NPORT-EX 2 245_0000908695.htm
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
California
Bond
Fund
1
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Municipal
Bonds
(99.6%)
California
(97.8%):
Abag
Finance
Authority
for
Nonprofit
Corps.
Revenue
,
4
.20
%
,
12/1/30
,
Continuously
Callable
@100
(a)
.........................................................
$
1,125
$
1,125
Adelanto
Public
Utility
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
.............................
2,000
2,068
Alameda
Corridor
Transportation
Authority
Revenue
,
Series
A
,
0.00%
,
10/1/50
,
Continuously
Callable
@100
(b)
...................................................
1,250
674
Alameda
County
IDA
Revenue
(LOC
-
Comerica
Bank,
N.A.)
,
Series
A
,
4
.20
%
,
12/1/40
,
Callable
9/1/24
@
100
(a)
.............................................
960
960
Albany
Unified
School
District,
GO
Series
B
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
.........................
2,000
2,044
Series
B
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
.........................
1,500
1,451
Bay
Area
Toll
Authority
Revenue
,
Series
A
,
4
.61
%
(
MUNIPSA
+
125
bps
)
,
4/1/36
,
(Put
Date
4/1/27)
(c)
(d)
......................................................
15,000
14,943
Burbank
Unified
School
District,
GO
4
.30
%
,
8/1/33
,
Continuously
Callable
@100
...............................
3,085
3,206
4
.35
%
,
8/1/34
,
Continuously
Callable
@100
...............................
3,000
3,115
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
Revenue
,
Series
B
,
4
.50
%
,
7/1/54
,
Continuously
Callable
@100
.....................................
1,000
982
California
Community
Housing
Agency
Revenue
,
Series
A
,
5
.00
%
,
8/1/50
,
Continuously
Callable
@100
(e)
...................................................
2,000
1,879
California
County
Tobacco
Securitization
Agency
Revenue
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
...............................
500
453
Series
A
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
.........................
500
469
Series
A
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
.........................
1,000
928
California
Educational
Facilities
Authority
Revenue
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
...............................
2,000
2,068
5
.00
%
,
10/1/48
,
Continuously
Callable
@100
...............................
2,000
2,057
Series
A
,
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
........................
1,000
1,008
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
........................
5,500
5,485
Series
A
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
........................
500
512
California
Enterprise
Development
Authority
Revenue
4
.00
%
,
11/1/49
,
Continuously
Callable
@100
...............................
1,900
1,830
4
.00
%
,
11/1/50
,
Continuously
Callable
@100
...............................
680
652
California
Health
Facilities
Financing
Authority
Revenue
5
.25
%
,
12/1/44
,
Continuously
Callable
@100
...............................
1,300
1,408
Series
A
,
4
.00
%
,
3/1/39
,
Continuously
Callable
@100
.........................
7,375
7,278
Series
A
,
5
.00
%
,
11/15/39
,
Continuously
Callable
@100
.......................
2,100
2,101
Series
A
,
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
.........................
1,800
1,715
Series
A
,
5
.00
%
,
8/15/47
,
Continuously
Callable
@100
........................
2,900
2,935
Series
A
,
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
........................
10,000
9,023
Series
A
,
4
.00
%
,
4/1/49
,
Continuously
Callable
@100
.........................
1,700
1,597
Series
A
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
........................
2,000
1,930
Series
B
,
4
.00
%
,
11/15/41
,
Continuously
Callable
@100
.......................
14,000
14,019
Series
B
,
5
.25
%
,
11/15/53
,
Continuously
Callable
@100
.......................
1,000
1,064
California
Health
Facilities
Financing
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program)
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
1,050
1,056
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
2,300
2,314
California
Infrastructure
&
Economic
Development
Bank
Revenue
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
...............................
4,000
3,926
Series
B
,
5
.00
%
,
11/1/57
,
Continuously
Callable
@100
........................
1,300
1,337
California
Municipal
Finance
Authority
Certificate
of
Participation
(INS
-
Assured
Guaranty
Corp.)
Series
A
,
5
.25
%
,
11/1/36
,
Continuously
Callable
@100
........................
1,000
1,117
Series
A
,
5
.25
%
,
11/1/52
,
Continuously
Callable
@100
........................
500
534
California
Municipal
Finance
Authority
Revenue
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
...............................
2,500
2,615
5
.50
%
,
5/1/44
,
Continuously
Callable
@100
(e)
.............................
290
291
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
6,500
6,032
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
965
860
5
.75
%
,
5/1/54
,
Continuously
Callable
@100
(e)
.............................
710
713
Victory
Portfolios
III
Victory
California
Bond
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.88
%
,
5/1/59
,
Continuously
Callable
@100
(e)
.............................
$
305
$
307
Series
A
,
5
.00
%
,
2/1/37
,
Continuously
Callable
@100
.........................
750
761
Series
A
,
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
2,000
1,885
Series
A
,
5
.00
%
,
2/1/47
,
Continuously
Callable
@100
.........................
2,000
2,010
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
970
Series
A
,
5
.00
%
,
6/1/50
,
Continuously
Callable
@100
.........................
1,000
976
Series
A
,
4
.00
%
,
11/15/52
,
Continuously
Callable
@103
.......................
750
566
Series
A
,
4
.00
%
,
11/15/56
,
Continuously
Callable
@103
.......................
1,100
811
California
Municipal
Finance
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program)
4
.13
%
,
5/15/39
,
Continuously
Callable
@100
...............................
1,900
1,907
4
.13
%
,
5/15/46
,
Continuously
Callable
@100
...............................
2,100
2,086
Series
B
,
5
.00
%
,
5/15/47
,
Continuously
Callable
@102
........................
2,500
2,538
California
Pollution
Control
Financing
Authority
Revenue
5
.00
%
,
11/21/45
,
Continuously
Callable
@100
(e)
............................
7,470
7,539
Series
B
,
2
.80
%
,
3/1/42
(a)
............................................
900
900
California
Public
Finance
Authority
Revenue
5
.00
%
,
10/15/37
,
Continuously
Callable
@100
..............................
1,000
998
5
.00
%
,
10/15/47
,
Continuously
Callable
@100
..............................
3,000
2,898
California
School
Finance
Authority
Revenue
5
.00
%
,
8/1/41
,
Continuously
Callable
@100
(e)
.............................
1,600
1,605
5
.00
%
,
8/1/41
,
Pre-refunded  8/1/25
@
100
(e)
..............................
150
153
5
.00
%
,
8/1/42
,
Continuously
Callable
@100
(e)
.............................
1,000
1,007
5
.00
%
,
8/1/46
,
Continuously
Callable
@100
(e)
.............................
2,050
2,054
5
.00
%
,
8/1/46
,
Pre-refunded  8/1/25
@
100
(e)
..............................
200
204
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
(e)
.............................
1,000
1,000
5
.00
%
,
6/1/54
,
Continuously
Callable
@100
(e)
.............................
650
630
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
(e)
.......................
1,370
1,371
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
(e)
.......................
3,150
3,162
California
Statewide
Communities
Development
Authority
Revenue
5
.00
%
,
5/15/40
,
Continuously
Callable
@100
...............................
2,750
2,763
5
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
2,750
2,760
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
...............................
1,995
2,063
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
...............................
4,000
4,144
Series
A
,
5
.00
%
,
5/15/25
.............................................
2,180
2,196
Series
A
,
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
.........................
1,500
1,395
Series
A
,
5
.00
%
,
5/15/47
,
Continuously
Callable
@100
........................
2,000
2,009
Series
A
,
4
.00
%
,
8/15/51
,
Continuously
Callable
@100
........................
3,000
2,658
Series
A
,
5
.00
%
,
12/1/53
,
Continuously
Callable
@100
........................
1,000
1,008
Series
A
,
5
.00
%
,
12/1/57
,
Continuously
Callable
@100
........................
2,500
2,519
California
Statewide
Communities
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
Series
A
,
5
.25
%
,
8/15/52
,
Continuously
Callable
@100
..................
1,000
1,063
California
Statewide
Communities
Development
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program)
,
4
.00
%
,
11/1/46
,
Continuously
Callable
@100
.....................................................
4,000
3,886
Centinela
Valley
Union
High
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
8/1/50
,
Continuously
Callable
@100
.........................
9,500
9,120
Chino
Valley
Unified
School
District,
GO
,
Series
B
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
...........................................................
1,000
988
City
&
County
of
San
Francisco
Community
Facilities
District
No.
2014-1
Special
Tax
,
Series
A
,
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
.............................
750
758
City
&
County
of
San
Francisco
Community
Facilities
District
No.
2016-1
Special
Tax
,
4
.00
%
,
9/1/52
,
Callable
9/1/28
@
103
(e)
........................................
1,750
1,445
City
&
County
of
San
Francisco
Infrastructure
&
Revitalization
Financing
District
No.
1
Tax
Allocation
Series
A
,
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
(e)
.......................
1,250
1,138
Series
B
,
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
(e)
.......................
640
583
City
of
Atwater
Wastewater
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
5/1/43
,
Continuously
Callable
@100
...............................
1,300
1,324
City
of
Fillmore
Wastewater
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
5/1/47
,
Continuously
Callable
@100
.....................................
2,000
2,046
City
of
Los
Angeles
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
DBE-8107
,
3
.00
%
,
10/1/58
,
Continuously
Callable
@100
(a)
(e)
.......................................
400
400
Victory
Portfolios
III
Victory
California
Bond
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
City
of
Sacramento
Special
Tax
,
5
.38
%
,
9/1/52
,
Continuously
Callable
@103
(e)
..........
$
2,000
$
2,075
City
of
San
Mateo
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
2008-1
,
5
.25
%
,
9/1/44
,
Continuously
Callable
@100
...............................
4,000
4,360
City
of
Tulare
Sewer
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
11/15/41
,
Continuously
Callable
@100
..............................
5,710
5,714
4
.00
%
,
11/15/44
,
Continuously
Callable
@100
..............................
5,000
4,944
City
of
Upland
Certificate
of
Participation
4
.00
%
,
1/1/42
,
Continuously
Callable
@100
...............................
3,000
2,659
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
...............................
2,000
2,008
County
of
Sacramento
Airport
System
Revenue
,
Series
B
,
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
.....................................................
1,100
1,116
Elk
Grove
Finance
Authority
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
.....................................
1,500
1,518
Foothill-Eastern
Transportation
Corridor
Agency
Revenue
,
Series
B-2
,
3
.50
%
,
1/15/53
,
Continuously
Callable
@100
...........................................
1,500
1,239
Foothill-Eastern
Transportation
Corridor
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
1/15/34
(f)
........................................................
15,000
10,176
1/15/35
(f)
........................................................
7,500
4,882
Fresno
Joint
Powers
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.00
%
,
4/1/46
,
Continuously
Callable
@100
.........................
1,225
1,205
Golden
State
Tobacco
Securitization
Corp.
Revenue
,
Series
B
,
5
.00
%
,
6/1/51
,
Continuously
Callable
@100
.....................................................
1,000
1,032
Grass
Valley
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
8/1/45
,
Continuously
Callable
@100
...........................................
2,400
2,448
Hayward
Unified
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
8/1/44
,
Continuously
Callable
@100
...............................
3,000
3,138
Indio
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A
,
5
.25
%
,
8/15/31
,
Continuously
Callable
@100
...........................................
2,940
2,942
Inglewood
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
...............................
3,550
3,465
Inglewood
Unified
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
B
,
5
.00
%
,
8/1/38
,
Continuously
Callable
@100
.........................
750
766
Series
C
,
4
.00
%
,
8/1/37
,
Continuously
Callable
@100
.........................
450
451
Series
C
,
4
.00
%
,
8/1/39
,
Continuously
Callable
@100
.........................
450
447
Irvine
Unified
School
District
Special
Tax
Series
A
,
4
.00
%
,
9/1/39
,
Continuously
Callable
@100
.........................
1,015
980
Series
A
,
5
.00
%
,
9/1/45
,
Continuously
Callable
@100
.........................
2,990
3,075
Series
B
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
.........................
995
1,027
Series
B
,
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
.........................
995
1,020
Series
C
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
.........................
995
1,009
Series
C
,
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
.........................
520
526
Series
D
,
5
.00
%
,
9/1/49
,
Continuously
Callable
@100
........................
995
1,018
Irvine
Unified
School
District
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
1,790
1,740
Series
A
,
5
.00
%
,
9/1/56
,
Continuously
Callable
@100
.........................
5,970
6,103
Jurupa
Public
Financing
Authority
Special
Tax
,
Series
A
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
...........................................................
1,000
1,001
Local
Public
Schools
Funding
Authority
School
Improvement
District
No.
2016-1,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
8/1/52
,
Continuously
Callable
@100
...........................................................
1,500
1,481
Long
Beach
Bond
Finance
Authority
Revenue
,
Series
A
,
5
.00
%
,
11/15/35
..............
3,875
4,075
Los
Angeles
County
Public
Works
Financing
Authority
Revenue
Series
A
,
5
.00
%
,
12/1/44
,
Continuously
Callable
@100
........................
2,000
2,009
Series
D
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
6,000
6,077
March
Joint
Powers
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
8/1/41
,
Continuously
Callable
@100
5,790
5,608
Middle
Fork
Project
Finance
Authority
Revenue
,
5
.00
%
,
4/1/33
,
Continuously
Callable
@100
2,205
2,281
Monrovia
Financing
Authority
Revenue
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
.....
3,435
3,478
Monrovia
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
....................................
2,345
2,370
Moreno
Valley
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
5
.00
%
,
8/1/47
,
Continuously
Callable
@100
.............................
6,500
6,764
Victory
Portfolios
III
Victory
California
Bond
Fund
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Mountain
View
School
District/Los
Angeles
County,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
5
.00
%
,
8/1/48
,
Continuously
Callable
@100
.............
$
3,315
$
3,376
Norwalk
Redevelopment
Agency
Tax
Allocation
(INS
-
National
Public
Finance
Guarantee
Corp.)
Series
A
,
5
.00
%
,
10/1/30
,
Continuously
Callable
@100
........................
5,000
5,003
Series
A
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
3,500
3,501
Norwalk-La
Mirada
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
8/1/30
(f)
..................................................
7,500
6,079
Palomar
Health,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
8/1/31
(f)
.......
12,230
9,216
Palomar
Health,
GO
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
A
,
8/1/26
(f)
...
5,500
5,006
Perris
Union
High
School
District,
GO
(INS
-
Assured
Guaranty
Corp.)
,
Series
A
,
4
.00
%
,
9/1/48
,
Continuously
Callable
@100
.....................................
5,000
4,874
Pittsburg
Successor
Agency
Redevelopment
Agency
Tax
Allocation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
9/1/29
,
Continuously
Callable
@100
...........
2,000
2,054
Pomona
Unified
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
F
,
5
.00
%
,
8/1/39
,
Continuously
Callable
@100
...............................
1,500
1,502
Poway
Unified
School
District
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.....................................
4,750
4,385
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
(NBGA
-
University
of
California
Medical
Center)
,
Series
O-1
,
2
.45
%
,
5/15/45
,
Callable
7/1/24
@
100
(a)
..
1,890
1,890
Rio
Elementary
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
...............................
2,800
2,757
River
Islands
Public
Financing
Authority
Special
Tax
(INS
-
Assured
Guaranty
Corp.)
,
Series
A-1
,
5
.25
%
,
9/1/52
,
Continuously
Callable
@103
............................
1,500
1,612
River
Islands
Public
Financing
Authority
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
2016-1
,
5
.25
%
,
9/1/52
,
Continuously
Callable
@103
...............
2,000
2,170
Riverside
County
Public
Financing
Authority
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
4
.00
%
,
10/1/36
,
Continuously
Callable
@100
........................
1,250
1,234
Series
A
,
4
.00
%
,
10/1/37
,
Continuously
Callable
@100
........................
1,625
1,590
Riverside
County
Redevelopment
Successor
Agency
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.00
%
,
10/1/37
,
Continuously
Callable
@100
......
2,000
1,956
Riverside
County
Transportation
Commission
Revenue
,
Series
B1
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
...........................................
3,000
2,898
RNR
School
Financing
Authority
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
9/1/41
,
Continuously
Callable
@100
.........................
2,000
2,035
Sacramento
Area
Flood
Control
Agency
Special
Assessment
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
...................
2,000
2,004
San
Bruno
Park
School
District,
GO
,
Series
A
,
5
.00
%
,
8/1/48
,
Continuously
Callable
@100
..
3,000
3,057
San
Diego
County
Regional
Airport
Authority
Revenue
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,500
1,542
Series
A
,
5
.00
%
,
7/1/49
,
Continuously
Callable
@100
.........................
2,000
2,088
San
Diego
Public
Facilities
Financing
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/15/44
,
Continuously
Callable
@100
...........................................
2,500
2,524
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Revenue
AMT
,
Series
A
,
5
.25
%
,
5/1/49
,
Continuously
Callable
@100
....................
1,000
1,067
San
Leandro
Unified
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
.............................
2,750
2,880
San
Ramon
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
2/1/38
,
Continuously
Callable
@100
.......
5,000
5,027
Santa
Clarita
Community
College
District,
GO
,
4
.00
%
,
8/1/46
,
Continuously
Callable
@100
.
