................................
1,002
35
DNOW,
Inc.(a)
........................................................
20,739
293
Donaldson
Co.,
Inc.
.....................................................
13,324
1,256
Douglas
Dynamics,
Inc.
..................................................
2,620
116
Ducommun,
Inc.(a)
.....................................................
1,626
291
DXP
Enterprises,
Inc.(a)
..................................................
1,478
232
Dycom
Industries,
Inc.(a)
.................................................
3,428
1,375
Energous
Corp.(a)
......................................................
572
8
Energy
Recovery,
Inc.(a)
.................................................
5,798
50
Energy
Vault
Holdings,
Inc.(a)(b)
...........................................
16,707
48
Enerpac
Tool
Group
Corp.,
Class
A
..........................................
5,863
210
EnerSys
..............................................................
4,161
774
Ennis,
Inc.
............................................................
2,806
61
Enovix
Corp.(a)(b)
......................................................
21,853
89
Enpro,
Inc.
...........................................................
2,426
762
Enviri
Corp.(a)
.........................................................
3,224
72
Eos
Energy
Enterprises,
Inc.(a)(b)
...........................................
38,531
130
EquipmentShare.com,
Inc.,
Class
A(a)(b)
......................................
11,321
212
Esab
Corp.
............................................................
6,583
570
ESCO
Technologies,
Inc.
.................................................
2,979
939
Espey
Mfg.
&
Electronics
Corp.
............................................
264
16
Eve
Holding,
Inc.(a)
.....................................................
10,839
25
Everus
Construction
Group,
Inc.(a)
..........................................
5,878
737
EVI
Industries,
Inc.
.....................................................
719
10
ExlService
Holdings,
Inc.(a)
...............................................
17,072
579
Exponent,
Inc.
.........................................................
5,547
371
Falcon's
Beyond
Global,
Inc.(a)(b)
..........................................
2,930
29
Federal
Signal
Corp.
.....................................................
6,877
859
Firefly
Aerospace,
Inc.(a)
.................................................
11,628
236
First
Advantage
Corp.(a)
..................................................
9,153
182
Flowserve
Corp.
........................................................
14,684
1,116
Fluence
Energy,
Inc.,
Class
A(a)
............................................
11,589
161
Fluor
Corp.(a)
.........................................................
15,880
797
Forgent
Power
Solutions,
Inc.,
Class
A(a)
......................................
12,087
402
Forrester
Research,
Inc.(a)
................................................
1,337
15
Fortune
Brands
Innovations,
Inc.
............................................
13,494
665
Forward
Air
Corp.(a)
....................................................
2,842
40
Franklin
Covey
Co.(a)
...................................................
1,057
23
Franklin
Electric
Co.,
Inc.
.................................................
4,736
496
FreightCar
America,
Inc.(a)(b)
.............................................
1,453
12
Frontier
Group
Holdings,
Inc.(a)(b)
..........................................
10,192
69
FTAI
Infrastructure,
Inc.(b)
................................................
12,560
47
FTI
Consulting,
Inc.(a)
...................................................
3,410
543
FuelCell
Energy,
Inc.(a)
..................................................
7,788
168
Gates
Industrial
Corp
Ltd.(a)
...............................................
28,794
806
GATX
Corp.
..........................................................
4,056
725
Genco
Shipping
&
Trading
Ltd.
.............................................
3,707
95
Gencor
Industries,
Inc.(a)
.................................................
1,004
14
Generac
Holdings,
Inc.(a)
.................................................
6,687
1,318
Genpact
Ltd.
..........................................................
17,817
627
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Gibraltar
Industries,
Inc.(a)
................................................
3,380
$
143
Global
Industrial
Co.
....................................................
1,490
53
Graco,
Inc.
...........................................................
18,982
1,507
GrafTech
International
Ltd.(a)
..............................................
1,890
13
Graham
Corp.(a)
.......................................................
1,269
122
Granite
Construction,
Inc.
.................................................
5,018
607
Griffon
Corp.
..........................................................
4,384
378
GXO
Logistics,
Inc.(a)
...................................................
13,013
653
Hayward
Holdings,
Inc.(a)
................................................
24,404
369
Healthcare
Services
Group,
Inc.(a)
...........................................
7,833
183
Heartland
Express,
Inc.
...................................................
5,406
66
Helios
Technologies,
Inc.
.................................................
3,803
296
Herc
Holdings,
Inc.
.....................................................
3,778
567
Hertz
Global
Holdings,
Inc.(a)(b)
...........................................
35,274
56
Hexcel
Corp.
..........................................................
8,640
889
Hillman
Solutions
Corp.(a)
................................................
22,287
175
HireQuest,
Inc.
........................................................
630
8
HNI
Corp.
............................................................
8,190
369
Hub
Group,
Inc.,
Class
A
.................................................
6,817
317
Hudson
Technologies,
Inc.(a)
..............................................
4,198
25
Huntington
Ingalls
Industries,
Inc.
...........................................
4,513
1,473
Hurco
Cos.,
Inc.(a)
......................................................
666
14
Huron
Consulting
Group,
Inc.(a)
............................................
1,829
278
Hyliion
Holdings
Corp.(a)(b)
..............................................
13,994
50
Hyster-Yale,
Inc.
.......................................................
1,110
37
IBEX
Holdings
Ltd.(a)
...................................................
1,234
44
ICF
International,
Inc.
...................................................
2,055
166
IDEX
Corp.
...........................................................
8,538
1,968
IES
Holdings,
Inc.(a)
....................................................
2,256
1,680
Innodata,
Inc.(a)
........................................................
3,584
225
INNOVATE
Corp.(a)
....................................................
585
5
Innovative
Solutions
and
Support,
Inc.(a)
......................................
1,887
35
Insperity,
Inc.
..........................................................
4,137
209
Insteel
Industries,
Inc.
....................................................
2,134
65
Interface,
Inc.,
Class
A
...................................................
6,529
224
Intuitive
Machines,
Inc.,
Class
A(a)
..........................................
14,818
183
ITT,
Inc.
.............................................................
10,274
2,013
Janus
International
Group,
Inc.(a)
...........................................
15,015
77
JBT
Marel
Corp.
.......................................................
5,945
823
JELD-WEN
Holding,
Inc.(a)
...............................................
9,553
14
JetBlue
Airways
Corp.(a)
.................................................
35,573
215
Joby
Aviation,
Inc.(a)(b)
..................................................
72,759
520
Kadant,
Inc.
...........................................................
1,349
415
Karat
Packaging,
Inc.
....................................................
986
40
Karman
Holdings,
Inc.(a)(b)
...............................................
10,683
514
KBR,
Inc.
............................................................
14,433
528
Kelly
Services,
Inc.,
Class
A
...............................................
3,461
51
Kennametal,
Inc.
.......................................................
8,737
297
Kforce,
Inc.
...........................................................
1,906
108
Kirby
Corp.(a)
.........................................................
6,137
805
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
..............................
18,227
1,267
Korn
Ferry
...........................................................
5,919
487
Kratos
Defense
&
Security
Solutions,
Inc.(a)
...................................
21,355
995
KULR
Technology
Group,
Inc.(a)(b)
.........................................
4,959
13
L.B.
Foster
Co.,
Class
A(a)
................................................
1,102
45
Landstar
System,
Inc.
....................................................
3,893
680
Legalzoom.com,
Inc.(a)
..................................................
13,085
103
Legence
Corp.,
Class
A(a)
................................................
6,172
395
Leonardo
DRS,
Inc.
.....................................................
8,733
402
Limbach
Holdings,
Inc.(a)
................................................
1,280
92
Lincoln
Electric
Holdings,
Inc.
.............................................
6,231
1,628
Lindsay
Corp.
.........................................................
1,188
132
Liquidity
Services,
Inc.(a)
.................................................
2,455
96
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Loar
Holdings,
Inc.(a)(b)
.................................................
8,732
$
598
LSI
Industries,
Inc.
......................................................
4,094
96
Lyft,
Inc.,
Class
A(a)
....................................................
41,851
664
Madison
Air
Solutions
Corp.,
Class
A(a)
......................................
13,269
386
ManpowerGroup,
Inc.
...................................................
5,282
277
Marten
Transport
Ltd.
....................................................
6,661
99
Masco
Corp.
..........................................................
23,249
1,662
Masterbrand,
Inc.(a)
.....................................................
22,555
186
Matrix
Service
Co.(a)
....................................................
3,054
35
Matson,
Inc.
..........................................................
3,412
691
Maximus,
Inc.
.........................................................
5,959
359
Mayville
Engineering
Co.,
Inc.(a)
...........................................
1,674
43
McGrath
RentCorp
......................................................
2,797
322
Mercury
Systems,
Inc.(a)
.................................................
6,833
663
Microvast
Holdings,
Inc.(a)(b)
.............................................
24,028
19
Miller
Industries,
Inc.
....................................................
1,249
63
MillerKnoll,
Inc.
.......................................................
7,754
175
Mistras
Group,
Inc.(a)
...................................................
2,043
31
Modine
Manufacturing
Co.(a)
..............................................
5,970
1,200
Momentus,
Inc.(a)
......................................................
1,195
5
Moog,
Inc.,
Class
A
.....................................................
951
371
MSA
Safety,
Inc.
.......................................................
4,178
795
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
......................................
5,269
650
Mueller
Industries,
Inc.
...................................................
25,040
1,663
Mueller
Water
Products,
Inc.,
Class
A
........................................
17,926
452
MYR
Group,
Inc.(a)
.....................................................
1,764
588
NANO
Nuclear
Energy,
Inc.(a)(b)
...........................................
4,895
78
National
Presto
Industries,
Inc.
.............................................
607
74
Net
Power,
Inc.(a)
......................................................
4,778
7
NN,
Inc.(a)
...........................................................
5,335
18
Nordson
Corp.
.........................................................
6,073
1,808
NPK
International,
Inc.(a)
.................................................
9,241
115
NuScale
Power
Corp.(a)
..................................................
38,690
326
NWPX
Infrastructure,
Inc.(a)
..............................................
1,077
133
Omega
Flex,
Inc.
.......................................................
406
12
Onterris,
Inc.(a)
........................................................
3,812
80
OPENLANE,
Inc.(a)
....................................................
12,102
481
Orion
Group
Holdings,
Inc.(a)
..............................................
4,413
43
Oshkosh
Corp.
.........................................................
7,147
1,018
Owens
Corning
........................................................
9,179
1,275
Palladyne
AI
Corp.(a)(b)
..................................................
3,980
21
PAMT
Corp.(a)
........................................................
551
9
Pangaea
Logistics
Solutions
Ltd.
............................................
3,684
28
Park
Aerospace
Corp.
....................................................
2,092
71
Park-Ohio
Holdings
Corp.
................................................
1,109
44
Parsons
Corp.(a)
.......................................................
12,166
538
Paycom
Software,
Inc.
...................................................
4,729
775
Paylocity
Holding
Corp.(a)
................................................
4,934
680
Pentair
PLC
...........................................................
18,529
1,213
Perma-Fix
Environmental
Services,
Inc.(a)
.....................................
1,983
33
Perma-Pipe
International
Holdings,
Inc.(a)
.....................................
889
21
Pitney
Bowes,
Inc.
......................................................
15,568
273
Planet
Labs
PBC(a)(b)
...................................................
31,585
647
Plug
Power,
Inc.(a)(b)
....................................................
154,021
317
Powell
Industries,
Inc.(b)
.................................................
3,299
688
Power
Solutions
International,
Inc.(a)
........................................
977
27
Preformed
Line
Products
Co.
..............................................
308
110
Primoris
Services
Corp.
..................................................
6,206
524
Proficient
Auto
Logistics,
Inc.(a)
............................................
2,785
19
Proto
Labs,
Inc.(a)
......................................................
2,709
203
Public
Policy
Holding
Co.,
Inc.
.............................................
2,286
25
Quad/Graphics,
Inc.
.....................................................
3,378
35
Quanex
Building
Products
Corp.
............................................
4,906
88
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
QXO,
Inc.(a)
..........................................................
141,314
$
1,879
Radiant
Logistics,
Inc.(a)
.................................................
4,104
34
RCM
Technologies,
Inc.(a)
................................................
506
14
Red
Cat
Holdings,
Inc.(a)(b)
...............................................
15,429
116
Redwire
Corp.(a)
.......................................................
21,653
187
Regal
Rexnord
Corp.
....................................................
7,660
1,572
Republic
Airways
Holdings,
Inc.(a)
..........................................
1,619
33
Resideo
Technologies,
Inc.(a)
..............................................
15,402
528
Resolute
Holdings
Management,
Inc.(a)(b)
.....................................
468
58
Resources
Connection,
Inc.
................................................
3,653
16
Richtech
Robotics,
Inc.,
Class
B(a)(b)
........................................
21,005
30
Robert
Half,
Inc.
.......................................................
11,379
430
Rush
Enterprises,
Inc.,
Class
A
.............................................
7,923
632
RXO,
Inc.(a)
..........................................................
18,919
383
Ryder
System,
Inc.
......................................................
4,312
1,106
Safe
Bulkers,
Inc.
.......................................................
6,166
48
Safe
Pro
Group,
Inc.(a)
...................................................
1,472
6
Saia,
Inc.(a)
...........................................................
3,074
1,069
Satellogic,
Inc.,
Class
A(a)
................................................
12,306
44
Schneider
National,
Inc.,
Class
B
............................................
6,055
216
Science
Applications
International
Corp.
......................................
4,847
568
Sensata
Technologies
Holding
PLC
..........................................
16,607
769
SES
AI
Corp.(a)(b)
......................................................
27,257
15
Shoals
Technologies
Group,
Inc.,
Class
A(a)
....................................
19,160
167
Sidus
Space,
Inc.,
Class
A(a)(b)
.............................................
11,558
20
SIFCO
Industries,
Inc.(a)
.................................................
556
14
Simpson
Manufacturing
Co.,
Inc.
...........................................
4,737
889
SiteOne
Landscape
Supply,
Inc.(a)
...........................................
5,030
475
Sky
Harbour
Group
Corp.,
Class
A(a)
........................................
2,526
27
SkyWest,
Inc.(a)
........................................................
4,506
482
SKYX
Platforms
Corp.(a)
.................................................
11,052
12
Spire
Global,
Inc.,
Class
A(a)
..............................................
3,653
42
SPX
Technologies,
Inc.(a)
.................................................
5,602
1,230
StandardAero,
Inc.(a)
....................................................
28,543
837
Standex
International
Corp.
................................................
1,375
408
Stanley
Black
&
Decker,
Inc.
..............................................
17,923
1,695
Starfighters
Space,
Inc.(a)(b)
...............................................
3,804
14
Stratasys
Ltd.(a)
........................................................
7,195
56
Sunrun,
Inc.(a)
.........................................................
26,584
261
Surf
Air
Mobility,
Inc.(a)(b)
...............................................
9,285
7
Swarmer,
Inc.(a)
.......................................................
646
24
Symbotic,
Inc.,
Class
A(a)
.................................................
8,278
356
T1
Energy,
Inc.(a)
......................................................
26,236
109
TaskUS,
Inc.,
Class
A(b)
..................................................
2,037
12
Taylor
Devices,
Inc.(a)
...................................................
363
19
Tecogen,
Inc.(a)
........................................................
2,095
7
Tennant
Co.
...........................................................
1,924
162
Terex
Corp.
...........................................................
12,971
815
Terrestrial
Energy,
Inc.(a)
.................................................
7,569
37
Tetra
Tech,
Inc.
........................................................
29,856
990
The
Brink's
Co.
........................................................
4,700
557
The
Eastern
Co.
........................................................
642
15
The
GEO
Group,
Inc.(a)
..................................................
14,695
454
The
Gorman-Rupp
Co.
...................................................
2,401
195
The
Greenbrier
Cos.,
Inc.
.................................................
3,446
170
The
Manitowoc
Co.,
Inc.(a)
...............................................
3,763
52
The
Middleby
Corp.(a)
...................................................
5,145
687
The
Timken
Co.
........................................................
7,316
1,006
The
Toro
Co.
..........................................................
10,972
1,008
Titan
International,
Inc.(a)
.................................................
5,929
43
Titan
Machinery,
Inc.(a)
..................................................
2,397
41
Transcat,
Inc.(a)
........................................................
1,055
90
Trex
Co.,
Inc.(a)
........................................................
11,913
517
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
TriNet
Group,
Inc.
......................................................
5,228
$
344
Trinity
Industries,
Inc.
...................................................
9,053
283
TrueBlue,
Inc.(a)
.......................................................
3,267
23
TTEC
Holdings,
Inc.(a)(b)
................................................
2,283
6
Tutor
Perini
Corp.
......................................................
5,183
434
Twin
Disc,
Inc.
........................................................
1,467
33
UFP
Industries,
Inc.
.....................................................
6,406
556
U-Haul
Holding
Co.
.....................................................
12,586
788
UL
Solutions,
Inc.,
Class
A
................................................
8,874
813
Ultralife
Corp.(a)
.......................................................
1,109
6
UniFirst
Corp.
.........................................................
1,660
486
Universal
Logistics
Holdings,
Inc.
...........................................
807
11
Upwork,
Inc.(a)
........................................................
13,618
125
V2X,
Inc.(a)
..........................................................
3,539
319
Valmont
Industries,
Inc.
..................................................
2,214
1,066
Velo3D,
Inc.(a)(b)
......................................................
1,583
16
Verra
Mobility
Corp.,
Class
A(a)
............................................
17,393
92
Vestis
Corp.(a)
.........................................................
14,997
217
Vicor
Corp.(a)
.........................................................
2,849
591
Virgin
Galactic
Holdings,
Inc.(a)(b)
..........................................
11,567
29
Visionwave
Holdings,
Inc.(a)
..............................................
1,880
3
Voyager
Technologies,
Inc.,
Class
A(a)(b)
.....................................
5,883
144
VSE
Corp.
............................................................
3,068
596
Wabash
National
Corp.
...................................................
4,446
56
Watts
Water
Technologies,
Inc.,
Class
A
.......................................
3,138
1,085
Werner
Enterprises,
Inc.
..................................................
6,810
255
WESCO
International,
Inc.
................................................
5,514
1,894
Wheels
Up
Experience,
Inc.(a)(b)
...........................................
2,585
15
Willdan
Group,
Inc.(a)
...................................................
1,686
116
Willis
Lease
Finance
Corp.
................................................
1,161
83
WillScot
Holdings
Corp.
..................................................
20,420
496
Worthington
Enterprises,
Inc.
..............................................
3,541
199
X-Energy,
Inc.,
Class
A(a)(b)
..............................................
19,281
314
Xometry,
Inc.,
Class
A(a)
.................................................
5,489
471
York
Space
Systems,
Inc.(a)(b)
.............................................
12,050
177
Zurn
Elkay
Water
Solutions
Corp.
...........................................
17,054
861
145,251
Information
Technology
(12.4%):
8x8,
Inc.(a)
...........................................................
15,697
30
908
Devices,
Inc.(a)
.....................................................
3,263
26
A10
Networks,
Inc.
.....................................................
8,116
240
ACI
Worldwide,
Inc.(a)
..................................................
11,535
661
ACM
Research,
Inc.,
Class
A(a)
............................................
6,685
525
Adeia,
Inc.
............................................................
11,891
317
ADTRAN
Holdings,
Inc.(a)
...............................................
8,594
73
Advanced
Energy
Industries,
Inc.
...........................................
4,351
1,260
Aehr
Test
Systems(a)
....................................................
3,439
275
Aeluma,
Inc.(a)(b)
......................................................
1,569
25
Aeva
Technologies,
Inc.(a)
................................................
4,860
85
Agilysys,
Inc.(a)
.......................................................
2,972
313
AIB
Data
Centers,
Inc.(a)
.................................................
2,456
5
Alarm.com
Holdings,
Inc.(a)
...............................................
5,384
295
Alkami
Technology,
Inc.(a)(b)
..............................................
7,175
130
Allegro
MicroSystems,
Inc.(a)(b)
...........................................
14,351
596
Alpha
&
Omega
Semiconductor
Ltd.(a)
.......................................
2,783
88
Ambarella,
Inc.(a)
......................................................
4,833
416
Ambiq
Micro,
Inc.(a)
....................................................
1,897
121
Amdocs
Ltd.
..........................................................
12,119
675
American
Bitcoin
Corp.,
Class
A(a)
..........................................
2,430
13
Amkor
Technology,
Inc.
..................................................
6,975
348
AmpliTech
Group,
Inc.(a)
.................................................
2,550
12
Amplitude,
Inc.,
Class
A(a)
................................................
9,926
88
Amtech
Systems,
Inc.(a)
..................................................
1,376
21
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Appfolio,
Inc.,
Class
A(a)
.................................................
2,613
$
471
Appian
Corp.,
Class
A(a)
.................................................
4,361
118
Applied
Digital
Corp.(a)(b)
................................................
29,909
819
Applied
Optoelectronics,
Inc.(a)
............................................
8,719
822
Arlo
Technologies,
Inc.(a)
.................................................
12,201
180
Arrow
Electronics,
Inc.(a)
.................................................
5,876
1,273
Arteris,
Inc.(a)
.........................................................
4,106
123
Asana,
Inc.,
Class
A(a)(b)
.................................................
10,274
85
AstroNova,
Inc.(a)
......................................................
704
20
Atomera,
Inc.(a)
........................................................
4,209
22
Aurora
Innovation,
Inc.,
Class
A(a)(b)
........................................
141,221
911
AvePoint,
Inc.(a)
.......................................................
16,573
216
Aviat
Networks,
Inc.(a)
...................................................
1,327
27
Avnet,
Inc.
............................................................
9,388
834
Axcelis
Technologies,
Inc.(a)
..............................................
3,503
457
AXT,
Inc.(a)
..........................................................
7,225
437
Backblaze,
Inc.,
Class
A(a)
................................................
6,569
90
Badger
Meter,
Inc.
......................................................
3,351
450
Bel
Fuse,
Inc.,
Class
B
...................................................
1,537
418
Belden,
Inc.
...........................................................
4,429
549
Benchmark
Electronics,
Inc.
...............................................
4,019
321
Bentley
Systems,
Inc.,
Class
B
.............................................
13,734
487
BigBear.ai
Holdings,
Inc.(a)(b)
.............................................
54,931
153
BILL
Holdings,
Inc.(a)
...................................................
10,090
455
Bit
Digital,
Inc.(a)(b)
....................................................
39,598
52
Bitdeer
Technologies
Group,
Class
A(a)(b)
.....................................
15,117
159
BitMine
Immersion
Technologies,
Inc.
........................................
64,327
1,112
BK
Technologies
Corp.(a)
.................................................
325
26
Blackbaud,
Inc.(a)
......................................................
4,080
175
BlackLine,
Inc.(a)(b)
....................................................
5,425
170
Blend
Labs,
Inc.,
Class
A(a)
...............................................
18,163
32
Box,
Inc.,
Class
A(a)
....................................................
15,398
486
Braze,
Inc.,
Class
A(a)
...................................................
9,850
245
C3.ai,
Inc.,
Class
A(a)(b)
.................................................
15,394
141
Calix,
Inc.(a)
..........................................................
6,672
240
CCC
Intelligent
Solutions
Holdings,
Inc.(a)
....................................
63,715
388
Cellebrite
DI
Ltd.(a)
.....................................................
14,256
210
Cerence,
Inc.(a)
........................................................
4,693
40
CEVA,
Inc.(a)
.........................................................
3,116
102
Cipher
Digital,
Inc.(a)(b)
.................................................
38,496
859
Cirrus
Logic,
Inc.(a)
.....................................................
5,799
750
Cleanspark,
Inc.(a)(b)
....................................................
28,487
392
Clear
Secure,
Inc.,
Class
A
................................................
10,759
594
Clearfield,
Inc.(a)
.......................................................
1,290
39
Climb
Global
Solutions,
Inc.
...............................................
1,899
51
Coda
Octopus
Group,
Inc.(a)(b)
............................................
622
6
Cognex
Corp.
.........................................................
19,170
1,251
Cohu,
Inc.(a)
..........................................................
5,255
252
Commerce.com,
Inc.(a)
..................................................
8,106
25
Commvault
Systems,
Inc.(a)
...............................................
4,696
553
Comtech
Telecommunications
Corp.(a)
.......................................
3,088
5
Consensus
Cloud
Solutions,
Inc.(a)
..........................................
2,023
74
Core
Scientific,
Inc.(a)
...................................................
34,749
720
Corsair
Gaming,
Inc.(a)
..................................................
5,293
56
CPI
Card
Group,
Inc.(a)
..................................................
644
14
CPS
Technologies
Corp.(a)
................................................
1,801
7
Crane
NXT
Co.
........................................................
5,740
298
Crexendo,
Inc.(a)
.......................................................
2,119
15
CS
Disco,
Inc.(a)
.......................................................
2,867
11
CTS
Corp.
............................................................
3,244
208
Daily
Journal
Corp.(a)
...................................................
150
88
Daktronics,
Inc.(a)
......................................................
4,914
97
Datavault
AI,
Inc.(a)(b)
...................................................
61,229
21
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Diebold
Nixdorf,
Inc.(a)
..................................................
3,928
$
289
Digi
International,
Inc.(a)
.................................................
4,240
296
Digimarc
Corp.(a)
......................................................
1,934
13
Digital
Turbine,
Inc.(a)
...................................................
12,347
100
DigitalOcean
Holdings,
Inc.(a)
.............................................
9,711
1,141
Diodes,
Inc.(a)
.........................................................
5,191
427
Docusign,
Inc.,
Class
A(a)
.................................................
21,887
1,200
Dolby
Laboratories,
Inc.,
Class
A
...........................................
6,886
405
Domo,
Inc.,
Class
B(a)(b)
.................................................
4,355
16
Dropbox,
Inc.,
Class
A(a)
.................................................
16,076
523
Duos
Technologies
Group,
Inc.(a)
...........................................
3,198
28
D-Wave
Quantum,
Inc.(a)(b)
...............................................
41,280
746
DXC
Technology
Co.(a)
..................................................
18,153
204
Dynatrace,
Inc.(a)
......................................................
33,277
1,475
Eastman
Kodak
Co.(a)
...................................................
7,781
65
eGain
Corp.(a)
.........................................................
2,045
14
Elastic
NV(a)
..........................................................
10,431
686
Enphase
Energy,
Inc.(a)
..................................................
14,773
555
EPAM
Systems,
Inc.(a)
...................................................
5,833
616
ePlus,
Inc.
............................................................
2,964
274
Everforth,
Inc.(a)
.......................................................
4,549
129
Everspin
Technologies,
Inc.(a)
..............................................
2,148
31
Evolv
Technologies
Holdings,
Inc.(a)
.........................................
19,209
106
Extreme
Networks,
Inc.(a)
................................................
14,659
442
Fastly,
Inc.,
Class
A(a)
...................................................
16,797
381
Fatpipe,
Inc.(a)
........................................................
1,025
6
Figma,
Inc.,
Class
A(a)(b)
.................................................
22,258
541
Five9,
Inc.(a)
..........................................................
8,492
234
FormFactor,
Inc.(a)
.....................................................
8,944
950
Forward
Industries,
Inc.(a)(b)
..............................................
6,619
27
Frequency
Electronics,
Inc.(a)
..............................................
1,003
58
Freshworks,
Inc.,
Class
A(a)
...............................................
23,377
265
Gartner,
Inc.(a)
........................................................
7,467
1,128
Gitlab,
Inc.,
Class
A(a)
...................................................
16,418
567
Globant
SA(a)(b)
.......................................................
4,832
177
GoDaddy,
Inc.,
Class
A(a)
.................................................
15,103
1,250
GPGI,
Inc.,
Class
A(b)
...................................................
20,867
275
Grid
Dynamics
Holdings,
Inc.(a)
............................................
7,382
51
GSI
Technology,
Inc.(a)
..................................................
3,608
20
Guidewire
Software,
Inc.(a)
...............................................
9,536
1,449
Harmonic,
Inc.(a)
.......................................................
12,297
142
HubSpot,
Inc.(a)
.......................................................
5,678
1,348
Hut
8
Corp.(a)
.........................................................
11,787
1,269
I3
Verticals,
Inc.,
Class
A(a)
...............................................
2,137
45
Ichor
Holdings
Ltd.(a)
...................................................
3,930
296
Immersion
Corp.
.......................................................
3,139
24
Impinj,
Inc.(a)
.........................................................
3,415
517
indie
Semiconductor,
Inc.,
Class
A(a)(b)
......................................
24,195
78
Information
Services
Group,
Inc.
............................................
3,862
16
Ingram
Micro
Holding
Corp.
...............................................
5,390
152
Innoviz
Technologies
Ltd.(a)(b)
.............................................
23,820
10
Inseego
Corp.(a)(b)
.....................................................
1,797
13
Insight
Enterprises,
Inc.(a)
................................................
3,447
444
Intapp,
Inc.(a)
.........................................................
7,976
261
InterDigital,
Inc.
.......................................................
2,927
892
inTEST
Corp.(a)
.......................................................
1,256
16
IPG
Photonics
Corp.(a)
...................................................
2,940
250
Itron,
Inc.(a)
..........................................................
5,038
502
Kaltura,
Inc.(a)
........................................................
8,964
12
Keel
Infrastructure
Corp.(a)
...............................................
69,316
275
Kimball
Electronics,
Inc.(a)
...............................................
2,728
67
Klaviyo,
Inc.,
Class
A(a)
..................................................
11,961
213
Knowles
Corp.(a)
.......................................................
9,663
354
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Kopin
Corp.(a)
.........................................................
19,695
$
69
Kulicke
&
Soffa
Industries,
Inc.
.............................................
5,842
521
KVH
Industries,
Inc.(a)
..................................................
1,349
12
Kyndryl
Holdings,
Inc.(a)
.................................................
24,872
337
Lantronix,
Inc.(a)
.......................................................
4,003
22
Life360,
Inc.(a)(b)
......................................................
9,037
488
LightPath
Technologies,
Inc.,
Class
A(a)(b)
....................................
6,894
71
Lightwave
Logic,
Inc.(a)(b)
...............................................
17,602
114
Littelfuse,
Inc.
.........................................................
2,882
1,274
LiveRamp
Holdings,
Inc.(a)
...............................................
6,633
251
Magnachip
Semiconductor
Corp.(a)
..........................................
3,082
10
Manhattan
Associates,
Inc.(a)
..............................................
6,743
1,290
MARA
Holdings,
Inc.(a)(b)
...............................................
43,053
487
MaxLinear,
Inc.,
Class
A(a)
................................................
9,666
646
Methode
Electronics,
Inc.
.................................................
3,928
55
MicroVision,
Inc.(a)(b)
...................................................
37,802
10
Mirion
Technologies,
Inc.,
Class
A(a)
........................................
27,279
409
Mitek
Systems,
Inc.(a)
...................................................
4,973
83
M-Tron
Industries,
Inc.(a)
.................................................
463
38
N-able,
Inc.(a)
.........................................................
7,794
36
Napco
Security
Technologies,
Inc.
...........................................
3,977
147
Navitas
Semiconductor
Corp.,
Class
A(a)
......................................
24,384
265
nCino,
Inc.(a)
.........................................................
12,098
223
NCR
Voyix
Corp.(a)
.....................................................
15,800
131
NETGEAR,
Inc.(a)
.....................................................
2,943
71
NetScout
Systems,
Inc.(a)
.................................................
7,969
324
Netskope,
Inc.,
Class
A(a)(b)
...............................................
27,143
342
NextNav,
Inc.(a)
........................................................
9,165
120
nLight,
Inc.(a)
.........................................................
6,078
418
Novanta,
Inc.(a)
........................................................
4,085
582
Nutanix,
Inc.,
Class
A(a)
..................................................
30,465
1,798
NVE
Corp.
...........................................................
552
64
Ondas,
Inc.(a)(b)
.......................................................
58,466
438
One
Stop
Systems,
Inc.(a)
.................................................
2,517
31
OneSpan,
Inc.
.........................................................
4,199
65
Onto
Innovation,
Inc.(a)
..................................................
5,715
1,478
Ooma,
Inc.(a)
.........................................................
2,897
63
Optical
Cable
Corp.(a)(b)
.................................................
671
10
OSI
Systems,
Inc.(a)
.....................................................
1,792
397
Ouster,
Inc.(a)
.........................................................
6,926
270
PagerDuty,
Inc.(a)
......................................................
8,273
88
PAR
Technology
Corp.(a)
.................................................
4,705
80
PC
Connection,
Inc.
.....................................................
1,264
106
PDF
Solutions,
Inc.(a)
...................................................
4,233
195
Pegasystems,
Inc.
.......................................................
10,449
319
Penguin
Solutions,
Inc.(a)
.................................................
5,610
295
Photronics,
Inc.(a)
......................................................
6,541
198
Plexus
Corp.(a)
........................................................
3,049
766
Porch
Group,
Inc.(a)
.....................................................
10,068
145
Power
Integrations,
Inc.
..................................................
6,344
385
Powerfleet,
Inc.(a)
......................................................
14,422
57
Procore
Technologies,
Inc.(a)
..............................................
14,004
767
Progress
Software
Corp.(a)
................................................
4,765
193
Q2
Holdings,
Inc.(a)
.....................................................
7,001
426
Qorvo,
Inc.(a)
.........................................................
10,061
911
Qualys,
Inc.(a)
.........................................................
4,019
582
Quantum
Computing,
Inc.(a)(b)
.............................................
23,164
188
Quantum
Corp.(a)
......................................................
1,611
17
QuickLogic
Corp.(a)
....................................................
1,916
25
Rackspace
Technology,
Inc.(a)
.............................................
12,073
50
Ralliant
Corp.
.........................................................
12,902
843
Rambus,
Inc.(a)
........................................................
12,402
1,129
Rapid7,
Inc.(a)
.........................................................
7,487
72
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Red
Violet,
Inc.(a)
......................................................
1,280
$
89
Rekor
Systems,
Inc.(a)
...................................................
15,242
9
ReposiTrak,
Inc.
........................................................
1,400
12
RF
Industries
Ltd.(a)
....................................................
968
12
Ribbon
Communications,
Inc.(a)
............................................
16,421
35
Richardson
Electronics
Ltd.
...............................................
1,395
26
Rigetti
Computing,
Inc.(a)(b)
..............................................
37,638
563
Rimini
Street,
Inc.(a)
....................................................
5,350
26
RingCentral,
Inc.,
Class
A
.................................................
8,426
469
Riot
Platforms,
Inc.(a)
...................................................
40,193
811
Rogers
Corp.(a)
........................................................
2,041
252
Rubrik,
Inc.,
Class
A(a)
..................................................
17,431
1,261
Samsara,
Inc.,
Class
A(a)
.................................................
41,250
1,537
Sanmina
Corp.(a)
.......................................................
5,852
1,086
ScanSource,
Inc.(a)
.....................................................
2,295
130
SEALSQ
Corp.(a)
......................................................
24,848
59
Semtech
Corp.(a)
.......................................................
10,645
1,254
SentinelOne,
Inc.,
Class
A(a)
...............................................
36,876
703
ServiceTitan,
Inc.,
Class
A(a)
..............................................
6,442
535
SharonAI
Holdings,
Inc.,
Class
A(a)
.........................................
1,317
64
Silicon
Laboratories,
Inc.(a)
...............................................
3,727
811
Silvaco
Group,
Inc.(a)
...................................................
1,348
10
Skyworks
Solutions,
Inc.
.................................................
17,313
1,078
SmartRent,
Inc.,
Class
A(a)
................................................
20,391
21
SolarEdge
Technologies,
Inc.(a)
............................................
6,904
284
Soluna
Holdings,
Inc.(a)(b)
................................................
11,870
14
SoundHound
AI,
Inc.,
Class
A(a)(b)
..........................................
45,210
277
Sprinklr,
Inc.,
Class
A(a)
..................................................
11,947
76
Sprout
Social,
Inc.,
Class
A(a)
..............................................
5,959
51
SPS
Commerce,
Inc.(a)
...................................................
4,165
306
SRAX,
Inc.(a)(c)
.......................................................
3,374
—
Synaptics,
Inc.(a)
.......................................................
4,348
467
Telos
Corp.(a)
.........................................................
6,098
27
Tenable
Holdings,
Inc.(a)
.................................................
12,435
406
Teradata
Corp.(a)(b)
.....................................................
10,512
326
Terawulf,
Inc.(a)(b)
.....................................................
39,630
700
The
Hackett
Group,
Inc.
..................................................
2,549
27
TON
Strategy
Co.(a)
....................................................
4,699
14
Trimble,
Inc.(a)
........................................................
26,770
1,515
Trio-Tech
International(a)(b)
...............................................
790
8
TSS,
Inc.(a)
...........................................................
3,056
30
TTM
Technologies,
Inc.(a)
................................................
11,726
1,354
Tucows,
Inc.,
Class
A(a)
..................................................
1,015
16
Turtle
Beach
Corp.(a)
....................................................
1,629
20
Tyler
Technologies,
Inc.(a)
................................................
4,838
1,498
UiPath,
Inc.,
Class
A(a)
..................................................
45,293
578
Ultra
Clean
Holdings,
Inc.(a)
..............................................
5,027
419
Unisys
Corp.(a)
........................................................
7,079
20
Unity
Software,
Inc.(a)
...................................................
41,164
1,305
Universal
Display
Corp.
..................................................
4,966
398
Unusual
Machines,
Inc.(a)(b)
..............................................
4,993
106
Varonis
Systems,
Inc.,
Class
B(a)
...........................................
12,602
503
Veeco
Instruments,
Inc.(a)
.................................................
6,916
346
Veritone,
Inc.(a)
........................................................
9,084
10
Vertex,
Inc.,
Class
A(a)
...................................................
8,629
111
Via
Transportation,
Inc.,
Class
A(a)
..........................................
4,005
81
Viant
Technology,
Inc.,
Class
A(a)
...........................................
2,177
26
Viasat,
Inc.(a)(b)
.......................................................
14,927
1,148
Viavi
Solutions,
Inc.(a)
...................................................
28,030
1,036
Vishay
Intertechnology,
Inc.
...............................................
14,195
486
Vishay
Precision
Group,
Inc.(a)
.............................................
1,366
126
Vistance
Networks,
Inc.(a)
................................................
25,090
295
Vontier
Corp.
..........................................................
16,172
520
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Vuzix
Corp.(a)(b)
.......................................................
8,132
$
19
Weave
Communications,
Inc.(a)
............................................
7,295
48
WidePoint
Corp.(a)
.....................................................
943
10
Wolfspeed,
Inc.(a)(b)
....................................................
3,321
78
Workiva,
Inc.,
Class
A(a)
.................................................
5,787
346
Xerox
Holdings
Corp.(b)
.................................................
13,003
38
Xperi,
Inc.(a)
..........................................................
5,008
39
Yext,
Inc.(a)
...........................................................
10,142
55
Zebra
Technologies
Corp.(a)
...............................................
5,450
1,601
Zeta
Global
Holdings
Corp.,
Class
A(a)
.......................................
25,600
553
100,563
Materials
(4.3%):
AdvanSix,
Inc.
.........................................................
2,981
60
Algoma
Steel
Group,
Inc.(a)
...............................................
11,223
43
Alpha
Metallurgical
Resources,
Inc.(a)
........................................
1,187
163
Alto
Ingredients,
Inc.(a)
..................................................
7,926
38
American
Battery
Technology
Co.(a)(b)
.......................................
15,199
32
Ampco-Pittsburgh
Corp.(a)
................................................
1,620
13
AptarGroup,
Inc.
.......................................................
7,278
975
Ardagh
Metal
Packaging
SA
...............................................
15,860
75
Arq,
Inc.(a)
...........................................................
3,694
7
Arras
Minerals
Corp.(a)
..................................................
4,451
5
Ascent
Industries
Co.(a)
..................................................
921
14
Ashland,
Inc.
..........................................................
5,221
379
ASP
Isotopes,
Inc.(a)(b)
..................................................
13,059
52
Aspen
Aerogels,
Inc.(a)
..................................................
8,022
37
Atlas
Lithium
Corp.(a)
...................................................
2,458
7
Aura
Minerals,
Inc.
.....................................................
4,062
222
Avery
Dennison
Corp.
...................................................
8,786
1,491
Avient
Corp.
..........................................................
10,487
381
Axalta
Coating
Systems
Ltd.(a)
.............................................
24,626
882
Balchem
Corp.
.........................................................
3,695
619
Ball
Corp.
............................................................
30,699
1,992
Cabot
Corp.
...........................................................
5,865
516
Celanese
Corp.,
Class
A
..................................................
12,631
565
Century
Aluminum
Co.(a)
.................................................
7,894
353
CF
Industries
Holdings,
Inc.
...............................................
17,667
2,212
Clearwater
Paper
Corp.(a)
.................................................
1,769
37
Cleveland-Cliffs,
Inc.(a)
..................................................
65,265
752
Commercial
Metals
Co.
..................................................
12,714
874
Compass
Minerals
International,
Inc.(a)
.......................................
3,721
109
Contango
Silver
&
Gold,
Inc.(a)
............................................
3,214
50
Core
Molding
Technologies,
Inc.(a)
..........................................
929
22
Critical
Metals
Corp.(a)(b)
................................................
6,671
37
Crown
Holdings,
Inc.
....................................................
12,797
1,508
Dakota
Gold
Corp.(a)
....................................................
13,213
60
Eagle
Materials,
Inc.
.....................................................
3,530
723
Eastman
Chemical
Co.
...................................................
13,089
916
Ecovyst,
Inc.(a)
........................................................
12,369
149
Eightco
Holdings,
Inc.(a)(b)
...............................................
39,043
24
Element
Solutions,
Inc.
...................................................
26,362
968
Flotek
Industries,
Inc.(a)(b)
................................................
2,315
55
FMC
Corp.
...........................................................
14,292
153
Friedman
Industries,
Inc.
.................................................
770
26
Graphic
Packaging
Holding
Co.
............................................
33,675
361
Greif,
Inc.,
Class
A
......................................................
2,800
242
H.B.
Fuller
Co.
........................................................
6,272
347
Hawkins,
Inc.
.........................................................
2,211
283
Hecla
Mining
Co.
.......................................................
76,942
1,086
Huntsman
Corp.
........................................................
19,056
186
Hycroft
Mining
Holding
Corp.,
Class
A(a)(b)
...................................
5,690
111
Idaho
Strategic
Resources,
Inc.(a)
...........................................
1,726
49
Ingevity
Corp.(a)
.......................................................
3,965
290
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Innospec,
Inc.
.........................................................
2,801
$
241
Intrepid
Potash,
Inc.(a)
...................................................
1,258
43
Kaiser
Aluminum
Corp.
..................................................
1,845
295
Knife
River
Corp.(a)
....................................................
6,532
478
Koppers
Holdings,
Inc.
...................................................
2,090
103
Louisiana-Pacific
Corp.
..................................................
7,967
577
LSB
Industries,
Inc.(a)
...................................................
6,283
68
Magnera
Corp.(a)
.......................................................
4,092
54
Materion
Corp.
........................................................
2,359
497
Mativ
Holdings,
Inc.
.....................................................
6,233
54
McEwen,
Inc.(a)
.......................................................
5,915
102
Metallus,
Inc.(a)
........................................................
4,078
82
Minerals
Technologies,
Inc.
................................................
3,533
269
MP
Materials
Corp.(a)(b)
.................................................
16,689
690
Myers
Industries,
Inc.
....................................................
4,279
146
NewMarket
Corp.
......................................................
859
730
Novusterra,
Inc.(a)(c)
....................................................
579
—
O-I
Glass,
Inc.(a)
.......................................................
17,411
125
Olin
Corp.
............................................................
13,086
242
Orion
SA
.............................................................
6,265
42
Paramount
Gold
Nevada
Corp.(a)
...........................................
7,124
8
Perimeter
Solutions,
Inc.(a)
................................................
17,153
525
Perpetua
Resources
Corp.(a)(b)
.............................................
13,352
246
PureCycle
Technologies,
Inc.(a)(b)
..........................................
20,308
129
Quaker
Chemical
Corp.
..................................................
1,567
252
Ramaco
Resources,
Inc.,
Class
A(a)
..........................................
5,331
49
Ranpak
Holdings
Corp.,
Class
A(a)
..........................................
8,449
43
Rayonier
Advanced
Materials,
Inc.(a)
........................................
6,999
63
REalloys,
Inc.(a)(b)
.....................................................
6,490
57
RPM
International,
Inc.
..................................................
14,528
1,556
Ryerson
Holding
Corp.
...................................................
4,600
128
Sensient
Technologies
Corp.
...............................................
4,858
601
Silgan
Holdings,
Inc.
....................................................
10,928
437
Smith-Midland
Corp.(a)
..................................................
528
14
Solstice
Advanced
Materials,
Inc.
...........................................
18,299
1,101
Sonoco
Products
Co.
....................................................
11,289
636
Stepan
Co.
............................................................
2,496
160
SunCoke
Energy,
Inc.
....................................................
9,699
82
Suncrete,
Inc.,
Class
A(a)(b)
...............................................
4,432
75
Sylvamo
Corp.
.........................................................
3,803
142
The
Chemours
Co.
......................................................
17,217
286
The
Mosaic
Co.
........................................................
36,636
810
The
Scotts
Miracle-Gro
Co.
...............................................
5,137
337
TMC
the
metals
Co.,
Inc.(a)(b)
.............................................
24,611
88
Tredegar
Corp.(a)
.......................................................
3,663
28
TriMas
Corp.
..........................................................
3,111
124
Tronox
Holdings
PLC
...................................................
13,681
80
U.S.
Gold
Corp.(a)(b)
....................................................
1,612
21
United
States
Antimony
Corp.(a)(b)
..........................................
15,366
78
United
States
Lime
&
Minerals,
Inc.
.........................................
1,241
137
US
Goldmining,
Inc.(a)(b)
................................................
279
2
USA
Rare
Earth,
Inc.(a)
..................................................
23,296
348
Vista
Gold
Corp.(a)(b)
...................................................
16,331
28
Warrior
Met
Coal,
Inc.
...................................................
5,977
475
Westlake
Corp.
........................................................
3,844
271
Worthington
Steel,
Inc.
...................................................
3,753
135
34,941
Real
Estate
(8.0%):
Acadia
Realty
Trust
.....................................................
15,354
345
AGNT,
Inc.
...........................................................
11,021
45
Agree
Realty
Corp.
.....................................................
13,582
1,057
AH
Realty
Trust,
Inc.
....................................................
8,657
60
Alexander's,
Inc.
.......................................................
245
62
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Alexandria
Real
Estate
Equities,
Inc.
.........................................
19,702
$
1,014
Alpine
Income
Property
Trust,
Inc.
..........................................
1,755
35
American
Assets
Trust,
Inc.
................................................
5,430
128
American
Healthcare
REIT,
Inc.
............................................
22,026
1,225
American
Homes
4
Rent,
Class
A
...........................................
38,173
1,276
Americold
Realty
Trust,
Inc.
...............................................
32,927
464
AMREP
Corp.(a)
.......................................................
275
6
Apartment
Investment
and
Management
Co.(a)
..................................
16,223
44
Apple
Hospitality
REIT,
Inc.
...............................................
25,272
417
Belpointe
Prep
LLC,
Class
A(a)
............................................
451
20
Braemar
Hotels
&
Resorts,
Inc.
.............................................
6,038
14
Brandywine
Realty
Trust
.................................................
19,132
58
Brixmor
Property
Group,
Inc.
..............................................
35,031
1,104
Broadstone
Net
Lease,
Inc.,
Class
A
..........................................
21,919
469
BRT
Apartments
Corp.
...................................................
1,176
17
BXP,
Inc.
.............................................................
18,350
1,287
Camden
Property
Trust
...................................................
11,305
1,253
CareTrust
REIT,
Inc.
....................................................
27,099
1,136
CBL
&
Associates
Properties,
Inc.
...........................................
2,981
175
Centerspace
...........................................................
1,931
106
Chatham
Lodging
Trust
..................................................
5,236
70
Chiron
Real
Estate,
Inc.
..................................................
1,390
49
Community
Healthcare
Trust,
Inc.
...........................................
3,103
57
Compass,
Inc.,
Class
A(a)
.................................................
79,619
907
Comstock
Holding
Cos.,
Inc.,
Class
A(a)
......................................
426
6
COPT
Defense
Properties
.................................................
13,064
496
CoStar
Group,
Inc.(a)
....................................................
46,465
1,336
Cousins
Properties,
Inc.
..................................................
18,775
592
CTO
Realty
Growth,
Inc.
.................................................
3,724
82
CubeSmart
...........................................................
25,897
1,074
Curbline
Properties
Corp.
.................................................
11,131
341
Cushman
&
Wakefield
Ltd.(a)
..............................................
53,394
716
DiamondRock
Hospitality
Co.
..............................................
23,330
309
Diversified
Healthcare
Trust
...............................................
25,150
224
Douglas
Elliman,
Inc.(a)
..................................................
8,165
14
Douglas
Emmett,
Inc.
....................................................
18,586
220
Easterly
Government
Properties,
Inc.,
Class
A
..................................
5,029
122
EastGroup
Properties,
Inc.
................................................
6,150
1,285
Elme
Communities(a)
....................................................
10,106
16
Empire
State
Realty
Trust,
Inc.,
Class
A
.......................................
16,322
83
EPR
Properties
........................................................
8,629
536
Equity
LifeStyle
Properties,
Inc.
............................................
22,159
1,442
Essential
Properties
Realty
Trust,
Inc.
........................................
24,855
778
Farmland
Partners,
Inc.
...................................................
4,644
43
Federal
Realty
Investment
Trust
............................................
9,884
1,226
Fermi,
Inc.(a)
..........................................................
31,537
179
First
Industrial
Realty
Trust,
Inc.
............................................
15,180
999
Five
Point
Holdings
LLC,
Class
A(a)
.........................................
5,834
30
Forestar
Group,
Inc.(a)
...................................................
2,173
61
Four
Corners
Property
Trust,
Inc.
............................................
12,521
320
FrontView
REIT,
Inc.
....................................................
2,474
50
FRP
Holdings,
Inc.(a)
....................................................
1,650
37
Gaming
and
Leisure
Properties,
Inc.
.........................................
31,318
1,403
Getty
Realty
Corp.
......................................................
6,723
229
Gladstone
Commercial
Corp.
..............................................
5,521
69
Gladstone
Land
Corp.(b)
.................................................
4,685
38
Global
Net
Lease,
Inc.
...................................................
21,765
190
Healthcare
Realty
Trust,
Inc.,
Class
A
........................................
39,724
835
Healthpeak
Properties,
Inc.
................................................
79,467
1,735
Highwoods
Properties,
Inc.
................................................
12,578
417
Host
Hotels
&
Resorts,
Inc.
................................................
77,902
1,958
Howard
Hughes
Holdings,
Inc.(a)(b)
.........................................
6,809
435
Hudson
Pacific
Properties,
Inc.(a)
...........................................
6,116
84
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Independence
Realty
Trust,
Inc.
.............................................
27,043
$
450
Industrial
Logistics
Properties
Trust
..........................................
6,349
55
Innovative
Industrial
Properties,
Inc.,
Class
A
...................................
3,262
192
InvenTrust
Properties
Corp.
...............................................
8,924
316
Janus
Living,
Inc.,
Class
A
................................................
5,455
165
JBG
SMITH
Properties
...................................................
6,700
94
Jones
Lang
LaSalle,
Inc.(a)
................................................
5,311
1,885
Kilroy
Realty
Corp.
.....................................................
13,289
516
Kimco
Realty
Corp.
.....................................................
75,859
1,933
Kite
Realty
Group
Trust
..................................................
23,013
659
Lamar
Advertising
Co.,
Class
A
.............................................
9,980
1,596
Landbridge
Co.
LLC,
Class
A(b)
............................................
2,767
214
Lineage,
Inc.
..........................................................
8,214
348
LTC
Properties,
Inc.
.....................................................
5,780
232
LXP
Industrial
Trust
.....................................................
6,587
399
Marcus
&
Millichap,
Inc.
.................................................
2,580
79
Maui
Land
&
Pineapple
Co.,
Inc.(a)
..........................................
795
14
Medical
Properties
Trust,
Inc.(b)
............................................
56,827
263
Millrose
Properties,
Inc.
..................................................
17,620
493
Modiv
Industrial,
Inc.,
Class
C
.............................................
1,093
19
National
Health
Investors,
Inc.
.............................................
5,469
419
NET
Lease
Office
Properties
...............................................
1,700
20
NETSTREIT
Corp.(b)
...................................................
11,133
239
Newmark
Group,
Inc.,
Class
A
.............................................
17,140
257
NexPoint
Diversified
Real
Estate
Trust
........................................
5,151
23
NexPoint
Residential
Trust,
Inc.
............................................
2,371
62
NNN
REIT,
Inc.
........................................................
21,806
1,036
Omega
Healthcare
Investors,
Inc.
...........................................
34,322
1,738
One
Liberty
Properties,
Inc.
...............................................
1,798
44
Opendoor
Technologies,
Inc.(a)(b)
...........................................
93,094
351
Orion
Properties,
Inc.
....................................................
6,080
16
Outfront
Media,
Inc.
.....................................................
18,885
602
Park
Hotels
&
Resorts,
Inc.
................................................
21,177
319
Pebblebrook
Hotel
Trust
..................................................
12,771
244
Phillips
Edison
&
Co.,
Inc.
................................................
14,480
615
Piedmont
Realty
Trust,
Inc.,
Class
A(a)
.......................................
14,264
138
Postal
Realty
Trust,
Inc.,
Class
A
............................................
2,988
69
Rayonier,
Inc.
.........................................................
34,356
748
RE/MAX
Holdings,
Inc.,
Class
A(a)
.........................................
1,860
17
Regency
Centers
Corp.
...................................................
21,058
1,691
Rexford
Industrial
Realty,
Inc.
..............................................
26,002
982
RLJ
Lodging
Trust
......................................................
15,244
187
Ryman
Hospitality
Properties,
Inc.
...........................................
7,068
945
Sabra
Health
Care
REIT,
Inc.
..............................................
28,746
608
Safehold,
Inc.
.........................................................
5,675
92
Saul
Centers,
Inc.
.......................................................
1,519
52
Seaport
Entertainment
Group,
Inc.(a)(b)
.......................................
1,435
38
Seritage
Growth
Properties,
Class
A(a)
........................................
4,340
10
Service
Properties
Trust
..................................................
14,830
119
SITE
Centers
Corp.
.....................................................
5,758
25
SL
Green
Realty
Corp.
...................................................
8,201
434
Smartstop
Self
Storage
REIT,
Inc.
...........................................
6,375
214
STAG
Industrial,
Inc.
....................................................
22,076
845
Stratus
Properties,
Inc.(b)
.................................................
746
15
Strawberry
Fields
REIT,
Inc.
...............................................
947
13
Summit
Hotel
Properties,
Inc.
..............................................
11,746
81
Sunstone
Hotel
Investors,
Inc.
..............................................
21,209
250
Tanger,
Inc.
...........................................................
12,953
527
Tejon
Ranch
Co.(a)
.....................................................
2,871
49
Terreno
Realty
Corp.
....................................................
12,026
862
The
Macerich
Co.
......................................................
32,146
831
The
RMR
Group,
Inc.,
Class
A
.............................................
1,786
34
The
St.
Joe
Co.
........................................................
6,544
407
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
UDR,
Inc.
............................................................
37,288
$
1,423
UMH
Properties,
Inc.
....................................................
9,233
139
Universal
Health
Realty
Income
Trust
........................................
1,471
64
Urban
Edge
Properties
...................................................
14,557
330
Vornado
Realty
Trust
....................................................
20,124
793
WP
Carey,
Inc.
.........................................................
25,469
1,874
Xenia
Hotels
&
Resorts,
Inc.
...............................................
10,588
218
Zillow
Group,
Inc.,
Class
C(a)
..............................................
23,306
794
64,735
Utilities
(2.3%):
American
States
Water
Co.
................................................
4,484
384
Artesian
Resources
Corp.,
Class
A
...........................................
1,050
36
Avista
Corp.
..........................................................
9,459
383
Black
Hills
Corp.
.......................................................
8,755
623
Cadiz,
Inc.(a)(b)
........................................................
6,454
19
California
Water
Service
Group
.............................................
6,865
344
Chesapeake
Utilities
Corp.
................................................
2,730
363
Clearway
Energy,
Inc.,
Class
C
.............................................
13,787
437
Consolidated
Water
Co.
Ltd.,
Class
OR
.......................................
1,741
51
Essential
Utilities,
Inc.
...................................................
32,713
1,304
Genie
Energy
Ltd.,
Class
B
................................................
1,537
21
Global
Water
Resources,
Inc.
..............................................
1,569
11
H2O
America(b)
.......................................................
4,511
277
Hallador
Energy
Co.(a)
...................................................
4,078
58
Hawaiian
Electric
Industries,
Inc.(a)
.........................................
19,897
257
IDACORP,
Inc.(b)
......................................................
6,385
912
MDU
Resources
Group,
Inc.
...............................................
23,467
468
MGE
Energy,
Inc.
......................................................
4,349
346
Middlesex
Water
Co.
....................................................
2,037
117
Montauk
Renewables,
Inc.(a)
..............................................
4,816
8
National
Fuel
Gas
Co.
...................................................
10,833
892
New
Jersey
Resources
Corp.
...............................................
11,603
672
Northwest
Natural
Holding
Co.
.............................................
4,818
236
Northwestern
Energy
Group,
Inc.
...........................................
7,060
485
OGE
Energy
Corp.
......................................................
23,745
1,124
Oklo,
Inc.,
Class
A(a)(b)
..................................................
16,915
657
ONE
Gas,
Inc.
.........................................................
7,181
558
Ormat
Technologies,
Inc.
.................................................
6,734
657
Otter
Tail
Corp.
........................................................
4,415
390
Pinnacle
West
Capital
Corp.
...............................................
13,987
1,413
Portland
General
Electric
Co.
..............................................
13,312
657
Pure
Cycle
Corp.(a)
.....................................................
2,565
27
ReNew
Energy
Global
PLC(a)
.............................................
11,084
69
RGC
Resources,
Inc.
....................................................
960
21
Solv
Energy,
Inc.,
Class
A(a)(b)
.............................................
2,891
82
Southwest
Gas
Holdings,
Inc.
..............................................
8,312
743
Spire,
Inc.
............................................................
6,672
533
The
AES
Corp.
........................................................
81,961
1,203
The
York
Water
Co.
.....................................................
1,853
57
TXNM
Energy,
Inc.
.....................................................
12,681
734
UGI
Corp.
............................................................
24,759
894
Unitil
Corp.
...........................................................
2,034
110
18,633
Total
Common
Stocks
(Cost
$478,627)
a
a
a
806,689
Rights
(0.0%)(f)
Financials
(0.0%):(f)
Spectrum
Pharmaceuticals,
Inc.,
CVR,
expiring
6/14/30(a)(c)
.......................
20,024
—
Sycamore
Partners
LLC,
CVR,
expiring
8/29/29(a)(c)
.............................
83,950
45
45
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(d)
Rounds
to
less
than
$1
thousand.
(e)
Affiliated
security.
Security
Description
Shares
a
Value
(000)
Health
Care
(0.0%):(f)
Akouos,
Inc.,
CVR,
expiring
6/14/30(a)(c)
.....................................
2,413
$
2
Albireo
Pharma,
Inc.,
CVR,
expiring
3/2/27(a)(c)
................................
2,070
5
Applied
Genetics,
CVR,
expiring
6/14/30(a)(c)
..................................
7,439
—(d)
AstraZeneca
PLC,
CVR,
expiring
6/14/30(a)(c)
.................................
4,321
1
Carisma
Therapeutics,
Inc.,
CVR,
expiring
1/4/27(a)(c)
............................
22,411
—
Cartesian
Therapeutics,
Inc.,
RTS,
expiring
1/11/27(a)(c)
...........................
14,929
3
Checkpoint
Therapeutics,
Inc.,
CVR,
expiring
6/4/29(a)(c)
.........................
3,863
1
Chinook
Therapeutics,
Inc.,
RTS,
expiring
6/14/30(a)(c)
...........................
5,192
5
Coherus
Biosciences,
Inc.,
CVR,
expiring
9/12/28(a)(c)
...........................
5,561
1
Concentra
Biosciences,
CVR,
expiring
8/20/29(a)(c)
..............................
3,564
—(d)
Concert
Pharmaceuticals,
Inc.,
CVR,
expiring
3/4/27(a)(c)
.........................
5,168
2
Epizyme,
Inc.,
CVR,
expiring
12/31/26(a)(c)
...................................
15,309
—
Flexion
Therapeutics,
Inc.,
CVR,
expiring
6/14/30(a)(b)(c)
.........................
6,526
—(d)
F-star
Therapeutics,
Inc.,
CVR,
expiring
12/30/49(a)(c)
............................
1,298
—(d)
Imara,
Inc.,
CVR,
expiring
1/4/27(a)(c)
.......................................
1,789
1
Inhibrx,
Inc.,
CVR,
expiring
6/2/28(a)(c)
......................................
4,624
3
Magenta
Therapeutics,
Inc.,
RTS,
expiring
1/11/27(a)(c)
...........................
4,843
—(d)
MannKind
Corp.,
CVR,
expiring
10/8/29(a)(c)
..................................
4,175
1
MediPacific,
Inc.,
CVR,
expiring
6/14/30(a)(c)
..................................
5,536
—(d)
Mersana
Therapeutics,
Inc.,
CVR,
expiring
1/7/30(a)(c)
...........................
448
2
Novartis
AG,
CVR,
expiring
12/31/26(a)(c)
....................................
6,837
8
Novo
Nordisk,
CVR,
expiring
6/30/31(a)(c)
....................................
8,051
5
Ocuphire
Pharma,
Inc.,
CVR,
expiring
11/5/35(a)(c)
..............................
168
—(d)
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares,
expiring
11/1/27(a)(c)(g)
..............
698
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares,
expiring
11/1/27(a)(c)(g)
..............
698
—
Opiant
Pharma,
Inc.,
CVR,
expiring
6/14/30(a)(c)
................................
533
—(d)
Paratek
Pharmaceuticals,
Inc.,
CVR,
expiring
1/5/27(a)(b)(c)
........................
5,165
1
Pfizer,
Inc.,
CVR,
expiring
12/31/27(a)(c)
.....................................
5,320
26
Prevail
Therapeutics,
Inc.,
CVR,
expiring
12/4/28(a)(c)
............................
4,938
2
Supernus
Pharmaceuticals,
CVR,
expiring
12/31/26(a)(c)
..........................
6,407
1
Verve
Therapeutics,
Inc.,
RTS,
expiring
12/31/26(a)(c)
............................
7,841
5
Vigil
Neuroscience,
Inc.,
CVR,
expiring
12/31/26(a)(c)
............................
3,386
—(d)
Zimmer
Biomet
Holdings,
Inc.,
CVR,
expiring
1/4/27(a)(c)
.........................
5,527
1
Zynerba
Pharmaceuticals,
Inc.,
CVR,
expiring
6/14/30(a)(b)(c)
......................
5,691
1
77
Total
Rights
(Cost
$7)
a
a
a
122
Warrants
(0.0%)
Information
Technology
(0.0%):
Datavault
AI,
Inc.,
expiring
7/1/31(a)(c)
.......................................
454
—
Total
Warrants
(Cost
$—)
a
a
a
—
Short-Term
Investments
(3.7%)
Collateral
for
Securities
Loaned
(3.7%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(h)
........
7,424,993
7,425
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.60%(h)
............
7,424,993
7,425
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.66%(h)
...............
7,424,993
7,425
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.59%(h)
.
7,424,993
7,425
29,700
Total
Short-Term
Investments
(Cost
$29,700)
a
a
a
29,700
Total
Investments
(Cost
$508,334)
—
103.4%
836,511
Liabilities
in
excess
of
other
assets
—  (3.4)%
(27,541)
NET
ASSETS
-
100.00%
$
808,970
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
The
following
table
details
the
earliest
acquisition
date,
cost,
and
market
value
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
July
31,
2026
(amounts
in
thousands):
(h)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
Security
Name
Acquisition
Date
Cost
Value
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
.............................
11/3/22
$
—
$
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
.............................
11/3/22
—
—
Total
(–%
of
net
assets)
$—
$—
AMBAC
—
American
Municipal
Bond
Assurance
Corporation
CVR
—
Contingent
Value
Right
LLC
—
Limited
Liability
Company
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
E-Mini
Russell
2000
Index
Futures
..........
16
9/18/26
$
2,368
$
2,350
$
(18)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(18)
Total
net
unrealized
appreciation
(depreciation)
$
(18)
Affiliated
Holdings
(Amounts
in
thousands,
except
Shares)
Fair
Value
4/30/2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2026
Shares
Dividend
Income
Capital
Gain
Distributions
Victory
Capital
Holdings,
Inc.,
Class
A
..............
$
479
$
16
$
(2)
$
—*
$
127
$
620
6,259
$
3
$
—
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
126
(Unaudited)
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.8%)
Communication
Services
(13.6%):
Alphabet,
Inc.,
Class
A
...................................................
864,470
$
307,864
Alphabet,
Inc.,
Class
C
...................................................
810,411
289,033
Comcast
Corp.,
Class
A
..................................................
1,460,576
34,995
Electronic
Arts,
Inc.
.....................................................
102,882
21,591
Meta
Platforms,
Inc.,
Class
A
..............................................
438,126
243,909
Netflix,
Inc.(a)
.........................................................
1,726,953
123,840
Space
Exploration
Technologies
Corp.,
Class
A(a)(b)
.............................
787,575
85,349
Take-Two
Interactive
Software,
Inc.(a)
........................................
76,357
18,549
T-Mobile
US,
Inc.
......................................................
445,004
76,857
Warner
Bros
Discovery,
Inc.(a)
.............................................
1,027,165
27,014
1,229,001
Communications
Equipment
(2.4%):
Cisco
Systems,
Inc.
.....................................................
1,623,374
188,295
Lumentum
Holdings,
Inc.(a)
...............................................
31,936
22,800
211,095
Consumer
Discretionary
(11.2%):
Airbnb,
Inc.,
Class
A(a)
..................................................
172,836
26,188
Amazon.com,
Inc.(a)
....................................................
1,602,035
435,081
Booking
Holdings,
Inc.
...................................................
318,372
61,414
DoorDash
,
Inc.,
Class
A(a)
................................................
168,622
33,077
Marriott
International,
Inc.,
Class
A
..........................................
107,533
40,092
MercadoLibre
,
Inc.(a)
....................................................
20,708
38,889
O'Reilly
Automotive,
Inc.(a)
...............................................
341,180
30,484
PDD
Holdings,
Inc.,
ADR(a)
...............................................
276,042
24,446
Ross
Stores,
Inc.
.......................................................
132,212
33,194
Starbucks
Corp.
........................................................
467,933
49,250
Tesla,
Inc.(a)
..........................................................
748,627
232,980
1,005,095
Consumer
Staples
(6.6%):
Coca-Cola
Europacific
Partners
PLC
.........................................
181,760
19,896
Costco
Wholesale
Corp.
..................................................
181,507
172,775
Keurig
Dr.
Pepper,
Inc.
...................................................
558,562
17,382
Mondelez
International,
Inc.,
Class
A
.........................................
525,826
32,764
Monster
Beverage
Corp.(a)
................................................
400,324
38,583
PepsiCo,
Inc.
..........................................................
556,933
77,726
The
Kraft
Heinz
Co.
.....................................................
484,839
12,533
Walmart,
Inc.
..........................................................
2,018,201
224,424
596,083
Energy
(0.5%):
Baker
Hughes
Co.,
Class
A
................................................
405,979
24,558
Diamondback
Energy,
Inc.
................................................
115,071
23,353
47,911
Financials
(0.2%):
PayPal
Holdings,
Inc.
....................................................
360,074
20,600
Health
Care
(3.8%):
Alnylam
Pharmaceuticals,
Inc.(a)
...........................................
54,370
11,174
Amgen,
Inc.
...........................................................
220,494
84,925
Dexcom,
Inc.(a)
........................................................
156,101
13,027
GE
HealthCare
Technologies,
Inc.
...........................................
184,793
12,570
Gilead
Sciences,
Inc.
....................................................
507,623
66,098
IDEXX
Laboratories,
Inc.(a)
...............................................
32,215
18,010
Intuitive
Surgical,
Inc.(a)
.................................................
142,693
50,418
Regeneron
Pharmaceuticals,
Inc.
............................................
41,975
32,011
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
103,773
49,510
337,743
Industrials
(3.8%):
Automatic
Data
Processing,
Inc.
............................................
162,706
43,355
Axon
Enterprise,
Inc.(a)
..................................................
32,930
17,379
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Cintas
Corp.
..........................................................
163,304
$
33,417
Copart,
Inc.(a)
.........................................................
378,220
11,014
CSX
Corp.
............................................................
760,689
38,339
Fastenal
Co.
...........................................................
468,540
22,354
Ferrovial
SE
..........................................................
295,058
19,208
Honeywell
Aerospace,
Inc.(a)
..............................................
133,934
27,689
Honeywell
International,
Inc.
..............................................
129,558
31,489
Old
Dominion
Freight
Line,
Inc.
............................................
85,236
18,082
PACCAR,
Inc.
.........................................................
213,949
28,387
Paychex,
Inc.
..........................................................
145,870
17,043
Rocket
Lab
Corp.(a)
.....................................................
242,122
15,726
Thomson
Reuters
Corp.(b)
................................................
155,131
15,223
338,705
IT
Services
(0.8%):
CoreWeave
,
Inc.,
Class
A(a)
...............................................
183,972
13,204
Shopify,
Inc.,
Class
A(a)
..................................................
499,009
58,459
71,663
Materials
(1.0%):
Linde
PLC
............................................................
189,088
90,456
Semiconductors
&
Semiconductor
Equipment
(31.5%):
Advanced
Micro
Devices,
Inc.(a)
............................................
674,612
321,216
Analog
Devices,
Inc.
....................................................
199,822
73,417
Applied
Materials,
Inc.
...................................................
328,207
166,621
ARM
Holdings
PLC,
ADR(a)
..............................................
175,262
42,008
ASML
Holding
NV,
Registered
Shares,
NYS
...................................
37,868
61,687
Astera
Labs,
Inc.(a)
.....................................................
71,600
22,284
Broadcom,
Inc.
........................................................
701,361
273,026
Intel
Corp.(a)
..........................................................
2,081,625
187,762
KLA
Corp.
...........................................................
542,769
99,229
Lam
Research
Corp.
.....................................................
522,496
153,102
Marvell
Technology,
Inc.
.................................................
364,453
68,357
Microchip
Technology,
Inc.
................................................
223,930
16,636
Micron
Technology,
Inc.
..................................................
466,566
383,998
Monolithic
Power
Systems,
Inc.
............................................
20,359
29,032
NVIDIA
Corp.
.........................................................
3,609,942
724,696
NXP
Semiconductors
NV
.................................................
104,037
23,841
QUALCOMM,
Inc.
.....................................................
434,099
64,077
Teradyne,
Inc.
.........................................................
65,924
24,240
Texas
Instruments,
Inc.
...................................................
373,348
102,947
2,838,176
Software
(13.1%):
Adobe,
Inc.(a)
.........................................................
165,070
41,335
AppLovin
Corp.,
Class
A(a)
...............................................
125,740
49,781
Autodesk,
Inc.(a)
.......................................................
86,052
20,153
Cadence
Design
Systems,
Inc.(a)
............................................
113,821
38,701
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
422,442
80,627
Datadog,
Inc.,
Class
A(a)
.................................................
136,532
36,587
Fortinet,
Inc.(a)
........................................................
301,232
48,785
Intuit,
Inc.
............................................................
111,158
35,134
Microsoft
Corp.
........................................................
1,105,130
513,576
Nebius
Group
NV,
Class
A(a)(b)
............................................
93,217
17,749
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
950,040
116,912
Palo
Alto
Networks,
Inc.(a)
................................................
335,528
111,338
Roper
Technologies,
Inc.
..................................................
41,073
16,099
Strategy,
Inc.,
Class
A(a)
..................................................
133,435
12,447
Synopsys,
Inc.(a)
.......................................................
78,909
30,677
Workday,
Inc.,
Class
A(a)
.................................................
80,739
12,946
1,182,847
Technology
Hardware,
Storage
&
Peripherals
(10.1%):
Apple,
Inc.
...........................................................
2,201,064
679,931
Sandisk
Corp.(a)
.......................................................
61,268
74,430
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Seagate
Technology
Holdings
PLC
..........................................
93,220
$
79,808
Western
Digital
Corp.
....................................................
142,695
77,746
911,915
Utilities
(1.2%):
American
Electric
Power
Co.,
Inc.
...........................................
222,300
28,421
Constellation
Energy
Corp.
................................................
148,399
38,992
Exelon
Corp.
..........................................................
419,689
19,230
Xcel
Energy,
Inc.
.......................................................
255,880
20,010
106,653
Total
Common
Stocks
(Cost
$2,783,156)
a
a
a
8,987,943
Short-Term
Investments
(1.3%)
Collateral
for
Securities
Loaned
(1.3%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(c)
........
29,190,471
29,190
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.60%(c)
............
29,190,471
29,191
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.66%(c)
...............
29,190,471
29,191
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.59%(c)
.
29,190,471
29,190
116,762
Total
Short-Term
Investments
(Cost
$116,762)
a
a
a
116,762
Total
Investments
(Cost
$2,899,918)
—
101.1%
9,104,705
Liabilities
in
excess
of
other
assets
—  (1.1)%
(95,505)
NET
ASSETS
-
100.00%
$
9,009,200
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ADR
—
American
Depositary
Receipt
NYS
—
New
York
Registered
Shares
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
NASDAQ
100
E-Mini
Futures
.........
39
9/18/26
$
22,817
$
22,155
$
(662)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(662)
Total
net
unrealized
appreciation
(depreciation)
$
(662)
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Income
Fund
129
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(12.1%)
ABS
Auto
(5.9%):
Ally
Auto
Receivables
Trust,
Series
2024-1,
Class
C,
5.41%,
11/15/29,
Callable
8/15/27
@
100
$
1,500
$
1,509
ARI
Fleet
Lease
Trust
....................................................
Series
2024-B,
Class
B,
5.39%,
4/15/33,
Callable
10/15/27
@
100(a)
..............
1,100
1,112
Series
2025-A,
Class
A3,
4.46%,
1/17/34,
Callable
10/15/28
@
100(a)
.............
1,000
997
AutoNation
Finance
Trust,
Series
2026-1A,
Class
B,
4.42%,
6/11/31,
Callable
2/11/29
@
100(a)
...........................................................
2,000
1,972
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2023-6A,
Class
C,
7.03%,
12/20/29,
Callable
12/20/28
@
100(a)
............
4,000
4,109
Series
2026-1A,
Class
B,
4.57%,
8/20/30,
Callable
8/20/29
@
100(a)
..............
1,660
1,624
BofA
Auto
Trust,
Series
2024-1A,
Class
A4,
5.31%,
6/17/30,
Callable
5/15/27
@
100(a)
....
1,350
1,359
CarMax
Auto
Owner
Trust
................................................
Series
2022-3,
Class
D,
6.20%,
1/16/29,
Callable
9/15/26
@
100
.................
2,930
2,935
Series
2023-2,
Class
B,
5.18%,
11/15/28,
Callable
5/15/27
@
100
................
5,000
5,028
CarMax
Select
Receivables
Trust
...........................................
Series
2024-A,
Class
B,
5.35%,
1/15/30,
Callable
9/15/28
@
100
.................
2,400
2,418
Series
2025-A,
Class
B,
5.01%,
9/16/30,
Callable
1/15/29
@
100
.................
2,000
2,008
Carvana
Auto
Receivables
Trust,
Series
2021-N4,
Class
A2,
1.80%,
9/11/28,
Callable
11/10/27
@
100
...........................................................
674
666
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA,
Class
C,
6.24%,
9/25/29,
Callable
3/25/28
@
100(a)
.............
2,750
2,816
Series
2024-1A,
Class
B,
5.16%,
11/26/29,
Callable
12/25/27
@
100(a)
............
964
972
Series
2024-2A,
Class
B,
5.55%,
1/25/30,
Callable
2/25/28
@
100(a)
..............
2,500
2,538
Series
2024-3A,
Class
A4,
5.08%,
12/25/29,
Callable
2/25/28
@
100(a)
............
2,000
2,018
Series
2024-4A,
Class
B,
5.23%,
4/25/30,
Callable
2/25/28
@
100(a)
..............
1,500
1,514
Series
2025-2A,
Class
B,
4.32%,
3/25/31,
Callable
3/25/29
@
100(a)
..............
1,367
1,344
Series
2026-1A,
Class
B,
4.90%,
5/25/32,
Callable
12/25/29
@
100(a)
.............
2,000
1,994
Chesapeake
IV
Funding
DAC,
Series
2026-1A,
Class
B,
4.85%,
2/15/35(a)
.............
284
282
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1,
Class
A3,
5.84%,
1/18/28,
Callable
3/15/27
@
100(a)
..............
142
142
Series
2023-1,
Class
A4,
5.78%,
10/15/30,
Callable
3/15/27
@
100(a)
.............
2,000
2,010
Corporate
One
Auto
Receivables
Trust
........................................
Series
2026-1A,
Class
A4,
4.27%,
12/16/30,
Callable
6/15/29
@
100(a)
............
2,395
2,367
Series
2026-1A,
Class
B,
4.59%,
1/15/31,
Callable
6/15/29
@
100(a)
..............
556
548
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-2A,
Class
B,
6.61%,
7/15/33,
Callable
11/15/26
@
100(a)
.............
42
42
Series
2023-3A,
Class
B,
7.09%,
10/17/33,
Callable
4/15/27
@
100(a)
.............
2,311
2,321
Series
2024-3A,
Class
A,
4.68%,
9/15/34,
Callable
5/15/28
@
100(a)
..............
2,000
1,999
Series
2025-2A,
Class
B,
4.87%,
1/15/36,
Callable
9/15/29
@
100(a)
..............
829
814
Series
2026-1A,
Class
A,
4.65%,
4/15/36,
Callable
1/15/30
@
100(a)
..............
1,500
1,491
Ent
Auto
Receivables
Trust,
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
9/15/28
@
100(a)
...........................................................
1,750
1,770
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
8/20/26
@
100(a)
.............
2,811
2,813
Series
2023-1,
Class
A3,
5.42%,
10/22/29,
Callable
10/20/26
@
100(a)
............
1,504
1,512
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
2/20/27
@
100(a)
..............
199
200
Series
2024-1,
Class
A3,
5.16%,
9/20/30,
Callable
6/20/27
@
100(a)
..............
3,000
3,022
Series
2026-2,
Class
A4,
4.59%,
1/20/33,
Callable
3/20/30
@
100(a)
..............
1,500
1,491
Exeter
Select
Automobile
Receivables
Trust,
Series
2026-1,
Class
B,
4.99%,
10/15/32,
Callable
11/15/31
@
100
....................................................
1,875
1,875
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A,
Class
A4,
5.46%,
4/15/30,
Callable
3/15/28
@
100(a)
.............
3,232
3,265
Series
2025-1A,
Class
B,
5.36%,
9/15/31,
Callable
10/15/28
@
100(a)
.............
647
650
Series
2026-1A,
Class
B,
4.59%,
7/15/32,
Callable
10/15/29
@
100(a)
.............
2,500
2,447
First
Investors
Auto
Owner
Trust,
Series
2025-1A,
Class
B,
4.39%,
1/15/31,
Callable
2/15/29
@
100(a)
.........................................................
2,000
1,980
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2022-1,
Class
D,
5.16%,
11/15/34,
Callable
5/15/27
@
100(a)
..............
2,500
2,497
Series
2023-1,
Class
B,
5.29%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
2,467
2,488
Series
2023-2,
Class
B,
5.92%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
6,150
6,279
Foursight
Capital
Automobile
Receivables
Trust,
Series
2024-1,
Class
B,
5.55%,
5/15/29,
Callable
9/15/27
@
100(a)
............................................
2,143
2,148
Victory
Portfolios
III
Victory
Income
Fund
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A,
Class
B,
5.87%,
1/15/30,
Callable
6/15/28
@
100(a)
..............
$
1,660
$
1,684
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
6/15/28
@
100(a)
..............
998
1,015
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-4A,
Class
E,
4.43%,
10/16/28,
Callable
3/15/27
@
100(a)
.............
750
750
Series
2026-2A,
Class
B,
4
.63%,
9/16/30(a)
................................
1,500
1,494
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A,
Class
B,
6.67%,
12/17/29,
Callable
10/15/28
@
100(a)
............
3,110
3,156
Series
2025-1A,
Class
A2,
4.71%,
4/15/30,
Callable
4/15/29
@
100(a)
.............
625
626
Series
2025-1A,
Class
D,
5.74%,
4/15/32,
Callable
4/15/29
@
100(a)
..............
2,353
2,364
GM
Financial
Consumer
Automobile
Receivables
Trust
...........................
Series
2025-1,
Class
B,
5.00%,
8/16/30,
Callable
4/16/28
@
100
.................
2,000
2,010
Series
2026-2,
Class
B,
4.44%,
4/16/32,
Callable
7/16/29
@
100
.................
2,000
1,971
GreenState
Auto
Receivables
Trust,
Series
2024-1A,
Class
A4,
5.17%,
1/15/30,
Callable
1/15/28
@
100(a)
...................................................
5,500
5,537
GTE
Auto
Receivables
Trust,
Series
2023-1,
Class
A4,
5.12%,
4/16/29,
Callable
5/15/27
@
100(a)
...........................................................
5,065
5,078
Hertz
Vehicle
Financing
LLC,
Series
2022-2A,
Class
C,
2.95%,
6/26/28,
Callable
6/25/27
@
100(a)
...........................................................
3,500
3,431
LAD
Auto
Receivables
Trust
...............................................
Series
2023-3A,
Class
B,
6.09%,
6/15/28,
Callable
9/15/27
@
100(a)
..............
611
612
Series
2023-4A,
Class
B,
6.39%,
10/16/28,
Callable
1/15/28
@
100(a)
.............
1,433
1,439
Series
2026-1A,
Class
A4,
4.05%,
12/15/31,
Callable
8/15/29
@
100(a)
............
1,500
1,461
Series
2026-1A,
Class
B,
4.22%,
2/15/33,
Callable
8/15/29
@
100(a)
..............
1,500
1,457
LAD
Select
Auto
Receivables
Trust,
Series
2026-A,
Class
B,
5.00%,
11/15/32,
Callable
2/15/30
@
100(a)
...................................................
2,000
1,999
M&T
Bank
Auto
Receivables
Trust,
Series
2025-1A,
Class
A4,
4.89%,
7/15/32,
Callable
11/15/28
@
100(a)
..................................................
1,800
1,809
Mercedes-Benz
Auto
Receivables
Trust,
Series
2025-1,
Class
A4,
4.92%,
4/15/31,
Callable
10/15/28
@
100
....................................................
3,000
3,020
Merchants
Fleet
Funding
LLC,
Series
2024-1A,
Class
B,
5.95%,
4/20/37,
Callable
12/20/26
@
100(a)
...........................................................
4,299
4,328
Nissan
Auto
Lease
Trust,
Series
2025-A,
Class
C,
5.11%,
6/15/29,
Callable
11/15/27
@
100
.
2,205
2,213
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A,
Class
B,
6.51%,
9/17/29,
Callable
1/15/28
@
100(a)
..............
1,500
1,528
Series
2025-1A,
Class
A4,
4.79%,
1/15/31,
Callable
9/15/29
@
100(a)
.............
2,000
2,002
Series
2025-1A,
Class
B,
4.94%,
4/15/31,
Callable
9/15/29
@
100(a)
..............
1,215
1,210
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2024-A,
Class
A4,
4.75%,
3/15/30,
Callable
9/15/28
@
100(a)
..............
4,500
4,510
Series
2025-A,
Class
A4,
4.19%,
5/15/31,
Callable
6/15/29
@
100(a)
..............
1,500
1,475
Series
2025-A,
Class
B,
4.37%,
7/15/31,
Callable
6/15/29
@
100(a)
...............
667
650
Series
2026-A,
Class
A4,
4.75%,
6/15/32,
Callable
11/15/29
@
100(a)
.............