5,250
5,045
Santa
Cruz
County
Redevelopment
Successor
Agency
Tax
Allocation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
...........
6,000
6,071
Santa
Rosa
High
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
...............................
1,000
1,021
State
of
California,
GO
5
.00
%
,
10/1/47
,
Continuously
Callable
@100
...............................
19,000
19,294
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
...............................
1,000
1,075
Stockton
Public
Financing
Authority
Revenue
4
.00
%
,
3/1/40
,
Continuously
Callable
@100
...............................
920
819
5
.00
%
,
3/1/47
,
Continuously
Callable
@100
...............................
4,385
4,215
Sweetwater
Union
High
School
District,
GO
,
Series
2018-A1
,
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
.....................................................
1,000
1,073
Victory
Portfolios
III
Victory
California
Bond
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Tahoe-Truckee
Unified
School
District
Certificate
of
Participation
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
6/1/43
,
Continuously
Callable
@100
..............
$
1,000
$
1,002
Temecula
Valley
Unified
School
District
Financing
Authority
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
9/1/40
,
Continuously
Callable
@100
.......
1,575
1,585
Temecula
Valley
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
.........................
7,500
7,375
Tobacco
Securitization
Authority
of
Southern
California
Revenue
5
.00
%
,
6/1/48
,
Continuously
Callable
@100
...............................
790
792
5
.00
%
,
6/1/48
,
Continuously
Callable
@100
...............................
2,175
2,221
Transbay
Joint
Powers
Authority
Tax
Allocation
,
Series
A
,
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
.....................................................
800
826
University
of
California
Revenue
,
Series
AL-2
,
2
.50
%
,
5/15/48
,
Callable
7/1/24
@
100
(a)
...
3,600
3,600
Vacaville
Unified
School
District,
GO
,
Series
D
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
1,850
1,807
Val
Verde
Unified
School
District
Certificate
of
Participation
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
5
.00
%
,
8/1/34
,
Continuously
Callable
@100
.........................
1,105
1,115
Series
A
,
5
.00
%
,
8/1/35
,
Continuously
Callable
@100
.........................
1,530
1,543
Val
Verde
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
4
.00
%
,
8/1/45
,
Continuously
Callable
@100
...............................
4,475
4,406
Val
Verde
Unified
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
5
.00
%
,
8/1/44
,
Pre-refunded  8/1/25
@
100
................................
4,000
4,076
Washington
Township
Health
Care
District
Revenue
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A
,
5
.75
%
,
7/1/53
,
Continuously
Callable
@100
.........................
1,500
1,584
Washington
Township
Health
Care
District,
GO
Series
A
,
4
.00
%
,
8/1/51
,
Continuously
Callable
@100
.........................
3,280
3,054
Series
B
,
4
.50
%
,
8/1/53
,
Continuously
Callable
@100
.........................
750
751
Western
Placer
Unified
School
District
Certificate
of
Participation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4
.00
%
,
8/1/41
,
Continuously
Callable
@100
..................
6,000
5,917
469,200
Guam
(1.2%):
Guam
Power
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
2,800
2,827
Series
A
,
5
.00
%
,
10/1/41
,
Continuously
Callable
@100
........................
2,635
2,719
5,546
Virgin
Islands
(0.6%):
Virgin
Islands
Public
Finance
Authority
Revenue
,
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
(e)
.........................................................
3,000
2,905
Total
Municipal
Bonds
(Cost
$488,431)
a
a
a
477,651
Total
Investments
(Cost
$488,431)
—
99.6%
477,651
Other
assets
in
excess
of
liabilities
—
0.4%
1,906
NET
ASSETS
-
100.00%
$
479,557
(a)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(b)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2024.
(d)
Put
Bond.
(e)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$30,461
(thousands)
and
amounted
to
6.4%
of
net
assets.
(f)
Zero-coupon
bond.
AMT
—
Alternative
Minimum
Tax
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
MUNIPSA
—
SIFMA
Municipal
Swap
Index
Yield
Victory
Portfolios
III
Victory
California
Bond
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
LOC—Principal
and
interest
payments
are
guaranteed
by
a
bank
letter
of
credit
or
other
bank
credit
agreement.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
7
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(38.7%)
Communication
Services
(3.8%):
Alphabet,
Inc.,
Class
C(a)
.................................................
47,666
$
8,292
AMC
Networks,
Inc.,
Class
A(a)
............................................
2,043
35
Comcast
Corp.,
Class
A
..................................................
16,906
677
IDT
Corp.,
Class
B
......................................................
2,602
105
Meta
Platforms,
Inc.,
Class
A
..............................................
10,961
5,117
Shutterstock,
Inc.
.......................................................
1,989
81
TEGNA,
Inc.
..........................................................
8,900
133
Thryv
Holdings,
Inc.(a)
..................................................
3,129
66
Yelp,
Inc.(a)
...........................................................
3,453
128
Ziff
Davis,
Inc.(a)
.......................................................
1,325
76
ZipRecruiter,
Inc.(a)
.....................................................
6,731
68
14,778
Consumer
Discretionary
(3.5%):
Abercrombie
&
Fitch
Co.(a)
...............................................
1,136
196
Academy
Sports
&
Outdoors,
Inc.
...........................................
1,473
85
Asbury
Automotive
Group,
Inc.(a)
...........................................
650
153
AutoNation,
Inc.(a)
.....................................................
76
13
AutoZone,
Inc.(a)
.......................................................
317
878
Best
Buy
Co.,
Inc.
......................................................
4,030
342
Booking
Holdings,
Inc.
...................................................
185
699
Cavco
Industries,
Inc.(a)
..................................................
346
124
Chegg,
Inc.(a)
.........................................................
14,515
56
D.R.
Horton,
Inc.
.......................................................
4,430
655
Deckers
Outdoor
Corp.(a)
.................................................
634
694
Designer
Brands,
Inc.,
Class
A
.............................................
5,013
50
Dick's
Sporting
Goods,
Inc.
................................................
3,144
716
Expedia
Group,
Inc.(a)
...................................................
4,363
492
General
Motors
Co.
.....................................................
17,723
797
G-III
Apparel
Group
Ltd.(a)
...............................................
3,999
120
Hovnanian
Enterprises,
Inc.,
Class
A(a)
.......................................
652
94
Installed
Building
Products,
Inc.
............................................
583
123
KB
Home
............................................................
2,247
159
Kontoor
Brands,
Inc.
....................................................
1,983
145
LCI
Industries
.........................................................
857
94
Lennar
Corp.,
Class
A
....................................................
4,112
659
M/I
Homes,
Inc.(a)
......................................................
1,086
136
Murphy
USA,
Inc.
......................................................
850
373
NVR,
Inc.(a)
..........................................................
96
737
O'Reilly
Automotive,
Inc.(a)
...............................................
896
863
Papa
John's
International,
Inc.
..............................................
2,270
105
Perdoceo
Education
Corp.
.................................................
1,912
43
PulteGroup,
Inc.
........................................................
7,062
829
Ralph
Lauren
Corp.
.....................................................
3,498
654
Signet
Jewelers
Ltd.
.....................................................
1,450
159
Smith
&
Wesson
Brands,
Inc.
..............................................
4,077
68
Steven
Madden
Ltd.
.....................................................
3,201
142
Taylor
Morrison
Home
Corp.(a)
............................................
3,128
181
The
Buckle,
Inc.
........................................................
2,944
113
The
ODP
Corp.(a)
......................................................
1,480
58
Toll
Brothers,
Inc.
......................................................
6,748
821
TopBuild
Corp.(a)
......................................................
1,572
657
Tri
Pointe
Homes,
Inc.(a)
.................................................
3,778
146
Winmark
Corp.
........................................................
246
88
Winnebago
Industries,
Inc.
................................................
1,905
118
13,635
Consumer
Staples
(2.3%):
Altria
Group,
Inc.
.......................................................
22,360
1,034
Coca-Cola
Consolidated,
Inc.
..............................................
131
128
Colgate-Palmolive
Co.
...................................................
8,414
782
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Costco
Wholesale
Corp.
..................................................
1,494
$
1,210
Ingles
Markets,
Inc.,
Class
A
...............................................
1,513
111
Kimberly-Clark
Corp.
....................................................
4,824
643
Philip
Morris
International,
Inc.
.............................................
8,685
880
Sysco
Corp.
...........................................................
7,648
557
Target
Corp.
..........................................................
4,313
674
The
Andersons,
Inc.
.....................................................
1,521
80
The
Kroger
Co.
........................................................
13,914
729
The
Procter
&
Gamble
Co.
................................................
6,235
1,026
USANA
Health
Sciences,
Inc.(a)
............................................
1,380
66
Vector
Group
Ltd.
......................................................
5,054
55
Walmart,
Inc.
..........................................................
17,252
1,134
9,109
Energy
(2.0%):
Berry
Corp.
...........................................................
4,422
31
California
Resources
Corp.
................................................
2,616
124
Chord
Energy
Corp.
.....................................................
919
170
Civitas
Resources,
Inc.
...................................................
2,315
170
ConocoPhillips
........................................................
7,346
856
CONSOL
Energy,
Inc.(a)
.................................................
1,524
158
Crescent
Energy
Co.,
Class
A
..............................................
6,044
76
Devon
Energy
Corp.
.....................................................
6,074
298
Diamondback
Energy,
Inc.
................................................
4,092
815
EOG
Resources,
Inc.
....................................................
3,849
479
Exxon
Mobil
Corp.
.....................................................
8,720
1,022
HF
Sinclair
Corp.
.......................................................
4,706
260
Liberty
Energy,
Inc.
.....................................................
6,217
153
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
3,977
103
Marathon
Oil
Corp.
.....................................................
10,874
315
Matador
Resources
Co.
...................................................
1,474
94
Murphy
Oil
Corp.
......................................................
3,889
166
Ovintiv,
Inc.
..........................................................
9,293
480
Par
Pacific
Holdings,
Inc.(a)
...............................................
3,759
102
PBF
Energy,
Inc.,
Class
A
.................................................
2,906
135
Peabody
Energy
Corp.
...................................................
5,657
140
Phillips
66
............................................................
4,692
667
REX
American
Resources
Corp.(a)
..........................................
957
48
SilverBow
Resources,
Inc.(a)
..............................................
1,829
72
SM
Energy
Co.
........................................................
1,676
85
Teekay
Corp.(a)
........................................................
5,011
49
Valero
Energy
Corp.
.....................................................
3,778
594
Vital
Energy,
Inc.(a)
.....................................................
1,530
75
7,737
Financials
(5.0%):
American
Express
Co.
...................................................
3,656
877
American
International
Group,
Inc.
..........................................
12,517
987
Ameriprise
Financial,
Inc.
.................................................
2,265
989
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
7,669
78
Apollo
Global
Management,
Inc.
............................................
5,157
599
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
2,842
125
Bread
Financial
Holdings,
Inc.
.............................................
3,385
141
Capital
One
Financial
Corp.
...............................................
3,081
424
Cathay
General
Bancorp
..................................................
2,800
103
CNO
Financial
Group,
Inc.
................................................
4,671
134
Corebridge
Financial,
Inc.
.................................................
20,231
590
Customers
Bancorp,
Inc.(a)
................................................
1,682
76
Donnelley
Financial
Solutions,
Inc.(a)
........................................
1,434
87
East
West
Bancorp,
Inc.
..................................................
5,150
382
Enova
International,
Inc.(a)
................................................
2,668
165
Essent
Group
Ltd.
......................................................
2,923
166
Evercore,
Inc.
.........................................................
1,357
275
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Everest
Group
Ltd.
......................................................
1,963
$
767
Fidelity
National
Financial,
Inc.
............................................
6,161
310
Fifth
Third
Bancorp
.....................................................
11,153
417
First
Bancorp
..........................................................
8,107
144
Genworth
Financial,
Inc.(a)
................................................
22,857
144
Hancock
Whitney
Corp.
..................................................
2,207
103
Hope
Bancorp,
Inc.
.....................................................
6,804
72
Interactive
Brokers
Group,
Inc.
.............................................
2,994
376
International
Bancshares
Corp.
.............................................
3,067
174
Jackson
Financial,
Inc.,
Class
A
.............................................
2,132
162
JPMorgan
Chase
&
Co.
..................................................
12,482
2,529
Lakeland
Financial
Corp.
.................................................
1,414
88
Moelis
&
Co.,
Class
A
...................................................
2,482
141
Mr.
Cooper
Group,
Inc.(a)
.................................................
1,773
148
OFG
Bancorp
.........................................................
4,019
149
PennyMac
Financial
Services,
Inc.
..........................................
1,352
123
Piper
Sandler
Cos.
......................................................
495
105
Preferred
Bank
.........................................................
1,571
117
PROG
Holdings,
Inc.
....................................................
2,979
113
Prudential
Financial,
Inc.
.................................................
5,408
651
Regions
Financial
Corp.
..................................................
16,727
324
Skyward
Specialty
Insurance
Group,
Inc.(a)
....................................
3,100
116
Stewart
Information
Services
Corp.
..........................................
1,454
92
Synchrony
Financial
.....................................................
16,013
701
T.
Rowe
Price
Group,
Inc.
.................................................
3,431
404
The
Allstate
Corp.
......................................................
4,703
788
The
Bancorp,
Inc.(a)
.....................................................
3,612
121
The
Bank
of
New
York
Mellon
Corp.
.........................................
5,791
345
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
2,094
71
The
Hartford
Financial
Services
Group,
Inc.
....................................
4,116
426
UMB
Financial
Corp.
....................................................
1,291
106
Valley
National
Bancorp
..................................................
17,070
122
Veritex
Holdings,
Inc.
....................................................
4,206
86
Visa,
Inc.,
Class
A
......................................................
2,392
652
W.R.
Berkley
Corp.
.....................................................
7,783
631
Wells
Fargo
&
Co.
......................................................
20,991
1,258
Westamerica
Bancorp
....................................................
1,459
71
19,345
Health
Care
(4.4%):
AbbVie,
Inc.
..........................................................
9,873
1,592
ACADIA
Pharmaceuticals,
Inc.(a)
...........................................
4,594
69
Alector,
Inc.(a)
.........................................................
12,219
60
Alkermes
PLC(a)
.......................................................
4,108
96
AMN
Healthcare
Services,
Inc.(a)
...........................................
2,219
124
Arcellx,
Inc.(a)
........................................................
1,764
92
Arcus
Biosciences,
Inc.(a)
.................................................
3,423
52
Arrowhead
Pharmaceuticals,
Inc.(a)
..........................................
1,409
32
Avanos
Medical,
Inc.(a)
..................................................
3,844
77
Avidity
Biosciences,
Inc.(a)
...............................................
926
25
Biohaven
Ltd.(a)
.......................................................
1,442
51
Blueprint
Medicines
Corp.(a)
..............................................
802
85
Bridgebio
Pharma,
Inc.(a)
.................................................
2,034
57
Bristol-Myers
Squibb
Co.
.................................................
17,722
728
Cardinal
Health,
Inc.
....................................................
4,532
450
Catalyst
Pharmaceuticals,
Inc.(a)
............................................
5,740
93
Cencora,
Inc.
..........................................................
4,070
922
Centene
Corp.(a)
.......................................................
11,774
843
Collegium
Pharmaceutical,
Inc.(a)
...........................................
780
26
CorVel
Corp.(a)
........................................................
565
136
Cross
Country
Healthcare,
Inc.(a)
...........................................
6,512
98
Cytokinetics,
Inc.(a)
.....................................................
1,235
60
DaVita,
Inc.(a)
.........................................................
4,840
712
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Dynavax
Technologies
Corp.(a)
.............................................
7,333
$
88
Elevance
Health,
Inc.
....................................................
1,692
911
Eli
Lilly
&
Co.
.........................................................
2,551
2,093
Fate
Therapeutics,
Inc.(a)
.................................................
7,962
29
Geron
Corp.(a)
.........................................................
6,438
23
Gilead
Sciences,
Inc.
....................................................
12,941
832
Harmony
Biosciences
Holdings,
Inc.(a)
.......................................
3,479
102
HCA
Healthcare,
Inc.
....................................................
1,897
644
Inmode
Ltd.(a)
.........................................................
3,782
72
Innoviva,
Inc.(a)
.......................................................
2,810
44
Ironwood
Pharmaceuticals,
Inc.(a)
...........................................
13,776
87
iTeos
Therapeutics,
Inc.(a)
................................................
7,989
134
McKesson
Corp.
.......................................................
1,394
794
Medpace
Holdings,
Inc.(a)
................................................
896
346
Merck
&
Co.,
Inc.
......................................................
10,185
1,279
Molina
Healthcare,
Inc.(a)
................................................
1,613
507
Myriad
Genetics,
Inc.(a)
..................................................
3,605
82
Owens
&
Minor,
Inc.(a)
..................................................
6,323
110
Progyny,
Inc.(a)
........................................................
3,094
83
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
666
653
Relay
Therapeutics,
Inc.(a)
................................................
5,410
35
REVOLUTION
Medicines,
Inc.(a)
..........................................
1,288
49
SIGA
Technologies,
Inc.
..................................................
13,966
104
SpringWorks
Therapeutics,
Inc.(a)
...........................................
1,342
56
Tenet
Healthcare
Corp.(a)
.................................................
1,189
161
The
Cigna
Group
.......................................................
2,683
925
U.S.
Physical
Therapy,
Inc.(b)
..............................................
843
86
Vaxcyte,
Inc.(a)
........................................................
615
43
Veracyte,
Inc.(a)
........................................................
5,488
114
Vericel
Corp.(a)
........................................................
2,070
99
Viking
Therapeutics,
Inc.(a)
...............................................
905
56
17,121
Industrials
(4.7%):
3M
Co.
..............................................................
2,876
288
ACCO
Brands
Corp.
....................................................
21,573
110
Acuity
Brands,
Inc.
.....................................................
819
213
Alight,
Inc.,
Class
A(a)
...................................................
15,688
122
Allison
Transmission
Holdings,
Inc.
.........................................
2,611
198
Apogee
Enterprises,
Inc.
..................................................
750
49
Applied
Industrial
Technologies,
Inc.
.........................................
861
166
Atkore,
Inc.
...........................................................
654
99
BlueLinx
Holdings,
Inc.(a)
................................................
1,387
143
Boise
Cascade
Co.
......................................................
1,465
201
Builders
FirstSource,
Inc.(a)
...............................................
3,693
594
Carlisle
Cos.,
Inc.
.......................................................
1,210
506
Caterpillar,
Inc.
........................................................
2,830
958
Cintas
Corp.
..........................................................
885
600
Comfort
Systems
USA,
Inc.
...............................................
592
194
Core
&
Main,
Inc.,
Class
A(a)
..............................................
15,360
884
CRA
International,
Inc.
...................................................
566
100
Cummins,
Inc.
.........................................................
1,565
441
Deluxe
Corp.
..........................................................
5,716
130
EMCOR
Group,
Inc.
....................................................
1,665
647
Exponent,
Inc.
.........................................................
1,701
162
Ferguson
PLC
.........................................................
2,693
554
Genco
Shipping
&
Trading
Ltd.
.............................................
4,985
112
General
Dynamics
Corp.
..................................................
2,062
618
GMS,
Inc.(a)
..........................................................
1,113
105
Illinois
Tool
Works,
Inc.
..................................................
1,583
384
JELD-WEN
Holding,
Inc.(a)
...............................................
8,214
127
Kforce,
Inc.
...........................................................
1,789
111
Korn
Ferry
...........................................................
1,636
108
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Leidos
Holdings,
Inc.
....................................................
2,450
$
360
Lennox
International,
Inc.
.................................................
1,372
690
Limbach
Holdings,
Inc.(a)
................................................
694
40
Lockheed
Martin
Corp.
...................................................
1,250
588
Masco
Corp.
..........................................................
6,576
460
Masterbrand,
Inc.(a)
.....................................................
6,429
107
Matson,
Inc.
..........................................................
1,323
170
Mueller
Industries,
Inc.
...................................................
3,335
196
Otis
Worldwide
Corp.
....................................................
3,205
318
Owens
Corning
........................................................
3,658
662
PACCAR,
Inc.
.........................................................
9,250
994
Parker-Hannifin
Corp.
...................................................
1,655
880
Resideo
Technologies,
Inc.(a)
..............................................
6,085
131
Rush
Enterprises,
Inc.,
Class
A
.............................................
2,265
102
Sterling
Infrastructure,
Inc.(a)
..............................................
1,361
167
Terex
Corp.
...........................................................
2,353
140
Textron,
Inc.
..........................................................
4,664
409
The
GEO
Group,
Inc.(a)
..................................................
8,719
127
Trane
Technologies
PLC
..................................................
2,484
813
TriNet
Group,
Inc.
......................................................
1,255
130
UFP
Industries,
Inc.
.....................................................
1,480
177
United
Rentals,
Inc.
.....................................................
1,189
796
W.W.
Grainger,
Inc.
.....................................................
1,104
1,017
Wabash
National
Corp.
...................................................
2,643
60
18,458
Information
Technology
(9.9%):
A10
Networks,
Inc.
.....................................................
5,302
80
ACI
Worldwide,
Inc.(a)
..................................................
2,251
81
Adeia,
Inc.
............................................................
10,279
122
Akamai
Technologies,
Inc.(a)
..............................................
3,479
321
Amkor
Technology,
Inc.
..................................................
4,305
140
Amphenol
Corp.,
Class
A
.................................................
6,383
845
Apple,
Inc.
...........................................................
12,149
2,336
Applied
Materials,
Inc.
...................................................
1,733
373
Arista
Networks,
Inc.(a)
..................................................
1,732
515
Axcelis
Technologies,
Inc.(a)
..............................................
1,216
137
Badger
Meter,
Inc.
......................................................
527
102
Belden,
Inc.
...........................................................
1,147
110
Box,
Inc.,
Class
A(a)
....................................................
5,220
142
Broadcom,
Inc.
........................................................
1,268
1,685
CDW
Corp.
...........................................................
3,028
677
Cisco
Systems,
Inc.
.....................................................
30,278
1,408
CommVault
Systems,
Inc.(a)
...............................................
1,302
140
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
922
289
Dropbox,
Inc.,
Class
A(a)
.................................................
21,956
495
F5,
Inc.(a)
............................................................
3,393
573
Fair
Isaac
Corp.(a)
......................................................
518
668
Gartner,
Inc.(a)
........................................................
912
383
GoDaddy,
Inc.,
Class
A(a)
.................................................
3,951
552
Insight
Enterprises,
Inc.(a)
................................................
743
145
Jabil,
Inc.
............................................................
5,589
665
KLA
Corp.
...........................................................
876
665
Knowles
Corp.(a)
.......................................................
6,047
106
Kulicke
&
Soffa
Industries,
Inc.
.............................................
2,644
121
Microsoft
Corp.
........................................................
26,634
11,057
Motorola
Solutions,
Inc.
..................................................
2,294
837
NetScout
Systems,
Inc.(a)
.................................................
2,914
60
Nutanix,
Inc.,
Class
A(a)
..................................................
6,296
348
NVIDIA
Corp.
.........................................................
8,334
9,137
Photronics,
Inc.(a)
......................................................
5,176
142
Qorvo,
Inc.(a)
.........................................................
5,135
505
QUALCOMM,
Inc.
.....................................................
4,965
1,013
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Qualys,
Inc.(a)
.........................................................
971
$
137
Sanmina
Corp.(a)
.......................................................
2,181
149
ScanSource,
Inc.(a)
.....................................................
1,754
83
SolarWinds
Corp.
.......................................................
5,716
66
Squarespace,
Inc.,
Class
A(a)
..............................................
2,885
127
TD
SYNNEX
Corp.
.....................................................
2,778
363
TTM
Technologies,
Inc.(a)
................................................
7,628
142
VeriSign,
Inc.(a)
........................................................
1,284
224
Vishay
Intertechnology,
Inc.
...............................................
5,810
137
Xerox
Holdings
Corp.
...................................................
8,694
122
38,525
Materials
(1.2%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
448
141
Arch
Resources,
Inc.
....................................................
794
138
CF
Industries
Holdings,
Inc.
...............................................
7,639
609
Hawkins,
Inc.
.........................................................
1,037
91
LyondellBasell
Industries
NV,
Class
A
........................................
9,089
904
Metallus,
Inc.(a)
........................................................
5,173
124
Nucor
Corp.
...........................................................
4,852
819
O-I
Glass,
Inc.(a)
.......................................................
6,151
78
Packaging
Corp.
of
America
...............................................
2,465
452
Ramaco
Resources,
Inc.,
Class
A(b)
..........................................
2,924
42
Reliance,
Inc.
..........................................................
1,207
363
Ryerson
Holding
Corp.
...................................................
2,371
56
Steel
Dynamics,
Inc.
.....................................................
6,115
819
Warrior
Met
Coal,
Inc.
...................................................
1,328
91
4,727
Real
Estate
(0.8%):
Acadia
Realty
Trust
.....................................................
5,112
88
Alexander
&
Baldwin,
Inc.
................................................
3,113
52
American
Tower
Corp.
...................................................
1,920
376
Boston
Properties,
Inc.
...................................................
4,252
258
Brixmor
Property
Group,
Inc.
..............................................
8,399
189
CTO
Realty
Growth,
Inc.
.................................................
742
13
DiamondRock
Hospitality
Co.
..............................................
12,725
108
Easterly
Government
Properties,
Inc.
.........................................
4,869
58
Empire
State
Realty
Trust,
Inc.
.............................................
10,442
99
Equinix,
Inc.
..........................................................
407
310
Essex
Property
Trust,
Inc.
.................................................
1,350
351
Federal
Realty
Investment
Trust
............................................
2,275
230
Innovative
Industrial
Properties,
Inc.
.........................................
1,130
122
Kite
Realty
Group
Trust
..................................................
6,015
132
Regency
Centers
Corp.
...................................................
4,055
249
Retail
Opportunity
Investments
Corp.
........................................
8,549
107
SITE
Centers
Corp.
.....................................................
8,492
122
Terreno
Realty
Corp.
....................................................
2,431
138
The
St.
Joe
Co.
........................................................
921
52
Xenia
Hotels
&
Resorts,
Inc.
...............................................
3,643
53
3,107
Utilities
(1.1%):
Black
Hills
Corp.
.......................................................
2,524
143
Consolidated
Edison,
Inc.
.................................................
10,453
988
DTE
Energy
Co.
.......................................................
5,442
634
Edison
International
.....................................................
5,907
454
Entergy
Corp.
.........................................................
6,581
740
NiSource,
Inc.
.........................................................
16,530
480
Northwestern
Energy
Group,
Inc.
...........................................
2,535
132
NRG
Energy,
Inc.
.......................................................
6,785
550
ONE
Gas,
Inc.
.........................................................
2,091
129
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Otter
Tail
Corp.
........................................................
1,490
$
135
4,385
Total
Common
Stocks
(Cost
$114,654)
a
a
a
150,927
Principal
Amount
(000)
U.S.
Treasury
Obligations
(0.4%)
U.S.
Treasury
Notes,
3.88%,
3/31/25(c)
.......................................
$
1,494
1,478
Total
U.S.
Treasury
Obligations
(Cost
$1,496)
a
a
a
1,478
Shares
Exchange-Traded
Funds
(47.7%)
Invesco
DB
Commodity
Index
Tracking
Fund(b)
................................
28,600
665
Invesco
FTSE
RAFI
Developed
Markets
ex-US
ETF
.............................
43,991
2,237
Invesco
FTSE
RAFI
Emerging
Markets
ETF
...................................
240,641
4,919
iShares
0-5
Year
TIPS
Bond
ETF
............................................
6,145
612
iShares
1-3
Year
Treasury
Bond
ETF
.........................................
18,823
1,533
iShares
20+
Year
Treasury
Bond
ETF
.........................................
12,772
1,155
iShares
7-10
Year
Treasury
Bond
ETF
........................................
11,250
1,044
iShares
Core
MSCI
EAFE
ETF(b)
...........................................
103,179
7,785
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
10,672
561
iShares
Core
S&P
500
ETF
................................................
25,141
13,324
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
2,088
201
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF(b)
.........................
8,329
742
iShares
MSCI
International
Momentum
Factor
ETF
..............................
146,564
5,782
iShares
MSCI
International
Quality
Factor
ETF
.................................
165,207
6,602
iShares
Russell
2000
ETF(b)
...............................................
38,064
7,832
Schwab
Fundamental
Emerging
Markets
Large
Co.
Index
ETF
......................
430,014
12,625
Schwab
Fundamental
International
Large
Co.
Index
ETF
...........................
829,619
30,074
Schwab
Fundamental
International
Small
Co.
Index
ETF
...........................
91,800
3,304
SPDR
Gold
Shares(a)
....................................................
23,758
5,115
SPDR
S&P
Emerging
Markets
SmallCap
ETF
..................................
14,790
852
VanEck
Gold
Miners
ETF
.................................................
20,293
716
Vanguard
FTSE
All-World
ex-U.S.
ETF
.......................................
5,412
322
Vanguard
FTSE
Developed
Markets
ETF
......................................
538,916
27,334
Vanguard
FTSE
Emerging
Markets
ETF
......................................
257,587
11,097
Vanguard
FTSE
Europe
ETF(b)
.............................................
167,590
11,706
Vanguard
Mortgage-Backed
Securities
ETF
....................................
21,540
969
Vanguard
Real
Estate
ETF
................................................
14,518
1,208
Vanguard
S&P
500
ETF
..................................................
36,961
17,912
Vanguard
Short-Term
Corporate
Bond
ETF
....................................
4,740
366
Vanguard
Total
Bond
Market
ETF
...........................................
64,829
4,644
Vanguard
Total
Stock
Market
ETF
...........................................
302
79
Wisdom
Tree
Trust
-
WisdomTree
Emerging
Markets
SmallCap
Dividend
Fund
..........
16,645
859
Xtrackers
USD
High
Yield
Corporate
Bond
ETF(b)
..............................
42,134
1,493
Total
Exchange-Traded
Funds
(Cost
$150,538)
a
a
a
185,669
Affiliated
Exchange-Traded
Funds
(12.2%)
VictoryShares
Core
Intermediate
Bond
ETF(b)
..................................
745,471
34,142
VictoryShares
Core
Plus
Intermediate
Bond
ETF
................................
347,170
7,388
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
16,000
780
VictoryShares
Short-Term
Bond
ETF
.........................................
103,145
5,137
Total
Affiliated
Exchange-Traded
Funds
(Cost
$52,720)
a
a
a
47,447
Collateral
for
Securities
Loaned
(7.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(d)
........
6,951,979
6,952
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(d)
............
6,951,979
6,952
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(d)
...............
6,951,979
6,952
Victory
Portfolios
III
Victory
Cornerstone
Aggressive
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.23%(d)
.
6,951,979
$
6,952
Total
Collateral
for
Securities
Loaned
(Cost
$27,808)
a
a
a
27,808
Total
Investments
(Cost
$347,216)
—
106.1%
413,329
Liabilities
in
excess
of
other
assets
—
(6.1)%
(23,912)
NET
ASSETS
-
100.00%
$
389,417
At
May
31,
2024,
the
Fund's
investments
in
foreign
securities
were
33.5%
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)
All
or
a
portion
of
this
security
has
been
segregated
as
collateral
for
derivative
instruments.
(d)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Euro
Stoxx
50
Futures
...............
107
6/21/24
$
5,738,362
$
5,785,667
$
47,305
FTSE
100
Index
Futures
..............
48
6/21/24
4,764,908
5,067,050
302,142
Tokyo
Price
Index
Futures
............
15
6/13/24
2,589,361
2,644,197
54,836
$
404,283
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
ASX
SPI
200
Index
Futures
...........
16
6/20/24
$
2,055,979
$
2,053,868
$
2,111
E-Mini
Russell
2000
Index
Futures
......
92
6/21/24
9,600,204
9,548,680
51,524
Hang
Seng
Index
Futures
.............
10
6/27/24
1,186,624
1,151,470
35,154
S&P/Toronto
Stock
Exchange
60
Index
Futures
..........................
20
6/20/24
3,875,057
3,916,642
(41,585)
$
47,204
Total
unrealized
appreciation
$
493,072
Total
unrealized
depreciation
(41,585)
Total
net
unrealized
appreciation
(depreciation)
$
451,487
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
2/29/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2024
Dividend
Income
VictoryShares
Core
Intermediate
Bond
ETF
.............
$
34,381
$
—
$
—
$
—
$
—
$
(239)
$
34,142
$
322
VictoryShares
Core
Plus
Intermediate
Bond
ETF
....
7,437
—
—
—
—
(49)
7,388
83
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
725
—
—
—
—
55
780
—
VictoryShares
Short-Term
Bond
ETF
..................
5,121
—
—
—
—
16
5,137
65
$
47,664
$
—
$
—
$
—
$
—
$
(217)
$
47,447
$
470
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Cornerstone
Conservative
Fund
15
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(31.5%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
386,990
$
17,724
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
55,618
2,713
VictoryShares
Free
Cash
Flow
ETF(a)
........................................
60,000
1,897
VictoryShares
International
Value
Momentum
ETF
...............................
93,597
4,653
VictoryShares
Short-Term
Bond
ETF
.........................................
629,201
31,334
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
18,550
1,474
VictoryShares
US
Value
Momentum
ETF
......................................
30,995
2,328
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
82,587
2,976
Total
Affiliated
Exchange-Traded
Funds
(Cost
$64,384)
a
a
a
65,099
Affiliated
Mutual
Funds
(68.1%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
121,756
8,180
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
5,368,155
48,367
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
105,073
2,194
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
2,875,153
24,928
Victory
High
Income
Fund,
Institutional
Shares
.................................
1,468,404
9,882
Victory
Income
Fund,
Institutional
Shares
.....................................
1,507,153
17,001
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
104,905
2,074
Victory
International
Fund,
Institutional
Shares
..................................
254,571
7,138
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..........................
1,135,808
9,688
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
73,162
3,400
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
63,955
1,237
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
848
8
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
71,630
986
Victory
Target
Managed
Allocation
Fund
......................................
523,266
5,426
Total
Affiliated
Mutual
Funds
(Cost
$144,931)
a
a
a
140,509
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(c)
........