1,500
1,498
SBNA
Auto
Lease
Trust,
Series
2024-B,
Class
A4,
5.55%,
12/20/28,
Callable
4/20/27
@
100(a)
1,182
1,187
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A,
Class
A4,
5.21%,
4/16/29,
Callable
9/15/28
@
100(a)
..............
3,450
3,460
Series
2024-A,
Class
B,
5.29%,
9/17/29,
Callable
9/15/28
@
100(a)
...............
3,450
3,470
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
A4,
5.70%,
8/15/29,
Callable
11/15/27
@
100(a)
............
900
908
Series
2023-1A,
Class
B,
6.08%,
11/15/29,
Callable
11/15/27
@
100(a)
............
3,000
3,045
Series
2024-1A,
Class
B,
5.33%,
7/15/30,
Callable
4/15/28
@
100(a)
..............
3,980
4,002
Series
2025-1A,
Class
B,
4.78%,
12/15/31,
Callable
6/15/29
@
100(a)
.............
3,000
2,967
Series
2026-1A,
Class
B,
4.95%,
7/15/32
,
Callable
3/15/30
@
100(a)
..............
2,000
1,982
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A,
Class
B,
5.04%,
7/25/31,
Callable
2/25/28
@
100(a)
...............
598
600
Series
2026-A,
Class
B,
4.28%,
3/25/33,
Callable
7/25/29
@
100(a)
...............
1,204
1,197
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
B,
5.71%,
1/22/30,
Callable
10/20/27
@
100(a)
.............
1,500
1,517
Series
2024-1A,
Class
B,
5.38%,
1/21/31,
Callable
1/20/28
@
100(a)
..............
1,218
1,230
Series
2024-2A,
Class
B,
5.41%,
8/20/30,
Callable
5/20/28
@
100(a)
..............
4,349
4,398
Series
2024-3A,
Class
B,
4.76%,
11/20/31,
Callable
8/20/28
@
100(a)
.............
3,000
2,999
Series
2026-2A,
Class
B,
4.89%,
5/20/33,
Callable
8/20/30
@
100(a)
..............
1,470
1,461
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust,
Series
2026-BA,
Class
B,
4.75%,
7/20/30,
Callable
5/20/29
@
100(a)
......................................
1,700
1,691
Victory
Portfolios
III
Victory
Income
Fund
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Tesla
Auto
Lease
Trust,
Series
2024-A,
Class
A4,
5.31%,
12/20/27,
Callable
8/20/26
@
100(a)
$
1,683
$
1,683
Tesla
Lease
Electric
Vehicle
Securitization
LLC,
Series
2025-A,
Class
A4,
4.37%,
5/21/29,
Callable
12/20/27
@
100(a)
...........................................
1,500
1,496
Toyota
Auto
Receivables
Owner
Trust,
Series
2024-D,
Class
A4,
4.43%,
4/15/30
,
Callable
7/15/28
@
100
.....................................................
2,883
2,880
Truist
Bank
Auto
Credit-Linked
Notes
........................................
Series
2025-1,
Class
B,
4.73%,
9/26/33,
Callable
4/25/28
@
100(a)
...............
609
608
Series
2026-1,
Class
B,
5.07%,
6/26/34,
Callable
4/25/30
@
100(a)
...............
1,303
1,301
United
Auto
Credit
Securitization
Trust,
Series
2026-1,
Class
B,
4.63%,
5/10/29,
Callable
3/10/29
@
100(a)
...................................................
1,500
1,492
USB
Auto
Owner
Trust
...................................................
Series
2025-1A,
Class
A4,
4.62%,
12/16/30,
Callable
6/15/28
@
100(a)
............
1,500
1,500
Series
2025-1A,
Class
B,
4.81%,
1/15/31,
Callable
6/15/28
@
100(a)
..............
1,000
1,001
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
A4,
5.59%,
12/15/28,
Callable
10/15/27
@
100(a)
...........
2,594
2,606
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
10/15/27
@
100(a)
.............
1,600
1,616
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
10/15/27
@
100(a)
.............
3,500
3,549
Western
Funding
Auto
Loan
Trust,
Series
2025-1,
Class
A,
4.75%,
7/16/35(a)
............
2,000
1,993
Westlake
Automobile
Receivables
Trust,
Series
2025-1A,
Class
B,
4.98%,
9/16/30,
Callable
7/15/28
@
100(a)
...................................................
1,563
1,568
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
................................
461
462
Series
2024-1A,
Class
B,
5.50%,
2/18/39(a)
................................
3,167
3,192
World
Omni
Select
Auto
Trust,
Series
2026-A,
Class
B,
4.92%,
6/15/32,
Callable
6/15/30
@
100
.............................................................
1,500
1,490
210,264
ABS
Card
(0.8%):
American
Express
Credit
Account
Master
Trust,
Series
2024-2,
Class
A,
5.24%,
4/15/31
....
1,985
2,021
Capital
One
Multi-Asset
Execution
Trust
......................................
Series
2021-A2,
Class
A2,
1.39%,
7/15/30
.................................
1,985
1,872
Series
2026-A2,
Class
A,
5.11%,
7/15/38,
Callable
7/15/36
@
100
................
1,327
1,316
Citibank
Credit
Card
Issuance
Trust,
Series
2018-A7,
Class
A7,
3.96%,
10/13/30
.........
5,000
4,942
Golden
Credit
Card
Trust
.................................................
Series
2021-1A,
Class
B,
1.44%,
8/15/28(a)
................................
4,500
4,496
Series
2021-1A,
Class
C,
1.74%,
8/15/28(a)
................................
4,467
4,462
Master
Credit
Card
Trust,
Series
2022-2A,
Class
C,
2.73%,
7/21/28(a)
.................
2,344
2,315
Master
Credit
Card
Trust
II,
Series
2023-4A,
Class
C,
7.53%,
10/21/32(a)
..............
1,273
1,350
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-2A,
Class
C,
6.32%,
3/26/33(a)
................................
3,603
3,655
Series
2025-1A,
Class
B,
4.41%,
9/26/30(a)
................................
1,500
1,492
27,921
ABS
Other
(4.5%):
Amur
Equipment
Finance
Receivables
LLC
....................................
Series
2026-1A,
Class
A2,
4.73%,
11/21/33,
Callable
11/20/30
@
100(a)
...........
2,000
1,999
Series
2026-1A,
Class
B,
5.06%,
11/21/33,
Callable
11/20/30
@
100(a)
............
1,500
1,494
Amur
Equipment
Finance
Receivables
XII
LLC,
Series
2023-1A,
Class
B,
6.03%,
12/20/29,
Callable
6/20/27
@
100(a)
............................................
2,875
2,898
Amur
Equipment
Finance
Receivables
XIII
LLC,
Series
2024-1A,
Class
C,
5.55%,
1/21/31,
Callable
1/20/28
@
100(a)
............................................
1,365
1,372
Ansley
Park
Capital
LLC
.................................................
Series
2025-A,
Class
A2,
4.43%,
4/20/35,
Callable
10/20/30
@
100(a)
.............
821
818
Series
2025-A,
Class
B,
4.60%,
4/20/35,
Callable
10/20/30
@
100(a)
..............
2,000
1,964
Auxilior
Term
Funding
LLC,
Series
2024-1A,
Class
A3,
5.49%,
7/15/31,
Callable
2/15/29
@
100(a)
...........................................................
65
65
Barings
Equipment
Finance
LLC
............................................
Series
2025-A,
Class
A4,
5.02%,
6/13/50,
Callable
5/13/31
@
100(a)
..............
1,900
1,913
Series
2025-B,
Class
A4,
4.29%,
9/13/50,
Callable
6/13/31
@
100(a)
..............
1,960
1,920
Capteris
Equipment
Finance
LLC,
Series
2026-1A,
Class
A2,
4.44%,
9/20/33,
Callable
8/20/30
@
100(a)
.........................................................
1,972
1,964
CCG
Receivables
Trust
...................................................
Series
2023-1,
Class
A2,
5.82%,
9/16/30,
Callable
10/14/26
@
100(a)
.............
25
25
Series
2023-1,
Class
B,
5.99%,
9/16/30,
Callable
10/14/26
@
100(a)
..............
985
988
Victory
Portfolios
III
Victory
Income
Fund
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1,
Class
B,
5.08%,
3/15/32
,
Callable
6/14/28
@
100(a)
...............
$
4,000
$
4,021
Series
2025-1,
Class
B,
4.69%,
10/14/32,
Callable
10/14/28
@
100(a)
.............
990
986
Series
2026-1,
Class
B,
4.97%,
1/17/34,
Callable
2/14/30
@
100(a)
...............
1,500
1,491
CF
Hippolyta
Issuer
LLC
.................................................
Series
2020-1,
Class
A1,
1.69%,
7/15/60(a)
................................
467
384
Series
2021-1A,
Class
A1,
1.53%,
3/15/61(a)
...............................
2,746
2,146
Crossroads
Asset
Trust
...................................................
Series
2024-A,
Class
B,
5.94%,
8/20/30,
Callable
3/20/28
@
100
(a)
...............
2,518
2,543
Series
2025-A,
Class
B,
5.20%,
2/20/32,
Callable
11/20/28
@
100(a)
..............
228
228
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2024-2A,
Class
A2,
4.50%,
5/20/49,
Callable
5/20/27
@
100(a)
...................................................
3,256
3,140
Dell
Equipment
Finance
Trust
..............................................
Series
2025-2,
Class
B,
4.34%,
3/24/31,
Callable
6/22/28
@
100(a)
...............
1,000
991
Series
2026-1A,
Class
B,
4.65%,
12/22/31,
Callable
12/22/28
@
100(a)
............
1,000
993
Dext
ABS
LLC
........................................................
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
2/15/28
@
100(a)
...............
2,333
2,425
Series
2025-1,
Class
D,
5.65%,
2/15/36,
Callable
12/15/28
@
100(a)
..............
2,000
1,983
Diamond
Infrastructure
Funding
LLC,
Series
2021-1A,
Class
A,
1.76%,
4/15/49,
Callable
8/20/26
@
100(a)
...................................................
5,667
5,597
Diamond
Issuer
LLC,
Series
2021-1A,
Class
A,
2.31%,
11/20/51,
Callable
8/20/26
@
100(a)
.
4,875
4,765
DLLAA
LLC,
Series
2025-1A,
Class
A4,
5.08%,
4/20/33,
Callable
3/20/29
@
100(a)
......
2,375
2,397
DLLAD
LLC,
Series
2024-1A,
Class
A4,
5.38%,
9/22/31,
Callable
1/20/29
@
100(a)
......
2,257
2,291
DLLMT
LLC
..........................................................
Series
2023-1A,
Class
A3,
5.34%,
3/22/27,
Callable
2/20/27
@
100(a)
.............
34
34
Series
2023-1A,
Class
A4,
5
.35%,
3/20/31,
Callable
2/20/27
@
100(a)
.............
2,286
2,293
Series
2024-1A,
Class
A4,
4.98%,
4/20/32,
Callable
4/20/28
@
100(a)
.............
1,758
1,769
FirstKey
Homes
Trust,
Series
2021-SFR2,
Class
B,
1.61%,
9/17/38(a)(b)
...............
6,538
6,510
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2025-1,
Class
A4,
4.58%,
1/15/32,
Callable
5/15/29
@
100(a)
..............
1,990
1,985
Series
2025-2,
Class
B,
4.50%,
9/15/32,
Callable
1/15/30
@
100(a)
...............
1,450
1,420
Series
2026-1,
Class
B,
5.14%,
5/16/33,
Callable
10/15/30
@
100(a)
..............
1,440
1,435
HPEFS
Equipment
Trust,
Series
2025-1A,
Class
B,
4.51%,
9/20/32,
Callable
4/20/29
@
100(a)
2,000
1,993
Iskandar
Enterprise
LLC,
Series
2026-1A,
Class
A23,
5.54%,
4/17/56,
Callable
4/15/29
@
100(a)
...........................................................
1,500
1,471
John
Deere
Owner
Trust,
Series
2024-B,
Class
A4,
5.19%,
5/15/31,
Callable
3/15/28
@
100
.
1,100
1,110
Kubota
Credit
Owner
Trust
................................................
Series
2024-2A,
Class
A4,
5.19%,
5/15/30,
Callable
4/15/28
@
100(a)
.............
1,300
1,312
Series
2026-2A,
Class
A4,
4.70%,
12/15/31,
Callable
4/15/30
@
100(a)
............
1,500
1,496
M&T
Equipment
LEAF1
Notes,
Series
2024-1A,
Class
A4,
4.94%,
8/18/31,
Callable
6/16/28
@
100(a)
.........................................................
1,600
1,602
M&T
Equipment
LLC,
Series
2026-1A,
Class
A4,
4.91%,
7/18/33,
Callable
4/17/30
@
100(a)
1,000
999
MMAF
Equipment
Finance
LLC
............................................
Series
2023-A,
Class
A4,
5.50%,
12/13/38(a)
...............................
1,750
1,771
Series
2024-A,
Class
A4,
5.10%,
7/13/49,
Callable
10/13/30
@
100(a)
.............
210
212
MVW
LLC,
Series
2021-1WA,
Class
A,
1.14%,
1/22/41,
Callable
1/20/27
@
100(a)
.......
248
242
NMEF
Funding
LLC
....................................................
Series
2023-A,
Class
B,
6
.83%,
6/17/30,
Callable
7/15/27
@
100(a)
...............
1,906
1,915
Series
2025-A,
Class
B,
5.18%,
7/15/32,
Callable
8/15/28
@
100(a)
...............
1,404
1,406
Series
2025-B,
Class
B,
4.73%,
1/18/33,
Callable
7/15/28
@
100(a)
...............
2,000
1,989
Series
2026-A,
Class
A3,
4.20%,
2/15/34,
Callable
1/15/30
@
100(a)
..............
2,000
1,977
NP
SPE
X
LP,
Series
2019-2A,
Class
C1,
6.44%,
11/19/49(a)
.......................
4,143
3,389
Oaktree
ABF
Equipment
ST
LLC,
Series
2026-1A,
Class
B,
4.91%,
10/17/33
,
Callable
8/15/28
@
100(a)
.........................................................
773
769
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A,
Class
A3,
5.64%,
11/20/30,
Callable
1/20/28
@
100(a)
............
3,500
3,538
Series
2025-1A,
Class
A3,
5.04%,
7/20/32,
Callable
9/20/28
@
100(a)
.............
837
841
Series
2026-1A,
Class
A3,
4.39%,
7/20/33,
Callable
7/20/29
@
100(a)
.............
1,714
1,697
Post
Road
Equipment
Finance
LLC,
Series
2025-1A,
Class
C,
5.13%,
5/15/31,
Callable
7/15/28
@
100(a)
...................................................
2,061
2,055
PSNH
Funding
LLC,
Series
2018-1,
Class
A3,
3.81%,
2/1/35
.......................
8,545
8,267
QTS
Issuer
ABS
II
LLC,
Series
2026-4A,
Class
A2,
5.70%,
3/5/56,
Callable
3/5/29
@
100(a)
3,000
2,943
Retained
Vantage
Data
Centers
Issuer
LLC,
Series
2025-1A,
Class
A2A,
5.09%,
8/15/50,
Callable
8/15/28
@
100(a)
............................................
2,000
1,941
Victory
Portfolios
III
Victory
Income
Fund
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
SCF
Equipment
Leasing
LLC
..............................................
Series
2023-1A,
Class
B,
6.37%,
5/20/32,
Callable
8/20/29
@
100(a)
..............
$
3,000
$
3,031
Series
2024-1A,
Class
A3,
5.52%,
1/20/32,
Callable
11/20/29
@
100(a)
............
2,620
2,646
SLR
Equipment
Finance
LLC,
Series
2026-1A,
Class
B,
5.60%,
4/15/33,
Callable
1/15/29
@
100(a)
...........................................................
1,106
1,108
Stack
Infrastructure
Issuer
LLC,
Series
2026-1A,
Class
A2,
5.00%,
3/27/56,
Callable
3/25/29
@
100(a)
.........................................................
1,625
1,560
Switch
ABS
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.04%,
3/25/55,
Callable
3/25/28
@
100(a)
...........................................................
4,000
3,877
Vantage
Data
Centers
LLC,
Series
2025-1A,
Class
A2,
5.13%,
8/15/55,
Callable
8/15/28
@
100(a)
...........................................................
2,000
1,939
VB-S1
Issuer
LLC,
Series
2026-1A,
Class
C2,
4.69%,
3/15/56,
Callable
3/15/29
@
100(a)
..
1,161
1,121
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A,
Class
C2I,
3.16%,
2/15/52,
Callable
8/15/26
@
100(a)
............
4,000
3,923
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
8/15/26
@
100(a)
..............
2,438
2,409
Verdant
Receivables
LLC
.................................................
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
9/12/27
@
100(a)
.............
351
354
Series
2024-1A,
Class
A2,
5.68%,
12/12/31,
Callable
8/12/28
@
100(a)
............
1,022
1,034
Verizon
Master
Trust,
Series
2025-10,
Class
A,
4.28%,
10/20/33,
Callable
10/20/30
@
100(a)
2,000
1,962
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A,
Class
A4,
4.29%,
7/15/31,
Callable
5/15/28
@
100(a)
.............
3,500
3,484
Series
2025-1A,
Class
A4,
4.53%,
10/15/31,
Callable
2/15/29
@
100(a)
............
1,990
1,985
Series
2026-1A,
Class
A4,
4.04%,
1/17/33,
Callable
2/15/30
@
100(a)
.............
2,000
1,959
WEPCO
Environmental
Trust
Finance
I
LLC,
Series
2021-1,
Class
A,
1.58%,
12/15/35
.....
5,620
4,974
Yamaha
Motor
Master
Trust
II,
Series
2026-A,
Class
A1,
4.43%,
4/15/31,
Callable
4/15/29
@
100(a)
...........................................................
1,500
1,488
Zayo
Issuer
LLC
.......................................................
Series
2025-1A,
Class
A2,
5.65%,
3/20/55,
Callable
9/20/28
@
100(a)
.............
4,500
4,502
Series
2025-2A,
Class
A2,
5.95%,
6/20/55,
Callable
12/20/28
@
100(a)
............
2,000
2,015
159,553
Agency
ABS
Other
(0.9%):
CIT
Education
Loan
Trust,
Series
2007-1,
Class
B,
4.20%
(SOFR90A+56bps),
6/25/42,
Callable
9/25/26
@
100(a)
(c)
..........................................
1,603
1,406
Navient
Student
Loan
Trust
................................................
Series
2015-2,
Class
B,
5.23%
(SOFR30A+161bps),
8/25/50,
Callable
1/25/34
@
100(c)
3,000
2,974
Series
2018-2A,
Class
B,
4.88%
(SOFR30A+126bps),
3/25/67,
Callable
4/25/38
@
100(a)
(c)
.........................................................
3,500
3,340
SLM
Student
Loan
Trust
..................................................
Series
2003-14,
Class
B,
4.44%
(SOFR90A+81bps),
10/25/65,
Callable
10/25/26
@
100(c)
...........................................................
620
602
Series
2005-9,
Class
B,
4.19%
(SOFR90A+56bps),
1/25/41,
Callable
10/25/28
@
100(c)
1,078
1,031
Series
2006-10,
Class
B,
4.11%
(SOFR90A+48bps),
3/25/44,
Callable
1/25/30
@
100(c)
811
770
Series
2007-1,
Class
B,
4.11%
(SOFR90A+48bps),
1/27/42,
Callable
10/25/29
@
100(c)
2,942
2,705
Series
2007-7,
Class
B,
4.64%
(SOFR90A+101bps),
10/27/70,
Callable
10/25/26
@
100(c)
...........................................................
5,740
6,607
Series
2012-6,
Class
B,
4.73%
(SOFR30A+111bps),
4/27/43,
Callable
5/25/30
@
100(c)
12,862
12,349
31,784
Total
Asset-Backed
Securities
(Cost
$430,599)
a
a
a
429,522
Collateralized
Mortgage
Obligations
(6.1%)
Agency
CMO
Other
(0.9%):
Federal
Home
Loan
Mortgage
Corporation
REMICS
.............................
Series
5270,
Class
AB,
5.50%,
1/25/49
...................................
1,238
1,247
Series
5598,
Class
PG,
4.50%,
11/25/55
...................................
3,511
3,372
Series
5665,
Class
HE,
5.00%,
6/25/36
...................................
3,871
3,821
Series
5677,
Class
C,
5.00%,
12/25/54
....................................
1,480
1,457
Federal
Home
Loan
Mortgage
Corporation
STRIPS
..............................
Series
440,
Class
DB,
4.50%,
5/25/36
....................................
1,927
1,868
Series
452,
Class
AB,
5.05%,
6/25/36
....................................
5,878
5,818
Federal
National
Mortgage
Association
REMICS,
Series
2025-40,
Class
B,
5.00%,
10/25/50
.
882
881
Government
National
Mortgage
Association
....................................
Series
2024-1,
Class
GA,
4.50%,
6/20/50
..................................
4,491
4,428
Victory
Portfolios
III
Victory
Income
Fund
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-160,
Class
MA,
4.50%,
6/20/52
................................
$
2,894
$
2,837
Series
2024-95,
Class
AB,
2.50%,
6/20/45
.................................
1,554
1,405
Series
2025-114,
Class
JA,
4.50%,
8/20/51
.................................
1,166
1,145
Series
2025-196,
Class
GA,
4.75%,
5/20/65
................................
3,587
3,561
31,840
Agency
Commercial
MBS
(1.0%):
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
.
Series
K097,
Class
A2,
2.51%,
7/25/29
...................................
8,000
7,537
Series
K100,
Class
A2,
2.67%,
9/25/29
...................................
5,455
5,148
Series
K121,
Class
A2,
1.55%,
10/25/30
..................................
435
384
Series
K135,
Class
A2,
2.15%,
10/25/31(d)
................................
1,200
1,060
Series
K138,
Class
A2,
2.48%,
1/25/32
...................................
980
875
Series
KG02,
Class
A2,
2.41%,
8/25/29
...................................
9,091
8,558
Series
S8FX,
Class
A1,
3.02%,
3/25/27
...................................
1,885
1,874
Federal
National
Mortgage
Association
.......................................
Series
2017-M2,
Class
A2,
2.86%,
2/25/27(d)
...............................
1,504
1,494
Series
2017-M7,
Class
A2,
2.96%,
2/25/27(d)
...............................
1,685
1,672
Series
2018-M4,
Class
A2,
3.07%,
3/25/28(d)
...............................
4,277
4,194
Series
2022-M12,
Class
A,
3.02%,
12/25/28(d)
..............................
2,276
2,201
34,997
Commercial
MBS
(4.2%):
ALA
Trust
............................................................
Series
2025-OANA,
Class
A,
5.42%
(TSFR1M+174bps),
6/15/40(a)(b)(c)
..........
3,000
3,011
Series
2025-OANA,
Class
B,
5.52%
(TSFR1M+184bps),
6/15/40(a)(b)(c)
..........
2,000
2,005
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM,
Class
A,
5.33%
(TSFR1M+165bps),
8/15/42(a)(b)(c)
..........
1,000
1,002
Series
2025-ATRM,
Class
B,
5.78%
(TSFR1M+210bps),
8/15/42(a)(b)(c)
..........
1,277
1,269
Aventura
Mall
Trust,
Series
2018-AVM,
Class
A,
4.11%,
7/5/40(a)(b)(d)
...............
5,000
4,915
BANK,
Series
2017-BNK4,
Class
B,
4.00%,
5/15/50
,
Callable
4/15/27
@
100
...........
5,600
5,302
Benchmark
Mortgage
Trust
................................................
Series
2020-B22,
Class
A5,
1.97%,
1/15/54,
Callable
1/15/31
@
100
..............
2,000
1,751
Series
2026-B42,
Class
ASB,
4.94%,
3/15/59,
Callable
3/15/36
@
100
.............
2,000
1,969
BX
Commercial
Mortgage
Trust
............................................
Series
2020-VIV4,
Class
A,
2.84%,
3/9/44,
Callable
3/9/30
@
100(a)(b)
............
2,265
2,085
Series
2025-JDI,
Class
A,
5.08%
(TSFR1M+140bps),
11/15/42(a)(b)(c)
............
1,398
1,401
Series
2026-ALOHA,
Class
A,
5.03%
(TSFR1M+135bps),
4/15/43(a)(b)(c)
.........
1,500
1,501
Series
2026-CSMO,
Class
A,
5.08%
(TSFR1M+140bps),
2/15/43(a)(b)(c)
..........
1,390
1,392
Series
2026-CSMO,
Class
B,
5.38%
(TSFR1M+170bps),
2/15/43(a)(b)(c)
..........
1,220
1,228
BX
Trust
.............................................................
Series
2019-OC11,
Class
A,
3.20%,
12/9/41,
Callable
12/9/29
@
100(a)(b)
..........
9,231
8,672
Series
2025-ARIA,
Class
A,
5.03%,
12/13/42(a)(b)(d)
.........................
2,250
2,233
Series
2025-GW,
Class
A,
5.28%
(TSFR1M+160bps),
7/15/42(a)(b)(c)
............
2,000
2,003
Series
2025-VOLT,
Class
A,
5.38%
(TSFR1M+170bps),
12/15/44(a)(b)(c)
..........
2,500
2,493
Series
2026-CLS,
Class
A,
5.08%
(TSFR1M+140bps),
5/15/43(a)(b)(c)
............
1,500
1,501
BXP
Trust
............................................................
Series
2021-601L,
Class
A,
2.62%,
1/15/44(a)(b)
............................
1,000
861
Series
2021-601L,
Class
C,
2.78%,
1/15/44(a)(b)(d)
..........................
6,500
5,418
Series
2021-601L,
Class
D,
2.78%,
1/15/44(a)(b)(d)
..........................
3,500
2,798
COMM
Mortgage
Trust
..................................................
Series
2012-CR4,
Class
AM,
3.25%,
10/15/45,
Callable
10/15/26
@
100(b)
.........
8,600
8,419
Series
2012-CR4,
Class
XA,
1.14%,
10/15/45,
Callable
8/15/26
@
100(b)(d)
........
10,719
95
Series
2020-CX,
Class
A,
2.17%,
11/10/46,
Callable
11/10/30
@
100(a)(b)
..........
3,500
2,959
Series
2024-277P,
Class
A,
6.34%,
8/10/44(a)(b)
............................
4,000
4,110
CRSNT
Trust,
Series
2026-MOON,
Class
A,
5.08%
(TSFR1M+140bps),
2/15/43(a)(b)(c)
...
2,000
2,000
CSMC
Trust,
Series
2020-WEST,
Class
A,
3.04%,
2/15/35,
Callable
2/15/30
@
100(a)(b)
...
2,500
2,123
DBJPM
Mortgage
Trust,
Series
2016-SFC,
Class
B,
3.24%,
8/10/36,
Callable
8/10/26
@
100(a)(b)
.........................................................
2,500
—(e)
DBWF
Mortgage
Trust,
Series
2024-LCRS,
Class
A,
5.42%
(TSFR1M+174bps),
4/15/37(a)(b)
(c)
.............................................................
2,000
1,999
GGP,
Series
2026-TY,
Class
A,
4.67%,
3/5/43(a)(b)(d)
............................
1,500
1,467
GS
Mortgage
Securities
Corp.
Trust,
Series
2017-GPTX,
Class
A,
2.86%,
5/10/34(a)(b)
....
1,591
1,416
Victory
Portfolios
III
Victory
Income
Fund
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
GS
Mortgage
Securities
Trust,
Series
2020-GC45,
Class
A5,
2.91%,
2/13/53,
Callable
1/13/30
@
100
...........................................................
$
4,231
$
3,947
Houston
Galleria
Mall
Trust,
Series
2025-HGLR,
Class
A,
5.46%,
2/5/45(a)(b)(d)
.........
2,833
2,841
Hudson
Yards
Mortgage
Trust
..............................................
Series
2019-55HY,
Class
A,
2.94%,
12/10/41(a)(b)(d)
.........................
2,000
1,862
Series
2025-SPRL,
Class
A,
5.47%,
1/13/40(a)(b)(d)
..........................
3,242
3,275
Series
2026-10HY,
Class
A,
5.09%,
12/10/39(a)(b)(d)
.........................
3,692
3,660
HYT
Commercial
Mortgage
Trust,
Series
2024-RGCY,
Class
A,
5.52%
(TSFR1M+184bps),
9/15/41(a)(b)(c)
....................................................
3,100
3,099
ILPT
Commercial
Mortgage
Trust,
Series
2022-LPFX,
Class
A,
3.38%,
3/15/32(a)(b)
......
6,000
5,421
IRV
Trust,
Series
2025-200P,
Class
A,
5.29%,
3/14/47,
Callable
2/14/35
@
100(a)(b)(d)
....
1,950
1,928
JW
Commercial
Mortgage
Trust,
Series
2026-MRCO,
Class
A,
5.18%
(TSFR1M+150bps),
6/15/39(a)(b)(c)
....................................................
1,201
1,202
LBA
Trust,
Series
2026-LBA6,
Class
A,
4.85%
(TSFR1M+120bps),
7/15/43(a)(b)(c)
......
1,500
1,500
LEX
Mortgage
Trust,
Series
2024-BBG,
Class
A,
4.87%,
10/13/33,
Callable
10/13/28
@
100(a)
(b)(d)
...........................................................
2,407
2,390
MAD
Commercial
Mortgage
Trust,
Series
2025-11MD,
Class
A,
4.75%,
10/15/42(a)(b)(d)
..
1,818
1,787
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW,
Class
A,
2.13%,
9/10/39(a)(b)
............................
3,980
3,859
Series
2020-1MW,
Class
C,
2.33%,
9/10/39(a)(b)(d)
..........................
1,000
967
Series
2026-2MW,
Class
A,
5.32%,
6/10/48(a)(b)(d)
..........................
2,000
1,970
NYC
Trust,
Series
2026-9W57,
Class
A,
4.89%,
6/6/40,
Callable
6/6/31
@
100(a)(b)(d)
....
1,500
1,478
One
Bryant
Park
Trust,
Series
2019-OBP,
Class
A,
2.52%,
9/15/54(a)(b)
................
6,480
5,966
SCG
Commercial
Mortgage
Trust,
Series
2025-FLWR,
Class
A,
4.93%
(TSFR1M+125bps),
8/15/42(a)(b)(c)
....................................................
1,000
1,000
SCOTT
Trust,
Series
2023-SFS,
Class
A,
5.91%,
3/10/40(a)(b)
......................
4,000
4,037
SHOPS
Commercial
Mortgage
Trust,
Series
2026-CSTL,
Class
A,
4.81%,
5/5/39(a)(b)(d)
...
2,000
1,966
SLG
Office
Trust
.......................................................
Series
2021-OVA,
Class
A,
2.59%,
7/15/41(a)(b)
............................
5,200
4,591
Series
2026-OMA,
Class
A,
4.97%,
4/15/41(a)(b)(d)
..........................
4,050
4,007
Series
2026-OMA,
Class
B,
5.16%,
4/15/41(a)(b)(d)
..........................
1,500
1,483
SWCH
Commercial
Mortgage
Trust,
Series
2025-DATA,
Class
A,
5.12%
(TSFR1M+144bps),
2/15/42(a)(b)(c)
....................................................
3,993
3,962
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2025-HI,
Class
A,
5.37%
(TSFR1M+169bps),
10/15/42(a)(b)(c)
...................................................
1,500
1,503
149,099
Total
Collateralized
Mortgage
Obligations
(Cost
$224,924)
a
a
a
215,936
Shares
Preferred
Stocks
(0.9%)
Consumer
Staples
(0.2%):
CHS,
Inc.,
Series
1,
7.88%(f)
..............................................
190,818
4,908
Financials
(0.0%):(g)
Citigroup
Capital
XIII,
10.47%
(TSFR3M+663bps),
10/30/40(c)
.....................
40,000
1,093
Real
Estate
(0.7%):
Mid-America
Apartment
Communities,
Inc.,
Series
I,
8.50%(f)(h)
....................
219,731
11,471
Prologis,
Inc.,
Series
Q,
8.54%(f)
...........................................
283,503
14,643
26,114
Total
Preferred
Stocks
(Cost
$29,485)
a
a
a
32,115
Principal
Amount
(000)
Senior
Secured
Loans
(0.1%)
Financials
(0.1%):
Edelman
Financial
Engines
Center
LLC,
Initial
Term
Loan,
First
Lien,
7.64%
(SOFR01M+400bps),
11/28/31(c)
.......................................
2,500
2,508
Real
Estate
(0.0%):(g)
QTS
Thunder
Managing
Issuer
LLC,
Term
Loan,
6.03%
(SOFR03M+225bps),
7/22/33(c)
...
2,500
2,462
Total
Senior
Secured
Loans
(Cost
$4,964)
a
a
a
4,970
Victory
Portfolios
III
Victory
Income
Fund
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Corporate
Bonds
(36.3%)
Communication
Services
(1.2%):
Alphabet,
Inc.,
4.70%,
11/15/35
,
Callable
8/15/35
@
100
..........................
$
1,500
$
1,428
AT&T,
Inc.,
5.13%,
4/30/36,
Callable
1/30/36
@
100
.............................
3,000
2,858
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital,
3.50%,
6/1/41,
Callable
12/1/40
@
100
.........................................
5,000
3,381
Comcast
Corp.
3.90%,
3/1/38,
Callable
9/1/37
@
100
....................................
3,000
2,449
2.89%,
11/1/51
,
Callable
5/1/51
@
100
...................................
3,500
1,852
CSC
Holdings
LLC,
5.50%,
4/15/27,
Callable
9/5/26
@
100(a)
......................
3,000
1,856
Discovery
Global
Holdings,
Inc.,
3.76%,
3/15/27,
Callable
2/15/27
@
100
..............
1,580
1,570
Lincoln
Center
for
the
Performing
Arts,
Inc.,
3.71%,
12/1/35,
Callable
9/1/35
@
100
.......
3,935
3,364
Meta
Platforms,
Inc.
5.50%,
11/15/45,
Callable
5/15/45
@
100
..................................
2,800
2,424
6.20%,
5/15/46,
Callable
11/15/45
@
100
..................................
2,000
1,879
Paramount
Global
4.20%,
6/1/29,
Callable
3/1/29
@
100
....................................
4,000
3,796
4.38%,
3/15/43
....................................................
1,500
915
T-Mobile
USA,
Inc.
2.55%,
2/15/31,
Callable
11/15/30
@
100
..................................
5,000
4,486
5.70%,
1/15/56,
Callable
7/15/55
@
100
..................................
2,000
1,764
Verizon
Communications,
Inc.
4.13%,
8/15/46
....................................................
5,000
3,732
2.88%,
11/20/50,
Callable
5/20/50
@
100
..................................
3,000
1,716
6.20%
(H15T5Y+204bps),
5/14/56,
Callable
2/14/36
@
100(c)
..................
2,000
1,957
41,427
Consumer
Discretionary
(1.5%):
AutoNation,
Inc.
2.40%,
8/1/31,
Callable
5/1/31
@
100
....................................
3,750
3,272
3.85%,
3/1/32,
Callable
12/1/31
@
100
...................................
4,500
4,165
Daimler
Truck
Finance
North
America
LLC,
2.38%,
12/14/28(a)
.....................
5,600
5,299
Genuine
Parts
Co.,
2.75%,
2/1/32,
Callable
11/1/31
@
100
.........................
6,166
5,357
Hasbro,
Inc.,
4.65%,
3/12/31,
Callable
2/12/31
@
100
.............................
1,269
1,243
Kohl's
Corp.,
5.13%,
5/1/31,
Callable
2/1/31
@
100
..............................
3,000
2,689
Marriott
International,
Inc.
4.63%,
6/15/30,
Callable
3/15/30
@
100
..................................
2,333
2,307
5.10%,
5/1/38,
Callable
2/1/38
@
100
....................................
1,500
1,407
Mattel,
Inc.,
5.00%,
11/17/30,
Callable
10/17/30
@
100
...........................
464
460
Mobility
Global,
Inc.,
6.05%,
6/15/36,
Callable
3/15/36
@
100(a)
....................
3,460
3,403
Nordstrom,
Inc.,
4.25%,
8/1/31,
Callable
5/1/31
@
100
............................
4,250
3,952
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
5,367
4,489
Smithsonian
Institution,
2.65%,
9/1/39
........................................
2,000
1,497
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
..........................
8,250
7,417
Tapestry,
Inc.,
5.50%,
3/11/35,
Callable
12/11/34
@
100
...........................
3,000
2,969
Volkswagen
Group
of
America
Finance
LLC
5.65%,
3/25/32,
Callable
1/25/32
@
100(a)
................................
3,000
3,011
5.80%,
3/27/35,
Callable
12/27/34
@
100(a)
...............................
2,000
1,978
54,915
Consumer
Staples
(1.9%):
7-Eleven,
Inc.
1.80%,
2/10/31,
Callable
11/10/30
@
100(a)
................................
3,000
2,593
2.80%,
2/10/51,
Callable
8/2/50
@
100(a)
.................................
2,000
1,125
Bimbo
Bakeries
USA,
Inc.,
5.38%,
1/9/36,
Callable
10/9/35
@
100(a)
.................
3,400
3,319
Bunge
Ltd.
Finance
Corp.,
2.75%,
5/14/31,
Callable
2/14/31
@
100
...................
12,000
10,860
Cargill,
Inc.,
2.13%,
11/10/31,
Callable
8/10/31
@
100(a)
..........................
6,000
5,231
Constellation
Brands,
Inc.,
2.25%,
8/1/31,
Callable
5/1/31
@
100
.....................
5,645
4,938
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
6.63%,
7/15/30,
Callable
8/16/26
@
103.31(a)
..............................
3,600
3,620
5.60%,
1/15/31,
Callable
12/15/30
@
100(a)
...............................
1,481
1,454
General
Mills,
Inc.,
4.55%,
4/17/38,
Callable
10/17/37
@
100
.......................
3,000
2,677
Victory
Portfolios
III
Victory
Income
Fund
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Keurig
Dr.
Pepper,
Inc.
3.35%,
3/15/51,
Callable
9/15/50
@
100
..................................
$
3,305
$
2,078
4.50%,
4/15/52,
Callable
10/15/51
@
100
.................................
1,695
1,305
Kraft
Heinz
Foods
Co.,
5.00%,
6/4/42
........................................
4,000
3,459
Maple
Parent
Holdings
Corp.,
5.70%,
3/26/36,
Callable
12/26/35
@
100(a)
.............
2,000
1,987
Mars,
Inc.,
5.65%,
5/1/45
,
Callable
11/1/44
@
100(a)
.............................
2,000
1,910
McCormick
&
Co.,
Inc.
2.50%,
4/15/30,
Callable
1/15/30
@
100
..................................
2,000
1,836
1.85%,
2/15/31,
Callable
11/15/30
@
100
..................................
2,000
1,747
Molson
Coors
Beverage
Co.,
5.50%,
7/8/36
,
Callable
4/8/36
@
100
...................
1,630
1,601
SC
Johnson
&
Son,
Inc.,
4.35%,
9/30/44,
Callable
3/30/44
@
100(a)
..................
7,000
5,550
Smithfield
Foods,
Inc.,
4.25%,
2/1/27,
Callable
11/1/26
@
100(a)
....................
5,000
4,986
Sysco
Corp.,
4.95%,
3/25/36,
Callable
12/25/35
@
100
............................
1,056
995
The
Kroger
Co.,
5.00%,
9/15/34,
Callable
6/15/34
@
100
..........................
4,000
3,875
67,146
Energy
(3.4%):
Academy
Ltd.,
5.88%,
5/15/31,
Callable
5/15/28
@
102.94(a)
.......................
2,000
1,979
APA
Corp.,
4.25%,
1/15/44,
Callable
7/15/43
@
100
..............................
5,404
3,712
Boardwalk
Pipelines
LP,
5.38%,
2/15/36,
Callable
11/15/35
@
100
...................
3,000
2,924
Buckeye
Partners
LP,
5.60%,
10/15/44,
Callable
4/15/44
@
100
......................
10,000
8,702
Cameron
LNG
LLC,
3.30%,
1/15/35,
Callable
9/15/34
@
100(a)
.....................
4,000
3,424
Colonial
Enterprises,
Inc.,
3.25%,
5/15/30,
Callable
2/15/30
@
100(a)
.................
4,000
3,720
ConocoPhillips
Co.
4.15%,
11/15/34,
Callable
5/15/34
@
100
..................................
4,500
4,115
5.55%,
3/15/54,
Callable
9/15/53
@
100
..................................
3,485
3,211
Devon
Energy
Corp.,
5.40%,
2/15/35,
Callable
11/15/34
@
100(a)
....................
3,000
2,960
Diamondback
Energy,
Inc.,
5.75%,
4/18/54,
Callable
10/18/53
@
100
.................
2,000
1,861
Eastern
Energy
Gas
Holdings
LLC
5.65%,
10/15/54,
Callable
4/15/54
@
100
.................................
3,000
2,732
6.20%,
1/15/55,
Callable
7/15/54
@
100
..................................
3,385
3,325
Energy
Transfer
LP
6.50%
(H15T5Y+569bps),
Callable
8/17/26
@
100(c)(f)
.......................
2,000
2,001
4.15%,
9/15/29,
Callable
6/15/29
@
100
..................................
3,000
2,935
5.35%,
1/15/36,
Callable
10/15/35
@
100
.................................
2,049
2,003
EOG
Resources,
Inc.,
5.35%,
1/15/36,
Callable
10/15/35
@
100
.....................
3,000
2,977
EQT
Corp.,
7.00%,
2/1/30,
Callable
11/1/29
@
100
..............................
2,000
2,111
Florida
Gas
Transmission
Co.
LLC,
2.55%,
7/1/30,
Callable
4/1/30
@
100(a)
............
4,000
3,644
Helmerich
&
Payne,
Inc.,
5.50%,
12/1/34,
Callable
9/1/34
@
100
....................
4,000
3,874
HF
Sinclair
Corp.,
6.25%,
1/15/35,
Callable
10/15/34
@
100
........................
3,000
3,081
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6.25%,
11/1/28,
Callable
9/5/26
@
101.04(a)
...............................
4,000
4,015
6.00%,
2/1/31,
Callable
9/5/26
@
103(a)
..................................
3,000
2,925
Marathon
Petroleum
Corp.,
4.75%,
9/15/44,
Callable
3/15/44
@
100
..................
2,000
1,683
Murphy
Oil
USA,
Inc.
4.75%,
9/15/29,
Callable
8/21/26
@
101.58
................................
2,000
1,966
3.75%,
2/15/31,
Callable
8/21/26
@
101.88(a)
..............................
1,332
1,238
NGPL
PipeCo
LLC,
5.60%,
8/15/36,
Callable
2/15/36
@
100(a)
.....................
2,300
2,226
Occidental
Petroleum
Corp.,
4.40%,
8/15/49,
Callable
2/15/49
@
100
.................
6,235
4,586
ONEOK,
Inc.
5.05%,
11/1/34,
Callable
8/1/34
@
100
...................................
3,000
2,888
6.25%,
10/15/55,
Callable
4/15/55
@
100
.................................
1,000
956
Permian
Resources
Operating
LLC,
6.25%,
2/1/33,
Callable
8/1/27
@
103.13(a)
..........
1,500
1,527
Phillips
66
Co.
4.65%,
11/15/34,
Callable
5/15/34
@
100
..................................
1,000
952
4
.90%,
10/1/46,
Callable
4/1/46
@
100
...................................
750
633
Plains
All
American
Pipeline
LP,
5.95%,
6/15/35,
Callable
3/15/35
@
100
..............
2,400
2,430
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.,
3.55%,
12/15/29,
Callable
9/15/29
@
100
6,250
5,994
Repsol
E&P
Capital
Markets
US
LLC,
5.98%,
9/16/35,
Callable
6/16/35
@
100(a)
........
2,000
2,008
Rockies
Express
Pipeline
LLC
4.95%,
7/15/29,
Callable
4/15/29
@
100(a)
................................
6,500
6,416
4.80%,
5/15/30,
Callable
2/15/30
@
100(a)
................................
3,000
2,921
Sabal
Trail
Transmission
LLC,
4.68%,
5/1/38,
Callable
11/1/37
@
100(a)
...............
5,000
4,504
Targa
Resources
Corp.,
5.55%,
8/15/35,
Callable
5/15/35
@
100
.....................
2,400
2,380
Victory
Portfolios
III
Victory
Income
Fund
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Western
Midstream
Operating
LP
4.05%,
2/1/30,
Callable
11/1/29
@
100
...................................
$
1,000
$
964
5.25%,
2/1/50,
Callable
8/1/49
@
100
....................................
500
416
118,919
Financials
(10.1%):
Aegon
Funding
Co.
LLC,
5.63%,
5/7/36
,
Callable
2/7/36
@
100
.....................
3,000
2,923
American
Express
Co.
3.55%
(H15T5Y+285bps),
Callable
9/15/26
@
100(c)(f)
.......................
1,000
996
4.99%
(SOFR+226bps),
5/26/33,
Callable
2/26/32
@
100(c)
....................
6,000
5,888
American
Honda
Finance
Corp.
5.20%,
4/8/33
.....................................................
1,500
1,478
5.20%,
3/5/35
.....................................................
1,500
1,463
American
International
Group,
Inc.,
5.45%,
5/7/35,
Callable
2/7/35
@
100
..............
4,500
4,500
American
National
Global
Funding,
5.55%,
1/28/30(a)
............................
1,648
1,656
American
National
Group,
Inc.,
6.00%,
7/15/35,
Callable
4/15/35
@
100
...............
3,000
2,928
Ameriprise
Financial,
Inc.,
5.35%,
6/15/36,
Callable
3/15/36
@
100
...................
2,500
2,446
Antares
Holdings
LP,
6.35%,
10/23/29,
Callable
9/23/29
@
100(a)
....................
5,000
4,991
Aon
North
America,
Inc.
5.45%,
3/1/34,
Callable
12/1/33
@
100
...................................
2,000
2,003
5.75%,
3/1/54,
Callable
9/1/53
@
100
....................................
2,000
1,858
Apollo
Global
Management,
Inc.,
5.15%,
8/12/35,
Callable
5/12/35
@
100
..............
2,900
2,771
Ares
Capital
Corp.,
5.25%,
4/12/31,
Callable
3/12/31
@
100
........................
2,000
1,934
Athene
Global
Funding,
5.13%,
6/1/29(a)
......................................
3,000
2,996
Bank
of
America
Corp.
4.38%
(H15T5Y+276bps),
Callable
1/27/27
@
100(c)(f)
.......................
3,500
3,477
2.57%
(SOFR+121bps),
10/20/32,
Callable
10/20/31
@
100(c)
..................
3,000
2,644
2.48%
(H15T5Y+120bps),
9/21/36,
Callable
9/21/31
@
100(c)
..................
2,500
2,158
Blackstone
Private
Credit
Fund
5.35%,
3/12/31,
Callable
2/12/31
@
100
..................................
2,000
1,913
5.95%,
5/15/31,
Callable
4/15/31
@
100(h)
................................
840
822
Block
Financial
LLC,
3.88%,
8/15/30,
Callable
5/15/30
@
100
......................
2,000
1,891
Blue
Owl
Credit
Income
Corp.
3.13%,
9/23/26,
Callable
9/5/26
@
100
...................................
500
498
5.80%,
3/15/30,
Callable
2/15/30
@
100
..................................
1,500
1,456
Brown
&
Brown,
Inc.,
5.55%,
6/23/35,
Callable
3/23/35
@
100
......................
1,261
1,237
Capital
One
Financial
Corp.,
5.82%
(SOFR+260bps),
2/1/34,
Callable
2/1/33
@
100(c)
.....
3,500
3,542
Citizens
Financial
Group,
Inc.
5.30%
(H15T5Y+145bps),
1/29/36,
Callable
1/29/31
@
100(c)
..................
1,364
1,335
5.64%
(H15T5Y+275bps),
5/21/37,
Callable
5/21/32
@
100(c)
..................
2,500
2,477
Clearinghouse
Community
Development
Financial
Institution,
7.00%,
10/15/30,
Callable
9/15/30
@
100(a)
...................................................
1,845
1,969
CNO
Global
Funding
4.95%,
9/9/29(a)
...................................................
2,227
2,217
4
.70%,
12/11/30(a)
..................................................
3,000
2,925
Compeer
Financial
FLCA/Compeer
Financial
PCA,
3.38%
(SOFR+197bps),
6/1/36,
Callable
6/1/31
@
100(a)(c)
..................................................
4,000
3,490
Constellation
Global
Funding,
5.70%,
8/5/31(a)
.................................
2,000
1,994
Cullen/Frost
Bankers,
Inc.,
4.50%,
3/17/27,
Callable
2/17/27
@
100
...................
3,000
2,986
Cullen/Frost
Capital
Trust
II,
5.47%
(TSFR3M+181bps),
3/1/34,
Callable
9/5/26
@
100(c)
..
5,000
4,580
CVS
Pass-Through
Trust,
6.04%,
12/10/28
.....................................
1,762
1,773
ERAC
USA
Finance
LLC,
5.25%,
4/30/36,
Callable
1/30/36
@
100(a)
.................
4,000
3,913
F&G
Global
Funding,
2.00%,
9/20/28(a)
......................................
4,000
3,732
Fells
Point
Funding
Trust,
3.05%,
1/31/27,
Callable
12/31/26
@
100(a)
................
6,500
6,453
Fidelity
National
Information
Services,
Inc.,
4.80%,
3/10/31,
Callable
2/10/31
@
100
......
1,321
1,297
Fifth
Third
Bancorp,
4.34%
(SOFR+166bps),
4/25/33,
Callable
4/25/32
@
100(c)
.........
6,957
6,616
First
American
Financial
Corp.,
2.40%,
8/15/31,
Callable
5/15/31
@
100
...............
4,000
3,458
First
Horizon
Bank,
5.75%,
5/1/30,
Callable
2/1/30
@
100
.........................
8,850
8,900
Fiserv,
Inc.
5.63%,
8/21/33,
Callable
5/21/33
@
100
..................................
1,550
1,539
5.45%,
3/15/34,
Callable
12/15/33
@
100
.................................
5,250
5,114
Victory
Portfolios
III
Victory
Income
Fund
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ford
Motor
Credit
Co.
LLC
6.80%,
11/7/28,
Callable
10/7/28
@
100
..................................
$
2,000
$
2,059
6.13%,
3/8/34,
Callable
12/8/33
@
100
...................................
2,000
1,991
5.87%,
10/31/35
,
Callable
7/31/35
@
100
.................................
2,000
1,930
GA
Global
Funding
Trust,
2.90%,
1/6/32(a)
....................................
3,000
2,613
Gabx
Leasing
LLC,
5.30%,
4/15/36,
Callable
1/15/36
@
100(a)
......................
2,500
2,416
Global
Payments,
Inc.
2.90%,
11/15/31
,
Callable
8/15/31
@
100
..................................
6,500
5,679
5.40%,
8/15/32,
Callable
5/15/32
@
100(h)
................................
1,750
1,724
5.40%,
3/15/33,
Callable
1/15/33
@
100
..................................
1,000
973
5.55%,
11/15/35,
Callable
8/15/35
@
100
..................................
1,500
1,429
Globe
Life,
Inc.,
5.85%,
9/15/34,
Callable
6/15/34
@
100
..........................
2,308
2,341
Golub
Capital
Private
Credit
Fund,
5.60%,
4/15/31,
Callable
3/15/31
@
100(a)
...........
1,500
1,431
Horizon
Mutual
Holdings,
Inc.,
6.20%,
11/15/34,
Callable
8/15/34
@
100
(a)
............
6,589
6,211
Horseshoe
Funding
Trust,
6.06%,
2/15/36,
Callable
11/15/35
@
100(a)
................
583
581
Huntington
Bancshares,
Inc.
4.44%
(SOFR+197bps),
8/4/28,
Callable
8/4/27
@
100(c)
......................
2,750
2,741
2.49%
(H15T5Y+117bps),
8/15/36,
Callable
8/15/31
@
100(c)
..................
7,676
6,557
Huntington
Capital
Trust
I,
4.78%
(TSFR3M+96bps),
2/1/27,
Callable
9/5/26
@
100(c)
.....
2,300
2,271
Hyundai
Capital
America,
5.00%,
4/7/31,
Callable
3/7/31
@
100(a)
...................
3,500
3,463
ILFC
E-Capital
Trust
I,
6.48%,
12/21/65,
Callable
9/5/26
@
100(a)
...................
10,000
8,423
JPMorgan
Chase
&
Co.
4.57%
(TSFR3M+76bps),
2/1/27,
Callable
9/5/26
@
100(c)
....................
4,000
3,982
1.95%
(SOFR+107bps),
2/4/32,
Callable
2/4/31
@
100
(c)
......................
2,750
2,404
5.29%
(SOFR+146bps),
7/22/35,
Callable
7/22/34
@
100(c)
....................
7,250
7,183
5.80%
(H15T5Y+125bps),
7/23/41,
Callable
7/23/36
@
100(c)
..................
2,500
2,471
KeyBank
NA
3.90%,
4/13/29
....................................................
3,000
2,914
4.90%,
8/8/32
.....................................................
1,000
970
KeyCorp,
4.79%
(SOFRINDX+206bps),
6/1/33,
Callable
6/1/32
@
100,
MTN(c)
.........
3,784
3,669
Lincoln
National
Corp.
5.35%,
11/15/35,
Callable
8/15/35
@
100(h)
...............................
2,500
2,412
6.27%
(TSFR3M+262bps),
5/17/66,
Callable
8/21/26
@
100(c)
..................
2,341
2,031
Loews
Corp.,
4.94%,
4/1/36,
Callable
1/1/36
@
100
..............................
1,425
1,360
LPL
Holdings,
Inc.,
5.75%,
6/15/35,
Callable
3/15/35
@
100
........................
3,980
3,914
LSEG
US
Fin
Corp.,
5.25%,
3/23/36
,
Callable
12/23/35
@
100(a)
....................
3,000
2,918
Marsh
&
McLennan
Cos.,
Inc.,
4.95%,
3/15/36,
Callable
12/15/35
@
100
...............
1,898
1,829
Massachusetts
Mutual
Life
Insurance
Co.,
5.95%,
6/1/56,
Callable
12/1/55
@
100(a)
......
4,500
4,233
Morgan
Stanley
2.51%
(SOFR+120bps),
10/20/32,
Callable
10/20/31
@
100,
MTN(c)
.............
1,800
1,574
2.48%
(SOFR+136bps),
9/16/36,
Callable
9/16/31
@
100(c)
....................
8,000
6,863
5.30%
(SOFRINDX+141bps),
4/10/37,
Callable
4/10/36
@
100(c)
...............
1,500
1,457
MSD
Investment
Corp.,
6.38%,
6/12/29,
Callable
5/12/29
@
100(a)
...................
560
559
NLG
Global
Funding,
5.40%,
1/23/30(a)
......................................
3,000
3,029
Old
Republic
International
Corp.,
5.70%,
6/1/36,
Callable
3/1/36
@
100
................
3,453
3,392
Pinnacle
Financial
Partners,
Inc.,
7.54%
(USISOA05+338bps),
2/7/29(c)
...............
10,000
10,357
PNC
Bank
NA,
2.70%,
10/22/29
............................................
6,000
5,598
Primerica,
Inc.,
2.80%,
11/19/31,
Callable
8/19/31
@
100
..........................
4,000
3,560
Protective
Life
Corp.,
5.35%,
12/15/35,
Callable
9/15/35
@
100(a)
...................
2,000
1,927
Protective
Life
Global
Funding
4.83%,
4/14/31(a)
..................................................
1,500
1,481
5.43%,
1/14/32(a)
..................................................
3,500
3,537
Prudential
Financial,
Inc.
3.94%,
12/7/49,
Callable
6/7/49
@
100
...................................
2,500
1,810
6.00%
(H15T5Y+323bps),
9/1/52,
Callable
6/1/32
@
100(c)
....................
6,000
6,034
Raymond
James
Financial,
Inc.,
4.95%,
7/15/46
.................................
4,000
3,431
Regions
Bank/Birmingham
AL,
6.45%,
6/26/37
.................................
6,909
7,176
Rocket
Cos.,
Inc.,
6.50%,
6/15/34,
Callable
6/15/29
@
103.25(a)
.....................
1,816
1,834
Santander
Holdings
USA,
Inc.
6.57%
(SOFR+270bps),
6/12/29,
Callable
6/12/28
@
100(c)
....................
2,500
2,569
5.35%
(SOFR+194bps),
9/6/30,
Callable
9/6/29
@
100(c)
......................
1,000
1,005
State
Street
Corp.,
6.12%
(SOFR+196bps),
11/21/34,
Callable
11/21/33
@
100(c)
.........
1,250
1,299
Stellantis
Finance
US,
Inc.,
2.69%,
9/15/31
,
Callable
6/15/31
@
100(a)
................
13,800
11,653
Victory
Portfolios
III
Victory
Income
Fund
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Stellantis
Financial
Services
US
Corp.,
5.80%,
6/15/31,
Callable
5/15/31
@
100(a)(h)
......
$
2,325
$
2,280
Stewart
Information
Services
Corp.,
3.60%,
11/15/31,
Callable
8/15/31
@
100
...........
8,500
7,470
Stonebriar
ABF
Issuer
LLC,
8.13%,
12/15/30,
Callable
12/15/27
@
104.06(a)
............
225
234
Synchrony
Financial,
6.28%
(SOFR+203bps),
7/31/37,
Callable
7/31/36
@
100(c)
........
2,000
1,998
Teachers
Insurance
&
Annuity
Association
of
America,
4.90%,
9/15/44(a)
..............
5,000
4,249
The
Allstate
Corp.,
6.85%
(TSFR3M+320bps),
8/15/53,
Callable
9/5/26
@
100(c)
.........
5,000
5,001
The
Bank
of
New
York
Mellon
Corp.
3.75%
(H15T5Y+263bps),
Callable
12/20/26
@
100(c)(f)
......................
7,000
6,945
5.61%
(SOFR+177bps),
7/21/39,
Callable
7/21/34
@
100(c)
....................
3,030
3,033
The
Hartford
Insurance
Group,
Inc.,
6.04%
(TSFR3M+239bps),
2/12/47,
Callable
9/5/26
@
100(a)(c)
.........................................................
5,000
4,948
The
PNC
Financial
Services
Group,
Inc.
4.63%
(SOFRINDX+185bps),
6/6/33,
Callable
6/6/32
@
100(c)
.................
1,382
1,323
5.68%
(
SOFR+190bps),
1/22/35,
Callable
1/22/34
@
100(c)
....................
1,408
1,424
TPG
Operating
Group
II
LP,
4.88%,
5/15/31,
Callable
4/15/31
@
100
.................
1,873
1,831
Truist
Bank,
4.63%
(H15T5Y+115bps),
9/17/29(c)
...............................
2,450
2,416
Truist
Financial
Corp.,
5.87%
(SOFR+236bps),
6/8/34,
Callable
6/8/33
@
100,
MTN(c)
....
3,000
3,064
U.S.
Bancorp
4.97%
(SOFR+211bps),
7/22/33,
Callable
7/22/32
@
100(c)
....................
4,000
3,908
5.72%
(H15T5Y+125bps),
5/20/41
,
Callable
5/20/36
@
100(c)
..................
2,000
1,951
356,580
Health
Care
(2.2%):
180
Medical,
Inc.,
5.30%,
10/8/35,
Callable
7/8/35
@
100(a)
........................
989
950
Amgen,
Inc.
4.85%,
2/19/36,
Callable
11/19/35
@
100
..................................
4,642
4,447
3.00%,
1/15/52,
Callable
7/15/51
@
100
..................................
4,500
2,747
4.20%,
2/22/52,
Callable
8/22/51
@
100
..................................
3,500
2,615
5.65%,
2/19/56,
Callable
8/19/55
@
100
..................................
497
464
Baxter
International,
Inc.
5.65%,
12/15/35
,
Callable
9/15/35
@
100
.................................
658
643
3.13%,
12/1/51,
Callable
6/1/51
@
100
...................................
10,000
5,716
Bristol-Myers
Squibb
Co.,
5.90%,
11/15/33,
Callable
8/15/33
@
100
..................
2,016
2,106
Centene
Corp.
4.63%,
12/15/29,
Callable
9/5/26
@
101.54
................................
2,000
1,937
2.50%,
3/1/31,
Callable
12/1/30
@
100
...................................
2,000
1,741
DENTSPLY
SIRONA,
Inc.
3.25%,
6/1/30,
Callable
3/1/30
@
100(h)
..................................
3,750
3,468
8.38%
(H15T5Y+438bps),
9/12/55,
Callable
6/12/30
@
100(c)
..................
3,250
3,236
Eastern
Maine
Healthcare
Systems,
5.02%,
7/1/36
...............................
10,000
7,913
HCA,
Inc.
4.38%,
3/15/42,
Callable
9/15/41
@
100
..................................
2,156
1,767
5.25%,
6/15/49,
Callable
12/15/48
@
100
.................................
3,500
2,994
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.,
5.45%,
6/15/34,
Callable
3/15/34
@
100(a)
...........................................................
3,450
3,410
Humana,
Inc.,
5.55%,
5/1/35,
Callable
2/1/35
@
100
..............................
1,500
1,474
Northwell
Healthcare,
Inc.,
3.39%,
11/1/27
,
Callable
8/1/27
@
100
...................
3,900
3,813
Orlando
Health
Obligated
Group,
2.89%,
10/1/35
................................
1,660
1,408
Revvity,
Inc.
2.55%,
3/15/31,
Callable
12/15/30
@
100
.................................
2,000
1,788
2.25%,
9/15/31,
Callable
6/15/31
@
100
..................................
4,500
3,913
Solventum
Corp.
5.45%,
3/13/31,
Callable
1/13/31
@
100
..................................
1,300
1,318
5.90%,
4/30/54,
Callable
10/30/53
@
100
.................................
1,267
1,193
Southern
Illinois
Healthcare
Enterprises,
Inc.,
3.97%,
5/15/50,
Callable
11/15/49
@
100
....
4,000
2,881
Tenet
Healthcare
Corp.,
6.13%,
6/15/30,
Callable
8/21/26
@
101.53
...................
1,500
1,512
Trinity
Health
Corp.,
2.63%,
12/1/40
,
Callable
6/1/40
@
100
........................
3,000
2,098
Universal
Health
Services,
Inc.,
2.65%,
1/15/32,
Callable
10/15/31
@
100
..............
3,000
2,598
Vanderbilt
University
Medical
Center,
4.17%,
7/1/37,
Callable
1/1/37
@
100
............
1,000
899
VSP
Optical
Group,
Inc.
5.45%,
12/1/35,
Callable
9/1/35
@
100(a)
.................................
1,207
1,184
5.65%,
6/1/36,
Callable
3/1/36
@
100(a)
..................................
2,570
2,548
Victory
Portfolios
III
Victory
Income
Fund
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Zoetis,
Inc.,
5.00%,
8/17/35,
Callable
5/17/35
@
100(h)
...........................
$
3,062
$
2,967
77,748
Industrials
(4.5%):
200
Park
Funding
Trust,
5.74%,
2/15/55,
Callable
8/15/54
@
100(a)
..................
4,000
3,759
Acuity
Brands
Lighting,
Inc.,
2.15%,
12/15/30,
Callable
9/15/30
@
100
................
3,551
3,152
American
Airlines
Pass
Through
Trust
4.00%,
9/22/27
....................................................
5,262
5,179
3.58%,
1/15/28
....................................................
2,193
2,150
4.00%,
2/15/29
....................................................
2,838
2,734
3.60%,
10/15/29(h)
.................................................
5,670
5,358
5.65%,
11/11/34
....................................................
571
557
6.30%,
8/20/35
....................................................
1,500
1,500
4.90%,
5/11/38
.....................................................
1,600
1,524
Ashtead
Capital,
Inc.
4.00%,
5/1/28,
Callable
8/16/26
@
100(a)
.................................
2,500
2,457
2.45%,
8/12/31,
Callable
5/12/31
@
100(a)
................................
6,000
5,238
5.95%,
10/15/33
,
Callable
7/15/33
@
100(a)
...............................
4,500
4,578
British
Airways
Pass
Through
Trust
3.35%,
6/15/29(a)
..................................................
2,351
2,273
3.80%,
9/20/31(a)
..................................................
1,768
1,708
Broadridge
Financial
Solutions,
Inc.,
5.75%,
5/15/36,
Callable
2/15/36
@
100
...........
2,609
2,568
Builders
FirstSource,
Inc.,
6.38%,
6/15/32,
Callable
6/15/27
@
103.19(a)
...............
2,500
2,491
Burlington
Northern
Santa
Fe
LLC,
3.90%,
8/1/46,
Callable
2/1/46
@
100
..............
5,000
3,779
Delta
Air
Lines
Pass
Through
Trust,
3.88%,
7/30/27
..............................
4,680
4,640
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.,
4.75%,
10/20/28(a)
.........................
1,500
1,497
Equifax,
Inc.,
5.65%,
8/15/33,
Callable
6/15/33
@
100
............................
1,202
1,206
Experian
Finance
US,
Inc.,
5.35%,
8/24/36,
Callable
5/24/36
@
100(a)
................
3,000
2,911
Flowserve
Corp.,
5.70%,
5/15/36,
Callable
2/15/36
@
100
..........................
959
937
Fluor
Corp.,
4.25%,
9/15/28,
Callable
6/15/28
@
100
.............................
4,000
3,930
GXO
Logistics,
Inc.,
2.65%,
7/15/31,
Callable
4/15/31
@
100
.......................
5,000
4,399
Honeywell
Aerospace,
Inc.,
4.60%,
3/16/33,
Callable
1/16/33
@
100(a)
................
2,500
2,415
Hubbell,
Inc.
4.80%,
11/15/35,
Callable
8/15/35
@
100
..................................
836
794
5.15%,
6/15/36,
Callable
3/15/36
@
100
..................................
2,000
1,943
JetBlue
Pass
Through
Trust,
2.95%,
5/15/28
....................................
6,782
6,275
Kennametal,
Inc.,
5.80%,
5/28/36,
Callable
2/28/36
@
100
.........................
1,632
1,613
Otis
Worldwide
Corp.,
3.11%,
2/15/40,
Callable
8/15/39
@
100
......................
2,853
2,135
RTX
Corp.,
4.20%,
12/15/44,
Callable
6/15/44
@
100
.............................
5,000
3,934
Ryder
System,
Inc.,
5.25%,
6/1/28,
Callable
5/1/28
@
100,
MTN
.....................
5,000
5,046
Southwest
Airlines
Co.,
5.25%,
11/15/35,
Callable
8/15/35
@
100
....................
3,500
3,315
Spirit
Airlines
Pass
Through
Trust
4.10%,
4/1/28
.....................................................
7,000
6,624
3.38%,
2/15/30
....................................................
5,761
5,406
Sunbelt
Rentals
Holdings,
Inc.,
5.65%,
8/12/36,
Callable
5/12/36
@
100(a)
.............
2,136
2,100
The
Boeing
Co.
3.63%,
2/1/31,
Callable
11/1/30
@
100
...................................
4,000
3,772
5.71%,
5/1/40,
Callable
11/1/39
@
100
...................................
6,000
5,924
5.81%,
5/1/50,
Callable
11/1/49
@
100
...................................
2,000
1,888
The
Timken
Co.,
4.13%,
4/1/32,
Callable
1/1/32
@
100
............................
6,400
6,026
UL
Solutions,
Inc.,
6.50%,
10/20/28,
Callable
9/20/28
@
100
.......................
3,856
3,994
Union
Pacific
Corp.
3.38%,
2/1/35,
Callable
8/1/34
@
100
....................................
2,000
1,746
4.25%,
4/15/43,
Callable
10/15/42
@
100
.................................
5,000
4,038
United
Airlines
Pass
Through
Trust,
2.90%,
5/1/28
...............................
3,498
3,361
United
Airlines,
Inc.,
4.63%,
4/15/29,
Callable
10/15/28
@
100(a)
....................
4,000
3,930
Verisk
Analytics,
Inc.,
5.25%,
6/5/34,
Callable
3/5/34
@
100
........................
3,500
3,429
Weir
Group,
Inc.,
5.35%,
5/6/30,
Callable
4/6/30
@
100(a)
.........................
3,150
3,156
Worthington
Enterprises,
Inc.,
4.30%,
8/1/32
,
Callable
5/1/32
@
100
..................
5,890
5,323
158,712
Information
Technology
(2.1%):
Accenture
Capital,
Inc.,
5.60%,
7/10/36,
Callable
4/10/36
@
100
.....................
2,451
2,426
Victory
Portfolios
III
Victory
Income
Fund
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Broadcom,
Inc.
2.60%,
2/15/33,
Callable
11/15/32
@
100
..................................
$
4,000
$
3,371
3.47%,
4/15/34,
Callable
1/15/34
@
100
..................................
2,000
1,729
Dell
International
LLC/EMC
Corp.
4.85%,
2/1/35,
Callable
11/1/34
@
100
...................................
700
665
5.10%,
2/15/36,
Callable
11/15/35
@
100
..................................
3,044
2,924
Hewlett
Packard
Enterprise
Co.
5.25%,
4/1/33,
Callable
2/1/33
@
100
....................................
2,000
1,978
5.00%,
10/15/34,
Callable
7/15/34
@
100
.................................
3,000
2,873
HP,
Inc.,
5.50%,
1/15/33,
Callable
10/15/32
@
100(h)
.............................
3,000
3,021
Intel
Corp.,
4.25%,
12/15/42
...............................................
1,500
1,175
International
Business
Machines
Corp.
4.95%,
2/3/36,
Callable
11/3/35
@
100
...................................
3,355
3,163
4.00%,
6/20/42
....................................................
2,000
1,539
Keysight
Technologies,
Inc.,
4.95%,
10/15/34
,
Callable
7/15/34
@
100
................
3,365
3,254
Leidos,
Inc.
2.30%,
2/15/31,
Callable
11/15/30
@
100
..................................
3,000
2,648
5.00%,
3/15/36,
Callable
12/15/35
@
100
.................................
2,500
2,363
Marvell
Technology,
Inc.,
2.45%,
4/15/28
,
Callable
2/15/28
@
100
...................
5,950
5,731
Microsoft
Corp.,
2.53%,
6/1/50,
Callable
12/1/49
@
100
...........................
4,250
2,383
Motorola
Solutions,
Inc.,
5.60%,
6/1/32,
Callable
3/1/32
@
100
......................
1,000
1,017
NVIDIA
Corp.,
4.95%,
6/15/36
,
Callable
3/15/36
@
100
...........................
2,000
1,911
Oracle
Corp.
3.85%,
7/15/36,
Callable
1/15/36
@
100
..................................
9,250
7,324
5.38%,
7/15/40
....................................................
3,000
2,507
3.60%,
4/1/50,
Callable
10/1/49
@
100
...................................
4,500
2,579
5.38%,
9/27/54
,
Callable
3/27/54
@
100
..................................
1,750
1,277
Salesforce,
Inc.
5.20%,
3/15/33,
Callable
1/15/33
@
100
..................................
1,210
1,193
5.55%,
3/15/36,
Callable
12/15/35
@
100
.................................
8,800
8,578
ServiceNow,
Inc.,
5.40%,
5/15/36,
Callable
2/15/36
@
100
.........................
2,174
2,119
Synopsys,
Inc.,
5.15%,
4/1/35,
Callable
1/1/35
@
100
.............................
2,000
1,942
VeriSign,
Inc.,
5.10%,
7/15/31,
Callable
6/15/31
@
100
............................
1,021
1,017
72,707
Materials
(2.3%):
Amcor
Flexibles
North
America,
Inc.
5.50%,
3/17/35,
Callable
12/17/34
@
100(h)
...............................
1,500
1,498
5.13%,
3/12/36,
Callable
12/12/35
@
100
.................................
2,333
2,250
AptarGroup,
Inc.,
3.60%,
3/15/32,
Callable
12/15/31
@
100
........................
7,071
6,532
Avery
Dennison
Corp.,
2.25%,
2/15/32,
Callable
11/15/31
@
100
....................
4,750
4,097
Bayport
Polymers
LLC,
4.74%,
4/14/27,
Callable
3/14/27
@
100(a)
...................
3,000
2,996
CF
Industries,
Inc.,
5.30%,
11/26/35,
Callable
8/26/35
@
100
.......................
1,935
1,893
Commercial
Metals
Co.,
3.88%,
2/15/31,
Callable
8/16/26
@
101.94
..................
4,500
4,189
Eagle
Materials,
Inc.,
5.00%,
3/15/36,
Callable
12/15/35
@
100
......................
3,915
3,688
Ecolab,
Inc.
2.13%,
8/15/50,
Callable
2/15/50
@
100
..................................
5,000
2,563
2.70%,
12/15/51,
Callable
6/15/51
@
100
.................................
500
289
Freeport-McMoRan,
Inc.,
4.63%,
8/1/30,
Callable
9/5/26
@
101.54
...................
2,000
1,968
Glencore
Funding
LLC
2.50%,
9/1/30,
Callable
6/1/30
@
100(a)
..................................
6,500
5,883
5.51%,
4/1/36,
Callable
1/1/36
@
100(a)
..................................
2,000
1,970
Huntsman
International
LLC,
4.50%,
5/1/29,
Callable
2/1/29
@
100
..................
4,000
3,861
LYB
International
Finance
III
LLC
3.38%,
10/1/40,
Callable
4/1/40
@
100
...................................
4,000
2,881
4.20%,
5/1/50,
Callable
11/1/49
@
100
...................................
2,000
1,406
Martin
Marietta
Materials,
Inc.,
2.40%,
7/15/31,
Callable
4/15/31
@
100
...............
5,000
4,400
Monsanto
Co.,
3.95%,
4/15/45,
Callable
10/15/44
@
100
..........................
5,000
3,256
NewMarket
Corp.,
2.70%,
3/18/31,
Callable
12/18/30
@
100
........................
5,000
4,494
Olin
Corp.,
6.63%,
4/1/33,
Callable
4/1/28
@
103.31(a)
...........................
1,980
1,938
Packaging
Corp.
of
America
5.20%,
8/15/35,
Callable
5/15/35
@
100
..................................
1,042
1,022
3.05%,
10/1/51,
Callable
4/1/51
@
100
...................................
5,875
3,630
Sonoco
Products
Co.,
5.00%,
9/1/34,
Callable
6/1/34
@
100(h)
......................
3,870
3,734
Victory
Portfolios
III
Victory
Income
Fund
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Southern
Copper
Corp.,
5.35%,
6/24/36,
Callable
3/24/36
@
100
.....................
$
2,000
$
1,947
Syensqo
Finance
America
LLC,
5.85%,
6/4/34,
Callable
3/4/34
@
100(a)
...............
4,000
4,026
The
Dow
Chemical
Co.
4.25%,
10/1/34,
Callable
4/1/34
@
100
...................................
1,750
1,572
5.25%,
11/15/41,
Callable
5/15/41
@
100
..................................
2,500
2,216
U.S.
Steel
Corp.,
5.70%,
8/1/36,
Callable
5/1/36
@
100(a)
..........................
2,333
2,291
82,490
Real
Estate
(1.6%):
Alexandria
Real
Estate
Equities,
Inc.,
3.55%,
3/15/52,
Callable
9/15/51
@
100
...........
5,000
3,300
Beacon
Point
DC
LLC,
6.13%,
11/30/42,
Callable
5/30/42
@
100(a)
..................
2,000
1,915
Boston
Properties
LP,
2.55%,
4/1/32,
Callable
1/1/32
@
100
........................
11,878
10,253
CBRE
Services,
Inc.
4.90%,
1/15/33,
Callable
11/15/32
@
100
..................................
2,000
1,946
5.25%,
6/1/36,
Callable
3/1/36
@
100
....................................
2,500
2,414
CoStar
Group,
Inc.,
2.80%,
7/15/30,
Callable
4/15/30
@
100(a)
......................
5,354
4,801
Crown
Castle,
Inc.,
2.25%,
1/15/31,
Callable
10/15/30
@
100
.......................
1,250
1,102
Essex
Portfolio
LP,
2.65%,
3/15/32,
Callable
12/15/31
@
100
.......................
5,000
4,388
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%,
1/15/32,
Callable
10/15/31
@
100
.................................
3,617
3,203
5.63%,
9/15/34,
Callable
6/15/34
@
100
..................................
2,000
1,947
Highwoods
Realty
LP,
2.60%,
2/1/31,
Callable
11/1/30
@
100
.......................
3,502
3,109
Host
Hotels
&
Resorts
LP,
3.38%,
12/15/29,
Callable
9/15/29
@
100
..................
3,500
3,317
Kilroy
Realty
LP,
2.65%,
11/15/33,
Callable
8/15/33
@
100
........................
4,000
3,193
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP,
4.95%,
1/15/35,
Callable
10/15/34
@
100
...........................................................
1,500
1,436
SBA
Tower
Trust,
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
.......................
1,158
1,168
Simon
Property
Group
LP
4.75%,
9/26/34,
Callable
6/26/34
@
100
..................................
1,450
1,389
5.85%,
3/8/53,
Callable
9/8/52
@
100
....................................
3,400
3,290
The
Northwestern
Mutual
Life
Insurance
Co.,
6.17%,
5/29/55,
Callable
11/29/54
@
100(a)
..
1,255
1,238
VICI
Properties
LP/VICI
Note
Co.,
Inc.,
4.13%,
8/15/30,
Callable
9/5/26
@
101.38(a)
.....
4,000
3,801
57,210
Utilities
(5.5%):
AEP
Texas,
Inc.
5.70%,
5/15/34,
Callable
2/15/34
@
100
..................................
1,500
1,517
5.85%,
10/15/55,
Callable
4/15/55
@
100
.................................
2,000
1,859
Alabama
Power
Co.,
3.85%,
12/1/42
.........................................
3,000
2,347
Ameren
Corp.
3.50%,
1/15/31,
Callable
10/15/30
@
100
.................................
4,000
3,761
5.00%,
5/15/36,
Callable
2/15/36
@
100
..................................
1,500
1,437
Arizona
Public
Service
Co.,
5.10%,
3/15/36,
Callable
12/15/35
@
100
.................
2,500
2,409
Berkshire
Hathaway
Energy
Co.,
4.50%,
2/1/45,
Callable
8/1/44
@
100
................
4,000
3,284
Black
Hills
Corp.,
3.88%,
10/15/49,
Callable
4/15/49
@
100
........................
10,000
7,019
Cleco
Power
LLC,
5.30%,
1/15/36,
Callable
10/15/35
@
100(a)
......................
2,500
2,439
CMS
Energy
Corp.,
4.75%
(H15T5Y+412bps),
6/1/50,
Callable
3/1/30
@
100(c)
.........
2,000
1,945
Consumers
Energy
Co.,
6.10%,
8/15/56
,
Callable
2/15/56
@
100
.....................
2,500
2,493
Delmarva
Power
&
Light
Co.,
4.15%,
5/15/45,
Callable
11/15/44
@
100
...............
5,000
3,936
Dominion
Energy
South
Carolina,
Inc.,
4.10%,
6/15/46,
Callable
12/15/45
@
100
.........
5,000
3,715
DTE
Energy
Co.
5.85%,
6/1/34,
Callable
3/1/34
@
100
....................................
1,094
1,123
5.05%,
10/1/35,
Callable
7/1/35
@
100
...................................
1,885
1,812
Duke
Energy
Carolinas
LLC,
3.88%,
3/15/46,
Callable
9/15/45
@
100
.................
5,000
3,732
Duke
Energy
Corp.,
5.45%,
6/15/34,
Callable
3/15/34
@
100
.......................
2,000
2,008
Duke
Energy
Indiana
LLC,
4.95%,
3/15/36,
Callable
12/15/35
@
100
.................
500
481
Duke
Energy
Progress
LLC,
4.15%,
12/1/44,
Callable
6/1/44
@
100
..................
7,000
5,527
Duquesne
Light
Holdings,
Inc.,
2.78%,
1/7/32,
Callable
10/7/31
@
100(a)
..............
3,967
3,473
Entergy
Louisiana
LLC,
4.95%,
1/15/45,
Callable
9/5/26
@
100
.....................
6,750
5,947
Entergy
Mississippi
LLC,
3.25%,
12/1/27,
Callable
9/1/27
@
100
....................
5,000
4,903
Entergy
Texas,
Inc.
3.45%,
12/1/27,
Callable
9/1/27
@
100
...................................
9,420
9,246
3.55%,
9/30/49,
Callable
3/30/49
@
100
..................................
5,000
3,397
Evergy
Kansas
Central,
Inc.,
5.25%,
3/15/35,
Callable
12/15/34
@
100
................
2,500
2,463
Victory
Portfolios
III
Victory
Income
Fund
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Evergy
Missouri
West,
Inc.,
5.65%,
6/1/34,
Callable
3/1/34
@
100(a)
..................
$
3,450
$
3,452
Florida
Power
&
Light
Co.
3.15%,
10/1/49,
Callable
4/1/49
@
100
...................................
8,750
5,598
2.88%,
12/4/51,
Callable
6/4/51
@
100
...................................
4,500
2,671
Georgia
Power
Co.,
5.25%,
3/15/34,
Callable
9/15/33
@
100
........................
5,000
4,990
Indiana
Michigan
Power
Co.,
5.60%,
3/15/56,
Callable
9/15/55
@
100
.................
2,000
1,843
IPALCO
Enterprises,
Inc.,
4.25%,
5/1/30,
Callable
2/1/30
@
100
.....................
5,475
5,304
ITC
Holdings
Corp.,
3.35%,
11/15/27,
Callable
8/15/27
@
100
......................
2,000
1,968
MidAmerican
Energy
Co.
3.15%,
4/15/50,
Callable
10/15/49
@
100
.................................
7,000
4,454
2.70%,
8/1/52,
Callable
2/1/52
@
100
....................................
2,500
1,439
Midwest
Connector
Capital
Co.
LLC,
4.63%,
4/1/29,
Callable
1/1/29
@
100(a)
...........
2,500
2,474
Mississippi
Power
Co.,
4.25%,
3/15/42
.......................................
3,168
2,589
Niagara
Mohawk
Power
Corp.,
5.29%,
1/17/34,
Callable
10/17/33
@
100(a)
.............
3,550
3,498
Oglethorpe
Power
Corp.
4.20%,
12/1/42
....................................................
3,392
2,659
4.50%,
4/1/47,
Callable
10/1/46
@
100
...................................
3,750
2,989
5.80%,
6/1/54,
Callable
12/1/53
@
100
...................................
1,000
932
Oncor
Electric
Delivery
Co.
LLC
5.35%,
4/1/35,
Callable
1/1/35
@
100
....................................
1,417
1,413
3.75%,
4/1/45,
Callable
10/1/44
@
100
...................................
5,000
3,710
PECO
Energy
Co.,
3.00%,
9/15/49,
Callable
3/15/49
@
100
........................
6,000
3,712
Potomac
Electric
Power
Co.,
4.15%,
3/15/43,
Callable
9/15/42
@
100
.................
5,000
4,013
PPL
Capital
Funding,
Inc.
5.25%,
9/1/34,
Callable
6/1/34
@
100
....................................
1,490
1,471
6.66%
(TSFR3M+293bps),
3/30/67,
Callable
9/5/26
@
100(c)(h)
................
6,130
6,049
Public
Service
Co.
of
Colorado,
2.70%,
1/15/51,
Callable
7/15/50
@
100
...............
7,000
3,987
Public
Service
Electric
&
Gas
Co.,
3.80%,
3/1/46,
Callable
9/1/45
@
100,
MTN
..........
8,000
5,975
Rayburn
Country
Securitization
LLC,
2.31%,
12/1/30(a)
...........................
3,353
3,188
Southwestern
Public
Service
Co.,
3.15%,
5/1/50,
Callable
11/1/49
@
100
...............
10,000
6,278
Tampa
Electric
Co.,
5.15%,
3/1/35,
Callable
12/1/34
@
100
........................
1,500
1,472
The
AES
Corp.,
5.80%,
3/15/32,
Callable
1/15/32
@
100
..........................
3,000
3,015
The
Conservation
Fund
A
Nonprofit
Corp.,
3.47%,
12/15/29,
Callable
9/15/29
@
100
......