22,400
22
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(c)
............
22,400
23
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(c)
...............
22,400
22
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.23%(c)
.
22,400
23
Total
Collateral
for
Securities
Loaned
(Cost
$90)
a
a
a
90
Total
Investments
(Cost
$209,405)
—
99.6%
205,698
Other
assets
in
excess
of
liabilities
—
0.4%
753
NET
ASSETS
-
100.00%
$
206,451
At
May
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
8.1%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ETF
—
Exchange-Traded
Fund
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
2/29/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
8,886
$
27
$
(1,005)
$
525
$
—
$
(253)
$
8,180
$
27
Victory
Portfolios
III
Victory
Cornerstone
Conservative
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
2/29/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2024
Dividend
Income
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
$
48,423
$
371
$
—
$
—
$
—
$
(427)
$
48,367
$
556
Victory
Emerging
Markets
Fund,
Institutional
Shares
.......
2,510
—
(415)
9
—
90
2,194
—
Victory
Government
Securities
Fund,
Institutional
Shares
..
25,849
160
(902)
(125)
—
(54)
24,928
239
Victory
High
Income
Fund,
Institutional
Shares
.......
10,445
218
(602)
(108)
—
(71)
9,882
219
Victory
Income
Fund,
Institutional
Shares
.......
17,197
194
(300)
(44)
—
(46)
17,001
194
Victory
Income
Stock
Fund,
Institutional
Shares
.......
2,475
10
(497)
58
—
28
2,074
10
Victory
International
Fund,
Institutional
Shares
.......
7,133
—
(416)
12
—
409
7,138
—
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..
9,519
124
—
—
—
45
9,688
124
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
3,798
—
(501)
86
—
17
3,400
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
948
—
—
—
—
289
1,237
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
7
—*
—
—
—
1
8
–*
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
1,482
—
(499)
(27)
—
30
986
—
Victory
Target
Managed
Allocation
Fund
.........
5,728
—
(496)
(36)
—
230
5,426
—
VictoryShares
Core
Intermediate
Bond
ETF
.............
16,425
1,401
—
—
—
(102)
17,724
158
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
2,520
—
—
—
—
193
2,713
—
VictoryShares
Free
Cash
Flow
ETF
..................
1,787
—
—
—
—
110
1,897
5
VictoryShares
International
Value
Momentum
ETF
....
4,868
—
(472)
(30)
—
287
4,653
63
VictoryShares
Short-Term
Bond
ETF
..................
31,240
—
—
—
—
94
31,334
395
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
1,419
—
—
—
—
55
1,474
4
VictoryShares
US
Value
Momentum
ETF
.........
2,224
—
—
—
—
104
2,328
9
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
2,880
—
—
—
—
96
2,976
6
$
207,763
$
2,505
$
(6,105)
$
320
$
—
$
1,125
$
205,608
$
2,009
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Cornerstone
Equity
Fund
17
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(37.3%)
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
266,858
$
13,015
VictoryShares
Free
Cash
Flow
ETF
(a)
........................................
392,000
12,395
VictoryShares
International
Value
Momentum
ETF
...............................
487,611
24,238
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
70,000
1,882
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
76,558
6,085
VictoryShares
US
Value
Momentum
ETF
......................................
169,156
12,705
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
505,530
18,219
Total
Affiliated
Exchange-Traded
Funds
(Cost
$75,081)
a
a
a
88,539
Affiliated
Mutual
Funds
(62.3%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
721,229
48,452
Victory
Emerging
Markets
Fund,
Institutional
Shares
.............................
548,194
11,446
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
533,002
10,537
Victory
International
Fund,
Institutional
Shares
..................................
1,388,748
38,941
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
387,913
18,030
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
45,942
889
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
347,813
4,786
Victory
Target
Managed
Allocation
Fund
......................................
1,411,627
14,639
Total
Affiliated
Mutual
Funds
(Cost
$109,005)
a
a
a
147,720
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(c)
........
3,175
3
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(c)
............
3,175
3
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(c)
...............
3,175
3
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.23
%
(c)
.
3,175
4
Total
Collateral
for
Securities
Loaned
(Cost
$13)
a
a
a
13
Total
Investments
(Cost
$184,099)
—
99.6%
236,272
Other
assets
in
excess
of
liabilities
—
0.4%
943
NET
ASSETS
-
100.00%
$
237,215
At
May
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
36.9%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ETF
—
Exchange-Traded
Fund
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
2/29/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
46,754
$
150
$
—
$
—
$
—
$
1,548
$
48,452
$
150
Victory
Emerging
Markets
Fund,
Institutional
Shares
.......
11,214
—
(
211
)
(
17
)
—
460
11,446
—
Victory
Growth
Fund,
Institutional
Shares
.......
—
—
—
—
—
—
—
—
Victory
Income
Stock
Fund,
Institutional
Shares
.......
10,157
52
—
—
—
328
10,537
52
Victory
International
Fund,
Institutional
Shares
.......
36,719
—
—
—
—
2,222
38,941
—
Victory
Portfolios
III
Victory
Cornerstone
Equity
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
2/29/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2024
Dividend
Income
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
$
17,982
$
—
$
(
465
)
$
47
$
—
$
466
$
18,030
$
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
681
—
—
—
—
208
889
—
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
5,202
—
(
419
)
(
33
)
—
36
4,786
—
Victory
Target
Managed
Allocation
Fund
.........
14,145
—
—
—
—
494
14,639
—
Victory
Value
Fund,
Institutional
Shares
................
—
—
—
—
—
—
—
—
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
12,091
—
—
—
—
924
13,015
—
VictoryShares
Free
Cash
Flow
ETF
..................
11,674
—
—
—
—
721
12,395
34
VictoryShares
International
Value
Momentum
ETF
....
23,446
—
(
528
)
(
58
)
—
1,378
24,238
309
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
1,804
—
—
—
—
78
1,882
6
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
5,858
—
—
—
—
227
6,085
16
VictoryShares
US
Value
Momentum
ETF
.........
12,853
—
(
750
)
248
—
354
12,705
49
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
17,633
—
—
—
—
586
18,219
38
$
228,213
$
202
$
(
2,373
)
$
187
$
—
$
10,030
$
236,259
$
654
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
19
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(21.3%)
Communication
Services
(2.3%):
Alphabet,
Inc.,
Class
C(a)
.................................................
87,934
$
15,297
Comcast
Corp.,
Class
A
..................................................
31,188
1,248
Meta
Platforms,
Inc.,
Class
A
..............................................
20,221
9,440
25,985
Consumer
Discretionary
(1.8%):
AutoNation,
Inc.(a)
.....................................................
141
24
AutoZone,
Inc.(a)
.......................................................
585
1,620
Best
Buy
Co.,
Inc.
......................................................
7,423
630
Booking
Holdings,
Inc.
...................................................
342
1,292
D.R.
Horton,
Inc.
.......................................................
8,155
1,205
Deckers
Outdoor
Corp.(a)
.................................................
1,169
1,279
Dick's
Sporting
Goods,
Inc.
................................................
5,801
1,321
Expedia
Group,
Inc.(a)
...................................................
8,033
907
General
Motors
Co.
.....................................................
32,697
1,471
Lennar
Corp.,
Class
A
....................................................
7,586
1,216
Murphy
USA,
Inc.
......................................................
1,569
688
NVR,
Inc.(a)
..........................................................
178
1,367
O'Reilly
Automotive,
Inc.(a)
...............................................
1,651
1,590
PulteGroup,
Inc.
........................................................
13,028
1,529
Ralph
Lauren
Corp.
.....................................................
6,454
1,206
Toll
Brothers,
Inc.
......................................................
12,449
1,514
TopBuild
Corp.(a)
......................................................
2,900
1,212
20,071
Consumer
Staples
(1.4%):
Altria
Group,
Inc.
.......................................................
41,167
1,904
Colgate-Palmolive
Co.
...................................................
15,490
1,440
Costco
Wholesale
Corp.
..................................................
2,757
2,233
Kimberly-Clark
Corp.
....................................................
8,881
1,184
Philip
Morris
International,
Inc.
.............................................
15,990
1,621
Sysco
Corp.
...........................................................
14,107
1,027
Target
Corp.
..........................................................
7,958
1,243
The
Kroger
Co.
........................................................
25,664
1,344
The
Procter
&
Gamble
Co.
................................................
11,500
1,892
Walmart,
Inc.
..........................................................
31,827
2,093
15,981
Energy
(0.9%):
ConocoPhillips
........................................................
13,522
1,575
Devon
Energy
Corp.
.....................................................
11,188
549
Diamondback
Energy,
Inc.
................................................
7,550
1,505
EOG
Resources,
Inc.
....................................................
7,102
885
Exxon
Mobil
Corp.
.....................................................
16,087
1,886
HF
Sinclair
Corp.
.......................................................
8,680
479
Marathon
Oil
Corp.
.....................................................
20,037
580
Ovintiv,
Inc.
..........................................................
17,144
886
Phillips
66
............................................................
8,656
1,230
Valero
Energy
Corp.
.....................................................
6,971
1,096
10,671
Financials
(2.6%):
American
Express
Co.
...................................................
6,744
1,619
American
International
Group,
Inc.
..........................................
23,092
1,820
Ameriprise
Financial,
Inc.
.................................................
4,170
1,821
Apollo
Global
Management,
Inc.
............................................
9,514
1,105
Capital
One
Financial
Corp.
...............................................
5,684
782
Corebridge
Financial,
Inc.
.................................................
37,315
1,089
East
West
Bancorp,
Inc.
..................................................
9,502
705
Evercore,
Inc.
.........................................................
2,504
508
Everest
Group
Ltd.
......................................................
3,622
1,416
Fidelity
National
Financial,
Inc.
............................................
11,366
572
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Fifth
Third
Bancorp
.....................................................
20,572
$
770
Interactive
Brokers
Group,
Inc.
.............................................
5,524
694
JPMorgan
Chase
&
Co.
..................................................
23,412
4,744
Prudential
Financial,
Inc.
.................................................
9,978
1,201
Regions
Financial
Corp.
..................................................
30,808
596
Synchrony
Financial
.....................................................
29,541
1,294
T.
Rowe
Price
Group,
Inc.
.................................................
6,329
746
The
Allstate
Corp.
......................................................
8,677
1,454
The
Bank
of
New
York
Mellon
Corp.
.........................................
10,672
636
The
Hartford
Financial
Services
Group,
Inc.
....................................
7,593
786
Visa,
Inc.,
Class
A
......................................................
4,413
1,202
W.R.
Berkley
Corp.
.....................................................
14,358
1,163
Wells
Fargo
&
Co.
......................................................
38,724
2,320
29,043
Health
Care
(2.4%):
AbbVie,
Inc.
..........................................................
18,177
2,931
Bristol-Myers
Squibb
Co.
.................................................
32,695
1,343
Cardinal
Health,
Inc.
....................................................
8,360
830
Cencora,
Inc.
..........................................................
7,496
1,698
Centene
Corp.(a)
.......................................................
21,678
1,552
DaVita,
Inc.(a)
.........................................................
8,928
1,314
Elevance
Health,
Inc.
....................................................
3,115
1,677
Eli
Lilly
&
Co.
.........................................................
4,707
3,861
Gilead
Sciences,
Inc.
....................................................
23,828
1,531
HCA
Healthcare,
Inc.
....................................................
3,500
1,189
McKesson
Corp.
.......................................................
2,571
1,464
Medpace
Holdings,
Inc.(a)
................................................
1,653
639
Merck
&
Co.,
Inc.
......................................................
18,750
2,354
Molina
Healthcare,
Inc.(a)
................................................
2,977
937
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
1,229
1,205
Tenet
Healthcare
Corp.(a)
.................................................
2,194
297
The
Cigna
Group
.......................................................
4,939
1,702
26,524
Industrials
(2.4%):
3M
Co.
..............................................................
5,306
531
Acuity
Brands,
Inc.
.....................................................
1,512
393
Allison
Transmission
Holdings,
Inc.
.........................................
4,817
365
Builders
FirstSource,
Inc.(a)
...............................................
6,813
1,095
Carlisle
Cos.,
Inc.
.......................................................
2,232
934
Caterpillar,
Inc.
........................................................
5,221
1,767
Cintas
Corp.
..........................................................
1,634
1,108
Core
&
Main,
Inc.,
Class
A(a)
..............................................
28,331
1,631
Cummins,
Inc.
.........................................................
2,887
813
EMCOR
Group,
Inc.
....................................................
3,072
1,194
Ferguson
PLC
.........................................................
4,959
1,020
General
Dynamics
Corp.
..................................................
3,804
1,140
Illinois
Tool
Works,
Inc.
..................................................
2,921
709
Leidos
Holdings,
Inc.
....................................................
4,521
665
Lennox
International,
Inc.
.................................................
2,530
1,272
Lockheed
Martin
Corp.
...................................................
2,307
1,085
Masco
Corp.
..........................................................
12,133
848
Otis
Worldwide
Corp.
....................................................
5,906
586
Owens
Corning
........................................................
6,747
1,222
PACCAR,
Inc.
.........................................................
17,039
1,832
Parker-Hannifin
Corp.
...................................................
3,047
1,620
Textron,
Inc.
..........................................................
8,605
754
Trane
Technologies
PLC
..................................................
4,582
1,500
United
Rentals,
Inc.
.....................................................
2,194
1,469
W.W.
Grainger,
Inc.
.....................................................
2,032
1,872
27,425
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Information
Technology
(5.9%):
Akamai
Technologies,
Inc.(a)
..............................................
6,418
$
592
Amphenol
Corp.,
Class
A
.................................................
11,776
1,559
Apple,
Inc.
...........................................................
22,409
4,308
Applied
Materials,
Inc.
...................................................
3,198
688
Arista
Networks,
Inc.(a)
..................................................
3,196
951
Broadcom,
Inc.
........................................................
2,340
3,109
CDW
Corp.
...........................................................
5,586
1,249
Cisco
Systems,
Inc.
.....................................................
55,858
2,597
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
1,701
534
Dropbox,
Inc.,
Class
A(a)
.................................................
40,506
913
F5,
Inc.(a)
............................................................
6,259
1,058
Fair
Isaac
Corp.(a)
......................................................
955
1,232
Gartner,
Inc.(a)
........................................................
1,682
706
GoDaddy,
Inc.,
Class
A(a)
.................................................
7,289
1,018
Jabil,
Inc.
............................................................
10,311
1,226
KLA
Corp.
...........................................................
1,617
1,228
Microsoft
Corp.
........................................................
49,135
20,397
Motorola
Solutions,
Inc.
..................................................
4,233
1,545
Nutanix,
Inc.,
Class
A(a)
..................................................
11,616
642
NVIDIA
Corp.
.........................................................
15,374
16,855
Qorvo,
Inc.(a)
.........................................................
9,473
932
QUALCOMM,
Inc.
.....................................................
9,161
1,869
TD
SYNNEX
Corp.
.....................................................
5,126
671
VeriSign,
Inc.(a)
........................................................
2,366
412
66,291
Materials
(0.7%):
CF
Industries
Holdings,
Inc.
...............................................
14,093
1,124
LyondellBasell
Industries
NV,
Class
A
........................................
16,733
1,664
Nucor
Corp.
...........................................................
8,951
1,511
Packaging
Corp.
of
America
...............................................
4,547
834
Reliance,
Inc.
..........................................................
2,228
670
Steel
Dynamics,
Inc.
.....................................................
11,281
1,510
7,313
Real
Estate
(0.3%):
American
Tower
Corp.
...................................................
3,842
752
Boston
Properties,
Inc.
...................................................
7,844
476
Brixmor
Property
Group,
Inc.
..............................................
15,494
349
Equinix,
Inc.
..........................................................
1,070
816
Essex
Property
Trust,
Inc.
.................................................
2,492
647
Federal
Realty
Investment
Trust
............................................
4,196
424
Regency
Centers
Corp.
...................................................
7,482
459
3,923
Utilities
(0.6%):
Consolidated
Edison,
Inc.
.................................................
19,285
1,823
DTE
Energy
Co.
.......................................................
10,038
1,170
Edison
International
.....................................................
10,897
837
Entergy
Corp.
.........................................................
12,140
1,366
NiSource,
Inc.
.........................................................
30,496
886
NRG
Energy,
Inc.
.......................................................
12,517
1,014
7,096
Total
Common
Stocks
(Cost
$177,886)
a
a
a
240,323
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
U.S.
Treasury
Obligations
(0.9%)
U.S.
Treasury
Notes,
3.88%,
3/31/25(b)
.......................................
$
9,963
$
9,855
Total
U.S.
Treasury
Obligations
(Cost
$9,978)
a
a
a
9,855
Shares
Exchange-Traded
Funds
(44.7%)
Invesco
DB
Commodity
Index
Tracking
Fund(c)
................................
114,500
2,664
Invesco
FTSE
RAFI
Developed
Markets
ex-US
ETF
.............................
335,920
17,082
Invesco
FTSE
RAFI
Emerging
Markets
ETF
...................................
686,690
14,036
iShares
0-5
Year
TIPS
Bond
ETF
............................................
70,668
7,036
iShares
1-3
Year
Treasury
Bond
ETF
.........................................
156,318
12,735
iShares
20+
Year
Treasury
Bond
ETF
.........................................
188,374
17,038
iShares
7-10
Year
Treasury
Bond
ETF
........................................
146,077
13,556
iShares
Core
MSCI
EAFE
ETF
.............................................
123,049
9,284
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
267,584
14,072
iShares
Core
S&P
500
ETF
................................................
24,924
13,209
iShares
Core
S&P
Small-Cap
ETF
...........................................
223,942
24,555
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
224,587
21,677
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF(c)
.........................
41,546
3,700
iShares
MSCI
Canada
ETF
................................................
111,547
4,268
iShares
MSCI
International
Momentum
Factor
ETF
..............................
401,271
15,830
iShares
MSCI
International
Quality
Factor
ETF
.................................
457,001
18,262
iShares
Russell
2000
ETF(c)
...............................................
83,204
17,121
Schwab
Fundamental
Emerging
Markets
Large
Co.
Index
ETF
......................
920,892
27,037
Schwab
Fundamental
International
Large
Co.
Index
ETF
...........................
1,549,839
56,182
Schwab
Fundamental
International
Small
Co.
Index
ETF
...........................
266,700
9,599
SPDR
Gold
Shares(a)(c)
..................................................
74,728
16,089
SPDR
S&P
Emerging
Markets
SmallCap
ETF
..................................
34,497
1,986
VanEck
Gold
Miners
ETF
.................................................
45,101
1,592
Vanguard
FTSE
All-World
ex-U.S.
ETF
.......................................
145,997
8,678
Vanguard
FTSE
Developed
Markets
ETF(c)
....................................
728,719
36,961
Vanguard
FTSE
Europe
ETF(c)
.............................................
340,063
23,753
Vanguard
Mortgage-Backed
Securities
ETF
....................................
354,943
15,962
Vanguard
Real
Estate
ETF
................................................
55,850
4,649
Vanguard
S&P
500
ETF
..................................................
61,416
29,763
Vanguard
Short-Term
Corporate
Bond
ETF
....................................
186,424
14,379
Vanguard
Total
Bond
Market
ETF
...........................................
31,849
2,282
Vanguard
Total
Stock
Market
ETF
...........................................
47,336
12,328
Wisdom
Tree
Trust
-
WisdomTree
Emerging
Markets
SmallCap
Dividend
Fund
..........
59,797
3,086
Xtrackers
USD
High
Yield
Corporate
Bond
ETF(c)
...............................
358,585
12,705
Total
Exchange-Traded
Funds
(Cost
$434,035)
a
a
a
503,156
Affiliated
Exchange-Traded
Funds
(32.6%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
5,989,400
274,315
VictoryShares
Core
Plus
Intermediate
Bond
ETF
................................
3,286,188
69,930
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
51,500
2,512
VictoryShares
Short-Term
Bond
ETF
.........................................
402,475
20,043
Total
Affiliated
Exchange-Traded
Funds
(Cost
$422,031)
a
a
a
366,800
Collateral
for
Securities
Loaned
(5.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(d)
........
15,295,931
15,296
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(d)
............
15,295,931
15,296
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(d)
...............
15,295,931
15,296
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.23%(d)
.
15,295,931
15,296
Total
Collateral
for
Securities
Loaned
(Cost
$61,184)
a
a
a
61,184
Total
Investments
(Cost
$1,105,114)
—
104.9%
1,181,318
Liabilities
in
excess
of
other
assets
—
(4.9)%
(54,977)
NET
ASSETS
-
100.00%
$
1,126,341
Victory
Portfolios
III
Victory
Cornerstone
Moderate
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
At
May
31,
2024,
the
Fund's
investments
in
foreign
securities
were
24.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
has
been
segregated
as
collateral
for
derivative
instruments.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Euro
Stoxx
50
Futures
...............
356
6/21/24
$
19,092,119
$
19,249,506
$
157,387
FTSE
100
Index
Futures
..............
153
6/21/24
15,188,145
16,151,224
963,079
Tokyo
Price
Index
Futures
............
59
6/13/24
10,080,427
10,400,508
320,081
$
1,440,547
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
ASX
SPI
200
Index
Futures
...........
75
6/20/24
$
9,637,400
$
9,627,505
$
9,895
E-Mini
Russell
2000
Index
Futures
......
37
6/21/24
3,870,668
3,840,230
30,438
E-Mini
S&P
500
Futures
..............
30
6/21/24
7,779,400
7,943,250
(163,850)
Hang
Seng
Index
Futures
.............
37
6/27/24
4,390,509
4,260,441
130,068
S&P/Toronto
Stock
Exchange
60
Index
Futures
..........................
108
6/20/24
20,925,312
21,149,868
(224,556)
$
(218,005)
Total
unrealized
appreciation
$
1,610,948
Total
unrealized
depreciation
(388,406)
Total
net
unrealized
appreciation
(depreciation)
$
1,222,542
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
2/29/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2024
Dividend
Income
VictoryShares
Core
Intermediate
Bond
ETF
.............
$
276,232
$
—
$
—
$
—
$
—
$
(1,917)
$
274,315
$
2,585
VictoryShares
Core
Plus
Intermediate
Bond
ETF
....
70,390
—
—
—
—
(460)
69,930
784
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
2,333
—
—
—
—
179
2,512
—
VictoryShares
Short-Term
Bond
ETF
..................
19,983
—
—
—
—
60
20,043
253
$
368,938
$
—
$
—
$
—
$
—
$
(2,138)
$
366,800
$
3,622
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
24
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(27.9%)
Communication
Services
(2.9%):
Alphabet,
Inc.
,
Class
C
(a)
.................................................
260,100
$
45,247
Comcast
Corp.
,
Class
A
..................................................
92,250
3,693
Gray
Television,
Inc.
....................................................
38,599
241
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
4,790
174
Meta
Platforms,
Inc.
,
Class
A
..............................................
59,812
27,922
TEGNA,
Inc.
..........................................................
22,479
335
Yelp,
Inc.
(a)
...........................................................
8,138
301
Ziff
Davis,
Inc.
(a)
.......................................................
5,037
290
78,203
Consumer
Discretionary
(2.4%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
2,261
391
Asbury
Automotive
Group,
Inc.
(a)
...........................................
1,100
259
AutoNation,
Inc.
(a)
.....................................................
418
71
AutoZone,
Inc.
(a)
.......................................................
1,729
4,789
Best
Buy
Co.,
Inc.
......................................................
21,948
1,862
Booking
Holdings,
Inc.
...................................................
1,014
3,829
Build-A-Bear
Workshop,
Inc.
..............................................
9,520
258
Chegg,
Inc.
(a)
.........................................................
61,622
236
D.R.
Horton,
Inc.
.......................................................
24,098
3,562
Deckers
Outdoor
Corp.
(a)
.................................................
3,460
3,785
Dick's
Sporting
Goods,
Inc.
................................................
17,161
3,906
Dillard's,
Inc.
,
Class
A
...................................................
424
190
Expedia
Group,
Inc.
(a)
...................................................
23,742
2,679
General
Motors
Co.
.....................................................
96,713
4,351
G-III
Apparel
Group
Ltd.
(a)
...............................................
9,661
290
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
.......................................
1,920
276
JAKKS
Pacific,
Inc.
(a)
...................................................
9,405
175
KB
Home
............................................................
5,748
406
Lennar
Corp.
,
Class
A
....................................................
22,438
3,598
M/I
Homes,
Inc.
(a)
......................................................
3,046
380
Movado
Group,
Inc.
.....................................................
7,622
202
Murphy
USA,
Inc.
......................................................
4,643
2,037
NVR,
Inc.
(a)
..........................................................
527
4,048
O'Reilly
Automotive,
Inc.
(a)
...............................................
4,880
4,701
Papa
John's
International,
Inc.
..............................................
3,317
154
Perdoceo
Education
Corp.
.................................................
8,140
183
PulteGroup,
Inc.
........................................................
38,537
4,521
Ralph
Lauren
Corp.
.....................................................
19,092
3,568
Shoe
Carnival,
Inc.
......................................................
6,349
240
Signet
Jewelers
Ltd.
.....................................................
4,176
457
Taylor
Morrison
Home
Corp.
(a)
............................................
7,151
413
The
Buckle,
Inc.
........................................................
5,444
210
The
ODP
Corp.
(a)
......................................................
5,823
228
Toll
Brothers,
Inc.
......................................................
36,822
4,479
TopBuild
Corp.
(a)
......................................................
8,578
3,585
Tri
Pointe
Homes,
Inc.
(a)
.................................................
9,961
386
Winmark
Corp.
........................................................
528
188
Winnebago
Industries,
Inc.
................................................
5,796
360
65,253
Consumer
Staples
(1.8%):
Altria
Group,
Inc.
.......................................................
121,664
5,627
B&G
Foods,
Inc.
.......................................................
37,344
356
BellRing
Brands,
Inc.
(a)
..................................................
4,673
272
Cal-Maine
Foods,
Inc.
...................................................
3,683
227
Colgate-Palmolive
Co.
...................................................
45,777
4,256
Costco
Wholesale
Corp.
..................................................
8,156
6,606
Ingles
Markets,
Inc.
,
Class
A
...............................................
3,150
230
John
B
Sanfilippo
&
Son,
Inc.
..............................................
2,466
249
Kimberly-Clark
Corp.
....................................................
26,246
3,499
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
25
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Philip
Morris
International,
Inc.
.............................................
47,252
$
4,790
Sysco
Corp.
...........................................................
41,668
3,034
Target
Corp.
..........................................................
23,539
3,676
The
Andersons,
Inc.
.....................................................
5,224
273
The
Kroger
Co.
........................................................
75,806
3,970
The
Procter
&
Gamble
Co.
................................................
33,970
5,589
Vector
Group
Ltd.
......................................................
26,084
286
Walmart,
Inc.
..........................................................
94,141
6,191
49,131
Energy
(1.3%):
Chord
Energy
Corp.
.....................................................
1,352
251
Civitas
Resources,
Inc.
...................................................
6,143
452
ConocoPhillips
........................................................
39,957
4,654
CONSOL
Energy,
Inc.
(a)
.................................................
3,810
395
Devon
Energy
Corp.
.....................................................
33,076
1,623
Diamondback
Energy,
Inc.
................................................
22,332
4,450
EOG
Resources,
Inc.
....................................................
21,007
2,616
Exxon
Mobil
Corp.
.....................................................
47,584
5,580
HF
Sinclair
Corp.
.......................................................
25,639
1,416
Liberty
Energy,
Inc.
.....................................................
15,945
394
Marathon
Oil
Corp.
.....................................................
59,265
1,716
Matador
Resources
Co.
...................................................
2,831
180
Murphy
Oil
Corp.
......................................................
5,558
238
Ovintiv,
Inc.
..........................................................
50,711
2,620
PBF
Energy,
Inc.
,
Class
A
.................................................
7,628
353
Peabody
Energy
Corp.
...................................................
20,531
509
Phillips
66
............................................................
25,604
3,639
REX
American
Resources
Corp.
(a)
..........................................
3,971
198
SandRidge
Energy,
Inc.
..................................................
12,610
176
SM
Energy
Co.
........................................................
3,715
187
Valero
Energy
Corp.
.....................................................
20,619
3,240
34,887
Financials
(3.5%):
American
Express
Co.
...................................................
19,949
4,788
American
International
Group,
Inc.
..........................................
68,303
5,384
Ameriprise
Financial,
Inc.
.................................................
12,323
5,380
Ameris
Bancorp
........................................................
7,083
354
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
24,168
244
Apollo
Global
Management,
Inc.
............................................
28,142
3,269
Atlantic
Union
Bankshares
Corp.
............................................
6,001
196
Bread
Financial
Holdings,
Inc.
.............................................
7,068
295
Capital
One
Financial
Corp.
...............................................
16,813
2,314
Cathay
General
Bancorp
..................................................
10,369
382
CNO
Financial
Group,
Inc.
................................................
11,365
326
Community
Trust
Bancorp,
Inc.
.............................................
6,259
264
Corebridge
Financial,
Inc.
.................................................
110,219
3,215
East
West
Bancorp,
Inc.
..................................................
28,106
2,085
Essent
Group
Ltd.
......................................................
6,509
369
Evercore,
Inc.
.........................................................
7,407
1,503
Everest
Group
Ltd.
......................................................
10,699
4,183
Fidelity
National
Financial,
Inc.
............................................
33,618
1,693
Fifth
Third
Bancorp
.....................................................
60,764
2,274
First
Bancorp
..........................................................
25,791
457
First
Financial
Bancorp
...................................................
12,021
268
Fulton
Financial
Corp.
...................................................
20,347
343
Genworth
Financial,
Inc.
(a)
................................................
51,731
325
Hancock
Whitney
Corp.
..................................................
8,990
420
Hope
Bancorp,
Inc.
.....................................................
22,287
235
Interactive
Brokers
Group,
Inc.
.............................................
16,340
2,054
International
Bancshares
Corp.
.............................................
6,415
365
Jackson
Financial,
Inc.
,
Class
A
.............................................
5,098
387
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
JPMorgan
Chase
&
Co.
..................................................
69,251
$
14,032
Ladder
Capital
Corp.
....................................................
24,701
276
Moelis
&
Co.
,
Class
A
...................................................
6,287
356
OFG
Bancorp
.........................................................
8,571
318
PennyMac
Financial
Services,
Inc.
..........................................
3,580
325
Piper
Sandler
Cos.
......................................................
1,556
330
Preferred
Bank
.........................................................
3,784
283
PROG
Holdings,
Inc.
....................................................
6,851
259
Prudential
Financial,
Inc.
.................................................
29,514
3,552
Radian
Group,
Inc.
......................................................
9,340
292
Ready
Capital
Corp.
.....................................................
25,665
213
Regions
Financial
Corp.
..................................................
91,080
1,762
Selective
Insurance
Group,
Inc.
.............................................
2,385
233
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
7,203
269
Southside
Bancshares,
Inc.
................................................
8,138
218
Stewart
Information
Services
Corp.
..........................................
3,919
248
Synchrony
Financial
.....................................................
87,379
3,827
T.
Rowe
Price
Group,
Inc.
.................................................
18,722
2,206
The
Allstate
Corp.
......................................................
25,665
4,299
The
Bancorp,
Inc.
(a)
.....................................................
10,952
368
The
Bank
of
New
York
Mellon
Corp.
.........................................
31,572
1,882
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
9,077
309
The
Hartford
Financial
Services
Group,
Inc.
....................................
22,428
2,320
UMB
Financial
Corp.
....................................................
4,791
395
Valley
National
Bancorp
..................................................
43,549
311
Visa,
Inc.
,
Class
A
......................................................
13,055
3,557
W.R.
Berkley
Corp.
.....................................................
42,469
3,441
Wells
Fargo
&
Co.
......................................................
114,540
6,863
WSFS
Financial
Corp.
...................................................
7,461
329
96,445
Health
Care
(3.1%):
AbbVie,
Inc.
..........................................................
53,718
8,662
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
17,670
267
Addus
HomeCare
Corp.
(a)
................................................
2,647
304
AMN
Healthcare
Services,
Inc.
(a)
...........................................
4,008
224
Bristol-Myers
Squibb
Co.
.................................................
96,707
3,974
Cardinal
Health,
Inc.
....................................................
24,694
2,451
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
17,949
290
Cencora,
Inc.
..........................................................
22,158
5,020
Centene
Corp.
(a)
.......................................................
64,064
4,586
CorVel
Corp.
(a)
........................................................
1,014
243
Cross
Country
Healthcare,
Inc.
(a)
...........................................
13,953
211
DaVita,
Inc.
(a)
.........................................................
26,371
3,880
Elevance
Health,
Inc.
....................................................
9,207
4,958
Eli
Lilly
&
Co.
.........................................................
13,924
11,422
Gilead
Sciences,
Inc.
....................................................
70,426
4,526
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
10,934
322
HCA
Healthcare,
Inc.
....................................................
10,353
3,517
Innoviva,
Inc.
(a)
.......................................................
17,692
279
Ironwood
Pharmaceuticals,
Inc.
(a)
...........................................
34,394
217
iTeos
Therapeutics,
Inc.
(a)
................................................
15,153
254
McKesson
Corp.
.......................................................
7,606
4,332
Medpace
Holdings,
Inc.
(a)
................................................
4,891
1,890
Merck
&
Co.,
Inc.
......................................................
55,410
6,956
Molina
Healthcare,
Inc.
(a)
................................................
8,805
2,770
Owens
&
Minor,
Inc.
(a)
..................................................
16,121
281
Pediatrix
Medical
Group,
Inc.
(a)
............................................
27,964
204
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
4,270
275
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
3,637
3,565
Select
Medical
Holdings
Corp.
.............................................
7,007
242
SIGA
Technologies,
Inc.
..................................................
37,037
277
Tenet
Healthcare
Corp.
(a)
.................................................
6,491
878
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
The
Cigna
Group
.......................................................
14,597
$
5,030
Veracyte,
Inc.
(a)
........................................................
14,803
307
Vericel
Corp.
(a)
........................................................
6,686
319
82,933
Industrials
(3.2%):
3M
Co.
..............................................................
15,695
1,572
Acuity
Brands,
Inc.