7,000
6,610
Tri-State
Generation
and
Transmission
Association,
Inc.
4.70%,
11/1/44,
Callable
5/1/44
@
100
...................................
5,000
3,999
4.25%,
6/1/46,
Callable
12/1/45
@
100
...................................
10,000
7,285
Union
Electric
Co.,
5.20%,
4/1/34,
Callable
1/1/34
@
100
..........................
2,500
2,487
Vistra
Operations
Co.
LLC,
6.88%,
4/15/32,
Callable
4/15/27
@
103.44(a)
..............
2,375
2,452
196,249
Total
Corporate
Bonds
(Cost
$1,395,956)
a
a
a
1,284,103
Yankee
Dollars
(9.6%)
Communication
Services
(0.2%):
Rogers
Communications,
Inc.,
4.50%,
3/15/42,
Callable
9/15/41
@
100
................
2,000
1,627
TELUS
Corp.,
6.38%
(H15T5Y+269bps),
6/9/56,
Callable
3/9/31
@
100(c)
.............
4,000
3,948
5,575
Consumer
Discretionary
(0.4%):
Brightstar
Lottery
PLC,
5.25%,
1/15/29,
Callable
9/5/26
@
100(a)
....................
2,300
2,272
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.,
5.75%,
1/15/33,
Callable
12/15/28
@
102.88(a)
......................................................
860
829
GENM
Capital
Labuan
Ltd.,
3.88%,
4/19/31,
Callable
1/19/31
@
100(a)
...............
4,000
3,586
Gildan
Activewear,
Inc.,
5.40%,
10/7/35,
Callable
7/7/35
@
100(a)
...................
984
942
Nemak
SAB
de
CV,
3.63%,
6/28/31,
Callable
3/28/31
@
100(a)(h)
...................
7,192
6,079
Pershing
Square
Holdings
Ltd.,
5.50%,
10/28/32,
Callable
8/28/32
@
100(a)
............
1,200
1,172
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/29,
Callable
8/21/26
@
100(a)
..........
1,214
1,213
16,093
Consumer
Staples
(0.7%):
Alimentation
Couche-Tard,
Inc.,
2.95%,
1/25/30,
Callable
10/25/29
@
100(a)
............
5,000
4,681
Bacardi
Ltd.,
4.70%,
5/15/28,
Callable
2/15/28
@
100(a)
...........................
12,000
11,945
Becle
SAB
de
CV,
2.50%,
10/14/31,
Callable
7/14/31
@
100(a)
......................
1,200
1,020
Imperial
Brands
Finance
PLC,
3.88%,
7/26/29,
Callable
4/26/29
@
100
(a)
..............
5,000
4,850
Victory
Portfolios
III
Victory
Income
Fund
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
JBS
NV/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
Holdings
5.75%,
4/1/33,
Callable
1/1/33
@
100
....................................
$
2,179
$
2,209
6.75%,
3/15/34,
Callable
12/15/33
@
100
.................................
258
277
6.25%,
3/1/56
,
Callable
9/1/55
@
100
....................................
1,000
935
25,917
Energy
(0.9%):
Aker
BP
ASA,
4.00%,
1/15/31,
Callable
10/15/30
@
100(a)
........................
5,000
4,780
BP
Capital
Markets
PLC,
4.88%
(H15T5Y+440bps),
Callable
3/22/30
@
100(c)(f)
........
4,000
3,906
Canadian
Natural
Resources
Ltd.,
5.40%,
12/15/34,
Callable
9/15/34
@
100
.............
2,400
2,383
Harbour
Energy
PLC,
6.33%,
4/1/35,
Callable
1/1/35
@
100(a)
......................
5,000
5,035
TransCanada
PipeLines
Ltd.,
6.12%
(TSFR3M+247bps),
5/15/67,
Callable
9/5/26
@
100(c)
.
10,124
9,347
Vallourec
SACA,
7.50%,
4/15/32,
Callable
4/15/27
@
103.75(a)
.....................
1,336
1,394
Var
Energi
ASA,
8.00%,
11/15/32,
Callable
8/15/32
@
100(a)
.......................
3,750
4,200
31,045
Financials
(4.3%):
Allianz
SE,
6.35%
(H15T5Y+323bps),
9/6/53,
Callable
3/6/33
@
100(a)(c)
.............
2,000
2,057
Ascot
Group
Ltd.
4.25%,
12/15/30,
Callable
9/5/26
@
100(a)
................................
7,802
7,319
6.35%
(H15T5Y+238bps),
6/15/35
,
Callable
3/15/30
@
100(a)(c)
................
866
863
Avilease
Capital
Ltd.,
5.50%,
6/30/31,
Callable
5/30/31
@
100(a)
....................
1,466
1,460
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
7.53%
(H15T5Y+300bps),
10/1/28(a)(c)(h)
.....................................
1,000
1,039
Bank
of
Montreal,
3.09%
(H15T5Y+140bps),
1/10/37,
Callable
1/10/32
@
100(c)
........
6,500
5,760
Barclays
PLC
7.39%
(H15T1Y+330bps),
11/2/28,
Callable
11/2/27
@
100(c)
..................
5,000
5,154
2.89%
(H15T1Y+130bps),
11/24/32,
Callable
11/24/31
@
100(c)
................
5,000
4,431
6.22%
(SOFR+298bps),
5/9/34,
Callable
5/9/33
@
100(c)
......................
3,000
3,104
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
8.45%
(H15T5Y+466bps),
6/29/38,
Callable
6/29/33
@
100(a)(c)
................
3,125
3,350
8.13%
(H15T5Y+421bps),
1/8/39,
Callable
1/8/34
@
100(a)(c)
..................
2,500
2,631
BNP
Paribas
SA,
4.63%,
3/13/27(a)
..........................................
4,500
4,496
BPCE
SA
3.50%,
10/23/27(a)
..................................................
5,000
4,929
6.51%
(SOFR+279bps),
1/18/35,
Callable
1/18/34
@
100(a)(c)
..................
3,500
3,573
Brookfield
Asset
Management
Ltd.,
5.30%,
1/15/36,
Callable
10/15/35
@
100
...........
6,000
5,752
Canadian
Imperial
Bank
of
Commerce
7.26%,
4/10/32(a)
..................................................
4,029
4,215
6.09%,
10/3/33,
Callable
7/3/33
@
100
...................................
1,500
1,568
CI
Financial
Corp.,
4.10%,
6/15/51,
Callable
12/15/50
@
100
.......................
5,000
3,245
Deutsche
Bank
AG
4.88%
(USISOA05+255bps),
12/1/32,
Callable
12/1/27
@
100(c)
................
3,000
2,979
3.74%
(SOFR+226bps),
1/7/33,
Callable
10/7/31
@
100(c)
.....................
5,000
4,547
HSBC
Holdings
PLC,
2.21%
(SOFR+129bps),
8/17/29,
Callable
8/17/28
@
100(c)
........
8,000
7,588
ING
Groep
NV,
5.42%
(SOFRINDX+161bps),
3/23/37,
Callable
3/23/36
@
100(c)
........
3,000
2,940
Lloyds
Banking
Group
PLC,
3.57%
(US0003M+121bps),
11/7/28,
Callable
11/7/27
@
100(c)
5,000
4,931
Macquarie
Bank
Ltd.,
3.05%
(H15T5Y+170bps),
3/3/36,
Callable
3/3/31
@
100(a)(c)
......
8,750
7,846
Mitsubishi
UFJ
Financial
Group,
Inc.,
6.05%
(H15T1Y+93bps),
7/24/47,
Callable
7/24/46
@
100(c)
...........................................................
2,000
1,983
Mizuho
Financial
Group,
Inc.,
2.17%
(H15T1Y+87bps),
5/22/32,
Callable
5/22/31
@
100(c)
.
5,000
4,359
NatWest
Group
PLC,
5.08%
(US0003M+191bps),
1/27/30,
Callable
1/27/29
@
100(c)
.....
6,000
6,018
RenaissanceRe
Holdings
Ltd.,
5.80%,
4/1/35,
Callable
1/1/35
@
100
..................
2,857
2,874
Societe
Generale
SA,
6.22%
(H15T1Y+320bps),
6/15/33
,
Callable
6/15/32
@
100(a)(c)(h)
..
4,000
4,081
Standard
Chartered
PLC,
4.87%
(USISOA05+197bps),
3/15/33,
Callable
3/15/28
@
100(a)(c)
(h)
.............................................................
3,750
3,729
Sumitomo
Mitsui
Financial
Group,
Inc.,
2.22%,
9/17/31
...........................
8,500
7,385
Sumitomo
Mitsui
Trust
Bank
Ltd.
5.05%,
3/13/35(a)
..................................................
1,500
1,460
4.80%,
3/5/36(a)
...................................................
1,500
1,413
The
Toronto-Dominion
Bank
3.63%
(USSW5+221bps),
9/15/31,
Callable
9/15/26
@
100(c)
...................
10,000
9,984
5.15%
(H15T5Y+150bps)
,
9/10/34,
Callable
9/10/29
@
100(c)
..................
3,200
3,195
UBS
Group
AG,
3.87%
(US0003M+141bps),
1/12/29,
Callable
1/12/28
@
100(a)(c)
.......
4,445
4,396
Victory
Portfolios
III
Victory
Income
Fund
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Westpac
Banking
Corp.,
4.32%
(USISOA05+224bps),
11/23/31,
Callable
11/23/26
@
100(c)
.
$
5,000
$
4,991
151,645
Health
Care
(0.8%):
Olympus
Corp.,
2.14%,
12/8/26,
Callable
11/8/26
@
100(a)
........................
3,939
3,905
Royalty
Pharma
PLC
5.40%,
9/2/34,
Callable
6/2/34
@
100
....................................
3,500
3,479
3.30%,
9/2/40
,
Callable
3/2/40
@
100
....................................
5,000
3,768
3.55%,
9/2/50,
Callable
3/2/50
@
100
....................................
2,500
1,664
Smith
&
Nephew
PLC
2.03%,
10/14/30,
Callable
7/14/30
@
100
.................................
2,900
2,564
5.40%,
3/20/34,
Callable
12/20/33
@
100
.................................
3,864
3,822
STERIS
Irish
FinCo
Unlimited
Co.
2.70%,
3/15/31,
Callable
12/15/30
@
100
.................................
3,000
2,702
3.75%,
3/15/51,
Callable
9/15/50
@
100
..................................
8,000
5,450
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/1/26
....................
1,963
1,956
29,310
Industrials
(1.1%):
Air
Canada
Pass
Through
Trust
3.60%,
3/15/27(a)
..................................................
5,019
4,982
3.75%,
12/15/27(a)
..................................................
3,107
3,050
Aircastle
Ltd.,
6.50%,
7/18/28,
Callable
6/18/28
@
100(a)
..........................
3,000
3,080
BAE
Systems
PLC,
3.40%,
4/15/30,
Callable
1/15/30
@
100(a)
......................
3,500
3,325
Ferguson
Finance
PLC,
4.65%,
4/20/32,
Callable
1/20/32
@
100(a)
...................
3,000
2,905
LG
Energy
Solution
Ltd.
5.25%,
4/2/31(a)
...................................................
4,300
4,252
5.50%,
7/2/34(a)
...................................................
3,000
2,934
nVent
Finance
SARL,
5.65%,
5/15/33,
Callable
2/15/33
@
100
......................
5,500
5,573
Port
of
Newcastle
Investments
Financing
Pty
Ltd.,
5.90%,
11/24/31,
Callable
8/24/31
@
100(a)
(h)
.............................................................
6,000
6,064
Turkish
Airlines
Pass
Through
Trust,
4.20%,
3/15/27(a)
............................
1,428
1,413
37,578
Information
Technology
(0.5%):
Kioxia
Holdings
Corp.,
6.63%,
7/24/33,
Callable
7/24/28
@
103.31(a)
.................
4,000
4,134
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.,
2.65%,
2/15/32,
Callable
11/15/31
@
100
....
7,000
6,119
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(a)
........................
5,765
5,879
SK
hynix,
Inc.,
2.38%,
1/19/31(a)(h)
.........................................
1,000
895
17,027
Materials
(0.5%):
ArcelorMittal
SA,
7.00%,
10/15/39
..........................................
4,000
4,336
CCL
Industries,
Inc.,
3.05%,
6/1/30,
Callable
3/1/30
@
100(a)
.......................
7,235
6,714
Minera
Mexico
SA
de
CV,
5.63%,
2/12/32,
Callable
12/12/31
@
100(a)
................
4,414
4,413
Rio
Tinto
Finance
USA
PLC,
5.25%,
3/14/35,
Callable
12/14/34
@
100
................
1,660
1,653
17,116
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
2.50%,
10/15/31,
Callable
7/15/31
@
100(a)
...........................................................
5,500
4,808
Utilities
(0.1%):
Enel
Finance
International
NV,
2.50%,
7/12/31,
Callable
4/12/31
@
100(a)
..............
5,000
4,417
Total
Yankee
Dollars
(Cost
$352,176)
a
a
a
340,531
Municipal
Bonds
(2.9%)
Arizona
(0.1%):
Arizona
IDA
Revenue
5.26%,
10/1/33
....................................................
2,000
2,033
5.36%,
10/1/34
....................................................
2,000
2,040
4,073
California
(0.2%):
California
Infrastructure
&
Economic
Development
Bank
Revenue,
Series
B,
6.03%,
7/1/38
.
3,340
3,289
Victory
Portfolios
III
Victory
Income
Fund
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
City
of
El
Cajon
Revenue
Series
A,
2.09%,
4/1/29
..............................................
$
425
$
398
Series
A,
2.19%,
4/1/30
..............................................
425
389
Series
A,
2.29%,
4/1/31,
Continuously
Callable
@100
.........................
550
492
Vista
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
A,
4.13%,
9/1/30,
Continuously
Callable
@100
...........
2,590
2,568
7,136
Connecticut
(0.2%):
State
of
Connecticut,
GO,
Series
A,
3.43%,
4/15/28
..............................
1,500
1,477
Town
of
Hamden,
GO,
4.93%,
8/15/30,
Continuously
Callable
@100
..................
3,845
3,845
5,322
Florida
(0.4%):
Florida
Development
Finance
Corp.
Revenue,
Series
B,
3.22%,
2/1/32,
Continuously
Callable
@100
...........................................................
4,080
3,674
Hillsborough
County
IDA
Revenue,
3.58%,
8/1/35,
Continuously
Callable
@100
.........
8,500
7,708
St.
Johns
County
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
B,
2.54%,
10/1/30,
Continuously
Callable
@100
....................................
2,500
2,270
13,652
Georgia
(0.1%):
Savannah
Hospital
Authority
Revenue,
Series
B,
3.99%,
7/1/38
......................
5,000
4,392
Hawaii
(0.1%):
State
of
Hawaii
Department
of
Business
Economic
Development
&
Tourism
Revenue,
Series
A-2,
3.24%,
1/1/31
..................................................
4,721
4,630
Illinois
(0.1%):
City
of
Chicago,
GO,
Series
A,
5.88%,
1/1/31
...................................
1,315
1,312
State
of
Illinois
Sales
Tax
Revenue
Series
B,
2.51%,
6/15/32,
Continuously
Callable
@100
........................
2,000
1,735
Series
B,
2.66%,
6/15/33,
Continuously
Callable
@100
........................
1,500
1,279
4,326
Indiana
(0.0%):(g)
Indiana
Finance
Authority
Revenue,
Series
A,
3.62%,
7/1/36
........................
1,500
1,363
Louisiana
(0.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A,
4.28%,
2/1/36
..............................................
2,950
2,856
Series
A,
4.48%,
8/1/39(h)
............................................
3,775
3,573
6,429
Maryland
(0.2%):
Maryland
Economic
Development
Corp.
Revenue
Series
B,
4.25%,
6/1/29
..............................................
2,495
2,395
Series
B,
4.35%,
6/1/30
..............................................
1,325
1,255
Series
B,
4.40%,
6/1/31
..............................................
1,385
1,295
4,945
Massachusetts
(0.1%):
Massachusetts
Development
Finance
Agency
Revenue
Series
B,
7.38%,
10/1/35
.............................................
2,040
2,050
Series
G,
6.63%,
10/1/30
.............................................
1,575
1,591
3,641
New
Jersey
(0.1%):
New
Jersey
Educational
Facilities
Authority
Revenue,
Series
E,
4.02%,
7/1/39
...........
3,000
2,574
South
Jersey
Transportation
Authority
Revenue,
Series
B,
2.38%,
11/1/27
...............
1,030
1,004
3,578
Oklahoma
(0.3%):
Oklahoma
Development
Finance
Authority
Revenue,
Series
C,
5.45%,
8/15/28
...........
9,750
9,599
Pennsylvania
(0.3%):
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue,
3.73%,
7/15/43
..........
3,000
2,142
Public
Parking
Authority
of
Pittsburgh
Revenue
2.33%,
12/1/29
....................................................
895
832
2.58%,
12/1/31,
Continuously
Callable
@100
...............................
825
740
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
3.05%,
4/1/29
.....................................................
800
772
3.10%,
4/1/30
.....................................................
950
904
Victory
Portfolios
III
Victory
Income
Fund
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
3.15%,
4/1/31
.....................................................
$
250
$
235
State
Public
School
Building
Authority
Revenue
3.05%,
4/1/28,
ETM
.................................................
2,000
1,954
3.15%,
4/1/30,
ETM
.................................................
4,460
4,246
11,825
Texas
(0.4%):
County
of
Bexar
Revenue,
2.53%,
8/15/34,
Continuously
Callable
@100
...............
2,800
2,346
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue,
3.34%,
11/15/37
......
2,000
1,707
San
Antonio
Education
Facilities
Corp.
Revenue
2.38%,
4/1/28
.....................................................
1,500
1,397
2.65%
,
4/1/30
.....................................................
1,150
986
2.73%,
4/1/31
.....................................................
750
619
3.15%,
4/1/37,
Continuously
Callable
@100
...............................
3,600
2,674
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
2.08%,
9/1/28
.....................................................
600
570
2.57%,
9/1/32,
Continuously
Callable
@100
...............................
1,000
868
2.69%,
9/1/33,
Continuously
Callable
@100
...............................
1,000
851
Waco
Educational
Finance
Corp.
Revenue
1.69%,
3/1/28
.....................................................
1,500
1,438
2.06%,
3/1/31,
Continuously
Callable
@100
...............................
1,500
1,333
14,789
Wisconsin
(0.1%):
Public
Finance
Authority
Revenue,
3.63%,
6/1/51
................................
6,575
3,417
Total
Municipal
Bonds
(Cost
$113,441)
a
a
a
103,117
U.S.
Government
Agency
Mortgages
(10.9%)
Federal
Farm
Credit
Banks
Funding
Corporation
3.98%,
2/5/29
.....................................................
2,500
2,466
5.60%,
8/5/39
.....................................................
4,000
3,869
6,335
Federal
Home
Loan
Mortgage
Corporation
5.50%,
12/1/35
-
7/1/56
..............................................
47,628
47,388
1.50%,
4/1/37
.....................................................
3,669
3,240
5.00%,
3/1/38
-
12/1/55
..............................................
49,877
48,575
2.50%,
5/1/42
.....................................................
3,593
3,116
3.50%,
5/1/42
-
11/1/52
..............................................
12,369
11,108
4.50%,
11/1/42
-
10/1/52
..............................................
9,315
8,884
4.00%,
1/1/43
-
12/1/54
..............................................
12,783
11,834
3.00%,
1/1/52
-
5/1/52
...............................................
7,272
6,234
6.00%,
8/1/53
-
3/1/55
...............................................
7,192
7,298
147,677
Federal
National
Mortgage
Association
2.50%,
2/1/28
-
3/1/52
...............................................
9,068
7,661
6.50%,
4/1/31
-
3/1/32
...............................................
106
109
5
.00%,
6/1/33
-
6/1/56
...............................................
38,703
37,659
5.50%,
9/1/35
-
7/1/56
...............................................
42,583
42,390
6.00%,
5/1/36
-
8/1/54
...............................................
8,937
9,094
4.00%,
4/1/38
-
2/1/55
...............................................
15,210
14,118
4.50%,
11/1/40
-
2/1/55
..............................................
10,493
10,009
3.50%,
12/1/42
-
12/1/53
.............................................
15,351
13,809
3.00%,
2/1/50
.....................................................
3,655
3,152
2.00%,
5/1/51
.....................................................
2,076
1,642
139,643
Government
National
Mortgage
Association
7.00%,
10/15/27
-
7/15/32
.............................................
125
127
7.50%,
2/15/28
-
8/15/29
.............................................
16
17
6.50%,
5/15/28
-
10/15/31
.............................................
173
177
6.00%,
9/15/28
-
9/20/53
.............................................
4,358
4,449
5.50%,
4/20/33
-
9/20/53
.............................................
17,196
17,216
5.00%,
8/15/33
-
4/20/54
.............................................
17,296
16,924
2.50%,
9/20/51
-
7/20/53
.............................................
12,880
10,750
3.00%,
3/20/52
-
12/20/53
.............................................
15,242
13,120
Victory
Portfolios
III
Victory
Income
Fund
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
3.50%,
4/20/52
....................................................
$
5,745
$
4,995
4.50%,
8/20/52
-
3/20/56
.............................................
26,735
25,222
92,997
Total
U.S.
Government
Agency
Mortgages
(Cost
$393,515)
a
a
a
386,652
U.S.
Treasury
Obligations
(20.2%)
U.S.
Treasury
Bonds
1.13%,
5/15/40
....................................................
10,000
6,102
1.38%,
11/15/40
....................................................
30,000
18,680
1.88%,
2/15/41
....................................................
9,000
6,019
2.25%,
5/15/41
....................................................
70,000
49,164
2.75%,
8/15/42
....................................................
35,000
25,687
2.88%,
5/15/43
....................................................
10,000
7,367
4.38%,
8/15/43
....................................................
8,000
7,234
3.38%,
5/15/44
....................................................
12,000
9,384
3.00%,
11/15/44
....................................................
25,000
18,309
2
.50%,
2/15/45
....................................................
55,000
36,859
3.00%,
11/15/45
....................................................
8,000
5,780
2.50%,
2/15/46
....................................................
15,000
9,879
2.25%,
8/15/46
....................................................
42,950
26,730
2.88%,
11/15/46
....................................................
10,000
6,978
3.00%,
2/15/47
....................................................
23,000
16,355
2.75%,
11/15/47
....................................................
12,000
8,070
3.00%,
2/15/48
....................................................
25,000
17,559
3.13%,
5/15/48
....................................................
30,000
21,497
3.38%,
11/15/48
....................................................
25,000
18,648
3.00%,
2/15/49
....................................................
24,000
16,672
1.63%,
11/15/50
....................................................
35,000
17,319
2.88%,
5/15/52
....................................................
10,000
6,572
4.00%,
11/15/52
....................................................
10,000
8,147
4.13%,
8/15/53
....................................................
17,000
14,139
4.25%,
2/15/54
....................................................
5,000
4,245
U.S.
Treasury
Inflation
Indexed
Notes,
0.88%,
1/15/29
............................
13,269
12,848
U.S.
Treasury
Notes
4.38%,
12/15/26
....................................................
10,000
10,018
2.38%,
5/15/27
....................................................
10,000
9,866
2.88%,
8/15/28
....................................................
3,944
3,837
3.38%,
9/15/28
....................................................
5,000
4,908
3.25%,
6/30/29
....................................................
15,000
14,559
4.25%,
6/30/29
....................................................
4,000
3,991
3.88%,
9/30/29
....................................................
18,000
17,751
3.88%,
7/31/30
....................................................
9,858
9,673
4.13%,
8/31/30
....................................................
40,000
39,591
4.38%,
11/30/30
....................................................
4,500
4,493
4.25%,
2/28/31
....................................................
9,000
8,939
3.63%,
9/30/31
....................................................
9,000
8,663
3.88%,
9/30/32
....................................................
5,000
4,830
4.13%,
11/15/32
....................................................
5,000
4,893
3.75%,
11/30/32
....................................................
10,000
9,577
3.88%,
8/15/33
....................................................
47,000
45,050
4.00%,
2/15/34
....................................................
38,000
36,557
4.38%,
5/15/34
....................................................
5,000
4,922
3.88%
,
8/15/34
....................................................
35,000
33,244
4.25%,
11/15/34
....................................................
15,000
14,597
4.25%,
5/15/35
....................................................
30,000
29,100
Total
U.S.
Treasury
Obligations
(Cost
$854,280)
a
a
a
715,302
Shares
Short-Term
Investments
(0.8%)
Collateral
for
Securities
Loaned
(0.8%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(i)
........
6,642,545
6,643
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.60%(i)
............
6,642,545
6,642
Victory
Portfolios
III
Victory
Income
Fund
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.66%(i)
................
6,642,545
$
6,642
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.59%(i)
.
6,642,545
6,643
26,570
Total
Short-Term
Investments
(Cost
$26,570)
a
a
a
26,570
Total
Investments
(Cost
$3,825,910)
—
99.9%
3,538,818
Other
assets
in
excess
of
liabilities
—  0.1%
2,675
NET
ASSETS
-
100.00%
$
3,541,493
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
10.1%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$962,299
(thousands)
and
amounted
to
27.2%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2026.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
July
31,
2026.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(g)
Amount
represents
less
than
0.05%
of
net
assets.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Rate
disclosed
is
the
daily
yield
on
July
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.
ETM
—
Escrowed
to
Maturity
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2026.
STRIPS
—
Separately
Trading
Registered
Interest
and
Principal
Securities
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
US0003M
—
3
Month
U.S.
Dollar
London
Interbank
Offered
Rate,
rate
disclosed
as
of
July
31,
2026,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2026.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2026.
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
151
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(18.7%)
ABS
Auto
(10.1%):
Alloya
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
C
,
5
.19
%
,
7/25/30
,
Callable
5/25/28
@
100
(a)
...........................................................
$
500
$
499
Ally
Bank
,
Series
2026-A
,
Class
C
,
4
.86
%
,
3/15/34
,
Callable
4/15/29
@
100
(a)
..........
670
668
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2025-A
,
Class
B
,
4
.65
%
,
6/15/33
,
Callable
10/15/28
@
100
(a)
..............
467
466
Series
2025-B
,
Class
B
,
4
.50
%
,
9/15/33
,
Callable
10/15/28
@
100
(a)
..............
352
350
Series
2025-B
,
Class
D
,
4
.94
%
,
9/15/33
,
Callable
10/15/28
@
100
(a)
..............
823
819
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2023-2A
,
Class
C
,
6
.18
%
,
10/20/27
(a)
...............................
125
125
Series
2023-4A
,
Class
C
,
7
.24
%
,
6/20/29
(a)
................................
105
108
CarMax
Auto
Owner
Trust
,
Series
2023-1
,
Class
D
,
6
.27
%
,
11/15/29
,
Callable
3/15/27
@
100
500
504
CarMax
Select
Receivables
Trust
,
Series
2025-B
,
Class
C
,
4
.83
%
,
6/16/31
,
Callable
5/15/29
@
100
.............................................................
500
497
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
8/10/26
@
100
................
32
32
Series
2021-N2
,
Class
C
,
1
.07
%
,
3/10/28
,
Callable
5/10/27
@
100
................
22
21
Chase
Auto
Credit
Linked
Notes
,
Series
2026-1
,
Class
C
,
5
.09
%
,
7/25/34
,
Callable
7/25/30
@
100
(a)
...........................................................
143
143
Chase
Auto
Owner
Trust
,
Series
2024-3A
,
Class
D
,
5
.87
%
,
9/25/31
,
Callable
2/25/28
@
100
(a)
1,060
1,075
Chesapeake
Funding
II
LLC
,
Series
2023-2A
,
Class
A2
,
4
.73
%
(
SOFR30A
+
110
bps
)
,
10/15/35
,
Callable
8/15/26
@
100
(a)
(b)
..........................................
166
166
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
4/15/27
@
100
(a)
.............
385
387
Series
2025-2A
,
Class
B
,
4
.87
%
,
1/15/36
,
Callable
9/15/29
@
100
(a)
..............
477
468
Series
2026-1A
,
Class
B
,
4
.96
%
,
6/16/36
,
Callable
1/15/30
@
100
(a)
..............
1,000
993
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A3
,
6
.24
%
,
1/16/29
,
Callable
9/15/28
@
100
(a)
.............
84
85
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
9/15/28
@
100
(a)
..............
250
255
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
3/15/28
@
100
(a)
.............
646
653
Series
2026-1A
,
Class
A4
,
4
.32
%
,
3/15/32
,
Callable
10/15/29
@
100
(a)
............
750
738
First
Investors
Auto
Owner
Trust
............................................
Series
2025-1A
,
Class
B
,
4
.39
%
,
1/15/31
,
Callable
2/15/29
@
100
(a)
..............
500
495
Series
2025-1A
,
Class
C
,
4
.75
%
,
12/15/31
,
Callable
2/15/29
@
100
(a)
.............
500
497
Series
2025-1A
,
Class
D
,
5
.22
%
,
12/15/33
,
Callable
2/15/29
@
100
(a)
.............
185
183
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
250
248
Series
2022-1
,
Class
D
,
5
.16
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
1,000
999
GLS
Auto
Receivables
Issuer
Trust
,
Series
2021-4A
,
Class
E
,
4
.43
%
,
10/16/28
,
Callable
3/15/27
@
100
(a)
...................................................
250
250
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1
,
Class
B2
,
5
.02
%
(
SOFR30A
+
140
bps
)
,
5/20/32
,
Callable
11/20/27
@
100
(a)
(b)
.........................................................
1,178
1,177
Series
2024-2
,
Class
B2
,
4
.97
%
(
SOFR30A
+
135
bps
)
,
10/20/32
,
Callable
3/20/28
@
100
(a)
(b)
.........................................................
986
984
Series
2025-2
,
Class
B2
,
4
.82
%
(
SOFR30A
+
120
bps
)
,
9/20/33
,
Callable
4/20/29
@
100
(a)
(b)
.........................................................
693
690
Series
2026-1
,
Class
B2
,
4
.62
%
(
SOFR30A
+
100
bps
)
,
2/20/34
,
Callable
9/20/29
@
100
(a)
(b)
.........................................................
850
843
LAD
Auto
Receivables
Trust
...............................................
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
7/15/27
@
100
(a)
..............
425
425
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
9/15/27
@
100
(a)
..............
265
265
Lobel
Automobile
Receivables
Trust
.........................................
Series
2025-1
,
Class
B
,
5
.20
%
,
4/17/28
,
Callable
3/15/28
@
100
(a)
...............
403
403
Series
2025-1
,
Class
C
,
5
.70
%
,
1/15/30
,
Callable
3/15/28
@
100
(a)
...............
675
678
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
9/20/26
@
100
(a)
..............
86
86
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
12/20/26
@
100
(a)
.............
210
211
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
12/20/26
@
100
(a)
.............
500
502
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
12/20/26
@
100
(a)
.............
225
227
Series
2025-1A
,
Class
C
,
5
.21
%
,
1/20/39
,
Callable
8/20/29
@
100
(a)
..............
215
212
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2025-1
,
Class
C
,
4
.72
%
,
9/25/30
(a)
........................................................
$
301
$
301
OCCU
Auto
Receivables
Trust
,
Series
2025-1A
,
Class
D
,
5
.60
%
,
11/15/34
,
Callable
9/15/29
@
100
(a)
...........................................................
300
297
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
11/10/28
@
100
(a)
...........................................................
750
750
Prestige
Auto
Receivables
Trust
............................................
Series
2025-1A
,
Class
B
,
5
.34
%
,
11/15/28
,
Callable
10/15/28
@
100
(a)
............
477
478
Series
2025-1A
,
Class
C
,
5
.52
%
,
2/15/30
,
Callable
10/15/28
@
100
(a)
.............
177
178
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
166
167
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
83
84
Series
2024-B
,
Class
C
,
5
.14
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
280
281
Series
2024-B
,
Class
D
,
5
.48
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
370
371
Series
2025-A
,
Class
C
,
4
.66
%
,
1/16/34
,
Callable
7/15/29
@
100
(a)
...............
500
498
Series
2025-A
,
Class
D
,
5
.15
%
,
1/16/34
,
Callable
7/15/29
@
100
(a)
...............
250
250
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
2/25/28
@
100
(a)
...............
224
225
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
2/25/28
@
100
(a)
...............
97
97
Series
2025-B
,
Class
B
,
4
.93
%
,
12/29/32
,
Callable
6/25/28
@
100
(a)
..............
282
283
Series
2025-B
,
Class
C
,
5
.12
%
,
12/29/32
,
Callable
6/25/28
@
100
(a)
..............
282
283
Series
2026-A
,
Class
C
,
4
.43
%
,
3/25/33
,
Callable
7/25/29
@
100
(a)
...............
554
551
Truist
Bank
Auto
Credit-Linked
Notes
........................................
Series
2025-1
,
Class
B
,
4
.73
%
,
9/26/33
,
Callable
4/25/28
@
100
(a)
...............
762
760
Series
2026-1
,
Class
B
,
5
.07
%
,
6/26/34
,
Callable
4/25/30
@
100
(a)
...............
1,042
1,040
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
10/25/26
@
100
(a)
.......
220
221
United
Auto
Credit
Securitization
Trust
.......................................
Series
2025-1
,
Class
B
,
5
.05
%
,
2/10/28
(a)
.................................
502
503
Series
2026-1
,
Class
B
,
4
.63
%
,
5/10/29
,
Callable
3/10/29
@
100
(a)
...............
750
746
USB
Auto
Owner
Trust
,
Series
2025-1A
,
Class
D
,
5
.40
%
,
12/15/32
,
Callable
6/15/28
@
100
(a)
250
250
Western
Funding
Auto
Loan
Trust
...........................................
Series
2025-1
,
Class
B
,
4
.98
%
,
9/17/35
(a)
.................................
636
630
Series
2025-1
,
Class
C
,
5
.34
%
,
11/15/35
(a)
................................
447
443
Westlake
Automobile
Receivables
Trust
.......................................
Series
2025-1A
,
Class
A2B
,
4
.11
%
(
SOFR30A
+
48
bps
)
,
1/18/28
(a)
(b)
.............
54
54
Series
2026-1A
,
Class
C
,
4
.37
%
,
6/16/31
,
Callable
2/15/29
@
100
(a)
..............
1,000
989
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2024-1A
,
Class
A2
,
4
.50
%
(
TSFR1M
+
83
bps
)
,
2/18/39
(a)
(b)
...............
304
304
Series
2025-3A
,
Class
C
,
4
.79
%
,
9/18/40
(a)
................................
500
494
29,955
ABS
Card
(0.2%):
Evergreen
Credit
Card
Trust
,
Series
2025-CRT5
,
Class
B
,
5
.24
%
,
5/15/29
(a)
.............
507
510
ABS
Other
(8.4%):
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
A2
,
6
.09
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
............................................
40
40
Auxilior
Term
Funding
LLC
...............................................
Series
2026-1A
,
Class
A3
,
4
.99
%
,
8/15/36
,
Callable
8/15/31
@
100
(a)
.............
500
500
Series
2026-1A
,
Class
C
,
5
.75
%
,
8/15/36
,
Callable
8/15/31
@
100
(a)
..............
100
100
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
1/15/27
@
100
(a)
...........................................................
38
38
Capteris
Equipment
Finance
LLC
,
Series
2026-1A
,
Class
B
,
4
.95
%
,
9/20/33
,
Callable
8/20/30
@
100
(a)
.........................................................
500
495
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
10/14/26
@
100
(a)
.............
9
9
Series
2023-2
,
Class
A2
,
6
.28
%
,
4/14/32
,
Callable
9/14/27
@
100
(a)
..............
81
82
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
9/14/27
@
100
(a)
...............
500
507
Series
2025-1
,
Class
A2
,
4
.48
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
............
487
488
Series
2025-1
,
Class
C
,
4
.89
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
500
498
Clarus
Capital
Funding
LLC
,
Series
2024-1A
,
Class
B
,
4
.79
%
,
8/20/32
,
Callable
2/20/28
@
100
(a)
...........................................................
240
240
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
500
495
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Crossroads
Asset
Trust
...................................................
Series
2024-A
,
Class
A2
,
5
.90
%
,
8/20/30
,
Callable
3/20/28
@
100
(a)
..............
$
269
$
270
Series
2025-A
,
Class
A2
,
4
.91
%
,
2/20/32
,
Callable
11/20/28
@
100
(a)
.............
343
344
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
11/20/28
@
100
(a)
..............
152
152
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
.............
233
225
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
224
225
Dell
Equipment
Finance
Trust
..............................................
Series
2024-2
,
Class
D
,
5
.29
%
,
2/24/31
,
Callable
5/22/27
@
100
(a)
...............
254
255
Series
2025-1
,
Class
C
,
5
.25
%
,
2/24/31
,
Callable
11/22/27
@
100
(a)
..............
300
302
Series
2025-2
,
Class
C
,
4
.53
%
,
3/24/31
,
Callable
6/22/28
@
100
(a)
...............
850
843
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
4/15/27
@
100
(a)
..............
28
28
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
605
608
Series
2025-1
,
Class
C
,
5
.39
%
,
8/15/35
,
Callable
12/15/28
@
100
(a)
..............
1,000
994
Series
2025-2
,
Class
B
,
4
.66
%
,
4/15/36
,
Callable
2/15/30
@
100
(a)
...............
438
432
Series
2025-2
,
Class
D
,
5
.45
%
,
10/15/36
,
Callable
2/15/30
@
100
(a)
..............
500
491
DLLAA
LLC
,
Series
2025-1A
,
Class
A3
,
4
.95
%
,
9/20/29
,
Callable
3/20/29
@
100
(a)
......
522
525
DLLMT
LLC
,
Series
2026-1A
,
Class
A2
,
4
.03
%
,
7/20/28
(a)
........................
750
749
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2025-1
,
Class
A2
,
4
.43
%
(
SOFR30A
+
80
bps
)
,
4/15/30
(b)
.........................................
500
503
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2025-1
,
Class
A2
,
4
.52
%
,
10/15/27
(a)
...............................
403
403
Series
2025-1
,
Class
A3
,
4
.49
%
,
4/16/29
(a)
................................
500
500
HPEFS
Equipment
Trust
..................................................
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
520
523
Series
2025-2A
,
Class
C
,
4
.41
%
,
11/22/32
,
Callable
6/20/29
@
100
(a)
.............
500
492
Series
2025-2A
,
Class
D
,
4
.77
%
,
5/20/33
,
Callable
6/20/29
@
100
(a)
..............
374
367
Kubota
Credit
Owner
Trust
,
Series
2025-1A
,
Class
A2
,
4
.61
%
,
12/15/27
(a)
.............
340
340
MMP
Capital
LLC
,
Series
2025-A
,
Class
A
,
5
.36
%
,
12/15/31
,
Callable
7/15/28
@
100
(a)
...
192
193
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
8/20/26
@
100
(a)
............................................
293
170
NMEF
Funding
LLC
....................................................
Series
2024-A
,
Class
A2
,
5
.15
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
.............
151
151
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
..............
650
648
Series
2025-A
,
Class
A2
,
4
.72
%
,
7/15/32
,
Callable
8/15/28
@
100
(a)
..............
237
238
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
8/15/28
@
100
(a)
...............
709
710
Series
2025-A
,
Class
C
,
5
.79
%
,
7/15/32
,
Callable
8/15/28
@
100
(a)
...............
450
451
Series
2025-B
,
Class
A2
,
4
.64
%
,
1/18/33
,
Callable
7/15/28
@
100
(a)
..............
348
348
Series
2025-B
,
Class
B
,
4
.73
%
,
1/18/33
,
Callable
7/15/28
@
100
(a)
...............
500
497
Series
2025-B
,
Class
C
,
5
.17
%
,
1/18/33
,
Callable
7/15/28
@
100
(a)
...............
300
297
Series
2026-A
,
Class
B
,
4
.48
%
,
2/15/34
,
Callable
1/15/30
@
100
(a)
...............
750
735
NP
SPE
X
LP
,
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
.......................
346
283
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-2A
,
Class
A3
,
4
.65
%
,
10/20/31
,
Callable
7/20/27
@
100
(a)
............
571
572
Series
2025-1A
,
Class
A2
,
4
.94
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
............
297
298
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
9/20/28
@
100
(a)
.............
419
421
Series
2026-1A
,
Class
A3
,
4
.39
%
,
7/20/33
,
Callable
7/20/29
@
100
(a)
.............
429
425
Post
Road
Equipment
Finance
LLC
..........................................
Series
2025-1A
,
Class
A2
,
4
.90
%
,
5/15/31
,
Callable
7/15/28
@
100
(a)
.............
330
331
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
7/15/28
@
100
(a)
..............
164
165
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
7/15/28
@
100
(a)
..............
259
258
SLR
Equipment
Finance
LLC
..............................................
Series
2026-1A
,
Class
A2
,
5
.01
%
,
4/15/33
,
Callable
1/15/29
@
100
(a)
.............
220
220
Series
2026-1A
,
Class
B
,
5
.60
%
,
4/15/33
,
Callable
1/15/29
@
100
(a)
..............
138
138
Series
2026-1A
,
Class
C
,
5
.89
%
,
4/15/33
,
Callable
1/15/29
@
100
(a)
..............
94
94
Series
2026-1A
,
Class
D
,
6
.28
%
,
4/15/33
,
Callable
1/15/29
@
100
(a)
..............
46
46
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
,
Callable
3/25/28
@
100
(a)
...........................................................
250
242
VB-S1
Issuer
LLC
-
VBTEL
,
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
8/15/26
@
100
(a)
...........................................................
1,225
1,211
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
9/12/27
@
100
(a)
.............
211
213
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2024-1A
,
Class
C
,
6
.25
%
,
12/12/31
,
Callable
8/12/28
@
100
(a)
.............
$
400
$
405
Series
2025-1A
,
Class
A3
,
4
.96
%
,
5/12/33
,
Callable
8/12/29
@
100
(a)
.............
261
261
VFI
ABS
LLC
,
Series
2025-1A
,
Class
A
,
4
.78
%
,
6/24/30
,
Callable
6/24/28
@
100
(a)
......
418
419
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
C
,
5
.28
%
,
9/20/32
,
Callable
9/20/27
@
100
(a)
..............
292
291
Series
2024-1A
,
Class
D
,
6
.31
%
,
9/20/32
,
Callable
9/20/27
@
100
(a)
..............
150
151
Series
2025-1A
,
Class
C
,
4
.76
%
,
9/20/33
,
Callable
2/20/28
@
100
(a)
..............
474
467
Series
2025-1A
,
Class
D
,
5
.45
%
,
9/20/33
,
Callable
2/20/28
@
100
(a)
..............
410
405
24,817
Total
Asset-Backed
Securities
(Cost
$55,583)
a
a
a
55,282
Collateralized
Loan
Obligations
(2.9%)
Cash
Flow
CLO
(2.9%):
720
East
CLO
V
Ltd.
,
Series
2024-2A
,
Class
X
,
4
.63
%
(
TSFR3M
+
90
bps
)
,
7/20/39
,
Callable
7/20/28
@
100
(a)
(b)
.................................................
1,000
1,000
Dryden
CLO
LLC
,
Series
2026-133A
,
Class
X
(
TSFR3M
+
100
bps
)
,
10/15/39
(a)
(b)
........
1,000
1,000
Dryden
CLO
Ltd.
.......................................................
Series
2020-83A
,
Class
AR2
,
4
.94
%
(
TSFR3M
+
121
bps
)
,
4/18/37
,
Callable
7/18/27
@
100
(a)
(b)
.........................................................
750
751
Series
2022-108A
,
Class
XR
,
4
.73
%
(
TSFR3M
+
100
bps
)
,
7/18/37
,
Callable
7/18/27
@
100
(a)
(b)
.........................................................
1,250
1,250
NGC
Ltd.
,
Series
2024-1AR
,
Class
XR
,
4
.68
%
(
TSFR3M
+
95
bps
)
,
7/20/37
(a)
(b)
.........
1,000
1,000
Oaktree
CLO
Ltd.
,
Series
2019-4A
,
Class
XR3
,
4
.63
%
(
TSFR3M
+
90
bps
)
,
7/20/37
(a)
(b)
....
660
660
OCP
CLO
Ltd.
,
Series
2020-18A
,
Class
XR3
,
4
.68
%
(
TSFR3M
+
95
bps
)
,
7/21/39
(a)
(b)
.....
1,000
1,000
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2024-1A
,
Class
A2R
,
4
.90
%
(
TSFR3M
+
115
bps
)
,
10/15/32
,
Callable
10/15/26
@
100
(a)
(b)
.........................................................
750
748
Series
2024-3A
,
Class
A2R
,
4
.80
%
(
TSFR3M
+
115
bps
)
,
8/8/32
,
Callable
8/8/26
@
100
(a)
(b)
.........................................................
1,250
1,249
8,658
Total
Collateralized
Loan
Obligations
(Cost
$8,660)
a
a
a
8,658
Collateralized
Mortgage
Obligations
(10.2%)
Agency
CMO
Other
(3.7%):
Federal
Home
Loan
Mortgage
Corporation
REMICS
.............................
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
197
195
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
463
465
Series
5536
,
Class
PA
,
5
.00
%
,
5/25/54
....................................
481
475
Series
5611
,
Class
LE
,
4
.50
%
,
8/25/49
....................................
1,180
1,149
Series
5664
,
Class
JB
,
5
.00
%
,
11/25/53
...................................
484
478
Federal
National
Mortgage
Association
REMICS
................................
Series
2025-40
,
Class
B
,
5
.00
%
,
10/25/50
.................................
331
331
Series
2025-61
,
Class
DA
,
4
.50
%
,
9/25/51
.................................
627
616
Government
National
Mortgage
Association
....................................
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
179
181
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
352
354
Series
2023-149
,
Class
D
,
5
.50
%
,
9/20/47
.................................
79
79
Series
2023-168
,
Class
GB
,
6
.00
%
,
2/20/50
................................
589
601
Series
2024-160
,
Class
H
,
4
.00
%
,
9/20/62
.................................
492
486
Series
2024-177
,
Class
D
,
5
.25
%
,
6/20/51
.................................
615
616
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
310
311
Series
2024-64
,
Class
NK
,
5
.00
%
,
1/20/51
.................................
391
388
Series
2024-97
,
Class
MC
,
5
.00
%
,
1/20/64
.................................
207
207
Series
2025-131
,
Class
CE
,
4
.50
%
,
12/20/53
...............................
1,069
1,057
Series
2025-131
,
Class
QD
,
4
.50
%
,
7/20/51
................................
696
684
Series
2025-139
,
Class
DT
,
5
.00
%
,
3/20/65
................................
427
427
Series
2025-139
,
Class
EA
,
4
.00
%
,
3/20/65
................................
397
393
Series
2025-150
,
Class
QD
,
4
.50
%
,
7/20/51
................................
1,404
1,380
10,873
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Agency
Commercial
MBS
(0.3%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
K536
,
Class
AS
,
4
.13
%
(
SOFR30A
+
50
bps
)
,
11/25/29
(b)
.......................................................
$
997
$
997
Commercial
MBS
(6.2%):
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(c)
..........
850
853
Series
2025-OANA
,
Class
B
,
5
.52
%
(
TSFR1M
+
184
bps
)
,
6/15/40
(a)
(b)
(c)
..........
500
501
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM
,
Class
A
,
5
.33
%
(
TSFR1M
+
165
bps
)
,
8/15/42
(a)
(b)
(c)
..........
250
251
Series
2025-ATRM
,
Class
B
,
5
.78
%
(
TSFR1M
+
210
bps
)
,
8/15/42
(a)
(b)
(c)
..........
979
972
BBCMS
Mortgage
Trust
,
Series
2019-BWAY
,
Class
B
,
5
.10
%
(
TSFR1M
+
142
bps
)
,
11/15/34
(a)
(b)
(c)
...........................................................
1,000
40
BLP
Commercial
Mortgage
Trust
,
Series
2025-IND
,
Class
B
,
5
.23
%
(
TSFR1M
+
155
bps
)
,
3/15/42
(a)
(b)
(c)
....................................................
715
713
BX
Trust
.............................................................
Series
2025-GW
,
Class
B
,
5
.53
%
(
TSFR1M
+
185
bps
)
,
7/15/42
(a)
(b)
(c)
............
500
500
Series
2025-ROIC
,
Class
A
,
4
.82
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(c)
...........
375
375
Series
2025-VOLT
,
Class
B
,
5
.78
%
(
TSFR1M
+
210
bps
)
,
12/15/44
(a)
(b)
(c)
..........
983
982
Series
2025-VOLT
,
Class
C
,
6
.03
%
(
TSFR1M
+
235
bps
)
,
12/15/44
(a)
(b)
(c)
..........
238
238
Series
2026-CLS
,
Class
A
,
5
.08
%
(
TSFR1M
+
140
bps
)
,
5/15/43
(a)
(b)
(c)
............
1,000
1,001
CEDR
Commercial
Mortgage
Trust
,
Series
2022-SNAI
,
Class
B
,
5
.01
%
(
TSFR1M
+
134
bps
)
,
2/15/39
(a)
(b)
(c)
....................................................
1,000
993
COMM
Mortgage
Trust
..................................................
Series
2019-521F
,
Class
B
,
4
.92
%
(
TSFR1M
+
125
bps
)
,
6/15/34
(a)
(b)
(c)
............
1,500
1,452
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(c)
.............................
300
308
GFH
Mortgage
Trust
....................................................
Series
2025-IND
,
Class
A
,
5
.15
%
,
6/15/33
(a)
(c)
.............................
250
249
Series
2025-IND
,
Class
B
,
5
.55
%
,
6/15/33
(a)
(c)
.............................
800
797
GS
Mortgage
Securities
Corp.
Trust
,
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(c)
.....
795
708
Hilton
USA
Trust
,
Series
2016-HHV
,
Class
A
,
3
.72
%
,
11/5/38
(a)
(c)
...................
250
249
HYT
Commercial
Mortgage
Trust
,
Series
2024-RGCY
,
Class
A
,
5
.52
%
(
TSFR1M
+
184
bps
)
,
9/15/41
(a)
(b)
(c)
....................................................
500
500
JW
Commercial
Mortgage
Trust
,
Series
2026-MRCO
,
Class
A
,
5
.18
%
(
TSFR1M
+
150
bps
)
,
6/15/39
(a)
(b)
(c)
....................................................
400
400
LBA
Trust
............................................................
Series
2024-7IND
,
Class
B
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
10/15/41
(a)
(b)
(c)
..........
355
356
Series
2026-LBA6
,
Class
A
,
4
.85
%
(
TSFR1M
+
120
bps
)
,
7/15/43
(a)
(b)
(c)
...........
500
500
Series
2026-LBA6
,
Class
B
,
5
.00
%
(
TSFR1M
+
135
bps
)
,
7/15/43
(a)
(b)
(c)
...........
750
750
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(c)
........
750
727
SHR
Trust
............................................................
Series
2024-LXRY
,
Class
A
,
5
.63
%
(
TSFR1M
+
195
bps
)
,
10/15/41
(a)
(b)
(c)
..........
421
421
Series
2024-LXRY
,
Class
B
,
6
.13
%
(
TSFR1M
+
245
bps
)
,
10/15/41
(a)
(b)
(c)
..........
500
500
SMRT
,
Series
2022-MINI
,
Class
B
,
5
.03
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(b)
(c)
..........
1,300
1,300
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.12
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(c)
....................................................
1,000
992
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2025-HI
,
Class
A
,
5
.37
%
(
TSFR1M
+
169
bps
)
,
10/15/42
(a)
(b)
(c)
...................................................
750
752
18,380
Total
Collateralized
Mortgage
Obligations
(Cost
$31,384)
a
a
a
30,250
Senior
Secured
Loans
(1.3%)
Communication
Services
(0.3%):
Charter
Communications
Operating
LLC,
Term
B4,
First
Lien
,
5
.73
%
(
SOFR03M
+
200
bps
)
,
12/9/30
(b)
........................................................
997
961
Financials
(0.4%):
Jane
Street
Group
LLC,
Extended
Term
Loans,
First
Lien
,
12/15/31
(d)
.................
1,000
996
Industrials
(0.3%):
AAdvantage
Loyality
IP
Ltd.
(American
Airlines,
Inc.),
Repriced
Term
Loan
,
5
.98
%
(
SOFR03M
+
225
bps
)
,
4/20/28
(b)
........................................
990
989
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Information
Technology
(0.3%):
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B-8
Loan
,
5
.73
%
(
SOFR01M
+
200
bps
)
,
5/9/31
(b)
.........................................................
$
987
$
986
Total
Senior
Secured
Loans
(Cost
$3,968)
a
a
a
3,932
Corporate
Bonds
(29.2%)
Communication
Services
(0.2%):
Sirius
XM
Radio
LLC
,
3
.13
%
,
9/1/26
(a)
......................................
500
499
Consumer
Discretionary
(1.8%):
Daimler
Truck
Finance
North
America
LLC
,
4
.62
%
(
SOFR
+
96
bps
)
,
9/25/27
(a)
(b)
........
750
753
General
Motors
Financial
Co.,
Inc.
,
4
.83
%
(
SOFRINDX
+
117
bps
)
,
4/4/28
(b)
............
1,000
1,005
Grand
Canyon
University
,
5
.13
%
,
10/1/28
,
Callable
8/1/28
@
100
....................
1,250
1,237
Las
Vegas
Sands
Corp.
,
5
.63
%
,
6/15/28
,
Callable
5/15/28
@
100
.....................
500
504
Mattel,
Inc.
,
5
.88
%
,
12/15/27
,
Callable
8/16/26
@
100
(a)
..........................
500
500
Mobility
Global,
Inc.
,
5
.05
%
,
6/15/29
,
Callable
5/15/29
@
100
(a)
....................
500
498
Volkswagen
Group
of
America
Finance
LLC
,
4
.55
%
,
9/11/28
,
Callable
8/11/28
@
100
(a)
...
750
744
5,241
Consumer
Staples
(0.3%):
Smithfield
Foods,
Inc.
,
4
.25
%
,
2/1/27
,
Callable
11/1/26
@
100
(a)
....................
1,000
997
Energy
(1.0%):
Academy
Ltd.
,
5
.88
%
,
5/15/31
,
Callable
5/15/28
@
102.94
(a)
.......................
500
495
Antero
Midstream
Partners
LP/Antero
Midstream
Finance
Corp.
,
5
.38
%
,
6/15/29
,
Callable
9/5/26
@
100
(a)
....................................................
1,100
1,097
Energy
Transfer
LP
,
6
.50
%
(
H15T5Y
+
569
bps
)
,
Callable
8/17/26
@
100
(b)
(e)
............
750
750
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
,
5
.75
%
,
2/1/29
,
Callable
9/5/26
@
100.96
(a)
.....
210
209
Venture
Global
Calcasieu
Pass
LLC
,
3
.88
%
,
8/15/29
,
Callable
2/15/29
@
100
(a)
..........
500
476
3,027
Financials
(18.7%):
American
Express
Co.
3
.55
%
(
H15T5Y
+
285
bps
)
,
Callable
9/15/26
@
100
(b)
(e)
......................
250
249
4
.94
%
(
SOFR
+
126
bps
)
,
4/25/29
,
Callable
4/25/28
@
100
(b)
....................
750
758
American
Honda
Finance
Corp.
,
4
.47
%
(
SOFR
+
82
bps
)
,
3/3/28
(b)
....................
1,000
1,000
American
National
Global
Funding
,
4
.63
%
,
12/15/28
(a)
...........................
1,000
988
Antares
Holdings
LP
,
6
.35
%
,
10/23/29
,
Callable
9/23/29
@
100
(a)
....................
1,000
998
Apollo
Debt
Solutions
BDC
,
5
.20
%
,
12/8/28
,
Callable
11/8/28
@
100
(a)
...............
1,000
985
Ares
Strategic
Income
Fund
,
4
.85
%
,
1/15/29
,
Callable
12/15/28
@
100
................
1,000
980
Athene
Global
Funding
4
.87
%
(
SOFRINDX
+
121
bps
)
,
3/25/27
(a)
(b)
...............................
1,000
1,003
4
.60
%
(
SOFRINDX
+
95
bps
)
,
3/6/28
(a)
(b)
.................................
300
299
Atlas
Warehouse
Lending
Co.
LP
,
4
.63
%
,
11/15/28
,
Callable
10/15/28
@
100
(a)
..........
1,150
1,134
Bank
of
America
Corp.
,
4
.56
%
(
SOFR
+
88
bps
)
,
4/23/30
,
Callable
4/23/29
@
100
(b)
.......
750
751
Blackstone
Private
Credit
Fund
,
4
.95
%
,
9/26/27
,
Callable
8/26/27
@
100
...............
500
499
Blackstone
Secured
Lending
Fund
,
5
.25
%
,
9/4/29
,
Callable
8/4/29
@
100
..............
1,000
984
Block
Financial
LLC
,
3
.88
%
,
8/15/30
,
Callable
5/15/30
@
100
(f)
....................
500
473
Blue
Owl
Capital
Corp.
2
.63
%
,
1/15/27
,
Callable
12/15/26
@
100
.................................
750
742
3
.13
%
,
4/13/27
,
Callable
3/13/27
@
100
..................................
500
492
Blue
Owl
Credit
Income
Corp.
,
6
.60
%
,
9/15/29
,
Callable
8/15/29
@
100
...............
1,250
1,254
Blue
Owl
Technology
Finance
Corp.
6
.10
%
,
3/15/28
,
Callable
2/15/28
@
100
..................................
623
623
6
.50
%
,
10/15/29
,
Callable
9/15/29
@
100
(f)
................................
500
494
BMW
US
Capital
LLC
,
4
.58
%
(
SOFRINDX
+
92
bps
)
,
3/21/28
(a)
(b)
...................
1,000
1,005
Capital
Impact
Partners
,
5
.34
%
,
8/1/30
,
Callable
5/1/30
@
100
......................
650
652
Capital
One
Financial
Corp.
,
3
.95
%
(
H15T5Y
+
316
bps
)
,
Callable
9/1/26
@
100
(b)
(e)
(f)
....
1,050
1,047
Citibank
NA
,
4
.35
%
(
SOFR
+
71
bps
)
,
11/19/27
,
Callable
11/19/26
@
100
(b)
.............
500
500
Citigroup,
Inc.
,
4
.52
%
(
SOFR
+
87
bps
)
,
3/4/29
,
Callable
3/4/28
@
100
(b)
...............
348
349
Citizens
Financial
Group,
Inc.
,
4
.00
%
(
H15T5Y
+
322
bps
)
,
Callable
10/6/26
@
100
(b)
(e)
....
750
747
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
770
822
CNO
Global
Funding
,
4
.88
%
,
12/10/27
(a)
.....................................
1,000
999
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Corebridge
Financial,
Inc.
,
6
.88
%
(
H15T5Y
+
385
bps
)
,
12/15/52
,
Callable
9/15/27
@
100
(b)
.
$
500
$
506
Corebridge
Global
Funding
4
.96
%
(
SOFR
+
130
bps
)
,
9/25/26
(a)
(b)
....................................
295
295
4
.41
%
(
SOFR
+
75
bps
)
,
1/7/28
(a)
(b)
......................................
500
499
Credit
Acceptance
Corp.
,
9
.25
%
,
12/15/28
,
Callable
8/16/26
@
104.63
(a)
...............
429
445
Enstar
Finance
LLC
,
5
.50
%
(
H15T5Y
+
401
bps
)
,
1/15/42
,
Callable
1/15/27
@
100
(b)
.......
1,000
987
F&G
Global
Funding
4
.98
%
(
SOFR
+
133
bps
)
,
9/8/28
(a)
(b)
.....................................
750
751
2
.00
%
,
9/20/28
(a)
..................................................
500
467
Fidelity
National
Information
Services,
Inc.
,
4
.86
%
(
SOFR
+
121
bps
)
,
3/10/29
(b)
..........
1,250
1,254
First
Citizens
BancShares,
Inc.
,
7
.90
%
(
TSFR3M
+
423
bps
)
,
Callable
1/4/27
@
100
(b)
(e)
....
250
251
First
Maryland
Capital
I
,
5
.01
%
(
TSFR3M
+
126
bps
)
,
1/15/27
,
Callable
9/5/26
@
100
(b)
....
1,250
1,244
First-Citizens
Bank
&
Trust
Co.
,
5
.10
%
(
SOFR
+
115
bps
)
,
7/13/29
,
Callable
7/13/28
@
100
(b)
750
748
Ford
Motor
Credit
Co.
LLC
,
5
.13
%
(
SOFR
+
145
bps
)
,
11/5/26
(b)
.....................
750
751
Fortitude
Group
Holdings
LLC
,
6
.25
%
,
4/1/30
,
Callable
1/1/30
@
100
(a)
...............
250
254
GA
Global
Funding
Trust
,
4
.40
%
,
9/23/27
(a)
...................................
500
498
Goldman
Sachs
Private
Credit
Corp.
5
.05
%
,
2/23/28
....................................................
750
745
5
.38
%
,
1/31/29
,
Callable
12/31/28
@
100
.................................
500
496
Golub
Capital
Private
Credit
Fund
,
5
.45
%
,
8/15/28
,
Callable
7/15/28
@
100
.............
1,250
1,241
Hercules
Capital,
Inc.
,
2
.63
%
,
9/16/26
,
Callable
9/5/26
@
100
.......................
1,000
996
Hyundai
Capital
America,
Inc.
,
4
.70
%
(
SOFR
+
104
bps
)
,
3/19/27
(a)
(b)
.................
1,000
1,003
JPMorgan
Chase
&
Co.
,
4
.52
%
(
SOFR
+
85
bps
)
,
7/23/30
,
Callable
7/23/29
@
100
(b)
.......
1,250
1,251
KeyCorp
,
5
.00
%
(
TSFR3M
+
387
bps
)
,
Callable
9/15/26
@
100
(b)
(e)
...................
250
249
KeyCorp
Capital
I
,
4
.73
%
(
TSFR3M
+
100
bps
)
,
7/1/28
,
Callable
9/5/26
@
100
(b)
.........
750
737
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
4
.25
%
,
2/1/27
,
Callable
9/5/26
@
100
(a)
..................................
900
896
4
.75
%
,
6/15/29
,
Callable
9/5/26
@
100
(a)
.................................
500
487
MassMutual
Global
Funding
II
,
4
.33
%
(
SOFR
+
66
bps
)
,
1/22/29
(a)
(b)
..................
1,150
1,150
Mercedes-Benz
Finance
North
America
LLC
,
4
.59
%
(
SOFR
+
93
bps
)
,
3/31/28
(a)
(b)
........
1,000
1,004
Metropolitan
Life
Global
Funding
I
,
4
.28
%
(
SOFRINDX
+
62
bps
)
,
4/13/28
(a)
(b)
..........
750
750
MGIC
Investment
Corp.
,
5
.25
%
,
8/15/28
,
Callable
8/21/26
@
100
....................
1,300
1,298
Morgan
Stanley
Private
Bank
NA
,
4
.40
%
(
SOFR
+
77
bps
)
,
2/8/30
,
Callable
2/8/29
@
100
(b)
.
1,000
997
MSD
Investment
Corp.
6
.38
%
,
6/12/29
,
Callable
5/12/29
@
100
(a)
................................
710
709
6
.13
%
,
2/5/31
,
Callable
1/5/31
@
100
(a)
..................................
500
484
Nissan
Motor
Acceptance
Co.
LLC
5
.30
%
,
9/13/27
(a)
..................................................
500
498
2
.45
%
,
9/15/28
,
Callable
7/15/28
@
100
(a)
................................
279
259
NMI
Holdings,
Inc.
,
6
.00
%
,
8/15/29
,
Callable
7/15/29
@
100
.......................
250
254
RGA
Global
Funding
,
4
.35
%
,
8/25/28
(a)
......................................
500
495
Rocket
Cos.,
Inc.
,
6
.13
%
,
8/1/31
,
Callable
8/1/28
@
103.06
(a)
.......................
887
891
Santander
Holdings
USA,
Inc.
,
5
.47
%
(
SOFR
+
161
bps
)
,
3/20/29
,
Callable
3/20/28
@
100
(b)
.
1,400
1,411
Sixth
Street
Specialty
Lending,
Inc.
,
2
.50
%
,
8/1/26
...............................
1,000
1,000
Stellantis
Financial
Services
US
Corp.
,
5
.35
%
(
SOFR
+
169
bps
)
,
9/15/28
(a)
(b)
............
1,250
1,255
Stonebriar
ABF
Issuer
LLC
,
8
.13
%
,
12/15/30
,
Callable
12/15/27
@
104.06
(a)
............
756
787
The
Bank
of
New
York
Mellon
Corp.
,
4
.33
%
(
SOFRINDX
+
68
bps
)
,
6/9/28
,
Callable
6/9/27
@
100
(b)
...........................................................
1,000
1,002
The
Goldman
Sachs
Group,
Inc.
,
4
.96
%
(
SOFR
+
129
bps
)
,
4/23/28
,
Callable
4/23/27
@
100
(b)
1,000
1,005
The
Huntington
National
Bank
,
4
.38
%
(
SOFR
+
72
bps
)
,
4/12/28
,
Callable
4/12/27
@
100
(b)
..
1,000
1,000
Truist
Bank
,
4
.34
%
(
SOFR
+
66
bps
)
,
1/27/29
,
Callable
1/27/28
@
100
(b)
...............
500
500
Truist
Financial
Corp.
,
4
.58
%
(
TSFR3M
+
93
bps
)
,
5/15/27
,
Callable
9/5/26
@
100
(b)
.......
717
713
55,340
Health
Care
(1.8%):
Centene
Corp.
,
4
.25
%
,
12/15/27
,
Callable
8/21/26
@
100
..........................
408
406
Charles
River
Laboratories
International,
Inc.
,
4
.25
%
,
5/1/28
,
Callable
8/21/26
@
100
(a)
....
1,000
981
HCA,
Inc.
,
4
.52
%
(
SOFR
+
87
bps
)
,
3/1/28
,
Callable
2/1/28
@
100
(b)
..................
1,250
1,253
Lifespan
Corp.
,
5
.05
%
,
2/15/30
,
Callable
8/15/29
@
100
...........................
250
247
Medline
Borrower
LP
,
5
.25
%
,
10/1/29
,
Callable
9/5/26
@
101.31
(a)
..................
1,200
1,189
Novartis
Capital
Corp.
,
4
.31
%
(
SOFRINDX
+
65
bps
)
,
3/16/29
(b)
.....................
1,000
1,004
PeaceHealth
Obligated
Group
,
4
.34
%
,
11/15/28
,
Callable
8/15/28
@
100
(f)
.............
350
347
5,427
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Industrials
(1.6%):
American
Airlines
Pass
Through
Trust
,
3
.58
%
,
1/15/28
............................
$
247
$
242
British
Airways
Pass
Through
Trust
,
3
.35
%
,
6/15/29
(a)
............................
806
779
Delta
Air
Lines
Pass
Through
Trust
,
3
.63
%
,
7/30/27
..............................
432
427
Rockwell
Collins,
Inc.
,
3
.50
%
,
3/15/27
,
Callable
12/15/26
@
100
....................
750
743
The
GEO
Group,
Inc.
,
8
.63
%
,
4/15/29
,
Callable
8/16/26
@
104.31
....................
500
521
TriNet
Group,
Inc.
,
3
.50
%
,
3/1/29
,
Callable
9/5/26
@
100
(a)
........................
1,125
1,062
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
8/16/26
@
101.56
(a)
...........................
1,000
1,010
4,784
Information
Technology
(1.8%):
Accenture
Capital,
Inc.
,
4
.36
%
(
SOFRINDX
+
70
bps
)
,
7/10/29
(b)
.....................
1,250
1,251
Citadel
Finance
LLC
,
4
.75
%
,
2/14/29
,
Callable
1/14/29
@
100
(a)
....................
1,000
981
Hewlett
Packard
Enterprise
Co.
4
.64
%
(
SOFRINDX
+
98
bps
)
,
3/23/28
(b)
..................................
750
753
4
.62
%
(
SOFR
+
96
bps
)
,
9/15/28
(b)
.......................................
500
502
Oracle
Corp.
,
4
.44
%
(
SOFR
+
76
bps
)
,
8/3/28
(b)
..................................
750
739
Salesforce,
Inc.
4
.50
%
,
3/15/28
,
Callable
2/15/28
@
100
..................................
750
749
4
.65
%
,
3/15/29
,
Callable
2/15/29
@
100
..................................
250
249
5,224
Materials
(0.5%):
Glencore
Funding
LLC
,
4
.72
%
(
SOFRINDX
+
106
bps
)
,
4/4/27
(a)
(b)
...................
1,000
1,002
Sasol
Financing
USA
LLC
,
4
.38
%
,
9/18/26
,
Callable
8/18/26
@
100
..................
500
499
1,501
Real
Estate
(0.6%):
CTR
Partnership
LP/CareTrust
Capital
Corp.
,
3
.88
%
,
6/30/28
,
Callable
3/30/28
@
100
(a)
...
1,275
1,242
EPR
Properties
,
4
.50
%
,
6/1/27
,
Callable
3/1/27
@
100
............................
500
498
1,740
Utilities
(0.9%):
Dominion
Energy,
Inc.
,
4
.35
%
(
H15T5Y
+
320
bps
)
,
Callable
1/15/27
@
100
(b)
(e)
(f)
.......
500
497
Elm
Road
Generating
Station
Supercritical
LLC
,
4
.67
%
,
1/19/31
(a)
...................
247
243
FirstEnergy
Pennsylvania
Electric
Co.
,
3
.60
%
,
6/1/29
,
Callable
3/1/29
@
100
(a)
..........
330
319
NextEra
Energy
Capital
Holdings,
Inc.
,
4
.48
%
(
SOFRINDX
+
80
bps
)
,
2/4/28
(b)
..........
1,000
1,004
Vistra
Operations
Co.
LLC
,
7
.75
%
,
10/15/31
,
Callable
10/15/26
@
103.88
(a)
............
750
782
2,845
Total
Corporate
Bonds
(Cost
$86,589)
a
a
a
86,625
Yankee
Dollars
(15.0%)
Consumer
Discretionary
(0.5%):
Carnival
Corp.
Ltd.
,
5
.13
%
,
5/1/29
,
Callable
2/1/29
@
100
(a)
.......................
600
596
Melco
Resorts
Finance
Ltd.
,
5
.63
%
,
7/17/27
,
Callable
9/5/26
@
100
(a)
................
750
748
1,344
Energy
(0.5%):
Vallourec
SACA
,
7
.50
%
,
4/15/32
,
Callable
4/15/27
@
103.75
(a)
.....................
1,400
1,461
Financials
(12.5%):
ABN
AMRO
Bank
NV
5
.44
%
(
SOFRINDX
+
178
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
.............
1,000
1,001
6
.34
%
(
H15T1Y
+
165
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
................
480
481
AXA
SA
,
5
.13
%
(
SOFRINDX
+
414
bps
)
,
1/17/47
,
Callable
1/17/27
@
100
(b)
............
1,000
999
Banco
Santander
SA
,
5
.03
%
(
SOFR
+
138
bps
)
,
3/14/28
,
Callable
3/14/27
@
100
(b)
(f)
......
1,500
1,506
Bank
of
Montreal
,
4
.54
%
(
SOFR
+
86
bps
)
,
1/27/29
,
Callable
1/27/28
@
100
(b)
...........
1,250
1,253
Beazley
Insurance
DAC
,
5
.50
%
,
9/10/29
......................................
450
453
BNP
Paribas
SA
,
5
.06
%
(
SOFR
+
143
bps
)
,
5/9/29
,
Callable
5/9/28
@
100
(a)
(b)
...........
750
757
BPCE
SA
5
.65
%
(
SOFRINDX
+
198
bps
)
,
10/19/27
,
Callable
10/19/26
@
100
(a)
(b)
............
500
502
6
.61
%
(
SOFR
+
198
bps
)
,
10/19/27
,
Callable
10/19/26
@
100
(a)
(b)
................
500
502
Canadian
Imperial
Bank
of
Commerce
,
4
.88
%
(
SOFR
+
122
bps
)
,
10/2/26
(b)
.............
1,000
1,002
Cooperatieve
Rabobank
,
4
.31
%
(
SOFRINDX
+
65
bps
)
,
4/1/29
(b)
.....................
1,000
1,003
Credit
Agricole
SA
,
4
.86
%
(
SOFR
+
121
bps
)
,
9/11/28
,
Callable
9/11/27
@
100
(a)
(b)
.......
500
503
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Deutsche
Bank
AG
,
4
.85
%
(
SOFR
+
122
bps
)
,
11/16/27
,
Callable
11/16/26
@
100
(b)
.......
$
781
$
782
Essent
Group
Ltd.
,
6
.25
%
,
7/1/29
,
Callable
6/1/29
@
100
..........................
500
514
Flutter
Treasury
DAC
,
5
.88
%
,
6/4/31
,
Callable
4/15/27
@
102.94
(a)
..................
500
495
HSBC
Holdings
PLC
,
5
.20
%
(
SOFR
+
157
bps
)
,
8/14/27
,
Callable
8/14/26
@
100
(b)
........
600
600
ING
Groep
NV
5
.21
%
(
SOFRINDX
+
156
bps
)
,
9/11/27
,
Callable
9/11/26
@
100
(b)
................
500
501
4
.67
%
(
SOFRINDX
+
101
bps
)
,
3/25/29
,
Callable
3/25/28
@
100
(b)
...............
800
804
Lloyds
Banking
Group
PLC
5
.19
%
(
SOFRINDX
+
156
bps
)
,
8/7/27
,
Callable
8/7/26
@
100
(b)
.................
500
500
4
.71
%
(
SOFRINDX
+
106
bps
)
,
6/13/29
,
Callable
6/13/28
@
100
(b)
...............
750
754
Macquarie
Bank
Ltd.
,
4
.42
%
(
SOFR
+
76
bps
)
,
3/29/29
(a)
(b)
(f)
.......................
1,000
1,003
Marex
UK
Holdings
Ltd.
,
5
.83
%
,
5/8/28
,
Callable
4/8/28
@
100
.....................
1,000
1,005
Mitsubishi
UFJ
Financial
Group,
Inc.
,
4
.51
%
(
SOFR
+
84
bps
)
,
7/24/30
,
Callable
7/24/29
@
100
(b)
...........................................................
750
749
Mizuho
Bank
Ltd.
,
4
.72
%
(
SOFR
+
105
bps
)
,
4/16/31
(a)
(b)
..........................
1,000
1,016
National
Australia
Bank
Ltd.
,
4
.31
%
(
SOFR
+
65
bps
)
,
1/12/27
(a)
(b)
(f)
.................
1,250
1,252
National
Bank
of
Canada
,
4
.44
%
(
SOFR
+
77
bps
)
,
1/20/29
,
Callable
1/20/28
@
100
(b)
......
1,000
1,002
Nationwide
Building
Society
,
4
.92
%
(
SOFR
+
129
bps
)
,
2/16/28
,
Callable
2/16/27
@
100
(a)
(b)
1,400
1,405
NatWest
Markets
PLC
4
.61
%
(
SOFR
+
95
bps
)
,
3/21/28
(a)
(b)
.....................................
400
403
4
.59
%
(
SOFR
+
93
bps
)
,
3/27/29
(a)
(b)
.....................................
1,000
1,003
Nomura
Holdings,
Inc.
,
4
.61
%
(
SOFR
+
95
bps
)
,
6/29/29
(b)
.........................
1,000
1,001
Nordea
Bank
Abp
,
4
.36
%
(
SOFR
+
70
bps
)
,
3/17/28
(a)
(b)
...........................
750
753
NTT
Finance
Corp.
,
4
.49
%
(
SOFR
+
83
bps
)
,
6/20/29
(a)
(b)
..........................
1,000
1,000
Royal
Bank
of
Canada
,
4
.27
%
(
SOFRINDX
+
59
bps
)
,
11/2/26
,
MTN
(b)
................
500
500
Santander
UK
Group
Holdings
PLC
,
2
.47
%
(
SOFR
+
122
bps
)
,
1/11/28
,
Callable
1/11/27
@
100
(b)
...........................................................
500
495
Skandinaviska
Enskilda
Banken
AB
,
4
.40
%
(
SOFRINDX
+
75
bps
)
,
6/2/28
(a)
(b)
..........
1,000
1,004
SMBC
Aviation
Capital
Finance
DAC
,
4
.95
%
,
7/23/29
,
Callable
6/23/29
@
100
(a)
........
750
748
Societe
Generale
SA
,
4
.76
%
(
SOFR
+
110
bps
)
,
4/12/30
,
Callable
4/12/29
@
100
(a)
(b)
......
750
751
Standard
Chartered
PLC
,
4
.91
%
(
SOFR
+
124
bps
)
,
1/21/29
,
Callable
1/21/28
@
100
(a)
(b)
...
750
755
Standard
Life
PLC
,
5
.38
%
,
7/6/27
,
MTN
......................................
1,000
1,000
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
4
.40
%
(
SOFR
+
75
bps
)
,
9/11/28
(a)
(b)
................
1,000
1,003
The
Bank
of
Nova
Scotia
4
.52
%
(
SOFR
+
89
bps
)
,
2/14/29
,
Callable
2/14/28
@
100
(b)
.....................
1,000
1,004
8
.63
%
(
H15T5Y
+
439
bps
)
,
10/27/82
,
Callable
10/27/27
@
100
(b)
................
250
259
The
Toronto-Dominion
Bank
4
.41
%
(
SOFR
+
75
bps
)
,
10/13/28
(b)
......................................
568
569
4
.43
%
(
SOFR
+
76
bps
)
,
4/23/29
(b)
.......................................
390
391
UBS
AG/Stamford
CT
,
4
.47
%
(
SOFR
+
81
bps
)
,
3/16/29
,
Callable
3/16/28
@
100
(b)
........
1,000
1,003
VOC
Escrow
Ltd.
,
5
.00
%
,
2/15/28
,
Callable
9/5/26
@
100
(a)
.......................
1,156
1,152
37,138
Industrials
(0.9%):
Air
Canada
,
3
.88
%
,
8/15/26
(a)
.............................................
750
750
Air
Canada
Pass
Through
Trust
,
3
.75
%
,
12/15/27
(a)
..............................
703
690
AS
Mileage
Plan
IP
Ltd.
,
5
.02
%
,
10/20/29
,
Callable
9/20/29
@
100
(a)
.................
1,075
1,060
2,500
Information
Technology
(0.3%):
Open
Text
Corp.
,
3
.88
%
,
2/15/28
,
Callable
9/5/26
@
100
(a)
........................
1,000
975
Materials
(0.3%):
Rio
Tinto
Finance
USA
PLC
,
4
.50
%
(
SOFRINDX
+
84
bps
)
,
3/14/28
(b)
.................
1,000
1,006
Total
Yankee
Dollars
(Cost
$44,328)
a
a
a
44,424
Municipal
Bonds
(1.2%)
California
(0.3%):
California
Municipal
Finance
Authority
Revenue
,
Series
B
,
5
.43
%
,
9/1/28
..............
375
375
California
State
Public
Works
Board
Revenue
,
Series
B
,
4
.45
%
,
4/1/27
................
375
375
750
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue
,
6
.12
%
,
1/30/28
,
Continuously
Callable
@100
(a)
.........................................................
$
395
$
395
Massachusetts
(0.4%):
Massachusetts
Development
Finance
Agency
Revenue
Series
B
,
6
.75
%
,
10/1/30
.............................................
260
261
Series
G
,
6
.38
%
,
10/1/28
.............................................
500
500
Series
G
,
6
.63
%
,
10/1/30
.............................................
275
278
1,039
Ohio
(0.1%):
Columbus
Metropolitan
Housing
Authority
Revenue
,
5
.38
%
,
9/1/28
,
Continuously
Callable
@100
...........................................................
425
426
Texas
(0.3%):
Las
Varas
Public
Facility
Corp.
Revenue
,
Series
B
,
4
.35
%
,
2/1/29
,
Continuously
Callable
@100
...........................................................
1,000
987
Total
Municipal
Bonds
(Cost
$3,605)
a
a
a
3,597
U.S.
Government
Agency
Mortgages
(0.1%)
Federal
National
Mortgage
Association
4
.50
%
,
11/1/40
.....................................................
450
440
Total
U.S.
Government
Agency
Mortgages
(Cost
$450)
a
a
a
440
Commercial
Paper
(21.8%)
Communication
Services
(3.0%):
Rogers
Communications,
Inc.
,
4
.03
%
,
9/24/26
(a)
(g)
..............................
1,500
1,491
TELUS
Corp.
4
.17
%
,
8/5/26
(a)
(g)
.................................................
1,000
999
4
.35
%
,
11/13/26
(a)
(g)
................................................
1,000
987
Videotron
Ltd.
4
.28
%
,
8/5/26
(a)
(g)
.................................................
2,250
2,249
4
.33
%
,
8/11/26
(a)
(g)
................................................
300
300
4
.41
%
,
8/19/26
(a)
(g)
................................................
2,000
1,995
4
.42
%
,
8/20/26
(a)
(g)
................................................
1,000
998
9,019
Consumer
Discretionary
(3.0%):
AutoNation,
Inc.
,
4
.13
%
,
8/5/26
(a)
(g)
........................................
3,000
2,998
Genuine
Parts
Co.
4
.21
%
,
8/3/26
(a)
(g)
.................................................
1,500
1,500
4
.24
%
,
8/6/26
(a)
(g)
.................................................
1,000
999
4
.25
%
,
8/7/26
(a)
(g)
.................................................
1,500
1,499
4
.28
%
,
8/10/26
(a)
(g)
................................................
750
749
4
.43
%
,
8/25/26
(a)
(g)
................................................
500
499
4
.43
%
,
8/27/26
(a)
(g)
................................................
500
498
8,742
Consumer
Staples
(2.9%):
Bacardi-Martini
BV
,
4
.26
%
,
9/29/26
(a)
(g)
.....................................
3,000
2,979
Keurig
Dr
Pepper,
Inc.
4
.17
%
,
8/12/26
(a)
(g)
................................................
1,250
1,248
4
.21
%
,
8/17/26
(a)
(g)
................................................
2,500
2,495
4
.23
%
,
8/19/26
(a)
(g)
................................................
1,000
998
4
.30
%
,
8/31/26
(a)
(g)
................................................
1,000
996
8,716
Energy
(1.8%):
Antero
Resources
Corp.
,
49
.15
%
,
8/3/26
(a)
(g)
..................................
3,350
3,336
Guadalupe
Valley
Electric
Coop,
Inc.
,
4
.30
%
,
8/6/26
(a)
(g)
..........................
2,000
1,999
5,335
Financials
(3.6%):
Ares
Capital
Corp.
,
4
.14
%
,
8/3/26
(a)
(g)
.......................................
2,000
1,999
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
161
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Global
Payments,
Inc.
4
.11
%
,
8/3/26
(a)
(g)
.................................................
$
1,100
$
1,100
4
.12
%
,
8/4/26
(a)
(g)
.................................................
2,000
1,999
4
.14
%
,
8/6/26
(a)
(g)
.................................................
1,200
1,199
4
.15
%
,
8/7/26
(a)
(g)
.................................................
1,500
1,499
Stellantis
Financial
Services
US
Corp.
4
.28
%
,
8/3/26
(a)
(g)
.................................................
820
820
4
.47
%
,
10/21/26
(a)
(g)
...............................................
1,000
990
4
.54
%
,
11/10/26
(a)
(g)
................................................
1,000
987
10,593
Health
Care
(1.0%):
HCA,
Inc.
4
.24
%
,
8/17/26
(a)
(g)
................................................
500
499
4
.25
%
,
8/18/26
(a)
(g)
................................................
500
499
4
.28
%
,
8/21/26
(a)
(g)
................................................
1,000
997
4
.38
%
,
10/21/26
(a)
(g)
...............................................
1,000
990
2,985
Industrials
(1.0%):
Stanley
Black
&
Decker,
Inc.
,
4
.09
%
,
8/5/26
(a)
(g)
...............................
1,000
999
Triton
Container
International
Ltd./TAL
International
Container
Corp.
4
.34
%
,
8/28/26
(a)
(g)
................................................