.....................................................
4,473
1,161
Allison
Transmission
Holdings,
Inc.
.........................................
14,248
1,080
ASGN,
Inc.
(a)
.........................................................
3,537
332
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
3,773
366
BlueLinx
Holdings,
Inc.
(a)
................................................
3,815
393
Boise
Cascade
Co.
......................................................
4,105
564
Builders
FirstSource,
Inc.
(a)
...............................................
20,151
3,240
Carlisle
Cos.,
Inc.
.......................................................
6,602
2,762
Caterpillar,
Inc.
........................................................
15,443
5,228
Cintas
Corp.
..........................................................
4,833
3,277
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
83,682
4,817
Cummins,
Inc.
.........................................................
8,540
2,406
Deluxe
Corp.
..........................................................
12,573
286
EMCOR
Group,
Inc.
....................................................
9,088
3,532
Ferguson
PLC
.........................................................
14,656
3,015
General
Dynamics
Corp.
..................................................
11,254
3,374
Hub
Group,
Inc.
,
Class
A
.................................................
8,686
375
Illinois
Tool
Works,
Inc.
..................................................
8,640
2,097
JELD-WEN
Holding,
Inc.
(a)
...............................................
21,218
329
Korn
Ferry
...........................................................
5,658
373
Leidos
Holdings,
Inc.
....................................................
13,373
1,966
Lennox
International,
Inc.
.................................................
7,475
3,757
Limbach
Holdings,
Inc.
(a)
................................................
6,253
357
Lockheed
Martin
Corp.
...................................................
6,825
3,210
Masco
Corp.
..........................................................
35,888
2,509
Masterbrand,
Inc.
(a)
.....................................................
18,797
314
Matson,
Inc.
..........................................................
4,012
514
Mueller
Industries,
Inc.
...................................................
6,707
395
Otis
Worldwide
Corp.
....................................................
17,464
1,732
Owens
Corning
........................................................
19,930
3,609
PACCAR,
Inc.
.........................................................
50,378
5,416
Parker-Hannifin
Corp.
...................................................
9,006
4,787
Resideo
Technologies,
Inc.
(a)
..............................................
14,905
322
Sterling
Infrastructure,
Inc.
(a)
..............................................
2,945
362
Terex
Corp.
...........................................................
4,338
259
Textron,
Inc.
..........................................................
25,453
2,230
Titan
International,
Inc.
(a)
.................................................
20,941
173
Trane
Technologies
PLC
..................................................
13,554
4,438
TriNet
Group,
Inc.
......................................................
2,602
271
UFP
Industries,
Inc.
.....................................................
3,875
463
United
Rentals,
Inc.
.....................................................
6,491
4,345
W.W.
Grainger,
Inc.
.....................................................
6,007
5,535
Wabash
National
Corp.
...................................................
12,130
274
87,817
Information
Technology
(7.4%):
A10
Networks,
Inc.
.....................................................
19,130
290
Akamai
Technologies,
Inc.
(a)
..............................................
18,985
1,751
Amkor
Technology,
Inc.
..................................................
12,130
395
Amphenol
Corp.
,
Class
A
.................................................
34,832
4,611
Apple,
Inc.
...........................................................
66,190
12,725
Applied
Materials,
Inc.
...................................................
9,460
2,035
Arista
Networks,
Inc.
(a)
..................................................
9,453
2,814
Bel
Fuse,
Inc.
,
Class
B
...................................................
4,722
322
Broadcom,
Inc.
........................................................
6,921
9,195
CDW
Corp.
...........................................................
16,523
3,695
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Cisco
Systems,
Inc.
.....................................................
165,220
$
7,683
CommVault
Systems,
Inc.
(a)
...............................................
2,408
259
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
5,031
1,578
Dropbox,
Inc.
,
Class
A
(a)
.................................................
119,811
2,699
F5,
Inc.
(a)
............................................................
18,515
3,129
Fair
Isaac
Corp.
(a)
......................................................
2,826
3,645
Gartner,
Inc.
(a)
........................................................
4,976
2,088
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
21,561
3,011
Jabil,
Inc.
............................................................
30,500
3,626
KLA
Corp.
...........................................................
4,783
3,633
Kulicke
&
Soffa
Industries,
Inc.
.............................................
5,892
269
Microsoft
Corp.
........................................................
145,335
60,333
Motorola
Solutions,
Inc.
..................................................
12,520
4,569
Nutanix,
Inc.
,
Class
A
(a)
..................................................
34,359
1,901
NVIDIA
Corp.
.........................................................
45,476
49,857
Photronics,
Inc.
(a)
......................................................
14,679
401
Qorvo,
Inc.
(a)
.........................................................
28,021
2,757
QUALCOMM,
Inc.
.....................................................
27,097
5,529
Sanmina
Corp.
(a)
.......................................................
5,834
400
SolarWinds
Corp.
.......................................................
21,700
251
TD
SYNNEX
Corp.
.....................................................
15,163
1,984
VeriSign,
Inc.
(a)
........................................................
6,995
1,219
Viavi
Solutions,
Inc.
(a)
...................................................
24,908
187
Vishay
Intertechnology,
Inc.
...............................................
15,080
356
Xerox
Holdings
Corp.
...................................................
19,575
275
199,472
Materials
(0.9%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
1,640
517
Arch
Resources,
Inc.
....................................................
2,884
502
CF
Industries
Holdings,
Inc.
...............................................
41,685
3,324
Commercial
Metals
Co.
..................................................
2,904
164
Greif,
Inc.
,
Class
A
......................................................
4,442
288
Hawkins,
Inc.
.........................................................
3,685
322
LyondellBasell
Industries
NV
,
Class
A
........................................
49,452
4,917
Nucor
Corp.
...........................................................
26,475
4,470
Packaging
Corp.
of
America
...............................................
13,451
2,468
Ramaco
Resources,
Inc.
,
Class
A
(b)
..........................................
21,448
304
Reliance,
Inc.
..........................................................
6,591
1,982
Ryerson
Holding
Corp.
...................................................
10,708
254
Steel
Dynamics,
Inc.
.....................................................
33,370
4,467
23,979
Real
Estate
(0.6%):
American
Tower
Corp.
...................................................
11,355
2,223
Boston
Properties,
Inc.
...................................................
23,202
1,408
Brixmor
Property
Group,
Inc.
..............................................
45,831
1,032
Broadstone
Net
Lease,
Inc.
................................................
20,260
311
DiamondRock
Hospitality
Co.
..............................................
34,150
289
Easterly
Government
Properties,
Inc.
.........................................
22,166
262
Empire
State
Realty
Trust,
Inc.
.............................................
26,610
254
Equinix,
Inc.
..........................................................
3,163
2,413
Essential
Properties
Realty
Trust,
Inc.
........................................
13,208
354
Essex
Property
Trust,
Inc.
.................................................
7,371
1,915
Federal
Realty
Investment
Trust
............................................
12,414
1,253
Innovative
Industrial
Properties,
Inc.
.........................................
3,582
386
Kite
Realty
Group
Trust
..................................................
17,972
394
Phillips
Edison
&
Co.,
Inc.
................................................
9,531
304
PotlatchDeltic
Corp.
.....................................................
7,203
308
Regency
Centers
Corp.
...................................................
22,131
1,359
Retail
Opportunity
Investments
Corp.
........................................
21,918
274
Sabra
Health
Care
REIT,
Inc.
..............................................
23,103
337
SITE
Centers
Corp.
.....................................................
22,083
318
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Terreno
Realty
Corp.
....................................................
6,464
$
366
15,760
Utilities
(0.8%):
Consolidated
Edison,
Inc.
.................................................
57,043
5,393
DTE
Energy
Co.
.......................................................
29,651
3,455
Edison
International
.....................................................
32,234
2,477
Entergy
Corp.
.........................................................
35,910
4,040
NiSource,
Inc.
.........................................................
90,203
2,621
NRG
Energy,
Inc.
.......................................................
37,024
2,999
ONE
Gas,
Inc.
.........................................................
5,596
345
Otter
Tail
Corp.
........................................................
4,107
372
21,702
Total
Common
Stocks
(Cost
$564,841)
a
a
a
755,582
Principal
Amount
(000)
U.S.
Treasury
Obligations
(0.6%)
U.S.
Treasury
Notes
,
3
.88
%
,
3/31/25
(c)
.......................................
$
14,945
14,783
Total
U.S.
Treasury
Obligations
(Cost
$14,967)
a
a
a
14,783
Shares
Exchange-Traded
Funds
(45.6%)
Invesco
DB
Commodity
Index
Tracking
Fund
(b)
................................
256,100
5,959
Invesco
FTSE
RAFI
Developed
Markets
ex-US
ETF
.............................
653,206
33,216
Invesco
FTSE
RAFI
Emerging
Markets
ETF
(b)
.................................
1,539,501
31,467
iShares
0-5
Year
TIPS
Bond
ETF
............................................
144,691
14,407
iShares
1-3
Year
Treasury
Bond
ETF
.........................................
307,256
25,032
iShares
20+
Year
Treasury
Bond
ETF
.........................................
275,988
24,963
iShares
7-10
Year
Treasury
Bond
ETF
........................................
260,606
24,184
iShares
Core
MSCI
EAFE
ETF
(b)
...........................................
32,626
2,462
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
1,144,879
60,209
iShares
Core
S&P
500
ETF
................................................
60,114
31,858
iShares
Core
S&P
Small-Cap
ETF
...........................................
360,678
39,548
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
279,034
26,932
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(b)
.........................
77,423
6,895
iShares
MSCI
Canada
ETF
................................................
275,420
10,538
iShares
MSCI
International
Momentum
Factor
ETF
..............................
1,164,448
45,938
iShares
MSCI
International
Quality
Factor
ETF
.................................
1,315,008
52,548
iShares
Russell
2000
ETF
(b)
...............................................
238,637
49,104
Schwab
Fundamental
Emerging
Markets
Large
Co.
Index
ETF
......................
2,206,197
64,774
Schwab
Fundamental
International
Large
Co.
Index
ETF
...........................
3,168,339
114,852
Schwab
Fundamental
International
Small
Co.
Index
ETF
...........................
593,600
21,364
SPDR
Gold
Shares
(a)
(b)
..................................................
199,963
43,052
SPDR
S&P
Emerging
Markets
SmallCap
ETF
..................................
107,983
6,218
VanEck
Gold
Miners
ETF
.................................................
119,101
4,204
Vanguard
FTSE
All-World
ex-U.S.
ETF
.......................................
271,609
16,144
Vanguard
FTSE
Developed
Markets
ETF
......................................
3,744,589
189,926
Vanguard
FTSE
Europe
ETF
(b)
.............................................
1,004,222
70,145
Vanguard
Mortgage-Backed
Securities
ETF
(b)
..................................
753,311
33,876
Vanguard
Real
Estate
ETF
(b)
..............................................
130,232
10,841
Vanguard
S&P
500
ETF
..................................................
187,603
90,916
Vanguard
Short-Term
Bond
ETF
............................................
62,545
4,780
Vanguard
Short-Term
Corporate
Bond
ETF
....................................
262,583
20,253
Vanguard
Total
Bond
Market
ETF
...........................................
57,411
4,113
Vanguard
Total
Stock
Market
ETF
(b)
.........................................
92,119
23,991
Wisdom
Tree
Trust
-
WisdomTree
Emerging
Markets
SmallCap
Dividend
Fund
..........
202,622
10,455
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
(b)
..............................
515,405
18,261
Total
Exchange-Traded
Funds
(Cost
$1,045,613)
a
a
a
1,233,425
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(25.6%)
VictoryShares
Core
Intermediate
Bond
ETF
(b)
..................................
11,240,445
$
514,813
VictoryShares
Core
Plus
Intermediate
Bond
ETF
(b)
..............................
5,668,278
120,621
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
68,000
3,316
VictoryShares
Short-Term
Bond
ETF
(b)
.......................................
1,071,350
53,353
Total
Affiliated
Exchange-Traded
Funds
(Cost
$794,442)
a
a
a
692,103
Collateral
for
Securities
Loaned
(7.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(d)
........
48,338,133
48,338
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(d)
............
48,338,133
48,338
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(d)
...............
48,338,133
48,338
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.23
%
(d)
.
48,338,133
48,339
Total
Collateral
for
Securities
Loaned
(Cost
$193,353)
a
a
a
193,353
Total
Investments
(Cost
$2,613,216)
—
106.8%
2,889,246
Liabilities
in
excess
of
other
assets
—
(6.8)%
(
183,036
)
NET
ASSETS
-
100.00%
$
2,706,210
At
May
31,
2024,
the
Fund's
investments
in
foreign
securities
were
27.8%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
All
or
a
portion
of
this
security
has
been
segregated
as
collateral
for
derivative
instruments.
(d)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Euro
Stoxx
50
Futures
...............
768
6/21/24
$
41,187,492
$
41,527,025
$
339,533
FTSE
100
Index
Futures
..............
373
6/21/24
37,027,307
39,375,205
2,347,898
Tokyo
Price
Index
Futures
............
127
6/13/24
21,700,223
22,387,536
687,313
$
3,374,744
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
ASX
SPI
200
Index
Futures
...........
162
6/20/24
$
20,816,784
$
20,795,411
$
21,373
E-Mini
Russell
2000
Index
Futures
......
316
6/21/24
33,057,593
32,797,640
259,953
E-Mini
S&P
500
Futures
..............
32
6/21/24
8,298,027
8,472,800
(
174,773
)
Hang
Seng
Index
Futures
.............
78
6/27/24
9,255,668
8,981,471
274,197
S&P/Toronto
Stock
Exchange
60
Index
Futures
..........................
253
6/20/24
49,019,481
49,545,524
(
526,043
)
$
(
145,293
)
Total
unrealized
appreciation
$
3,930,267
Total
unrealized
depreciation
(
700,816
)
Total
net
unrealized
appreciation
(depreciation)
$
3,229,451
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Aggressive
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
2/29/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2024
Dividend
Income
VictoryShares
Core
Intermediate
Bond
ETF
.............
$
518,409
$
—
$
—
$
—
$
—
$
(
3,596
)
$
514,813
$
4,853
VictoryShares
Core
Plus
Intermediate
Bond
ETF
....
121,415
—
—
—
—
(
794
)
120,621
1,352
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
3,081
—
—
—
—
235
3,316
—
VictoryShares
Short-Term
Bond
ETF
..................
53,192
—
—
—
—
161
53,353
672
$
696,097
$
—
$
—
$
—
$
—
$
(
3,994
)
$
692,103
$
6,877
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
32
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(15.9%)
Communication
Services
(0.9%):
AT&T,
Inc.
...........................................................
23,460
$
427
Comcast
Corp.
,
Class
A
..................................................
17,285
692
Verizon
Communications,
Inc.
..............................................
12,552
517
1,636
Consumer
Discretionary
(1.0%):
D.R.
Horton,
Inc.
.......................................................
2,080
307
Genuine
Parts
Co.
......................................................
872
126
Lennar
Corp.
,
Class
A
....................................................
2,411
387
Lowe's
Cos.,
Inc.
.......................................................
2,019
447
PulteGroup,
Inc.
........................................................
2,069
243
The
Home
Depot,
Inc.
...................................................
775
259
1,769
Consumer
Staples
(1.5%):
Altria
Group,
Inc.
.......................................................
13,369
618
Archer-Daniels-Midland
Co.
...............................................
4,913
307
General
Mills,
Inc.
......................................................
1,540
106
Kimberly-Clark
Corp.
....................................................
3,286
438
PepsiCo,
Inc.
..........................................................
1,156
200
Philip
Morris
International,
Inc.
.............................................
6,749
684
Target
Corp.
..........................................................
1,464
229
2,582
Energy
(0.2%):
Devon
Energy
Corp.
.....................................................
6,289
309
ONEOK,
Inc.
..........................................................
1,057
86
Valero
Energy
Corp.
.....................................................
220
34
429
Financials
(1.6%):
American
Express
Co.
...................................................
2,760
662
Ameriprise
Financial,
Inc.
.................................................
977
427
Cincinnati
Financial
Corp.
................................................
1,244
146
Everest
Group
Ltd.
......................................................
397
155
JPMorgan
Chase
&
Co.
..................................................
4,437
899
Mastercard,
Inc.
,
Class
A
.................................................
745
333
T.
Rowe
Price
Group,
Inc.
.................................................
143
17
Visa,
Inc.
,
Class
A
......................................................
1,031
281
2,920
Health
Care
(2.3%):
AbbVie,
Inc.
..........................................................
4,655
751
Bristol-Myers
Squibb
Co.
.................................................
9,877
406
Cardinal
Health,
Inc.
....................................................
1,066
106
CVS
Health
Corp.
......................................................
9,242
551
Gilead
Sciences,
Inc.
....................................................
9,427
606
Merck
&
Co.,
Inc.
......................................................
3,605
452
Pfizer,
Inc.
............................................................
23,621
677
The
Cigna
Group
.......................................................
994
342
UnitedHealth
Group,
Inc.
.................................................
605
300
4,191
Industrials
(1.7%):
A.O.
Smith
Corp.
.......................................................
1,214
101
Automatic
Data
Processing,
Inc.
............................................