300
299
4
.35
%
,
9/2/26
(a)
(g)
.................................................
1,600
1,594
2,892
Information
Technology
(3.6%):
Arrow
Electronics,
Inc.
3
.96
%
,
8/3/26
(a)
(g)
.................................................
800
800
3
.97
%
,
8/4/26
(a)
(g)
.................................................
1,000
1,000
3
.98
%
,
8/5/26
(a)
(g)
.................................................
1,000
999
3
.98
%
,
8/6/26
(a)
(g)
.................................................
3,000
2,998
Jabil,
Inc.
4
.21
%
,
8/11/26
(a)
(g)
................................................
500
499
4
.19
%
,
8/17/26
(a)
(g)
................................................
1,000
998
4
.21
%
,
8/18/26
(a)
(g)
................................................
2,000
1,996
4
.26
%
,
8/27/26
(a)
(g)
................................................
1,500
1,495
10,785
Materials
(0.2%):
International
Flavors
&
Fragrances,
Inc.
,
4
.00
%
,
8/21/26
(a)
(g)
.......................
500
499
Real
Estate
(0.7%):
Alexandria
Real
Estate
Equities,
Inc.
3
.89
%
,
8/3/26
(a)
(g)
.................................................
1,000
1,000
3
.89
%
,
8/7/26
(a)
(g)
.................................................
1,000
999
1,999
Utilities
(1.0%):
National
Fuel
Gas
Co.
,
4
.17
%
,
8/5/26
(a)
(g)
....................................
3,000
2,998
Total
Commercial
Paper
(Cost
$64,582)
a
a
a
64,563
Shares
Collateral
for
Securities
Loaned
(1.5%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(h)
........
1,076,786
1,076
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(h)
............
1,076,786
1,077
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(h)
...............
1,076,786
1,077
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(h)
.
1,076,786
1,077
Total
Collateral
for
Securities
Loaned
(Cost
$4,307)
a
a
a
4,307
Total
Investments
(Cost
$303,456)
—
101.9%
302,078
Liabilities
in
excess
of
other
assets
—  (1.9)%
(5,710)
NET
ASSETS
-
100.00%
$
296,368
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
23.3%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$207,459
(thousands)
and
amounted
to
70.0%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2026.
(c)
Security
is
interest
only.
(d)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(e)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Rate
represents
the
effective
yield
at
July
31,
2026.
(h)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
LLC
—
Limited
Liability
Company
LLLP
—
Limited
Liability
Limited
Partnership
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
163
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(28.9%)
ABS
Auto
(16.0%):
Alloya
Auto
Receivables
Trust
.............................................
Series
2025-1A,
Class
A4,
4.71%,
1/25/30,
Callable
5/25/28
@
100(a)
.............
$
1,308
$
1,311
Series
2025-1A,
Class
B,
4.99%,
3/25/30,
Callable
5/25/28
@
100(a)
..............
694
695
Series
2025-1A,
Class
C,
5.19%,
7/25/30,
Callable
5/25/28
@
100(a)
..............
785
784
Series
2025-1A,
Class
D,
5.68%,
3/25/33,
Callable
5/25/28
@
100(a)
..............
602
606
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
B,
5.76%,
1/15/29,
Callable
5/15/27
@
100(a)
...............
2,000
2,020
Series
2023-1,
Class
D,
6.74%,
4/15/34,
Callable
5/15/27
@
100(a)
...............
1,268
1,288
Series
2023-A,
Class
C,
6.08%,
1/17/34,
Callable
7/15/27
@
100(a)
...............
1,139
1,144
Series
2023-A,
Class
D,
7.33%,
1/17/34,
Callable
7/15/27
@
100(a)
...............
1,333
1,365
Series
2024-1,
Class
B,
5.16%,
10/15/29,
Callable
8/15/27
@
100
................
1,263
1,271
Series
2024-1,
Class
C,
5.41%,
11/15/29,
Callable
8/15/27
@
100
................
1,500
1,509
Ally
Bank,
Series
2026-A,
Class
C,
4.86%,
3/15/34,
Callable
4/15/29
@
100(a)
..........
1,786
1,780
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-B,
Class
C,
5.22%,
9/15/32,
Callable
4/15/28
@
100(a)
...............
989
993
Series
2024-B,
Class
D,
5.41%,
9/15/32,
Callable
4/15/28
@
100(a)
...............
559
560
Series
2025-A,
Class
C,
4.84%,
6/15/33,
Callable
10/15/28
@
100(a)
..............
1,557
1,556
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2024-4,
Class
C,
4.91%,
8/12/31,
Callable
2/12/28
@
100(a)
...............
2,448
2,453
Series
2025-4,
Class
C,
4.83%,
1/13/31,
Callable
9/12/28
@
100(a)
...............
1,000
997
Series
2026-1,
Class
C,
4.55%,
1/12/33,
Callable
9/12/28
@
100(a)
...............
1,000
992
American
Heritage
Auto
Receivables
Issuer
Trust
................................
Series
2025-1A,
Class
C,
5.04%,
11/17/31,
Callable
12/15/28
@
100(a)
............
2,000
1,977
Series
2026-1A,
Class
A2,
4.49%,
12/17/29(a)
..............................
1,250
1,249
Series
2026-1A,
Class
C,
5.44%,
10/15/32,
Callable
6/15/30
@
100(a)
.............
1,000
995
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A,
Class
B,
5.32%,
9/16/30,
Callable
7/15/28
@
100(a)
..............
500
502
Series
2024-1A,
Class
C,
5.63%,
12/16/30,
Callable
7/15/28
@
100(a)
.............
611
614
Series
2024-1A,
Class
D,
6.34%,
1/18/33,
Callable
7/15/28
@
100(a)
..............
1,045
1,063
ARI
Fleet
Lease
Trust
....................................................
Series
2024-A,
Class
C,
5.38%,
11/15/32,
Callable
10/15/27
@
100(a)
.............
813
818
Series
2024-B,
Class
A3,
5.26%,
4/15/33,
Callable
10/15/27
@
100(a)
.............
3,150
3,178
Series
2024-B,
Class
B,
5.39%,
4/15/33,
Callable
10/15/27
@
100(a)
..............
550
556
Series
2024-B,
Class
C,
5.55%,
4/15/33,
Callable
10/15/27
@
100(a)
..............
1,031
1,041
Series
2025-A,
Class
C,
4.90%,
1/17/34,
Callable
10/15/28
@
100(a)
..............
1,625
1,613
Series
2025-B,
Class
B,
4.97%,
3/15/34,
Callable
12/15/28
@
100(a)
..............
900
900
AutoNation
Finance
Trust
.................................................
Series
2025-1A,
Class
C,
5.19%,
12/10/30,
Callable
7/10/28
@
100(a)
.............
1,895
1,905
Series
2025-1A,
Class
D,
5.63%,
9/10/32,
Callable
7/10/28
@
100(a)
..............
2,400
2,412
Series
2026-1A,
Class
B,
4.42%,
6/11/31,
Callable
2/11/29
@
100(a)
..............
1,000
986
Series
2026-1A,
Class
C,
4.56%,
10/14/31,
Callable
2/11/29
@
100(a)
.............
647
637
Series
2026-1A,
Class
D,
5.07%,
1/11/34,
Callable
2/11/29
@
100(a)
..............
1,000
989
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2021-1A,
Class
C,
2.13%,
8/20/27,
Callable
8/20/26
@
100(a)
..............
167
166
Series
2021-2A,
Class
C,
2.35%,
2/20/28,
Callable
2/20/27
@
100(a)
..............
800
793
Series
2023-2A,
Class
C,
6.18%,
10/20/27(a)
...............................
268
268
Series
2023-5A,
Class
B,
6.12%,
4/20/28(a)
................................
2,000
2,013
Series
2023-5A,
Class
C,
6.85%,
4/20/28(a)
................................
1,000
1,008
Series
2023-7A,
Class
B,
6.44%,
8/21/28(a)
................................
1,000
1,012
Series
2026-3A,
Class
B,
5.21%,
4/20/31,
Callable
4/20/30
@
100(a)
..............
1,000
992
Series
2026-3A,
Class
C,
5.50%,
4/20/31,
Callable
4/20/30
@
100(a)
..............
1,250
1,238
Bridgecrest
Lending
Auto
Securitization
Trust,
Series
2024-4,
Class
B,
4.77%,
8/15/30,
Callable
12/15/28
@
100
.............................................
1,714
1,717
CarMax
Auto
Owner
Trust
................................................
Series
2023-2,
Class
C,
5.57%,
11/15/28,
Callable
5/15/27
@
100
................
1,000
1,007
Series
2023-3,
Class
D,
6.44%,
12/16/30,
Callable
8/15/27
@
100
................
1,000
1,012
Series
2023-4,
Class
D,
7.16%,
4/15/30,
Callable
10/15/27
@
100
................
1,000
1,022
Series
2024-1,
Class
C,
5.47%,
8/15/29,
Callable
1/15/28
@
100
.................
1,000
1,009
Series
2024-2,
Class
D,
6.42%,
10/15/30,
Callable
2/15/28
@
100
................
3,000
3,050
Series
2024-3,
Class
D,
5.67%,
1/15/31,
Callable
6/15/28
@
100
.................
1,238
1,246
Series
2024-4,
Class
D,
5.36%,
8/15/31,
Callable
8/15/28
@
100
.................
1,480
1,481
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
CarMax
Select
Receivables
Trust
...........................................
Series
2024-A,
Class
B,
5.35%,
1/15/30,
Callable
9/15/28
@
100
.................
$
1,500
$
1,511
Series
2026-A,
Class
A2A,
4.03%,
12/17/29,
Callable
3/15/29
@
100
..............
4,000
3,990
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1,
Class
A,
0.70%,
1/10/28,
Callable
8/10/26
@
100
................
8
8
Series
2021-N1,
Class
B,
1.09%,
1/10/28,
Callable
8/10/26
@
100
................
111
110
Series
2021-N1,
Class
C,
1.30%,
1/10/28,
Callable
8/10/26
@
100
................
84
84
Series
2021-N1,
Class
D,
1.50%,
1/10/28,
Callable
8/10/26
@
100
................
98
98
Series
2021-N2,
Class
A2,
0.97%,
3/10/28,
Callable
5/10/27
@
100
...............
85
85
Series
2021-N2,
Class
B,
0.75%,
3/10/28,
Callable
5/10/27
@
100
................
88
87
Series
2021-N2,
Class
C,
1.07%,
3/10/28,
Callable
5/10/27
@
100
................
86
85
Series
2021-N2,
Class
D,
1.27%,
3/10/28,
Callable
5/10/27
@
100
................
154
152
Series
2021-N3,
Class
A2,
1.11%,
6/12/28,
Callable
9/10/27
@
100
...............
597
591
Series
2021-N3,
Class
B,
0.66%,
6/12/28,
Callable
9/10/27
@
100
................
172
169
Series
2021-N3,
Class
C,
1.02%,
6/12/28,
Callable
9/10/27
@
100
................
87
85
Chase
Auto
Credit
Linked
Notes
............................................
Series
2026-1,
Class
C,
5.09%,
7/25/34,
Callable
7/25/30
@
100(a)
...............
286
286
Series
2026-1,
Class
D,
5.28%,
7/25/34,
Callable
7/25/30
@
100(a)
...............
323
323
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA,
Class
D,
6.85%,
6/25/31,
Callable
3/25/28
@
100(a)
.............
5,000
5,157
Series
2024-1A,
Class
B,
5.16%,
11/26/29,
Callable
12/25/27
@
100(a)
............
643
648
Series
2024-1A,
Class
C,
5.36%,
1/25/30,
Callable
12/25/27
@
100(a)
.............
2,000
2,020
Series
2024-1A,
Class
D,
5.87%,
6/25/31,
Callable
12/25/27
@
100(a)
.............
2,340
2,373
Series
2024-2A,
Class
D,
6.15%,
8/25/31,
Callable
2/25/28
@
100(a)
..............
4,028
4,108
Series
2024-3A,
Class
D,
5.87%,
9/25/31,
Callable
2/25/28
@
100(a)
..............
2,750
2,788
Series
2024-4A,
Class
D,
5.79%,
11/25/31,
Callable
2/25/28
@
100(a)
.............
700
708
Series
2024-5A,
Class
C,
4.62%,
8/26/30,
Callable
3/25/28
@
100(a)
..............
500
497
Series
2024-5A,
Class
D,
4.97%,
1/26/32,
Callable
3/25/28
@
100(a)
..............
713
708
Chesapeake
Funding
II
LLC
...............................................
Series
2023-2A,
Class
A1,
6.16%,
10/15/35,
Callable
8/15/26
@
100(a)
............
67
67
Series
2023-2A,
Class
B,
5.97%,
10/15/35,
Callable
8/15/26
@
100(a)
.............
1,582
1,583
Series
2023-2A,
Class
C,
6.15%,
10/15/35,
Callable
8/15/26
@
100(a)
.............
2,294
2,295
Series
2024-1A,
Class
C,
5.60%,
5/15/36,
Callable
5/15/27
@
100(a)
..............
1,800
1,806
Chesapeake
IV
Funding
DAC,
Series
2026-1A,
Class
B,
4.85%,
2/15/35(a)
.............
378
375
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1,
Class
A4,
5.78%,
10/15/30,
Callable
3/15/27
@
100(a)
.............
3,000
3,016
Series
2023-2,
Class
A4,
5.74%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
3,000
3,021
Series
2024-1,
Class
A4,
5.03%,
10/15/30,
Callable
9/15/27
@
100(a)
.............
2,000
2,010
Corporate
One
Auto
Receivables
Trust
........................................
Series
2026-1A,
Class
B,
4.59%,
1/15/31,
Callable
6/15/29
@
100(a)
..............
1,112
1,096
Series
2026-1A,
Class
C,
4.84%,
4/15/31,
Callable
6/15/29
@
100(a)
..............
927
911
Series
2026-1A,
Class
D,
5.48%,
7/15/34,
Callable
6/15/29
@
100(a)
..............
651
645
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-1A,
Class
C,
7.71%,
7/15/33,
Callable
10/15/26
@
100(a)
.............
82
82
Series
2023-2A,
Class
C,
7.15%,
9/15/33,
Callable
11/15/26
@
100(a)
.............
4,000
4,022
Series
2023-3A,
Class
B,
7.09%,
10/17/33,
Callable
4/15/27
@
100(a)
.............
1,541
1,547
Series
2023-3A,
Class
C,
7.62%,
12/15/33,
Callable
4/15/27
@
100(a)
.............
4,886
4,959
Series
2023-5A,
Class
C,
7.30%,
4/17/34,
Callable
6/15/27
@
100(a)
..............
1,000
1,018
Series
2024-2A,
Class
C,
6.70%,
10/16/34,
Callable
4/15/28
@
100(a)
.............
1,000
1,018
Series
2025-1A,
Class
C,
5.71%,
7/16/35,
Callable
11/15/28
@
100(a)
.............
1,000
1,004
Series
2025-2A,
Class
B,
4.87%,
1/15/36,
Callable
9/15/29
@
100(a)
..............
829
814
Series
2025-2A,
Class
C,
5.38%,
3/17/36,
Callable
9/15/29
@
100(a)
..............
1,000
987
Series
2026-1A,
Class
C,
5.28%,
8/15/36,
Callable
1/15/30
@
100(a)
..............
1,000
987
DT
Auto
Owner
Trust,
Series
2022-2A,
Class
D,
5.46%,
3/15/28,
Callable
9/15/26
@
100(a)
.
750
751
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
9/15/28
@
100(a)
............
2,250
2,275
Series
2023-1A,
Class
B,
6.45%,
1/15/30,
Callable
9/15/28
@
100(a)
..............
2,445
2,492
Series
2023-1A,
Class
C,
6.77%,
4/15/30,
Callable
9/15/28
@
100(a)
..............
1,310
1,339
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-3,
Class
A3,
4.29%,
7/20/29,
Callable
8/20/26
@
100(a)
..............
110
110
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
8/20/26
@
100(a)
.............
1,405
1,406
Series
2023-1,
Class
A3,
5.42%,
10/22/29,
Callable
10/20/26
@
100(a)
............
1,203
1,210
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
2/20/27
@
100(a)
..............
50
50
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-3,
Class
A3,
6.41%,
6/20/30,
Callable
5/20/27
@
100(a)
..............
$
4,000
$
4,071
Series
2024-1,
Class
A3,
5.16%,
9/20/30,
Callable
6/20/27
@
100(a)
..............
2,000
2,015
Series
2024-2,
Class
A4,
5.69%,
12/20/30,
Callable
1/20/28
@
100(a)
.............
2,528
2,571
Series
2024-4,
Class
A3,
4.56%,
11/20/28,
Callable
8/20/28
@
100(a)
.............
2,000
2,003
Series
2025-1,
Class
A3,
4.82%,
2/20/29,
Callable
10/20/28
@
100(a)
.............
286
287
Exeter
Automobile
Receivables
Trust
.........................................
Series
2025-1A,
Class
C,
5.09%,
5/15/31,
Callable
5/15/29
@
100
................
1,000
1,005
Series
2026-3A,
Class
C,
4.92%,
10/15/32,
Callable
2/15/32
@
100
...............
1,000
995
Exeter
Select
Automobile
Receivables
Trust,
Series
2026-1,
Class
A2,
4.37%,
10/15/29
.....
3,000
2,998
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A,
Class
A4,
5.46%,
4/15/30,
Callable
3/15/28
@
100(a)
.............
2,828
2,857
Series
2024-1A,
Class
B,
5.71%,
7/15/30,
Callable
3/15/28
@
100(a)
..............
1,713
1,733
Series
2024-1A,
Class
C,
6.00%,
10/15/30,
Callable
3/15/28
@
100(a)
.............
551
558
Series
2024-1A,
Class
D,
6.78%,
7/15/32,
Callable
3/15/28
@
100(a)
..............
852
873
Series
2025-1A,
Class
A4,
5.18%,
5/15/31,
Callable
10/15/28
@
100(a)
............
2,000
2,016
Series
2025-1A,
Class
B,
5.36%,
9/15/31,
Callable
10/15/28
@
100(a)
.............
647
650
Series
2025-1A,
Class
C,
5.61%,
12/15/31,
Callable
10/15/28
@
100(a)
............
683
686
Series
2026-1A,
Class
C,
4.69%,
10/15/32,
Callable
10/15/29
@
100(a)
............
1,638
1,592
Series
2026-1A,
Class
D,
5.18%,
2/15/35,
Callable
10/15/29
@
100(a)
.............
500
487
First
Investors
Auto
Owner
Trust
............................................
Series
2023-1A,
Class
C,
6.81%,
12/17/29,
Callable
11/15/27
@
100(a)
............
3,000
3,058
Series
2025-1A,
Class
D,
5.22%,
12/15/33,
Callable
2/15/29
@
100(a)
.............
2,222
2,194
Flagship
Credit
Auto
Trust,
Series
2021-2,
Class
D,
1.59%,
6/15/27,
Callable
9/15/26
@
100(a)
557
556
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-2,
Class
D,
2.60%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
850
844
Series
2022-1,
Class
D,
5.16%,
11/15/34,
Callable
5/15/27
@
100(a)
..............
2,000
1,997
Series
2023-1,
Class
B,
5.29%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
822
829
Series
2023-1,
Class
C,
5.58%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
3,000
3,026
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
7,400
7,478
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2023-1,
Class
C,
5.72%,
8/15/28,
Callable
1/15/27
@
100(a)
...............
614
614
Series
2024-1,
Class
B,
5.55%,
5/15/29,
Callable
9/15/27
@
100(a)
...............
714
716
Series
2024-1,
Class
C,
5.77%,
11/15/29,
Callable
9/15/27
@
100(a)
..............
1,000
1,005
Series
2024-1,
Class
D,
6.83%,
3/15/30,
Callable
9/15/27
@
100(a)
...............
1,000
1,013
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A,
Class
A4,
5.79%,
10/15/29,
Callable
6/15/28
@
100(a)
............
3,000
3,029
Series
2023-1A,
Class
B,
5.87%,
1/15/30,
Callable
6/15/28
@
100(a)
..............
1,660
1,683
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
6/15/28
@
100(a)
..............
998
1,015
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2023-1A,
Class
D,
7.01%,
1/16/29,
Callable
3/15/28
@
100(a)
..............
1,254
1,267
Series
2024-2A,
Class
B,
5.77%,
11/15/28(a)
...............................
495
496
Series
2024-3A,
Class
B,
5.08%,
1/16/29(a)
................................
1,513
1,516
Series
2025-1A,
Class
C,
5.07%,
11/15/30,
Callable
5/15/29
@
100(a)
.............
6,000
6,019
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A,
Class
D,
8.22%,
2/18/31,
Callable
10/15/28
@
100(a)
.............
2,000
2,103
Series
2024-1A,
Class
B,
5.32%,
3/15/30,
Callable
11/15/28
@
100(a)
.............
875
880
Series
2024-1A,
Class
C,
5.69%,
3/15/30,
Callable
11/15/28
@
100(a)
.............
1,000
1,012
Series
2024-2A,
Class
C,
5.93%,
6/17/30,
Callable
2/15/29
@
100(a)
..............
2,000
2,033
Series
2024-4A,
Class
C,
4.75%,
11/15/30,
Callable
6/15/29
@
100(a)
.............
2,279
2,268
Series
2025-1A,
Class
C,
5.26%,
3/15/31,
Callable
4/15/29
@
100(a)
..............
1,806
1,815
Series
2025-1A,
Class
D,
5.74%,
4/15/32,
Callable
4/15/29
@
100(a)
..............
1,950
1,959
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2026-3,
Class
A2A,
4.28%,
5/16/29
..........................................................
5,000
4,997
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2024-1A,
Class
B,
5.33%,
3/15/29(a)
................................
2,000
2,009
Series
2024-2A,
Class
B,
5.35%,
3/15/31(a)
................................
1,409
1,420
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A,
Class
A4,
5.17%,
1/15/30,
Callable
1/15/28
@
100(a)
.............
4,500
4,530
Series
2024-1A,
Class
B,
5.42%,
1/15/30,
Callable
1/15/28
@
100(a)
..............
1,200
1,209
Series
2024-1A,
Class
C,
5.77%,
2/15/30,
Callable
1/15/28
@
100(a)
..............
1,929
1,946
Series
2024-1A,
Class
D,
6.50%,
6/15/32,
Callable
1/15/28
@
100(a)
..............
1,641
1,674
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
A4,
5.12%,
4/16/29,
Callable
5/15/27
@
100(a)
..............
2,386
2,393
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-1,
Class
B,
5.39%,
8/15/29,
Callable
5/15/27
@
100(a)
...............
$
3,000
$
3,017
Series
2023-1,
Class
C,
5.88%,
11/15/29,
Callable
5/15/27
@
100(a)
..............
2,625
2,644
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2025-2,
Class
B1,
4.84%,
9/20/33,
Callable
4/20/29
@
100(a)
..............
1,036
1,031
Series
2026-1,
Class
B1,
4.50%,
2/20/34,
Callable
9/20/29
@
100(a)
..............
1,700
1,678
Hyundai
Auto
Receivables
Trust,
Series
2024-C,
Class
B,
4.67%,
1/15/31,
Callable
9/15/28
@
100
.............................................................
941
939
LAD
Auto
Receivables
Trust
...............................................
Series
2022-1A,
Class
C,
6.85%,
4/15/30,
Callable
9/15/26
@
100(a)
..............
774
776
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
5/15/27
@
100(a)
..............
1,122
1,126
Series
2023-2A,
Class
D,
6.30%,
2/15/31,
Callable
7/15/27
@
100(a)
..............
1,400
1,410
Series
2023-3A,
Class
D,
6.92%,
12/16/30,
Callable
9/15/27
@
100(a)
.............
1,820
1,847
Series
2024-1A,
Class
C,
5.64%,
6/15/29,
Callable
1/15/28
@
100(a)
..............
614
620
Series
2024-3A,
Class
D,
5.18%,
2/17/32,
Callable
5/15/28
@
100(a)
..............
762
757
Series
2025-1A,
Class
B,
5.05%,
5/15/30,
Callable
10/15/28
@
100(a)
.............
2,000
2,009
Series
2025-1A,
Class
C,
5.11%,
7/15/30,
Callable
10/15/28
@
100(a)
.............
3,000
3,012
Series
2025-1A,
Class
D,
5.52%,
5/17/32,
Callable
10/15/28
@
100(a)
.............
4,000
4,011
LAD
Select
Auto
Receivables
Trust
..........................................
Series
2026-A,
Class
A3,
4.79%,
11/15/32,
Callable
2/15/30
@
100(a)
.............
2,000
2,001
Series
2026-A,
Class
D,
5.60%,
11/15/32,
Callable
2/15/30
@
100(a)
..............
1,667
1,666
Series
2026-A,
Class
E,
7.45%,
6/15/34,
Callable
2/15/30
@
100(a)
...............
2,750
2,750
Lobel
Automobile
Receivables
Trust
.........................................
Series
2025-1,
Class
B,
5.20%,
4/17/28,
Callable
3/15/28
@
100(a)
...............
1,612
1,614
Series
2025-1,
Class
C,
5.70%,
1/15/30,
Callable
3/15/28
@
100(a)
...............
4,000
4,017
Series
2025-1,
Class
D,
6.19%,
2/15/30,
Callable
3/15/28
@
100(a)
...............
4,500
4,537
M&T
Bank
Auto
Receivables
Trust,
Series
2025-1A,
Class
A3,
4.73%,
6/17/30,
Callable
11/15/28
@
100(a)
..................................................
2,500
2,508
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A,
Class
A,
7.21%,
5/20/36,
Callable
9/20/26
@
100(a)
..............
460
460
Series
2023-1A,
Class
B,
7.25%,
5/20/36,
Callable
9/20/26
@
100(a)
..............
4,000
4,004
Series
2023-1A,
Class
D,
8.20%,
5/20/36,
Callable
9/20/26
@
100(a)
..............
730
731
Series
2024-1A,
Class
A,
5.82%,
4/20/37,
Callable
12/20/26
@
100(a)
.............
1,052
1,055
Series
2024-1A,
Class
B,
5.95%,
4/20/37,
Callable
12/20/26
@
100(a)
.............
2,638
2,656
Series
2024-1A,
Class
C,
6.18%,
4/20/37,
Callable
12/20/26
@
100(a)
.............
4,107
4,125
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
12/20/26
@
100(a)
.............
5,820
5,859
Series
2025-1A,
Class
C,
5.21%,
1/20/39,
Callable
8/20/29
@
100(a)
..............
614
605
Series
2025-1A,
Class
E,
8.48%,
1/20/39,
Callable
8/20/29
@
100(a)
..............
1,000
993
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
.............................
Series
2025-1,
Class
B,
4.42%,
9/25/30(a)
.................................
1,182
1,178
Series
2025-1,
Class
C,
4.72%,
9/25/30(a)
.................................
602
602
Nissan
Auto
Lease
Trust,
Series
2025-A,
Class
C,
5.11%,
6/15/29,
Callable
11/15/27
@
100
.
1,000
1,003
OCCU
Auto
Receivables
Trust
.............................................
Series
2022-1A,
Class
C,
6.52%,
11/15/29,
Callable
8/15/27
@
100(a)
.............
1,690
1,716
Series
2023-1A,
Class
A4,
6.29%,
9/17/29,
Callable
1/15/28
@
100(a)
.............
2,775
2,801
Series
2023-1A,
Class
B,
6.51%,
9/17/29,
Callable
1/15/28
@
100(a)
..............
2,000
2,038
Series
2023-1A,
Class
C,
6.82%,
9/17/29,
Callable
1/15/28
@
100(a)
..............
2,250
2,300
Series
2023-1A,
Class
D,
7.88%,
12/15/31,
Callable
1/15/28
@
100(a)
.............
4,500
4,671
Series
2025-1A,
Class
A4,
4.79%,
1/15/31,
Callable
9/15/29
@
100(a)
.............
2,000
2,002
Series
2025-1A,
Class
B,
4.94%,
4/15/31,
Callable
9/15/29
@
100(a)
..............
1,214
1,209
Series
2025-1A,
Class
C,
5.20%,
10/15/31,
Callable
9/15/29
@
100(a)
.............
1,860
1,848
Series
2025-1A,
Class
D,
5.60%,
11/15/34,
Callable
9/15/29
@
100(a)
.............
2,000
1,983
Oscar
US
Funding
XIII
LLC,
Series
2021-2A,
Class
A4,
1.27%,
9/11/28,
Callable
8/10/26
@
100(a)
...........................................................
156
156
Oscar
US
Funding
XIV
LLC,
Series
2022-1A,
Class
A4,
2.82%,
4/10/29,
Callable
8/10/26
@
100(a)
...........................................................
332
330
Oscar
US
Funding
XVII
LLC,
Series
2024-2A,
Class
A3,
4.47%,
3/12/29,
Callable
11/10/28
@
100(a)
...........................................................
2,000
2,001
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2024-A,
Class
A4,
4.75%,
3/15/30,
Callable
9/15/28
@
100(a)
..............
1,000
1,002
Series
2024-A,
Class
C,
5.20%,
9/16/30,
Callable
9/15/28
@
100(a)
...............
1,000
996
Series
2024-A,
Class
D,
5.78%,
9/15/32,
Callable
9/15/28
@
100(a)
...............
1,000
1,011
Series
2025-A,
Class
A4,
4.19%,
5/15/31,
Callable
6/15/29
@
100(a)
..............
750
737
Series
2026-A,
Class
A4,
4.75%,
6/15/32,
Callable
11/15/29
@
100(a)
.............
2,000
1,997
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Prestige
Auto
Receivables
Trust
............................................
Series
2023-2A,
Class
C,
7.12%,
8/15/29,
Callable
3/15/28
@
100(a)
..............
$
2,624
$
2,634
Series
2024-2A,
Class
B,
4.56%,
2/15/29,
Callable
9/15/28
@
100(a)
..............
580
580
Series
2025-1A,
Class
C,
5.52%,
2/15/30,
Callable
10/15/28
@
100(a)
.............
529
531
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B,
Class
C,
5.93%,
12/15/33,
Callable
2/15/28
@
100(a)
..............
291
293
Series
2023-B,
Class
D,
6.66%,
12/15/33,
Callable
2/15/28
@
100(a)
..............
1,321
1,336
Series
2024-A,
Class
D,
6.11%,
6/15/32,
Callable
9/15/28
@
100(a)
...............
911
918
Series
2024-A,
Class
E,
7.76%,
6/15/32,
Callable
9/15/28
@
100(a)
...............
911
920
Series
2024-B,
Class
C,
5.14%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
968
971
Series
2024-B,
Class
D,
5.48%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
1,224
1,228
Series
2024-B,
Class
E,
6.80%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
448
449
Series
2025-A,
Class
E,
6.27%,
1/16/34,
Callable
7/15/29
@
100(a)
...............
1,607
1,596
Series
2026-A,
Class
C,
4.95%,
7/17/34,
Callable
7/15/30
@
100(a)
...............
364
362
SBNA
Auto
Receivables
Trust
..............................................
Series
2025-SF1,
Class
D,
5.34%,
9/15/31,
Callable
7/15/29
@
100(a)
.............
1,667
1,669
Series
2025-SF1,
Class
E,
6.74%,
10/15/31,
Callable
7/15/29
@
100(a)
............
1,450
1,431
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
A4,
5.70%,
8/15/29,
Callable
11/15/27
@
100(a)
............
2,700
2,723
Series
2023-1A,
Class
B,
6.08%,
11/15/29,
Callable
11/15/27
@
100(a)
............
2,500
2,538
Series
2023-1A,
Class
C,
6.61%,
3/15/30,
Callable
11/15/27
@
100(a)
.............
5,635
5,738
Series
2023-1A,
Class
D,
7.34%,
11/17/31,
Callable
11/15/27
@
100(a)
............
2,730
2,808
Series
2024-1A,
Class
B,
5.33%,
7/15/30,
Callable
4/15/28
@
100(a)
..............
1,990
2,001
Series
2024-1A,
Class
C,
5.62%,
12/16/30,
Callable
4/15/28
@
100(a)
.............
2,000
2,012
Series
2025-1A,
Class
B,
4.78%,
12/15/31,
Callable
6/15/29
@
100(a)
.............
1,000
989
Series
2025-1A,
Class
C,
5.08%,
2/17/32,
Callable
6/15/29
@
100(a)
..............
560
554
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A,
Class
B,
5.04%,
7/25/31,
Callable
2/25/28
@
100(a)
...............
598
600
Series
2025-A,
Class
C,
5.19%,
7/25/31,
Callable
2/25/28
@
100(a)
...............
484
487
Series
2025-A,
Class
D,
6.75%,
7/25/31,
Callable
2/25/28
@
100(a)
...............
724
731
Series
2025-B,
Class
D,
5.46%,
12/29/32,
Callable
6/25/28
@
100(a)
..............
1,244
1,253
Series
2026-A,
Class
B,
4.28%,
3/25/33,
Callable
7/25/29
@
100(a)
...............
1,606
1,596
Series
2026-A,
Class
C,
4.43%,
3/25/33,
Callable
7/25/29
@
100(a)
...............
1,477
1,468
Series
2026-A,
Class
D,
4.87%,
3/25/33,
Callable
7/25/29
@
100(a)
...............
2,013
2,010
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
C,
5.97%,
2/20/31,
Callable
10/20/27
@
100(a)
.............
2,709
2,748
Series
2024-1A,
Class
B,
5.38%,
1/21/31,
Callable
1/20/28
@
100(a)
..............
1,260
1,273
Series
2024-1A,
Class
C,
5.51%,
1/20/32,
Callable
1/20/28
@
100(a)
..............
1,500
1,515
Series
2024-2A,
Class
B,
5.41%,
8/20/30,
Callable
5/20/28
@
100(a)
..............
1,857
1,878
Series
2024-3A,
Class
A4,
4.60%,
11/20/31,
Callable
8/20/28
@
100(a)
............
1,000
1,001
Series
2024-3A,
Class
B,
4.76%,
11/20/31,
Callable
8/20/28
@
100(a)
.............
1,000
1,000
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust,
Series
2026-BA,
Class
C,
5.04%,
3/20/31,
Callable
5/20/29
@
100(a)
......................................
976
974
Tesla
Auto
Lease
Trust
...................................................
Series
2024-A,
Class
A4,
5.31%,
12/20/27,
Callable
8/20/26
@
100(a)
.............
561
561
Series
2024-A,
Class
B,
5.55%,
5/22/28,
Callable
8/20/26
@
100(a)
...............
1,000
1,000
Series
2024-B,
Class
B,
5.11%,
8/21/28,
Callable
11/20/26
@
100(a)
..............
2,083
2,087
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1,
Class
A4,
5.38%,
2/20/29,
Callable
7/20/27
@
100(a)
..............
1,500
1,513
Series
2023-1,
Class
B,
5.82%,
5/20/31,
Callable
7/20/27
@
100(a)
...............
1,950
1,974
Tesla
Lease
Electric
Vehicle
Securitization
LLC,
Series
2025-A,
Class
C,
5.09%,
6/20/29,
Callable
12/20/27
@
100(a)
...........................................
833
822
Truist
Bank
Auto
Credit-Linked
Notes
........................................
Series
2025-1,
Class
B,
4.73%,
9/26/33,
Callable
4/25/28
@
100(a)
...............
1,828
1,823
Series
2026-1,
Class
B,
5.07%,
6/26/34,
Callable
4/25/30
@
100(a)
...............
2,607
2,602
Series
2026-1,
Class
C,
7.20%,
6/26/34,
Callable
4/25/30
@
100(a)
...............
1,156
1,158
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
10/25/26
@
100(a)
.......
1,040
1,045
United
Auto
Credit
Securitization
Trust
.......................................
Series
2025-1,
Class
C,
5.15%,
6/10/30,
Callable
3/10/28
@
100(a)
...............
4,000
4,007
Series
2026-1,
Class
B,
4.63%,
5/10/29,
Callable
3/10/29
@
100(a)
...............
1,000
994
USB
Auto
Owner
Trust,
Series
2025-1A,
Class
D,
5.40%,
12/15/32,
Callable
6/15/28
@
100(a)
1,400
1,402
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
A4,
5.59%,
12/15/28,
Callable
10/15/27
@
100(a)
...........
1,730
1,737
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
168
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
10/15/27
@
100(a)
.............
$
3,133
$
3,165
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
10/15/27
@
100(a)
.............
2,500
2,535
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A,
Class
B,
7.11%,
2/15/30,
Callable
3/15/29
@
100(a)
...............
1,414
1,427
Series
2024-A,
Class
A3,
5.62%,
12/15/28(a)
...............................
119
119
Series
2024-A,
Class
B,
5.77%,
7/15/30,
Callable
2/15/29
@
100(a)
...............
750
753
Series
2024-A,
Class
C,
6.44%,
7/15/30,
Callable
2/15/29
@
100(a)
...............
1,000
1,013
Western
Funding
Auto
Loan
Trust
...........................................
Series
2025-1,
Class
B,
4.98%,
9/17/35(a)
.................................
2,544
2,519
Series
2025-1,
Class
C,
5.34%,
11/15/35(a)
................................
3,214
3,184
Westlake
Automobile
Receivables
Trust
.......................................
Series
2023-4A,
Class
D,
7.19%,
7/16/29,
Callable
10/15/27
@
100(a)
.............
3,000
3,077
Series
2024-3A,
Class
B,
4.72%,
11/15/29,
Callable
4/15/28
@
100(a)
.............
1,000
1,002
Series
2024-3A,
Class
C,
4.92%,
11/15/29,
Callable
4/15/28
@
100(a)
.............
1,000
1,002
Series
2025-1A,
Class
B,
4.98%,
9/16/30,
Callable
7/15/28
@
100(a)
..............
625
627
Series
2025-1A,
Class
C,
5.14%,
10/15/30,
Callable
7/15/28
@
100(a)
.............
1,000
1,004
Series
2025-P1,
Class
C,
5.15%,
11/15/30,
Callable
8/15/28
@
100(a)
.............
1,000
1,003
Series
2026-P1,
Class
C,
4.38%,
8/15/31,
Callable
11/15/28
@
100(a)
.............
1,000
983
Series
2026-P2,
Class
C,
5.01%,
11/17/31,
Callable
11/15/29
@
100(a)
............
625
623
Series
2026-P2,
Class
D,
5.35%,
9/15/33,
Callable
11/15/29
@
100(a)
.............
567
565
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
................................
124
124
Series
2023-1A,
Class
B,
5.80%,
4/18/38(a)
................................
1,345
1,349
Series
2023-1A,
Class
C,
6.18%,
4/18/38(a)
................................
3,333
3,351
Series
2023-2A,
Class
C,
6.94%,
8/18/38(a)
................................
2,769
2,808
Series
2023-2A,
Class
D,
7.38%,
8/18/38(a)
................................
3,644
3,703
Series
2024-1A,
Class
C,
5.69%,
2/18/39(a)
................................
2,625
2,650
Series
2024-2A,
Class
B,
4.84%,
6/21/39(a)
................................
833
832
Series
2024-2A,
Class
C,
4.89%,
6/21/39(a)
................................
2,000
1,998
Series
2024-3A,
Class
C,
5.21%,
9/19/39(a)
................................
2,056
2,060
World
Omni
Select
Auto
Trust
..............................................
Series
2023-A,
Class
C,
6.00%,
1/16/29,
Callable
3/15/27
@
100
.................
2,750
2,761
Series
2026-A,
Class
A2A,
4.52%,
7/15/30,
Callable
6/15/30
@
100
..............
2,160
2,159
449,335
ABS
Card
(0.7%):
American
Express
Credit
Account
Master
Trust,
Series
2024-2,
Class
A,
5.24%,
4/15/31
....
2,000
2,037
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4,
Class
B,
5.25%,
10/15/28(a)
.............................
789
790
Series
2024-CRT4,
Class
C,
5.64%,
10/15/28(a)
.............................
903
904
Series
2025-1A,
Class
C,
4.54%,
10/15/29(a)
...............................
1,250
1,235
Series
2025-CRT5,
Class
B,
5.24%,
5/15/29(a)
..............................
1,774
1,783
Series
2025-CRT5,
Class
C,
5.53%,
5/15/29(a)
..............................
1,111
1,111
Golden
Credit
Card
Trust,
Series
2021-1A,
Class
A,
1.14%,
8/15/28(a)
.................
5,000
4,995
Master
Credit
Card
Trust
II,
Series
2023-3A,
Class
C,
7.08%,
10/21/30(a)
..............
1,500
1,540
Synchrony
Card
Issuance
Trust,
Series
2025-A1,
Class
A,
4.78%,
2/15/31
..............
800
804
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A,
Class
B,
5.23%,
3/26/31(a)
................................
1,000
1,002
Series
2023-1A,
Class
C,
6.06%,
3/26/31(a)
................................
1,500
1,509
Series
2025-1A,
Class
C,
4.70%,
9/26/30(a)
................................
1,273
1,261
18,971
ABS
Other
(12.2%):
AFG
ABS
I
LLC,
Series
2023-1,
Class
B,
7.51%,
9/16/30,
Callable
1/15/27
@
100(a)
......
412
413
AMSR
Trust
..........................................................
Series
2021-SFR1,
Class
A,
1.95%,
6/17/38(a)(b)
............................
2,000
1,890
Series
2021-SFR1,
Class
B,
2.15%,
6/17/38(a)(b)
............................
2,000
1,889
Series
2021-SFR1,
Class
C,
2.35%,
6/17/38(a)(b)
............................
1,200
1,133
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
B,
5.65%,
10/20/28,
Callable
8/20/26
@
100(a)
............................................
1,218
1,219
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A,
Class
B,
6.03%,
12/20/29,
Callable
6/20/27
@
100(a)
.............
750
756
Series
2023-1A,
Class
C,
6.36%,
12/20/29,
Callable
6/20/27
@
100(a)
.............
1,966
1,988
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
6/20/27
@
100(a)
..............
500
510
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A,
Class
B,
5.37%,
1/21/31,
Callable
1/20/28
@
100(a)
..............
$
1,912
$
1,928
Series
2024-1A,
Class
C,
5.55%,
1/21/31,
Callable
1/20/28
@
100(a)
..............
2,722
2,736
Amur
Equipment
Finance
Receivables
XIV
LLC
................................
Series
2024-2A,
Class
B,
5.20%,
7/21/31,
Callable
8/20/28
@
100(a)
..............
1,000
1,005
Series
2024-2A,
Class
C,
5.38%,
7/21/31,
Callable
8/20/28
@
100(a)
..............
1,000
1,001
Amur
Equipment
Finance
Receivables
XVI
LLC,
Series
2026-1A,
Class
C,
5.38%,
11/21/33,
Callable
11/20/30
@
100(a)
...........................................
1,300
1,296
Ansley
Park
Capital
LLC
.................................................
Series
2025-A,
Class
B,
4.60%,
4/20/35,
Callable
10/20/30
@
100(a)
..............
1,500
1,473
Series
2025-A,
Class
C,
4.82%,
4/20/35,
Callable
10/20/30
@
100(a)
..............
1,000
977
Series
2025-A,
Class
D,
5.33%,
4/20/35,
Callable
10/20/30
@
100(a)
..............
1,000
977
Series
2025-A,
Class
E,
7.66%,
4/20/35,
Callable
10/20/30
@
100(a)
..............
1,375
1,386
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A,
Class
A3,
5.70%,
2/15/30,
Callable
1/15/28
@
100(a)
.............
2,400
2,410
Series
2023-1A,
Class
B,
6.05%,
6/17/30,
Callable
1/15/28
@
100(a)
..............
1,239
1,254
Series
2023-1A,
Class
C,
6.50%,
11/15/30,
Callable
1/15/28
@
100(a)
.............
1,200
1,220
Series
2023-1A,
Class
D,
7.27%,
12/16/30,
Callable
1/15/28
@
100(a)
.............
1,000
1,026
Series
2024-1A,
Class
A3,
5.49%,
7/15/31,
Callable
2/15/29
@
100(a)
.............
1,520
1,533
Series
2024-1A,
Class
B,
5.69%,
7/15/31,
Callable
2/15/29
@
100(a)
..............
614
623
Series
2024-1A,
Class
C,
6.01%,
7/15/31,
Callable
2/15/29
@
100(a)
..............
750
761
Series
2024-1A,
Class
D,
6.79%,
7/15/31,
Callable
2/15/29
@
100(a)
..............
3,000
3,078
Series
2026-1A,
Class
A2,
4.64%,
2/15/29(a)
...............................
2,000
2,001
Series
2026-1A,
Class
C,
5.75%,
8/15/36,
Callable
8/15/31
@
100(a)
..............
647
646
Series
2026-1A,
Class
D,
6.38%,
8/15/36,
Callable
8/15/31
@
100(a)
..............
222
221
Barings
Equipment
Finance
LLC,
Series
2025-A,
Class
A2,
4.64%,
10/13/28(a)
..........
1,120
1,121
Blue
Bridge
Funding
LLC,
Series
2023-1A,
Class
A,
7.37%,
11/15/30,
Callable
1/15/27
@
100(a)
...........................................................
101
102
Blue
Owl
Asset
Leasing
Trust
LLC
..........................................
Series
2024-1A,
Class
B,
5.41%,
3/15/30,
Callable
6/15/27
@
100(a)
..............
851
855
Series
2024-1A,
Class
C,
6.38%,
1/15/31,
Callable
6/15/27
@
100(a)
..............
903
909
Capital
Automotive
REIT
.................................................
Series
2024-2A,
Class
A1,
4.90%,
5/15/54,
Callable
5/15/27
@
100(a)
.............
656
649
Series
2024-3A,
Class
A1,
4.40%,
10/15/54,
Callable
10/15/27
@
100(a)
...........
1,771
1,696
Capteris
Equipment
Finance
LLC
...........................................
Series
2024-1A,
Class
A2,
5.58%,
7/20/32,
Callable
2/20/28
@
100(a)
.............
1,383
1,395
Series
2026-1A,
Class
A2,
4.44%,
9/20/33,
Callable
8/20/30
@
100(a)
.............
986
982
Series
2026-1A,
Class
B,
4.95%,
9/20/33,
Callable
8/20/30
@
100(a)
..............
1,000
990
CARS-DB5
LP,
Series
2021-1A,
Class
A1,
1.44%,
8/15/51,
Callable
8/15/26
@
100(a)
.....
2,757
2,754
CARS-DB7
LP,
Series
2023-1A,
Class
A1,
5.75%,
9/15/53,
Callable
9/15/26
@
100(a)
.....
2,800
2,803
CCG
Receivables
Trust
...................................................
Series
2023-1,
Class
B,
5.99%,
9/16/30,
Callable
10/14/26
@
100(a)
..............
2,010
2,016
Series
2023-1,
Class
C,
6.28%,
9/16/30,
Callable
10/14/26
@
100(a)
..............
3,556
3,569
Series
2023-2,
Class
C,
6.45%,
4/14/32,
Callable
9/14/27
@
100(a)
...............
3,250
3,302
Series
2023-2,
Class
D,
7.18%,
4/14/32,
Callable
9/14/27
@
100(a)
...............
1,300
1,329
Series
2024-1,
Class
C,
5.22%,
3/15/32,
Callable
6/14/28
@
100(a)
...............
2,000
2,009
Series
2025-1,
Class
D,
5.28%,
10/14/32,
Callable
10/14/28
@
100(a)
.............
1,087
1,084
Series
2025-2,
Class
D,
5.08%,
8/15/34,
Callable
10/14/29
@
100(a)
..............
1,221
1,200
Series
2026-1,
Class
C,
5.17%,
1/17/34,
Callable
2/14/30
@
100(a)
...............
784
779
CF
Hippolyta
Issuer
LLC
.................................................
Series
2020-1,
Class
A1,
1.69%,
7/15/60(a)
................................
311
256
Series
2021-1A,
Class
A1,
1.53%,
3/15/61(a)
...............................
2,746
2,146
Clarus
Capital
Funding
LLC
...............................................
Series
2024-1A,
Class
B,
4.79%,
8/20/32,
Callable
2/20/28
@
100(a)
..............
1,170
1,169
Series
2024-1A,
Class
C,
5.01%,
8/20/32,
Callable
2/20/28
@
100(a)
..............
585
583
Series
2026-1A,
Class
D,
5.91%,
11/20/34,
Callable
11/20/29
@
100(a)
............
2,500
2,499
Cloud
Capital
Holdco
LP,
Series
2024-1A,
Class
A2,
5.78%,
11/22/49,
Callable
11/22/27
@
100(a)
...........................................................
4,500
4,455
Crossroads
Asset
Trust
...................................................
Series
2024-A,
Class
A2,
5.90%,
8/20/30,
Callable
3/20/28
@
100(a)
..............
538
541
Series
2024-A,
Class
B,
5.94%,
8/20/30,
Callable
3/20/28
@
100(a)
...............
2,518
2,543
Series
2024-A,
Class
C,
6.52%,
8/20/30,
Callable
3/20/28
@
100(a)
...............
1,500
1,521
Series
2025-A,
Class
B,
5.20%,
2/20/32,
Callable
11/20/28
@
100(a)
..............
455
455
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
170
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A,
Class
A2,
4.50%,
5/20/49,
Callable
5/20/27
@
100(a)
.............
$
2,790
$
2,690
Series
2025-1A,
Class
A2,
5.91%,
2/20/50,
Callable
2/20/28
@
100(a)
.............
2,694
2,698
Dell
Equipment
Finance
Trust
..............................................
Series
2024-1,
Class
C,
5.73%,
3/22/30,
Callable
12/22/26
@
100(a)
..............
1,350
1,356
Series
2024-1,
Class
D,
6.12%,
9/23/30,
Callable
12/22/26
@
100(a)
..............
1,464
1,473
Series
2024-2,
Class
C,
4.99%,
8/22/30,
Callable
5/22/27
@
100(a)
...............
1,000
1,003
Series
2024-2,
Class
D,
5.29%,
2/24/31,
Callable
5/22/27
@
100(a)
...............
1,118
1,123
Series
2025-1,
Class
D,
5.64%,
8/22/31,
Callable
11/22/27
@
100(a)
..............
629
634
Series
2025-2,
Class
D,
4.83%,
3/22/32,
Callable
6/22/28
@
100(a)
...............
2,000
1,985
Series
2026-1A,
Class
D,
5.19%,
11/22/32,
Callable
12/22/28
@
100(a)
............
874
868
Dext
ABS
LLC
........................................................
Series
2023-1,
Class
A2,
5.99%,
3/15/32,
Callable
4/15/27
@
100(a)
..............
28
28
Series
2023-1,
Class
B,
6.55%,
3/15/32,
Callable
4/15/27
@
100(a)
...............
5,430
5,467
Series
2023-1,
Class
D,
8.82%,
3/15/33,
Callable
4/15/27
@
100(a)
...............
600
613
Series
2023-2,
Class
B,
6.41%,
5/15/34,
Callable
2/15/28
@
100(a)
...............
2,420
2,432
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
2/15/28
@
100(a)
...............
1,666
1,732
Series
2025-1,
Class
B,
4.98%,
8/15/35,
Callable
12/15/28
@
100(a)
..............
1,000
1,000
Series
2025-1,
Class
C,
5.39%,
8/15/35,
Callable
12/15/28
@
100(a)
..............
1,000
994
Series
2025-1,
Class
D,
5.65%,
2/15/36,
Callable
12/15/28
@
100(a)
..............
2,000
1,983
Series
2025-2,
Class
B,
4.66%,
4/15/36,
Callable
2/15/30
@
100(a)
...............
585
577
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A,
Class
A,
1.76%,
4/15/49,
Callable
8/20/26
@
100(a)
..............
3,333
3,292
Series
2021-1A,
Class
B,
2.36%,
4/15/49,
Callable
8/20/26
@
100(a)
..............
3,000
2,968
Series
2021-1A,
Class
C,
3.48%,
4/15/49,
Callable
8/20/26
@
100(a)
..............
1,500
1,486
Diamond
Issuer
LLC,
Series
2021-1A,
Class
B,
2.70%,
11/20/51,
Callable
8/20/26
@
100(a)
.
4,273
4,176
DLLAA
LLC
..........................................................
Series
2023-1A,
Class
A3,
5.64%,
2/22/28,
Callable
12/20/27
@
100(a)
............
827
832
Series
2025-1A,
Class
A3,
4.95%,
9/20/29,
Callable
3/20/29
@
100(a)
.............
2,087
2,099
DLLAD
LLC
..........................................................
Series
2024-1A,
Class
A3,
5.30%,
7/20/29,
Callable
1/20/29
@
100(a)
.............
1,000
1,008
Series
2024-1A,
Class
A4,
5.38%,
9/22/31,
Callable
1/20/29
@
100(a)
.............
1,290
1,309
DLLMT
LLC
..........................................................
Series
2023-1A,
Class
A3,
5.34%,
3/22/27,
Callable
2/20/27
@
100(a)
.............
68
68
Series
2023-1A,
Class
A4,
5.35%,
3/20/31,
Callable
2/20/27
@
100(a)
.............
1,143
1,147
Series
2024-1A,
Class
A4,
4.98%,
4/20/32,
Callable
4/20/28
@
100(a)
.............
1,406
1,415
FirstKey
Homes
Trust
....................................................
Series
2021-SFR1,
Class
B,
1.79%,
8/17/38(a)(b)
............................
3,000
2,988
Series
2021-SFR1,
Class
C,
1.89%,
8/17/38(a)(b)
............................
3,000
2,987
Series
2021-SFR2,
Class
B,
1.61%,
9/17/38(a)(b)
............................
2,308
2,298
Series
2021-SFR3,
Class
B,
2.44%,
12/17/38(a)(b)
...........................
1,000
990
Series
2021-SFR3,
Class
C,
2.54%,
12/17/38(a)(b)
...........................
1,750
1,731
FRTKL,
Series
2021-SFR1,
Class
B,
1.72%,
9/17/38(a)(b)
.........................
1,500
1,493
Gordon
Brothers
Equipment
Finance
LLC
.....................................
Series
2026-1A,
Class
A2,
5.15%,
6/20/34,
Callable
4/20/30
@
100(a)
.............
2,524
2,524
Series
2026-1A,
Class
D,
6.18%,
6/20/34,
Callable
4/20/30
@
100(a)
..............
750
750
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A,
Class
B,
6.62%,
4/20/33,
Callable
2/20/29
@
100(a)
..............
318
319
Series
2023-1A,
Class
C,
6.97%,
8/22/33,
Callable
2/20/29
@
100(a)
..............
1,200
1,207
Series
2023-1A,
Class
D,
7.00%,
8/22/33,
Callable
2/20/29
@
100(a)
..............
800
807
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2023-1,
Class
B,
5.21%,
3/15/30,
Callable
7/15/27
@
100(a)
...............
1,500
1,509
Series
2024-1,
Class
B,
5.18%,
12/16/30,
Callable
2/15/28
@
100(a)
..............
1,480
1,490
Series
2024-1,
Class
C,
5.43%,
12/15/31,
Callable
2/15/28
@
100(a)
..............
650
655
Series
2024-2,
Class
B,
5.23%,
5/15/31,
Callable
10/15/28
@
100(a)
..............
1,000
1,007
Series
2025-1,
Class
A3,
4.49%,
4/16/29(a)
................................
2,000
2,000
Series
2025-1,
Class
B,
4.77%,
1/15/32,
Callable
5/15/29
@
100(a)
...............
2,000
1,985
Series
2026-1,
Class
A2,
4.47%,
1/16/29(a)
................................
3,000
3,000
HPEFS
Equipment
Trust
..................................................
Series
2023-2A,
Class
D,
6.97%,
7/21/31,
Callable
2/20/27
@
100(a)
..............
642
645
Series
2024-1A,
Class
D,
5.82%,
11/20/31,
Callable
8/20/27
@
100(a)
.............
3,838
3,863
Series
2024-2A,
Class
D,
5.82%,
4/20/32,
Callable
1/20/28
@
100(a)
..............
2,343
2,367
Series
2025-1A,
Class
B,
4.51%,
9/20/32,
Callable
4/20/29
@
100(a)
..............
500
498
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
171
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-1A,
Class
C,
4.79%,
9/20/32,
Callable
4/20/29
@
100(a)
..............
$
1,654
$
1,643
Series
2025-1A,
Class
D,
4.99%,
3/21/33,
Callable
4/20/29
@
100(a)
..............
2,000
1,980
Series
2025-2A,
Class
D,
4.77%,
5/20/33,
Callable
6/20/29
@
100(a)
..............
748
735
Iskandar
Enterprise
LLC,
Series
2026-1A,
Class
A23,
5.54%,
4/17/56,
Callable
4/15/29
@
100(a)
...........................................................
1,000
980
John
Deere
Owner
Trust,
Series
2024-B,
Class
A4,
5.19%,
5/15/31,
Callable
3/15/28
@
100
.
1,100
1,110
Kubota
Credit
Owner
Trust
................................................
Series
2023-2A,
Class
A4,
5.23%,
6/15/28,
Callable
4/15/27
@
100(a)
.............
1,500
1,509
Series
2024-2A,
Class
A4,
5.19%,
5/15/30,
Callable
4/15/28
@
100(a)
.............
1,300
1,312
Series
2025-1A,
Class
A2,
4.61%,
12/15/27(a)
..............................
2,264
2,267
M&T
Equipment
LEAF1
Notes
.............................................
Series
2023-1A,
Class
A4,
5.75%,
7/15/30,
Callable
7/15/27
@
100(a)
.............
2,596
2,611
Series
2024-1A,
Class
A3,
4.76%,
8/18/31,
Callable
6/16/28
@
100(a)
.............
1,000
1,001
Series
2025-1A,
Class
A3,
4.78%,
9/17/29,
Callable
4/16/29
@
100(a)
.............
2,739
2,744
M&T
Equipment
LLC,
Series
2026-1A,
Class
A2,
4.56%,
3/19/29(a)
..................
3,000
3,000
MMAF
Equipment
Finance
LLC
............................................
Series
2023-A,
Class
A3,
5.54%,
12/13/29(a)
...............................
1,522
1,534
Series
2023-A,
Class
A4,
5.50%,
12/13/38(a)
...............................
1,500
1,518
Series
2024-A,
Class
A4,
5.10%,
7/13/49,
Callable
10/13/30
@
100(a)
.............
1,100
1,111
MMP
Capital
LLC,
Series
2025-A,
Class
A,
5.36%,
12/15/31,
Callable
7/15/28
@
100(a)
...
1,574
1,579
MVW
LLC
...........................................................
Series
2021-1WA,
Class
A,
1.14%,
1/22/41,
Callable
1/20/27
@
100(a)
............
268
260
Series
2021-1WA,
Class
B,
1.44%,
1/22/41,
Callable
1/20/27
@
100(a)
............
280
272
New
Economy
Assets
-
Phase
1
Sponsor
LLC
...................................
Series
2021-1,
Class
A1,
1.91%,
10/20/61,
Callable
8/20/26
@
100(a)
.............
4,516
3,658
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
8/20/26
@
100(a)
.............
1,466
851
NMEF
Funding
LLC
....................................................
Series
2022-B,
Class
B,
7.12%,
6/15/29,
Callable
8/15/26
@
100(a)
...............
133
133
Series
2023-A,
Class
B,
6.83%,
6/17/30,
Callable
7/15/27
@
100(a)
...............
2,401
2,412
Series
2024-A,
Class
A2,
5.15%,
12/15/31,
Callable
3/15/28
@
100(a)
.............
859
861
Series
2024-A,
Class
B,
5.32%,
12/15/31,
Callable
3/15/28
@
100(a)
..............
3,535
3,526
Series
2024-A,
Class
C,
6.33%,
12/15/31,
Callable
3/15/28
@
100(a)
..............
1,250
1,259
Series
2025-A,
Class
B,
5.18%,
7/15/32,
Callable
8/15/28
@
100(a)
...............
3,309
3,313
Series
2025-A,
Class
C,
5.79%,
7/15/32,
Callable
8/15/28
@
100(a)
...............
6,482
6,500
Series
2025-B,
Class
C,
5.17%,
1/18/33,
Callable
7/15/28
@
100(a)
...............
1,579
1,563
Series
2026-A,
Class
B,
4.48%,
2/15/34,
Callable
1/15/30
@
100(a)
...............
1,000
981
NP
SPE
X
LP,
Series
2019-2A,
Class
C1,
6.44%,
11/19/49(a)
.......................
2,110
1,726
Oaktree
ABF
Equipment
ST
LLC
...........................................
Series
2026-1A,
Class
A2,
4.50%,
10/17/33,
Callable
8/15/28
@
100(a)
............
750
749
Series
2026-1A,
Class
B,
4.91%,
10/17/33,
Callable
8/15/28
@
100(a)
.............
386
384
Series
2026-1A,
Class
C,
5.31%,
10/17/33,
Callable
8/15/28
@
100(a)
.............
482
479
OneMain
Financial
Issuance
Trust,
Series
2022-3A,
Class
B,
6.45%,
5/15/34,
Callable
8/14/26
@
100(a)
.........................................................
3,348
3,353
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A,
Class
A3,
5.64%,
11/20/30,
Callable
1/20/28
@
100(a)
............
2,500
2,527
Series
2024-1A,
Class
B,
5.79%,
11/20/30,
Callable
1/20/28
@
100(a)
.............
2,500
2,522
Series
2024-2A,
Class
A3,
4.65%,
10/20/31,
Callable
7/20/27
@
100(a)
............
1,429
1,431
Series
2024-2A,
Class
B,
4.83%,
10/20/31,
Callable
7/20/27
@
100(a)
.............
2,239
2,245
Series
2025-1A,
Class
A3,
5.04%,
7/20/32,
Callable
9/20/28
@
100(a)
.............
1,675
1,683
Series
2025-1A,
Class
B,
5.20%,
7/20/32,
Callable
9/20/28
@
100(a)
..............
1,529
1,535
Series
2025-1A,
Class
C,
5.49%,
7/20/32,
Callable
9/20/28
@
100(a)
..............
1,800
1,805
Series
2026-1A,
Class
B,
4.75%,
7/20/33,
Callable
7/20/29
@
100(a)
..............
1,500
1,484
Series
2026-1A,
Class
C,
4.89%,
7/20/33,
Callable
7/20/29
@
100(a)
..............
2,500
2,469
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
B,
5.58%,
10/15/30,
Callable
3/15/27
@
100(a)
.............
1,254
1,256
Series
2024-1A,
Class
C,
5.81%,
10/15/30,
Callable
3/15/27
@
100(a)
.............
1,994
2,002
Series
2024-1A,
Class
D,
6.77%,
10/15/30,
Callable
3/15/27
@
100(a)
.............
1,250
1,261
Series
2024-1A,
Class
E,
8.50%,
12/15/31,
Callable
3/15/27
@
100(a)
.............
1,000
1,017
Series
2025-1A,
Class
B,
5.04%,
5/15/31,
Callable
7/15/28
@
100(a)
..............
546
548
Series
2025-1A,
Class
C,
5.13%,
5/15/31,
Callable
7/15/28
@
100(a)
..............
2,195
2,189
Series
2025-1A,
Class
D,
5.43%,
5/15/31,
Callable
7/15/28
@
100(a)
..............
1,680
1,679
Series
2025-1A,
Class
E,
7.08%,
5/17/32,
Callable
7/15/28
@
100(a)
..............
2,353
2,378
Series
2026-1A,
Class
D,
5.51%,
10/17/33,
Callable
3/15/30
@
100(a)
.............
824
815
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
QTS
Issuer
ABS
II
LLC,
Series
2026-6A,
Class
A21,
5.34%,
7/5/56,
Callable
7/5/29
@
100(a)
$
2,150
$
2,126
Retained
Vantage
Data
Centers
Issuer
LLC,
Series
2025-1A,
Class
A2A,
5.09%,
8/15/50,
Callable
8/15/28
@
100(a)
............................................
1,000
971
SCF
Equipment
Leasing
LLC
..............................................
Series
2023-1A,
Class
B,
6.37%,
5/20/32,
Callable
8/20/29
@
100(a)
..............
857
866
Series
2023-1A,
Class
C,
6.77%,
8/22/33,
Callable
8/20/29
@
100(a)
..............
4,863
4,949
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A,
Class
A3,
5.11%,
11/21/33,
Callable
9/20/31
@
100(a)
............
400
402
Series
2025-1A,
Class
B,
5.23%,
9/20/34,
Callable
9/20/31
@
100(a)
..............
1,250
1,252
Series
2025-1A,
Class
C,
5.37%,
9/20/34,
Callable
9/20/31
@
100(a)
..............
1,500
1,491
SLR
Equipment
Finance
LLC
..............................................
Series
2026-1A,
Class
A2,
5.01%,
4/15/33,
Callable
1/15/29
@
100(a)
.............
2,640
2,642
Series
2026-1A,
Class
B,
5.60%,
4/15/33,
Callable
1/15/29
@
100(a)
..............
1,106
1,108
Series
2026-1A,
Class
C,
5.89%,
4/15/33,
Callable
1/15/29
@
100(a)
..............
1,131
1,133
Series
2026-1A,
Class
D,
6.28%,
4/15/33,
Callable
1/15/29
@
100(a)
..............
727
728
Series
2026-1A,
Class
E,
8.22%,
4/17/34,
Callable
1/15/29
@
100(a)
..............
841
842
Sotheby's
Artfi
Master
Trust,
Series
2026-1A,
Class
B,
4.90%,
6/20/33,
Callable
12/20/27
@
100(a)
...........................................................
1,705
1,691
Stack
Infrastructure
Issuer
LLC,
Series
2026-1A,
Class
A2,
5.00%,
3/27/56,
Callable
3/25/29
@
100(a)
.........................................................
1,930
1,853
Switch
ABS
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.04%,
3/25/55,
Callable
3/25/28
@
100(a)
...........................................................
3,000
2,908
Tricon
Residential
Trust
..................................................
Series
2022-SFR1,
Class
B,
4.20%,
4/17/39(a)(b)
............................
1,000
992
Series
2024-SFR4,
Class
A,
4.30%,
11/17/41,
Callable
11/17/29
@
100(a)(b)
........
848
824
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A,
Class
A2,
5.88%,
4/20/55,
Callable
10/20/28
@
100(a)
............
4,861
4,885
Series
2025-1A,
Class
B,
6.37%,
4/20/55,
Callable
10/20/28
@
100(a)
.............
1,077
1,085
Vantage
Data
Centers
LLC,
Series
2025-1A,
Class
A2,
5.13%,
8/15/55,
Callable
8/15/28
@
100(a)
...........................................................
2,500
2,424
VB-S1
Issuer
LLC,
Series
2026-1A,
Class
C2,
4.69%,
3/15/56,
Callable
3/15/29
@
100(a)
..
1,742
1,683
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
8/15/26
@
100(a)
..............
1,000
988
Series
2024-1A,
Class
C2,
5.59%,
5/15/54,
Callable
5/15/27
@
100(a)
.............
2,159
2,164
Series
2024-1A,
Class
D,
6.64%,
5/15/54,
Callable
5/15/27
@
100(a)
..............
167
170
Verdant
Receivables
LLC
.................................................
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
9/12/27
@
100(a)
.............
562
567
Series
2023-1A,
Class
B,
6.05%,
1/13/31,
Callable
9/12/27
@
100(a)
..............
2,000
2,024
Series
2023-1A,
Class
C,
6.73%,
1/13/31,
Callable
9/12/27
@
100(a)
..............
749
759
Series
2024-1A,
Class
A2,
5.68%,
12/12/31,
Callable
8/12/28
@
100(a)
............
1,906
1,928
Series
2024-1A,
Class
B,
5.72%,
12/12/31,
Callable
8/12/28
@
100(a)
.............
525
531
Series
2024-1A,
Class
C,
6.25%,
12/12/31,
Callable
8/12/28
@
100(a)
.............
437
442
Series
2024-1A,
Class
D,
7.23%,
12/12/31,
Callable
8/12/28
@
100(a)
.............
388
400
Series
2025-1A,
Class
A3,
4.96%,
5/12/33,
Callable
8/12/29
@
100(a)
.............
522
523
Series
2025-1A,
Class
D,
6.49%,
5/12/33,
Callable
8/12/29
@
100(a)
..............
709
717
Verizon
Master
Trust
....................................................
Series
2024-2,
Class
B,
5.08%,
12/22/31,
Callable
12/20/28
@
100(a)
.............
2,000
2,009
Series
2024-3,
Class
C,
5.73%,
4/22/30,
Callable
4/20/27
@
100
.................
833
839
Series
2024-8,
Class
C,
4.99%,
11/20/30,
Callable
11/20/27
@
100
...............
2,466
2,471
Series
2025-1,
Class
C,
5.09%,
1/21/31,
Callable
1/20/28
@
100
.................
1,875
1,883
Series
2025-10,
Class
C,
4.67%,
10/20/33,
Callable
10/20/30
@
100(a)
............
700
687
Series
2025-7,
Class
C,
4.40%,
8/20/31,
Callable
8/20/28
@
100
.................
1,500
1,483
Series
2026-2,
Class
C,
4.85%,
6/21/32,
Callable
6/20/29
@
100
.................
1,000
996
VFI
ABS
LLC,
Series
2025-1A,
Class
A,
4.78%,
6/24/30,
Callable
6/24/28
@
100(a)
......
1,671
1,674
Volvo
Financial
Equipment
LLC
............................................
Series
2024-1A,
Class
A3,
4.29%,
10/16/28,
Callable
5/15/28
@
100(a)
............
637
637
Series
2024-1A,
Class
A4,
4.29%,
7/15/31,
Callable
5/15/28
@
100(a)
.............
2,500
2,489
Series
2025-1A,
Class
A4,
4.53%,
10/15/31,
Callable
2/15/29
@
100(a)
............
4,000
3,990
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
B,
5.06%,
9/20/32,
Callable
9/20/27
@
100(a)
..............
2,189
2,192
Series
2024-1A,
Class
C,
5.28%,
9/20/32,
Callable
9/20/27
@
100(a)
..............
1,751
1,748
Series
2024-1A,
Class
D,
6.31%,
9/20/32,
Callable
9/20/27
@
100(a)
..............
1,000
1,008
Series
2025-1A,
Class
C,
4.76%,
9/20/33,
Callable
2/20/28
@
100(a)
..............
379
373
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-1A,
Class
D,
5.45%,
9/20/33,
Callable
2/20/28
@
100(a)
..............
$
1,000
$
988
Yamaha
Motor
Master
Trust
II
..............................................
Series
2026-A,
Class
B,
4.64%,
4/15/31,
Callable
4/15/29
@
100(a)
...............
2,000
1,980
Series
2026-A,
Class
C,
4.89%,
4/15/31,
Callable
4/15/29
@
100(a)
...............
1,017
1,012
Zayo
Issuer
LLC
.......................................................
Series
2025-1A,
Class
A2,
5.65%,
3/20/55,
Callable
9/20/28
@
100(a)
.............
4,000
4,002
Series
2025-1A,
Class
B,
6.09%,
3/20/55,
Callable
9/20/28
@
100(a)
..............
2,000
1,991
Series
2025-2A,
Class
A2,
5.95%,
6/20/55,
Callable
12/20/28
@
100(a)
............
1,000
1,007
Series
2025-2A,
Class
B,
6.59%,
6/20/55,
Callable
12/20/28
@
100(a)
.............
1,167
1,179
343,097
Total
Asset-Backed
Securities
(Cost
$810,879)
a
a
a
811,403
Collateralized
Loan
Obligations
(0.0%)(c)
Cash
Flow
CLO
(0.0%):(c)
Columbia
Cent
CLO
Ltd.,
Series
2022-32A,
Class
BF,
5.20%,
7/24/34,
Callable
10/24/26
@
100(a)
...........................................................
1,000
989
Total
Collateralized
Loan
Obligations
(Cost
$995)
a
a
a
989
Collateralized
Mortgage
Obligations
(4.4%)
Agency
CMO
Other
(1.7%):
Federal
Home
Loan
Mortgage
Corporation
REMICS
.............................
Series
5270,
Class
AB,
5.50%,
1/25/49
...................................
1,816
1,829
Series
5450,
Class
KA,
4.50%,
6/25/51
...................................
2,632
2,599
Series
5478,
Class
J,
5.50%,
3/25/51
.....................................
2,776
2,789
Series
5611,
Class
LE,
4.50%,
8/25/49
....................................
2,951
2,873
Series
5639,
Class
DA,
4.50%,
2/25/49
...................................
925
897
Series
5664,
Class
JB,
5.00%,
11/25/53
...................................
1,451
1,435
Federal
National
Mortgage
Association
REMICS
................................
Series
2012-104,
Class
HC,
1.25%,
9/25/27
................................
13
13
Series
2022-88,
Class
BA,
5.50%,
7/25/47
.................................
936
940
Series
2024-33,
Class
PB,
5.00%,
3/25/48
.................................
1,126
1,128
Series
2025-40,
Class
B,
5.00%,
10/25/50
.................................
1,543
1,542
Series
2025-55,
Class
AC,
4.50%,
4/25/53
.................................
4,711
4,612
Series
2025-61,
Class
DA,
4.50%,
9/25/51
.................................
1,671
1,643
Series
2026-10,
Class
AD,
4.50%,
1/25/51
.................................
1,315
1,277
Government
National
Mortgage
Association
....................................
Series
2023-107,
Class
PA,
5.50%,
1/20/46
................................
1,270
1,280
Series
2023-128,
Class
KA,
6.00%,
6/20/47
................................
716
724
Series
2023-131,
Class
P,
5.50%,
6/20/48
..................................
1,406
1,414
Series
2024-160,
Class
H,
4.00%,
9/20/62
.................................
1,325
1,308
Series
2024-177,
Class
D,
5.25%,
6/20/51
.................................
1,246
1,248
Series
2024-19,
Class
AD,
5.00%,
6/20/53
.................................
1,250
1,254
Series
2024-97,
Class
MC,
5.00%,
1/20/64
.................................
1,377
1,382
Series
2025-131,
Class
CE,
4.50%,
12/20/53
...............................
5,211
5,152
Series
2025-131,
Class
QC,
4.00%,
7/20/51
................................
1,856
1,803
Series
2025-131,
Class
QD,
4.50%,
7/20/51
................................
464
456
Series
2025-139,
Class
DT,
5.00%,
3/20/65
................................
569
569
Series
2025-139,
Class
EA,
4.00%,
3/20/65
................................
1,590
1,571
Series
2025-150,
Class
QD,
4.50%,
7/20/51
................................
3,276
3,221
Series
2025-196,
Class
GA,
4.75%,
5/20/65
................................
1,388
1,378
Series
2025-2,
Class
EA,
4.50%,
9/20/40
..................................
1,498
1,495
47,832
Agency
Commercial
MBS
(0.0%):(c)
Federal
National
Mortgage
Association,
Series
2022-M2,
Class
A2,
2.40%,
11/25/31
.......
1,000
897
Commercial
MBS
(2.7%):
ALA
Trust
............................................................
Series
2025-OANA,
Class
A,
5.42%
(TSFR1M+174bps),
6/15/40(a)(b)(d)
..........
2,500
2,509
Series
2025-OANA,
Class
B,
5.52%
(TSFR1M+184bps),
6/15/40(a)(b)(d)
..........
2,000
2,005
AOA
Trust
............................................................
Series
2025-1301,
Class
A,
5.06%,
8/11/42(a)(b)(e)
..........................
1,259
1,249
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-1345,
Class
A,
5.28%
(TSFR1M+160bps),
6/15/42(a)(b)(d)
............
$
1,250
$
1,252
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM,
Class
A,
5.33%
(TSFR1M+165bps),
8/15/42(a)(b)(d)
..........
2,500
2,506
Series
2025-ATRM,
Class
B,
5.78%
(TSFR1M+210bps),
8/15/42(a)(b)(d)
..........
2,277
2,262
Aventura
Mall
Trust,
Series
2018-AVM,
Class
C,
4.11%,
7/5/40(a)(b)(e)
................
2,000
1,943
BLP
Commercial
Mortgage
Trust,
Series
2025-IND,
Class
A,
4.88%
(TSFR1M+120bps),
3/15/42(a)(b)(d)
....................................................
1,906
1,900
BX
Commercial
Mortgage
Trust
............................................
Series
2025-COPT,
Class
A,
5.43%
(TSFR1M+175bps),
8/15/42(a)(b)(d)
...........
1,538
1,539
Series
2026-CSMO,
Class
A,
5.08%
(TSFR1M+140bps),
2/15/43(a)(b)(d)
..........
1,390
1,392
Series
2026-CSMO,
Class
B,
5.38%
(TSFR1M+170bps),
2/15/43(a)(b)(d)
..........
1,210
1,218
Series
2026-XL6,
Class
A,
4.88%
(TSFR1M+120bps),
3/15/43(a)(b)(d)
............
904
905
BX
Trust
.............................................................
Series
2025-GW,
Class
A,
5.28%
(TSFR1M+160bps),
7/15/42(a)(b)(d)
............
3,000
3,004
Series
2025-ROIC,
Class
A,
4.82%
(TSFR1M+114bps),
3/15/30(a)(b)(d)
...........
2,252
2,247
Series
2025-VOLT,
Class
A,
5.38%
(TSFR1M+170bps),
12/15/44(a)(b)(d)
..........
1,500
1,496
Series
2025-VOLT,
Class
B,
5.78%
(TSFR1M+210bps),
12/15/44(a)(b)(d)
..........
1,474
1,472
Series
2026-CLS,
Class
A,
5.08%
(TSFR1M+140bps),
5/15/43(a)(b)(d)
............
1,375
1,376
COMM
Mortgage
Trust,
Series
2012-CR4,
Class
XA,
1.14%,
10/15/45,
Callable
8/15/26
@
100(b)(e)
.........................................................
10,719
95
CRSNT
Trust,
Series
2026-MOON,
Class
A,
5.08%
(TSFR1M+140bps),
2/15/43(a)(b)(d)
...
2,000
2,000
DBWF
Mortgage
Trust,
Series
2024-LCRS,
Class
A,
5.42%
(TSFR1M+174bps),
4/15/37(a)(b)
(d)
.............................................................
2,000
2,000
GS
Mortgage
Securities
Corp.
Trust,
Series
2017-GPTX,
Class
A,
2.86%,
5/10/34(a)(b)
....
10,761
9,583
Hudson
Yards
Mortgage
Trust
..............................................
Series
2025-SPRL,
Class
A,
5.47%,
1/13/40(a)(b)(e)
..........................
1,326
1,339
Series
2026-10HY,
Class
A,
5.09%,
12/10/39(a)(b)(e)
.........................
1,644
1,630
JW
Commercial
Mortgage
Trust,
Series
2026-MRCO,
Class
A,
5.18%
(TSFR1M+150bps),
6/15/39(a)(b)(d)
....................................................
801
802
LBA
Trust,
Series
2026-LBA6,
Class
A,
4.85%
(TSFR1M+120bps),
7/15/43(a)(b)(d)
......
1,000
1,000
LEX
Mortgage
Trust,
Series
2024-BBG,
Class
A,
4.87%,
10/13/33,
Callable
10/13/28
@
100(a)
(b)(e)
...........................................................
1,926
1,912
LEX
Trust,
Series
2026-450,
Class
A,
5.03%
(TSFR1M+135bps),
3/15/43(a)(b)(d)
........
1,417
1,418
MAD
Commercial
Mortgage
Trust,
Series
2025-11MD,
Class
A,
4.75%,
10/15/42(a)(b)(e)
..
1,364
1,341
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
B,
2.33%,
9/10/39(a)(b)(e)
......
4,000
3,882
MILE
Trust,
Series
2025-STNE,
Class
A,
5.18%
(TSFR1M+150bps),
7/15/42(a)(b)(d)
.....
3,000
3,009
SCG
Commercial
Mortgage
Trust,
Series
2025-FLWR,
Class
B,
5.23%
(TSFR1M+155bps),
8/15/42(a)(b)(d)
....................................................
3,250
3,251
SCOTT
Trust,
Series
2023-SFS,
Class
AS,
6.20%,
3/10/40(a)(b)
.....................
2,357
2,375
SHR
Trust,
Series
2024-LXRY,
Class
A,
5.63%
(TSFR1M+195bps),
10/15/41(a)(b)(d)
.....
2,105
2,107
SLG
Office
Trust,
Series
2026-OMA,
Class
B,
5.16%,
4/15/41(a)(b)(e)
................
2,375
2,349
SREIT
Trust,
Series
2021-MFP2,
Class
C,
5.16%
(TSFR1M+149bps),
11/15/36(a)(b)(d)
....
2,000
1,999
SWCH
Commercial
Mortgage
Trust,
Series
2025-DATA,
Class
A,
5.12%
(TSFR1M+144bps),
2/15/42(a)(b)(d)
....................................................
3,000
2,977
75,344
Private
CMO
Other
(0.0%):(c)
Sequoia
Mortgage
Trust,
Series
2013-5,
Class
A2,
3.00%,
5/25/43,
Callable
8/25/26
@
100(a)
(e)
.............................................................
422
378
Total
Collateralized
Mortgage
Obligations
(Cost
$125,609)
a
a
a
124,451
Shares
Preferred
Stocks
(0.2%)
Financials
(0.2%):
Citigroup
Capital
XIII,
10.47%
(TSFR3M+663bps),
10/30/40(d)
.....................
200,000
5,466
Total
Preferred
Stocks
(Cost
$5,470)
a
a
a
5,466
Principal
Amount
(000)
Senior
Secured
Loans
(0.3%)
Consumer
Discretionary
(0.1%):
Discovery
Global
Holdings,
Inc.,
Initial
Dollar
Term
Loan,
6.23%
(SOFR01M+250bps),
6/3/33(d)
.........................................................
$
1,962
1,963
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Financials
(0.0%):(c)
Edelman
Financial
Engines
Center
LLC,
Initial
Term
Loan,
First
Lien,
7.64%
(SOFR01M+400bps),
11/28/31(d)
.......................................
$
1,250
$
1,254
Information
Technology
(0.1%):
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B-8
Loan,
5.73%
(SOFR01M+200bps),
5/9/31(d)
.........................................................
2,468
2,464
Real
Estate
(0.1%):
QTS
Thunder
Managing
Issuer
LLC,
Term
Loan,
6.03%
(SOFR03M+225bps),
7/22/33(d)
...
1,625
1,601
Total
Senior
Secured
Loans
(Cost
$7,279)
a
a
a
7,282
Corporate
Bonds
(42.7%)
Communication
Services
(0.9%):
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital,
6.10%,
6/1/29,
Callable
5/1/29
@
100
..........................................
2,000
2,029
Discovery
Global
Holdings,
Inc.,
3.76%,
3/15/27,
Callable
2/15/27
@
100
..............
948
942
EchoStar
Corp.,
10.75%,
11/30/29,
Callable
11/30/26
@
105.38
......................
4,000
4,326
Meta
Platforms,
Inc.,
4.55%,
5/15/31,
Callable
4/15/31
@
100
.......................
4,500
4,391
Omnicom
Group,
Inc.,
4.20%,
3/2/29,
Callable
2/2/29
@
100
.......................
3,000
2,947
Paramount
Global,
2.90%,
1/15/27,
Callable
10/15/26
@
100
.......................
5,000
4,953
Sirius
XM
Radio
LLC,
3.13%,
9/1/26(a)
......................................
3,000
2,995
T-Mobile
USA,
Inc.,
3.50%,
4/15/31,
Callable
8/16/26
@
101.75
.....................
3,000
2,798
25,381
Consumer
Discretionary
(2.6%):
AutoNation,
Inc.,
4.45%,
1/15/29,
Callable
12/15/28
@
100
........................
2,000
1,974
Daimler
Truck
Finance
North
America
LLC
5.00%,
1/15/27(a)
..................................................
2,000
2,005
4.30%,
8/12/27(a)
..................................................
2,000
1,995
5.13%,
9/25/27,
Callable
8/25/27
@
100(a)
................................
2,000
2,010
eBay,
Inc.,
4.25%,
3/6/29,
Callable
2/6/29
@
100
................................
2,000
1,973
General
Motors
Financial
Co.,
Inc.
5.35%,
7/15/27
....................................................
2,000
2,015
5.05%,
4/4/28
.....................................................
3,000
3,014
Grand
Canyon
University,
5.13%,
10/1/28,
Callable
8/1/28
@
100
....................
8,475
8,385
Hasbro,
Inc.,
4.65%,
3/12/31,
Callable
2/12/31
@
100
.............................
1,015
994
Hyatt
Hotels
Corp.,
5.05%,
3/30/28,
Callable
2/29/28
@
100
........................
2,000
2,007
Las
Vegas
Sands
Corp.,
5.90%,
6/1/27,
Callable
5/1/27
@
100
.......................
3,804
3,836
LKQ
Corp.,
5.75%,
6/15/28,
Callable
5/15/28
@
100
.............................
2,350
2,378
Mattel,
Inc.
5.88%,
12/15/27,
Callable
8/16/26
@
100(a)
...............................
7,250
7,254
5.00%,
11/17/30,
Callable
10/17/30
@
100(f)
...............................
4,307
4,271
Meritage
Homes
Corp.,
5.13%,
6/6/27,
Callable
12/6/26
@
100
......................
1,000
999
Mobility
Global,
Inc.
5.05%,
6/15/29,
Callable
5/15/29
@
100(a)
................................
4,000
3,982
5.45%,
6/15/31,
Callable
5/15/31
@
100(a)
................................
2,000
2,001
Sodexo,
Inc.
5.15%,
8/15/30,
Callable
7/15/30
@
100(a)
................................
3,000
2,994
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
................................
4,500
4,046
Tapestry,
Inc.,
5.10%,
3/11/30,
Callable
2/11/30
@
100
............................
2,000
2,001
Taylor
Morrison
Communities,
Inc.
5.75%,
1/15/28,
Callable
10/15/27
@
100(a)
...............................
2,500
2,525
5.75%,
11/15/32,
Callable
5/15/32
@
100(a)
................................
2,500
2,560
Volkswagen
Group
of
America
Finance
LLC
4.95%,
3/25/27(a)
..................................................
2,500
2,504
4.45%,
9/11/27(a)
...................................................
2,000
1,993
6.20%,
11/16/28,
Callable
10/16/28
@
100(a)
...............................
2,000
2,049
5.25%,
3/22/29,
Callable
2/22/29
@
100(a)
................................
2,000
2,008
YMCA
of
Greater
New
York,
5.18%,
8/1/30,
Callable
5/1/30
@
100
..................
625
626
74,399
Consumer
Staples
(1.5%):
Bimbo
Bakeries
USA,
Inc.,
6.05%,
1/15/29,
Callable
12/15/28
@
100(a)
...............
4,000
4,088
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
176
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Coca-Cola
Consolidated,
Inc.,
5.25%,
6/1/29,
Callable
5/1/29
@
100
..................
$
2,000
$
2,027
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
4.75%,
1/15/29,
Callable
9/5/26
@
101.19(a)
...............................
4,500
4,419
5.60%,
1/15/31,
Callable
12/15/30
@
100(a)
...............................
1,111
1,091
Diageo
Investment
Corp.,
5.13%,
8/15/30,
Callable
7/15/30
@
100
...................
1,091
1,099
Keurig
Dr
Pepper,
Inc.
5.05%,
3/15/29,
Callable
2/15/29
@
100
..................................
3,000
3,010
3.20%,
5/1/30,
Callable
2/1/30
@
100
....................................
1,500
1,403
Mars,
Inc.,
4.45%,
3/1/27(a)
...............................................
3,000
3,003
Molson
Coors
Beverage
Co.,
4.90%,
7/8/31,
Callable
6/8/31
@
100
...................
2,000
1,977
Philip
Morris
International,
Inc.
4.88%,
2/15/28,
Callable
1/15/28
@
100
..................................
5,000
5,022
5.25%,
9/7/28,
Callable
8/7/28
@
100
....................................
3,000
3,037
Smithfield
Foods,
Inc.,
4.25%,
2/1/27,
Callable
11/1/26
@
100(a)
....................
4,156
4,144
Sysco
Corp.
5.10%,
9/23/30,
Callable
8/23/30
@
100
..................................
3,000
3,001
4.40%,
7/25/31,
Callable
6/25/31
@
100
..................................
1,682
1,625
The
Campbell's
Company,
5.20%,
3/19/27
.....................................
2,000
2,008
The
J.M.
Smucker
Co.,
5.90%,
11/15/28,
Callable
10/15/28
@
100
...................
2,000
2,050
43,004
Energy
(2.4%):
Antero
Midstream
Partners
LP/Antero
Midstream
Finance
Corp.,
6.63%,
2/1/32,
Callable
2/1/27
@
103.31(a)
.................................................
3,429
3,489
APA
Corp.,
7.75%,
12/15/29
...............................................
2,650
2,860
CITGO
Petroleum
Corp.,
8.38%,
1/15/29,
Callable
9/5/26
@
104.19(a)
................
2,000
2,053
Columbia
Pipelines
Holding
Co.
LLC,
6.04%,
8/15/28,
Callable
7/15/28
@
100(a)
........
2,000
2,046
Devon
Energy
Corp.,
5.25%,
10/15/27,
Callable
8/16/26
@
100
......................
13,330
13,332
Energy
Transfer
LP
6.50%
(H15T5Y+569bps),
Callable
8/17/26
@
100(d)(g)
......................
8,521
8,525
7.13%
(H15T5Y+531bps),
Callable
5/15/30
@
100(d)(g)
......................
2,300
2,356
Expand
Energy
Corp.,
5.38%,
2/1/29,
Callable
8/21/26
@
100
.......................
2,587
2,586
Helmerich
&
Payne,
Inc.,
2.90%,
9/29/31,
Callable
6/29/31
@
100
....................
1,750
1,554
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
6.00%,
4/15/30,
Callable
9/5/26
@
102(a)
.......
2,333
2,309
Marathon
Petroleum
Corp.,
5.15%,
3/1/30,
Callable
2/1/30
@
100
....................
2,000
2,014
MPLX
LP,
4.13%,
3/1/27,
Callable
12/1/26
@
100
...............................
1,550
1,547
ONEOK,
Inc.
4.25%,
9/24/27,
Callable
8/24/27
@
100
..................................
2,000
1,993
5.63%,
1/15/28,
Callable
7/15/27
@
100(a)
................................
2,700
2,722
Permian
Resources
Operating
LLC,
6.25%,
2/1/33,
Callable
8/1/27
@
103.13(a)
..........
1,500
1,527
Repsol
E&P
Capital
Markets
US
LLC,
4.81%,
9/16/28,
Callable
8/16/28
@
100(a)
........
3,342
3,340
Sunoco
LP
5.88%,
7/15/27,
Callable
9/5/26
@
100(a)
.................................
700
701
5.63%,
3/15/31,
Callable
9/15/27
@
102.81(a)
..............................
500
494
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
5.00%,
1/15/28,
Callable
9/5/26
@
100
...................................
978
977
5.50%,
3/1/30,
Callable
8/16/26
@
101.83
.................................
1,750
1,761
Valero
Energy
Corp.,
5.15%,
2/15/30,
Callable
1/15/30
@
100
.......................
3,000
3,023
Venture
Global
Calcasieu
Pass
LLC,
3.88%,
8/15/29,
Callable
2/15/29
@
100(a)
..........
2,500
2,380
Western
Midstream
Operating
LP,
4.75%,
8/15/28,
Callable
5/15/28
@
100
.............
3,000
2,998
66,587
Financials
(18.8%):
AEGON
Funding
Co.
LLC,
5.50%,
4/16/27,
Callable
3/16/27
@
100(a)
................
1,000
1,004
Ally
Financial,
Inc.,
6.99%
(SOFR+326bps),
6/13/29,
Callable
6/13/28
@
100(d)
.........
4,611
4,765
American
Express
Co.,
3.55%
(H15T5Y+285bps),
Callable
9/15/26
@
100(d)(g)
.........
14,290
14,238
American
Honda
Finance
Corp.
4.40%,
10/5/26
....................................................
2,000
1,999
4.55%,
7/9/27
.....................................................
1,000
1,001
American
National
Global
Funding
4.63%,
12/15/28(a)
..................................................
3,487
3,446
5.00%,
6/22/29(a)
..................................................
2,000
1,984
5.55%,
1/28/30(a)
..................................................
1,705
1,713
American
National
Group,
Inc.,
5.75%,
10/1/29,
Callable
9/1/29
@
100
................
3,000
3,038
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
177
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ameriprise
Financial,
Inc.,
4.80%,
6/15/31,
Callable
5/15/31
@
100
...................
$
3,800
$
3,770
AmFam
Holdings,
Inc.,
2.81%,
3/11/31,
Callable
12/11/30
@
100(a)
..................
1,550
1,360
Antares
Holdings
LP
2.75%,
1/15/27,
Callable
12/15/26
@
100(a)
...............................
1,700
1,679
6.35%,
10/23/29,
Callable
9/23/29
@
100(a)
...............................
6,000
5,989
Aon
North
America,
Inc.,
5.15%,
3/1/29,
Callable
2/1/29
@
100
.....................
2,000
2,017
Apollo
Debt
Solutions
BDC,
5.70%,
1/23/31,
Callable
12/23/30
@
100(a)
..............
1,815
1,766
Apollo
Global
Management,
Inc.,
4.60%,
1/15/31,
Callable
12/15/30
@
100
.............
2,500
2,445
Arch
Capital
Finance
LLC,
4.01%,
12/15/26,
Callable
9/15/26
@
100
.................
1,911
1,909
Ares
Strategic
Income
Fund,
5.70%,
3/15/28,
Callable
2/15/28
@
100
.................
1,000
1,000
Assurant,
Inc.,
7.00%
(US0003M+414bps),
3/27/48,
Callable
3/27/28
@
100(d)
..........
3,000
3,046
Athene
Global
Funding
4.95%,
1/7/27(a)
...................................................
9,164
9,180
5.13%,
6/1/29(a)
...................................................
2,000
1,997
Atlas
Warehouse
Lending
Co.
LP,
4.63%,
11/15/28,
Callable
10/15/28
@
100(a)
..........
6,000
5,918
Aviation
Capital
Group
LLC,
3.50%,
11/1/27,
Callable
7/1/27
@
100(a)
................
1,091
1,072
Bank
of
America
Corp.,
6.13%
(H15T5Y+323bps),
Callable
4/27/27
@
100(d)(g)
.........
6,334
6,368
Blackstone
Private
Credit
Fund
2.63%,
12/15/26,
Callable
11/15/26
@
100
.................................
9,158
9,074
5.95%,
5/15/31,
Callable
4/15/31
@
100(f)
.................................
1,535
1,502
Blackstone
Secured
Lending
Fund,
5.25%,
9/4/29,
Callable
8/4/29
@
100
..............
2,000
1,968
Block
Financial
LLC,
3.88%,
8/15/30,
Callable
5/15/30
@
100(f)
....................
2,625
2,482
Blue
Owl
Credit
Income
Corp.
4.70%,
2/8/27,
Callable
1/8/27
@
100(f)
..................................
600
597
7.75%,
9/16/27,
Callable
8/16/27
@
100
..................................
3,745
3,822
6.60%,
9/15/29,
Callable
8/15/29
@
100
..................................
2,350
2,358
5.80%,
3/15/30,
Callable
2/15/30
@
100
..................................
2,000
1,942
Blue
Owl
Technology
Finance
Corp.,
6.10%,
3/15/28,
Callable
2/15/28
@
100
...........
1,000
1,000
BMW
US
Capital
LLC,
4.60%,
8/13/27(a)
.....................................
2,000
2,001
Brown
&
Brown,
Inc.
4.60%,
12/23/26
....................................................
500
500
4.70%,
6/23/28,
Callable
5/23/28
@
100
..................................
1,636
1,632
Burford
Capital
Global
Finance
LLC,
6.25%,
4/15/28,
Callable
9/5/26
@
100(a)(f)
........
2,000
1,972
Capital
One
Financial
Corp.
3.95%
(H15T5Y+316bps),
Callable
9/1/26
@
100(d)(f)(g)
.....................
7,610
7,586
5.47%
(SOFR+208bps),
2/1/29,
Callable
2/1/28
@
100(d)
......................
2,000
2,018
6.31%
(SOFR+264bps),
6/8/29,
Callable
6/8/28
@
100(d)
......................
1,000
1,025
Citigroup,
Inc.,
6.25%
(TSFR3M+478bps),
Callable
8/15/26
@
100(d)(g)
..............
12,643
12,647
Citizens
Bank
NA,
4.58%
(SOFR+200bps),
8/9/28,
Callable
8/9/27
@
100(d)
............
1,000
998
Citizens
Financial
Group,
Inc.,
4.00%
(H15T5Y+322bps),
Callable
10/6/26
@
100(d)(g)
....
4,900
4,881
Clearinghouse
Community
Development
Financial
Institution,
7.00%,
10/15/30,
Callable
9/15/30
@
100(a)
...................................................
1,845
1,969
CNO
Global
Funding
5.88%,
6/4/27(a)
...................................................
2,500
2,527
4.88%,
12/10/27(a)
..................................................
2,000
1,998
4.38%,
9/8/28(a)
...................................................
1,000
987
4.95%,
9/9/29(a)
...................................................
1,953
1,944
4.70%,
12/11/30(a)
..................................................
1,750
1,706
Constellation
Global
Funding,
5.70%,
8/5/31(a)
.................................
3,000
2,991
Corebridge
Financial,
Inc.,
6.88%
(H15T5Y+385bps),
12/15/52,
Callable
9/15/27
@
100(d)
.
3,007
3,043
Corebridge
Global
Funding,
4.80%,
5/29/29(a)
..................................
1,500
1,494
CubeSmart
LP,
4.38%,
2/15/29,
Callable
11/15/28
@
100
..........................
4,033
3,989
Cullen/Frost
Bankers,
Inc.,
4.50%,
3/17/27,
Callable
2/17/27
@
100
...................
6,090
6,062
Enact
Holdings,
Inc.,
6.25%,
5/28/29,
Callable
4/28/29
@
100
.......................
5,150
5,279
Enstar
Finance
LLC,
5.50%
(H15T5Y+401bps),
1/15/42,
Callable
1/15/27
@
100(d)
.......
10,258
10,123
F&G
Annuities
&
Life,
Inc.,
7.40%,
1/13/28,
Callable
12/13/27
@
100
.................
1,500
1,537
F&G
Global
Funding,
2.00%,
9/20/28(a)
......................................
4,500
4,199
FactSet
Research
Systems,
Inc.,
2.90%,
3/1/27,
Callable
2/1/27
@
100
.................
1,713
1,694
Fells
Point
Funding
Trust,
3.05%,
1/31/27,
Callable
12/31/26
@
100(a)
................
5,250
5,212
Fidelity
National
Information
Services,
Inc.,
4.55%,
3/10/29,
Callable
2/10/29
@
100
......
2,250
2,230
Fifth
Third
Bancorp,
4.57%
(SOFR+95bps),
4/29/32,
Callable
4/29/31
@
100(d)
.........
1,000
971
First
Citizens
BancShares,
Inc.,
7.90%
(TSFR3M+423bps),
Callable
1/4/27
@
100(d)(g)
....
3,415
3,426
First
Horizon
Bank,
5.75%,
5/1/30,
Callable
2/1/30
@
100
.........................
2,223
2,236
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
178
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
First
Horizon
Corp.,
5.51%
(SOFR+177bps),
3/7/31,
Callable
3/7/30
@
100(d)
...........
$
3,000
$
3,010
First
Maryland
Capital
I,
5.01%
(TSFR3M+126bps),
1/15/27,
Callable
9/5/26
@
100(d)
....
6,650
6,620
First
Maryland
Capital
II,
4.92%
(TSFR3M+111bps),
2/1/27,
Callable
9/5/26
@
100(d)
.....
1,768
1,759
First-Citizens
Bank
&
Trust
Co.,
5.10%
(SOFR+115bps),
7/13/29,
Callable
7/13/28
@
100(d)
3,000
2,992
Fiserv,
Inc.
4.75%,
3/15/30,
Callable
2/15/30
@
100
..................................
3,000
2,957
4.55%,
2/15/31,
Callable
1/15/31
@
100
..................................
2,000
1,936
Flagstar
Bank
NA,
6.80%
(TSFR3M+304bps),
11/6/28,
Callable
11/6/26
@
100(d)
........
2,242
2,188
Ford
Motor
Credit
Co.
LLC
5.13%,
11/5/26
.....................................................
2,000
2,001
4.95%,
5/28/27,
Callable
4/28/27
@
100
..................................
1,000
1,000
2.90%,
2/10/29,
Callable
12/10/28
@
100
.................................
2,000
1,879
GA
Global
Funding
Trust,
4.40%,
9/23/27(a)
...................................
2,390
2,380
Gabx
Leasing
LLC,
4.63%,
4/15/31,
Callable
3/15/31
@
100(a)
......................
2,000
1,950
Global
Payments,
Inc.
4.55%,
3/15/28
....................................................
2,000
1,987
4.50%,
11/15/28,
Callable
10/15/28
@
100
.................................
3,250
3,207
Goldman
Sachs
Private
Credit
Corp.
5.05%,
2/23/28
....................................................
2,300
2,286
5.38%,
1/31/29,
Callable
12/31/28
@
100
.................................
1,700
1,685
Golub
Capital
Private
Credit
Fund,
5.88%,
5/1/30,
Callable
4/1/30
@
100
...............
2,784
2,730
HA
Sustainable
Infrastructure
Capital,
Inc.,
6.15%,
1/15/31,
Callable
12/15/30
@
100
......
3,000
3,049
Hercules
Capital,
Inc.
2.63%,
9/16/26,
Callable
9/5/26
@
100
...................................
5,155
5,137
3.38%,
1/20/27,
Callable
12/20/26
@
100(f)
................................
1,000
992
Horace
Mann
Educators
Corp.
7.25%,
9/15/28,
Callable
8/15/28
@
100
..................................
5,600
5,839
4.70%,
10/1/30,
Callable
9/1/30
@
100
...................................
5,250
5,155
Horizon
Mutual
Holdings,
Inc.,
6.20%,
11/15/34,
Callable
8/15/34
@
100(a)
............
7,966
7,508
HSB
Group,
Inc.,
4.92%
(TSFR3M+117bps),
7/15/27,
Callable
9/5/26
@
100(d)
..........
2,750
2,698
Huntington
Bancshares,
Inc.,
4.45%
(H15T7Y+405bps),
Callable
10/15/27
@
100(d)(g)
....
6,897
6,785
Hyundai
Capital
America,
Inc.
4.30%,
9/24/27(a)
..................................................
2,000
1,991
5.68%,
6/26/28,
Callable
5/26/28
@
100(a)
................................
1,000
1,014
5.30%,
1/8/29,
Callable
12/8/28
@
100(a)
.................................
5,000
5,033
Jane
Street
Group/JSG
Finance,
Inc.
7.13%,
4/30/31,
Callable
4/30/27
@
103.56(a)
..............................
2,500
2,581
6.75%,
5/1/33,
Callable
5/1/28
@
103.38(a)
................................
1,000
1,019
JPMorgan
Chase
&
Co.
4.41%
(SOFR+82bps),
4/23/30,
Callable
4/23/29
@
100(d)
.....................
3,000
2,960
4.86%
(SOFR+85bps),
7/23/30,
Callable
7/23/29
@
100(d)
.....................
2,000
1,996
4.35%
(SOFR+84bps),
1/22/32,
Callable
1/22/31
@
100(d)
.....................
5,000
4,846
Kemper
Corp.
2.40%,
9/30/30,
Callable
6/30/30
@
100
..................................
2,020
1,759
3.80%,
2/23/32,
Callable
11/23/31
@
100
..................................
6,701
5,975
KeyCorp,
5.00%
(TSFR3M+387bps),
Callable
9/15/26
@
100(d)(g)
..................
5,025
5,004
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
4.25%,
2/1/27,
Callable
9/5/26
@
100(a)
..................................
1,500
1,493
7.00%,
7/15/31,
Callable
7/15/27
@
103.5(a)
...............................
2,500
2,585
Liberty
Mutual
Group,
Inc.,
4.13%
(H15T5Y+332bps),
12/15/51,
Callable
9/15/26
@
100(a)(d)
1,000
993
LPL
Holdings,
Inc.,
5.70%,
5/20/27,
Callable
4/20/27
@
100
........................
1,900
1,911
LSEG
US
Fin
Corp.,
4.25%,
3/23/29,
Callable
2/23/29
@
100(a)
.....................
3,000
2,958
M&T
Bank
Corp.,
5.13%
(TSFR3M+378bps),
Callable
11/1/26
@
100(d)(g)
............
1,085
1,081
Mercedes-Benz
Finance
North
America
LLC
4.65%,
4/1/27(a)
...................................................
1,250
1,252
4.13%,
3/10/28(a)
..................................................
1,000
991
4.75%,
8/4/28(a)
...................................................
800
799
MGIC
Investment
Corp.,
5.25%,
8/15/28,
Callable
8/21/26
@
100
....................
6,450
6,441
MMI
Capital
Trust
I,
7.63%,
12/15/27
........................................
4,000
4,138
Morgan
Stanley
4.87%
(SOFRINDX+85bps),
7/12/29,
Callable
7/12/28
@
100(d)
................
2,000
2,000
4.13%
(SOFR+91bps),
10/18/29,
Callable
10/18/28
@
100(d)
...................
1,500
1,476
4.24%
(SOFR+80bps),
1/9/30,
Callable
1/9/29
@
100(d)
.......................
1,500
1,475
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
179
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Morgan
Stanley
Bank
NA,
4.97%
(SOFR+93bps),
7/14/28,
Callable
7/14/27
@
100(d)
.....
$
3,500
$
3,510
MSD
Investment
Corp.
6.38%,
6/12/29,
Callable
5/12/29
@
100(a)
................................
980
978
6.13%,
2/5/31,
Callable
1/5/31
@
100(a)
..................................
3,875
3,754
Nissan
Motor
Acceptance
Co.
LLC
1.85%,
9/16/26,
Callable
9/5/26
@
100(a)
.................................
3,296
3,281
5.30%,
9/13/27(a)
..................................................
1,500
1,494
NLG
Global
Funding,
5.40%,
1/23/30(a)
......................................
3,500
3,534
NMI
Holdings,
Inc.,
6.00%,
8/15/29,
Callable
7/15/29
@
100
.......................
4,250
4,315
Northern
Trust
Corp.,
4.60%
(TSFR3M+346bps),
Callable
10/1/26
@
100(d)(f)(g)
........
7,078
7,054
Old
Republic
International
Corp.,
3.88%,
8/26/26
................................
5,250
5,248
Pinnacle
Bank,
5.63%,
2/15/28,
Callable
1/15/28
@
100
...........................
4,000
4,027
Pinnacle
Financial
Partners,
Inc.,
7.54%
(USISOA05+338bps),
2/7/29(d)
...............
6,688
6,927
PRA
Group,
Inc.,
8.38%,
2/1/28,
Callable
8/16/26
@
102.09(a)
......................
2,398
2,430
Principal
Life
Global
Funding
II
4.60%,
8/19/27(a)
..................................................
2,500
2,505
1.50%,
8/27/30(a)
..................................................
6,400
5,559
Protective
Life
Corp.,
4.70%,
1/15/31,
Callable
12/15/30
@
100(a)
...................
7,369
7,202
Radian
Group,
Inc.
4.88%,
3/15/27,
Callable
9/15/26
@
100
..................................
2,250
2,248
6.20%,
5/15/29,
Callable
4/15/29
@
100
..................................
3,245
3,340
Regions
Bank,
4.76%
(SOFR+81bps),
7/27/29,
Callable
7/27/28
@
100(d)
..............
3,000
2,994
Reliance
Standard
Life
Global
Funding
II,
1.51%,
9/28/26(a)
........................
1,000
994
RELX
Capital,
Inc.,
4.75%,
3/27/30,
Callable
2/27/30
@
100
........................
3,000
2,982
RGA
Global
Funding,
4.35%,
8/25/28(a)
......................................
2,000
1,980
Rocket
Cos.,
Inc.,
6.13%,
8/1/31,
Callable
8/1/28
@
103.06(a)
.......................
5,435
5,460
Sammons
Financial
Group
Global
Funding,
5.05%,
1/10/28(a)
.......................
3,000
3,005
Sammons
Financial
Group,
Inc.,
4.45%,
5/12/27,
Callable
2/12/27
@
100(a)
.............
500
499
Santander
Holdings
USA,
Inc.,
5.04%
(SOFR+110bps),
6/5/30,
Callable
6/5/29
@
100(d)
...
2,000
1,990
SCE
Recovery
Funding
LLC,
0.86%,
11/15/31
..................................
5,242
4,738
Sixth
Street
Specialty
Lending,
Inc.,
6.95%,
8/14/28,
Callable
7/14/28
@
100
............
1,165
1,195
Stellantis
Finance
US,
Inc.,
5.35%,
3/17/28,
Callable
2/17/28
@
100(a)
................
1,250
1,252
Stellantis
Financial
Services
US
Corp.
4.95%,
9/15/28,
Callable
8/15/28
@
100(a)
................................
1,000
993
5.40%,
6/15/29,
Callable
5/15/29
@
100(a)
................................
1,500
1,490
Stewart
Information
Services
Corp.,
3.60%,
11/15/31,
Callable
8/15/31
@
100
...........
5,000
4,394
Stonebriar
ABF
Issuer
LLC,
8.13%,
12/15/30,
Callable
12/15/27
@
104.06(a)
............
263
274
Sumisho
Air
Lease
Corp.
4.40%,
3/24/28(a)
..................................................
2,000
1,986
4.50%,
3/24/29,
Callable
2/24/29
@
100(a)
................................
1,000
988
Synchrony
Financial
3.70%,
8/4/26
.....................................................
1,000
1,000
3.95%,
12/1/27,
Callable
9/1/27
@
100
...................................
2,816
2,784
5.94%
(SOFRINDX+213bps),
8/2/30,
Callable
8/2/29
@
100(d)
.................
1,000
1,015
5.45%
(SOFR+135bps),
10/15/30,
Callable
10/15/29
@
100(d)
..................
1,500
1,502
Texas
Capital
Bancshares,
Inc.,
5.30%
(SOFR+194bps),
2/27/32,
Callable
2/27/31
@
100(d)
.
3,000
2,938
The
Bank
of
New
York
Mellon
Corp.,
4.98%
(SOFR+109bps),
3/14/30,
Callable
3/14/29
@
100(d)
...........................................................
2,000
2,009
The
Goldman
Sachs
Group,
Inc.
3.65%
(H15T5Y+292bps),
Callable
8/10/26
@
100(d)(g)
......................
1,400
1,399
4.94%
(SOFR+132bps),
4/23/28,
Callable
4/23/27
@
100(d)
....................
1,000
1,002
The
PNC
Financial
Services
Group,
Inc.
3.40%
(H15T5Y+260bps),
Callable
9/15/26
@
100(d)(g)
......................
8,250
8,211
6.20%
(H15T5Y+324bps),
Callable
9/15/27
@
100(d)(g)
......................
830
836
The
Travelers
Cos,
Inc.,
4.95%,
7/24/31,
Callable
6/24/31
@
100
.....................
4,906
4,902
The
Western
Union
Co.,
4.75%,
6/15/29,
Callable
5/15/29
@
100
....................
5,000
4,947
Toyota
Motor
Credit
Corp.
4.55%,
8/7/26
.....................................................
2,000
2,000
5.25%,
9/11/28
.....................................................
2,000
2,027
4.80%,
5/15/30
....................................................
2,000
1,998
TPG
Operating
Group
II
LP,
4.88%,
5/15/31,
Callable
4/15/31
@
100
.................
2,863
2,799
Transamerica
Capital
II,
7.65%,
12/1/26(a)
.....................................
2,197
2,211
Truist
Bank,
4.14%
(SOFR+91bps),
10/23/29,
Callable
10/23/28
@
100,
MTN(d)
.........
1,000
985
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
180
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Truist
Financial
Corp.
4.58%
(TSFR3M+93bps),
5/15/27,
Callable
9/5/26
@
100(d)
...................
$
6,068
$
6,037
4.96%
(SOFR+88bps),
7/23/30,
Callable
7/23/29
@
100(d)
.....................
1,000
998
U.S.
Bancorp
5.30%
(TSFR3M+318bps),
Callable
4/15/27
@
100(d)(g)
......................
6,800
6,779
5.78%
(SOFR+202bps),
6/12/29,
Callable
6/12/28
@
100(d)
....................
4,500
4,583
Wells
Fargo
&
Co.,
4.58%
(SOFR+72bps),
5/20/29,
Callable
5/20/28
@
100(d)
..........
2,000
1,993
Western
Alliance
Bancorp,
5.92%
(TSFR3M+225bps),
6/15/31,
Callable
9/15/26
@
100(d)
..
1,500
1,447
Western
Alliance
Bank,
6.54%
(H15T5Y+285bps),
11/15/35,
Callable
11/15/30
@
100(d)
...
3,000
2,962
Zions
Bancorp
NA
4.48%
(SOFR+106bps),
2/9/29,
Callable
2/9/28
@
100(d)
......................
2,000
1,983
5.24%
(SOFR+108bps),
10/1/29,
Callable
10/1/28
@
100(d)
....................
2,000
2,001
529,795
Health
Care
(2.1%):
AbbVie,
Inc.,
3.78%,
3/3/28
...............................................
3,000
2,967
Amgen,
Inc.,
4.20%,
2/19/31,
Callable
1/19/31
@
100
.............................
2,000
1,942
Association
of
American
Medical
Colleges,
2.39%,
10/1/26
.........................
4,275
4,261
Baxter
International,
Inc.,
4.45%,
2/15/29,
Callable
1/15/29
@
100
...................
1,458
1,436
Bio-Rad
Laboratories,
Inc.,
3.30%,
3/15/27,
Callable
2/15/27
@
100
..................
1,500
1,488
Centene
Corp.,
4.63%,
12/15/29,
Callable
9/5/26
@
101.54
.........................
2,500
2,422
Charles
River
Laboratories
International,
Inc.,
4.25%,
5/1/28,
Callable
8/21/26
@
100(a)
....
5,000
4,907
CommonSpirit
Health,
4.35%,
9/1/30,
Callable
6/1/30
@
100
.......................
4,000
3,889
DENTSPLY
SIRONA,
Inc.,
3.25%,
6/1/30,
Callable
3/1/30
@
100(f)
..................
1,681
1,554
Elevance
Health,
Inc.,
5.15%,
6/15/29,
Callable
5/15/29
@
100
......................
2,000
2,019
HCA,
Inc.
5.00%,
3/1/28,
Callable
2/1/28
@
100
....................................
1,500
1,506
4.30%,
11/15/30,
Callable
10/15/30
@
100
.................................
2,000
1,939
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
5.20%,
6/15/29,
Callable
5/15/29
@
100(a)
................................
3,000
3,015
2.20%,
6/1/30,
Callable
3/1/30
@
100(a)
..................................
4,351
3,917
Humana,
Inc.,
5.38%,
4/15/31,
Callable
2/15/31
@
100
............................
3,448
3,463
Lifespan
Corp.,
4.65%,
5/15/31,
Callable
11/15/30
@
100
..........................
2,500
2,423
Medline
Borrower
LP,
5.25%,
10/1/29,
Callable
9/5/26
@
101.31(a)
..................
7,175
7,111
Premier
Health
Partners,
2.91%,
11/15/26,
Callable
9/5/26
@
100
....................
1,735
1,719
Solventum
Corp.
5.45%,
2/25/27,
Callable
1/25/27
@
100
..................................
1,613
1,620
5.40%,
3/1/29,
Callable
2/1/29
@
100
....................................
1,163
1,177
The
Cigna
Group,
4.50%,
9/15/30,
Callable
8/15/30
@
100
.........................
2,000
1,971
Thermo
Fisher
Scientific,
Inc.,
4.22%,
2/12/31,
Callable
1/12/31
@
100
................
3,000
2,920
59,666
Industrials
(4.1%):
AGCO
Corp.,
5.45%,
3/21/27,
Callable
2/21/27
@
100
............................
3,000
3,011
American
Airlines
Pass
Through
Trust
4.00%,
9/22/27
....................................................
1,184
1,165
6.30%,
8/20/35
....................................................
3,000
2,999
American
Builders
&
Contractors
Supply
Co.,
Inc.,
4.00%,
1/15/28,
Callable
9/5/26
@
100(a)
1,500
1,477
Arcosa,
Inc.,
6.88%,
8/15/32,
Callable
8/15/27
@
103.44(a)
.........................
6,036
6,231
Ashtead
Capital,
Inc.
1.50%,
8/12/26(a)
..................................................
2,784
2,781
4.38%,
8/15/27,
Callable
8/21/26
@
100(a)
................................
5,381
5,373
Booz
Allen
Hamilton,
Inc.,
5.38%,
1/30/30,
Callable
12/30/29
@
100
..................
2,000
2,000
British
Airways
Pass
Through
Trust
3.35%,
6/15/29(a)
..................................................
2,496
2,413
4.13%,
9/20/31(a)
..................................................
536
516
CNH
Industrial
Capital
LLC,
5.10%,
4/20/29,
Callable
3/20/29
@
100
.................
2,000
2,009
Delta
Air
Lines
Pass
Through
Trust
2.00%,
6/10/28
....................................................
3,206
3,094
2.50%,
6/10/28
....................................................
1,374
1,324
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.,
4.75%,
10/20/28(a)
.........................
7,433
7,419
Equifax,
Inc.,
5.00%,
8/15/29
..............................................
2,353
2,356
FedEx
Freight
Holding
Co.,
Inc.,
4.30%,
3/15/29,
Callable
2/15/29
@
100(a)
............
2,000
1,965
Ferguson
Enterprises,
Inc.,
4.35%,
3/15/31,
Callable
2/15/31
@
100
...................
1,500
1,460
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
181
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
HEICO
Corp.,
5.25%,
8/1/28,
Callable
7/1/28
@
100
.............................
$
3,300
$
3,335
HNI
Corp.,
5.13%,
1/18/29,
Callable
7/18/28
@
100(a)
............................
550
542
Illinois
Central
Railroad
Co.,
7.70%,
9/15/96,
Callable
9/15/26
@
102.92
...............
6,093
6,289
J.B.
Hunt
Transport
Services,
Inc.,
4.90%,
3/15/30,
Callable
2/15/30
@
100
.............
2,000
1,995
JH
North
America
Holdings,
Inc.,
5.88%,
1/31/31,
Callable
7/31/27
@
102.94(a)
.........
5,292
5,286
MasTec,
Inc.,
5.90%,
6/15/29,
Callable
5/15/29
@
100
............................
1,905
1,946
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
4.20%,
4/1/27,
Callable
1/1/27
@
100(a)
..................................
4,000
3,990
5.35%,
3/30/29,
Callable
2/28/29
@
100(a)
................................
2,000
2,017
Quanta
Services,
Inc.,
4.75%,
8/9/27,
Callable
7/9/27
@
100
........................
3,000
3,006
Republic
Services,
Inc.,
5.00%,
11/15/29,
Callable
10/15/29
@
100
...................
3,000
3,026
Rockwell
Collins,
Inc.,
3.50%,
3/15/27,
Callable
12/15/26
@
100
....................
10,000
9,909
Ryder
System,
Inc.
5.25%,
6/1/28,
Callable
5/1/28
@
100,
MTN
...............................
3,000
3,028
5.38%,
3/15/29,
Callable
2/15/29
@
100,
MTN
.............................
3,000
3,043
Southwest
Airlines
Co.
5.13%,
6/15/27,
Callable
4/15/27
@
100
..................................
1,194
1,197
4.38%,
11/15/28,
Callable
10/15/28
@
100
.................................
3,000
2,967
Stonepeak
Nile
Parent
LLC,
7.25%,
3/15/32,
Callable
3/15/28
@
103.63(a)
.............
2,050
2,113
Sunbelt
Rentals
Holdings,
Inc.,
4.95%,
8/12/30,
Callable
7/12/30
@
100(a)
.............
2,393
2,374
The
GEO
Group,
Inc.,
8.63%,
4/15/29,
Callable
8/16/26
@
104.31
....................
1,000
1,043
UL
Solutions,
Inc.,
6.50%,
10/20/28,
Callable
9/20/28
@
100
.......................
3,000
3,107
United
Airlines
Pass
Through
Trust
5.88%,
10/15/27
....................................................
877
886
2.90%,
5/1/28
.....................................................
875
840
XPO,
Inc.,
6.25%,
6/1/28,
Callable
8/16/26
@
101.56(a)
...........................
5,244
5,296
114,828
Information
Technology
(1.9%):
Atlassian
Corp.,
5.25%,
5/15/29,
Callable
4/15/29
@
100
..........................
4,000
4,004
Broadcom,
Inc.,
2.45%,
2/15/31,
Callable
11/15/30
@
100
..........................
1,350
1,203
CDW
LLC/CDW
Finance
Corp.,
2.67%,
12/1/26,
Callable
11/1/26
@
100
..............
3,703
3,679
Citadel
Finance
LLC,
4.75%,
2/14/29,
Callable
1/14/29
@
100(a)
....................
2,000
1,961
Corning,
Inc.,
7.25%,
8/15/36,
Callable
8/15/26
@
100
............................
2,650
2,652
Dell
International
LLC/EMC
Corp.
4.75%,
4/1/28,
Callable
3/1/28
@
100
....................................
2,500
2,503
4.15%,
2/15/29,
Callable
1/15/29
@
100
..................................
1,000
985
4.75%,
7/15/31,
Callable
6/15/31
@
100
..................................
2,000
1,967
Gartner,
Inc.,
4.95%,
3/20/31,
Callable
2/20/31
@
100
............................
2,000
1,935
Hewlett
Packard
Enterprise
Co.
4.45%,
9/25/26
....................................................
2,500
2,500
4.50%,
3/23/28
....................................................
2,000
1,994
4.15%,
9/15/28,
Callable
8/15/28
@
100
..................................
2,000
1,976
Intuit,
Inc.,
4.95%,
6/15/31,
Callable
5/15/31
@
100
..............................
2,470
2,447
Keysight
Technologies,
Inc.,
5.35%,
7/30/30,
Callable
6/30/30
@
100
.................
3,000
3,040
Microchip
Technology,
Inc.,
4.90%,
3/15/28(f)
..................................
2,000
2,005
Molex
Electronic
Technologies
LLC,
4.75%,
4/30/28,
Callable
3/30/28
@
100(a)
.........
2,000
2,006
Oracle
Corp.,
4.45%,
9/26/30,
Callable
8/26/30
@
100
............................
2,000
1,887
Salesforce,
Inc.
4.50%,
3/15/28,
Callable
2/15/28
@
100
..................................
5,000
4,991
4.65%,
3/15/29,
Callable
2/15/29
@
100
..................................
2,000
1,992
Synopsys,
Inc.
4.55%,
4/1/27
.....................................................
3,000
3,001
4.65%,
4/1/28,
Callable
3/1/28
@
100
....................................
2,000
1,998
TD
SYNNEX
Corp.,
4.30%,
1/17/29,
Callable
12/17/28
@
100
......................
1,500
1,475
VeriSign,
Inc.,
5.10%,
7/15/31,
Callable
6/15/31
@
100
............................
612
609
52,810
Materials
(1.6%):
Amcor
Flexibles
North
America,
Inc.
4.80%,
3/17/28
....................................................
2,000
2,004
4.25%,
3/8/29,
Callable
2/8/29
@
100
....................................
2,000
1,972
AptarGroup,
Inc.,
4.75%,
3/30/31,
Callable
2/28/31
@
100
.........................
3,000
2,950
Bayport
Polymers
LLC,
4.74%,
4/14/27,
Callable
3/14/27
@
100(a)
...................
5,000
4,994
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
182
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Chevron
Phillips
Chemical
Co.
LLC/Chevron
Phillips
Chemical
Co.
LP,
4.75%,
5/15/30,
Callable
4/15/30
@
100(a)
............................................
$
3,000
$
2,974
CRH
America
Finance,
Inc.,
4.40%,
2/9/31,
Callable
1/9/31
@
100
...................
2,000
1,952
Freeport-McMoRan,
Inc.,
4.38%,
8/1/28,
Callable
9/5/26
@
100
.....................
8,000
7,928
Glencore
Funding
LLC,
5.34%,
4/4/27(a)
......................................
3,000
3,016
Huntsman
International
LLC,
4.50%,
5/1/29,
Callable
2/1/29
@
100
..................
3,000
2,896
Louisiana-Pacific
Corp.,
3.63%,
3/15/29,
Callable
9/5/26
@
100(a)(f)
..................
962
922
LYB
International
Finance
III
LLC,
5.13%,
1/15/31,
Callable
12/15/30
@
100
...........
2,000
1,985
RPM
International,
Inc.,
3.75%,
3/15/27,
Callable
12/15/26
@
100
....................
2,100
2,088
Sonoco
Products
Co.,
4.45%,
9/1/26
.........................................
1,917
1,917
Syensqo
Finance
America
LLC,
5.65%,
6/4/29,
Callable
5/4/29
@
100(a)
...............
2,000
2,035
The
Sherwin-Williams
Co.,
4.55%,
3/1/28,
Callable
2/1/28
@
100(f)
..................
2,000
1,997
United
States
Steel
Corp.,
5.20%,
8/1/31,
Callable
7/1/31
@
100(a)
...................
2,500
2,474
44,104
Real
Estate
(3.1%):
CBRE
Services,
Inc.,
4.80%,
6/15/30,
Callable
5/15/30
@
100
.......................
2,000
1,981
CTR
Partnership
LP/CareTrust
Capital
Corp.,
3.88%,
6/30/28,
Callable
3/30/28
@
100(a)
...
6,500
6,330
DOC
DR
LLC,
3.95%,
1/15/28,
Callable
10/15/27
@
100
..........................
2,531
2,504
Equinix,
Inc.,
5.00%,
8/15/29,
Callable
7/15/29
@
100
............................
2,000
1,996
Essex
Portfolio
LP,
1.70%,
3/1/28,
Callable
1/1/28
@
100
..........................
1,149
1,098
Extra
Space
Storage
LP
2.20%,
10/15/30,
Callable
7/15/30
@
100
.................................
5,000
4,461
2.40%,
10/15/31,
Callable
7/15/31
@
100
.................................
2,300
2,010
4.90%,
2/1/32,
Callable
1/1/32
@
100
....................................
1,000
985
Federal
Realty
OP
LP,
5.38%,
5/1/28,
Callable
4/1/28
@
100
........................
4,000
4,041
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP,
3.75%,
12/15/27,
Callable
9/15/27
@
100(a)
...................................................
1,000
978
Healthcare
Realty
Holdings
LP
3.75%,
7/1/27,
Callable
4/1/27
@
100
....................................
2,396
2,380
3.63%,
1/15/28,
Callable
10/15/27
@
100
.................................
2,754
2,705
Highwoods
Realty
LP
4.13%,
3/15/28,
Callable
12/15/27
@
100
.................................
950
936
4.20%,
4/15/29,
Callable
1/15/29
@
100
..................................
1,534
1,497
Jones
Lang
LaSalle,
Inc.,
6.88%,
12/1/28,
Callable
11/1/28
@
100
....................
4,150
4,326
Kimco
Realty
OP
LLC,
2.80%,
10/1/26,
Callable
8/21/26
@
100
.....................
1,000
998
Lineage
OP
LP,
5.25%,
7/15/30,
Callable
6/15/30
@
100
...........................
4,453
4,433
LXP
Industrial
Trust,
6.75%,
11/15/28,
Callable
10/15/28
@
100
.....................
494
510
Mid-America
Apartments
LP,
5.30%,
2/15/32,
Callable
12/15/31
@
100
................
2,000
2,022
Nationwide
Health
Properties,
Inc.,
6.90%,
10/1/37,
(Put
Date
10/1/27),
MTN(h)
.........
2,950
3,147
NNN
REIT,
Inc.
2.50%,
4/15/30,
Callable
1/15/30
@
100
..................................
2,000
1,834
4.60%,
2/15/31,
Callable
1/15/31
@
100
..................................
3,000
2,945
Public
Storage
Operating
Co.,
4.38%,
7/1/30,
Callable
6/1/30
@
100
..................
2,500
2,463
SBA
Communications
Corp.,
3.88%,
2/15/27,
Callable
8/16/26
@
100
.................
2,400
2,386
SBA
Tower
Trust
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
................................
842
849
4.83%,
10/15/29,
Callable
10/15/27
@
100(a)
...............................
2,000
1,993
Tanger
Properties
LP,
3.13%,
9/1/26
.........................................
1,800
1,797
The
NHP
Foundation,
5.85%,
12/1/28,
Callable
6/1/28
@
100
.......................
3,000
3,050
UDR,
Inc.
2.95%,
9/1/26,
MTN
................................................
1,580
1,578
3.50%,
7/1/27,
Callable
4/1/27
@
100,
MTN
...............................
4,620
4,581
3.20%,
1/15/30,
Callable
10/15/29
@
100,
MTN
.............................
1,178
1,113
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.25%,
12/1/26,
Callable
8/16/26
@
100(a)
................................
802
801
5.75%,
2/1/27,
Callable
11/1/26
@
100(a)
.................................
500
501
3.75%,
2/15/27,
Callable
9/5/26
@
100(a)
.................................
4,000
3,977
Welltower
OP
LLC,
4.50%,
7/1/30,
Callable
6/1/30
@
100
.........................
4,000
3,945
WP
Carey,
Inc.,
4.65%,
7/15/30,
Callable
6/15/30
@
100
...........................
4,000
3,941
87,092
Utilities
(3.7%):
AEP
Texas,
Inc.,
5.45%,
5/15/29,
Callable
4/15/29
@
100
..........................
3,500
3,556
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
183
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Alabama
Power
Co.,
4.30%,
3/15/31,
Callable
1/15/31
@
100
.......................
$
2,375
$
2,316
Alliant
Energy
Finance
LLC,
5.40%,
6/6/27,
Callable
5/6/27
@
100(a)
.................
2,000
2,012
Black
Hills
Corp.,
5.95%,
3/15/28,
Callable
2/15/28
@
100
.........................
5,000
5,083
CenterPoint
Energy
Restoration
Bond
Co.
III
LLC,
3.90%,
12/15/30
..................
5,000
4,931
CenterPoint
Energy,
Inc.,
5.40%,
6/1/29,
Callable
5/1/29
@
100
......................
1,858
1,887
CMS
Energy
Corp.,
4.75%
(H15T5Y+412bps),
6/1/50,
Callable
3/1/30
@
100(d)
.........
2,843
2,765
Constellation
Energy
Generation
LLC,
4.63%,
2/1/29,
Callable
8/16/26
@
102.31
.........
1,500
1,488
Consumers
Energy
Co.,
4.90%,
8/15/31,
Callable
6/15/31
@
100
.....................
3,000
2,989
Dominion
Energy,
Inc.,
4.35%
(H15T5Y+320bps),
Callable
1/15/27
@
100(d)(g)
.........
9,770
9,716
DTE
Energy
Co.
4.95%,
7/1/27,
Callable
6/1/27
@
100
....................................
3,000
3,012
4.88%,
6/1/28,
Callable
5/1/28
@
100
....................................
2,000
2,006
Duke
Energy
Carolinas
LLC,
4.65%,
6/15/31,
Callable
5/15/31
@
100
.................
3,740
3,698
Entergy
Texas
Restoration
Funding
II
LLC,
3.05%,
12/15/27
........................
321
316
Essential
Utilities,
Inc.,
4.80%,
8/15/27,
Callable
7/15/27
@
100
.....................
2,500
2,505
Exelon
Corp.,
5.13%,
3/15/31,
Callable
2/15/31
@
100
............................
3,290
3,300
Florida
Power
&
Light
Co.,
4.40%,
5/15/28,
Callable
3/15/28
@
100
..................
2,800
2,796
KeySpan
Gas
East
Corp.,
2.74%,
8/15/26(a)
....................................
700
700
National
Fuel
Gas
Co.,
4.75%,
5/15/29,
Callable
4/15/29
@
100
.....................
3,600
3,575
NextEra
Energy
Capital
Holdings,
Inc.
4.85%,
2/4/28
.....................................................
3,000
3,011
3.80%
(H15T5Y+255bps),
3/15/82,
Callable
3/15/27
@
100(d)
..................
1,798
1,771
NiSource,
Inc.
5.20%,
7/1/29,
Callable
6/1/29
@
100
....................................
2,000
2,023
4.75%,
5/18/31,
Callable
4/18/31
@
100
..................................
5,000
4,939
NorthWestern
Corp.,
5.07%,
3/21/30,
Callable
2/21/30
@
100(a)
.....................
1,500
1,503
NSTAR
Electric
Co.,
4.85%,
3/1/30,
Callable
2/1/30
@
100
........................
2,000
1,999
Oncor
Electric
Delivery
Co.
LLC,
4.50%,
3/20/27
...............................
2,500
2,502
ONE
Gas,
Inc.,
5.10%,
4/1/29,
Callable
3/1/29
@
100
.............................
2,500
2,524
Pinnacle
West
Capital
Corp.,
4.90%,
5/15/28,
Callable
4/15/28
@
100
.................
2,000
2,005
Public
Service
Co.
of
Colorado,
4.15%,
3/13/29,
Callable
2/13/29
@
100
...............
2,000
1,973
Public
Service
Enterprise
Group,
Inc.,
5.20%,
4/1/29,
Callable
3/1/29
@
100
............
3,000
3,026
The
Dayton
Power
&
Light
Co.,
4.55%,
8/15/30,
Callable
7/15/30
@
100
...............
1,000
980
Vistra
Corp.,
7.00%
(H15T5Y+574bps),
Callable
12/15/26
@
100(a)(d)(g)
..............
1,000
1,005
Vistra
Operations
Co.
LLC
7.75%,
10/15/31,
Callable
10/15/26
@
103.88(a)
............................
5,325
5,553
6.88%,
4/15/32,
Callable
4/15/27
@
103.44(a)
..............................
2,000
2,065
WEC
Energy
Group,
Inc.,
4.75%,
1/15/28,
Callable
12/15/27
@
100
..................
2,000
2,004
Wisconsin
Electric
Power
Co.
5.00%,
5/15/29,
Callable
4/15/29
@
100
..................................
3,000
3,026
4.65%,
6/15/31,
Callable
5/15/31
@
100(f)
.................................
2,750
2,717
103,277
Total
Corporate
Bonds
(Cost
$1,199,672)
a
a
a
1,200,943
Yankee
Dollars
(9.0%)
Consumer
Discretionary
(0.5%):
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.,
5.75%,
1/15/33,
Callable
12/15/28
@
102.88(a)
......................................................
1,725
1,663
Carnival
Corp.
Ltd.
5.13%,
5/1/29,
Callable
2/1/29
@
100(a)
..................................
1,500
1,489
7.00%,
8/15/29,
Callable
8/15/26
@
103.5(a)
...............................
2,000
2,069
Gildan
Activewear,
Inc.,
4.70%,
10/7/30,
Callable
9/7/30
@
100(a)
...................
2,000
1,953
Honda
Motor
Co.
Ltd.,
4.44%,
7/8/28,
Callable
6/8/28
@
100
.......................
4,000
3,978
Pershing
Square
Holdings
Ltd.,
5.50%,
10/28/32,
Callable
8/28/32
@
100(a)
............
1,300
1,270
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/29,
Callable
8/21/26
@
100(a)
..........
1,714
1,712
14,134
Consumer
Staples
(0.6%):
Bacardi-Martini
BV,
5.55%,
2/1/30,
Callable
1/1/30
@
100(a)
.......................
3,000
3,035
BAT
International
Finance
PLC
4.45%,
3/16/28,
Callable
2/16/28
@
100
..................................
4,000
3,988
5.93%,
2/2/29,
Callable
1/2/29
@
100
....................................
2,000
2,053
Becle
SAB
de
CV,
2.50%,
10/14/31,
Callable
7/14/31
@
100(a)
......................
1,100
935
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
184
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Japan
Tobacco,
Inc.,
4.85%,
5/15/28,
Callable
4/15/28
@
100(a)
.....................
$
2,000
$
2,005
JDE
Peet's
NV
1.38%,
1/15/27,
Callable
12/15/26
@
100(a)
...............................
3,000
2,954
2.25%,
9/24/31,
Callable
6/24/31
@
100(a)
................................
2,000
1,723
16,693
Energy
(1.0%):
Canadian
Natural
Resources
Ltd.,
5.00%,
12/15/29,
Callable
11/15/29
@
100
............
4,750
4,775
Enbridge,
Inc.
5.30%,
4/5/29,
Callable
3/5/29
@
100
....................................
2,000
2,026
5.75%
(H15T5Y+531bps),
7/15/80,
Callable
4/15/30
@
100(d)
..................
2,400
2,394
Galaxy
Pipeline
Assets
Bidco
Ltd.,
1.75%,
9/30/27(a)(f)
...........................
586
573
TransCanada
Trust,
5.88%
(US0003M+464bps),
8/15/76,
Callable
8/15/26
@
100(d)
......
2,150
2,148
Vallourec
SACA,
7.50%,
4/15/32,
Callable
4/15/27
@
103.75(a)
.....................
8,357
8,720
Var
Energi
ASA
5.00%,
5/18/27,
Callable
4/18/27
@
100(a)
................................
3,000
3,005
7.50%,
1/15/28,
Callable
12/15/27
@
100(a)
...............................
3,333
3,447
5.88%,
5/22/30,
Callable
4/22/30
@
100(a)
................................
2,000
2,040
29,128
Financials
(4.4%):
Aegon
Ltd.,
5.50%
(US0006M+354bps),
4/11/48,
Callable
4/11/28
@
100(d)
............
2,100
2,102
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.65%,
7/21/27,
Callable
4/21/27
@
100
...........................................................
3,000
2,976
Argentum
Netherlands
BV
for
Swiss
Re
Ltd.,
5.63%
(US0003M+378bps),
8/15/52,
Callable
8/15/27
@
100(d)
...................................................
1,700
1,703
ASB
Bank
Ltd.,
5.28%
(H15T5Y+225bps),
6/17/32,
Callable
6/17/27
@
100(a)(d)
........
1,993
1,995
Aspen
Insurance
Holdings
Ltd.,
5.75%,
7/1/30,
Callable
6/1/30
@
100
.................
5,512
5,613
Avilease
Capital
Ltd.,
5.50%,
6/30/31,
Callable
5/30/31
@
100(a)
....................
2,698
2,688
AXA
SA,
5.13%
(SOFRINDX+414bps),
1/17/47,
Callable
1/17/27
@
100(d)
............
9,004
8,994
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.62%,
12/10/29,
Callable
11/10/29
@
100(a)
....................................
1,037
1,052
Bank
of
Montreal,
4.36%
(SOFR+70bps),
12/21/26,
(Put
Date
9/11/26),
MTN(d)(h)
.......
2,400
2,398
Barclays
PLC
4.84%
(SOFR+134bps),
9/10/28,
Callable
9/10/27
@
100(d)
....................
2,000
2,001
5.09%
(SOFR+96bps),
2/25/29,
Callable
2/25/28
@
100(d)
.....................
2,000
2,006
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
5.25%,
9/10/29,
Callable
8/10/29
@
100(a)
................................
2,300
2,303
5.40%,
6/3/31,
Callable
5/3/31
@
100(a)
..................................
2,411
2,394
Beazley
Insurance
DAC
5.88%,
11/4/26
.....................................................
2,935
2,938
5.50%,
9/10/29
....................................................
5,599
5,633
Brookfield
Asset
Management
Ltd.,
4.65%,
11/15/30,
Callable
10/15/30
@
100
..........
3,474
3,397
Brookfield
Finance,
Inc.,
4.35%,
4/15/30,
Callable
1/15/30
@
100
....................
2,000
1,953
Canadian
Imperial
Bank
of
Commerce
4.51%
(SOFR+93bps),
9/11/27,
Callable
9/11/26
@
100(d)
.....................
3,000
3,000
4.24%
(SOFRINDX+60bps),
9/8/28,
Callable
9/8/27
@
100(d)
..................
1,000
996
4.86%
(SOFR+103bps),
3/30/29,
Callable
3/31/28
@
100(d)
....................
2,500
2,504
7.26%,
4/10/32(a)
..................................................
575
602
CI
Financial
Corp.,
7.50%,
5/30/29,
Callable
4/30/29
@
100(a)
......................
947
988
Essent
Group
Ltd.,
6.25%,
7/1/29,
Callable
6/1/29
@
100
..........................
6,319
6,499
Flutter
Treasury
DAC
6.38%,
4/29/29,
Callable
9/5/26
@
103.19(a)
...............................
4,617
4,674
5.88%,
6/4/31,
Callable
4/15/27
@
102.94(a)
...............................
2,484
2,457
HSBC
Holdings
PLC,
4.90%
(SOFR+103bps),
3/3/29,
Callable
3/3/28
@
100(d)
.........
3,500
3,507
Icon
Investments
Six
DAC,
5.81%,
5/8/27
.....................................
1,000
1,007
La
Mondiale
SAM,
5.88%
(USISOA05+448bps),
1/26/47,
Callable
1/26/27
@
100(d)
......
4,200
4,207
Lloyds
Banking
Group
PLC
5.99%
(H15T1Y+148bps),
8/7/27,
Callable
8/7/26
@
100(d)
....................
2,000
2,000
4.24%
(H15T1Y+60bps),
2/10/30,
Callable
2/10/29
@
100(d)
...................
1,000
983
Mitsubishi
UFJ
Financial
Group,
Inc.,
4.98%
(H15T1Y+67bps),
7/24/30,
Callable
7/24/29
@
100(d)
...........................................................
2,000
2,001
Mizuho
Financial
Group,
Inc.,
4.78%
(H15T1Y+68bps),
7/13/30,
Callable
7/13/29
@
100(d)
.
2,000
1,988
Nationwide
Building
Society,
4.00%,
9/14/26(a)
.................................
5,500
5,498
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
185
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
NatWest
Markets
PLC,
4.65%,
3/27/29(a)
.....................................
$
2,000
$
1,988
Santander
UK
Group
Holdings
PLC
6.53%
(SOFR+260bps),
1/10/29,
Callable
1/10/28
@
100(d)
....................
2,000
2,045
4.32%
(SOFRINDX+107bps),
9/22/29,
Callable
9/22/28
@
100(d)
...............
1,000
988
SMBC
Aviation
Capital
Finance
DAC
1.90%,
10/15/26,
Callable
9/15/26
@
100(a)(f)
..............................
3,000
2,985
4.95%,
7/23/29,
Callable
6/23/29
@
100(a)
................................
2,000
1,995
Standard
Chartered
PLC,
5.69%
(H15T1Y+105bps),
5/14/28,
Callable
5/14/27
@
100(a)(d)
.
4,095
4,125
The
Bank
of
Nova
Scotia,
8.63%
(H15T5Y+439bps),
10/27/82,
Callable
10/27/27
@
100(d)(f)
4,250
4,404
The
Toronto-Dominion
Bank,
3.63%
(USSW5+221bps),
9/15/31,
Callable
9/15/26
@
100(d)
.
5,750
5,741
UBS
Group
AG,
4.28%,
1/9/28,
Callable
1/9/27
@
100(a)
..........................
6,000
5,966
125,294
Health
Care
(0.5%):
Olympus
Corp.,
2.14%,
12/8/26,
Callable
11/8/26
@
100(a)
........................
4,585
4,546
Royalty
Pharma
PLC,
4.45%,
3/25/31,
Callable
2/25/31
@
100
......................
2,000
1,950
Smith
&
Nephew
PLC,
5.15%,
3/20/27,
Callable
2/20/27
@
100
.....................
1,500
1,503
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/1/26
....................................................
2,500
2,491
6.75%,
3/1/28,
Callable
12/1/27
@
100
...................................
2,875
2,930
13,420
Industrials
(0.7%):
Air
Canada
Pass
Through
Trust,
4.13%,
12/15/27(a)
..............................
932
914
AS
Mileage
Plan
IP
Ltd.,
5.02%,
10/20/29,
Callable
9/20/29
@
100(a)
.................
3,869
3,814
Element
Fleet
Management
Corp.
5.64%,
3/13/27,
Callable
2/13/27
@
100(a)
................................
3,500
3,519
6.32%,
12/4/28,
Callable
11/4/28
@
100(a)
................................
1,000
1,031
4.80%,
5/29/29,
Callable
4/29/29
@
100(a)
................................
2,000
1,987
LG
Energy
Solution
Ltd.
5.38%,
7/2/27(a)
...................................................
3,957
3,980
5.25%,
4/2/28(a)
...................................................
3,500
3,512
18,757
Information
Technology
(0.7%):
CGI,
Inc.,
4.95%,
3/14/30,
Callable
2/14/30
@
100
...............................
2,888
2,854
Genpact
UK
Finco
PLC/Genpact
USA,
Inc.,
4.95%,
11/18/30,
Callable
10/18/30
@
100
....
2,000
1,959
Kioxia
Holdings
Corp.,
6.25%,
7/24/30,
Callable
7/24/27
@
103.13(a)
.................
3,000
3,071
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(a)
........................
11,427
11,654
19,538
Materials
(0.4%):
Amcor
Group
Finance
PLC,
5.45%,
5/23/29,
Callable
4/23/29
@
100
..................
2,000
2,031
Australian
Metcoal
Financing
Pty
Ltd.,
6.25%,
10/22/31,
Callable
9/22/31
@
100(a)
.......
1,500
1,511
Minera
Mexico
SA
de
CV,
5.63%,
2/12/32,
Callable
12/12/31
@
100(a)
................
3,000
2,999
Nutrien
Ltd.,
4.50%,
3/12/27
...............................................
2,000
2,000
Rio
Tinto
Finance
USA
PLC,
4.50%,
3/14/28,
Callable
2/14/28
@
100
.................
2,000
2,002
10,543
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
3.88%,
3/20/27,
Callable
12/20/26
@
100(a)
...........................................................
6,890
6,856
Total
Yankee
Dollars
(Cost
$253,766)
a
a
a
254,363
Municipal
Bonds
(1.0%)
Alabama
(0.1%):
Black
Belt
Energy
Gas
District
Revenue,
Series
D-2,
6.00%,
2/1/29,
Continuously
Callable
@100
...........................................................
2,000
2,062
Arizona
(0.1%):
Arizona
IDA
Revenue
4.51%,
10/1/26
....................................................
500
500
4.51%,
10/1/27
....................................................
500
501
4.60%,
10/1/28
....................................................
500
500
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
186
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
4.71%,
10/1/29
....................................................
$
500
$
500
2,001
California
(0.2%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
Series
B,
5.71%,
7/1/30
..............................................
2,780
2,769
Series
B,
5.76%,
7/1/31
..............................................
2,560
2,546
California
Municipal
Finance
Authority
Revenue,
Series
B,
4.51%,
5/15/30,
Continuously
Callable
@100
.....................................................
1,290
1,258
6,573
Colorado
(0.0%):(c)
Colorado
Health
Facilities
Authority
Revenue,
Series
B,
2.80%,
12/1/26
................
275
273
Illinois
(0.1%):
City
of
Chicago,
GO,
Series
A,
5.88%,
1/1/31
...................................
1,130
1,128
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4.57%,
12/1/27
....................................................
750
751
4.63%,
12/1/28
....................................................
1,000
1,000
2,879
Louisiana
(0.0%):(c)
City
of
New
Orleans,
GO,
Series
B,
4.90%,
12/1/26
..............................
750
751
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue,
6.12%,
1/30/28,
Continuously
Callable
@100(a)
.........................................................
1,865
1,865
Massachusetts
(0.2%):
Massachusetts
Development
Finance
Agency
Revenue
Series
B,
6.75%,
10/1/30
.............................................
2,518
2,532
Series
G,
6.38%,
10/1/28
.............................................
665
665
Series
G,
6.63%,
10/1/30
.............................................
2,175
2,196
Massachusetts
Educational
Financing
Authority
Revenue,
Series
A,
5.52%,
7/1/35
........
1,130
1,135
6,528
New
Jersey
(0.0%):(c)
Township
of
Weehawken
NJ,
GO,
5.25%,
8/13/27
...............................
1,000
1,003
New
York
(0.0%):(c)
City
of
New
York,
GO,
Series
H-1,
4.19%,
2/1/28
................................
515
513
Ohio
(0.1%):
Columbus
Metropolitan
Housing
Authority
Revenue,
5.38%,
9/1/28,
Continuously
Callable
@100
...........................................................
1,410
1,413
Texas
(0.1%):
San
Antonio
Education
Facilities
Corp.
Revenue
2.19%,
4/1/27
.....................................................
525
511
3.15%,
4/1/37,
Continuously
Callable
@100
...............................
1,800
1,337
1,848
Total
Municipal
Bonds
(Cost
$27,718)
a
a
a
27,709
U.S.
Government
Agency
Mortgages
(0.5%)
CoBank
ACB
Series
I,
6.25%
(TSFR3M+466bps)(d)(g)
..................................
8,703
8,700
Federal
Home
Loan
Mortgage
Corporation
5.88%
(RFUCCT1Y+163bps),
4/1/35(d)
..................................
78
79
5.50%,
10/1/38
....................................................
937
948
1,027
Federal
National
Mortgage
Association
2.50%,
4/1/27
-
8/1/27
...............................................
594
588
1.50%,
3/1/37
.....................................................
2,557
2,263
4.50%,
11/1/40
.....................................................
2,250
2,199
5,050
Total
U.S.
Government
Agency
Mortgages
(Cost
$14,828)
a
a
a
14,777
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
187
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
U.S.
Treasury
Obligations
(9.9%)
U.S.
Treasury
Notes
0.50%,
8/31/27
....................................................
$
18,000
$
17,309
4.13%,
11/15/27
....................................................
22,000
21,972
4.00%,
6/30/28
....................................................
40,000
39,800
3.75%,
12/31/28
....................................................
21,000
20,731
1.63%,
8/15/29
....................................................
50,000
46,219
4.13%,
8/31/30
....................................................
55,000
54,437
4.00%,
1/31/31
....................................................
56,000
55,055
3.88%,
4/30/31
....................................................
22,500
21,981
Total
U.S.
Treasury
Obligations
(Cost
$277,259)
a
a
a
277,504
Commercial
Paper
(2.7%)
Communication
Services
(0.5%):
Videotron
Ltd.,
4.28%,
8/5/26(a)(i)
..........................................
13,000
12,992
Consumer
Discretionary
(0.8%):
Genuine
Parts
Co.
4.28%,
8/10/26(a)(i)
.................................................
3,700
3,696
4.37%,
8/18/26(a)(i)
.................................................
3,200
3,193
4.39%,
8/19/26(a)(i)
.................................................
10,000
9,977
4.43%,
8/24/26(a)(i)
.................................................
5,000
4,985
4.43%,
8/26/26(a)(i)
.................................................
1,000
997
22,848
Consumer
Staples
(0.2%):
Keurig
Dr
Pepper,
Inc.,
4.23%,
8/19/26(a)(i)
....................................
5,000
4,989
Energy
(0.1%):
Antero
Resources
Corp.,
49.15%,
8/3/26(a)(i)
...................................
3,850
3,834
Financials
(0.7%):
Global
Payments,
Inc.
4.11%,
8/3/26(a)(i)
..................................................
3,000
2,999
4.15%,
8/7/26(a)(i)
..................................................
8,000
7,993
Stellantis
Financial
Services
US
Corp.
4.41%,
8/18/26(a)(i)
.................................................
5,200
5,189
4.44%,
8/21/26(a)(i)
.................................................
5,000
4,987
21,168
Information
Technology
(0.4%):
Arrow
Electronics,
Inc.,
3.96%,
8/3/26(a)(i)
....................................
10,000
9,997
Total
Commercial
Paper
(Cost
$75,851)
a
a
a
75,828
Shares
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(j)
........
3,970,699
3,970
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.60%(j)
............
3,970,699
3,971
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.66%(j)
................
3,970,699
3,971
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.59%(j)
.
3,970,699
3,971
Total
Collateral
for
Securities
Loaned
(Cost
$15,883)
a
a
a
15,883
Total
Investments
(Cost
$2,815,209)
—
100.2%
2,816,598
Liabilities
in
excess
of
other
assets
—  (0.2)%
(5,988)
NET
ASSETS
-
100.00%
$
2,810,610
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
10.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$1,396,193
(thousands)
and
amounted
to
49.7%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2026.
(e)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
July
31,
2026.
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
188
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
Put
Bond.
(i)
Rate
represents
the
effective
yield
at
July
31,
2026.
(j)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LLC
—
Limited
Liability
Company
LLLP
—
Limited
Liability
Limited
Partnership
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
RFUCCT1Y
—
Refinitiv
USD
Interbank
Offered
Rate
Customer
Cash
Fallbacks
Term
1
Year,
rate
disclosed
as
of
July
31,
2026
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
US0003M
—
3
Month
U.S.
Dollar
London
Interbank
Offered
Rate,
rate
disclosed
as
of
July
31,
2026,
based
on
the
last
reset
date
of
the
security.
US0006M
—
6
Month
U.S.
Dollar
London
Interbank
Offered
Rate,
rate
disclosed
as
of
July
31,
2026,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2026.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2026.
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
189
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(17.3%)
ABS
Auto
(8.2%):
Alloya
Auto
Receivables
Trust
.............................................
Series
2025-1A
,
Class
B
,
4
.99
%
,
3/25/30
,
Callable
5/25/28
@
100
(a)
..............
$
961
$
962
Series
2025-1A
,
Class
C
,
5
.19
%
,
7/25/30
,
Callable
5/25/28
@
100
(a)
..............
1,081
1,079
Series
2025-1A
,
Class
D
,
5
.68
%
,
3/25/33
,
Callable
5/25/28
@
100
(a)
..............
749
754
Ally
Bank
............................................................
Series
2026-A
,
Class
C
,
4
.86
%
,
3/15/34
,
Callable
4/15/29
@
100
(a)
...............
2,768
2,759
Series
2026-A
,
Class
D
,
5
.25
%
,
3/15/34
,
Callable
4/15/29
@
100
(a)
...............
2,902
2,900
Series
2026-A
,
Class
E
,
6
.37
%
,
3/15/34
,
Callable
4/15/29
@
100
(a)
...............
1,786
1,772
Ally
Bank
Auto
Credit-Linked
Notes
.........................................
Series
2024-B
,
Class
D
,
5
.41
%
,
9/15/32
,
Callable
4/15/28
@
100
(a)
...............
1,287
1,291
Series
2025-A
,
Class
C
,
4
.84
%
,
6/15/33
,
Callable
10/15/28
@
100
(a)
..............
1,868
1,867
Series
2025-A
,
Class
D
,
4
.99
%
,
6/15/33
,
Callable
10/15/28
@
100
(a)
..............
1,905
1,903
Series
2025-B
,
Class
C
,
4
.70
%
,
9/15/33
,
Callable
10/15/28
@
100
(a)
..............
2,928
2,915
American
Heritage
Auto
Receivables
Issuer
Trust
,
Series
2026-1A
,
Class
A4
,
4
.79
%
,
12/15/31
,
Callable
6/15/30
@
100
(a)
............................................
1,412
1,408
American
Heritage
Auto
Receivables
Trust
.....................................
Series
2024-1A
,
Class
B
,
5
.32
%
,
9/16/30
,
Callable
7/15/28
@
100
(a)
..............
1,105
1,110
Series
2024-1A
,
Class
C
,
5
.63
%
,
12/16/30
,
Callable
7/15/28
@
100
(a)
.............
1,351
1,357
Series
2024-1A
,
Class
D
,
6
.34
%
,
1/18/33
,
Callable
7/15/28
@
100
(a)
..............
1,155
1,175
ARI
Fleet
Lease
Trust
....................................................
Series
2024-A
,
Class
C
,
5
.38
%
,
11/15/32
,
Callable
10/15/27
@
100
(a)
.............
751
755
Series
2024-B
,
Class
A3
,
5
.26
%
,
4/15/33
,
Callable
10/15/27
@
100
(a)
.............
78
79
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
10/15/27
@
100
(a)
..............
748
756
Series
2024-B
,
Class
C
,
5
.55
%
,
4/15/33
,
Callable
10/15/27
@
100
(a)
..............
1,246
1,258
Series
2026-B
,
Class
C
,
4
.90
%
,
2/15/35
,
Callable
9/15/29
@
100
(a)
...............
1,785
1,765
AutoNation
Finance
Trust
.................................................
Series
2025-1A
,
Class
C
,
5
.19
%
,
12/10/30
,
Callable
7/10/28
@
100
(a)
.............
1,524
1,532
Series
2025-1A
,
Class
D
,
5
.63
%
,
9/10/32
,
Callable
7/10/28
@
100
(a)
..............
2,613
2,626
Series
2026-1A
,
Class
C
,
4
.56
%
,
10/14/31
,
Callable
2/11/29
@
100
(a)
.............
2,377
2,339
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2023-2A
,
Class
D
,
7
.26
%
,
10/20/27
(a)
...............................
493
493
Series
2023-3A
,
Class
C
,
7
.05
%
,
2/22/28
(a)
................................
8,750
8,810
Series
2023-5A
,
Class
C
,
6
.85
%
,
4/20/28
(a)
................................
10,272
10,358
Series
2023-6A
,
Class
B
,
6
.40
%
,
12/20/29
,
Callable
12/20/28
@
100
(a)
............
2,811
2,875
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
,
Callable
12/20/28
@
100
(a)
............
3,749
3,852
Series
2026-2A
,
Class
C
,
5
.44
%
,
8/20/32
,
Callable
8/20/31
@
100
(a)
..............
930
908
BofA
Auto
Trust
,
Series
2024-1A
,
Class
A3
,
5
.35
%
,
11/15/28
,
Callable
5/15/27
@
100
(a)
...
8
8
CarMax
Auto
Owner
Trust
................................................
Series
2022-3
,
Class
D
,
6
.20
%
,
1/16/29
,
Callable
9/15/26
@
100
.................
2,716
2,721
Series
2023-2
,
Class
B
,
5
.18
%
,
11/15/28
,
Callable
5/15/27
@
100
................
3,250
3,268
Series
2024-3
,
Class
D
,
5
.67
%
,
1/15/31
,
Callable
6/15/28
@
100
.................
1,822
1,833
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
D
,
1
.50
%
,
1/10/28
,
Callable
8/10/26
@
100
................
98
98
Series
2021-N2
,
Class
D
,
1
.27
%
,
3/10/28
,
Callable
5/10/27
@
100
................
164
162
Series
2021-N4
,
Class
D
,
2
.30
%
,
9/11/28
,
Callable
11/10/27
@
100
...............
87
86
Series
2021-P2
,
Class
C
,
1
.60
%
,
6/10/27
,
Callable
1/10/27
@
100
................
3,431
3,425
Chase
Auto
Credit
Linked
Notes
............................................
Series
2026-1
,
Class
C
,
5
.09
%
,
7/25/34
,
Callable
7/25/30
@
100
(a)
...............
1,229
1,229
Series
2026-1
,
Class
D
,
5
.28
%
,
7/25/34
,
Callable
7/25/30
@
100
(a)
...............
463
463
Chase
Auto
Owner
Trust
..................................................
Series
2024-1A
,
Class
D
,
5
.87
%
,
6/25/31
,
Callable
12/25/27
@
100
(a)
.............
2,742
2,780
Series
2024-2A
,
Class
D
,
6
.15
%
,
8/25/31
,
Callable
2/25/28
@
100
(a)
..............
2,175
2,218
Series
2024-3A
,
Class
B
,
5
.28
%
,
1/25/30
,
Callable
2/25/28
@
100
(a)
..............
2,776
2,805
Series
2024-3A
,
Class
C
,
5
.41
%
,
2/28/30
,
Callable
2/25/28
@
100
(a)
..............
3,671
3,712
Series
2024-4A
,
Class
C
,
5
.46
%
,
7/25/30
,
Callable
2/25/28
@
100
(a)
..............
2,716
2,749
Series
2024-4A
,
Class
D
,
5
.79
%
,
11/25/31
,
Callable
2/25/28
@
100
(a)
.............
2,535
2,566
Series
2024-5A
,
Class
C
,
4
.62
%
,
8/26/30
,
Callable
3/25/28
@
100
(a)
..............
3,616
3,597
Series
2024-5A
,
Class
D
,
4
.97
%
,
1/26/32
,
Callable
3/25/28
@
100
(a)
..............
1,610
1,599
Series
2025-1A
,
Class
D
,
5
.24
%
,
11/26/32
,
Callable
11/25/28
@
100
(a)
............
3,170
3,154
Series
2025-2A
,
Class
C
,
4
.53
%
,
4/25/31
,
Callable
3/25/29
@
100
(a)
..............
1,865
1,834
Series
2026-1A
,
Class
C
,
5
.11
%
,
6/25/32
,
Callable
12/25/29
@
100
(a)
.............
1,740
1,732
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
190
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2026-1A
,
Class
D
,
5
.56
%
,
9/26/33
,
Callable
12/25/29
@
100
(a)
.............
$
1,250
$
1,237
Chesapeake
Funding
II
LLC
...............................................
Series
2023-2A
,
Class
B
,
5
.97
%
,
10/15/35
,
Callable
8/15/26
@
100
(a)
.............
1,858
1,859
Series
2023-2A
,
Class
C
,
6
.15
%
,
10/15/35
,
Callable
8/15/26
@
100
(a)
.............
2,874
2,876
Series
2024-1A
,
Class
B
,
5
.44
%
,
5/15/36
,
Callable
5/15/27
@
100
(a)
..............
2,545
2,553
Series
2024-1A
,
Class
C
,
5
.60
%
,
5/15/36
,
Callable
5/15/27
@
100
(a)
..............
2,200
2,208
Chesapeake
IV
Funding
DAC
,
Series
2026-1A
,
Class
C
,
4
.96
%
,
2/15/35
(a)
.............
1,030
1,021
Corporate
One
Auto
Receivables
Trust
........................................
Series
2026-1A
,
Class
C
,
4
.84
%
,
4/15/31
,
Callable
6/15/29
@
100
(a)
..............
781
768
Series
2026-1A
,
Class
D
,
5
.48
%
,
7/15/34
,
Callable
6/15/29
@
100
(a)
..............
548
543
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-1A
,
Class
C
,
7
.71
%
,
7/15/33
,
Callable
10/15/26
@
100
(a)
.............
1,308
1,315
Series
2023-2A
,
Class
C
,
7
.15
%
,
9/15/33
,
Callable
11/15/26
@
100
(a)
.............
3,840
3,861
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
4/15/27
@
100
(a)
.............
2,215
2,224
Series
2023-3A
,
Class
C
,
7
.62
%
,
12/15/33
,
Callable
4/15/27
@
100
(a)
.............
4,691
4,761
Series
2023-5A
,
Class
A
,
6
.13
%
,
12/15/33
,
Callable
6/15/27
@
100
(a)
.............
1,243
1,246
Series
2023-5A
,
Class
C
,
7
.30
%
,
4/17/34
,
Callable
6/15/27
@
100
(a)
..............
5,730
5,831
Series
2024-1A
,
Class
C
,
6
.71
%
,
7/17/34
,
Callable
5/15/27
@
100
(a)
..............
3,207
3,246
Series
2026-1A
,
Class
C
,
5
.28
%
,
8/15/36
,
Callable
1/15/30
@
100
(a)
..............
1,780
1,757
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
9/15/28
@
100
(a)
............
1,436
1,452
Series
2023-1A
,
Class
C
,
6
.77
%
,
4/15/30
,
Callable
9/15/28
@
100
(a)
..............
770
787
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-3
,
Class
A3
,
4
.29
%
,
7/20/29
,
Callable
8/20/26
@
100
(a)
..............
247
247
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
8/20/26
@
100
(a)
.............
1,932
1,934
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
2/20/27
@
100
(a)
..............
1
1
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
5/20/27
@
100
(a)
..............
2,349
2,391
Series
2024-1
,
Class
A2
,
5
.23
%
,
3/20/30
,
Callable
6/20/27
@
100
(a)
..............
3
3
Series
2024-2
,
Class
A4
,
5
.69
%
,
12/20/30
,
Callable
1/20/28
@
100
(a)
.............
3,291
3,347
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A
,
Class
C
,
6
.00
%
,
10/15/30
,
Callable
3/15/28
@
100
(a)
.............
597
604
Series
2025-1A
,
Class
B
,
5
.36
%
,
9/15/31
,
Callable
10/15/28
@
100
(a)
.............
1,374
1,381
Series
2025-1A
,
Class
C
,
5
.61
%
,
12/15/31
,
Callable
10/15/28
@
100
(a)
............
1,212
1,217
Series
2026-1A
,
Class
C
,
4
.69
%
,
10/15/32
,
Callable
10/15/29
@
100
(a)
............
1,580
1,535
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
2,250
2,236
Series
2021-2
,
Class
D
,
2
.60
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
..............
500
496
Series
2022-1
,
Class
C
,
4
.67
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
2,000
2,000
Series
2022-1
,
Class
D
,
5
.16
%
,
11/15/34
,
Callable
5/15/27
@
100
(a)
..............
2,457
2,454
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
4,111
4,145
Series
2023-1
,
Class
C
,
5
.58
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
10,250
10,340
Series
2023-1
,
Class
D
,
6
.26
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
10,940
11,055
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
4,925
5,028
Series
2023-2
,
Class
C
,
6
.16
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
3,710
3,782
Series
2023-2
,
Class
D
,
6
.60
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
1,881
1,914
GECU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
6/15/28
@
100
(a)
...........................................................
1,185
1,206
GLS
Auto
Receivables
Issuer
Trust
,
Series
2023-1A
,
Class
D
,
7
.01
%
,
1/16/29
,
Callable
3/15/28
@
100
(a)
.........................................................
3,394
3,431
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2024-1A
,
Class
C
,
5
.69
%
,
3/15/30
,
Callable
11/15/28
@
100
(a)
.............
1,381
1,398
Series
2024-4A
,
Class
C
,
4
.75
%
,
11/15/30
,
Callable
6/15/29
@
100
(a)
.............
2,266
2,255
GM
Financial
Revolving
Receivables
Trust
,
Series
2021-1
,
Class
C
,
1
.67
%
,
6/12/34
,
Callable
9/11/26
@
100
(a)
...................................................
1,388
1,384
GMF
Floorplan
Owner
Revolving
Trust
,
Series
2024-2A
,
Class
B
,
5
.35
%
,
3/15/31
(a)
......
2,259
2,276
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A
,
Class
C
,
5
.77
%
,
2/15/30
,
Callable
1/15/28
@
100
(a)
..............
982
990
Series
2024-1A
,
Class
D
,
6
.50
%
,
6/15/32
,
Callable
1/15/28
@
100
(a)
..............
940
959
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1
,
Class
B
,
5
.39
%
,
8/15/29
,
Callable
5/15/27
@
100
(a)
...............
3,276
3,294
Series
2023-1
,
Class
C
,
5
.88
%
,
11/15/29
,
Callable
5/15/27
@
100
(a)
..............
2,457
2,475
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2023-2A
,
Class
B
,
6
.49
%
,
9/25/29
(a)
................................
3,038
3,077
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
191
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2023-2A
,
Class
C
,
7
.13
%
,
9/25/29
(a)
................................
$
1,075
$
1,090
Series
2023-3A
,
Class
A
,
5
.94
%
,
2/25/28
(a)
................................
2,875
2,889
Series
2023-3A
,
Class
B
,
6
.53
%
,
2/25/28
(a)
................................
1,112
1,116
Hertz
Vehicle
Financing
III
LP
,
Series
2021-2A
,
Class
C
,
2
.52
%
,
12/27/27
(a)
............
1,528
1,517
Hertz
Vehicle
Financing
LLC
..............................................
Series
2022-2A
,
Class
A
,
2
.33
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
3,750
3,691
Series
2022-2A
,
Class
B
,
2
.65
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
2,480
2,433
Series
2022-2A
,
Class
C
,
2
.95
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
3,500
3,431
Huntington
Bank
Auto
Credit-Linked
Notes
....................................
Series
2024-1
,
Class
B1
,
6
.15
%
,
5/20/32
,
Callable
11/20/27
@
100
(a)
.............
819
825
Series
2024-2
,
Class
B1
,
5
.44
%
,
10/20/32
,
Callable
3/20/28
@
100
(a)
.............
2,805
2,819
Series
2025-2
,
Class
B2
,
4
.82
%
(
SOFR30A
+
120
bps
)
,
9/20/33
,
Callable
4/20/29
@
100
(a)
(b)
.........................................................