2,608
639
Caterpillar,
Inc.
........................................................
761
258
Cummins,
Inc.
.........................................................
173
49
Fastenal
Co.
...........................................................
371
24
FedEx
Corp.
..........................................................
1,473
374
Illinois
Tool
Works,
Inc.
..................................................
980
238
Lockheed
Martin
Corp.
...................................................
514
242
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Masco
Corp.
..........................................................
2,137
$
149
Old
Dominion
Freight
Line,
Inc.
............................................
1,096
192
Paychex,
Inc.
..........................................................
207
25
Robert
Half,
Inc.
.......................................................
1,016
65
United
Parcel
Service,
Inc.
,
Class
B
..........................................
4,323
601
2,957
Information
Technology
(5.6%):
Accenture
PLC
,
Class
A
..................................................
1,782
503
Apple,
Inc.
...........................................................
12,029
2,313
Applied
Materials,
Inc.
...................................................
3,246
698
Broadcom,
Inc.
........................................................
577
767
Cisco
Systems,
Inc.
.....................................................
11,883
553
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
4,510
298
HP,
Inc.
..............................................................
2,703
99
KLA
Corp.
...........................................................
847
643
Lam
Research
Corp.
.....................................................
698
651
Microchip
Technology,
Inc.
................................................
354
34
Microsoft
Corp.
........................................................
4,840
2,009
NetApp,
Inc.
..........................................................
2,010
242
NXP
Semiconductors
NV
.................................................
1,811
493
QUALCOMM,
Inc.
.....................................................
3,691
753
10,056
Materials
(0.6%):
Dow,
Inc.
............................................................
6,829
393
LyondellBasell
Industries
NV
,
Class
A
........................................
2,497
248
Nucor
Corp.
...........................................................
1,734
293
Steel
Dynamics,
Inc.
.....................................................
1,500
201
1,135
Real
Estate
(0.3%):
American
Tower
Corp.
...................................................
76
15
Crown
Castle,
Inc.
......................................................
1,118
114
Digital
Realty
Trust,
Inc.
..................................................
808
117
Equinix,
Inc.
..........................................................
135
103
Prologis,
Inc.
..........................................................
784
87
436
Utilities
(0.2%):
Edison
International
.....................................................
1,293
99
Evergy,
Inc.
...........................................................
2,241
123
NRG
Energy,
Inc.
.......................................................
2,195
178
400
Total
Common
Stocks
(Cost
$23,801)
a
a
a
28,511
Principal
Amount
(000)
U.S.
Treasury
Obligations
(0.8%)
U.S.
Treasury
Notes
,
3
.88
%
,
3/31/25
(a)
.......................................
$
1,494
1,478
Total
U.S.
Treasury
Obligations
(Cost
$1,496)
a
a
a
1,478
Shares
Exchange-Traded
Funds
(42.8%)
Invesco
DB
Commodity
Index
Tracking
Fund
(b)
................................
22,900
533
Invesco
FTSE
RAFI
Developed
Markets
ex-US
ETF
.............................
35,176
1,789
Invesco
FTSE
RAFI
Emerging
Markets
ETF
(b)
.................................
86,305
1,764
iShares
0-5
Year
TIPS
Bond
ETF
............................................
14,075
1,401
iShares
1-3
Year
Treasury
Bond
ETF
.........................................
35,334
2,879
iShares
20+
Year
Treasury
Bond
ETF
.........................................
29,830
2,698
iShares
7-10
Year
Treasury
Bond
ETF
........................................
27,568
2,558
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
12,612
$
663
iShares
Core
S&P
500
ETF
................................................
2,685
1,423
iShares
Core
S&P
Small-Cap
ETF
...........................................
24,672
2,705
iShares
Core
U.S.
Aggregate
Bond
ETF
.......................................
61,795
5,964
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(b)
.........................
6,576
586
iShares
MSCI
International
Momentum
Factor
ETF
..............................
71,831
2,834
iShares
MSCI
International
Quality
Factor
ETF
.................................
81,444
3,255
iShares
Russell
2000
ETF
(b)
...............................................
13,095
2,695
Schwab
Fundamental
Emerging
Markets
Large
Co.
Index
ETF
......................
138,896
4,078
Schwab
Fundamental
International
Large
Co.
Index
ETF
...........................
237,343
8,604
Schwab
Fundamental
International
Small
Co.
Index
ETF
...........................
50,100
1,803
SPDR
Gold
Shares
(c)
....................................................
12,645
2,722
SPDR
S&P
Emerging
Markets
SmallCap
ETF
..................................
7,496
432
VanEck
Gold
Miners
ETF
.................................................
7,621
269
Vanguard
FTSE
All-World
ex-U.S.
ETF
.......................................
26,757
1,590
Vanguard
FTSE
Developed
Markets
ETF
......................................
96,616
4,900
Vanguard
FTSE
Europe
ETF
(b)
.............................................
52,147
3,642
Vanguard
Mortgage-Backed
Securities
ETF
....................................
62,333
2,803
Vanguard
Real
Estate
ETF
................................................
7,052
587
Vanguard
S&P
500
ETF
..................................................
9,049
4,385
Vanguard
Short-Term
Corporate
Bond
ETF
....................................
18,748
1,446
Vanguard
Small-Cap
Value
ETF
............................................
8,408
1,580
Vanguard
Total
Stock
Market
ETF
...........................................
8,764
2,283
Wisdom
Tree
Trust
-
WisdomTree
Emerging
Markets
SmallCap
Dividend
Fund
..........
5,259
271
Xtrackers
USD
High
Yield
Corporate
Bond
ETF
.................................
45,151
1,600
Total
Exchange-Traded
Funds
(Cost
$67,497)
a
a
a
76,742
Affiliated
Exchange-Traded
Funds
(40.4%)
VictoryShares
Core
Intermediate
Bond
ETF
....................................
1,160,573
53,154
VictoryShares
Core
Plus
Intermediate
Bond
ETF
................................
686,365
14,606
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
9,770
477
VictoryShares
Short-Term
Bond
ETF
.........................................
82,859
4,126
Total
Affiliated
Exchange-Traded
Funds
(Cost
$82,972)
a
a
a
72,363
Collateral
for
Securities
Loaned
(4.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(d)
........
1,894,022
1,894
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(d)
............
1,894,022
1,894
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(d)
...............
1,894,022
1,894
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.23
%
(d)
.
1,894,022
1,894
Total
Collateral
for
Securities
Loaned
(Cost
$7,576)
a
a
a
7,576
Total
Investments
(Cost
$183,342)
—
104.1%
186,670
Liabilities
in
excess
of
other
assets
—
(4.1)%
(
7,394
)
NET
ASSETS
-
100.00%
$
179,276
At
May
31,
2024,
the
Fund's
investments
in
foreign
securities
were
21.1%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
has
been
segregated
as
collateral
for
derivative
instruments.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Non-income
producing
security.
(d)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Victory
Portfolios
III
Victory
Cornerstone
Moderately
Conservative
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Euro
Stoxx
50
Futures
...............
36
6/21/24
$
1,930,664
$
1,946,580
$
15,916
FTSE
100
Index
Futures
..............
19
6/21/24
1,886,109
2,005,707
119,598
Tokyo
Price
Index
Futures
............
7
6/13/24
1,196,031
1,233,959
37,928
$
173,442
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
ASX
SPI
200
Index
Futures
...........
11
6/20/24
$
1,413,485
$
1,412,034
$
1,451
E-Mini
Russell
2000
Index
Futures
......
7
6/21/24
720,209
726,530
(
6,321
)
E-Mini
S&P
500
Futures
..............
6
6/21/24
1,555,880
1,588,650
(
32,770
)
Hang
Seng
Index
Futures
.............
7
6/27/24
830,637
806,030
24,607
S&P/Toronto
Stock
Exchange
60
Index
Futures
..........................
14
6/20/24
2,712,540
2,741,649
(
29,109
)
$
(
42,142
)
Total
unrealized
appreciation
$
199,500
Total
unrealized
depreciation
(
68,200
)
Total
net
unrealized
appreciation
(depreciation)
$
131,300
Affiliated  Holdings
(Amounts
in
thousands)
Fair
Value
2/29/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
5/31/2024
Dividend
Income
VictoryShares
Core
Intermediate
Bond
ETF
.............
$
53,525
$
—
$
—
$
—
$
—
$
(
371
)
$
53,154
$
501
VictoryShares
Core
Plus
Intermediate
Bond
ETF
....
14,702
—
—
—
—
(
96
)
14,606
164
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
443
—
—
—
—
34
477
—
VictoryShares
Short-Term
Bond
ETF
..................
4,114
—
—
—
—
12
4,126
52
$
72,784
$
—
$
—
$
—
$
—
$
(
421
)
$
72,363
$
717
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
36
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.2%)
Belgium
(0.1%):
Materials
(0.1%):
Titan
Cement
International
SA
.............................................
17,886
$
589
Brazil
(5.9%):
Communication
Services
(0.2%):
TIM
SA
..............................................................
399,600
1,207
Consumer
Discretionary
(0.9%):
Cury
Construtora
e
Incorporadora
SA
........................................
292,000
1,025
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
.........................
52,000
189
Smartfit
Escola
de
Ginastica
e
Danca
SA
......................................
300,900
1,289
Vibra
Energia
SA
.......................................................
572,231
2,348
4,851
Energy
(1.3%):
3R
Petroleum
Oleo
e
Gas
SA
..............................................
43,600
234
Petroleo
Brasileiro
SA
,
ADR
...............................................
417,631
6,494
PRIO
SA
.............................................................
27,600
219
6,947
Financials
(2.0%):
Banco
ABC
Brasil
SA
,
Preference
Shares
......................................
255,500
1,051
Banco
do
Brasil
SA
.....................................................
536,190
2,769
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
,
Preference
Shares
.......................
132,600
275
BB
Seguridade
Participacoes
SA
............................................
113,600
699
Itau
Unibanco
Holding
SA
,
ADR
............................................
342,611
2,052
Pagseguro
Digital
Ltd.
,
Class
A
(a)
...........................................
278,666
3,414
10,260
Industrials
(0.7%):
CCR
SA
.............................................................
505,920
1,160
Marcopolo
SA
,
Preference
Shares
...........................................
1,043,780
1,297
Santos
Brasil
Participacoes
SA
.............................................
443,400
972
3,429
Materials
(0.3%):
Vale
SA
,
ADR
.........................................................
133,572
1,610
Real
Estate
(0.2%):
Multiplan
Empreendimentos
Imobiliarios
SA
...................................
289,400
1,251
Utilities
(0.3%):
CPFL
Energia
SA
.......................................................
154,900
1,006
Energisa
SA
...........................................................
24,600
214
Equatorial
Energia
SA
...................................................
49,100
274
Neoenergia
SA
.........................................................
75,300
271
1,765
31,320
Chile
(0.1%):
Consumer
Staples
(0.1%):
Cencosud
SA
..........................................................
186,482
351
Real
Estate
(0.0%):(b)
Cencosud
Shopping
SA
..................................................
135,977
222
573
China
(21.1%):
Communication
Services
(4.1%):
Baidu,
Inc.
,
Class
SW
(a)
..................................................
79,150
959
Cloud
Music,
Inc.
(a)
(c)
...................................................
26,000
367
Kuaishou
Technology
,
Class
W
(a)
(c)
.........................................
514,400
3,673
Tencent
Holdings
Ltd.
...................................................
285,263
13,235
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Tencent
Music
Entertainment
Group
,
ADR
.....................................
228,807
$
3,306
21,540
Consumer
Discretionary
(5.3%):
361
Degrees
International
Ltd.
.............................................
608,000
348
Alibaba
Group
Holding
Ltd.
...............................................
764,604
7,467
Alibaba
Group
Holding
Ltd.
,
ADR
..........................................
28,046
2,197
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
A
..................................
262,600
1,678
Gree
Electric
Appliances,
Inc.
of
Zhuhai
,
Class
A
................................
376,499
2,112
H
World
Group
Ltd.
,
ADR
................................................
48,316
1,799
JD.com,
Inc.
,
Class
SW
..................................................
38,750
574
JD.com,
Inc.
,
ADR
......................................................
58,830
1,743
Meituan
,
Class
W
(a)
(c)
...................................................
334,100
4,553
Midea
Group
Co.
Ltd.
,
Class
A
.............................................
203,600
1,819
MINISO
Group
Holding
Ltd.
,
ADR
..........................................
89,153
2,005
New
Oriental
Education
&
Technology
Group,
Inc.
,
ADR
(a)
........................
23,036
1,841
28,136
Consumer
Staples
(1.3%):
Giant
Biogene
Holding
Co.
Ltd.
(a)
(c)
........................................
74,800
475
Hengan
International
Group
Co.
Ltd.
.........................................
459,000
1,602
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
192,000
1,362
Wuliangye
Yibin
Co.
Ltd.
,
Class
A
...........................................
169,400
3,420
6,859
Energy
(0.6%):
PetroChina
Co.
Ltd.
,
Class
H
..............................................
3,124,000
3,203
Financials
(4.1%):
Bairong,
Inc.
(a)
(c)
......................................................
191,000
222
China
Construction
Bank
Corp.
,
Class
H
......................................
12,355,000
8,769
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
1,315,000
5,892
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
1,448,000
1,887
Ping
An
Insurance
Group
Co.
of
China
Ltd.
....................................
953,000
4,848
21,618
Health
Care
(1.2%):
Amoy
Diagnostics
Co.
Ltd.
,
Class
A
.........................................
483,560
1,230
China
Shineway
Pharmaceutical
Group
Ltd.
....................................
205,000
219
Kangji
Medical
Holdings
Ltd.
..............................................
831,000
642
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
Class
A
.......................
39,700
1,589
Sinopharm
Group
Co.
Ltd.
,
Class
H
..........................................
876,399
2,385
6,065
Industrials
(1.6%):
ANE
Cayman,
Inc.
(a)
....................................................
330,000
264
Anhui
Expressway
Co.
Ltd.
,
Class
H
.........................................
1,002,000
1,264
Anhui
Heli
Co.
Ltd.
,
Class
A
...............................................
420,200
1,413
China
Communications
Services
Corp.
Ltd.
,
Class
H
..............................
3,152,000
1,516
Greentown
Management
Holdings
Co.
Ltd.
(c)
..................................
494,000
436
Weichai
Power
Co.
Ltd.
,
Class
H
............................................
743,000
1,335
ZTO
Express
Cayman,
Inc.
,
ADR
...........................................
88,994
2,028
8,256
Information
Technology
(1.2%):
Foxconn
Industrial
Internet
Co.
Ltd.
.........................................
596,900
1,883
JinkoSolar
Holding
Co.
Ltd.
,
ADR
(d)
........................................
5,032
150
Lenovo
Group
Ltd.
......................................................
3,024,000
4,356
6,389
Materials
(1.7%):
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
705,000
1,745
China
Hongqiao
Group
Ltd.
...............................................
882,500
1,461
China
Nonferrous
Mining
Corp.
Ltd.
.........................................
842,000
809
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Fufeng
Group
Ltd.
......................................................
1,051,000
$
823
Tianshan
Aluminum
Group
Co.
Ltd.
.........................................
1,127,600
1,334
Western
Mining
Co.
Ltd.
,
Class
A
...........................................
345,900
889
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
814,000
1,729
8,790
Real
Estate
(0.0%):(b)
Poly
Property
Services
Co.
Ltd.
,
Class
H
......................................
37,400
157
111,013
Greece
(0.8%):
Consumer
Discretionary
(0.4%):
JUMBO
SA
...........................................................
9,071
260
OPAP
SA
.............................................................
107,405
1,707
1,967
Energy
(0.3%):
Motor
Oil
Hellas
Corinth
Refineries
SA
.......................................
63,547
1,797
Financials
(0.1%):
National
Bank
of
Greece
SA
(a)
.............................................
49,965
434
4,198
Hong
Kong
(2.4%):
Consumer
Discretionary
(0.5%):
Bosideng
International
Holdings
Ltd.
.........................................
2,316,000
1,340
Man
Wah
Holdings
Ltd.
..................................................
1,452,000
1,209
2,549
Health
Care
(0.1%):
The
United
Laboratories
International
Holdings
Ltd.
..............................
354,000
407
Industrials
(0.9%):
Pacific
Basin
Shipping
Ltd.
................................................
3,703,000
1,304
Techtronic
Industries
Co.
Ltd.
..............................................
303,000
3,727
5,031
Information
Technology
(0.2%):
ASMPT
Ltd.
..........................................................
90,300
1,080
Real
Estate
(0.3%):
Yuexiu
Property
Co.
Ltd.
.................................................
1,996,000
1,451
Utilities
(0.4%):
China
Water
Affairs
Group
Ltd.
.............................................
418,000
302
Kunlun
Energy
Co.
Ltd.
..................................................
1,576,000
1,644
1,946
12,464
Hungary
(1.4%):
Communication
Services
(0.2%):
Magyar
Telekom
Telecommunications
PLC
....................................
430,120
1,176
Financials
(1.0%):
OTP
Bank
Nyrt
........................................................
106,192
5,133
Health
Care
(0.2%):
Richter
Gedeon
Nyrt
....................................................