1,203
1,197
Hyundai
Auto
Receivables
Trust
,
Series
2024-C
,
Class
B
,
4
.67
%
,
1/15/31
,
Callable
9/15/28
@
100
.............................................................
1,265
1,263
LAD
Auto
Receivables
Trust
...............................................
Series
2023-1A
,
Class
D
,
7
.30
%
,
6/17/30
,
Callable
5/15/27
@
100
(a)
..............
1,262
1,267
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
7/15/27
@
100
(a)
..............
4,134
4,141
Series
2023-2A
,
Class
D
,
6
.30
%
,
2/15/31
,
Callable
7/15/27
@
100
(a)
..............
1,698
1,710
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
9/15/27
@
100
(a)
..............
1,085
1,085
Series
2023-3A
,
Class
D
,
6
.92
%
,
12/16/30
,
Callable
9/15/27
@
100
(a)
.............
3,794
3,851
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
1/15/28
@
100
(a)
.............
2,784
2,796
Series
2023-4A
,
Class
C
,
6
.76
%
,
3/15/29
,
Callable
1/15/28
@
100
(a)
..............
3,288
3,334
Series
2023-4A
,
Class
D
,
7
.37
%
,
4/15/31
,
Callable
1/15/28
@
100
(a)
..............
4,696
4,804
Series
2024-1A
,
Class
C
,
5
.64
%
,
6/15/29
,
Callable
1/15/28
@
100
(a)
..............
2,888
2,917
Series
2024-2A
,
Class
B
,
5
.50
%
,
7/16/29
,
Callable
5/15/28
@
100
(a)
..............
2,716
2,738
Series
2024-2A
,
Class
C
,
5
.66
%
,
10/15/29
,
Callable
5/15/28
@
100
(a)
.............
2,716
2,746
Series
2024-2A
,
Class
D
,
6
.37
%
,
10/15/31
,
Callable
5/15/28
@
100
(a)
.............
2,218
2,256
Series
2024-3A
,
Class
D
,
5
.18
%
,
2/17/32
,
Callable
5/15/28
@
100
(a)
..............
2,556
2,539
Series
2025-2A
,
Class
C
,
4
.70
%
,
8/16/32
,
Callable
4/15/29
@
100
(a)
..............
2,406
2,375
Series
2026-1A
,
Class
C
,
4
.42
%
,
8/15/33
,
Callable
8/15/29
@
100
(a)
..............
2,583
2,506
Merchants
Fleet
Funding
LLC
..............................................
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
12/20/26
@
100
(a)
.............
1,941
1,947
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
12/20/26
@
100
(a)
.............
5,014
5,047
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
12/20/26
@
100
(a)
.............
7,372
7,404
Series
2024-1A
,
Class
D
,
6
.85
%
,
4/20/37
,
Callable
12/20/26
@
100
(a)
.............
1,358
1,367
Series
2025-1A
,
Class
B
,
4
.91
%
,
1/20/39
,
Callable
8/20/29
@
100
(a)
..............
1,037
1,023
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2025-1
,
Class
C
,
4
.72
%
,
9/25/30
(a)
........................................................
1,147
1,146
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
A4
,
6
.29
%
,
9/17/29
,
Callable
1/15/28
@
100
(a)
.............
3,145
3,174
Series
2023-1A
,
Class
D
,
7
.88
%
,
12/15/31
,
Callable
1/15/28
@
100
(a)
.............
5,171
5,367
Series
2025-1A
,
Class
B
,
4
.94
%
,
4/15/31
,
Callable
9/15/29
@
100
(a)
..............
2,907
2,895
Series
2025-1A
,
Class
C
,
5
.20
%
,
10/15/31
,
Callable
9/15/29
@
100
(a)
.............
2,969
2,949
Oscar
US
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A4
,
2
.82
%
,
4/10/29
,
Callable
8/10/26
@
100
(a)
...........................................................
474
471
Oscar
US
Funding
XVII
LLC
,
Series
2024-2A
,
Class
A3
,
4
.47
%
,
3/12/29
,
Callable
11/10/28
@
100
(a)
...........................................................
3,162
3,164
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2023-B
,
Class
B
,
5
.64
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
996
1,002
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
421
424
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
2/15/28
@
100
(a)
..............
1,958
1,980
Series
2024-B
,
Class
B
,
4
.97
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
2,773
2,779
Series
2024-B
,
Class
C
,
5
.14
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
2,860
2,868
Series
2024-B
,
Class
D
,
5
.48
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
3,297
3,310
Series
2024-B
,
Class
E
,
6
.80
%
,
1/18/33
,
Callable
2/15/29
@
100
(a)
...............
1,971
1,975
Series
2025-A
,
Class
D
,
5
.15
%
,
1/16/34
,
Callable
7/15/29
@
100
(a)
...............
2,740
2,737
Series
2026-A
,
Class
C
,
4
.95
%
,
7/17/34
,
Callable
7/15/30
@
100
(a)
...............
1,036
1,030
SBNA
Auto
Lease
Trust
,
Series
2024-B
,
Class
A4
,
5
.55
%
,
12/20/28
,
Callable
4/20/27
@
100
(a)
76
76
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
9/15/28
@
100
(a)
...............
2,749
2,765
Series
2025-SF1
,
Class
D
,
5
.34
%
,
9/15/31
,
Callable
7/15/29
@
100
(a)
.............
1,718
1,721
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
192
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
11/15/27
@
100
(a)
............
$
1,199
$
1,217
Series
2023-1A
,
Class
C
,
6
.61
%
,
3/15/30
,
Callable
11/15/27
@
100
(a)
.............
6,570
6,690
Series
2023-1A
,
Class
D
,
7
.34
%
,
11/17/31
,
Callable
11/15/27
@
100
(a)
............
3,459
3,557
Series
2024-1A
,
Class
C
,
5
.62
%
,
12/16/30
,
Callable
4/15/28
@
100
(a)
.............
2,716
2,732
Series
2025-1A
,
Class
C
,
5
.08
%
,
2/17/32
,
Callable
6/15/29
@
100
(a)
..............
2,681
2,651
Series
2026-1A
,
Class
C
,
5
.14
%
,
9/15/32
,
Callable
3/15/30
@
100
(a)
..............
24
24
Securitized
Term
Auto
Receivables
Trust
......................................
Series
2025-A
,
Class
B
,
5
.04
%
,
7/25/31
,
Callable
2/25/28
@
100
(a)
...............
631
633
Series
2025-A
,
Class
C
,
5
.19
%
,
7/25/31
,
Callable
2/25/28
@
100
(a)
...............
746
749
Series
2025-B
,
Class
D
,
5
.46
%
,
12/29/32
,
Callable
6/25/28
@
100
(a)
..............
1,197
1,206
Series
2026-A
,
Class
D
,
4
.87
%
,
3/25/33
,
Callable
7/25/29
@
100
(a)
...............
1,555
1,553
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
C
,
5
.97
%
,
2/20/31
,
Callable
10/20/27
@
100
(a)
.............
2,541
2,577
Series
2024-1A
,
Class
C
,
5
.51
%
,
1/20/32
,
Callable
1/20/28
@
100
(a)
..............
1,841
1,859
Series
2026-1A
,
Class
C
,
4
.46
%
,
11/21/33
,
Callable
2/20/30
@
100
(a)
.............
2,169
2,115
Series
2026-2A
,
Class
C
,
4
.99
%
,
7/20/34
,
Callable
8/20/30
@
100
(a)
..............
2,000
1,986
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
...........................
Series
2026-BA
,
Class
B
,
4
.75
%
,
7/20/30
,
Callable
5/20/29
@
100
(a)
.............
2,083
2,072
Series
2026-BA
,
Class
C
,
5
.04
%
,
3/20/31
,
Callable
5/20/29
@
100
(a)
.............
2,390
2,384
Tesla
Electric
Vehicle
Trust
,
Series
2023-1
,
Class
B
,
5
.82
%
,
5/20/31
,
Callable
7/20/27
@
100
(a)
...........................................................
2,900
2,935
Tesla
Lease
Electric
Vehicle
Securitization
LLC
,
Series
2025-A
,
Class
C
,
5
.09
%
,
6/20/29
,
Callable
12/20/27
@
100
(a)
...........................................
854
843
Truist
Bank
Auto
Credit-Linked
Notes
........................................
Series
2025-1
,
Class
B
,
4
.73
%
,
9/26/33
,
Callable
4/25/28
@
100
(a)
...............
2,096
2,090
Series
2026-1
,
Class
B
,
5
.07
%
,
6/26/34
,
Callable
4/25/30
@
100
(a)
...............
4,577
4,568
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
10/25/26
@
100
(a)
.......
514
516
USB
Auto
Owner
Trust
...................................................
Series
2025-1A
,
Class
C
,
4
.96
%
,
3/17/31
,
Callable
6/15/28
@
100
(a)
..............
1,857
1,857
Series
2025-1A
,
Class
D
,
5
.40
%
,
12/15/32
,
Callable
6/15/28
@
100
(a)
.............
729
730
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
10/15/27
@
100
(a)
.............
2,509
2,535
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
10/15/27
@
100
(a)
.............
3,280
3,326
Western
Funding
Auto
Loan
Trust
,
Series
2025-1
,
Class
C
,
5
.34
%
,
11/15/35
(a)
...........
2,391
2,369
Westlake
Automobile
Receivables
Trust
,
Series
2026-P2
,
Class
D
,
5
.35
%
,
9/15/33
,
Callable
11/15/29
@
100
(a)
..................................................
590
588
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
285
285
Series
2023-2A
,
Class
B
,
6
.75
%
,
8/18/38
(a)
................................
2,819
2,851
Series
2023-2A
,
Class
C
,
6
.94
%
,
8/18/38
(a)
................................
3,036
3,078
Series
2023-2A
,
Class
D
,
7
.38
%
,
8/18/38
(a)
................................
3,425
3,481
Series
2024-1A
,
Class
C
,
5
.69
%
,
2/18/39
(a)
................................
4,009
4,047
Series
2024-2A
,
Class
A1
,
4
.87
%
,
6/21/39
(a)
...............................
2,504
2,513
Series
2024-2A
,
Class
C
,
4
.89
%
,
6/21/39
(a)
................................
4,524
4,520
Series
2024-3A
,
Class
B
,
5
.07
%
,
9/19/39
(a)
................................
3,366
3,371
Series
2024-3A
,
Class
C
,
5
.21
%
,
9/19/39
(a)
................................
3,655
3,664
Series
2025-2A
,
Class
C
,
4
.86
%
,
5/18/40
(a)
................................
2,370
2,350
430,576
ABS
Card
(1.2%):
American
Express
Credit
Account
Master
Trust
,
Series
2024-2
,
Class
A
,
5
.24
%
,
4/15/31
....
107
109
BA
Credit
Card
Trust
,
Series
2024-A1
,
Class
A
,
4
.93
%
,
5/15/29
......................
18
18
Capital
One
Multi-Asset
Execution
Trust
,
Series
2026-A2
,
Class
A
,
5
.11
%
,
7/15/38
,
Callable
7/15/36
@
100
.....................................................
7,110
7,053
CARDS
II
Trust
,
Series
2025-1A
,
Class
C
,
5
.42
%
,
3/15/31
(a)
.......................
3,650
3,635
Evergreen
Credit
Card
Trust
...............................................
Series
2024-CRT4
,
Class
B
,
5
.25
%
,
10/15/28
(a)
.............................
5,295
5,305
Series
2024-CRT4
,
Class
C
,
5
.64
%
,
10/15/28
(a)
.............................
3,029
3,031
Series
2025-1A
,
Class
C
,
4
.54
%
,
10/15/29
(a)
...............................
2,295
2,267
Series
2025-CRT5
,
Class
B
,
5
.24
%
,
5/15/29
(a)
..............................
6,394
6,428
Series
2025-CRT5
,
Class
C
,
5
.53
%
,
5/15/29
(a)
..............................
1,992
1,993
Golden
Credit
Card
Trust
.................................................
Series
2021-1A
,
Class
B
,
1
.44
%
,
8/15/28
(a)
................................
4,500
4,496
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
193
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
................................
$
2,233
$
2,231
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
.................
1,719
1,698
Master
Credit
Card
Trust
II
................................................
Series
2023-4A
,
Class
B
,
6
.56
%
,
10/21/32
(a)
...............................
1,646
1,730
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
4,190
4,443
Synchrony
Card
Issuance
Trust
,
Series
2025-A1
,
Class
A
,
4
.78
%
,
2/15/31
..............
27
27
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A
,
Class
C
,
2
.42
%
,
10/26/29
(a)
...............................
10,200
10,134
Series
2023-1A
,
Class
C
,
6
.06
%
,
3/26/31
(a)
................................
1,053
1,059
Series
2023-2A
,
Class
B
,
5
.35
%
,
3/26/33
(a)
................................
2,900
2,885
Series
2023-2A
,
Class
C
,
6
.32
%
,
3/26/33
(a)
................................
2,702
2,741
Series
2025-1A
,
Class
C
,
4
.70
%
,
9/26/30
(a)
................................
2,264
2,242
63,525
ABS
Other
(7.8%):
AMSR
Trust
..........................................................
Series
2021-SFR1
,
Class
C
,
2
.35
%
,
6/17/38
(a)
(c)
............................
1,800
1,700
Series
2021-SFR1
,
Class
D
,
2
.60
%
,
6/17/38
(a)
(c)
............................
1,500
1,411
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A
,
Class
C
,
6
.36
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
.............
1,998
2,021
Series
2023-1A
,
Class
D
,
7
.48
%
,
7/22/30
,
Callable
6/20/27
@
100
(a)
..............
563
574
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A
,
Class
B
,
5
.37
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
1,638
1,652
Series
2024-1A
,
Class
C
,
5
.55
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
2,616
2,630
Amur
Equipment
Finance
Receivables
XIV
LLC
,
Series
2024-2A
,
Class
C
,
5
.38
%
,
7/21/31
,
Callable
8/20/28
@
100
(a)
............................................
4,527
4,530
Amur
Equipment
Finance
Receivables
XV
LLC
,
Series
2025-1A
,
Class
C
,
5
.39
%
,
1/20/32
,
Callable
6/20/29
@
100
(a)
............................................
2,636
2,635
Amur
Equipment
Finance
Receivables
XVI
LLC
,
Series
2026-1A
,
Class
C
,
5
.38
%
,
11/21/33
,
Callable
11/20/30
@
100
(a)
...........................................
1,900
1,894
Ansley
Park
Capital
LLC
.................................................
Series
2025-A
,
Class
B
,
4
.60
%
,
4/20/35
,
Callable
10/20/30
@
100
(a)
..............
2,260
2,219
Series
2025-A
,
Class
C
,
4
.82
%
,
4/20/35
,
Callable
10/20/30
@
100
(a)
..............
1,506
1,471
Series
2025-A
,
Class
D
,
5
.33
%
,
4/20/35
,
Callable
10/20/30
@
100
(a)
..............
1,506
1,471
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A
,
Class
B
,
6
.05
%
,
6/17/30
,
Callable
1/15/28
@
100
(a)
..............
1,890
1,913
Series
2023-1A
,
Class
C
,
6
.50
%
,
11/15/30
,
Callable
1/15/28
@
100
(a)
.............
1,337
1,359
Series
2023-1A
,
Class
D
,
7
.27
%
,
12/16/30
,
Callable
1/15/28
@
100
(a)
.............
1,018
1,044
Series
2024-1A
,
Class
B
,
5
.69
%
,
7/15/31
,
Callable
2/15/29
@
100
(a)
..............
1,666
1,690
Series
2026-1A
,
Class
B
,
5
.34
%
,
8/15/36
,
Callable
8/15/31
@
100
(a)
..............
1,110
1,108
Series
2026-1A
,
Class
C
,
5
.75
%
,
8/15/36
,
Callable
8/15/31
@
100
(a)
..............
582
581
Series
2026-1A
,
Class
D
,
6
.38
%
,
8/15/36
,
Callable
8/15/31
@
100
(a)
..............
267
266
Barings
Equipment
Finance
LLC
............................................
Series
2025-A
,
Class
A4
,
5
.02
%
,
6/13/50
,
Callable
5/13/31
@
100
(a)
..............
3,969
3,996
Series
2025-B
,
Class
A4
,
4
.29
%
,
9/13/50
,
Callable
6/13/31
@
100
(a)
..............
2,286
2,240
Blue
Owl
Asset
Leasing
Trust
LLC
..........................................
Series
2024-1A
,
Class
B
,
5
.41
%
,
3/15/30
,
Callable
6/15/27
@
100
(a)
..............
1,615
1,622
Series
2024-1A
,
Class
C
,
6
.38
%
,
1/15/31
,
Callable
6/15/27
@
100
(a)
..............
836
841
Capital
Automotive
REIT
,
Series
2024-3A
,
Class
A1
,
4
.40
%
,
10/15/54
,
Callable
10/15/27
@
100
(a)
...........................................................
3,179
3,043
Capteris
Equipment
Finance
LLC
...........................................
Series
2026-1A
,
Class
C
,
5
.18
%
,
9/20/33
,
Callable
8/20/30
@
100
(a)
..............
2,133
2,092
Series
2026-1A
,
Class
D
,
5
.57
%
,
9/20/33
,
Callable
8/20/30
@
100
(a)
..............
2,133
2,093
CARS-DB5
LP
,
Series
2021-1A
,
Class
A2
,
2
.28
%
,
8/15/51
,
Callable
8/15/28
@
100
(a)
.....
2,068
1,763
CARS-DB7
LP
,
Series
2023-1A
,
Class
A1
,
5
.75
%
,
9/15/53
,
Callable
9/15/26
@
100
(a)
.....
3,070
3,073
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
C
,
6
.28
%
,
9/16/30
,
Callable
10/14/26
@
100
(a)
..............
2,493
2,503
Series
2023-2
,
Class
D
,
7
.18
%
,
4/14/32
,
Callable
9/14/27
@
100
(a)
...............
1,424
1,456
Series
2025-1
,
Class
C
,
4
.89
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
1,212
1,207
Series
2025-1
,
Class
D
,
5
.28
%
,
10/14/32
,
Callable
10/14/28
@
100
(a)
.............
450
449
Series
2025-2
,
Class
D
,
5
.08
%
,
8/15/34
,
Callable
10/14/29
@
100
(a)
..............
2,172
2,135
Series
2026-1
,
Class
C
,
5
.17
%
,
1/17/34
,
Callable
2/14/30
@
100
(a)
...............
1,651
1,640
CF
Hippolyta
Issuer
LLC
.................................................
Series
2020-1
,
Class
A1
,
1
.69
%
,
7/15/60
(a)
................................
597
492
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
194
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2021-1A
,
Class
B1
,
1
.98
%
,
3/15/61
(a)
...............................
$
1,885
$
1,106
Clarus
Capital
Funding
LLC
...............................................
Series
2024-1A
,
Class
C
,
5
.01
%
,
8/20/32
,
Callable
2/20/28
@
100
(a)
..............
925
921
Series
2026-1A
,
Class
C
,
5
.21
%
,
11/20/34
,
Callable
11/20/29
@
100
(a)
............
611
604
Cloud
Capital
Holdco
LP
,
Series
2024-1A
,
Class
A2
,
5
.78
%
,
11/22/49
,
Callable
11/22/27
@
100
(a)
...........................................................
6,182
6,121
Consolidated
Communications
LLC/Fidium
Fiber
Finance
Holdco
LLC
,
Series
2025-1A
,
Class
A2
,
6
.00
%
,
5/20/55
,
Callable
5/20/28
@
100
(a)
.............................
935
942
Crossroads
Asset
Trust
,
Series
2025-A
,
Class
B
,
5
.20
%
,
2/20/32
,
Callable
11/20/28
@
100
(a)
613
613
CyrusOne
Data
Centers
Issuer
I
LLC
.........................................
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
,
Callable
5/20/27
@
100
(a)
.............
4,218
4,067
Series
2025-1A
,
Class
A2
,
5
.91
%
,
2/20/50
,
Callable
2/20/28
@
100
(a)
.............
3,893
3,899
DB
Master
Finance
LLC
,
Series
2021-1A
,
Class
A2II
,
2
.49
%
,
11/20/51
,
Callable
8/20/26
@
100
(a)
...........................................................
7,432
6,983
Dell
Equipment
Finance
Trust
..............................................
Series
2024-1
,
Class
C
,
5
.73
%
,
3/22/30
,
Callable
12/22/26
@
100
(a)
..............
1,237
1,243
Series
2024-1
,
Class
D
,
6
.12
%
,
9/23/30
,
Callable
12/22/26
@
100
(a)
..............
1,250
1,258
Series
2025-1
,
Class
D
,
5
.64
%
,
8/22/31
,
Callable
11/22/27
@
100
(a)
..............
925
933
Series
2025-2
,
Class
D
,
4
.83
%
,
3/22/32
,
Callable
6/22/28
@
100
(a)
...............
3,873
3,843
Series
2026-1A
,
Class
D
,
5
.19
%
,
11/22/32
,
Callable
12/22/28
@
100
(a)
............
1,944
1,930
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
B
,
6
.55
%
,
3/15/32
,
Callable
4/15/27
@
100
(a)
...............
8,330
8,386
Series
2023-2
,
Class
C
,
6
.93
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
3,476
3,525
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
2/15/28
@
100
(a)
...............
1,566
1,628
Series
2025-2
,
Class
C
,
4
.89
%
,
4/15/36
,
Callable
2/15/30
@
100
(a)
...............
3,366
3,290
Series
2025-2
,
Class
D
,
5
.45
%
,
10/15/36
,
Callable
2/15/30
@
100
(a)
..............
1,978
1,941
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A
,
Class
B
,
2
.36
%
,
4/15/49
,
Callable
8/20/26
@
100
(a)
..............
6,000
5,937
Series
2021-1A
,
Class
C
,
3
.48
%
,
4/15/49
,
Callable
8/20/26
@
100
(a)
..............
4,650
4,606
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
B
,
2
.70
%
,
11/20/51
,
Callable
8/20/26
@
100
(a)
.
5,969
5,833
DLLAA
LLC
,
Series
2025-1A
,
Class
A4
,
5
.08
%
,
4/20/33
,
Callable
3/20/29
@
100
(a)
......
203
205
DLLAD
LLC
,
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
1/20/29
@
100
(a)
......
36
37
DLLMT
LLC
..........................................................
Series
2024-1A
,
Class
A3
,
4
.84
%
,
8/21/28
,
Callable
4/20/28
@
100
(a)
.............
12
12
Series
2026-1A
,
Class
A4
,
4
.36
%
,
9/20/33
,
Callable
11/20/29
@
100
(a)
............
878
867
FirstKey
Homes
Trust
....................................................
Series
2021-SFR2
,
Class
C
,
1
.71
%
,
9/17/38
(a)
(c)
............................
6,512
6,483
Series
2021-SFR2
,
Class
D
,
2
.06
%
,
9/17/38
(a)
(c)
............................
4,500
4,480
Series
2021-SFR3
,
Class
A
,
2
.14
%
,
12/17/38
(a)
(c)
...........................
2,306
2,283
Ford
Credit
Floorplan
Master
Owner
Trust
A
...................................
Series
2024-2
,
Class
B
,
5
.56
%
,
4/15/31
(a)
.................................
3,174
3,221
Series
2024-4
,
Class
B
,
4
.61
%
,
9/15/31
(a)
.................................
6,005
5,990
FRTKL
,
Series
2021-SFR1
,
Class
D
,
2
.17
%
,
9/17/38
(a)
(c)
.........................
1,500
1,493
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A
,
Class
B
,
6
.62
%
,
4/20/33
,
Callable
2/20/29
@
100
(a)
..............
749
750
Series
2023-1A
,
Class
C
,
6
.97
%
,
8/22/33
,
Callable
2/20/29
@
100
(a)
..............
1,411
1,419
Series
2023-1A
,
Class
E
,
7
.00
%
,
6/20/35
,
Callable
2/20/29
@
100
(a)
..............
1,176
1,176
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2024-1
,
Class
C
,
5
.43
%
,
12/15/31
,
Callable
2/15/28
@
100
(a)
..............
910
917
Series
2025-1
,
Class
C
,
5
.01
%
,
1/18/33
,
Callable
5/15/29
@
100
(a)
...............
3,430
3,410
Series
2026-1
,
Class
C
,
5
.44
%
,
5/15/34
,
Callable
10/15/30
@
100
(a)
..............
1,601
1,599
HPEFS
Equipment
Trust
..................................................
Series
2023-2A
,
Class
D
,
6
.97
%
,
7/21/31
,
Callable
2/20/27
@
100
(a)
..............
1,005
1,010
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
2,259
2,274
Series
2024-2A
,
Class
B
,
5
.35
%
,
10/20/31
,
Callable
1/20/28
@
100
(a)
.............
3,621
3,633
Series
2024-2A
,
Class
D
,
5
.82
%
,
4/20/32
,
Callable
1/20/28
@
100
(a)
..............
1,940
1,959
Series
2025-1A
,
Class
C
,
4
.79
%
,
9/20/32
,
Callable
4/20/29
@
100
(a)
..............
1,978
1,965
Series
2025-1A
,
Class
D
,
4
.99
%
,
3/21/33
,
Callable
4/20/29
@
100
(a)
..............
4,770
4,723
Series
2025-2A
,
Class
D
,
4
.77
%
,
5/20/33
,
Callable
6/20/29
@
100
(a)
..............
2,430
2,387
Iskandar
Enterprise
LLC
,
Series
2026-1A
,
Class
A23
,
5
.54
%
,
4/17/56
,
Callable
4/15/29
@
100
(a)
...........................................................
1,070
1,049
Kubota
Credit
Owner
Trust
................................................
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
4/15/28
@
100
(a)
.............
5
5
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
195
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2025-1A
,
Class
A4
,
4
.87
%
,
7/15/30
,
Callable
1/15/29
@
100
(a)
.............
$
63
$
63
Series
2026-2A
,
Class
A4
,
4
.70
%
,
12/15/31
,
Callable
4/15/30
@
100
(a)
............
1,039
1,037
Lightpath
Fiber
Issuer
LLC
................................................
Series
2026-1A
,
Class
A2
,
5
.60
%
,
3/25/56
,
Callable
9/25/29
@
100
(a)
.............
3,447
3,414
Series
2026-1A
,
Class
B
,
5
.89
%
,
3/25/56
,
Callable
9/25/29
@
100
(a)
..............
3,628
3,552
Lyra
Music
Assets
Delaware
LP
,
Series
2025-1A
,
Class
A2
,
5
.60
%
,
9/20/65
,
Callable
12/20/27
@
100
(a)
.........................................................
4,631
4,638
M&T
Equipment
LEAF1
Notes
.............................................
Series
2023-1A
,
Class
A3
,
5
.74
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
.............
195
195
Series
2025-1A
,
Class
A4
,
4
.91
%
,
3/16/32
,
Callable
4/16/29
@
100
(a)
.............
1,804
1,810
M&T
Equipment
LLC
,
Series
2026-1A
,
Class
A4
,
4
.91
%
,
7/18/33
,
Callable
4/17/30
@
100
(a)
534
534
MMAF
Equipment
Finance
LLC
............................................
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
48
49
Series
2024-A
,
Class
A4
,
5
.10
%
,
7/13/49
,
Callable
10/13/30
@
100
(a)
.............
73
73
MMP
Capital
LLC
,
Series
2025-A
,
Class
A
,
5
.36
%
,
12/15/31
,
Callable
7/15/28
@
100
(a)
...
1,257
1,262
MVW
LLC
,
Series
2021-1WA
,
Class
B
,
1
.44
%
,
1/22/41
,
Callable
1/20/27
@
100
(a)
.......
175
170
New
Economy
Assets
-
Phase
1
Sponsor
LLC
...................................
Series
2021-1
,
Class
A1
,
1
.91
%
,
10/20/61
,
Callable
8/20/26
@
100
(a)
.............
6,097
4,939
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
8/20/26
@
100
(a)
.............
1,832
1,064
NMEF
Funding
LLC
....................................................
Series
2023-A
,
Class
B
,
6
.83
%
,
6/17/30
,
Callable
7/15/27
@
100
(a)
...............
1,002
1,006
Series
2023-A
,
Class
C
,
8
.04
%
,
6/17/30
,
Callable
7/15/27
@
100
(a)
...............
3,049
3,107
Series
2024-A
,
Class
A2
,
5
.15
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
.............
1,363
1,367
Series
2024-A
,
Class
B
,
5
.32
%
,
12/15/31
,
Callable
3/15/28
@
100
(a)
..............
3,217
3,208
Series
2025-A
,
Class
B
,
5
.18
%
,
7/15/32
,
Callable
8/15/28
@
100
(a)
...............
2,860
2,863
Series
2025-A
,
Class
C
,
5
.79
%
,
7/15/32
,
Callable
8/15/28
@
100
(a)
...............
4,003
4,014
Series
2026-A
,
Class
B
,
4
.48
%
,
2/15/34
,
Callable
1/15/30
@
100
(a)
...............
2,175
2,133
NP
SPE
X
LP
..........................................................
Series
2019-2A
,
Class
A2
,
3
.10
%
,
11/19/49
(a)
..............................
1,241
1,100
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
(a)
..............................
2,035
1,664
Oaktree
ABF
Equipment
ST
LLC
,
Series
2026-1A
,
Class
C
,
5
.31
%
,
10/17/33
,
Callable
8/15/28
@
100
(a)
.........................................................
546
542
OneMain
Financial
Issuance
Trust
,
Series
2022-3A
,
Class
B
,
6
.45
%
,
5/15/34
,
Callable
8/14/26
@
100
(a)
.........................................................
2,189
2,193
PEAC
Solutions
Receivables
LLC
...........................................
Series
2025-1A
,
Class
A3
,
5
.04
%
,
7/20/32
,
Callable
9/20/28
@
100
(a)
.............
3,629
3,647
Series
2025-1A
,
Class
B
,
5
.20
%
,
7/20/32
,
Callable
9/20/28
@
100
(a)
..............
3,315
3,329
Series
2025-1A
,
Class
C
,
5
.49
%
,
7/20/32
,
Callable
9/20/28
@
100
(a)
..............
2,601
2,608
Series
2026-1A
,
Class
C
,
4
.89
%
,
7/20/33
,
Callable
7/20/29
@
100
(a)
..............
5,143
5,079
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
C
,
5
.81
%
,
10/15/30
,
Callable
3/15/27
@
100
(a)
.............
1,139
1,143
Series
2024-1A
,
Class
D
,
6
.77
%
,
10/15/30
,
Callable
3/15/27
@
100
(a)
.............
461
465
Series
2025-1A
,
Class
B
,
5
.04
%
,
5/15/31
,
Callable
7/15/28
@
100
(a)
..............
948
951
Series
2025-1A
,
Class
C
,
5
.13
%
,
5/15/31
,
Callable
7/15/28
@
100
(a)
..............
2,254
2,247
Progress
Residential
Trust
,
Series
2021-SFR7
,
Class
B
,
1
.94
%
,
8/17/40
(a)
(c)
............
3,250
3,043
QTS
Issuer
ABS
LLC
,
Series
2026-7A
,
Class
A23
,
6
.22
%
,
7/5/56
,
Callable
7/5/30
@
100
(a)
.
3,000
2,943
Retained
Vantage
Data
Centers
Issuer
LLC
.....................................
Series
2024-1A
,
Class
A2
,
4
.99
%
,
9/15/49
,
Callable
9/15/27
@
100
(a)
.............
5,195
5,065
Series
2024-1A
,
Class
B
,
5
.78
%
,
9/15/49
,
Callable
9/15/27
@
100
(a)
..............
1,400
1,360
SCF
Equipment
Leasing
LLC
..............................................
Series
2023-1A
,
Class
A3
,
6
.17
%
,
5/20/32
,
Callable
8/20/29
@
100
(a)
.............
413
414
Series
2024-1A
,
Class
D
,
6
.58
%
,
6/21/33
,
Callable
11/20/29
@
100
(a)
.............
3,522
3,596
SCF
Equipment
Trust
LLC
................................................
Series
2025-1A
,
Class
B
,
5
.23
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
5,955
5,964
Series
2025-1A
,
Class
C
,
5
.37
%
,
9/20/34
,
Callable
9/20/31
@
100
(a)
..............
4,440
4,413
Series
2025-1A
,
Class
D
,
5
.88
%
,
11/20/35
,
Callable
9/20/31
@
100
(a)
.............
3,001
3,026
Sotheby's
Artfi
Master
Trust
,
Series
2026-1A
,
Class
B
,
4
.90
%
,
6/20/33
,
Callable
12/20/27
@
100
(a)
...........................................................
1,866
1,851
Stack
Infrastructure
Issuer
LLC
,
Series
2026-1A
,
Class
A2
,
5
.00
%
,
3/27/56
,
Callable
3/25/29
@
100
(a)
.........................................................
1,762
1,692
Subway
Funding
LLC
,
Series
2024-1A
,
Class
A2II
,
6
.27
%
,
7/30/54
,
Callable
7/30/28
@
100
(a)
11,838
11,859
Switch
ABS
Issuer
LLC
,
Series
2025-1A
,
Class
A2
,
5
.04
%
,
3/25/55
,
Callable
3/25/28
@
100
(a)
...........................................................
4,281
4,149
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
196
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Tricon
Residential
Trust
..................................................
Series
2022-SFR2
,
Class
B
,
5
.24
%
,
7/17/40
,
Callable
7/17/28
@
100
(a)
(c)
..........
$
1,800
$
1,797
Series
2024-SFR4
,
Class
A
,
4
.30
%
,
11/17/41
,
Callable
11/17/29
@
100
(a)
(c)
........
2,251
2,188
Trinity
Rail
Leasing
LLC
.................................................
Series
2021-1A
,
Class
A
,
2
.26
%
,
7/19/51
,
Callable
8/19/26
@
100
(a)
..............
791
748
Series
2022-1A
,
Class
A
,
4
.55
%
,
5/19/52
,
Callable
8/21/26
@
100
(a)
..............
2,166
2,116
Uniti
Fiber
ABS
Issuer
LLC
...............................................
Series
2025-1A
,
Class
A2
,
5
.88
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
............
4,134
4,154
Series
2025-1A
,
Class
B
,
6
.37
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
.............
1,642
1,655
Series
2025-1A
,
Class
C
,
9
.02
%
,
4/20/55
,
Callable
10/20/28
@
100
(a)
.............
2,000
2,072
Vantage
Data
Centers
LLC
................................................
Series
2020-2A
,
Class
A2
,
1
.99
%
,
9/15/45
,
Callable
8/15/26
@
100
(a)
.............
9,000
8,664
Series
2025-1A
,
Class
A2
,
5
.13
%
,
8/15/55
,
Callable
8/15/28
@
100
(a)
.............
2,389
2,317
VB-S1
Issuer
LLC
......................................................
Series
2026-1A
,
Class
C2
,
4
.69
%
,
3/15/56
,
Callable
3/15/29
@
100
(a)
.............
2,104
2,032
Series
2026-1A
,
Class
D
,
5
.19
%
,
3/15/56
,
Callable
3/15/29
@
100
(a)
..............
1,812
1,752
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2II
,
3
.71
%
,
2/15/57
,
Callable
2/15/30
@
100
(a)
............
4,500
4,053
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
8/15/26
@
100
(a)
..............
5,263
5,202
Series
2022-1A
,
Class
F
,
5
.27
%
,
2/15/52
,
Callable
8/15/26
@
100
(a)
..............
7,500
7,391
Series
2024-1A
,
Class
C2
,
5
.59
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
.............
3,151
3,159
Series
2024-1A
,
Class
D
,
6
.64
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
2,846
2,900
Series
2024-1A
,
Class
F
,
8
.87
%
,
5/15/54
,
Callable
5/15/27
@
100
(a)
..............
93
95
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
9/12/27
@
100
(a)
.............
407
411
Series
2023-1A
,
Class
C
,
6
.73
%
,
1/13/31
,
Callable
9/12/27
@
100
(a)
..............
1,077
1,092
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
8/12/28
@
100
(a)
............
1,323
1,338
Series
2024-1A
,
Class
B
,
5
.72
%
,
12/12/31
,
Callable
8/12/28
@
100
(a)
.............
793
801
Series
2024-1A
,
Class
C
,
6
.25
%
,
12/12/31
,
Callable
8/12/28
@
100
(a)
.............
661
669
Series
2024-1A
,
Class
D
,
7
.23
%
,
12/12/31
,
Callable
8/12/28
@
100
(a)
.............
819
843
Series
2025-1A
,
Class
A3
,
4
.96
%
,
5/12/33
,
Callable
8/12/29
@
100
(a)
.............
1,052
1,054
Series
2025-1A
,
Class
C
,
5
.57
%
,
5/12/33
,
Callable
8/12/29
@
100
(a)
..............
2,290
2,282
Series
2025-1A
,
Class
D
,
6
.49
%
,
5/12/33
,
Callable
8/12/29
@
100
(a)
..............
489
495
Verizon
Master
Trust
....................................................
Series
2024-2
,
Class
B
,
5
.08
%
,
12/22/31
,
Callable
12/20/28
@
100
(a)
.............
3,866
3,884
Series
2024-3
,
Class
C
,
5
.73
%
,
4/22/30
,
Callable
4/20/27
@
100
.................
1,145
1,153
Series
2024-7
,
Class
C
,
4
.84
%
,
8/20/32
,
Callable
8/20/29
@
100
(a)
...............
6,425
6,385
Series
2024-8
,
Class
C
,
4
.99
%
,
11/20/30
,
Callable
11/20/27
@
100
...............
3,113
3,120
Series
2025-10
,
Class
C
,
4
.67
%
,
10/20/33
,
Callable
10/20/30
@
100
(a)
............
1,845
1,810
Series
2025-2
,
Class
C
,
5
.34
%
,
1/20/33
,
Callable
1/20/30
@
100
(a)
...............
7,427
7,484
Series
2026-2
,
Class
C
,
4
.85
%
,
6/21/32
,
Callable
6/20/29
@
100
.................
1,700
1,693
Volvo
Financial
Equipment
LLC
,
Series
2026-1A
,
Class
A4
,
4
.04
%
,
1/17/33
,
Callable
2/15/30
@
100
(a)
.........................................................
1,439
1,409
Wingspire
Equipment
Finance
LLC
..........................................
Series
2024-1A
,
Class
D
,
6
.31
%
,
9/20/32
,
Callable
9/20/27
@
100
(a)
..............
1,447
1,459
Series
2025-1A
,
Class
C
,
4
.76
%
,
9/20/33
,
Callable
2/20/28
@
100
(a)
..............
1,189
1,171
Series
2025-1A
,
Class
D
,
5
.45
%
,
9/20/33
,
Callable
2/20/28
@
100
(a)
..............
3,813
3,769
Yamaha
Motor
Master
Trust
II
,
Series
2026-A
,
Class
C
,
4
.89
%
,
4/15/31
,
Callable
4/15/29
@
100
(a)
...........................................................
915
910
Zayo
Issuer
LLC
.......................................................
Series
2025-1A
,
Class
A2
,
5
.65
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
.............
3,481
3,482
Series
2025-1A
,
Class
B
,
6
.09
%
,
3/20/55
,
Callable
9/20/28
@
100
(a)
..............
2,593
2,582
Series
2025-2A
,
Class
A2
,
5
.95
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
............
2,560
2,579
Series
2025-2A
,
Class
B
,
6
.59
%
,
6/20/55
,
Callable
12/20/28
@
100
(a)
.............
1,522
1,539
Series
2026-1A
,
Class
B
,
6
.04
%
,
4/20/56
,
Callable
10/20/29
@
100
(a)
.............
2,140
2,116
408,436
Agency
ABS
Other
(0.1%):
SLM
Student
Loan
Trust
..................................................
Series
2003-14
,
Class
B
,
4
.44
%
(
SOFR90A
+
81
bps
)
,
10/25/65
,
Callable
10/25/26
@
100
(b)
...........................................................
248
241
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
197
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2012-6
,
Class
B
,
4
.73
%
(
SOFR30A
+
111
bps
)
,
4/27/43
,
Callable
5/25/30
@
100
(b)
$
2,500
$
2,400
2,641
Total
Asset-Backed
Securities
(Cost
$907,889)
a
a
a
905,178
Collateralized
Loan
Obligations
(2.1%)
Cash
Flow
CLO
(2.1%):
720
East
CLO
I
Ltd.
.....................................................
Series
2022-1A
,
Class
A2R
,
5
.33
%
(
TSFR3M
+
160
bps
)
,
1/20/38
,
Callable
1/20/27
@
100
(a)
(b)
.........................................................
4,197
4,198
Series
2022-1A
,
Class
BR
,
5
.43
%
(
TSFR3M
+
170
bps
)
,
1/20/38
,
Callable
1/20/27
@
100
(a)
(b)
.........................................................
3,997
4,000
720
East
CLO
II
Ltd.
,
Series
2023-2A
,
Class
A2R
,
5
.20
%
(
TSFR3M
+
145
bps
)
,
10/15/38
,
Callable
10/15/27
@
100
(a)
(b)
.........................................
2,531
2,517
720
East
CLO
IV
Ltd.
,
Series
2024-1A
,
Class
A2R
,
5
.07
%
(
TSFR3M
+
140
bps
)
,
7/15/39
,
Callable
7/15/28
@
100
(a)
(b)
..........................................
1,405
1,405
720
East
CLO
V
Ltd.
,
Series
2024-2A
,
Class
A2R
,
5
.13
%
(
TSFR3M
+
140
bps
)
,
7/20/39
,
Callable
7/20/28
@
100
(a)
(b)
..........................................
1,733
1,733
720
East
CLO
VII
Ltd.
,
Series
2025-7A
,
Class
A2
,
5
.13
%
(
TSFR3M
+
140
bps
)
,
4/20/37
,
Callable
10/20/26
@
100
(a)
(b)
.........................................
2,587
2,588
720
East
CLO
X
Ltd.
,
Series
2026-10A
,
Class
A2
(
TSFR3M
+
145
bps
)
,
10/20/39
(a)
(b)
......
2,763
2,763
AIMCO
CLO
Ltd.
,
Series
2022-17A
,
Class
XR
,
4
.88
%
(
TSFR3M
+
115
bps
)
,
7/20/37
,
Callable
10/22/26
@
100
(a)
(b)
................................................
2,158
2,158
Ballyrock
CLO
Ltd.
,
Series
2025-30A
,
Class
A1B
,
5
.31
%
(
TSFR3M
+
150
bps
)
,
10/25/38
,
Callable
10/25/27
@
100
(a)
(b)
.........................................
1,900
1,905
Barings
CLO
Ltd.
......................................................
Series
2025-5A
,
Class
A1
,
5
.02
%
(
TSFR3M
+
127
bps
)
,
10/15/38
,
Callable
10/15/27
@
100
(a)
(b)
.........................................................
3,960
3,961
Series
2025-5A
,
Class
A2
,
5
.25
%
(
TSFR3M
+
150
bps
)
,
10/15/38
,
Callable
10/15/27
@
100
(a)
(b)
.........................................................
1,636
1,637
Columbia
Cent
CLO
Ltd.
,
Series
2022-32A
,
Class
BF
,
5
.20
%
,
7/24/34
,
Callable
10/24/26
@
100
(a)
...........................................................
3,750
3,708
Dryden
CLO
LLC
......................................................
Series
2026-133A
,
Class
A2
,
0
.00
%
(
TSFR3M
+
140
bps
)
,
10/15/39
(a)
(b)
............
2,763
2,763
Series
2026-133A
,
Class
X
,
0
.00
%
(
TSFR3M
+
100
bps
)
,
10/15/39
(a)
(b)
............
2,073
2,073
Dryden
CLO
Ltd.
.......................................................
Series
2020-78A
,
Class
A2R2
,
5
.20
%
(
TSFR3M
+
145
bps
)
,
4/17/37
,
Callable
7/17/27
@
100
(a)
(b)
.........................................................
1,750
1,753
Series
2021-93A
,
Class
A2R
,
5
.35
%
(
TSFR3M
+
160
bps
)
,
1/15/38
,
Callable
1/15/27
@
100
(a)
(b)
.........................................................
2,169
2,170
Series
2021-93A
,
Class
XR
,
4
.90
%
(
TSFR3M
+
115
bps
)
,
1/15/38
,
Callable
1/15/27
@
100
(a)
(b)
.........................................................
2,507
2,507
Series
2022-113A
,
Class
BR3
,
5
.20
%
(
TSFR3M
+
145
bps
)
,
10/15/37
,
Callable
10/15/26
@
100
(a)
(b)
.........................................................
3,202
3,203
Series
2022-97A
,
Class
A2R
,
5
.20
%
(
TSFR3M
+
147
bps
)
,
10/20/38
,
Callable
10/20/27
@
100
(a)
(b)
.........................................................
4,321
4,324
Series
2024-119A
,
Class
A2R
,
5
.10
%
(
TSFR3M
+
135
bps
)
,
7/15/39
,
Callable
7/15/28
@
100
(a)
(b)
.........................................................
3,500
3,495
Series
2024-121A
,
Class
B
,
5
.45
%
(
TSFR3M
+
170
bps
)
,
1/15/37
,
Callable
1/15/27
@
100
(a)
(b)
.........................................................
4,420
4,423
Mountain
View
CLO
Ltd.
,
Series
2013-1A
,
Class
CRR
,
6
.22
%
(
TSFR3M
+
246
bps
)
,
10/12/30
,
Callable
10/12/26
@
100
(a)
(b)
.........................................
4,000
4,024
NGC
Ltd.
............................................................
Series
2024-1AR
,
Class
AJR
,
5
.18
%
(
TSFR3M
+
145
bps
)
,
7/20/37
(a)
(b)
............
2,955
2,955
Series
2024-1AR
,
Class
XR
,
4
.68
%
(
TSFR3M
+
95
bps
)
,
7/20/37
(a)
(b)
..............
776
776
OCP
CLO
Ltd.
.........................................................
Series
2020-18A
,
Class
A2R3
,
5
.13
%
(
TSFR3M
+
140
bps
)
,
7/21/39
(a)
(b)
...........
3,488
3,488
Series
2020-8RA
,
Class
B2R2
,
5
.10
%
,
10/17/38
,
Callable
10/17/27
@
100
(a)
........
3,325
3,220
Series
2021-23A
,
Class
B2R2
,
5
.19
%
,
1/17/39
,
Callable
1/17/28
@
100
(a)
..........
4,667
4,584
Series
2024-31A
,
Class
B2R
,
5
.03
%
,
4/20/39
,
Callable
4/20/28
@
100
(a)
...........
5,775
5,597
Series
2025-48A
,
Class
B2
,
5
.06
%
,
12/15/38
,
Callable
1/15/28
@
100
(a)
...........
7,552
7,380
Trimaran
Cavu
Ltd.
,
Series
2021-3A
,
Class
C1
,
6
.46
%
(
TSFR3M
+
273
bps
)
,
1/18/35
,
Callable
10/18/26
@
100
(a)
(b)
................................................
5,000
4,999
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
198
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Venture
CLO
Ltd.
......................................................
Series
2022-45A
,
Class
A2FR
,
4
.94
%
,
7/20/35
,
Callable
1/20/27
@
100
(a)
..........
$
3,450
$
3,363
Series
2022-45A
,
Class
A2NR
,
5
.28
%
(
TSFR3M
+
155
bps
)
,
7/20/35
,
Callable
1/20/27
@
100
(a)
(b)
.........................................................
6,378
6,371
Series
2023-47A
,
Class
AJRR
,
5
.28
%
(
TSFR3M
+
155
bps
)
,
4/20/36
,
Callable
7/20/27
@
100
(a)
(b)
.........................................................
2,300
2,300
Series
2023-48A
,
Class
BR
,
5
.48
%
(
TSFR3M
+
175
bps
)
,
10/20/36
,
Callable
1/20/27
@
100
(a)
(b)
.........................................................
2,485
2,486
Series
2024-50A
,
Class
X
,
4
.98
%
(
TSFR3M
+
125
bps
)
,
10/20/37
,
Callable
10/20/26
@
100
(a)
(b)
.........................................................
2,354
2,354
113,181
Total
Collateralized
Loan
Obligations
(Cost
$113,800)
a
a
a
113,181
Collateralized
Mortgage
Obligations
(10.1%)
Agency
CMO
Floating
(0.2%):
Federal
Home
Loan
Mortgage
Corporation
REMICS
.............................
Series
5522
,
Class
BF
,
4
.67
%
(
SOFR30A
+
105
bps
)
,
3/25/55
(b)
..................
6,413
6,418
Series
5525
,
Class
FA
,
4
.82
%
(
SOFR30A
+
120
bps
)
,
4/25/55
(b)
..................
1,087
1,089
Series
5527
,
Class
FC
,
4
.82
%
(
SOFR30A
+
120
bps
)
,
9/25/54
(b)
..................
1,254
1,256
8,763
Agency
CMO
Other
(1.6%):
Federal
Home
Loan
Mortgage
Corporation
REMICS
.............................
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
2,585
2,603
Series
5450
,
Class
KA
,
4
.50
%
,
6/25/51
...................................
4,761
4,700
Series
5478
,
Class
J
,
5
.50
%
,
3/25/51
.....................................
8,134
8,174
Series
5547
,
Class
V
,
5
.00
%
,
4/25/39
.....................................
4,000
3,965
Series
5598
,
Class
PG
,
4
.50
%
,
11/25/55
...................................
8,002
7,685
Series
5665
,
Class
HE
,
5
.00
%
,
6/25/36
...................................
4,535
4,476
Series
5677
,
Class
C
,
5
.00
%
,
12/25/54
....................................
3,418
3,366
Federal
Home
Loan
Mortgage
Corporation
STRIPS
..............................
Series
440
,
Class
DB
,
4
.50
%
,
5/25/36
....................................
2,708
2,625
Series
452
,
Class
AB
,
5
.05
%
,
6/25/36
....................................
4,588
4,541
Series
459
,
Class
GC
,
5
.00
%
,
7/25/36
....................................
2,304
2,287
Federal
National
Mortgage
Association
REMICS
................................
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
1,319
1,325
Series
2024-33
,
Class
PB
,
5
.00
%
,
3/25/48
.................................
466
467
Series
2025-33
,
Class
P
,
5
.00
%
,
5/25/54
...................................
8,689
8,625
Series
2025-55
,
Class
AC
,
4
.50
%
,
4/25/53
.................................
4,441
4,348
Government
National
Mortgage
Association
....................................
Series
2020-162
,
Class
AB
,
1
.00
%
,
10/20/50
...............................
7,290
5,497
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
2,202
1,908
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
2,982
3,007
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
1,982
1,993
Series
2024-19
,
Class
AD
,
5
.00
%
,
6/20/53
.................................
2,034
2,041
Series
2024-95
,
Class
AB
,
2
.50
%
,
6/20/45
.................................
4,079
3,688
Series
2025-114
,
Class
JA
,
4
.50
%
,
8/20/51
.................................
1,843
1,810
Series
2025-139
,
Class
DT
,
5
.00
%
,
3/20/65
................................
797
797
Series
2025-98
,
Class
ET
,
4
.50
%
,
6/20/65
.................................
3,232
3,215
83,143
Agency
Commercial
MBS
(1.6%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K143
,
Class
A2
,
2
.35
%
,
3/25/32
...................................
5,065
4,471
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
...................................
164
145
Series
K145
,
Class
A2
,
2
.58
%
,
5/25/32
...................................
20,137
17,935
Series
K146
,
Class
A2
,
2
.92
%
,
6/25/32
...................................
7,631
6,918
Series
K147
,
Class
A2
,
3
.00
%
,
6/25/32
(d)
.................................
10,994
10,003
Series
K149
,
Class
A2
,
3
.53
%
,
8/25/32
...................................
13,418
12,541
Series
K-159
,
Class
A2
,
4
.50
%
,
7/25/33
(d)
.................................
17,895
17,502
Series
K-172
,
Class
A2
,
4
.58
%
,
8/25/35
(d)
.................................
7,073
6,877
Series
K536
,
Class
AS
,
4
.13
%
(
SOFR30A
+
50
bps
)
,
11/25/29
(b)
..................
3,423
3,422
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
199
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Federal
National
Mortgage
Association
.......................................
Series
2017-M7
,
Class
A2
,
2
.96
%
,
2/25/27
(d)
...............................
$
1,685
$
1,672
Series
2022-M2
,
Class
A2
,
2
.40
%
,
11/25/31
................................
5,131
4,602
86,088
Commercial
MBS
(6.7%):
ALA
Trust
............................................................
Series
2025-OANA
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
6/15/40
(a)
(b)
(c)
..........
3,515
3,528
Series
2025-OANA
,
Class
C
,
5
.77
%
(
TSFR1M
+
209
bps
)
,
6/15/40
(a)
(b)
(c)
..........
715
718
Series
2025-OANA
,
Class
D
,
6
.77
%
(
TSFR1M
+
309
bps
)
,
6/15/40
(a)
(b)
(c)
..........
1,005
1,006
AOA
Trust
............................................................
Series
2025-1301
,
Class
A
,
5
.06
%
,
8/11/42
(a)
(c)
(d)
..........................
3,768
3,738
Series
2025-1301
,
Class
B
,
5
.30
%
,
8/11/42
(a)
(c)
(d)
..........................
2,394
2,366
Series
2025-1301
,
Class
C
,
5
.64
%
,
8/11/42
(a)
(c)
(d)
..........................
5,527
5,457
Series
2025-1345
,
Class
A
,
5
.28
%
(
TSFR1M
+
160
bps
)
,
6/15/42
(a)
(b)
(c)
............
1,547
1,549
Arbor
Multifamily
Mortgage
Securities
Trust
...................................
Series
2020-MF1
,
Class
C
,
3
.60
%
,
5/15/53
,
Callable
5/15/30
@
100
(a)
(d)
..........
1,500
1,393
Series
2021-MF2
,
Class
B
,
2
.56
%
,
6/15/54
,
Callable
7/15/31
@
100
(a)
(d)
..........
5,150
4,455
ARES
Commercial
Mortgage
Trust
,
Series
2026-GCP
,
Class
B
,
5
.18
%
(
TSFR1M
+
150
bps
)
,
2/15/43
(a)
(b)
(c)
....................................................
434
434
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM
,
Class
B
,
5
.78
%
(
TSFR1M
+
210
bps
)
,
8/15/42
(a)
(b)
(c)
..........
2,037
2,024
Series
2025-ATRM
,
Class
D
,
6
.98
%
(
TSFR1M
+
330
bps
)
,
8/15/42
(a)
(b)
(c)
..........
3,489
3,466
Series
2025-ATRM
,
Class
F
,
9
.18
%
(
TSFR1M
+
550
bps
)
,
8/15/42
(a)
(b)
(c)
...........
2,000
1,964
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(c)
(d)
...........................
1,450
1,425
Series
2018-AVM
,
Class
C
,
4
.11
%
,
7/5/40
(a)
(c)
(d)
...........................
1,310
1,273
BAMLL
Commercial
Mortgage
Securities
Trust
,
Series
2025-HYT
,
Class
B
,
5
.58
%
(
TSFR1M
+
190
bps
)
,
12/15/42
(a)
(b)
(c)
....................................
765
768
BANK
,
Series
2017-BNK4
,
Class
AS
,
3
.78
%
,
5/15/50
,
Callable
4/15/27
@
100
..........
5,000
4,927
BBCCRE
Trust
,
Series
2015-GTP
,
Class
A
,
3
.97
%
,
8/10/33
,
Callable
8/10/26
@
100
(a)
(c)
...
5,835
5,261
Benchmark
Mortgage
Trust
................................................
Series
2021-B25
,
Class
300D
,
2
.99
%
,
4/15/54
,
Callable
4/15/31
@
100
(a)
(d)
........
2,417
1,447
Series
2022-B36
,
Class
XA
,
0
.64
%
,
7/15/55
,
Callable
6/15/32
@
100
(c)
(d)
.........
40,436
1,378
BFLD
Commercial
Mortgage
Trust
,
Series
2025-5MW
,
Class
A
,
4
.67
%
,
10/10/42
(a)
(c)
(d)
...
500
490
BLP
Commercial
Mortgage
Trust
,
Series
2025-IND
,
Class
A
,
4
.88
%
(
TSFR1M
+
120
bps
)
,
3/15/42
(a)
(b)
(c)
....................................................
2,449
2,442
BOS
Trust
,
Series
2026-LYRK
,
Class
A
,
5
.05
%
,
5/11/41
(a)
(c)
(d)
.....................
712
699
BSTN
Commercial
Mortgage
Trust
,
Series
2025-1C
,
Class
A
,
5
.37
%
,
6/15/44
(a)
(c)
(d)
.....
1,973
1,975
BX
Commercial
Mortgage
Trust
............................................
Series
2020-VIV4
,
Class
A
,
2
.84
%
,
3/9/44
,
Callable
3/9/30
@
100
(a)
(c)
............
3,463
3,188
Series
2025-COPT
,
Class
B
,
5
.88
%
(
TSFR1M
+
220
bps
)
,
8/15/42
(a)
(b)
(c)
...........
6
6
Series
2026-ALOHA
,
Class
C
,
5
.38
%
(
TSFR1M
+
170
bps
)
,
4/15/43
(a)
(b)
(c)
.........
2,295
2,298
Series
2026-CSMO
,
Class
A
,
5
.08
%
(
TSFR1M
+
140
bps
)
,
2/15/43
(a)
(b)
(c)
..........
6,790
6,799
Series
2026-VLT9
,
Class
A
,
5
.38
%
(
TSFR1M
+
170
bps
)
,
3/15/45
(a)
(b)
(c)
...........
2,148
2,143
BX
Trust
.............................................................
Series
2025-ARIA
,
Class
A
,
5
.03
%
,
12/13/42
(a)
(c)
(d)
.........................
3,427
3,401
Series
2025-GW
,
Class
A
,
5
.28
%
(
TSFR1M
+
160
bps
)
,
7/15/42
(a)
(b)
(c)
............
3,299
3,304
Series
2025-GW
,
Class
B
,
5
.53
%
(
TSFR1M
+
185
bps
)
,
7/15/42
(a)
(b)
(c)
............
4,124
4,127
Series
2025-GW
,
Class
C
,
5
.78
%
(
TSFR1M
+
210
bps
)
,
7/15/42
(a)
(b)
(c)
............
2,474
2,477
Series
2025-GW
,
Class
D
,
6
.43
%
(
TSFR1M
+
275
bps
)
,
7/15/42
(a)
(b)
(c)
............
2,049
2,059
Series
2025-ROIC
,
Class
A
,
4
.82
%
(
TSFR1M
+
114
bps
)
,
3/15/30
(a)
(b)
(c)
...........
2,578
2,573
Series
2025-ROIC
,
Class
B
,
5
.07
%
(
TSFR1M
+
139
bps
)
,
3/15/30
(a)
(b)
(c)
...........
2,943
2,934
Series
2025-VOLT
,
Class
A
,
5
.38
%
(
TSFR1M
+
170
bps
)
,
12/15/44
(a)
(b)
(c)
..........
2,260
2,254
Series
2025-VOLT
,
Class
B
,
5
.78
%
(
TSFR1M
+
210
bps
)
,
12/15/44
(a)
(b)
(c)
..........
5,554
5,546
Series
2025-VOLT
,
Class
C
,
6
.03
%
(
TSFR1M
+
235
bps
)
,
12/15/44
(a)
(b)
(c)
..........
3,586
3,580
Series
2026-CLS
,
Class
A
,
5
.08
%
(
TSFR1M
+
140
bps
)
,
5/15/43
(a)
(b)
(c)
............
1,070
1,071
BXP
Trust
............................................................
Series
2021-601L
,
Class
A
,
2
.62
%
,
1/15/44
(a)
(c)
............................
4,964
4,276
Series
2021-601L
,
Class
B
,
2
.78
%
,
1/15/44
(a)
(c)
(d)
..........................
5,545
4,736
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(c)
(d)
..........................
3,750
3,126
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(c)
(d)
..........................
5,750
4,597
CAMB
Commercial
Mortgage
Trust
,
Series
2021-CX2
,
Class
A
,
2
.70
%
,
11/10/46
,
Callable
11/10/31
@
100
(a)
(c)
................................................
2,000
1,636
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
200
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
COMM
Mortgage
Trust
..................................................
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
(c)
..........
$
1,075
$
909
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(c)
.............................
3,622
3,722
Series
2024-277P
,
Class
B
,
7
.00
%
,
8/10/44
(a)
(c)
(d)
..........................
453
471
CRSNT
Trust
,
Series
2026-MOON
,
Class
A
,
5
.08
%
(
TSFR1M
+
140
bps
)
,
2/15/43
(a)
(b)
(c)
...
3,109
3,109
CSMC
Trust
..........................................................
Series
2019-UVIL
,
Class
A
,
3
.16
%
,
12/15/41
(a)
(c)
...........................
1,950
1,824
Series
2019-UVIL
,
Class
C
,
3
.28
%
,
12/15/41
(a)
(c)
(d)
.........................
5,000
4,621
Series
2020-WEST
,
Class
A
,
3
.04
%
,
2/15/35
,
Callable
2/15/30
@
100
(a)
(c)
.........
2,500
2,123
DBC
Mortgage
Trust
,
Series
2025-DBC
,
Class
A
,
5
.03
%
(
TSFR1M
+
135
bps
)
,
11/15/42
,
Callable
11/15/27
@
100
(a)
(b)
(c)
.......................................
2,801
2,802
DBJPM
Mortgage
Trust
,
Series
2016-SFC
,
Class
B
,
3
.24
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
(c)
.........................................................
2,500
—
(e)
DBWF
Mortgage
Trust
,
Series
2024-LCRS
,
Class
A
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(b)
(c)
.............................................................
2,750
2,750
GFH
Mortgage
Trust
,
Series
2025-IND
,
Class
B
,
5
.55
%
,
6/15/33
(a)
(c)
.................
1,850
1,843
GGP
,
Series
2026-TY
,
Class
B
,
4
.89
%
,
3/5/43
(a)
(c)
(d)
............................
5,063
4,910
GS
Mortgage
Securities
Trust
..............................................
Series
2019-GSA1
,
Class
A4
,
3
.05
%
,
11/10/52
,
Callable
11/10/29
@
100
...........
4,000
3,768
Series
2019-GSA1
,
Class
AS
,
3
.34
%
,
11/10/52
,
Callable
11/10/29
@
100
...........
5,000
4,712
Hilton
USA
Trust
.......................................................
Series
2016-HHV
,
Class
A
,
3
.72
%
,
11/5/38
(a)
(c)
............................
2,286
2,280
Series
2016-HHV
,
Class
B
,
4
.19
%
,
11/5/38
(a)
(c)
(d)
..........................
4,650
4,644
Series
2016-HHV
,
Class
C
,
4
.19
%
,
11/5/38
(a)
(c)
(d)
..........................
1,873
1,870
Series
2016-HHV
,
Class
D
,
4
.19
%
,
11/5/38
(a)
(c)
(d)
..........................
1,866
1,861
Houston
Galleria
Mall
Trust
,
Series
2025-HGLR
,
Class
A
,
5
.46
%
,
2/5/45
(a)
(c)
(d)
.........
1,731
1,735
Hudson
Yards
Mortgage
Trust
..............................................
Series
2019-30HY
,
Class
A
,
3
.23
%
,
7/10/39
(a)
(c)
............................
1,906
1,804
Series
2019-30HY
,
Class
D
,
3
.44
%
,
7/10/39
(a)
(c)
(d)
..........................
4,947
4,571
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(c)
(d)
.........................
7,369
6,859
Series
2025-SPRL
,
Class
A
,
5
.47
%
,
1/13/40
(a)
(c)
(d)
..........................
7,119
7,191
Series
2025-SPRL
,
Class
B
,
5
.76
%
,
1/13/40
(a)
(c)
(d)
..........................
2,624
2,651
Series
2025-SPRL
,
Class
C
,
5
.95
%
,
1/13/40
(a)
(c)
(d)
..........................
2,100
2,118
Series
2026-10HY
,
Class
A
,
5
.09
%
,
12/10/39
(a)
(c)
(d)
.........................
4,643
4,603
Series
2026-10HY
,
Class
B
,
5
.33
%
,
12/10/39
(a)
(c)
(d)
.........................
2,667
2,645
HYT
Commercial
Mortgage
Trust
,
Series
2024-RGCY
,
Class
A
,
5
.52
%
(
TSFR1M
+
184
bps
)
,
9/15/41
(a)
(b)
(c)
....................................................
8,466
8,463
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPFX
,
Class
C
,
3
.82
%
,
3/15/32
(a)
(c)
(d)
....
2,500
2,235
INT
Commercial
Mortgage
Trust
,
Series
2025-PLAZA
,
Class
A
,
4
.88
%
,
11/5/37
(a)
(c)
(d)
...
1,239
1,223
IRV
Trust
,
Series
2025-200P
,
Class
A
,
5
.29
%
,
3/14/47
,
Callable
2/14/35
@
100
(a)
(c)
(d)
....
7,014
6,934
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
..........................
Series
2019-OSB
,
Class
A
,
3
.40
%
,
6/5/39
,
Callable
6/5/29
@
100
(a)
(c)
............
5,000
4,696
Series
2019-OSB
,
Class
C
,
3
.75
%
,
6/5/39
,
Callable
6/5/29
@
100
(a)
(c)
(d)
..........
2,436
2,232
Series
2019-OSB
,
Class
D
,
3
.78
%
,
6/5/39
,
Callable
6/5/29
@
100
(a)
(c)
(d)
..........
2,000
1,821
Series
2021-2NU
,
Class
D
,
2
.08
%
,
1/5/40
(a)
(c)
.............................
2,700
2,244
Series
2021-2NU
,
Class
XA
,
0
.09
%
,
1/5/40
(a)
(c)
(d)
..........................
226,300
216
Jackson
Park
Trust
......................................................
Series
2019-LIC
,
Class
A
,
2
.77
%
,
10/14/39
(a)
(c)
............................
5,000
4,604
Series
2019-LIC
,
Class
C
,
3
.13
%
,
10/14/39
(a)
(c)
(d)
..........................
5,000
4,542
JW
Commercial
Mortgage
Trust
,
Series
2026-MRCO
,
Class
A
,
5
.18
%
(
TSFR1M
+
150
bps
)
,
6/15/39
(a)
(b)
(c)
....................................................
1,137
1,138
LBA
Trust
............................................................
Series
2024-7IND
,
Class
B
,
5
.42
%
(
TSFR1M
+
174
bps
)
,
10/15/41
(a)
(b)
(c)
..........
1,463
1,464
Series
2026-LBA6
,
Class
B
,
5
.00
%
(
TSFR1M
+
135
bps
)
,
7/15/43
(a)
(b)
(c)
...........
1,066
1,066
LEX
Mortgage
Trust
,
Series
2024-BBG
,
Class
A
,
4
.87
%
,
10/13/33
,
Callable
10/13/28
@
100
(a)
(c)
(d)
.......................................................
4,351
4,320
LEX
Trust
,
Series
2026-450
,
Class
A
,
5
.03
%
(
TSFR1M
+
135
bps
)
,
3/15/43
(a)
(b)
(c)
........
2,054
2,056
MAD
Commercial
Mortgage
Trust
,
Series
2025-11MD
,
Class
A
,
4
.75
%
,
10/15/42
(a)
(c)
(d)
..
4,697
4,616
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW
,
Class
A
,
2
.13
%
,
9/10/39
(a)
(c)
............................
10,274
9,963
Series
2020-1MW
,
Class
B
,
2
.33
%
,
9/10/39
(a)
(c)
(d)
..........................
8,081
7,843
Series
2020-1MW
,
Class
C
,
2
.33
%
,
9/10/39
(a)
(c)
(d)
..........................
6,785
6,564
Series
2020-1MW
,
Class
D
,
2
.33
%
,
9/10/39
(a)
(c)
(d)
..........................
6,475
6,232
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
201
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
2026-2MW
,
Class
A
,
5
.32
%
,
6/10/48
(a)
(c)
(d)
..........................
$
1,765
$
1,738
Series
2026-2MW
,
Class
B
,
5
.53
%
,
6/10/48
(a)
(c)
(d)
..........................
3,173
3,119
MHP
,
Series
2022-MHIL
,
Class
D
,
5
.29
%
(
TSFR1M
+
161
bps
)
,
1/15/39
(a)
(b)
(c)
..........
2,000
1,999
MILE
Trust
,
Series
2025-STNE
,
Class
C
,
5
.78
%
(
TSFR1M
+
210
bps
)
,
7/15/42
(a)
(b)
(c)
.....
1,841
1,853
Morgan
Stanley
Capital
I
Trust
,
Series
2021-PLZA
,
Class
C
,
2
.81
%
,
11/9/43
(a)
(c)
........
2,750
2,304
Morgan
Stanley
Capital
Trust
,
Series
2021-PLZA
,
Class
A
,
2
.57
%
,
11/9/43
(a)
(c)
.........
433
376
NYC
Commercial
Mortgage
Trust
...........................................
Series
2025-300P
,
Class
A
,
4
.88
%
,
7/13/42
(a)
(c)
(d)
..........................
315
309
Series
2025-300P
,
Class
B
,
5
.18
%
,
7/13/42
(a)
(c)
(d)
..........................
2,022
1,991
NYC
Trust
,
Series
2026-9W57
,
Class
B
,
5
.18
%
,
6/6/40
,
Callable
6/6/31
@
100
(a)
(c)
(d)
....
1,065
1,050
One
Bryant
Park
Trust
,
Series
2019-OBP
,
Class
A
,
2
.52
%
,
9/15/54
(a)
(c)
................
14,674
13,510
SCG
Commercial
Mortgage
Trust
,
Series
2025-FLWR
,
Class
B
,
5
.23
%
(
TSFR1M
+
155
bps
)
,
8/15/42
(a)
(b)
(c)
....................................................
3,000
3,001
SCOTT
Trust
,
Series
2023-SFS
,
Class
AS
,
6
.20
%
,
3/10/40
(a)
(c)
.....................
2,357
2,375
SHOPS
Commercial
Mortgage
Trust
,
Series
2026-CSTL
,
Class
B
,
5
.05
%
,
5/5/39
(a)
(c)
(d)
...
2,800
2,754
SHR
Trust
............................................................
Series
2024-LXRY
,
Class
B
,
6
.13
%
(
TSFR1M
+
245
bps
)
,
10/15/41
(a)
(b)
(c)
..........
4,487
4,491
Series
2024-LXRY
,
Class
C
,
6
.63
%
(
TSFR1M
+
295
bps
)
,
10/15/41
(a)
(b)
(c)
..........
2,022
2,026
SLG
Office
Trust
.......................................................
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
(c)
............................
700
618
Series
2021-OVA
,
Class
B
,
2
.71
%
,
7/15/41
(a)
(c)
............................
4,000
3,521
Series
2021-OVA
,
Class
C
,
2
.85
%
,
7/15/41
(a)
(c)
............................
4,000
3,514
Series
2026-OMA
,
Class
A
,
4
.97
%
,
4/15/41
(a)
(c)
(d)
..........................
1,570
1,553
Series
2026-OMA
,
Class
B
,
5
.16
%
,
4/15/41
(a)
(c)
(d)
..........................
4,033
3,988
SREIT
Trust
,
Series
2021-MFP2
,
Class
D
,
5
.36
%
(
TSFR1M
+
168
bps
)
,
11/15/36
(a)
(b)
(c)
....
1,000
1,000
SWCH
Commercial
Mortgage
Trust
,
Series
2025-DATA
,
Class
A
,
5
.12
%
(
TSFR1M
+
144
bps
)
,
2/15/42
(a)
(b)
(c)
....................................................
2,211
2,194
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2018-AUS
,
Class
A
,
4
.06
%
,
8/17/36
(a)
(c)
(d)
..........................
4,200
4,103
Series
2020-C56
,
Class
AS
,
3
.11
%
,
6/15/53
,
Callable
4/15/30
@
100
..............
2,000
1,815
Series
2025-HI
,
Class
A
,
5
.37
%
(
TSFR1M
+
169
bps
)
,
10/15/42
(a)
(b)
(c)
.............
520
521
352,905
Private
CMO
Floating
(0.0%):(f)
Structured
Asset
Mortgage
Investments
II
Trust
,
Series
2005-AR5
,
Class
B1
,
4
.53
%
(
TSFR1M
+
86
bps
)
,
7/19/35
,
Callable
8/19/26
@
100
(b)
........................
233
219
Total
Collateralized
Mortgage
Obligations
(Cost
$546,365)
a
a
a
531,118
Shares
Preferred
Stocks
(0.3%)
Consumer
Staples
(0.2%):
CHS,
Inc.
,
Series
2
,
7
.10
%
(g)
..............................................
400,000
10,072
Financials
(0.1%):
Citigroup
Capital
XIII
,
10
.47
%
(
TSFR3M
+
663
bps
)
,
10/30/40
(b)
.....................
87,500
2,391
U.S.
Bancorp
,
Series
A
,
5
.03
%
(
TSFR3M
+
128
bps
)
(b)
(g)
..........................
5,000
3,831
6,222
Total
Preferred
Stocks
(Cost
$15,932)
a
a
a
16,294
Principal
Amount
(000)
Senior
Secured
Loans
(1.9%)
Communication
Services
(0.0%):(f)
Oak-Eagle
Acquireco,
Inc.,
Term
Loan
B-1,
First
Lien
,
3/23/33
(h)
....................
2,100
2,111
Consumer
Discretionary
(0.7%):
Alterra
Mountain
Co.,
Series
B-9
Term
Loan,
First
Lien
,
6
.23
%
(
SOFR01M
+
250
bps
)
,
8/17/28
(b)
........................................................
341
341
AMC
Entertainment
Holdings,
Inc.,
Initial
Exchange
Term
Loan,
First
Lien
,
9
.67
%
(
SOFR01M
+
600
bps
)
,
1/4/29
(b)
.........................................
1,642
1,647
BJ's
Wholesale
Club,
Inc.,
Tranch
B
Term,
First
Lien
,
5
.41
%
(
SOFR03M
+
175
bps
)
,
2/5/29
(b)
825
828
Burlington
Coat
Factory
Warehouse
Corp.,
Term
Loan
B7,
First
Lien
,
5
.48
%
(
SOFR01M
+
175
bps
)
,
9/19/31
(b)
........................................
4,741
4,729
Charter
Communications
Operating
LLC,
Term
Loan
B-5,
First
Lien
,
5
.98
%
(
SOFR03M
+
225
bps
)
,
12/15/31
(b)
.......................................
4,605
4,424
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
202
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Discovery
Global
Holdings,
Inc.,
Initial
Dollar
Term
Loan
,
6
.23
%
(
SOFR01M
+
250
bps
)
,
6/3/33
(b)
.........................................................
$
1,388
$
1,388
DK
Crown
Holdings,
Inc.,
Term
B
Loans,
First
Lien
,
5
.43
%
(
SOFR01M
+
175
bps
)
,
3/4/32
(b)
.
988
984
Flutter
Financing
B.V.,
2024
Refinancing
Term
B
Loan,
First
Lien
,
5
.48
%
(
SOFR03M
+
175
bps
)
,
11/29/30
(b)
.......................................
1,857
1,839
Four
Seasons
Hotels
Ltd.,
2025
Refinancing
Term
Loan,
First
Lien
,
5
.39
%
(
SOFR01M
+
175
bps
)
,
9/22/32
(b)
........................................
3,283
3,284
Four
Seasons
Hotels
Ltd.,
Term
Loan,
First
Lien
,
7/8/33
(h)
.........................
4,250
4,251
Great
Outdoors
Group
LLC,
Term
B-3
Loan
,
6
.98
%
(
SOFR01M
+
325
bps
)
,
1/23/32
(b)
......
291
292
Light
and
Wonder
International,
Inc.,
Term
Loan
B-3,
First
Lien
,
5
.67
%
(
SOFR01M
+
200
bps
)
,
4/16/29
(b)
........................................................
963
963
Petco
Health
and
Wellness
Co.,
Inc.,
2026
Term
Loan
,
7
.98
%
(
SOFR03M
+
425
bps
)
,
2/3/31
(b)
5,122
5,107
PetSmart,
Inc.,
Term
Loan
B
,
7
.72
%
(
SOFR01M
+
400
bps
)
,
8/18/32
(b)
.................
3,049
3,054
The
E.W.
Scripps
Company,
Tranche
B-2
Term
Loan,
First
Lien
,
9
.42
%
(
SOFR01M
+
575
bps
)
,
6/30/28
(b)
........................................................
1,437
1,433
34,564
Consumer
Staples
(0.1%):
Reynolds
Consumer
Products
LLC,
Term
Loan
B
,
5
.48
%
(
SOFR01M
+
175
bps
)
,
3/4/32
(b)
...
1,588
1,591
TKC
Holdings,
Inc.,
2026
Term
Loan,
First
Lien
,
8
.17
%
(
SOFR01M
+
450
bps
)
,
8/12/30
(b)
...
47
46
US
Foods,
Inc.,
Replacement
B
2024
Term
Loan,
First
Lien
,
5
.48
%
(
SOFR01M
+
175
bps
)
,
10/3/31
(b)
........................................................
2,413
2,429
4,066
Energy
(0.1%):
Hilcorp
Energy
I
LP,
Initial
Loan,
First
Lien
,
5
.42
%
(
SOFR01M
+
175
bps
)
,
2/11/30
(b)
......
2,370
2,367
Murphy
USA,
Inc.,
Tranche
B
Term
Loan,
First
Lien
,
5
.40
%
(
SOFR01M
+
175
bps
)
,
4/7/32
(b)
.
744
748
3,115
Financials
(0.7%):
Acrisure
LLC,
Term
B6,
First
Lien
,
6
.73
%
(
SOFR01M
+
300
bps
)
,
11/6/30
(b)
.............
1,244
1,136
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
6
.73
%
(
SOFR03M
+
300
bps
)
,
2/18/31
(b)
........................................
72
71
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien
,
6
.83
%
(
SOFR06M
+
300
bps
)
,
2/18/31
(b)
........................................
1,555
1,532
AS
Mileage
Plan
IP
Ltd.,
Initial
Term
Loan,
First
Lien
,
5
.48
%
(
SOFR03M
+
175
bps
)
,
10/15/31
(b)
.......................................................
4,122
4,109
Broadstreet
Partners,
Inc.,
2024
Term
B
Loans,
First
Lien
,
6
.23
%
(
SOFR01M
+
250
bps
)
,
6/16/31
(b)
........................................................
981
964
Chicago
US
Midco
III,
LP,
Closing
Date
Term
Loans,
First
Lien
,
6
.23
%
(
SOFR01M
+
250
bps
)
,
10/29/32
(b)
.......................................................
1,271
1,268
Chicago
US
Midco
III,
LP,
Delayed
Draw
Term
Loan
Commitment,
First
Lien
,
10/29/32
(h)
(i)
197
197
CNT
Holdings
I
Corp.,
2025
Replacement
Term
Loans,
First
Lien
,
6
.07
%
(
SOFR03M
+
225
bps
)
,
11/8/32
(b)
........................................
2,669
2,674
Colossus
Acquireco
LLC,
Initial
Term
Loan,
First
Lien
,
5
.37
%
(
SOFRDAILY
+
175
bps
)
,
1/10/33
(b)
........................................................
3,093
3,078
Edelman
Financial
Engines
Center
LLC,
Initial
Term
Loan,
First
Lien
,
7
.64
%
(
SOFR01M
+
400
bps
)
,
11/28/31
(b)
.......................................
2,000
2,006
EP
Wealth
Advisors,
LLC,
Amendment
No.1Refinancing
Term
Loans
USD,
First
Lien
,
6
.17
%
(
SOFR03M
+
250
bps
)
,
10/18/32
,
Callable
9/5/26
@
101
(b)
......................
499
501
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien
,
6
.98
%
(
SOFR01M
+
325
bps
)
,
1/29/29
(b)
........................................................
469
469
Hightower
Holding
LLC,
Amendment
No.
11
Delayed
Draw
Term
Loan,
First
Lien
,
2/3/32
(h)
500
497
Hightower
Holding
LLC,
Initial
Term
Loan,
First
Lien
,
6
.41
%
(
SOFR03M
+
275
bps
)
,
2/3/32
(b)
1,750
1,741
OEG
Borrower
LLC,
Amendment
No.1
Term
Loan,
First
Lien
,
7
.17
%
(
SOFR03M
+
350
bps
)
,
6/30/31
(b)
........................................................
884
888
OneDigital
Borrower
LLC,
2025
Refinancing
Term
Loans,
First
Lien
,
6
.73
%
(
SOFR01M
+
300
bps
)
,
7/2/31
(b)
.........................................
2,789
2,731
Ryan
Specialty
Group
LLC,
Term
Loan
B1,
First
Lien
,
5
.73
%
(
SOFR01M
+
200
bps
)
,
9/15/31
(b)
493
492
SGH2
LLC,
Initial
Dollar
Term
Loan
,
8
.23
%
(
SOFR03M
+
450
bps
)
,
8/18/32
(b)
...........
402
402
Sword
Purchaser
LLC,
Initial
Dollar
Term
Loans
,
7
.73
%
(
SOFR01M
+
400
bps
)
,
4/11/33
(b)
..
1,400
1,346
Trucordia
Insurance
Holdings
LLC,
Initial
Term
Loans,
First
Lien
,
6
.98
%
(
SOFR03M
+
325
bps
)
,
6/17/32
(b)
........................................
497
440
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
First
Lien
,
6
.48
%
(
SOFR03M
+
275
bps
)
,
5/6/31
(b)
.........................................................
563
553
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
203
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Voyager
Parent
LLC,
2026
Refinancing
Term
B
Loan
,
7
.98
%
(
SOFR03M
+
425
bps
)
,
7/1/32
(b)
$
8,115
$
8,122
35,217
Health
Care
(0.0%):(f)
Prestige
Brands,
Inc.,
Term
Loan
B,
First
Lien
,
5
.73
%
(
SOFR01M
+
200
bps
)
,
6/13/33
(b)
....
500
501
Industrials
(0.1%):
Advanced
Drainage
Systems,
Inc.,
Initial
Term
Loan,
First
Lien
,
5
.27
%
(
SOFR01M
+
163
bps
)
,
2/28/33
(b)
........................................................
599
603
Arcosa,
Inc.,
2025
Refinancing
Term
Loan,
First
Lien
,
5
.73
%
(
SOFR01M
+
200
bps
)
,
10/1/31
(b)
129
130
Asplundh
Tree
Expert
LLC,  Amendment
No.
5
Refinancing
Term
Loan,
First
Lien
,
5
.48
%
(
SOFR01M
+
175
bps
)
,
5/14/33
(b)
........................................
1,000
998
Asplundh
Tree
Expert
LLC,
Term
Loan
B,
First
Lien
,
5
.48
%
(
SOFR01M
+
175
bps
)
,
5/30/33
(b)
581
580
Carrix,
Inc.,
Delayed
Term
Loan
,
7/18/33
(h)
....................................
167
166
Carrix,
Inc.,
Term
Loan
B
,
7/18/33
(h)
........................................
833
831
Formula
One
Management
Ltd.,
Term
Loan
B1
,
5
.48
%
(
SOFR03M
+
175
bps
)
,
9/19/31
(b)
....
1,100
1,100
Janus
International
Group
LLC,
8th
Amendment
Term
Loan,
First
Lien
,
5
.75
%
(
SOFR03M
+
200
bps
)
,
8/5/30
(b)
.........................................
176
175
Shift4
Payments
LLC,
Amendment
No.
3
Refinancing
Term
Loan
,
5
.73
%
(
SOFR03M
+
200
bps
)
,
7/6/32
(b)
.........................................................
2,150
2,146
6,729
Information
Technology
(0.1%):
Open
Text
Corp.,
Term
Loan
B,
First
Lien
,
5
.48
%
(
SOFR01M
+
175
bps
)
,
1/31/30
(b)
.......
3,213
3,180
Proofpoint,
Inc.,
2025-B
Incremental
Term
Loan
,
6
.73
%
(
SOFR03M
+
300
bps
)
,
8/31/28
(b)
...
463
455
Vista
Management
Holding,
Inc.,
Initial
Term
Loans,
First
Lien
,
7
.48
%
(
SOFR03M
+
375
bps
)
,
4/1/31
(b)
.........................................................
2,750
2,752
6,387
Materials
(0.0%):(f)
Element
Solutions,
Inc.,
Tranche
B-3
Term
Loan,
First
Lien
,
5
.48
%
(
SOFR01M
+
175
bps
)
,
12/18/30
(b)
.......................................................
997
999
Worthington
Steel,
Inc.,
Initial
Term
Loan
,
7
.73
%
(
SOFR01M
+
400
bps
)
,
6/1/33
(b)
........
1,000
1,003
2,002
Real
Estate
(0.1%):
QTS
Thunder
Managing
Issuer
LLC,
Term
Loan
,
6
.03
%
(
SOFR03M
+
225
bps
)
,
7/22/33
(b)
...
2,350
2,315
Utilities
(0.0%):(f)
NRG
Energy,
Inc.,
2024
New
Term
Loans,
First
Lien
,
5
.49
%
(
SOFR01M
+
175
bps
)
,
4/16/31
(b)
1,582
1,581
Total
Senior
Secured
Loans
(Cost
$98,333)
a
a
a
98,588
Corporate
Bonds
(19.7%)
Communication
Services
(1.9%):
Alphabet,
Inc.
1
.90
%
,
8/15/40
,
Callable
2/15/40
@
100
..................................
10,052
6,439
5
.45
%
,
11/15/55
,
Callable
5/15/55
@
100
..................................
1,291
1,150
AMC
Global
Media,
Inc.
,
10
.50
%
,
7/15/32
,
Callable
7/15/28
@
105.25
(a)
..............
23
24
AT&T,
Inc.
,
5
.13
%
,
4/30/36
,
Callable
1/30/36
@
100
.............................
3,052
2,907
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
5
.85
%
,
12/1/35
,
Callable
9/1/35
@
100
...................................
5,090
4,755
3
.50
%
,
6/1/41
,
Callable
12/1/40
@
100
...................................
6,448
4,360
4
.80
%
,
3/1/50
,
Callable
9/1/49
@
100
....................................
254
177
Comcast
Corp.
,
3
.75
%
,
4/1/40
,
Callable
10/1/39
@
100
............................
1,787
1,373
Discovery
Global
Holdings,
Inc.
,
5
.05
%
,
3/15/42
,
Callable
9/15/41
@
100
..............
549
383
EchoStar
Corp.
,
10
.75
%
,
11/30/29
,
Callable
11/30/26
@
105.38
......................
24,780
26,801
Lamar
Media
Corp.
,
5
.38
%
,
11/1/33
,
Callable
11/1/28
@
102.69
(a)
...................
91
88
Lincoln
Center
for
the
Performing
Arts,
Inc.
,
3
.71
%
,
12/1/35
,
Callable
9/1/35
@
100
.......
1,475
1,261
Meta
Platforms,
Inc.
6
.20
%
,
5/15/46
,
Callable
11/15/45
@
100
..................................
9,898
9,302
5
.63
%
,
11/15/55
,
Callable
5/15/55
@
100
..................................
7,190
6,019
6
.30
%
,
5/15/56
,
Callable
11/15/55
@
100
..................................
3,458
3,172
Nexstar
Media,
Inc.
,
6
.50
%
,
9/15/33
,
Callable
3/15/29
@
103.25
(a)
...................
424
422
Omnicom
Group,
Inc.
,
5
.30
%
,
6/2/36
,
Callable
3/2/36
@
100
(j)
......................
3,989
3,790
Paramount
Global
,
4
.38
%
,
3/15/43
..........................................
3,045
1,858
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
204
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
ROBLOX
Corp.
,
3
.88
%
,
5/1/30
,
Callable
9/5/26
@
100.97
(a)
.......................
$
3,750
$
3,504
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
,
5
.15
%
,
3/20/28
,
Callable
3/20/27
@
100
(a)
......................................
135
135
Time
Warner
Cable
LLC
,
6
.75
%
,
6/15/39
......................................
1,410
1,328
T-Mobile
USA,
Inc.
5
.00
%
,
2/15/36
,
Callable
11/15/35
@
100
..................................
2,566
2,432
5
.70
%
,
1/15/56
,
Callable
7/15/55
@
100
..................................
2,285
2,016
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC
,
6
.50
%
,
2/15/29
,
Callable
8/16/26
@
100
(a)
(j)
.......................................................
8,409
8,296
Verizon
Communications,
Inc.
5
.88
%
,
11/30/55
,
Callable
5/30/55
@
100
..................................
952
870
6
.20
%
(
H15T5Y
+
204
bps
)
,
5/14/56
,
Callable
2/14/36
@
100
(b)
..................
2,475
2,421
WMG
Acquisition
Corp.
,
3
.88
%
,
7/15/30
,
Callable
9/5/26
@
101.29
(a)
................
7,524
7,086
102,369
Consumer
Discretionary
(1.1%):
Amazon.com,
Inc.
,
6
.10
%
,
7/9/56
,
Callable
1/9/56
@
100
..........................
3,485
3,343
AutoNation,
Inc.
,
5
.89
%
,
3/15/35
,
Callable
12/15/34
@
100
........................
228
229
Booking
Holdings,
Inc.
,
5
.38
%
,
5/7/36
,
Callable
2/7/36
@
100
......................
1,421
1,398
Choice
Hotels
International,
Inc.
,
5
.85
%
,
8/1/34
,
Callable
5/1/34
@
100
(j)
..............
259
258
D.R.
Horton,
Inc.
,
5
.50
%
,
10/15/35
,
Callable
7/15/35
@
100
........................
916
915
Daimler
Truck
Finance
North
America
LLC
,
5
.38
%
,
6/25/34
,
Callable
3/25/34
@
100
(a)
....
1,261
1,245
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
4
.63
%
,
1/15/29
,
Callable
9/5/26
@
101.56
(a)
...............................
4,230
4,108
6
.75
%
,
1/15/30
,
Callable
9/5/26
@
101.69
(a)
(j)
.............................
6,885
6,761
Genuine
Parts
Co.
,
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
.........................
121
105
Hyatt
Hotels
Corp.
,
5
.40
%
,
12/15/35
,
Callable
9/15/35
@
100
(j)
.....................
824
802
Las
Vegas
Sands
Corp.
,
5
.65
%
,
5/18/33
,
Callable
3/18/33
@
100
.....................
2,841
2,802
LKQ
Corp.
,
6
.25
%
,
6/15/33
,
Callable
3/15/33
@
100
.............................
84
86
Lowe's
Cos.,
Inc.
4
.85
%
,
10/15/35
,
Callable
7/15/35
@
100
(j)
................................
130
124
2
.80
%
,
9/15/41
,
Callable
3/15/41
@
100
..................................
8,989
6,207
Marriott
International,
Inc.
,
5
.10
%
,
5/1/38
,
Callable
2/1/38
@
100
....................
2,531
2,374
Meritage
Homes
Corp.
,
5
.65
%
,
3/15/35
,
Callable
12/15/34
@
100
....................
2,078
2,063
Mobility
Global,
Inc.
,
6
.05
%
,
6/15/36
,
Callable
3/15/36
@
100
(a)
....................
7,045
6,930
O'Reilly
Automotive,
Inc.
,
5
.00
%
,
8/19/34
,
Callable
5/19/34
@
100
...................
211
205
PetSmart
LLC/PetSmart
Finance
Corp.
,
7
.50
%
,
9/15/32
,
Callable
9/15/28
@
103.75
(a)
.....
1,478
1,495
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
50
42
Sodexo,
Inc.
,
5
.80
%
,
8/15/35
,
Callable
5/15/35
@
100
(a)
..........................
1,166
1,164
Taylor
Morrison
Communities,
Inc.
,
5
.75
%
,
11/15/32
,
Callable
5/15/32
@
100
(a)
.........
7,514
7,695
The
Michaels
Cos.,
Inc.
,
8
.50
%
,
3/15/33
,
Callable
3/15/29
@
104.25
(a)
................
2,289
2,269
TKC
Holdings,
Inc.
,
8
.50
%
,
8/15/30
,
Callable
8/15/27
@
104.25
(a)
...................
1,692
1,731
Toll
Brothers
Finance
Corp.
,
5
.60
%
,
6/15/35
,
Callable
3/15/35
@
100
.................
230
229
Volkswagen
Group
of
America
Finance
LLC
,
5
.60
%
,
3/22/34
,
Callable
12/22/33
@
100
(a)
..
2,208
2,180
56,760
Consumer
Staples
(0.6%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
1,533
1,325
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
602
339
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
1,928
1,882
Coca-Cola
Consolidated,
Inc.
,
5
.45
%
,
6/1/34
,
Callable
3/1/34
@
100
..................
426
430
Constellation
Brands,
Inc.
,
4
.95
%
,
11/1/35
,
Callable
8/1/35
@
100
(j)
..................
2,218
2,117
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
6
.63
%
,
7/15/30
,
Callable
8/16/26
@
103.31
(a)
..............................
5,089
5,118
5
.60
%
,
1/15/31
,
Callable
12/15/30
@
100
(a)
...............................
3,747
3,679
Kellanova
,
4
.50
%
,
4/1/46
.................................................
263
217
Keurig
Dr.
Pepper,
Inc.
,
5
.15
%
,
5/15/35
,
Callable
2/15/35
@
100
(j)
...................
173
168
Kraft
Heinz
Foods
Co.
,
6
.88
%
,
1/26/39
.......................................
5,488
5,866
Maple
Parent
Holdings
Corp.
,
5
.70
%
,
3/26/36
,
Callable
12/26/35
@
100
(a)
.............
728
723
Mars,
Inc.
,
5
.20
%
,
3/1/35
,
Callable
12/1/34
@
100
(a)
.............................
1,408
1,388
Molson
Coors
Beverage
Co.
,
5
.50
%
,
7/8/36
,
Callable
4/8/36
@
100
...................
1,405
1,380
PepsiCo,
Inc.
,
2
.63
%
,
10/21/41
,
Callable
4/21/41
@
100
...........................
1,286
892
Smithfield
Foods,
Inc.
,
2
.63
%
,
9/13/31
,
Callable
6/13/31
@
100
(a)
....................
1,135
995
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
205
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Sysco
Corp.
,
4
.95
%
,
3/25/36
,
Callable
12/25/35
@
100
............................
$
5,387
$
5,075
The
Hershey
Co.
,
5
.10
%
,
2/24/35
,
Callable
11/24/34
@
100
........................
720
720
The
J.M.
Smucker
Co.
,
6
.50
%
,
11/15/53
,
Callable
5/15/53
@
100
(j)
...................
100
104
The
Kroger
Co.
,
5
.50
%
,
9/15/54
,
Callable
3/15/54
@
100
..........................
15
13
32,431
Energy
(0.7%):
Boardwalk
Pipelines
LP
,
5
.38
%
,
2/15/36
,
Callable
11/15/35
@
100
...................
1,060
1,033
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
1,227
1,050
Cheniere
Energy
Partners
LP
,
5
.55
%
,
10/30/35
,
Callable
4/30/35
@
100
................
1,810
1,798
CITGO
Petroleum
Corp.
,
8
.38
%
,
1/15/29
,
Callable
9/5/26
@
104.19
(a)
................
7,682
7,886
Devon
Energy
Corp.
,
5
.40
%
,
2/15/35
,
Callable
11/15/34
@
100
(a)
....................
184
182
Diamondback
Energy,
Inc.
5
.40
%
,
4/18/34
,
Callable
1/18/34
@
100
..................................
377
376
5
.75
%
,
4/18/54
,
Callable
10/18/53
@
100
.................................
439
409
DT
Midstream,
Inc.
,
5
.80
%
,
12/15/34
,
Callable
9/15/34
@
100
(a)
....................
409
409
Eastern
Energy
Gas
Holdings
LLC
,
5
.80
%
,
1/15/35
,
Callable
10/15/34
@
100
...........
2,569
2,608
Energy
Transfer
LP
5
.35
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
1,243
1,215
6
.55
%
(
H15T5Y
+
234
bps
)
,
1/15/57
,
Callable
10/15/31
@
100
(b)
.................
2,090
2,063
Enterprise
Products
Operating
LLC
,
5
.20
%
,
1/15/36
,
Callable
10/15/35
@
100
...........
1,898
1,867
Florida
Gas
Transmission
Co.
LLC
,
5
.75
%
,
7/15/35
,
Callable
4/15/35
@
100
(a)
..........
1,807
1,821
Gulfstream
Natural
Gas
System
LLC
,
5
.60
%
,
7/23/35
,
Callable
4/23/35
@
100
(a)
.........
1,174
1,168
Howard
Midstream
Energy
Partners
LLC
,
6
.63
%
,
1/15/35
,
Callable
7/15/29
@
103.31
(a)
...
344
344
NGPL
PipeCo
LLC
,
5
.60
%
,
8/15/36
,
Callable
2/15/36
@
100
(a)
.....................
4,225
4,089
ONEOK,
Inc.
5
.40
%
,
10/15/35
,
Callable
7/15/35
@
100
.................................
909
890
5
.15
%
,
10/15/43
,
Callable
4/15/43
@
100
.................................
702
614
Permian
Resources
Operating
LLC
,
6
.25
%
,
2/1/33
,
Callable
8/1/27
@
103.13
(a)
..........
1,617
1,646
Pioneer
Opco
LLC
,
7
.00
%
,
5/15/33
,
Callable
5/15/28
@
103.5
(a)
....................
163
165
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
5
.70
%
,
9/15/34
,
Callable
6/15/34
@
100
127
128
Venture
Global
Calcasieu
Pass
LLC
,
6
.00
%
,
5/1/36
,
Callable
11/1/35
@
100
(a)
...........
2,491
2,465
Viper
Energy
Partners
LLC
,
5
.70
%
,
8/1/35
,
Callable
5/1/35
@
100
....................
917
914
35,140
Financials
(6.2%):
Acrisure
LLC/Acrisure
Finance,
Inc.
8
.25
%
,
2/1/29
,
Callable
9/5/26
@
104.13
(a)
................................
7,102
6,809
8
.50
%
,
6/15/29
,
Callable
9/5/26
@
104.25
(a)
...............................
1,834
1,750
6
.00
%
,
8/1/29
,
Callable
9/5/26
@
100
(a)
..................................
5,128
4,631
7
.50
%
,
11/6/30
,
Callable
9/5/26
@
103.75
(a)
...............................
2,390
2,313
6
.75
%
,
7/1/32
,
Callable
7/1/28
@
103.38
(a)
................................
6,609
6,079
Affiliated
Managers
Group,
Inc.
,
5
.50
%
,
2/15/36
,
Callable
11/15/35
@
100
..............
3,211
3,111
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co-Issuer
6
.50
%
,
10/1/31
,
Callable
10/1/27
@
103.25
(a)
..............................
870
870
7
.38
%
,
10/1/32
,
Callable
10/1/27
@
103.69
(a)
..............................
3,032
3,050
American
Express
Co.
,
4
.80
%
(
SOFR
+
124
bps
)
,
10/24/36
,
Callable
10/24/35
@
100
(b)
.....
1,652
1,561
Ameriprise
Financial,
Inc.
,
5
.35
%
,
6/15/36
,
Callable
3/15/36
@
100
...................
3,155
3,087
Aon
Corp.
,
6
.25
%
,
9/30/40
................................................
2,481
2,606
Aon
North
America,
Inc.
,
5
.75
%
,
3/1/54
,
Callable
9/1/53
@
100
.....................
612
569
Apollo
Debt
Solutions
BDC
,
5
.70
%
,
1/23/31
,
Callable
12/23/30
@
100
(a)
..............
184
179
Apollo
Global
Management,
Inc.
,
5
.70
%
,
3/30/36
,
Callable
12/30/35
@
100
.............
1,272
1,255
Arthur
J.
Gallagher
&
Co.
5
.15
%
,
2/15/35
,
Callable
11/15/34
@
100
..................................
1,813
1,766
5
.55
%
,
2/15/55
,
Callable
8/15/54
@
100
..................................
9
8
Athene
Global
Funding
,
2
.67
%
,
6/7/31
(a)
......................................
750
659
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance
,
7
.13
%
,
5/15/31
,
Callable
5/15/27
@
103.56
(a)
....................................
2,663
2,687
Bank
of
America
Corp.
,
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(b)
....
1,697
1,465
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer,
Inc.
,
9
.50
%
,
7/1/32
,
Callable
7/1/28
@
104.75
(a)
.................................................
1,019
990
Blackstone
Reg
Finance
Co.
LLC
,
4
.95
%
,
2/15/36
,
Callable
11/15/35
@
100
............
1,529
1,457
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
206
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Block
Financial
LLC
3
.88
%
,
8/15/30
,
Callable
5/15/30
@
100
..................................
$
1,036
$
979
5
.38
%
,
9/15/32
,
Callable
7/15/32
@
100
..................................
6,265
6,138
Block,
Inc.
6
.50
%
,
5/15/32
,
Callable
5/15/27
@
103.25
................................
400
404
6
.00
%
,
8/15/33
,
Callable
8/15/28
@
103
(a)
................................
1,444
1,433
Blue
Owl
Finance
LLC
,
6
.25
%
,
4/18/34
,
Callable
1/18/34
@
100
.....................
2,157
2,088
BMW
US
Capital
LLC
,
5
.20
%
,
8/11/35
,
Callable
5/11/35
@
100
(a)
...................
1,214
1,174
Broadstreet
Partners
Group
LLC
,
5
.88
%
,
4/15/29
,
Callable
9/5/26
@
100
(a)
.............
2,104
2,059
Brown
&
Brown,
Inc.
5
.65
%
,
6/11/34
,
Callable
3/11/34
@
100
..................................
79
79
5
.55
%
,
6/23/35
,
Callable
3/23/35
@
100
..................................
7,487
7,346
6
.25
%
,
6/23/55
,
Callable
12/12/54
@
100
.................................
21
20
Burford
Capital
Global
Finance
LLC
6
.25
%
,
4/15/28
,
Callable
9/5/26
@
100
(a)
(j)
................................
771
760
7
.50
%
,
7/15/33
,
Callable
7/15/28
@
103.75
(a)
(j)
............................
7,432
6,269
8
.50
%
,
1/15/34
,
Callable
1/15/29
@
104.25
(a)
(j)
............................
1,295
1,121
Capital
One
Financial
Corp.
2
.36
%
(
SOFR
+
134
bps
)
,
7/29/32
,
Callable
7/29/31
@
100
(b)
....................
1,250
1,073
6
.18
%
(
SOFR
+
204
bps
)
,
1/30/36
,
Callable
1/30/35
@
100
(b)
....................
877
879
Citadel
Securities
Global
Holdings
LLC
,
5
.75
%
,
3/27/36
,
Callable
12/27/35
@
100
(a)
......
1,463
1,421
Clearinghouse
Community
Development
Financial
Institution
,
7
.00
%
,
10/15/30
,
Callable
9/15/30
@
100
(a)
...................................................
2,650
2,828
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.38
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(b)
..................................................
978
853
Constellation
Global
Funding
,
5
.70
%
,
8/5/31
(a)
.................................
2,417
2,410
CRC
Insurance
Group
LLC
,
7
.13
%
,
6/1/31
,
Callable
6/1/27
@
103.56
(a)
...............
9,663
9,650
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
1,000
995
Enstar
Finance
LLC
,
5
.50
%
(
H15T5Y
+
401
bps
)
,
1/15/42
,
Callable
1/15/27
@
100
(b)
.......
9,886
9,756
ERAC
USA
Finance
LLC
,
5
.25
%
,
4/30/36
,
Callable
1/30/36
@
100
(a)
.................
2,852
2,790
Fifth
Third
Bancorp
,
5
.14
%
(
SOFR
+
124
bps
)
,
1/29/37
,
Callable
1/29/36
@
100
(b)
(j)
.......
3,651
3,503
First
Eagle
Holdings,
Inc.
,
7
.25
%
,
8/15/32
,
Callable
8/15/28
@
103.63
(a)
...............
355
359
Fiserv,
Inc.
,
5
.25
%
,
8/11/35
,
Callable
5/11/35
@
100
(j)
............................
1,226
1,171
Ford
Motor
Credit
Co.
LLC
,
5
.87
%
,
10/31/35
,
Callable
7/31/35
@
100
................
1,802
1,739
Global
Payments,
Inc.
,
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
.....................
2,863
2,727
Hightower
Holding
LLC
6
.75
%
,
4/15/29
,
Callable
9/5/26
@
100
(a)
.................................
1,820
1,814
9
.13
%
,
1/31/30
,
Callable
9/5/26
@
104.56
(a)
...............................
568
591
Horseshoe
Funding
Trust
,
6
.06
%
,
2/15/36
,
Callable
11/15/35
@
100
(a)
................
739
736
HUB
International
Ltd.
5
.63
%
,
12/1/29
,
Callable
9/5/26
@
101.41
(a)
...............................
2,232
2,230
7
.38
%
,
1/31/32
,
Callable
1/31/27
@
103.69
(a)
..............................
328
335
Huntington
Bancshares,
Inc.
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(b)
..................
2,646
2,260
5
.61
%
(
H15T5Y
+
135
bps
)
,
1/28/41
,
Callable
10/28/35
@
100
(b)
.................
2,192
2,101
Intercontinental
Exchange,
Inc.
,
2
.65
%
,
9/15/40
,
Callable
3/15/40
@
100
...............
2,131
1,496
Jane
Street
Group/JSG
Finance,
Inc.
7
.13
%
,
4/30/31
,
Callable
4/30/27
@
103.56
(a)
..............................
3,030
3,128
6
.75
%
,
5/1/33
,
Callable
5/1/28
@
103.38
(a)
................................
6,118
6,236
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.
,
6
.63
%
,
10/15/31
,
Callable
10/15/27
@
103.31
(a)
1,771
1,738
Jefferies
Financial
Group,
Inc.
,
5
.50
%
,
2/15/36
,
Callable
11/15/35
@
100
...............
1,109
1,049
JPMorgan
Chase
&
Co.
4
.90
%
(
SOFR
+
107
bps
)
,
1/22/37
,
Callable
1/22/36
@
100
(b)
....................
2,324
2,216
5
.19
%
(
SOFR
+
130
bps
)
,
2/5/37
,
Callable
2/5/36
@
100
(b)
......................
2,312
2,217
5
.80
%
(
H15T5Y
+
125
bps
)
,
7/23/41
,
Callable
7/23/36
@
100
(b)
..................
3,465
3,425
KeyCorp
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(b)
............
1,557
1,510
6
.40
%
(
SOFRINDX
+
242
bps
)
,
3/6/35
,
Callable
3/6/34
@
100
(b)
.................
3,445
3,596
KeyCorp
Capital
II
,
6
.88
%
,
3/17/29
..........................................
750
765
KKR
&
Co.,
Inc.
,
5
.10
%
,
8/7/35
,
Callable
5/7/35
@
100
...........................
1,985
1,889
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
,
7
.00
%
,
7/15/31
,
Callable
7/15/27
@
103.5
(a)
...........................................
3,057
3,161
Loews
Corp.
,
4
.94
%
,
4/1/36
,
Callable
1/1/36
@
100
..............................
1,656
1,581
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
207
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
LPL
Holdings,
Inc.
5
.65
%
,
3/15/35
,
Callable
12/15/34
@
100
.................................
$
1,568
$
1,531
5
.75
%
,
6/15/35
,
Callable
3/15/35
@
100
..................................
1,854
1,823
LSEG
US
Fin
Corp.
,
5
.25
%
,
3/23/36
,
Callable
12/23/35
@
100
(a)
....................
1,583
1,540
M&T
Bank
Corp.
,
5
.40
%
(
H15T5Y
+
143
bps
)
,
7/30/35
,
Callable
7/30/30
@
100
(b)
........
1,633
1,618
Marsh
&
McLennan
Cos.,
Inc.
4
.95
%
,
3/15/36
,
Callable
12/15/35
@
100
.................................
1,593
1,535
4
.75
%
,
3/15/39
,
Callable
9/15/38
@
100
..................................
1,456
1,339
5
.40
%
,
3/15/55
,
Callable
9/15/54
@
100
..................................
513
462
MassMutual
Global
Funding
II
,
5
.05
%
,
8/26/35
(a)
...............................
5,939
5,759
MetLife,
Inc.
,
9
.25
%
,
4/8/38
,
Callable
4/8/33
@
100
(a)
............................
3,431
3,962
Mobius
Merger
Sub,
Inc.
,
9
.00
%
,
6/1/30
,
Callable
9/5/26
@
104.5
(a)
..................
7,574
5,193
Morgan
Stanley
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(b)
....................
1,177
1,010
4
.89
%
(
SOFR
+
131
bps
)
,
10/22/36
,
Callable
10/22/35
@
100
(b)
..................
2,262
2,143
5
.07
%
(
SOFR
+
118
bps
)
,
1/30/37
,
Callable
1/30/36
@
100
(b)
....................
2,425
2,318
Morgan
Stanley
Private
Bank
NA
,
4
.73
%
(
SOFR
+
108
bps
)
,
7/18/31
,
Callable
7/18/30
@
100
(b)
2,866
2,829
MSCI,
Inc.
,
5
.15
%
,
3/15/36
,
Callable
12/15/35
@
100
.............................
2,934
2,784
MSD
Investment
Corp.
6
.38
%
,
6/12/29
,
Callable
5/12/29
@
100
(a)
................................
980
978
6
.13
%
,
2/5/31
,
Callable
1/5/31
@
100
(a)
..................................
7,946
7,697
New
York
Life
Global
Funding
,
5
.35
%
,
1/23/35
(a)
...............................
5,230
5,215
New
York
Life
Insurance
Co.
,
6
.75
%
,
11/15/39
(a)
................................
4,894
5,273
Northern
Trust
Corp.
,
5
.12
%
(
H15T5Y
+
105
bps
)
,
11/19/40
,
Callable
11/19/35
@
100
(b)
....
5,817
5,563
Osaic
Holdings,
Inc.
6
.75
%
,
8/1/32
,
Callable
8/1/28
@
103.38
(a)
................................
100
100
8
.00
%
,
8/1/33
,
Callable
8/1/28
@
104
(a)
..................................
3,842
3,895
Pinnacle
Financial
Partners,
Inc.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(b)
...............
4,787
4,958
Prudential
Financial,
Inc.
,
6
.25
%
(
H15T5Y
+
178
bps
)
,
6/15/56
,
Callable
3/15/36
@
100
(b)
...
286
284
Raymond
James
Financial,
Inc.
,
4
.90
%
,
9/11/35
,
Callable
6/11/35
@
100
...............
2,301
2,196
Rocket
Cos.,
Inc.
6
.38
%
,
8/1/33
,
Callable
8/1/28
@
103.19
(a)
................................
386
389
6
.50
%
,
6/15/34
,
Callable
6/15/29
@
103.25
(a)
..............................
2,566
2,591
Ryan
Specialty
LLC
,
5
.88
%
,
8/1/32
,
Callable
8/1/27
@
102.94
(a)
....................
20,439
20,160
Santander
Holdings
USA,
Inc.
6
.34
%
(
SOFR
+
214
bps
)
,
5/31/35
,
Callable
5/31/34
@
100
(b)
(j)
..................
2,344
2,428
5
.70
%
(
SOFR
+
160
bps
)
,
6/5/37
,
Callable
6/5/36
@
100
(b)
......................
2,450
2,388
State
Street
Corp.
,
6
.12
%
(
SOFR
+
196
bps
)
,
11/21/34
,
Callable
11/21/33
@
100
(b)
.........
2,880
2,993
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
1,334
1,172
Sumisho
Air
Lease
Corp.
,
5
.50
%
,
3/24/36
,
Callable
12/24/35
@
100
(a)
................
2,136
2,080
Swepco
Storm
Recovery
Funding
LLC
,
4
.88
%
,
9/1/39
............................
4,632
4,530
Synchrony
Financial
,
6
.28
%
(
SOFR
+
203
bps
)
,
7/31/37
,
Callable
7/31/36
@
100
(b)
........
2,073
2,071
Takeda
US
Financing,
Inc.
,
5
.20
%
,
7/7/35
,
Callable
4/7/35
@
100
....................
1,163
1,139
The
Bank
of
New
York
Mellon
Corp.
5
.19
%
(
SOFR
+
142
bps
)
,
3/14/35
,
Callable
3/14/34
@
100
(b)
....................
216
215
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(b)
....................
2,316
2,318
The
Carlyle
Group,
Inc.
,
5
.05
%
,
9/19/35
,
Callable
6/19/35
@
100
....................
2,686
2,550
The
Charles
Schwab
Corp.
,
4
.91
%
(
SOFR
+
123
bps
)
,
11/14/36
,
Callable
11/14/35
@
100
(b)
..
1,975
1,887
The
Goldman
Sachs
Group,
Inc.
5
.07
%
(
SOFR
+
119
bps
)
,
1/21/37
,
Callable
1/21/36
@
100
(b)
....................
1,472
1,403
5
.43
%
(
SOFR
+
131
bps
)
,
6/3/37
,
Callable
6/3/36
@
100
(b)
......................
1,409
1,377
5
.66
%
(
SOFR
+
145
bps
)
,
7/21/37
,
Callable
7/21/36
@
100
(b)
....................
347
345
The
NorthWestern
Mutual
Life
Insurance
Co.
,
6
.06
%
,
3/30/40
(a)
.....................
2,132
2,141
The
PNC
Financial
Services
Group,
Inc.
5
.37
%
(
SOFR
+
142
bps
)
,
7/21/36
,
Callable
7/21/35
@
100
(b)
....................
1,928
1,904
5
.42
%
(
H15T5Y
+
117
bps
)
,
1/25/41
,
Callable
1/25/36
@
100
(b)
..................
9,875
9,449
The
Western
Union
Co.
,
4
.75
%
,
6/15/29
,
Callable
5/15/29
@
100
....................
1,421
1,406
Toyota
Motor
Credit
Corp.
,
4
.80
%
,
1/11/36
(j)
...................................
1,976
1,898
TPG
Operating
Group
II
LP
4
.88
%
,
5/15/31
,
Callable
4/15/31
@
100
..................................
175
171
5
.38
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
2,559
2,462
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
208
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Truist
Financial
Corp.
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(b)
(g)
......................
$
39
$
39
4
.96
%
(
SOFR
+
140
bps
)
,
10/23/36
,
Callable
10/23/35
@
100
,
MTN
(b)
.............
2,658
2,530
U.S.
Bancorp
5
.03
%
(
SOFR
+
110
bps
)
,
1/26/37
,
Callable
1/26/36
@
100
(b)
....................
3,673
3,535
5
.72
%
(
H15T5Y
+
125
bps
)
,
5/20/41
,
Callable
5/20/36
@
100
(b)
..................
3,550
3,464
Voyager
Parent
LLC
,
9
.25
%
,
7/1/32
,
Callable
7/1/28
@
104.63
(a)
....................
1,243
1,321
Wells
Fargo
&
Co.
,
4
.96
%
(
SOFR
+
110
bps
)
,
1/23/37
,
Callable
1/23/36
@
100
(b)
..........
2,974
2,840
Willis
North
America,
Inc.
,
5
.15
%
,
3/15/36
,
Callable
12/15/35
@
100
.................
4,337
4,159
324,360
Health
Care
(1.6%):
180
Medical,
Inc.
,
5
.30
%
,
10/8/35
,
Callable
7/8/35
@
100
(a)
........................
1,156
1,110
Alcon
Finance
Corp.
,
5
.75
%
,
12/6/52
,
Callable
6/6/52
@
100
(a)
.....................
172
162
Amgen,
Inc.
,
4
.85
%
,
2/19/36
,
Callable
11/19/35
@
100
............................
1,093
1,047
AthenaHealth
Group,
Inc.
,
6
.50
%
,
2/15/30
,
Callable
9/5/26
@
101.63
(a)
...............
2,969
2,868
Baxter
International,
Inc.
,
5
.65
%
,
12/15/35
,
Callable
9/15/35
@
100
...................
917
897
Bayer
US
Finance
II
LLC
,
4
.63
%
,
6/25/38
,
Callable
12/25/37
@
100
(a)
................
3,350
2,959
Boston
Medical
Center
Corp.
,
3
.91
%
,
7/1/28
...................................
3,000
2,910
Centene
Corp.
4
.63
%
,
12/15/29
,
Callable
9/5/26
@
101.54
................................
3,426
3,319
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
...................................
537
468
CHS/Community
Health
Systems,
Inc.
,
4
.75
%
,
2/15/31
,
Callable
8/21/26
@
102.38
(a)
(j)
....
500
445
CVS
Health
Corp.
4
.78
%
,
3/25/38
,
Callable
9/25/37
@
100
..................................
2,509
2,292
6
.75
%
(
H15T5Y
+
252
bps
)
,
12/10/54
,
Callable
9/10/34
@
100
(b)
.................
918
944
DENTSPLY
SIRONA,
Inc.
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
(j)
..................................
1,105
1,022
8
.38
%
(
H15T5Y
+
438
bps
)
,
9/12/55
,
Callable
6/12/30
@
100
(b)
..................
3,164
3,150
Gaia
Purchaser,
Inc.
,
7
.63
%
,
7/15/33
,
Callable
7/15/29
@
103.81
(a)
...................
2,094
2,101
GE
HealthCare
Technologies,
Inc.
,
4
.95
%
,
12/15/35
,
Callable
9/15/35
@
100
............
1,045
999
HCA,
Inc.
5
.30
%
,
5/15/36
,
Callable
2/15/36
@
100
..................................
716
694
5
.13
%
,
6/15/39
,
Callable
12/15/38
@
100
.................................
1,343
1,244
5
.70
%
,
11/15/55
,
Callable
5/15/55
@
100
..................................
963
867
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.88
%
,
6/15/54
,
Callable
12/15/53
@
100
(a)
...........................................................
427
389
Medline
Borrower
LP
,
5
.25
%
,
10/1/29
,
Callable
9/5/26
@
101.31
(a)
..................
31,721
31,437
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV
5
.13
%
,
4/30/31
,
Callable
9/5/26
@
102.56
(a)
...............................
5,420
5,368
7
.88
%
,
5/15/34
,
Callable
5/15/29
@
103.94
(a)
..............................
2,949
3,149
Orlando
Health
Obligated
Group
,
5
.48
%
,
10/1/35
,
Callable
4/1/35
@
100
...............
245
246
Teva
Pharmaceutical
Finance
Co.
LLC
,
6
.15
%
,
2/1/36
............................
176
180
The
Cigna
Group
,
5
.25
%
,
1/15/36
,
Callable
10/15/35
@
100
........................
1,161
1,139
Thermo
Fisher
Scientific,
Inc.
,
4
.89
%
,
10/7/37
,
Callable
7/7/37
@
100
.................
632
606
Universal
Health
Services,
Inc.
,
5
.05
%
,
10/15/34
,
Callable
7/15/34
@
100
..............
2,366
2,228
Vanderbilt
University
Medical
Center
,
4
.17
%
,
7/1/37
,
Callable
1/1/37
@
100
............
1,445
1,299
Viatris,
Inc.
,
3
.85
%
,
6/22/40
,
Callable
12/22/39
@
100
............................
389
298
VSP
Optical
Group,
Inc.
5
.45
%
,
12/1/35
,
Callable
9/1/35
@
100
(a)
.................................
1,799
1,765
5
.65
%
,
6/1/36
,
Callable
3/1/36
@
100
(a)
..................................
4,197
4,160
Zimmer
Biomet
Holdings,
Inc.
,
5
.20
%
,
9/15/34
,
Callable
6/15/34
@
100
...............
1,337
1,313
Zoetis,
Inc.
,
5
.00
%
,
8/17/35
,
Callable
5/17/35
@
100
(j)
............................
2,788
2,701
85,776
Industrials
(2.4%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
278
247
Alaska
Airlines
Pass
Through
Trust
,
4
.80
%
,
8/15/27
(a)
............................
3,413
3,409
American
Airlines
Pass
Through
Trust
3
.60
%
,
10/15/29
....................................................
1,134
1,071
5
.65
%
,
11/11/34
....................................................
1,624
1,585
5
.75
%
,
5/10/35
....................................................
3,553
3,487
6
.30
%
,
8/20/35
....................................................
4,145
4,144
5
.25
%
,
11/10/38
....................................................
2,131
2,069
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
209
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
American
Builders
&
Contractors
Supply
Co.,
Inc.
,
4
.00
%
,
1/15/28
,
Callable
9/5/26
@
100
(a)
$
2,127
$
2,095
Arcosa,
Inc.
4
.38
%
,
4/15/29
,
Callable
8/21/26
@
100.73
(a)
..............................
2,091
2,046
6
.88
%
,
8/15/32
,
Callable
8/15/27
@
103.44
(a)
..............................
16,419
16,948
BlueLinx
Holdings,
Inc.
,
6
.00
%
,
11/15/29
,
Callable
9/5/26
@
101.5
(a)
.................
2,030
2,001
Booz
Allen
Hamilton,
Inc.
,
5
.90
%
,
1/30/34
,
Callable
11/30/33
@
100
..................
3,454
3,410
British
Airways
Pass
Through
Trust
,
3
.35
%
,
6/15/29
(a)
............................
840
812
Broadridge
Financial
Solutions,
Inc.
,
5
.75
%
,
5/15/36
,
Callable
2/15/36
@
100
...........
2,731
2,688
Carlisle
Cos.,
Inc.
,
5
.55
%
,
9/15/40
,
Callable
6/15/40
@
100
.........................
3,232
3,116
Carpenter
Technology
Corp.
,
5
.63
%
,
3/1/34
,
Callable
3/1/29
@
102.81
(a)
...............
2,950
2,909
Carrix,
Inc.
,
6
.13
%
,
8/1/33
,
Callable
8/1/29
@
103.06
(a)
...........................
4,158
4,140
Delta
Air
Lines
Pass
Through
Trust
,
2
.50
%
,
6/10/28
..............................
2,518
2,428
Delta
Air
Lines,
Inc.
3
.75
%
,
10/28/29
,
Callable
7/28/29
@
100
.................................
1,681
1,616
5
.25
%
,
7/10/30
,
Callable
6/10/30
@
100
..................................
140
141
Equifax,
Inc.
,
5
.65
%
,
8/15/33
,
Callable
6/15/33
@
100
............................
1,862
1,868
Experian
Finance
US,
Inc.
,
5
.35
%
,
8/24/36
,
Callable
5/24/36
@
100
(a)
................
5,966
5,789
FedEx
Freight
Holding
Co.,
Inc.
,
5
.25
%
,
3/15/36
,
Callable
12/15/35
@
100
(a)
...........
768
733
Flowserve
Corp.
,
5
.70
%
,
5/15/36
,
Callable
2/15/36
@
100
..........................
844
825
GATX
Corp.
,
5
.50
%
,
6/15/35
,
Callable
3/15/35
@
100
............................
1,802
1,782
Hubbell,
Inc.
,
4
.80
%
,
11/15/35
,
Callable
8/15/35
@
100
...........................
784
745
JetBlue
Pass
Through
Trust
7
.75
%
,
11/15/28
....................................................
2,131
2,130
2
.75
%
,
5/15/32
....................................................
1,184
1,038
JH
North
America
Holdings,
Inc.
,
6
.13
%
,
7/31/32
,
Callable
7/31/28
@
103.06
(a)
.........
5,000
5,012
Kennametal,
Inc.
,
5
.80
%
,
5/28/36
,
Callable
2/28/36
@
100
.........................
1,329
1,313
Lockheed
Martin
Corp.
,
5
.00
%
,
8/15/35
,
Callable
5/15/35
@
100
.....................
963
949
MasTec,
Inc.
,
5
.90
%
,
6/15/29
,
Callable
5/15/29
@
100
............................
1,054
1,077
Otis
Worldwide
Corp.
5
.13
%
,
9/4/35
,
Callable
6/4/35
@
100
....................................
392
384
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
..................................
1,823
1,364
Paychex,
Inc.
,
5
.60
%
,
4/15/35
,
Callable
1/15/35
@
100
(j)
..........................
5,146
5,113
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
177
184
Resideo
Funding
II
LLC
,
6
.50
%
,
7/15/32
,
Callable
7/15/27
@
103.25
(a)
(j)
..............
589
589
Roller
Bearing
Co.
of
America,
Inc.
,
4
.38
%
,
10/15/29
,
Callable
9/5/26
@
101.09
(a)
.......
429
417
RXO,
Inc.
,
6
.38
%
,
5/15/31
,
Callable
5/15/28
@
103.19
(a)
..........................
430
429
Southwest
Airlines
Co.
,
5
.25
%
,
11/15/35
,
Callable
8/15/35
@
100
....................
329
312
Stonepeak
Nile
Parent
LLC
,
7
.25
%
,
3/15/32
,
Callable
3/15/28
@
103.63
(a)
.............
2,242
2,311
Sumisho
Air
Lease
Corp.
,
8
.26
%
(
H15T5Y
+
408
bps
)
,
Callable
9/15/26
@
100
(b)
(g)
.......
458
460
Sunbelt
Rentals
Holdings,
Inc.
,
5
.65
%
,
8/12/36
,
Callable
5/12/36
@
100
(a)
.............
3,732
3,670
Textron,
Inc.
,
4
.95
%
,
3/15/36
,
Callable
12/15/35
@
100
...........................
2,152
2,055
The
Boeing
Co.
6
.88
%
,
3/15/39
....................................................
10,823
11,830
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,343
2,212
6
.86
%
,
5/1/54
,
Callable
11/1/53
@
100
...................................
852
913
The
GEO
Group,
Inc.
,
8
.63
%
,
4/15/29
,
Callable
8/16/26
@
104.31
....................
239
249
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
489
460
United
Airlines
Pass
Through
Trust
3
.50
%
,
5/1/28
.....................................................
1,469
1,429
5
.88
%
,
2/15/37
....................................................
1,702
1,694
Verisk
Analytics,
Inc.
,
5
.13
%
,
3/15/36
,
Callable
12/15/35
@
100
.....................
978
932
Weir
Group,
Inc.
,
5
.35
%
,
5/6/30
,
Callable
4/6/30
@
100
(a)
.........................
3,204
3,210
XPO,
Inc.
,
6
.25
%
,
6/1/28
,
Callable
8/16/26
@
101.56
(a)
...........................
83
84
123,924
Information
Technology
(2.5%):
Accenture
Capital,
Inc.
,
5
.60
%
,
7/10/36
,
Callable
4/10/36
@
100
.....................
13,569
13,429
Apple,
Inc.
,
2
.38
%
,
2/8/41
,
Callable
8/8/40
@
100
...............................
3,466
2,375
Broadcom,
Inc.
4
.95
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
3,759
3,528
3
.50
%
,
2/15/41
,
Callable
8/15/40
@
100
..................................
3,589
2,705
Cadence
Design
Systems,
Inc.
,
4
.70
%
,
9/10/34
,
Callable
6/10/34
@
100
................
100
96
Citadel
Finance
LLC
,
5
.15
%
,
2/14/31
,
Callable
1/14/31
@
100
(a)
....................
1,190
1,157
Cloud
Software
Group
LLC
,
6
.50
%
,
3/31/29
,
Callable
8/16/26
@
103.25
(a)
.............
3,768
3,685
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
210
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Dell
International
LLC/EMC
Corp.
,
5
.25
%
,
2/15/37
,
Callable
11/15/36
@
100
...........
$
6,109
$
5,860
Ellucian
Holdings,
Inc.
,
6
.50
%
,
12/1/29
,
Callable
12/1/26
@
103.25
(a)
.................
1,813
1,746
Foundry
JV
Holdco
LLC
6
.40
%
,
1/25/38
,
Callable
10/25/37
@
100
(a)
...............................
862
889
6
.30
%
,
1/25/39
,
Callable
10/25/38
@
100
(a)
...............................
1,006
1,031
Hewlett
Packard
Enterprise
Co.
,
5
.60
%
,
10/15/54
,
Callable
4/15/54
@
100
..............
2,072
1,804
Intel
Corp.
,
5
.30
%
,
5/15/36
,
Callable
2/15/36
@
100
..............................
1,778
1,717
International
Business
Machines
Corp.
4
.95
%
,
2/3/36
,
Callable
11/3/35
@
100
...................................
3,249
3,063
4
.15
%
,
5/15/39
....................................................
5,616
4,673
Intuit,
Inc.
,
5
.50
%
,
6/15/36
,
Callable
3/15/36
@
100
..............................
7,303
7,139
Keysight
Technologies,
Inc.
,
4
.95
%
,
10/15/34
,
Callable
7/15/34
@
100
................
269
260
Microsoft
Corp.
,
5
.30
%
,
2/8/41
.............................................
2,673
2,637
NVIDIA
Corp.
4
.95
%
,
6/15/36
,
Callable
3/15/36
@
100
..................................
3,798
3,629
3
.50
%
,
4/1/40
,
Callable
10/1/39
@
100
...................................
10,054
7,979
Oracle
Corp.
2
.95
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
2,858
2,571
5
.70
%
,
2/4/36
,
Callable
11/4/35
@
100
...................................
1,215
1,126
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
6,581
5,210
3
.60
%
,
4/1/40
,
Callable
10/1/39
@
100
...................................
4,762
3,295
5
.95
%
,
9/26/55
,
Callable
3/26/55
@
100
..................................
12,148
9,656
Qnity
Electronics,
Inc.
,
5
.75
%
,
8/15/32
,
Callable
8/15/28
@
102.88
(a)
.................
2,266
2,253
Rocket
Software,
Inc.
,
9
.00
%
,
11/28/28
,
Callable
8/16/26
@
102
(a)
...................
6,729
6,660
Roper
Technologies,
Inc.
,
5
.10
%
,
9/15/35
,
Callable
6/15/35
@
100
...................
3,964
3,782
Salesforce,
Inc.
2
.70
%
,
7/15/41
,
Callable
1/15/41
@
100
..................................
13,749
9,011
6
.40
%
,
3/15/46
,
Callable
9/15/45
@
100
..................................
7,706
7,415
ServiceNow,
Inc.
5
.40
%
,
5/15/36
,
Callable
2/15/36
@
100
..................................
2,779
2,709
6
.30
%
,
5/15/56
,
Callable
11/15/55
@
100
..................................
2,118
2,038
Synopsys,
Inc.
,
5
.15
%
,
4/1/35
,
Callable
1/1/35
@
100
.............................
409
397
TD
SYNNEX
Corp.
,
5
.30
%
,
10/10/35
,
Callable
7/10/35
@
100
......................
720
689
Trimble,
Inc.
,
6
.10
%
,
3/15/33
,
Callable
12/15/32
@
100
...........................
1
1
UKG,
Inc.
,
6
.88
%
,
2/1/31
,
Callable
2/1/27
@
103.44
(a)
............................
5,537
5,424
VeriSign,
Inc.
,
5
.10
%
,
7/15/31
,
Callable
6/15/31
@
100
............................
1,000
996
132,635
Materials
(1.0%):
Amcor
Flexibles
North
America,
Inc.
,
5
.13
%
,
3/12/36
,
Callable
12/12/35
@
100
..........
1,332
1,285
Amrize
Finance
US
LLC
,
5
.40
%
,
4/7/35
,
Callable
1/7/35
@
100
.....................
384
382
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
600
554
CRH
America
Finance,
Inc.
5
.00
%
,
2/9/36
,
Callable
11/9/35
@
100
...................................
3,521
3,377
5
.88
%
,
1/9/55
,
Callable
7/9/54
@
100
....................................
381
367
Eagle
Materials,
Inc.
,
5
.00
%
,
3/15/36
,
Callable
12/15/35
@
100
......................
5,263
4,958
Ecolab,
Inc.
,
5
.00
%
,
9/1/35
,
Callable
6/1/35
@
100
...............................
511
501
FMC
Corp.
,
8
.00
%
,
6/1/31
,
Callable
6/1/28
@
104
(a)
.............................
500
516
LYB
International
Finance
III
LLC
,
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
.............
21,331
15,364
Martin
Marietta
Materials,
Inc.
5
.15
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
851
833
5
.50
%
,
12/1/54
,
Callable
6/1/54
@
100
(j)
..................................
1,519
1,373
Packaging
Corp.
of
America
,
5
.20
%
,
8/15/35
,
Callable
5/15/35
@
100
.................
1,000
981
Reliance,
Inc.
,
6
.85
%
,
11/15/36
.............................................
1,862
2,029
Sonoco
Products
Co.
5
.00
%
,
9/1/34
,
Callable
6/1/34
@
100
(j)
..................................
100
96
5
.75
%
,
11/1/40
,
Callable
5/1/40
@
100
...................................
2,105
2,080
Southern
Copper
Corp.
,
5
.35
%
,
6/24/36
,
Callable
3/24/36
@
100
.....................
2,100
2,044
Sword
Purchaser
LLC
,
8
.25
%
,
4/15/33
,
Callable
4/15/29
@
104.13
(a)
.................
331
339
Syensqo
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(a)
...............
1,219
1,227
The
Dow
Chemical
Co.
5
.65
%
,
3/15/36
,
Callable
12/15/35
@
100
(j)
................................
2,005
1,970
5
.25
%
,
11/15/41
,
Callable
5/15/41
@
100
..................................
4,607
4,083
The
Sherwin-Williams
Co.
,
5
.15
%
,
8/15/35
,
Callable
5/15/35
@
100
..................
1,676
1,647
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
211
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
U.S.
Steel
Corp.
,
5
.70
%
,
8/1/36
,
Callable
5/1/36
@
100
(a)
..........................
$
1,355
$
1,331
Vulcan
Materials
Co.
5
.35
%
,
12/1/34
,
Callable
9/1/34
@
100
...................................
636
634
5
.70
%
,
12/1/54
,
Callable
6/1/54
@
100
...................................
256
240
Westlake
Corp.
5
.55
%
,
11/15/35
,
Callable
8/15/35
@
100
..................................
1,205
1,170
2
.88
%
,
8/15/41
,
Callable
2/15/41
@
100
..................................
2,825
1,891
51,272
Real
Estate
(0.9%):
Alexandria
Real
Estate
Equities,
Inc.
,
5
.50
%
,
10/1/35
,
Callable
7/1/35
@
100
(j)
..........
100
98
American
Assets
Trust
LP
,
6
.15
%
,
10/1/34
,
Callable
7/1/34
@
100
....................
347
345
American
Tower
Trust
#1
,
5
.49
%
,
3/15/28
,
Callable
3/15/27
@
100
(a)
.................
3,740
3,763
Beacon
Point
DC
LLC
,
6
.13
%
,
11/30/42
,
Callable
5/30/42
@
100
(a)
..................
4,847
4,641
Boston
Properties
LP
,
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
.......................
52
42
CBRE
Services,
Inc.
,
5
.25
%
,
6/1/36
,
Callable
3/1/36
@
100
........................
1,453
1,403
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
3,394
3,043
Essex
Portfolio
LP
,
5
.50
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
617
617
Extra
Space
Storage
LP
,
5
.35
%
,
1/15/35
,
Callable
10/15/34
@
100
....................
669
658
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.63
%
,
3/1/36
,
Callable
12/1/35
@
100
..........
2,915
2,798
Healthpeak
OP
LLC
,
5
.38
%
,
2/15/35
,
Callable
11/15/34
@
100
......................
406
401
Keenan
Development
Associates
of
Tennessee
LLC
(INS
-
XL
Capital
Assurance)
,
5
.02
%
,
7/15/28
(a)
........................................................
116
116
Kilroy
Realty
LP
,
6
.25
%
,
1/15/36
,
Callable
10/15/35
@
100
........................
1,754
1,746
Regency
Centers
LP
,
5
.10
%
,
1/15/35
,
Callable
10/15/34
@
100
......................
321
315
SBA
Tower
Trust
2
.33
%
,
1/15/28
,
Callable
9/5/26
@
100
(a)
.................................
3,000
2,893
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
2,947
2,972
4
.83
%
,
10/15/29
,
Callable
10/15/27
@
100
(a)
...............................
9,035
9,002
2
.59
%
,
10/15/31
(a)
..................................................
5,000
4,411
Sopaipilla
Investor
LLC
,
7
.53
%
,
11/30/48
,
Callable
5/30/48
@
100
(a)
.................
2,072
2,147
South
Bow
USA
Infrastructure
Holdings
LLC
,
5
.58
%
,
10/1/34
,
Callable
7/1/34
@
100
.....
295
290
The
Howard
Hughes
Corp.
5
.88
%
,
3/1/32
,
Callable
9/1/28
@
102.94
(a)
................................
450
439
6
.13
%
,
3/1/34
,
Callable
3/1/29
@
103.06
(a)
................................
9
9
The
NHP
Foundation
,
6
.00
%
,
12/1/33
,
Callable
6/1/33
@
100
.......................
2,821
2,937
The
Northwestern
Mutual
Life
Insurance
Co.
,
6
.17
%
,
5/29/55
,
Callable
11/29/54
@
100
(a)
..
765
755
VICI
Properties
LP
,
5
.63
%
,
4/1/35
,
Callable
1/1/35
@
100
..........................
260
255
46,096
Utilities
(0.8%):
Black
Hills
Corp.
,
6
.00
%
,
1/15/35
,
Callable
10/15/34
@
100
........................
261
265
CenterPoint
Energy
Houston
Electric
LLC
,
5
.05
%
,
3/1/35
,
Callable
12/1/34
@
100
........
1,344
1,311
Centerpoint
Energy
Restoration
Bond
Co.
III
LLC
,
4
.86
%
,
12/15/39
..................
3,615
3,449
Cleco
Power
LLC
,
5
.30
%
,
1/15/36
,
Callable
10/15/35
@
100
(a)
......................
1,804
1,760
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(b)
.........
959
933
Constellation
Energy
Generation
LLC
,
5
.00
%
,
2/1/31
,
Callable
2/1/27
@
101.67
..........
5,767
5,731
Dominion
Energy,
Inc.
5
.35
%
,
6/15/36
,
Callable
3/15/36
@
100
..................................
2,460
2,393
7
.00
%
(
H15T5Y
+
251
bps
)
,
6/1/54
,
Callable
3/3/34
@
100
(b)
....................
2,159
2,249
DTE
Energy
Co.
,
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
...........................
100
103
Duke
Energy
Carolinas
SC
Storm
Funding
LLC
,
4
.90
%
,
3/1/46
......................
1,428
1,379
Duke
Energy
Corp.
,
3
.30
%
,
6/15/41
,
Callable
12/15/40
@
100
.......................
2,713
1,998
Duke
Energy
Progress
SC
Storm
Funding
LLC
,
5
.40
%
,
3/1/44
.......................
2,227
2,210
Entergy
Louisiana
LLC
,
5
.15
%
,
9/15/34
,
Callable
6/15/34
@
100
....................
798
790
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/38
.......................
2,877
2,850
Interstate
Power
and
Light
Co.
,
5
.60
%
,
6/29/35
,
Callable
3/29/35
@
100
...............
3,269
3,286
NextEra
Energy
Capital
Holdings,
Inc.
,
6
.00
%
(
H15T5Y
+
184
bps
)
,
10/1/56
,
Callable
7/4/31
@
100
(b)
...........................................................
364
358
Oncor
Electric
Delivery
Co.
LLC
,
5
.35
%
,
4/1/35
,
Callable
1/1/35
@
100
...............
1,111
1,108
Public
Service
Co.
of
Oklahoma
,
5
.45
%
,
1/15/36
,
Callable
10/15/35
@
100
.............
233
230
The
AES
Corp.
,
5
.75
%
,
7/15/33
,
Callable
5/15/33
@
100
..........................
1,198
1,187
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
212
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vistra
Operations
Co.
LLC
7
.75
%
,
10/15/31
,
Callable
10/15/26
@
103.88
(a)
............................
$
2,532
$
2,640
6
.88
%
,
4/15/32
,
Callable
4/15/27
@
103.44
(a)
..............................
4,170
4,306
40,536
Total
Corporate
Bonds
(Cost
$1,050,486)
a
a
a
1,031,299
Yankee
Dollars
(5.3%)
Communication
Services
(0.3%):
Altice
France
Lux
3/Altice
Holdings
1
,
10
.00
%
,
1/15/33
,
Callable
10/1/26
@
101
(a)
.......
5,319
5,227
Altice
France
SA
,
6
.50
%
,
4/15/32
,
Callable
10/1/26
@
101
(a)
.......................
5,175
5,011
Orange
SA
,
5
.00
%
,
1/13/36
,
Callable
10/13/35
@
100
(a)
...........................
2,204
2,099
Rogers
Communications,
Inc.
,
3
.80
%
,
3/15/32
,
Callable
12/15/31
@
100
...............
722
664
Telecom
Italia
Capital
SA
,
7
.20
%
,
7/18/36
.....................................
4,365
4,711
TELUS
Corp.
,
6
.38
%
(
H15T5Y
+
269
bps
)
,
6/9/56
,
Callable
3/9/31
@
100
(b)
.............
154
152
17,864
Consumer
Discretionary
(1.0%):
Carnival
Corp.
Ltd.
7
.00
%
,
8/15/29
,
Callable
8/15/26
@
103.5
(a)
...............................
10,626
10,991
6
.13
%
,
2/15/33
,
Callable
2/15/28
@
103.06
(a)
..............................
9,370
9,372
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
650
583
Gildan
Activewear,
Inc.
,
5
.40
%
,
10/7/35
,
Callable
7/7/35
@
100
(a)
...................
1,967
1,884
Global
Auto
Holdings
Ltd./AAG
FH
UK
Ltd.
,
8
.38
%
,
1/15/29
,
Callable
9/5/26
@
104.19
(a)
.
1,700
1,684
NCL
Corp.
Ltd.
6
.75
%
,
2/1/32
,
Callable
2/1/28
@
103.38
(a)
................................
7,393
7,246
6
.25
%
,
9/15/33
,
Callable
9/15/28
@
103.13
(a)
..............................
2,664
2,532
Pershing
Square
Holdings
Ltd.
,
5
.50
%
,
10/28/32
,
Callable
8/28/32
@
100
(a)
............
8,100
7,915
Royal
Caribbean
Cruises
Ltd.
6
.25
%
,
3/15/32
,
Callable
3/15/27
@
103.13
(a)
..............................
1,559
1,585
6
.00
%
,
2/1/33
,
Callable
8/1/27
@
103
(a)
..................................
2,826
2,847
5
.25
%
,
2/27/38
,
Callable
8/27/37
@
100
..................................
100
94
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
5
.63
%
,
2/15/29
,
Callable
8/21/26
@
100
(a)
..........
7,383
7,374
54,107
Consumer
Staples
(0.3%):
Alimentation
Couche-Tard,
Inc.
,
5
.08
%
,
9/29/35
,
Callable
6/29/35
@
100
(a)
.............
1,769
1,703
Bacardi
Ltd./Bacardi-Martini
B.V.
,
5
.40
%
,
6/15/33
,
Callable
3/15/33
@
100
(a)
...........
121
119
Bacardi-Martini
B.V.
,
6
.00
%
,
2/1/35
,
Callable
11/1/34
@
100
(a)
.....................
3,619
3,645
Becle
SAB
de
CV
,
2
.50
%
,
10/14/31
,
Callable
7/14/31
@
100
(a)
......................
8,601
7,313
Imperial
Brands
Finance
PLC
,
5
.63
%
,
7/1/35
,
Callable
4/1/35
@
100
(a)
................
1,376
1,358
JBS
NV/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
Holdings
5
.63
%
,
3/10/37
,
Callable
12/10/36
@
100
(a)
...............................
1,800
1,760
6
.25
%
,
3/1/56
,
Callable
9/1/55
@
100
....................................
192
179
16,077
Energy
(0.3%):
Aker
BP
ASA
,
5
.13
%
,
10/1/34
,
Callable
7/1/34
@
100
(a)
..........................
314
302
BP
Capital
Markets
PLC
,
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(b)
(g)
........
142
139
Breakwater
Energy
Holdings
SARL
,
9
.25
%
,
11/15/30
,
Callable
11/15/27
@
104.63
(a)
......
2,320
2,451
Enbridge,
Inc.
5
.63
%
,
4/5/34
,
Callable
1/5/34
@
100
....................................
260
263
5
.75
%
(
H15T5Y
+
531
bps
)
,
7/15/80
,
Callable
4/15/30
@
100
(b)
..................
50
50
Harbour
Energy
PLC
,
6
.33
%
,
4/1/35
,
Callable
1/1/35
@
100
(a)
......................
77
78
Saudi
Arabian
Oil
Co.
,
5
.00
%
,
2/2/36
,
Callable
11/2/35
@
100
(a)
....................
7,468
7,148
Vallourec
SACA
,
7
.50
%
,
4/15/32
,
Callable
4/15/27
@
103.75
(a)
.....................
6,846
7,144
Var
Energi
ASA
,
6
.50
%
,
5/22/35
,
Callable
2/22/35
@
100
(a)
........................
250
260
17,835
Financials
(2.4%):
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(a)
(b)
.............
1,200
1,234
Ardonagh
Finco
Ltd.
,
7
.75
%
,
2/15/31
,
Callable
2/15/27
@
103.88
(a)
..................
1,349
1,369
Ardonagh
Group
Finance
Ltd.
,
8
.88
%
,
2/15/32
,
Callable
2/15/27
@
104.44
(a)
...........
6,276
6,249
Ascot
Group
Ltd.
,
6
.35
%
(
H15T5Y
+
238
bps
)
,
6/15/35
,
Callable
3/15/30
@
100
(a)
(b)
.......
2,449
2,440
Avilease
Capital
Ltd.
,
5
.50
%
,
6/30/31
,
Callable
5/30/31
@
100
(a)
....................
2,048
2,040
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
213
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5
.62
%
,
12/10/29
,
Callable
11/10/29
@
100
(a)
....................................
$
544
$
552
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(b)
........
944
836
Barclays
PLC
,
3
.56
%
(
H15T5Y
+
290
bps
)
,
9/23/35
,
Callable
9/23/30
@
100
(b)
...........
1,650
1,536
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico
7
.63
%
(
H15T5Y
+
338
bps
)
,
2/11/35
,
Callable
2/11/30
@
100
(a)
(b)
................
2,602
2,665
8
.45
%
(
H15T5Y
+
466
bps
)
,
6/29/38
,
Callable
6/29/33
@
100
(a)
(b)
................
1,759
1,886
8
.13
%
(
H15T5Y
+
421
bps
)
,
1/8/39
,
Callable
1/8/34
@
100
(a)
(b)
..................
1,196
1,259
BNP
Paribas
SA
,
5
.74
%
(
SOFR
+
188
bps
)
,
2/20/35
,
Callable
2/20/34
@
100
(a)
(b)
.........
510
517
BPCE
SA
,
6
.29
%
(
SOFR
+
204
bps
)
,
1/14/36
,
Callable
1/14/35
@
100
(a)
(b)
..............
2,373
2,425
Brookfield
Asset
Management
Ltd.
5
.30
%
,
1/15/36
,
Callable
10/15/35
@
100
.................................
4,374
4,193
6
.08
%
,
9/15/55
,
Callable
3/15/55
@
100
..................................
1,190
1,144
CI
Financial
Corp.
7
.50
%
,
5/30/29
,
Callable
4/30/29
@
100
(a)
................................
2,263
2,361
3
.20
%
,
12/17/30
,
Callable
9/17/30
@
100
(j)
................................
6,521
5,899
4
.10
%
,
6/15/51
,
Callable
12/15/50
@
100
.................................
5,076
3,294
CI
Financial
Holdings
Ltd.
,
7
.63
%
(
H15T5Y
+
325
bps
)
,
7/23/56
,
Callable
4/23/31
@
100
(a)
(b)
6,922
6,959
Credit
Agricole
SA
,
6
.25
%
(
SOFR
+
267
bps
)
,
1/10/35
,
Callable
1/10/34
@
100
(a)
(b)
.......
1,477
1,506
Deutsche
Bank
AG
,
5
.40
%
(
SOFR
+
205
bps
)
,
9/11/35
,
Callable
9/11/34
@
100
(b)
.........
1,402
1,376
Flutter
Treasury
DAC
6
.38
%
,
4/29/29
,
Callable
9/5/26
@
103.19
(a)
...............................
2,471
2,502
5
.88
%
,
6/4/31
,
Callable
4/15/27
@
102.94
(a)
...............................
9,561
9,456
Howden
UK
Refinance
PLC/Howden
UK
Refinance
2
PLC/Howden
US
Refinance
LLC
7
.25
%
,
2/15/31
,
Callable
2/15/27
@
103.63
(a)
..............................
2,776
2,750
8
.13
%
,
2/15/32
,
Callable
2/15/27
@
104.06
(a)
..............................
18,997
17,664
HSBC
Holdings
PLC
,
6
.80
%
,
6/1/38
.........................................
1,000
1,065
ING
Groep
NV
,
6
.11
%
(
SOFR
+
209
bps
)
,
9/11/34
,
Callable
9/11/33
@
100
(b)
............
1,712
1,780
JAB
Holdings
BV
,
3
.75
%
,
5/28/51
,
Callable
11/28/50
@
100
(a)
......................
155
103
Jones
Deslauriers
Insurance
Management,
Inc.
8
.50
%
,
3/15/30
,
Callable
9/5/26
@
104.25
(a)
...............................
31
32
6
.88
%
,
10/1/33
,
Callable
10/1/28
@
103.44
(a)
(j)
............................
6,117
5,772
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.62
%
(
H15T1Y
+
127
bps
)
,
4/24/36
,
Callable
4/24/35
@
100
(b)
...........................................................
2,741
2,750
Mizuho
Financial
Group,
Inc.
,
5
.58
%
(
H15T1Y
+
130
bps
)
,
5/26/35
,
Callable
5/26/34
@
100
(b)
2,752
2,764
Nationwide
Building
Society
4
.00
%
,
9/14/26
(a)
..................................................
1,618
1,618
5
.54
%
(
SOFR
+
165
bps
)
,
7/14/36
,
Callable
7/14/35
@
100
(a)
(b)
..................
512
505
Pelagos
Insurance
Capital
Ltd.
,
7
.75
%
(
H15T5Y
+
428
bps
)
,
6/15/55
,
Callable
12/15/34
@
100
(b)
...........................................................
321
336
Royal
Bank
of
Canada
,
5
.15
%
,
2/1/34
,
MTN
(j)
..................................
1,035
1,037
SMBC
Aviation
Capital
Finance
DAC
,
5
.70
%
,
7/23/36
,
Callable
4/23/36
@
100
(a)
........
2,180
2,153
Societe
Generale
SA
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(b)
(j)
..............
250
255
5
.44
%
(
SOFR
+
173
bps
)
,
10/3/36
,
Callable
10/3/35
@
100
(a)
(b)
..................
2,669
2,569
5
.40
%
(
SOFR
+
160
bps
)
,
4/10/37
,
Callable
4/10/36
@
100
(a)
(b)
..................
3,712
3,552
4
.03
%
(
H15T1Y
+
190
bps
)
,
1/21/43
,
Callable
1/21/42
@
100
(a)
(b)
................
1,250
919
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5
.05
%
,
3/13/35
(a)
.............................
745
725
Sumitomo
Mitsui
Trust
Group,
Inc.
,
5
.42
%
(
SOFR
+
165
bps
)
,
9/11/36
,
Callable
9/11/35
@
100
(a)
(b)
.........................................................
4,722
4,547
The
Toronto-Dominion
Bank
,
5
.15
%
(
H15T5Y
+
150
bps
)
,
9/10/34
,
Callable
9/10/29
@
100
(b)
1,569
1,567
UBS
Group
AG
5
.01
%
(
SOFR
+
134
bps
)
,
3/23/37
,
Callable
3/23/36
@
100
(a)
(b)
..................
2,615
2,485
5
.20
%
(
SOFR
+
134
bps
)
,
8/10/37
,
Callable
8/10/36
@
100
(a)
(b)
..................
2,275
2,188
122,834
Industrials
(0.2%):
Air
Canada
Pass
Through
Trust
,
3
.75
%
,
12/15/27
(a)
..............................
3,107
3,050
AS
Mileage
Plan
IP
Ltd.
,
5
.31
%
,
10/20/31
,
Callable
8/20/31
@
100
(a)
.................
4,552
4,414
Bombardier,
Inc.
,
5
.88
%
,
1/15/35
,
Callable
7/15/29
@
102.94
(a)
.....................
118
117
Grupo
Aeromexico
SAB
de
CV
,
8
.63
%
,
11/15/31
,
Callable
11/15/27
@
104.31
(a)
(j)
.......
684
689
Latam
Airlines
Group
SA
,
7
.63
%
,
1/7/31
,
Callable
7/7/27
@
103.81
(a)
(j)
...............
2,317
2,366
LG
Energy
Solution
Ltd.
,
5
.88
%
,
4/2/36
(a)
.....................................
256
252
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
214
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
,
9
.50
%
,
6/1/28
,
Callable
9/5/26
@
102.38
(a)
(j)
.....................................................
$
1,576
$
1,598
12,486
Information
Technology
(0.6%):
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
27,914
28,468
Materials
(0.2%):
Cemex
SAB
de
CV
,
5
.75
%
,
6/5/36
,
Callable
3/5/36
@
100
.........................
2,450
2,389
Minera
Mexico
SA
de
CV
,
5
.63
%
,
2/12/32
,
Callable
12/12/31
@
100
(a)
................
5,204
5,203
NOVA
Chemicals
Corp.
,
7
.00
%
,
12/1/31
,
Callable
12/1/27
@
103.5
(a)
.................
1,126
1,182
8,774
Real
Estate
(0.0%):(f)
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
80
70
Total
Yankee
Dollars
(Cost
$280,069)
a
a
a
278,515
Municipal
Bonds
(4.7%)
Arizona
(0.0%):(f)
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
,
1
.84
%
,
7/1/31
,
Continuously
Callable
@100
...........................................................
1,000
866
California
(0.0%):(f)
California
Infrastructure
&
Economic
Development
Bank
Revenue
,
Series
B
,
6
.03
%
,
7/1/38
.
1,500
1,477
Colorado
(0.2%):
Colorado
Housing
and
Finance
Authority
Revenue
Series
C1
,
5
.66
%
,
11/1/39
,
Continuously
Callable
@100
.......................
8,390
8,433
Series
D-1
,
5
.84
%
,
5/1/44
,
Continuously
Callable
@100
.......................
1,095
1,098
Series
E1
,
5
.28
%
,
11/1/39
,
Continuously
Callable
@102
.......................
1,585
1,518
Series
G-1
,
5
.86
%
,
11/1/43
,
Continuously
Callable
@100
......................
1,140
1,144
12,193
Connecticut
(0.1%):
Connecticut
Housing
Finance
Authority
Revenue
,
Series
C-2
,
5
.81
%
,
11/15/39
,
Continuously
Callable
@100
.....................................................
4,535
4,585
District
of
Columbia
(0.0%):(f)
District
of
Columbia
Revenue
,
2
.68
%
,
4/1/31
...................................
1,500
1,317
Florida
(0.7%):
County
of
Miami-Dade
Aviation
Revenue
Series
B
,
2
.61
%
,
10/1/32
,
Continuously
Callable
@100
........................
1,000
875
Series
C
,
5
.55
%
,
10/1/43
,
Continuously
Callable
@100
........................
980
958
Florida
Housing
Finance
Corp.
Revenue
Series
4
,
5
.67
%
,
7/1/39
,
Continuously
Callable
@100
.........................
3,735
3,794
Series
4
,
5
.88
%
,
7/1/44
,
Continuously
Callable
@100
.........................
2,480
2,543
Series
6
,
5
.07
%
,
7/1/39
,
Continuously
Callable
@100
.........................
600
582
State
Board
of
Administration
Finance
Corp.
Revenue
,
Series
A
,
5
.53
%
,
7/1/34
,
Continuously
Callable
@100
.....................................................
26,804
27,358
36,110
Hawaii
(0.1%):
State
of
Hawaii,
GO
Series
GN
,
4
.64
%
,
10/1/34
............................................
3,360
3,285
Series
GN
,
5
.11
%
,
10/1/43
,
Continuously
Callable
@100
......................
3,075
2,916
6,201
Idaho
(0.2%):
Idaho
Housing
&
Finance
Association
Revenue
Series
A
,
5
.67
%
,
1/1/45
,
Continuously
Callable
@100
.........................
3,805
3,829
Series
C
,
5
.43
%
,
7/1/39
,
Continuously
Callable
@100
.........................
1,210
1,185
Series
D
,
5
.76
%
,
7/1/40
,
Continuously
Callable
@100
........................
695
695
Series
E
,
5
.44
%
,
7/1/40
,
Continuously
Callable
@100
.........................
1,530
1,482
7,191
Illinois
(0.3%):
City
of
Chicago,
GO
Series
A
,
6
.33
%
,
1/1/33
..............................................
1,345
1,342
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
215
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Series
D
,
5
.90
%
,
1/1/32
..............................................
$
1,875
$
1,846
City
of
Kankakee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.28
%
,
12/1/36
,
Continuously
Callable
@100
...........................................
905
887
Illinois
Finance
Authority
Revenue
,
5
.45
%
,
8/1/38
...............................
1,500
1,417
Illinois
Housing
Development
Authority
Revenue
Series
B
,
5
.63
%
,
10/1/41
,
Continuously
Callable
@100
........................
2,165
2,097
Series
F
,
5
.44
%
,
10/1/39
,
Continuously
Callable
@100
........................
3,395
3,272
Sales
Tax
Securitization
Corp.
Revenue
,
Series
B
,
5
.23
%
,
1/1/39
,
Continuously
Callable
@100
1,760
1,718
12,579
Indiana
(0.1%):
Indiana
Finance
Authority
Revenue
,
Series
B
,
3
.08
%
,
9/15/27
.......................
1,130
1,094
Indiana
Housing
&
Community
Development
Authority
Revenue
Series
A-2
,
5
.83
%
,
7/1/45
,
Continuously
Callable
@100
.......................
1,170
1,138
Series
C-2
,
5
.56
%
,
7/1/40
,
Continuously
Callable
@100
.......................
945
923
3,155
Iowa
(0.0%):(f)
Iowa
Finance
Authority
Revenue
,
Series
H
,
5
.38
%
,
7/1/39
,
Continuously
Callable
@100
....
1,180
1,141
Louisiana
(0.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.48
%
,
8/1/39
(j)
.............................................
12,562
11,890
Series
A1-A3
,
5
.08
%
,
6/1/31
...........................................
449
452
12,342
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue
5
.07
%
,
11/30/34
....................................................
905
900
Series
B
,
4
.25
%
,
6/1/29
..............................................
2,490
2,390
Series
B
,
4
.35
%
,
6/1/30
..............................................
1,330
1,260
Series
B
,
4
.40
%
,
6/1/31
..............................................
1,385
1,294
5,844
Massachusetts
(0.2%):
Massachusetts
Development
Finance
Agency
Revenue
,
Series
B
,
7
.38
%
,
10/1/35
.........
1,060
1,065
Massachusetts
Educational
Financing
Authority
Revenue
,
Series
A
,
6
.17
%
,
7/1/50
,
Continuously
Callable
@100
...........................................
8,365
8,405
Massachusetts
Housing
Finance
Agency
Revenue
,
Series
238
,
4
.94
%
,
12/1/39
,
Continuously
Callable
@100
.....................................................
1,985
1,834
Massachusetts
State
College
Building
Authority
Revenue
,
Series
A
,
1
.80
%
,
5/1/29
,
ETM
....
5
5
11,309
Michigan
(0.1%):
Michigan
State
Housing
Development
Authority
Revenue
,
Series
E
,
5
.10
%
,
12/1/39
,
Continuously
Callable
@100
...........................................
4,485
4,255
Minnesota
(0.4%):
Minnesota
Housing
Finance
Agency
Revenue
Series
D
,
5
.58
%
,
8/1/39
,
Continuously
Callable
@100
........................
1,240
1,240
Series
J
,
5
.62
%
,
7/1/39
,
Continuously
Callable
@100
.........................
2,055
2,089
Series
M
,
5
.73
%
,
7/1/39
,
Continuously
Callable
@100
........................
3,505
3,529
Series
M
,
5
.92
%
,
7/1/44
,
Continuously
Callable
@100
........................
4,470
4,466
Series
P
,
5
.39
%
,
7/1/39
,
Continuously
Callable
@100
.........................
6,335
5,842
Series
V
,
5
.88
%
,
7/1/44
,
Continuously
Callable
@100
.........................
4,345
4,288
21,454
Nebraska
(0.0%):(f)
Nebraska
Investment
Finance
Authority
Revenue
,
Series
H
,
5
.77
%
,
3/1/43
,
Continuously
Callable
@100
.....................................................
1,980
1,948
Nevada
(0.1%):
Nevada
Housing
Division
Revenue
Series
B
,
5
.68
%
,
10/1/45
,
Continuously
Callable
@100
........................
3,480
3,295
Series
D
,
5
.79
%
,
10/1/35
,
Continuously
Callable
@100
........................
500
514
Series
F
,
5
.13
%
,
10/1/39
,
Continuously
Callable
@100
........................
2,260
2,150
5,959
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
216
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
New
Hampshire
(0.1%):
New
Hampshire
Business
Finance
Authority
Revenue
,
Series
B
,
5
.35
%
,
11/1/39
,
Continuously
Callable
@100
.....................................................
$
3,580
$
3,542
New
Jersey
(0.1%):
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue
Series
L
,
5
.64
%
,
10/1/34
,
Continuously
Callable
@100
........................
390
398
Series
L
,
5
.69
%
,
4/1/35
,
Continuously
Callable
@100
.........................
445
455
Series
L
,
5
.71
%
,
10/1/35
,
Continuously
Callable
@100
........................
420
429
Series
N
,
5
.85
%
,
10/1/40
,
Continuously
Callable
@100
........................
435
437
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
3
.12
%
,
11/1/26
...............
450
449
2,168
New
York
(0.3%):
Metropolitan
Transportation
Authority
Revenue,
Build
America
Bond
,
Series
E
,
6
.73
%
,
11/15/30
.........................................................
1,090
1,141
New
York
City
Housing
Development
Corp.
Revenue
Series
C
,
5
.71
%
,
11/1/39
,
Continuously
Callable
@100
........................
3,620
3,628
Series
C
,
5
.90
%
,
11/1/44
,
Continuously
Callable
@100
........................
3,070
3,065
New
York
City
IDA
Revenue
2
.34
%
,
1/1/35
.....................................................
1,000
773
2
.44
%
,
1/1/36
.....................................................
1,250
943
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
,
Series
G-3
,
5
.11
%
,
5/1/36
,
Continuously
Callable
@100
................................
3,175
3,144
New
York
State
Dormitory
Authority
Revenue
,
Series
B
,
5
.23
%
,
7/1/35
................
1,490
1,486
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
Series
268
,
5
.57
%
,
10/1/40
,
Continuously
Callable
@100
....................................
1,130
1,108
15,288
North
Carolina
(0.2%):
City
of
Charlotte
Certificate
of
Participation
,
5
.46
%
,
6/1/40
,
Continuously
Callable
@100
...
890
888
North
Carolina
Housing
Finance
Agency
Revenue
Series
54-B
,
5
.60
%
,
7/1/39
,
Continuously
Callable
@100
......................
1,810
1,796
Series
54-B
,
5
.81
%
,
7/1/44
,
Continuously
Callable
@100
......................
4,530
4,442
Series
57-B
,
5
.80
%
,
7/1/50
,
Continuously
Callable
@100
......................
1,090
990
Series
58-B
,
5
.98
%
,
7/1/40
,
Continuously
Callable
@100
......................
3,430
3,424
11,540
Ohio
(0.0%):(f)
University
of
Cincinnati
Revenue
,
Series
B
,
5
.53
%
,
6/1/40
,
Continuously
Callable
@100
...
905
908
Oregon
(0.1%):
Oregon
State
Lottery
Revenue
,
Series
B
,
5
.19
%
,
4/1/40
,
Continuously
Callable
@100
......
2,130
2,081
State
of
Oregon,
GO
,
Series
B
,
5
.36
%
,
5/1/39
,
Continuously
Callable
@100
.............
2,720
2,739
4,820
Pennsylvania
(0.2%):
Allegheny
County
Airport
Authority
Revenue
Series
B
,
5
.50
%
,
1/1/36
,
Continuously
Callable
@100
.........................
895
908
Series
B
,
5
.62
%
,
1/1/37
,
Continuously
Callable
@100
.........................
780
792
Pennsylvania
Housing
Finance
Agency
Revenue
Series
145B
,
5
.71
%
,
10/1/39
,
Continuously
Callable
@100
.....................
2,720
2,699
Series
146B
,
5
.56
%
,
10/1/39
,
Continuously
Callable
@100
.....................
905
885
Series
147B
,
5
.89
%
,
10/1/44
,
Continuously
Callable
@100
.....................
1,610
1,582
Series
149B
,
5
.97
%
,
10/1/40
,
Continuously
Callable
@100
.....................
1,000
1,008
7,874
Rhode
Island
(0.2%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
Series
83-T
,
5
.71
%
,
10/1/39
,
Continuously
Callable
@100
.....................
2,715
2,715
Series
83-T
,
5
.89
%
,
10/1/44
,
Continuously
Callable
@100
.....................
4,530
4,475
Series
84-T
,
4
.93
%
,
10/1/39
,
Continuously
Callable
@100
.....................
3,615
3,356
10,546
South
Carolina
(0.0%):(f)
Greenville-Spartanburg
Airport
District
Revenue
Series
B
,
5
.06
%
,
7/1/34
..............................................
210
208
Series
B
,
5
.11
%
,
7/1/35
,
Continuously
Callable
@100
.........................
270
267
475
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
217
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
South
Dakota
(0.0%):(f)
South
Dakota
Housing
Development
Authority
Revenue
,
Series
D
,
5
.88
%
,
11/1/40
,
Continuously
Callable
@100
...........................................
$
525
$
523
Tennessee
(0.1%):
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
Series
C
,
2
.45
%
,
8/1/32
,
Continuously
Callable
@100
.........................
1,500
1,316
Series
D
,
5
.27
%
,
7/1/35
..............................................
1,175
1,197
Tennessee
Housing
Development
Agency
Revenue
Series
1B
,
5
.64
%
,
7/1/40
,
Continuously
Callable
@100
........................
340
332
Series
2B
,
5
.65
%
,
7/1/39
,
Continuously
Callable
@100
........................
2,720
2,691
5,536
Texas
(0.2%):
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
,
Series
B
,
5
.12
%
,
9/1/41
,
Continuously
Callable
@100
...........................................
750
705
County
of
Harris
Hotel
Occupancy
Tax
Revenue
,
5
.26
%
,
8/15/44
,
Continuously
Callable
@100
1,615
1,527
San
Antonio
Education
Facilities
Corp.
Revenue
,
3
.15
%
,
4/1/37
,
Continuously
Callable
@100
1,305
970
State
of
Texas,
GO
,
5
.36
%
,
10/1/41
,
Continuously
Callable
@100
....................
2,000
1,994
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
2
.41
%
,
9/1/31
,
Continuously
Callable
@100
...........................................
1,000
886
Texas
Department
of
Housing
&
Community
Affairs
Revenue
Series
D
,
5
.55
%
,
1/1/39
,
Continuously
Callable
@100
........................
905
909
Series
D
,
5
.73
%
,
1/1/44
,
Continuously
Callable
@100
........................
905
871
Texas
Water
Development
Board
Revenue
,
Series
B
,
4
.31
%
,
10/15/34
.................
1,795
1,719
University
of
Houston
Revenue
,
Series
B
,
4
.86
%
,
2/15/37
,
Continuously
Callable
@100
....
365
353
Uptown
Development
Authority
Tax
Allocation
,
Series
B
,
2
.68
%
,
9/1/32
,
Continuously
Callable
@100
.....................................................
400
355
10,289
Utah
(0.0%):(f)
Utah
Housing
Corp.
Revenue
Series
F
,
5
.61
%
,
7/1/36
,
Continuously
Callable
@100
.........................
505
497
Series
F
,
5
.69
%
,
7/1/39
,
Continuously
Callable
@100
.........................
1,480
1,448
1,945
Virginia
(0.2%):
Virginia
Housing
Development
Authority
Revenue
Series
B
,
5
.66
%
,
10/1/39
,
Continuously
Callable
@100
........................
4,535
4,527
Series
B
,
5
.87
%
,
7/1/40
,
Continuously
Callable
@100
.........................
910
895
Series
C
,
5
.31
%
,
10/1/39
,
Continuously
Callable
@100
........................
4,070
3,927
Series
E
,
5
.51
%
,
7/1/39
,
Continuously
Callable
@100
.........................
1,590
1,568
10,917
West
Virginia
(0.1%):
West
Virginia
Housing
Development
Fund
Revenue
Series
C
,
5
.83
%
,
11/1/39
,
Continuously
Callable
@100
........................
1,585
1,602
Series
C
,
6
.02
%
,
11/1/44
,
Continuously
Callable
@100
........................
1,810
1,817
3,419
Wisconsin
(0.1%):
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue
Series
B
,
5
.87
%
,
9/1/40
,
Continuously
Callable
@100
.........................
4,125
4,147
Series
B
,
5
.44
%
,
9/1/41
,
Continuously
Callable
@100
.........................
645
619
4,766
Total
Municipal
Bonds
(Cost
$248,866)
a
a
a
244,482
U.S.
Government
Agency
Mortgages
(20.9%)
CoBank
ACB
Series
I
,
6
.25
%
(
TSFR3M
+
466
bps
)
(b)
(g)
..................................
1,717
1,716
Federal
Farm
Credit
Banks
Funding
Corporation
2
.55
%
,
12/21/34
....................................................
4,613
3,831
2
.20
%
,
9/2/36
.....................................................
11,023
8,514
5
.60
%
,
8/5/39
.....................................................
4,527
4,379
16,724
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
4/1/36
-
7/1/56
...............................................
118,230
117,554
1
.50
%
,
4/1/37
.....................................................
5,542
4,893
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
218
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
5
.00
%
,
2/1/40
-
12/1/55
..............................................
$
82,189
$
80,045
3
.00
%
,
4/1/40
-
5/1/52
...............................................
13,023
11,211
5
.10
%
,
7/1/40
.....................................................
1,666
1,645
2
.50
%
,
5/1/42
.....................................................
11,400
9,887
4
.50
%
,
11/1/42
-
12/1/55
..............................................
57,540
54,817
4
.00
%
,
1/1/43
-
12/1/54
..............................................
24,237
22,318
3
.50
%
,
2/1/52
-
12/1/52
..............................................
16,145
14,329
6
.00
%
,
8/1/53
-
3/1/55
...............................................
31,927
32,402
349,101
Federal
National
Mortgage
Association
2
.50
%
,
7/1/27
-
7/1/52
...............................................
15,428
12,993
2
.13
%
,
1/1/34
.....................................................
4,239
3,566
4
.46
%
,
4/1/35
.....................................................
4,468
4,314
1
.50
%
,
3/1/37
.....................................................
3,412
3,019
5
.00
%
,
12/1/37
-
6/1/56
..............................................
109,811
106,927
4
.00
%
,
4/1/38
-
2/1/55
...............................................
50,672
46,654
4
.50
%
,
11/1/40
-
1/1/56
..............................................
69,327
65,752
3
.50
%
,
12/1/42
-
12/1/53
.............................................
70,276
62,822
5
.50
%
,
12/1/44
-
7/1/56
..............................................
138,933
138,262
3
.00
%
,
9/1/50
.....................................................
2,996
2,555
2
.00
%
,
5/1/51
.....................................................
1,938
1,532
6
.00
%
,
7/1/52
-
11/1/54
..............................................
11,300
11,495
459,891
Government
National
Mortgage
Association
5
.00
%
,
8/20/38
-
11/20/54
.............................................
49,826
48,605
2
.50
%
,
1/20/51
-
9/20/53
.............................................
33,893
28,066
3
.00
%
,
2/20/52
-
12/20/53
.............................................
69,287
59,981
3
.50
%
,
2/20/52
-
11/20/52
.............................................
24,225
21,418
4
.00
%
,
6/20/52
-
5/20/53
.............................................
21,620
19,886
4
.50
%
,
8/20/52
-
3/20/56
.............................................
49,726
46,940
5
.50
%
,
4/20/53
-
2/20/54
.............................................
29,132
29,165
6
.00
%
,
9/20/53
-
10/20/53
.............................................
9,310
9,512
5
.50
%
,
1/20/54
....................................................
3,199
3,200
7
.50
%
,
10/20/54
....................................................
1,631
1,664
268,437
Total
U.S.
Government
Agency
Mortgages
(Cost
$1,114,025)
a
a
a
1,095,869
U.S.
Treasury
Obligations
(17.2%)
U.S.
Treasury
Bonds
4
.50
%
,
2/15/36
....................................................
74,085
73,425
5
.00
%
,
5/15/37
....................................................
155,825
159,696
4
.38
%
,
11/15/39
....................................................
100,746
95,032
1
.13
%
,
5/15/40
....................................................
35,000
21,355
4
.75
%
,
2/15/41
....................................................
44,968
43,542
2
.38
%
,
2/15/42
....................................................
47,275
33,137
3
.25
%
,
5/15/42
....................................................
28,000
22,181
3
.88
%
,
5/15/43
....................................................
13,204
11,217
4
.38
%
,
8/15/43
....................................................
9,163
8,285
4
.75
%
,
11/15/43
....................................................
10,675
10,098
4
.63
%
,
11/15/44
....................................................
12,864
11,911
2
.50
%
,
2/15/45
....................................................
23,500
15,749
4
.75
%
,
2/15/45
....................................................
29,204
27,452
4
.63
%
,
2/15/46
....................................................
35,335
32,558
5
.00
%
,
5/15/46
....................................................
6,928
6,703
1
.25
%
,
5/15/50
....................................................
4,535
2,040
2
.88
%
,
5/15/52
....................................................
30,000
19,716
3
.63
%
,
2/15/53
....................................................
12,487
9,500
3
.63
%
,
5/15/53
....................................................
8,454
6,424
4
.13
%
,
8/15/53
....................................................
59,674
49,632
4
.75
%
,
11/15/53
....................................................
37,597
34,654
4
.25
%
,
8/15/54
....................................................
21,867
18,577
4
.63
%
,
2/15/55
....................................................
27,139
24,548
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
219
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
4
.63
%
,
11/15/55
....................................................
$
7,688
$
6,958
4
.75
%
,
2/15/56
....................................................
21,240
19,634
U.S.
Treasury
Notes
2
.38
%
,
5/15/29
....................................................
6,922
6,571
3
.88
%
,
3/31/31
....................................................
44
43
4
.63
%
,
5/31/31
....................................................
100
101
3
.38
%
,
5/15/33
....................................................
47,343
44,110
3
.88
%
,
8/15/33
....................................................
207
198
4
.50
%
,
11/15/33
....................................................
59,760
59,461
4
.63
%
,
2/15/35
....................................................
5,776
5,763
4
.25
%
,
5/15/35
....................................................
20,281
19,672
Total
U.S.
Treasury
Obligations
(Cost
$961,327)
a
a
a
899,943
Shares
Short-Term
Investments
(1.0%)
Collateral
for
Securities
Loaned
(0.9%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
3
.57
%
(k)
........
11,609,036
11,609
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
3
.60
%
(k)
............
11,609,036
11,609
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
3
.66
%
(k)
...............
11,609,036
11,609
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
3
.59
%
(k)
.
11,609,036
11,609
46,436
Principal
Amount
(000)
a
a
a
a
Repurchase
Agreements
(0.1%):
Fixed
Income
Clearing
Corporation-State
Street
Bank
&
Trust
Co.
,
3
.60
%
,
8/3/26
,
purchased
on
7/31/26,
with
a
maturity
date
of
8/3/26,
with
a
repurchase
value
of
$6,002
(collateralized
by
a
U.S.
Treasury
Notes
,
3.75%,
due
5/31/30,
with
a
value
of
$6,120)
...................
6,000
6,000
Total
Short-Term
Investments
(Cost
$52,436)
a
a
a
52,436
Total
Investments
(Cost
$5,389,528)
—
100.5%
5,266,903
Liabilities
in
excess
of
other
assets
—  (0.5)%
(25,724)
NET
ASSETS
-
100.00%
$
5,241,179
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
8.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$1,991,219
(thousands)
and
amounted
to
38.0%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2026.
(c)
Security
is
interest
only.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
July
31,
2026.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(i)
The
Fund
may
enter
into
certain
credit
agreements
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
At
July
31,
2026,
the
Fund
held
unfunded
or
partially
unfunded
loan
commitments
of
$197
(thousands),
which
included
less
than
$1
(thousand)
unrealized
loss.
(j)
All
or
a
portion
of
this
security
is
on
loan.
(k)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
ETM
—
Escrowed
to
Maturity
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
220
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LLC
—
Limited
Liability
Company
LLLP
—
Limited
Liability
Limited
Partnership
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
REMIC
—
Real
Estate
Mortgage
Investment
Conduits
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2026.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2026.
STRIPS
—
Separately
Trading
Registered
Interest
and
Principal
Securities
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
TSFR3M
—
3
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2026.
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
221
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Treasury
Note
Futures
......
1,050
9/21/26
$
114,592
$
113,400
$
(
1,192
)
30-Year
U.S.
Treasury
Bond
Futures
.....
1,285
9/21/26
141,796
139,182
(
2,614
)
5-Year
U.S.
Treasury
Note
Futures
.......
380
9/30/26
40,601
40,271
(
330
)
$
(
4,136
)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(
4,136
)
Total
net
unrealized
appreciation
(depreciation)
$
(
4,136
)
Schedule
of
Portfolio
Investments
July
31,
2026
Victory
Portfolios
III
Victory
High
Income
Fund
222
(Unaudited)
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(2.8%)
ABS
Auto
(1.8%):
Ally
Bank
Auto
Credit-Linked
Notes,
Series
2025-B,
Class
E,
6.16%,
9/15/33,
Callable
10/15/28
@
100(a)
..................................................
$
727
$
720
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2023-5A,
Class
C,
6.85%,
4/20/28(a)
..
2,000
2,017
FCCU
Auto
Receivables
Trust,
Series
2024-1A,
Class
D,
6.78%,
7/15/32,
Callable
3/15/28
@
100(a)
...........................................................
1,136
1,164
Ford
Credit
Auto
Owner
Trust,
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...........................................................
1,966
1,987
Hertz
Vehicle
Financing
III
LLC,
Series
2023-3A,
Class
D,
9.43%,
2/25/28(a)
...........
3,000
3,028
LAD
Auto
Receivables
Trust,
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
5/15/27
@
100(a)
...........................................................
1,403
1,407
Merchants
Fleet
Funding
LLC,
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
12/20/26
@
100(a)
...........................................................
1,673
1,684
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2024-B,
Class
E,
6.80%,
1/18/33,
Callable
2/15/29
@
100(a)
...............
646
647
Series
2025-A,
Class
E,
6.27%,
1/16/34,
Callable
7/15/29
@
100(a)
...............
536
532
SBNA
Auto
Receivables
Trust,
Series
2025-SF1,
Class
E,
6.74%,
10/15/31,
Callable
7/15/29
@
100(a)
...........................................................
1,000
987
Securitized
Term
Auto
Receivables
Trust,
Series
2025-A,
Class
D,
6.75%,
7/25/31,
Callable
2/25/28
@
100(a)
...................................................
1,033
1,044
Truist
Bank
Auto
Credit-Linked
Notes
........................................
Series
2025-1,
Class
C,
6.81%,
9/26/33,
Callable
4/25/28
@
100(a)
...............
548
547
Series
2026-1,
Class
C,
7.20%,
6/26/34,
Callable
4/25/30
@
100(a)
...............
925
927
16,691
ABS
Other
(1.0%):
Ansley
Park
Capital
LLC,
Series
2025-A,
Class
E,
7.66%,
4/20/35,
Callable
10/20/30
@
100(a)
750
756
Dext
ABS
LLC,
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
2/15/28
@
100(a)
.......
667
693
NP
SPE
X
LP,
Series
2019-2A,
Class
C1,
6.44%,
11/19/49(a)
.......................
1,568
1,283
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
D,
6.77%,
10/15/30,
Callable
3/15/27
@
100(a)
.............
333
336
Series
2025-1A,
Class
E,
7.08%,
5/17/32,
Callable
7/15/28
@
100(a)
..............
706
714
Uniti
Fiber
ABS
Issuer
LLC,
Series
2025-1A,
Class
C,
9.02%,
4/20/55,
Callable
10/20/28
@
100(a)
...........................................................
1,000
1,036
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A,
Class
F,
5.27%,
2/15/52,
Callable
8/15/26
@
100
(a)
..............
3,000
2,956
Series
2024-1A,
Class
F,
8.87%,
5/15/54,
Callable
5/15/27
@
100(a)
..............
875
895
Series
2026-1A,
Class
F,
6.84%,
3/15/56,
Callable
3/15/29
@
100(a)
..............
1,250
1,245
9,914
Total
Asset-Backed
Securities
(Cost
$26,479)
a
a
a
26,605
Collateralized
Mortgage
Obligations
(1.2%)
Commercial
MBS
(1.2%):
Atrium
Hotel
Portfolio
Trust
...............................................
Series
2025-ATRM,
Class
D,
6.98%
(TSFR1M+330bps),
8/15/42(a)(b)(c)
..........
1,000
993
Series
2025-ATRM,
Class
F,
9.18%
(TSFR1M+550bps),
8/15/42(a)(b)(c)
...........
750
737
Aventura
Mall
Trust,
Series
2018-AVM,
Class
C,
4.11%,
7/5/40(a)(c)(d)
................
3,000
2,915
BAHA
Trust,
Series
2024-MAR,
Class
C,
7.52%,
12/10/41(a)(c)(d)
...................
893
913
BX
Trust,
Series
2025-GW,
Class
D,
6.43%
(TSFR1M+275bps),
7/15/42(a)(b)(c)
.........
1,526
1,533
BXP
Trust,
Series
2021-601L,
Class
D,
2.78%,
1/15/44(a)(c)(d)
......................
2,000
1,599
COMM
Mortgage
Trust,
Series
2024-277P,
Class
B,
7.00%,
8/10/44(a)(c)(d)
............
1,500
1,560
Hudson
Yards
Mortgage
Trust,
Series
2025-SPRL,
Class
D,
6.34%,
1/13/40(a)(c)(d)
.......
100
102
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
D,
2.33%,
9/10/39(a)(c)(d)
......
1,155
1,112
11,464
Private
CMO
Floating
(0.0%):(e)
CHL
Mortgage
Pass-Through
Trust,
Series
2004-25,
Class
1A6,
4.80%
(TSFR1M+107bps),
2/25/35,
Callable
8/25/26
@
100(b)
......................................
40
6
Total
Collateralized
Mortgage
Obligations
(Cost
$11,084)
a
a
a
11,470
Victory
Portfolios
III
Victory
High
Income
Fund
223
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Shares
a
Value
(000)
Common
Stocks
(0.7%)
Communication
Services
(0.3%):
Altice
France
SA(f)
.....................................................
123,404
$
2,360
Altice
Luxembourg(f)
....................................................
9,159
139
2,499
Consumer
Discretionary
(0.3%):
Brightstar
Lottery
PLC
...................................................
295,000
2,963
WW
International,
Inc.(f)(g)
...............................................
8,436
121
3,084
Energy
(0.0%):(e)
Sabine
Oil
&
Gas
Holdings,
Inc.(f)(h)
........................................
2,824
—
Financials
(0.0%):(e)
Burford
Capital
Ltd.
.....................................................
132,000
544
Real
Estate
(0.0%):(e)
Crown
Castle,
Inc.
......................................................
6,253
477
Utilities
(0.1%):
GenOn
Energy,
Inc.(f)(h)
.................................................
16,168
566
Total
Common
Stocks
(Cost
$10,038)
a
a
a
7,170
Preferred
Stocks
(0.5%)
Consumer
Staples
(0.5%):
CHS,
Inc.
Series
2,
7.10%(i)
..................................................
76,204
1,919
Series
1,
7.88%(i)
..................................................
87,180
2,242
4,161
Real
Estate
(0.0%):(e)
Prologis,
Inc.,
Series
Q,
8.54%(i)
............................................
5,310
274
Total
Preferred
Stocks
(Cost
$4,430)
a
a
a
4,435
Principal
Amount
(000)
Senior
Secured
Loans
(7.6%)
Communication
Services
(1.0%):
Altice
France
SA,
USD
Term
Loan
B-14,
First
Lien,
10.62%
(SOFR03M+688bps),
5/15/31(b)
$
2,631
2,674
Oak-Eagle
Acquireco,
Inc.,
Term
Loan
B-1,
First
Lien,
3/23/33(j)
....................
900
905
Odeon
Finco
PLC,
Loans,
First
Lien,
4/17/31(j)
.................................
3,531
3,609
Zayo
Group
Holdings,
Inc.,
Initial
Dollar
Term
Loan,
First
Lien,
6.73%
(SOFR01M+300bps),
3/11/30(b)
........................................................
2,278
2,279
9,467
Consumer
Discretionary
(1.9%):
Alterra
Mountain
Company,
Series
B-8
Term
Loan
Commitment,
First
Lien,
6.23%
(SOFR01M+250bps),
5/31/30(b)
........................................
485
485
AMC
Entertainment
Holdings,
Inc.,
Initial
Exchange
Term
Loan,
First
Lien,
9.67%
(SOFR01M+600bps),
1/4/29(b)
.........................................
3,929
3,941
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien,
6.98%
(SOFR01M+325bps),
1/29/29(b)
........................................................
204
204
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien,
6.98%
(SOFR01M+325bps),
1/23/32(b)
959
962
Metropolis
Technologies,
Inc.,
Initial
Term
Loan,
First
Lien,
8.92%
(SOFR03M+525bps),
11/3/32(b)
........................................................
2,229
2,190
Ontario
Gaming
GTA
LP,
Term
B
Loans,
First
Lien,
7.98%
(SOFR03M+425bps),
8/1/30(b)
..
1,843
1,762
Petco
Health
and
Wellness
Company,
Inc.,
2026
Term
Loan,
First
Lien,
7.98%
(SOFR03M+425bps),
2/3/31(b)
.........................................
5,332
5,316
PetSmart,
Inc.,
Initial
Term
Loan,
First
Lien,
7.72%
(SOFR01M+400bps),
8/18/32(b)
......
1,990
1,993
The
E.W.
Scripps
Company,
Tranche
B-2
Term
Loan,
First
Lien,
9.42%
(SOFR01M+575bps),
6/30/28(b)
........................................................
1,257
1,254
Weight
Watchers
International,
Inc,
Initial
Term
Loan,
First
Lien,
10.53%
(SOFR01M+680bps),
6/24/30(b)
........................................
405
297
18,404
Victory
Portfolios
III
Victory
High
Income
Fund
224
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Consumer
Staples
(0.6%):
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien,
5.66%
(SOFR03M+400bps),
8/19/31(b)
........................................................
$
1,771
$
1,772
Family
Stores,
Inc.,
Term
Loan
B,
First
Lien,
7/30/31(j)
...........................
2,250
2,194
TKC
Holdings,
Inc.,
2026
Term
Loan,
First
Lien,
8.17%
(SOFR01M+450bps),
8/12/30(b)
...
1,930
1,920
5,886
Financials
(3.5%):
1261229
BC
Ltd.,
Initial
Term
Loan,
First
Lien,
9.98%
(SOFR01M+625bps),
10/8/30(b)
....
2,366
2,293
Acrisure
LLC,
Term
B6,
First
Lien,
6.73%
(SOFR01M+300bps),
11/6/30(b)
.............
983
898
Amynta
Agency
Borrower,
Inc.,
2026
Refinancing
Term
Loan,
First
Lien,
6.23%
(SOFR01M+250bps),
12/29/31(b)
.......................................
970
964
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
(USD)
Loan,
First
Lien,
6.73%
(SOFR03M+600bps),
2/18/31(b)
........................................
491
484
BCPE
Pequod
Buyer,
Inc.,
Initial
Term
Loans,
First
Lien,
6.48%
(SOFR01M+275bps),
11/25/31(b)
.......................................................
496
486
C&S
Wholesale
Grocers,
Inc.,
Initial
Term
Loan,
First
Lien,
8.73%
(SOFR03M+500bps),
9/23/30(b)
........................................................
4,109
3,873
Consolidated
Energy
Finance
S.A.,
2024
Incremental
Term
Loan,
First
Lien,
8.32%
(SOFR03M+450bps),
11/18/30(b)
.......................................
1,531
1,485
CP
Atlas
Buyer,
Inc.,
2025
Term
B
Loan,
First
Lien,
8.98%
(SOFR01M+525bps),
7/8/30(b)
..
261
226
Cub
Financing
Intermediate
LLC,
Term
Loan
B,
First
Lien,
7/24/33(j)
.................
4,500
4,500
Edelman
Financial
Engines
Center
LLC,
Initial
Term
Loan,
First
Lien,
7.64%
(SOFR01M+400bps),
11/28/31(b)
.......................................
2,250
2,257
Hyperion
Refinance
SARL,
2025-3
Dollar
Refinancing
Term
Loan,
First
Lien,
6.48%
(SOFR01M+275bps),
4/18/30(b)
........................................
1,758
1,691
LC
Ahab
US
Bidco
LLC,
Initial
Term
Loan,
First
Lien,
6.32%
(SOFR03M+250bps),
5/1/31(b)
491
490
Lealand
Finance
Co.
B.V.,
Make
Whole
Term
Loan,
First
Lien,
6.73%
(SOFR01M+300bps),
6/30/27(b)
........................................................
39
37
Moneygram
International,
Inc.,
2024
Repricing
Term
Loans,
First
Lien,
8.43%
(SOFR01M+475bps),
6/3/30(b)
.........................................
973
658
OneDigital
Borrower
LLC,
2025
Refinancing
Term
Loans,
First
Lien,
6.73%
(SOFR01M+300bps),
7/2/31(b)
.........................................
500
490
OneDigital
Borrower
LLC,
Initial
Loan,
Second
Lien,
8.98%
(SOFR01M+525bps),
7/2/32(b)
4,017
3,856
Osaic
Holdings,
Inc.,
Term
B-1
Loans,
First
Lien,
6.23%
(SOFR03M+250bps),
8/2/32(b)
...
440
437
SGH2
LLC,
Initial
Term
Loan,
First
Lien,
8.23%
(SOFR03M+450bps),
8/18/32(b)
........
1,312
1,312
StubHub
Holdco
Sub
LLC,
Term
B,
First
Lien,
8.48%
(SOFR01M+475bps),
3/15/30(b)
....
412
412
Superannuation
and
Investments
US
LLC,
Term
Loan,
First
Lien,
6.23%
(SOFR01M+250bps),
12/1/28(b)
........................................................
869
872
Sword
Purchaser
LLC,
Initial
Dollar
Term
Loans,
First
Lien,
7.73%
(SOFR01M+400bps),
4/11/33(b)
........................................................
900
865
Trucordia
Insurance
Holdings
LLC,
Initial
Term
Loans,
First
Lien,
6.98%
(SOFR03M+325bps),
6/17/32(b)
........................................
1,871
1,656
Voyager
Parent
LLC,
2026
Refinancing
Term
B
Loans,
First
Lien,
7.98%
(SOFR03M+425bps),
7/1/32(b)
.........................................................
1,985
1,987
WestJet
Loyalty
LP,
Initial
Term
Loan,
First
Lien,
6.48%
(SOFR03M+275bps),
2/14/31(b)
..
978
934
33,163
Health
Care
(0.1%):
Bausch
+
Lomb
Corp.,
2025-2
Refinancing
Term
Loan,
First
Lien,
7.48%
(SOFR01M+375bps),
1/15/31(b)
........................................
794
796
Information
Technology
(0.3%):
Central
Parent
LLC,
Initial
Party
Term
Loan,
First
Lien,
6.98%
(SOFR03M+325bps),
7/6/29(b)
1,404
697
Epicor
Software
Corp.,
Term
E
Loans,
First
Lien,
6.48%
(SOFR01M+275bps),
5/30/31(b)
...
1,691
1,613
UKG,
Inc.,
Initial
Term
Loans,
First
Lien,
6.07%
(SOFR03M+225bps),
2/10/31(b)
........
127
122
2,432
Materials
(0.2%):
Worthington
Steel,
Inc.,
Initial
Term
Loans,
First
Lien,
7.73%
(SOFR01M+400bps),
6/1/33(b)
1,500
1,505
Total
Senior
Secured
Loans
(Cost
$72,367)
a
a
a
71,653
Victory
Portfolios
III
Victory
High
Income
Fund
225
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Corporate
Bonds
(59.1%)
Communication
Services
(8.9%):
AMC
Global
Media,
Inc.
4.25%,
2/15/29
,
Callable
8/16/26
@
100(g)
................................
$
35
$
31
10.50%,
7/15/32,
Callable
7/15/28
@
105.25(a)
.............................
3,374
3,476
Arches
Buyer,
Inc.,
9.00%,
8/15/31,
Callable
8/15/28
@
104.5(a)
.....................
1,787
1,795
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.75%,
3/1/30,
Callable
9/5/26
@
100.79(a)
................................
500
467
4.50%,
8/15/30,
Callable
9/5/26
@
101.5(a)
................................
500
457
4.25%,
1/15/34,
Callable
1/15/28
@
102.13(a)(g)
............................
1,081
884
7.38%,
2/1/36,
Callable
2/1/31
@
103.69(a)(g)
..............................
1,781
1,696
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
5.85%,
12/1/35,
Callable
9/1/35
@
100
...................................
1,786
1,668
3.50%,
6/1/41,
Callable
12/1/40
@
100
...................................
6,276
4,244
Clear
Channel
Outdoor
Holdings,
Inc.
7.50%,
6/1/29,
Callable
8/31/26
@
100(a)
.................................
3,533
3,541
7.88%,
4/1/30,
Callable
10/1/26
@
103.94(a)
...............................
356
370
7.50%,
3/15/33,
Callable
9/15/28
@
103.75(a)
..............................
2,509
2,633
Connect
Holding
II
LLC,
10.50%,
4/3/31,
Callable
1/1/28
@
105.25(a)
................
891
872
CSC
Holdings
LLC
11.25%,
5/15/28,
Callable
8/16/26
@
102.81(a)
.............................
4,500
2,617
11.75%,
1/31/29,
Callable
8/16/26
@
105.88(a)
.............................
3,000
1,718
5.00%,
11/15/31,
Callable
11/15/26
@
102.5(a)
.............................
1,500
321
Cumulus
Media
New
Holdings,
Inc.,
8.00%,
7/1/29,
Callable
9/5/26
@
100(a)(k)
.........
7,151
993
Directv
Financing
LLC/Directv
Financing
Co-Obligor
Inc,
9.25%,
6/1/32,
Callable
6/1/28
@
104.63(a)
.........................................................
452
463
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.,
5.88%,
8/15/27,
Callable
9/5/26
@
100(a)
...........................................................
10
10
Discovery
Global
Holdings,
Inc.,
5.05%,
3/15/42,
Callable
9/15/41
@
100
..............
1,411
985
EchoStar
Corp.,
10.75%,
11/30/29,
Callable
11/30/26
@
105.38
......................
12,156
13,147
Gray
Media,
Inc.
10.50%,
7/15/29,
Callable
8/16/26
@
105.25(a)
.............................
296
312
4.75%,
10/15/30,
Callable
8/16/26
@
102.38(a)
.............................
257
199
9.63%,
7/15/32,
Callable
7/15/28
@
104.81(a)
..............................
221
223
iHeartCommunications,
Inc.,
7.00%,
1/15/31,
Callable
12/20/26
@
103.5(a)
.............
1,603
1,346
Lamar
Media
Corp.
3.63%,
1/15/31,
Callable
8/21/26
@
101.81
................................
947
879
5.38%,
11/1/33,
Callable
11/1/28
@
102.69(a)
..............................
223
217
Level
3
Financing,
Inc.
3.75%,
7/15/29,
Callable
9/5/26
@
100(a)
.................................
355
339
6.88%,
6/30/33,
Callable
6/30/28
@
103.44(a)
..............................
883
894
7.00%,
3/31/34,
Callable
8/31/28
@
103.5(a)
...............................
1,777
1,809
8.50%,
1/15/36,
Callable
1/15/31
@
104.25(a)
..............................
1,782
1,853
7.50%,
2/15/37,
Callable
8/15/31
@
103.75(a)
..............................
448
445
Match
Group
Holdings
II
LLC,
4.63%,
6/1/28,
Callable
8/16/26
@
100(a)
..............
2,000
1,969
Neptune
BidCo
US,
Inc.,
9.50%,
2/15/33,
Callable
2/15/29
@
104.75(a)
................
891
908
Oak-Eagle
Acquireco,
Inc.
7.25%,
7/1/33,
Callable
7/1/29
@
103.63(a)
................................
802
832
8.75%,
7/1/34,
Callable
7/1/29
@
104.38(a)
................................
908
956
Paramount
Global,
4.38%,
3/15/43
..........................................
137
84
Playtika
Holding
Corp.,
4.25%,
3/15/29,
Callable
9/5/26
@
100(a)(g)
..................
2,677
2,431
Scripps
Escrow
II,
Inc.
3.88%,
1/15/29,
Callable
9/5/26
@
100(a)
.................................
631
576
5.38%,
1/15/31,
Callable
9/5/26
@
102.69(a)(g)
.............................
1,180
692
Sinclair
Television
Group,
Inc.,
8.13%,
2/15/33,
Callable
2/15/28
@
104.06(a)
...........
2,181
2,248
The
E.W.
Scripps
Co.,
9.88%,
8/15/30,
Callable
8/15/27
@
104.94(a)
..................
864
754
Time
Warner
Cable
LLC,
6.55%,
5/1/37
.......................................
1,788
1,699
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC
6.50%,
2/15/29,
Callable
8/16/26
@
100(a)(g)
..............................
7,338
7,239
8.63%,
6/15/32,
Callable
6/15/28
@
104.31(a)
..............................
883
902
8.63%,
6/15/32,
Callable
6/15/28
@
104.31(a)(g)
............................
891
911
Uniti
Services
LLC,
7.50%,
10/15/33,
Callable
10/15/28
@
103.75(a)
.................
1,785
1,825
Univision
Communications,
Inc.,
8.88%,
4/15/33,
Callable
4/15/29
@
104.44(a)
..........
1,784
1,728
Victory
Portfolios
III
Victory
High
Income
Fund
226
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Urban
One,
Inc.,
7.63%,
4/1/31,
Callable
8/16/26
@
100(a)
.........................
$
2,203
$
802
Versant
Media
Group,
Inc.,
7.25%,
1/30/31,
Callable
1/30/28
@
103.63(a)
..............
991
1,022
Zayo
Group
Holdings,
Inc.
9.25%,
3/9/30,
Callable
8/16/26
@
100(a)(l)
................................
3,014
3,015
13.75%,
9/9/30
,
Callable
9/5/26
@
100(a)(m)
...............................
2,930
2,887
84,384
Consumer
Discretionary
(9.3%):
Advance
Auto
Parts,
Inc.,
7.38%,
8/1/33,
Callable
8/1/28
@
103.69(a)(g)
...............
2,451
2,529
Asbury
Automotive
Group,
Inc.,
5.00%,
2/15/32,
Callable
11/15/26
@
102.5(a)
..........
1,436
1,368
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.
4.63%,
4/1/30,
Callable
9/5/26
@
101.16(a)
................................
4,211
4,001
6.88%,
8/1/33,
Callable
8/1/28
@
103.44(a)
................................
2,807
2,803
Beach
Acquisition
Bidco
LLC,
10.00%,
7/15/33,
Callable
7/15/28
@
103(a)(n)
...........
1,658
1,780
Beazer
Homes
USA,
Inc.
7.25%,
10/15/29,
Callable
8/21/26
@
102.42
...............................
1,250
1,266
8.00%,
1/15/32
,
Callable
7/15/28
@
104(a)
................................
894
914
Boyd
Gaming
Corp.,
4.75%,
6/15/31,
Callable
8/16/26
@
102.38(a)
...................
1,100
1,051
Boyne
USA,
Inc.,
4.75%,
5/15/29,
Callable
9/5/26
@
100(a)
........................
2,259
2,204
Caesars
Entertainment,
Inc.
6.50%,
2/15/32,
Callable
2/15/27
@
103.25(a)
..............................
100
96
6.00%,
10/15/32,
Callable
10/15/27
@
103(a)(g)
............................
50
44
Century
Communities,
Inc.,
3.88%,
8/15/29,
Callable
2/15/29
@
100(a)
................
2,650
2,514
Churchill
Downs,
Inc.
5.75%,
4/1/30,
Callable
8/16/26
@
101.44(a)
...............................
1,000
997
6.75%,
5/1/31,
Callable
8/16/26
@
103.38(a)
...............................
1,355
1,374
Cougar
JV
Subsidiary
LLC,
8.00%,
5/15/32,
Callable
5/15/27
@
104(a)
................
1,000
1,046
CP
Atlas
Buyer,
Inc.
9.75%,
7/15/30,
Callable
7/15/27
@
104.88(a)(g)
............................
877
789
12.75%,
1/15/31,
Callable
12/2/28
@
103(a)(g)(o)
...........................
938
644
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.,
6.75%,
1/15/30,
Callable
9/5/26
@
101.69(a)(g)
...............................................
5,678
5,576
Ford
Motor
Co.,
4.75%,
1/15/43
............................................
2,000
1,533
Group
1
Automotive,
Inc.,
6.38%,
1/15/30
,
Callable
8/16/26
@
103.19(a)
...............
932
937
Hilton
Domestic
Operating
Co.,
Inc.,
4.00%,
5/1/31,
Callable
9/5/26
@
102(a)
...........
2,100
1,970
Installed
Building
Products,
Inc.,
5.63%,
2/1/34,
Callable
2/1/29
@
102.81(a)
............
445
431
Light
&
Wonder
International,
Inc.
7.25%,
11/15/29,
Callable
8/21/26
@
102.42(a)
.............................
500
509
6.25%,
10/1/33,
Callable
10/1/28
@
103.13(a)
..............................
1,340
1,317
Lithia
Motors,
Inc.
3.88%,
6/1/29,
Callable
9/5/26
@
100(a)
..................................
4,739
4,549
4.38%,
1/15/31,
Callable
9/5/26
@
102.19(a)
...............................
1,950
1,847
Lowe's
Cos.,
Inc.,
2.80%,
9/15/41,
Callable
3/15/41
@
100
.........................
1,500
1,036
M/I
Homes,
Inc.,
4.95%,
2/1/28,
Callable
8/21/26
@
100
...........................
2,555
2,533
Muvico
LLC,
15.00%,
2/19/29,
Callable
7/31/27
@
107.5(a)(g)(p)
....................
889
974
Newell
Brands,
Inc.
6.63%,
5/15/32,
Callable
2/15/32
@
100(g)
................................
1,782
1,801
7.38%,
4/1/36,
Callable
10/1/35
@
100(g)
.................................
500
504
Petco
Health
&
Wellness
Co.,
Inc.,
8.25%,
2/1/31,
Callable
2/1/28
@
104.13(a)(g)
........
4,017
4,030
PetSmart
LLC/PetSmart
Finance
Corp.
7.50%,
9/15/32,
Callable
9/15/28
@
103.75(a)
..............................
4,319
4,369
10.00%,
9/15/33,
Callable
9/15/28
@
105(a)
...............................
500
498
Photo
Holdings
LLC,
12.00%,
7/1/31,
Callable
7/1/28
@
106(a)
.....................
1,787
1,842
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
1,100
920
S&S
Holdings
LLC,
8.38%,
10/1/31,
Callable
10/1/27
@
104.19(a)
...................
1,853
1,788
Saks
Global
Enterprises
LLC
11.00%,
12/15/29(h)(k)
...............................................
567
—
11.00%,
12/15/29(h)(k)
...............................................
1,559
—
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.,
6.63%,
3/1/30,
Callable
9/5/26
@
101.66(a)
......................................................
1,322
1,071
Sotheby's,
8.25%,
4/15/31,
Callable
4/30/28
@
104.13(a)
..........................
800
798
Staples,
Inc.,
10.75%,
9/1/29,
Callable
9/5/26
@
105.38(a)
.........................
3,618
3,462
Victory
Portfolios
III
Victory
High
Income
Fund
227
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Taylor
Morrison
Communities,
Inc.
5.75%,
1/15/28,
Callable
10/15/27
@
100(a)
...............................
$
1,000
$
1,010
5.13%,
8/1/30,
Callable
2/1/30
@
100(a)
..................................
941
939
5.75%,
11/15/32,
Callable
5/15/32
@
100(a)
................................
445
456
The
Men's
Wearhouse
LLC,
9.00%,
2/1/31,
Callable
2/1/28
@
104.5(a)
................
446
475
The
Michaels
Cos.,
Inc.
8.50%,
3/15/33,
Callable
3/15/29
@
104.25(a)
..............................
4,638
4,597
11.00%,
3/15/34,
Callable
3/15/29
@
105.5(a)(g)
............................
1,785
1,745
TKC
Holdings,
Inc.
8.50%,
8/15/30,
Callable
8/15/27
@
104.25(a)
..............................
1,613
1,650
12.00%,
2/15/31,
Callable
2/15/28
@
106(a)
...............................
891
934
Vail
Resorts,
Inc.,
6.50%,
5/15/32,
Callable
5/15/27
@
103.25(a)
.....................
625
633
Weekley
Homes
LLC/Weekley
Finance
Corp.
4.88%,
9/15/28,
Callable
9/5/26
@
100.81(a)
...............................
2,085
2,052
6.75%,
1/15/34,
Callable
1/15/29
@
103.38(a)
..............................
3,561
3,566
ZF
North
America
Capital,
Inc.,
6.88%,
4/23/32,
Callable
2/23/32
@
100
(a)
.............
435
427
88,199
Consumer
Staples
(3.2%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
4.88%,
2/15/30,
Callable
9/5/26
@
102.44(a)
...............................
3,750
3,578
5.63%,
3/31/32,
Callable
3/31/28
@
102.81(a)
..............................
3,900
3,710
5.75%,
3/31/34,
Callable
11/15/28
@
102.88(a)
.............................
2,263
2,104
C&S
Group
Enterprises
LLC,
5.00%,
12/15/28,
Callable
9/5/26
@
100(a)(g)
............
4,474
4,117
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
6.63%,
7/15/30,
Callable
8/16/26
@
103.31(a)
..............................
711
715
5.60%,
1/15/31,
Callable
12/15/30
@
100(a)
...............................
1,410
1,384
Edgewell
Personal
Care
Co.,
4.13%,
4/1/29,
Callable
8/16/26
@
100(a)
................
3,802
3,661
Family
Dollar
Stores
LLC,
10.00%,
7/31/31,
Callable
7/31/28
@
105(a)
................
1,786
1,759
Performance
Food
Group,
Inc.
4.25%,
8/1/29,
Callable
9/5/26
@
100(a)
..................................
2,225
2,151
5.63%,
3/1/34,
Callable
3/1/29
@
102.81(a)
................................
1,782
1,728
Post
Holdings,
Inc.
4.63%,
4/15/30,
Callable
8/21/26
@
101.54(a)
..............................
1,000
963
6.25%,
2/15/32,
Callable
2/15/27
@
103.13(a)
..............................
267
269
6.38%,
3/1/33,
Callable
9/1/27
@
103.19(a)
................................
330
325
U.S.
Foods,
Inc.
4.75%,
2/15/29,
Callable
9/5/26
@
100(a)
.................................
2,500
2,464
5.75%,
4/15/33,
Callable
10/15/27
@
102.88(a)
.............................
1,527
1,514
30,442
Energy
(2.8%):
Academy
Ltd.,
5.88%,
5/15/31,
Callable
5/15/28
@
102.94(a)
.......................
1,347
1,333
CITGO
Petroleum
Corp.,
8.38%,
1/15/29,
Callable
9/5/26
@
104.19(a)
................
4,562
4,683
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC,
5.50%,
6/15/31,
Callable
9/5/26
@
102.75(a)
.
2,500
2,436
Energy
Transfer
LP,
7.13%
(H15T5Y+531bps),
Callable
5/15/30
@
100(b)(i)
............
250
256
Harvest
Midstream
I
LP,
6.75%,
5/15/34
,
Callable
5/15/29
@
103.38(a)
................
1,343
1,349
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
7.25%,
2/15/35,
Callable
2/15/30
@
103.63(a)
...
17
17
Moss
Creek
Resources
Holdings,
Inc.,
8.25%,
9/1/31,
Callable
9/1/27
@
104.13(a)
........
140
140
Murphy
Oil
USA,
Inc.
3.75%,
2/15/31,
Callable
8/21/26
@
101.88(a)
..............................
1,462
1,359
5.88%,
6/1/34,
Callable
6/1/29
@
102.94(a)
................................
2,225
2,205
Oceaneering
International,
Inc.,
6.88%,
7/15/34,
Callable
7/15/29
@
103.44(a)
...........
89
91
Permian
Resources
Operating
LLC,
6.25%,
2/1/33,
Callable
8/1/27
@
103.13(a)
..........
1,516
1,543
Pioneer
Opco
LLC,
7.00%,
5/15/33,
Callable
5/15/28
@
103.5(a)
....................
627
634
Prairie
Acquiror
LP,
9.00%,
8/1/29,
Callable
9/5/26
@
104.5(a)
......................
500
516
Sunoco
LP
7.88%
(H15T5Y+423bps),
Callable
9/18/30
@
100(a)(b)(i)
.....................
894
917
6.25%,
7/1/33,
Callable
7/1/28
@
103.13(a)
................................
1,550
1,554
5.88%,
3/15/34,
Callable
9/15/28
@
102.94(a)
..............................
1,341
1,313
5.63%,
7/15/34,
Callable
3/15/29
@
102.81(a)
..............................
892
863
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.,
7.38%,
2/15/29,
Callable
9/5/26
@
103.69(a)
......................................................
1,000
1,022
Venture
Global
Calcasieu
Pass
LLC,
6.00%,
5/1/36
,
Callable
11/1/35
@
100(a)
...........
446
441
Victory
Portfolios
III
Victory
High
Income
Fund
228
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Venture
Global
LNG,
Inc.
8.38%,
6/1/31,
Callable
8/16/26
@
104.19(a)
...............................
$
2,343
$
2,421
9.88%,
2/1/32,
Callable
2/1/27
@
104.94(a)
................................
325
346
6.63%,
6/15/36,
Callable
6/15/31
@
103.31(a)
..............................
447
438
Venture
Global
Plaquemines
LNG
LLC,
7.75%,
5/1/35,
Callable
12/1/34
@
100(a)
........
829
918
26,795
Financials
(11.0%):
Acrisure
LLC/Acrisure
Finance,
Inc.
8.25%,
2/1/29,
Callable
9/5/26
@
104.13(a)
................................
5,197
4,982
8.50%,
6/15/29,
Callable
9/5/26
@
104.25(a)
...............................
612
584
6.00%,
8/1/29,
Callable
9/5/26
@
100(a)
..................................
4,698
4,242
7.50%,
11/6/30,
Callable
9/5/26
@
103.75(a)
...............................
2,372
2,295
6.75%,
7/1/32,
Callable
7/1/28
@
103.38(a)
................................
994
914
ADI
Escrow
Issuer
LLC,
7.13%,
7/15/34,
Callable
7/15/29
@
103.56(a)
................
89
91
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co-Issuer
6.50%,
10/1/31,
Callable
10/1/27
@
103.25(a)
..............................
1,799
1,799
7
.38%,
10/1/32,
Callable
10/1/27
@
103.69(a)
..............................
4,985
5,015
Amynta
Agency
Borrower,
Inc.
and
Amynta
Warranty
Borrower,
Inc.,
7.50%,
7/15/33,
Callable
7/15/28
@
103.75(a)
................................................
4,187
4,089
Asurion
LLC/Asurion
Co-Issuer,
Inc.,
8.38%,
2/1/34,
Callable
2/1/29
@
104.19(a)
........
1,782
1,624
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance,
7.13%,
5/15/31,
Callable
5/15/27
@
103.56(a)
....................................
3,223
3,252
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer,
Inc.,
9.50%,
7/1/32,
Callable
7/1/28
@
104.75(a)
.................................................
2,260
2,196
Block,
Inc.
6.50%,
5/15/32,
Callable
5/15/27
@
103.25
................................
1,846
1,867
6.00%,
8/15/33,
Callable
8/15/28
@
103(a)
................................
888
881
Broadstreet
Partners
Group
LLC,
5.88%,
4/15/29,
Callable
9/5/26
@
100(a)
.............
2,769
2,709
Brown
&
Brown,
Inc.,
5.55%,
6/23/35,
Callable
3/23/35
@
100
......................
2,915
2,860
Burford
Capital
Global
Finance
LLC
6.25%,
4/15/28,
Callable
9/5/26
@
100(a)(g)
...............................
400
394
7.50%,
7/15/33,
Callable
7/15/28
@
103.75(a)(g)
............................
8,053
6,793
8.50%,
1/15/34,
Callable
1/15/29
@
104.25(a)(g)
............................
679
588
CRC
Insurance
Group
LLC,
7.13%,
6/1/31,
Callable
6/1/27
@
103.56(a)
...............
8,516
8,505
Credit
Acceptance
Corp.,
6.63%,
3/15/30,
Callable
3/15/27
@
103.31(a)(g)
.............
1,767
1,767
EZCORP,
Inc.,
7.38%,
4/1/32,
Callable
4/1/28
@
103.69(a)
.........................
1,023
1,071
First
Eagle
Holdings,
Inc.,
7.25%,
8/15/32,
Callable
8/15/28
@
103.63(a)
...............
448
453
Focus
Financial
Partners
LLC,
6.75%,
9/15/31,
Callable
9/15/27
@
103.38(a)
............
3,164
3,145
Ford
Motor
Credit
Co.
LLC,
4.00%,
11/13/30,
Callable
8/13/30
@
100
.................
2,500
2,335
Hightower
Holding
LLC
6.75%,
4/15/29,
Callable
9/5/26
@
100(a)
.................................
1,401
1,397
9.13%,
1/31/30,
Callable
9/5/26
@
104.56(a)
...............................
1,836
1,912
HUB
International
Ltd.
5.63%,
12/1/29,
Callable
9/5/26
@
101.41(a)
...............................
714
713
7.38%,
1/31/32,
Callable
1/31/27
@
103.69(a)
..............................
59
60
Hunt
Cos.,
Inc.,
5.25%,
4/15/29,
Callable
9/5/26
@
100(a)
.........................
2,178
2,128
Industrial
F&B
Investments
III,
Inc.,
7.75%,
2/11/33,
Callable
2/1/29
@
103.88(a)
........
442
448
Jane
Street
Group/JSG
Finance,
Inc.
7.13%,
4/30/31,
Callable
4/30/27
@
103.56(a)
..............................
549
567
6.75%,
5/1/33,
Callable
5/1/28
@
103.38(a)
................................
4,040
4,118
LCM
Investments
Holdings
II
LLC,
8.25%,
8/1/31,
Callable
9/5/26
@
104.13(a)
.........
1,000
1,042
Lehman
Brothers
Holdings,
Inc.,
5.75%,
4/25/11,
MTN
............................
1,000
—(q)
LPL
Holdings,
Inc.,
5.75%,
6/15/35,
Callable
3/15/35
@
100
........................
1,817
1,787
MetLife,
Inc.,
10.75%,
8/1/39,
Callable
8/1/34
@
100
.............................
1,000
1,263
Mobius
Merger
Sub,
Inc.,
9.00%,
6/1/30,
Callable
9/5/26
@
104.5(a)
..................
4,657
3,193
MSD
Investment
Corp.,
6.13%,
2/5/31,
Callable
1/5/31
@
100(a)
(g)
..................
1,130
1,095
NCR
Atleos
Corp.,
9.50%,
4/1/29,
Callable
10/1/26
@
104.75(a)
.....................
500
531
Osaic
Holdings,
Inc.
6.75%,
8/1/32,
Callable
8/1/28
@
103.38(a)
................................
1,073
1,076
8.00%,
8/1/33,
Callable
8/1/28
@
104(a)
..................................
3,827
3,879
OT
Midco,
Inc.,
10.00%,
2/15/30,
Callable
2/15/27
@
105(a)(g)
.....................
3,563
1,340
Prudential
Financial,
Inc.,
6.25%
(H15T5Y+178bps),
6/15/56,
Callable
3/15/36
@
100(b)
...
567
562
Ryan
Specialty
LLC,
5.88%,
8/1/32
,
Callable
8/1/27
@
102.94(a)
....................
3,927
3,874
Victory
Portfolios
III
Victory
High
Income
Fund
229
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Smyrna
Ready
Mix
Concrete
LLC,
8.88%,
11/15/31,
Callable
11/15/26
@
104.44(a)
.......
$
2,821
$
2,955
Starwood
Property
Trust,
Inc.,
7.25%,
4/1/29,
Callable
10/1/28
@
100(a)
...............
100
103
Stonebriar
ABF
Issuer
LLC
8.13%,
12/15/30,
Callable
12/15/27
@
104.06(a)
............................
162
169
7.00%,
8/15/31,
Callable
8/15/28
@
103.5(a)
...............................
1,786
1,787
Voyager
Parent
LLC,
9.25%,
7/1/32,
Callable
7/1/28
@
104.63(a)
....................
1,581
1,680
Willis
North
America,
Inc.,
5.15%,
3/15/36,
Callable
12/15/35
@
100
.................
520
499
WS
Escrow
LLC,
7.75%,
6/1/33,
Callable
6/1/29
@
103.88(a)
.......................
1,341
1,387
104,016
Health
Care
(4.5%):
Acadia
Healthcare
Co.,
Inc.,
7.38%,
3/15/33,
Callable
3/15/28
@
103.69(a)
.............
772
797
AthenaHealth
Group,
Inc.
6.50%,
2/15/30,
Callable
9/5/26
@
101.63(a)
...............................
4,868
4,703
7.50%,
2/15/32,
Callable
8/15/28
@
103.75(a)
..............................
1,340
1,374
Centene
Corp.,
4.63%,
12/15/29,
Callable
9/5/26
@
101.54
.........................
1,829
1,772
CHS/Community
Health
Systems,
Inc.
4.75%,
2/15/31,
Callable
8/21/26
@
102.38(a)
..............................
1,500
1,336
10.88%,
1/15/32,
Callable
2/15/27
@
105.44(a)
.............................
621
655
9.75%,
1/15/34,
Callable
8/15/28
@
104.88(a)
..............................
1,280
1,297
DENTSPLY
SIRONA,
Inc.,
8.38%
(H15T5Y+438bps),
9/12/55,
Callable
6/12/30
@
100(b)
.
1,401
1,395
Encompass
Health
Corp.
4.63%,
4/1/31,
Callable
9/5/26
@
102.31
..................................
500
480
5.88%,
6/1/34,
Callable
6/1/29
@
102.94(a)
................................
1,791
1,773
HCA,
Inc.,
5.13%,
6/15/39,
Callable
12/15/38
@
100
.............................
2,437
2,258
Medline
Borrower
LP,
5.25%,
10/1/29,
Callable
9/5/26
@
101.31(a)
..................
3,825
3,791
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV
5.13%,
4/30/31,
Callable
9/5/26
@
102.56(a)
...............................
1,784
1,767
7.88%,
5/15/34,
Callable
5/15/29
@
103.94(a)
..............................
6,161
6,579
Paradigm
Parent
LLC
and
Paradigm
Parent
Co-Issuer,
Inc.,
8.75%,
4/17/32,
Callable
4/17/28
@
104.38(a)
......................................................
886
813
Pediatrix
Medical
Group,
Inc.,
5.38%,
2/15/30,
Callable
8/21/26
@
101.34(a)
............
2,386
2,332
Prestige
Brands,
Inc.
3.75%,
4/1/31,
Callable
9/5/26
@
101.88(a)
................................
4,574
4,197
6.25%,
7/15/34,
Callable
7/15/29
@
103.13(a)
..............................
875
877
Prime
Healthcare
Services,
Inc.,
9.38%,
9/1/29,
Callable
9/5/26
@
104.69(a)
............
2,211
2,306
Tenet
Healthcare
Corp.
6.13%,
10/1/28,
Callable
8/21/26
@
100
..................................
1,879
1,880
6.00%,
11/15/33,
Callable
11/15/28
@
103(a)
...............................
89
89
42,471
Industrials
(8.3%):
AAR
Escrow
Issuer
LLC,
6.75%,
3/15/29
,
Callable
8/16/26
@
103.38(a)
...............
886
906
Advanced
Drainage
Systems,
Inc.,
5.38%,
3/1/34,
Callable
3/1/29
@
102.69(a)
...........
891
864
Alaska
Airlines,
Inc.,
6.50%,
6/1/31,
Callable
12/1/30
@
100(a)
......................
123
122
American
Airlines,
Inc.,
7.25%,
2/15/28,
Callable
8/16/26
@
101.81(a)
................
500
504
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75%,
4/20/29(a)
................
215
214
Amsted
Industries,
Inc.,
6.38%,
3/15/33,
Callable
3/15/28
@
103.19(a)
................
1,936
1,950
Arcosa,
Inc.,
6.88%,
8/15/32,
Callable
8/15/27
@
103.44(a)
.........................
2,916
3,010
ATI,
Inc.,
5.88%,
6/15/33,
Callable
6/15/29
@
102.94
.............................
447
450
Axon
Enterprise,
Inc.,
6.25%,
3/15/33,
Callable
3/15/28
@
103.13(a)
..................
1,385
1,405
Beacon
Mobility
Corp.,
7.25%,
8/1/30,
Callable
8/1/27
@
103.63(a)
..................
215
221
BlueLinx
Holdings,
Inc.,
6.00%,
11/15/29,
Callable
9/5/26
@
101.5(a)
.................
550
542
Brundage-Bone
Concrete
Pumping
Holdings,
Inc.,
7.50%,
2/1/32,
Callable
2/1/28
@
103.75(a)
849
871
Builders
FirstSource,
Inc.
6.38%,
3/1/34,
Callable
3/1/29
@
103.19(a)
................................
1,351
1,327
6.75%,
5/15/35,
Callable
5/15/30
@
103.38(a)
..............................
1,117
1,105
BWX
Technologies,
Inc.,
4.13%,
4/15/29,
Callable
8/21/26
@
100(a)
..................
1,000
960
Carpenter
Technology
Corp.,
5.63%,
3/1/34,
Callable
3/1/29
@
102.81(a)
...............
1,081
1,066
Carrix,
Inc.,
6.13%,
8/1/33,
Callable
8/1/29
@
103.06(a)
...........................
1,117
1,112
Columbus
McKinnon
Corp.,
7.13%,
2/1/33,
Callable
2/1/29
@
103.56(a)
...............
1,782
1,797
CompoSecure
Holdings
LLC,
5.63%,
2/1/33,
Callable
2/1/29
@
102.81(a)
..............
89
85
Cornerstone
Building
Brands,
Inc.,
9.50%,
8/15/29,
Callable
9/5/26
@
104.75(a)(g)
.......
7,163
3,695
Dcli
Bidco
LLC,
7.75%,
11/15/29,
Callable
11/15/26
@
103.88(a)
....................
1,003
1,031
Victory
Portfolios
III
Victory
High
Income
Fund
230
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
EMRLD
Borrower
LP/Emerald
Co-Issuer,
Inc.
6.63%,
12/15/30,
Callable
9/5/26
@
103.31(a)
..............................
$
3,000
$
3,051
6.75%,
7/15/31,
Callable
7/15/27
@
103.38(a)
..............................
1,275
1,309
Enpro,
Inc.,
6.13%,
6/1/33,
Callable
6/1/28
@
103.06(a)
...........................
850
853
EquipmentShare.com,
Inc.
8.63%,
5/15/32,
Callable
5/15/27
@
104.31(a)
..............................
1,000
1,023
8.00%,
3/15/33,
Callable
9/15/27
@
104(a)(g)
..............................
332
336
7.13%,
7/1/34,
Callable
7/1/29
@
103.56(a)
................................
900
861
Esab
Corp.
6.25%
,
4/15/29,
Callable
8/16/26
@
103.13(a)
..............................
500
505
5.63%,
4/1/31,
Callable
4/1/28
@
102.81(a)
................................
1,338
1,324
Gates
Corp.,
6.88%,
7/1/29,
Callable
8/16/26
@
103.44(a)
..........................
1,000
1,021
Genesee
&
Wyoming,
Inc.,
6.25%,
4/15/32
,
Callable
4/15/27
@
103.13(a)
..............
1,654
1,665
Goat
Holdco
LLC,
6.75%,
2/1/32,
Callable
2/1/28
@
103.38(a)
......................
1,940
1,972
Griffon
Corp.,
5.75%,
3/1/28,
Callable
9/5/26
@
100
..............................
1,500
1,500
Herc
Holdings,
Inc.
7.25%,
6/15/33,
Callable
6/15/28
@
103.63(a)
..............................
981
1,012
6.00%,
3/15/34,
Callable
3/15/29
@
103(a)(g)
..............................
2,671
2,622
JB
Poindexter
&
Co.,
Inc.,
8.75%,
12/15/31,
Callable
12/15/26
@
104.38(a)
.............
100
103
JH
North
America
Holdings,
Inc.,
6.13%,
7/31/32,
Callable
7/31/28
@
103.06(a)
.........
224
225
Lsf12
Helix
Parent
LLC,
7.13%,
2/1/33,
Callable
2/1/28
@
103.56(a)(g)
...............
891
875
Masterbrand,
Inc.,
7.00%,
7/15/32,
Callable
7/15/27
@
103.5(a)(g)
...................
3,500
3,504
OneSky
Flight
LLC,
8.88%,
12/15/29,
Callable
12/15/26
@
104.44(a)
.................
1,113
1,171
PODS
LLC,
8.75%,
5/15/31,
Callable
5/15/28
@
104.38(a)
.........................
1,343
1,283
QXO
Building
Products,
Inc.,
6.75%,
4/30/32
,
Callable
4/30/28
@
103.38(a)
............
2,009
2,052
RB
Global
Holdings,
Inc.,
7.75%,
3/15/31,
Callable
8/16/26
@
103.88(a)
...............
2,000
2,067
Resideo
Funding
II
LLC,
6.50%,
7/15/32,
Callable
7/15/27
@
103.25(a)
................
1,749
1,750
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29,
Callable
9/5/26
@
101.09(a)
.......
1,000
971
RXO,
Inc.,
6.38%,
5/15/31,
Callable
5/15/28
@
103.19(a)
..........................
1,626
1,622
Science
Applications
International
Corp.,
5.88%,
11/1/33,
Callable
11/1/28
@
102.94(a)
....
447
438
Sensata
Technologies,
Inc.,
6.63%,
7/15/32,
Callable
7/15/27
@
103.31(a)
..............
100
102
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.,
6.75%,
8/15/32,
Callable
8/15/27
@
103.38(a)
.........................................................
2,037
2,039
Spirit
Airlines
Pass
Through
Trust,
4.10%,
4/1/28
................................
1,400
1,325
Standard
Building
Solutions,
Inc.,
5.88%,
3/15/34,
Callable
3/15/29
@
102.94(a)
.........
2,214
2,127
Standard
Industries,
Inc.,
3.38%,
1/15/31,
Callable
9/5/26
@
101.13(a)
.................
4,120
3,703
Star
Leasing
Co.
LLC,
7.63%,
2/15/30
,
Callable
2/15/27
@
103.81(a)
.................
867
844
Synergy
Infrastructure
Holdings
LLC,
7.00%,
7/15/34,
Callable
7/15/29
@
103.5(a)
.......
894
902
The
GEO
Group,
Inc.
8.63%,
4/15/29,
Callable
8/16/26
@
104.31
................................
502
524
10.25%,
4/15/31,
Callable
4/15/27
@
105.13
...............................
259
279
TriNet
Group,
Inc.,
7.13%,
8/15/31,
Callable
9/5/26
@
103.56(a)
.....................
190
193
United
Rentals
North
America,
Inc.
4.00%,
7/15/30,
Callable
8/16/26
@
101.33
................................
1,500
1,424
6.13%,
3/15/34,
Callable
3/15/29
@
103.06(a)
..............................
1,797
1,823
Veritiv
Operating
Co.,
10.50%,
11/30/30,
Callable
11/30/26
@
105.25(a)
...............
1,143
1,173
VT
Topco,
Inc.,
8.50%,
8/15/30,
Callable
9/5/26
@
104.25(a)(g)
.....................
500
511
Waste
Pro
USA,
Inc.,
7.00%,
2/1/33,
Callable
2/1/28
@
103.5(a)
.....................
2,212
2,250
Watco
Cos.
LLC/Watco
Finance
Corp.,
7.13%,
8/1/32,
Callable
8/1/27
@
103.56(a)
.......
1,000
1,028
WESCO
Distribution,
Inc.,
5.50%,
4/15/34,
Callable
4/15/29
@
102.75(a)
..............
221
215
78,814
Information
Technology
(5.3%):
Broadcom,
Inc.,
3.50%,
2/15/41,
Callable
8/15/40
@
100
..........................
2,059
1,552
Capstone
Borrower,
Inc.,
8.00%,
6/15/30,
Callable
9/5/26
@
104(a)
...................
1,820
1,770
Central
Parent,
Inc./CDK
Global,
Inc.,
7.25%,
6/15/29,
Callable
9/5/26
@
101.81(a)
.......
2,500
1,294
Cloud
Software
Group
LLC
6.50%,
3/31/29,
Callable
8/16/26
@
103.25(a)
..............................
4,806
4,701
9.00%,
9/30/29,
Callable
9/5/26
@
104.5(a)
................................
3,179
3,117
CoreWeave,
Inc.,
9.25%,
6/1/30,
Callable
6/1/27
@
104.63(a)(g)
.....................
892
837
Ellucian
Holdings,
Inc.,
6.50%,
12/1/29,
Callable
12/1/26
@
103.25(a)
.................
2,472
2,381
NCR
Voyix
Corp.,
5.13%,
4/15/29
,
Callable
8/16/26
@
100(a)
.......................
3,404
3,306
Open
Text
Holdings,
Inc.,
4.13%,
12/1/31,
Callable
12/1/26
@
102.06(a)(g)
.............
3,055
2,696
Victory
Portfolios
III
Victory
High
Income
Fund
231
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Oracle
Corp.
2.95%,
4/1/30,
Callable
1/1/30
@
100
....................................
$
3,771
$
3,392
5.70%,
2/4/36
,
Callable
11/4/35
@
100
...................................
219
203
3.85%,
7/15/36,
Callable
1/15/36
@
100
..................................
1,784
1,412
3.60%,
4/1/40,
Callable
10/1/39
@
100
...................................
858
594
5.95%,
9/26/55,
Callable
3/26/55
@
100
..................................
273
217
Qnity
Electronics,
Inc.,
6.25%,
8/15/33,
Callable
8/15/28
@
103.13(a)
.................
1,000
1,005
Rocket
Software,
Inc.
9.00%,
11/28/28,
Callable
8/16/26
@
102(a)
................................
4,385
4,340
6.50%,
2/15/29,
Callable
9/5/26
@
100(a)(g)
...............................
500
461
Sabre
Financial
Borrower
LLC,
11.13%,
6/15/29,
Callable
6/15/27
@
105.56(a)
..........
3,120
3,283
Sabre
GLBL,
Inc.,
11.13%,
7/15/30,
Callable
7/15/27
@
105.56(a)
....................
1,784
1,716
Salesforce,
Inc.,
2.70%,
7/15/41,
Callable
1/15/41
@
100
..........................
3,837
2,515
UKG,
Inc.,
6.88%,
2/1/31,
Callable
2/1/27
@
103.44(a)
............................
6,187
6,061
Zebra
Technologies
Corp.,
6.50%,
6/1/32,
Callable
6/1/27
@
103.25(a)
................
1,500
1,517
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.,
3.88%,
2/1/29,
Callable
8/16/26
@
100(a)(g)
.........................................................
2,000
1,664
50,034
Materials
(2.5%):
AmeriTex
HoldCo
Intermediate
LLC,
7.63%,
8/15/33,
Callable
8/15/28
@
103.81(a)
......
2,309
2,378
Avient
Corp.,
6.25%,
11/1/31,
Callable
9/15/27
@
103.13(a)
........................
500
504
Axalta
Coating
Systems
LLC,
3.38%,
2/15/29,
Callable
9/5/26
@
100(a)
...............
500
476
Clydesdale
Acquisition
Holdings,
Inc.,
6.75%,
4/15/32,
Callable
4/15/28
@
103.38(a)
......
375
357
Commercial
Metals
Co.,
6.00%,
12/15/35,
Callable
12/15/30
@
103(a)
................
1,559
1,533
Compass
Minerals
International,
Inc.,
8.00%,
7/1/30,
Callable
7/1/27
@
104(a)
...........
443
462
Knife
River
Corp.,
7.75%,
5/1/31,
Callable
9/5/26
@
103.88(a)
......................
2,135
2,203
Louisiana-Pacific
Corp.,
3.63%,
3/15/29,
Callable
9/5/26
@
100(a)(g)
.................
1,000
959
LYB
International
Finance
III
LLC,
3.38%,
10/1/40,
Callable
4/1/40
@
100
.............
1,139
820
Mativ
Holdings,
Inc.,
8.00%,
10/1/29,
Callable
10/1/26
@
104(a)(g)
..................
850
841
Mauser
Packaging
Solutions
Holding
Co.,
7.88%,
4/15/30,
Callable
6/1/27
@
103.94(a)
....
891
909
Novelis
Corp.
6.88%,
1/30/30,
Callable
1/30/27
@
103.44(a)
..............................
295
303
6.38%,
8/15/33,
Callable
8/15/28
@
103.19(a)
..............................
891
889
Olin
Corp.,
6.63%,
4/1/33,
Callable
4/1/28
@
103.31(a)
...........................
543
531
Owens-Brockway
Glass
Container,
Inc.,
9.50%,
6/1/33,
Callable
6/1/29
@
104.75(a)(g)
....
1,344
1,322
Quikrete
Holdings,
Inc.,
6.38%,
3/1/32,
Callable
3/1/28
@
103.19(a)
..................
1,581
1,600
Sasol
Financing
USA
LLC,
8.75%,
5/3/29,
Callable
3/3/29
@
100(a)(g)
................
630
660
Solstice
Advanced
Materials,
Inc.,
5.63%,
9/30/33,
Callable
9/30/28
@
102.81(a)
.........
536
525
Sword
Purchaser
LLC
8.25%,
4/15/33
,
Callable
4/15/29
@
104.13(a)
..............................
968
990
10.50%,
4/15/34,
Callable
4/15/29
@
105.25(a)
.............................
1,786
1,850
Windsor
Holdings
III
LLC,
8.50%,
6/15/30,
Callable
8/16/26
@
104.25(a)
..............
1,977
2,059
WR
Grace
Holdings
LLC,
7.00%,
8/1/33,
Callable
2/1/29
@
103.5(a)
.................
891
855
23,026
Real
Estate
(2.2%):
Beacon
Point
DC
LLC,
6.13%,
11/30/42,
Callable
5/30/42
@
100(a)
..................
881
843
Cushman
&
Wakefield
U.S.
Borrower
LLC,
8.88%,
9/1/31,
Callable
9/1/26
@
104.44(a)
....
1,500
1,571
Forestar
Group,
Inc.,
6.50%,
3/15/33,
Callable
3/15/28
@
103.25(a)
...................
1,818
1,825
Outfront
Media
Capital
LLC/Outfront
Media
Capital
Corp.,
6.00%,
6/15/34,
Callable
6/15/29
@
103(a)
.........................................................
894
883
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer,
4.88%,
5/15/29,
Callable
9/5/26
@
100(a)
.......................................
500
487
QTS
Fayetteville
I
Dc1-2
LLC/QTS
TRS
Fayetteville
I
DC1-2
LLC,
5.70%,
4/15/36,
Callable
10/15/35
@
100(a)
..................................................
900
823
RHP
Hotel
Properties
LP/RHP
Finance
Corp.
4.50%,
2/15/29,
Callable
9/5/26
@
100.75(a)
...............................
1,738
1,699
5.75%,
3/15/34,
Callable
3/15/29
@
102.88(a)
..............................
892
874
SBA
Tower
Trust,
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
.......................
1,053
1,062
Service
Properties
Trust
8.63%,
11/15/31,
Callable
11/15/26
@
104.31(a)
............................
1,890
1,986
8.88%,
6/15/32,
Callable
6/15/27
@
104.44
................................
2,867
2,947
Sopaipilla
Investor
LLC,
7.53%,
11/30/48,
Callable
5/30/48
@
100(a)
.................
893
925
Victory
Portfolios
III
Victory
High
Income
Fund
232
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
The
Howard
Hughes
Corp.
4.38%,
2/1/31,
Callable
8/21/26
@
102.19(a)
...............................
$
3,146
$
2,947
6.13%,
3/1/34,
Callable
3/1/29
@
103.06(a)
................................
1,784
1,737
20,609
Utilities
(1.1%):
Constellation
Energy
Generation
LLC,
4.63%,
2/1/29,
Callable
8/16/26
@
102.31
.........
3,600
3,571
Entergy
Corp.,
7.13%
(H15T5Y+267bps),
12/1/54,
Callable
9/1/29
@
100(b)
............
1,942
1,991
NRG
Energy,
Inc.,
5.75%,
7/15/29,
Callable
8/16/26
@
100(a)
.......................
2,000
2,000
The
Hertz
Corp.,
12.63%,
7/15/29,
Callable
7/15/27
@
106.31(a)(g)
...................
3,665
2,392
Vistra
Operations
Co.
LLC,
6.88%,
4/15/32,
Callable
4/15/27
@
103.44(a)
..............
393
406
10,360
Total
Corporate
Bonds
(Cost
$576,395)
a
a
a
559,150
Yankee
Dollars
(17.5%)
Communication
Services
(2.0%):
Altice
France
Lux
3/Altice
Holdings
1,
10.00%,
1/15/33,
Callable
10/1/26
@
101(a)(g)
.....
5,974
5,870
Altice
France
SA
9.50%,
11/1/29,
Callable
10/1/26
@
101(a)
................................
1,355
1,372
6.88%,
10/15/30,
Callable
10/1/26
@
101(a)
...............................
2,737
2,672
6.50%,
4/15/32,
Callable
10/1/26
@
101(a)
................................
554
537
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
6.88%
(H15T5Y+239bps),
9/15/55,
Callable
6/15/30
@
100(b)
...................................................
432
435
Fibercop
SpA,
7.20%,
7/18/36,
Callable
4/18/36
@
100(a)
.........................
2,247
2,281
Iliad
Holding
SAS,
8.50%,
4/15/31,
Callable
4/15/27
@
104.25(a)
....................
950
1,000
Rogers
Communications,
Inc.,
7.00%
(H15T5Y+265bps),
4/15/55,
Callable
2/14/30
@
100(b)
873
877
Telecom
Italia
Capital
SA,
7.20%,
7/18/36
.....................................
1,547
1,670
TELUS
Corp.,
6.38%
(H15T5Y+269bps),
6/9/56,
Callable
3/9/31
@
100(b)
.............
683
674
Vmed
O2
UK
Financing
I
PLC,
4.75%,
7/15/31,
Callable
9/5/26
@
102.38(a)
............
2,212
1,747
19,135
Consumer
Discretionary
(4.9%):
A&K
Travel
Group
Holdings
Ltd.,
7.50%,
5/15/33,
Callable
5/15/29
@
103.75(a)
.........
1,692
1,684
Belron
UK
Finance
PLC,
5.75%,
10/15/29,
Callable
10/15/26
@
102.88(a)
..............
1,225
1,225
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.,
5.75%,
1/15/33,
Callable
12/15/28
@
102.88(a)
......................................................
2,603
2,510
Carnival
Corp.
Ltd.,
6.13%,
2/15/33,
Callable
2/15/28
@
103.06(a)
...................
4,258
4,259
Global
Auto
Holdings
Ltd./AAG
FH
UK
Ltd.
8.38%,
1/15/29,
Callable
9/5/26
@
104.19(a)
...............................
2,230
2,210
11.50%,
8/15/29,
Callable
11/15/26
@
105.75(a)
............................
3,529
3,712
8.75%,
1/15/32,
Callable
1/15/27
@
104.38(a)(g)
............................
2,782
2,699
Great
Canadian
Gaming
Corp./Raptor
LLC,
8.75%,
11/15/29,
Callable
11/15/26
@
104.38(a)
1,728
1,744
Mattamy
Group
Corp.
4.63%,
3/1/30,
Callable
9/5/26
@
101.54(a)
................................
1,409
1,349
6.00%,
12/15/33,
Callable
12/15/28
@
103(a)
...............................
890
850
NCL
Corp.
Ltd.
6.75%,
2/1/32,
Callable
2/1/28
@
103.38(a)
................................
7,550
7,400
6.25%,
9/15/33,
Callable
9/15/28
@
103.13(a)
..............................
1,728
1,642
Royal
Caribbean
Cruises
Ltd.
6.00%,
2/1/33,
Callable
8/1/27
@
103(a)
..................................
10,857
10,938
5.25%,
2/27/38,
Callable
8/27/37
@
100
..................................
3,019
2,836
Viking
Cruises
Ltd.
9.13%,
7/15/31,
Callable
8/21/26
@
104.56(a)
..............................
322
337
5.88%,
10/15/33,
Callable
10/15/28
@
102.94(a)
............................
342
338
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/29,
Callable
8/21/26
@
100(a)
..........
323
323
46,056
Consumer
Staples
(0.3%):
Opal
Bidco
SAS,
6.50%,
3/31/32,
Callable
3/31/28
@
103.25(a)
.....................
2,800
2,819
Energy
(0.4%):
Breakwater
Energy
Holdings
SARL,
9.25%,
11/15/30,
Callable
11/15/27
@
104.63(a)
......
919
971
Consolidated
Energy
Finance
SA,
12.00%,
2/15/31,
Callable
2/15/27
@
106(a)(g)
.........
834
870
Northriver
Midstream
Finance
LP,
6.75%,
7/15/32,
Callable
7/15/27
@
103.38(a)
.........
500
503
Victory
Portfolios
III
Victory
High
Income
Fund
233
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
Vallourec
SACA,
7.50%,
4/15/32,
Callable
4/15/27
@
103.75(a)
.....................
$
508
$
530
Vermilion
Energy,
Inc.,
7.25%,
2/15/33,
Callable
2/28/28
@
103.63(a)
.................
920
909
3,783
Financials
(5.3%):
Ardonagh
Finco
Ltd.,
7.75%,
2/15/31,
Callable
2/15/27
@
103.88(a)
..................
4,142
4,203
Ardonagh
Group
Finance
Ltd.,
8.88%,
2/15/32,
Callable
2/15/27
@
104.44(a)
...........
10,876
10,830
Azorra
Finance
Ltd.,
6.25%,
2/15/34,
Callable
2/15/29
@
103.13(a)
...................
2,250
2,212
CI
Financial
Corp.
7.50%,
5/30/29,
Callable
4/30/29
@
100(a)
................................
1,629
1,699
4.10%,
6/15/51,
Callable
12/15/50
@
100
.................................
1,028
667
CI
Financial
Holdings
Ltd.,
7.63%
(H15T5Y+325bps),
7/23/56,
Callable
4/23/31
@
100(a)(b)
(g)
.............................................................
4,464
4,488
Flutter
Treasury
DAC,
5.88%,
6/4/31,
Callable
4/15/27
@
102.94(a)
..................
732
724
GGAM
Finance
Ltd.
6.88%,
4/15/29
,
Callable
9/5/26
@
103.44(a)
...............................
1,100
1,119
5.88%,
3/15/30,
Callable
9/15/26
@
102.94(a)
..............................
528
527
Howden
UK
Refinance
PLC/Howden
UK
Refinance
2
PLC/Howden
US
Refinance
LLC
7.25%,
2/15/31,
Callable
2/15/27
@
103.63(a)
..............................
1,226
1,215
8.13%,
2/15/32,
Callable
2/15/27
@
104.06(a)
..............................
10,310
9,587
IHO
Verwaltungs
GmbH
6.38%,
5/15/29,
Callable
8/16/26
@
101.06(a)(r)
............................
1,024
1,031
8.00%,
11/15/32,
Callable
11/15/27
@
104(a)(s)
.............................
1,013
1,064
7.38%,
5/15/33,
Callable
5/15/29
@
103.69(a)(t)
............................
446
462
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
3/15/30,
Callable
9/5/26
@
104.25(a)
...............................
3,866
3,996
6.88%,
10/1/33,
Callable
10/1/28
@
103.44(a)(g)
............................
6,062
5,720
Lehman
Brothers
Treasury
Co.
B.V.,
MTN(i)(u)
.................................
1,447
—
(q)
UniCredit
SpA,
5.86%
(USISOA05+370bps),
6/19/32,
Callable
6/19/27
@
100(a)(b)
......
817
820
50,364
Health
Care
(1.0%):
1261229
BC
Ltd.,
10.00%,
4/15/32,
Callable
4/15/28
@
105(a)
......................
5,723
5,850
Bausch
+
Lomb
Corp.,
8.38%,
10/1/28,
Callable
8/16/26
@
104.19(a)
.................
600
616
Perrigo
Finance
Unlimited
Co.,
6.13%,
9/30/32,
Callable
9/30/27
@
103.06(g)
...........
3,195
3,035
9,501
Industrials
(2.8%):
ATS
Corp.,
4.13%,
12/15/28,
Callable
9/5/26
@
100(a)
............................
1,000
973
Avianca
Midco
2
PLC
9.63%,
2/14/30,
Callable
2/14/27
@
104.81(a)
..............................
2,076
1,997
9.50%,
1/28/31,
Callable
1/28/28
@
104.75(a)
..............................
3,702
3,468
10.25%,
1/7/32,
Callable
7/7/28
@
105.13(a)
...............................
447
419
Bombardier,
Inc.
7.25%,
7/1/31,
Callable
7/1/27
@
103.63(a)
................................
1,345
1,403
6.75%,
6/15/33,
Callable
6/15/28
@
103.38(a)
..............................
1,788
1,841
5.88%,
1/15/35,
Callable
7/15/29
@
102.94(a)
..............................
299
296
Grupo
Aeromexico
SAB
de
CV,
8.63%,
11/15/31,
Callable
11/15/27
@
104.31(a)(g)
.......
3,410
3,435
Latam
Airlines
Group
SA,
7.88%,
4/15/30,
Callable
10/15/26
@
103.94(a)
..............
1,548
1,600
NES
Fircroft
Bondco
AS,
10.00%,
8/13/31
,
Callable
8/13/28
@
105(a)
.................
2,250
2,282
Seaspan
Corp.
PTE
Ltd.,
5.50%,
8/1/29,
Callable
9/5/26
@
100(a)
....................
750
728
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
9.50%,
6/1/28,
Callable
9/5/26
@
102.38(a)(g)
..............................
2,353
2,387
6.38%,
2/1/30,
Callable
9/5/26
@
101.59(a)(g)
..............................
2,192
2,071
8.75%,
1/15/32,
Callable
7/15/28
@
104.38(a)(g)
............................
3,566
3,504
26,404
Information
Technology
(0.2%):
Kioxia
Holdings
Corp.,
6.63%,
7/24/33,
Callable
7/24/28
@
103.31(a)
.................
1,660
1,715
Materials
(0.6%):
Aris
Mining
Corp.,
8.00%,
10/31/29,
Callable
10/31/26
@
104(a)
....................
900
933
Australian
Metcoal
Financing
Pty
Ltd.,
6.75%,
4/22/34,
Callable
2/22/34
@
100(a)
........
750
761
Ivanhoe
Mines
Ltd.,
7.88%,
1/23/30,
Callable
1/23/27
@
103.94(a)
...................
1,614
1,627
Victory
Portfolios
III
Victory
High
Income
Fund
234
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
Security
Description
Principal
Amount
(000)
a
Value
(000)
NOVA
Chemicals
Corp.
4.25%,
5/15/29,
Callable
9/5/26
@
100
(a)
.................................
$
2,215
$
2,163
7.00%,
12/1/31,
Callable
12/1/27
@
103.5(a)
...............................
295
310
5,794
Total
Yankee
Dollars
(Cost
$164,157)
a
a
a
165,571
Municipal
Bonds
(0.1%)
Illinois
(0.1%):
City
of
Chicago,
GO,
Series
A,
6.33%,
1/1/33
...................................
715
713
Total
Municipal
Bonds
(Cost
$715)
a
a
a
713
U.S.
Treasury
Obligations
(0.1%)
U.S.
Treasury
Notes,
4.25%,
5/15/35
.........................................
1,116
1,083
Total
U.S.
Treasury
Obligations
(Cost
$1,087)
a
a
a
1,083
Shares
Exchange-Traded
Funds
(1.0%)
iShares
BB
Rated
Corporate
Bond
ETF(g)
.....................................
148,006
6,872
State
Street
SPDR
Portfolio
High
Yield
Bond
ETF
...............................
105,000
2,443
Total
Exchange-Traded
Funds
(Cost
$9,343)
a
a
a
9,315
Short-Term
Investments
(15.5%)
Collateral
for
Securities
Loaned
(6.4%):^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
3.57%(v)
........
15,123,297
15,124
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
3.60%(v)
............
15,123,297
15,123
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
3.66%(v)
...............
15,123,297
15,123
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
3.59%(v)
.
15,123,297
15,123
60,493
Principal
Amount
(000)
a
a
a
a
Commercial
Paper
(0.0%):(e)
Consumer
Discretionary
(0.0%):(e)
Genuine
Parts
Co.,
4.23%,
8/5/26(a)(w)
.......................................
$
600
600
600
Repurchase
Agreements
(9.1%):
Fixed
Income
Clearing
Corporation-State
Street
Bank
&
Trust
Co.,
3.60%,
8/3/26,
purchased
on
7/31/26,
with
a
maturity
date
of
8/3/26,
with
a
repurchase
value
of
$6,002
(collateralized
by
a
U.S.
Treasury
Notes,
3.75%,
due
5/31/30,
with
a
value
of
$6,120)
...................
86,000
86,000
Total
Short-Term
Investments
(Cost
$147,093)
a
a
a
147,093
Total
Investments
(Cost
$1,023,188)
—
106.1%
1,004,258
Liabilities
in
excess
of
other
assets
—  (6.1)%
(57,685)
NET
ASSETS
-
100.00%
$
946,573
At
July
31,
2026,
the
Fund's
investments
in
foreign
securities
were
19.2%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2026,
the
fair
value
of
these
securities
was
$677,857
(thousands)
and
amounted
to
71.6%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2026.
(c)
Security
is
interest
only.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
July
31,
2026.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Non-income
producing
security.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2026.
(i)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
Victory
Portfolios
III
Victory
High
Income
Fund
235
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2026
(j)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(k)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(l)
Up
to
0.50%
of
the
coupon
may
be
PIK.
(m)
Up
to
1.88%
of
the
coupon
may
be
PIK.
(n)
Up
to
10.75%
of
the
coupon
may
be
PIK.
(o)
Up
to
5.75%
of
the
coupon
may
be
PIK.
(p)
Up
to
6.00%
of
the
coupon
may
be
PIK.
(q)
Rounds
to
less
than
$1
thousand.
(r)
Up
to
7.13%
of
the
coupon
may
be
PIK.
(s)
Up
to
8.75%
of
the
coupon
may
be
PIK.
(t)
Up
to
8.13%
of
the
coupon
may
be
PIK.
(u)
Zero-coupon
bond.
(v)
Rate
disclosed
is
the
daily
yield
on
July
31,
2026.
(w)
Rate
represents
the
effective
yield
at
July
31,
2026.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CMO
—
Collateralized
Mortgage
Obligations
ETF
—
Exchange-Traded
Fund
GO
—
General
Obligation
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2026.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
RB
—
Revenue
Bond
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
July
31,
2026.
TSFR1M
—
1
Month
Term
SOFR,
rate
disclosed
as
of
July
31,
2026.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2026.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
10-Year
U.S.
Treasury
Note
Futures
......
44
9/21/26
$
4,802
$
4,752
$
(50)
30-Year
U.S.
Treasury
Bond
Futures
.....
7
9/21/26
772
758
(14)
5-Year
U.S.
Treasury
Note
Futures
.......
88
9/30/26
9,402
9,325
(77)
$
(141)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(141)
Total
net
unrealized
appreciation
(depreciation)
$
(141)