48,785
1,238
7,547
India
(14.8%):
Communication
Services
(0.7%):
DB
Corp.
Ltd.
.........................................................
68,521
249
Indus
Towers
Ltd.
(a)
....................................................
722,195
3,014
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Sun
TV
Network
Ltd.
....................................................
36,195
$
285
3,548
Consumer
Discretionary
(1.6%):
Apollo
Tyres
Ltd.
.......................................................
88,618
493
CIE
Automotive
India
Ltd.
(a)
..............................................
66,652
426
Hero
MotoCorp
Ltd.
.....................................................
38,269
2,351
Kalyan
Jewellers
India
Ltd.
................................................
120,884
564
Mahindra
&
Mahindra
Ltd.
(a)
..............................................
103,536
3,109
Tata
Motors
Ltd.
(a)
.....................................................
129,765
1,438
8,381
Energy
(0.8%):
Aegis
Logistics
Ltd.
.....................................................
47,258
401
Reliance
Industries
Ltd.
..................................................
111,037
3,810
4,211
Financials
(5.2%):
Angel
One
Ltd.
........................................................
40,852
1,212
Axis
Bank
Ltd.
........................................................
115,913
1,616
CreditAccess
Grameen
Ltd.
(a)
.............................................
18,662
296
Home
First
Finance
Co.
India
Ltd.
(a)
(c)
.......................................
110,826
1,088
ICICI
Bank
Ltd.
,
ADR
...................................................
530,793
14,193
Jio
Financial
Services
Ltd.
(a)
..............................................
106,097
439
LIC
Housing
Finance
Ltd.
(a)
...............................................
338,465
2,571
Manappuram
Finance
Ltd.
................................................
1,184,472
2,400
Nippon
Life
India
Asset
Management
Ltd.
(c)
...................................
80,983
581
Shriram
Finance
Ltd.
....................................................
66,844
1,888
The
Karur
Vysya
Bank
Ltd.
................................................
200,599
474
Ujjivan
Small
Finance
Bank
Ltd.
(c)
..........................................
1,343,892
803
27,561
Health
Care
(1.0%):
Dr.
Reddy's
Laboratories
Ltd.
..............................................
39,463
2,741
JB
Chemicals
&
Pharmaceuticals
Ltd.
........................................
42,711
907
Narayana
Hrudayalaya
Ltd.
................................................
56,855
810
Natco
Pharma
Ltd.
......................................................
24,741
297
Strides
Pharma
Science
Ltd.
...............................................
26,433
273
5,028
Industrials
(1.0%):
Apar
Industries
Ltd.
.....................................................
5,903
560
CMS
Info
Systems
Ltd.
..................................................
88,960
474
Elecon
Engineering
Co.
Ltd.
...............................................
62,157
827
Electrosteel
Castings
Ltd.
(a)
...............................................
427,272
826
HG
Infra
Engineering
Ltd.
(a)
..............................................
19,345
351
J
Kumar
Infraprojects
Ltd.
(a)
..............................................
33,328
302
NCC
Ltd.
(a)
..........................................................
230,074
793
Quess
Corp.
Ltd.
(c)
.....................................................
60,217
410
Voltamp
Transformers
Ltd.
................................................
4,960
670
5,213
Information
Technology
(0.7%):
Cyient
Ltd.
(a)
.........................................................
50,865
1,060
Infosys
Ltd.
,
ADR
......................................................
66,767
1,118
KPIT
Technologies
Ltd.
..................................................
85,735
1,501
Zensar
Technologies
Ltd.
.................................................
35,377
259
3,938
Materials
(2.9%):
Birla
Corp.
Ltd.
........................................................
18,693
316
Jindal
Stainless
Ltd.
.....................................................
69,030
657
JK
Paper
Ltd.
..........................................................
141,415
654
Maharashtra
Seamless
Ltd.
................................................
93,362
734
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
MOIL
Ltd.
............................................................
106,679
$
644
PCBL
Ltd.
............................................................
161,843
457
Ratnamani
Metals
&
Tubes
Ltd.
............................................
16,151
659
Shree
Digvijay
Cement
Co.
Ltd.
............................................
504,912
630
Supreme
Industries
Ltd.
..................................................
21,647
1,372
Surya
Roshni
Ltd.
......................................................
124,936
872
Tata
Steel
Ltd.
.........................................................
1,528,023
3,065
UltraTech
Cement
Ltd.
...................................................
24,366
2,897
UPL
Ltd.
.............................................................
204,897
1,250
Welspun
Corp.
Ltd.
(a)
...................................................
176,162
1,164
15,371
Real
Estate
(0.1%):
Oberoi
Realty
Ltd.
......................................................
15,252
333
Utilities
(0.8%):
CESC
Ltd.
............................................................
241,998
428
Power
Grid
Corp.
of
India
Ltd.
.............................................
893,679
3,326
VA
Tech
Wabag
Ltd.
(a)
...................................................
47,656
562
4,316
77,900
Indonesia
(2.4%):
Communication
Services
(0.3%):
PT
Telkom
Indonesia
Persero
Tbk
,
ADR
......................................
94,524
1,699
Consumer
Discretionary
(0.1%):
PT
Ace
Hardware
Indonesia
Tbk
............................................
7,713,300
390
Consumer
Staples
(0.2%):
PT
Sumber
Alfaria
Trijaya
Tbk
.............................................
6,041,200
986
Energy
(0.1%):
PT
AKR
Corporindo
Tbk
.................................................
2,379,900
235
Financials
(1.5%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
12,296,980
4,461
PT
Bank
Rakyat
Indonesia
Persero
Tbk
.......................................
13,125,046
3,519
7,980
Materials
(0.2%):
PT
Adaro
Energy
Indonesia
Tbk
(a)
..........................................
12,479,300
1,115
Real
Estate
(0.0%):(b)
PT
Bumi
Serpong
Damai
Tbk
(a)
............................................
2,868,900
167
12,572
Ireland
(1.2%):
Consumer
Discretionary
(1.2%):
PDD
Holdings,
Inc.
,
ADR
(a)
...............................................
42,650
6,388
Luxembourg
(0.7%):
Materials
(0.7%):
Ternium
SA
,
ADR
......................................................
84,807
3,662
Macau
(0.3%):
Consumer
Discretionary
(0.3%):
Sands
China
Ltd.
(a)
.....................................................
664,400
1,592
Malaysia
(0.6%):
Consumer
Discretionary
(0.2%):
Bermaz
Auto
Bhd
.......................................................
2,043,500
1,057
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Health
Care
(0.1%):
KPJ
Healthcare
Bhd
.....................................................
1,170,300
$
473
Industrials
(0.1%):
My
EG
Services
Bhd
....................................................
2,007,800
470
Materials
(0.1%):
Malayan
Cement
Bhd
....................................................
352,100
390
Real
Estate
(0.1%):
Eco
World
Development
Group
Bhd
.........................................
1,539,900
495
Utilities
(0.0%):(b)
Mega
First
Corp.
Bhd
....................................................
350,300
356
3,241
Mexico
(4.2%):
Communication
Services
(0.5%):
America
Movil
SAB
de
CV
,
ADR
...........................................
138,606
2,570
Consumer
Staples
(0.8%):
Gruma
SAB
de
CV
,
Class
B
...............................................
55,692
1,081
Grupo
Comercial
Chedraui
SA
de
CV
........................................
50,152
371
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
1,462,281
3,068
4,520
Energy
(0.1%):
Vista
Energy
SAB
de
CV
,
ADR
(a)
...........................................
10,994
533
Financials
(2.1%):
Banco
del
Bajio
SA
(c)
...................................................
89,626
310
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
869,839
8,275
Qualitas
Controladora
SAB
de
CV
...........................................
91,090
1,174
Regional
SAB
de
CV
....................................................
147,207
1,278
11,037
Health
Care
(0.1%):
Genomma
Lab
Internacional
SAB
de
CV
,
Class
B
................................
307,944
322
Materials
(0.3%):
GCC
SAB
de
CV
.......................................................
42,066
459
Grupo
Mexico
SAB
de
CV
,
Class
B
..........................................
203,381
1,257
1,716
Real
Estate
(0.3%):
Corp
Inmobiliaria
Vesta
SAB
de
CV
.........................................
293,088
1,020
FIBRA
Macquarie
Mexico
(c)
..............................................
192,632
361
1,381
22,079
Panama
(0.4%):
Industrials
(0.4%):
Copa
Holdings
SA
,
Class
A
................................................
18,755
1,824
Philippines
(0.0%):(b)
Financials
(0.0%):(b)
Security
Bank
Corp.
.....................................................
172,350
217
Poland
(0.7%):
Consumer
Discretionary
(0.3%):
LPP
SA
..............................................................
339
1,498
Financials
(0.4%):
KRUK
SA
............................................................
3,822
444
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
................................
130,774
$
1,983
2,427
3,925
Portugal
(0.5%):
Energy
(0.5%):
Galp
Energia
SGPS
SA
...................................................
124,226
2,612
Russian
Federation
(0.0%):(b)
Communication
Services
(0.0%):(b)
Mobile
TeleSystems
PJSC
,
ADR
(a)
(e)
(f)
......................................
253,826
14
Energy
(0.0%):(b)
Gazprom
PJSC
(a)
(e)
(f)
...................................................
1,087,480
29
Rosneft
Oil
Co.
PJSC
,
GDR
(a)
(e)
(f)
.........................................
457,159
—
29
Financials
(0.0%):(b)
Moscow
Exchange
MICEX-RTS
PJSC
(a)
(e)
(f)
..................................
196,760
2
Sberbank
of
Russia
PJSC
(a)
(e)
(f)
...........................................
687,954
—
Sberbank
of
Russia
PJSC
,
ADR
(a)
(e)
(f)
.......................................
329,652
—
2
45
Saudi
Arabia
(1.6%):
Communication
Services
(0.5%):
Saudi
Telecom
Co.
......................................................
261,100
2,510
Consumer
Discretionary
(0.3%):
Leejam
Sports
Co.
JSC
...................................................
6,788
359
United
Electronics
Co.
...................................................
43,718
1,041
1,400
Energy
(0.0%):(b)
Aldrees
Petroleum
and
Transport
Services
Co.
..................................
9,179
274
Financials
(0.7%):
Alinma
Bank
..........................................................
259,901
2,124
Saudi
Awwal
Bank
......................................................
184,321
1,885
4,009
Industrials
(0.1%):
Riyadh
Cables
Group
Co.
.................................................
13,307
341
8,534
South
Africa
(1.7%):
Consumer
Discretionary
(0.3%):
The
Foschini
Group
Ltd.
..................................................
190,936
966
Truworths
International
Ltd.
...............................................
83,838
341
1,307
Energy
(0.0%):(b)
Exxaro
Resources
Ltd.
...................................................
19,184
186
Financials
(0.7%):
Nedbank
Group
Ltd.
.....................................................
147,738
1,794
Standard
Bank
Group
Ltd.
................................................
222,327
2,125
3,919
Health
Care
(0.2%):
Life
Healthcare
Group
Holdings
Ltd.
.........................................
1,403,470
827
Industrials
(0.3%):
The
Bidvest
Group
Ltd.
..................................................
122,380
1,601
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Materials
(0.2%):
African
Rainbow
Minerals
Ltd.
.............................................
27,042
$
327
Pan
African
Resources
PLC
...............................................
1,793,430
578
905
8,745
South
Korea
(13.5%):
Communication
Services
(0.0%):(b)
SOOP
Co.
Ltd.
.........................................................
2,729
220
Consumer
Discretionary
(0.6%):
Hyundai
Mobis
Co.
Ltd.
..................................................
9,569
1,492
Kia
Corp.
............................................................
19,472
1,662
Youngone
Corp.
........................................................
2,663
65
3,219
Consumer
Staples
(0.1%):
Cosmax,
Inc.
..........................................................
2,171
267
NongShim
Co.
Ltd.
.....................................................
1,007
335
602
Financials
(1.6%):
DB
Insurance
Co.
Ltd.
...................................................
23,789
1,783
JB
Financial
Group
Co.
Ltd.
...............................................
108,469
1,145
KIWOOM
Securities
Co.
Ltd.
..............................................
14,821
1,437
Samsung
Securities
Co.
Ltd.
...............................................
54,523
1,427
Shinhan
Financial
Group
Co.
Ltd.
...........................................
75,342
2,585
8,377
Health
Care
(0.3%):
Classys,
Inc.
..........................................................
35,043
1,253
Dentium
Co.
Ltd.
.......................................................
2,766
225
Hanmi
Pharm
Co.
Ltd.
...................................................
1,032
212
1,690
Industrials
(2.5%):
Doosan
Bobcat,
Inc.
.....................................................
47,018
1,966
GS
Holdings
Corp.
......................................................
20,425
645
Hanwha
Aerospace
Co.
Ltd.
...............................................
12,772
1,905
HD
Hyundai
Electric
Co.
Ltd.
..............................................
9,862
2,142
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(a)
........................
15,100
1,427
Hyundai
Glovis
Co.
Ltd.
..................................................
1,720
224
Hyundai
Rotem
Co.
Ltd.
..................................................
45,343
1,181
Samsung
C&T
Corp.
....................................................
16,762
1,641
Samsung
E&A
Co.
Ltd.
(a)
................................................
106,062
1,796
12,927
Information
Technology
(7.9%):
Douzone
Bizon
Co.
Ltd.
..................................................
8,430
376
HAESUNG
DS
Co.
Ltd.
..................................................
23,966
802
Innox
Advanced
Materials
Co.
Ltd.
..........................................
37,966
911
LEENO
Industrial,
Inc.
...................................................
1,835
356
Psk,
Inc.
.............................................................
11,627
267
Samsung
Electronics
Co.
Ltd.
..............................................
456,934
24,211
SK
Hynix,
Inc.
.........................................................
103,164
14,215
SOLUM
Co.
Ltd.
(a)
.....................................................
16,979
304
41,442
Materials
(0.5%):
Dongsung
Finetec
Co.
Ltd.
................................................
70,101
623
Hyosung
TNC
Corp.
.....................................................
1,460
426
LOTTE
Fine
Chemical
Co.
Ltd.
............................................
7,996
278
OCI
Holdings
Co.
Ltd.
...................................................
2,716
191
Poongsan
Corp.
........................................................
12,997
580
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Wonik
Materials
Co.
Ltd.
.................................................
25,925
$
670
2,768
71,245
Taiwan
(18.0%):
Communication
Services
(0.1%):
International
Games
System
Co.
Ltd.
.........................................
11,000
345
Consumer
Discretionary
(0.9%):
Eurocharm
Holdings
Co.
Ltd.
..............................................
164,000
1,133
Lion
Travel
Service
Co.
Ltd.
(a)
.............................................
68,000
328
Makalot
Industrial
Co.
Ltd.
................................................
120,000
1,430
Tong
Yang
Industry
Co.
Ltd.
...............................................
523,000
1,822
4,713
Health
Care
(0.4%):
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
64,000
1,512
Lotus
Pharmaceutical
Co.
Ltd.
.............................................
31,000
272
Pegavision
Corp.
.......................................................
19,000
278
2,062
Industrials
(1.0%):
Airtac
International
Group
................................................
74,344
2,353
Chicony
Power
Technology
Co.
Ltd.
(a)
.......................................
106,000
508
Fortune
Electric
Co.
Ltd.
.................................................
48,000
1,064
Kaori
Heat
Treatment
Co.
Ltd.
.............................................
27,000
420
Kinik
Co.
............................................................
42,000
366
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
.................................
117,000
429
5,140
Information
Technology
(15.1%):
Alchip
Technologies
Ltd.
.................................................
3,000
268
ASE
Technology
Holding
Co.
Ltd.
,
ADR
......................................
395,900
4,268
ASE
Technology
Holding
Co.
Ltd.
...........................................
627,000
3,045
AURAS
Technology
Co.
Ltd.
..............................................
12,000
327
Chicony
Electronics
Co.
Ltd.
..............................................
58,000
336
Compeq
Manufacturing
Co.
Ltd.
............................................
1,364,000
3,099
Elite
Material
Co.
Ltd.
...................................................
215,000
2,725
Genius
Electronic
Optical
Co.
Ltd.
..........................................
26,000
427
Getac
Holdings
Corp.
....................................................
171,000
604
Gold
Circuit
Electronics
Ltd.
(a)
.............................................
407,100
2,517
King
Yuan
Electronics
Co.
Ltd.
.............................................
1,008,000
2,761
Lotes
Co.
Ltd.
.........................................................
72,000
3,594
MediaTek,
Inc.
.........................................................
217,000
8,311
Novatek
Microelectronics
Corp.
............................................
102,000
1,881
Phison
Electronics
Corp.
..................................................
21,000
388
Powertech
Technology,
Inc.
................................................
66,000
365
Radiant
Opto-Electronics
Corp.
.............................................
83,000
506
Sercomm
Corp.
........................................................
91,000
333
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
1,449,000
37,113
Unimicron
Technology
Corp.
..............................................
437,000
2,484
Wistron
NeWeb
Corp.
....................................................
74,865
362
Wiwynn
Corp.
.........................................................
27,000
2,067
Yageo
Corp.
...........................................................
96,000
1,971
79,752
Materials
(0.5%):
Allied
Supreme
Corp.
....................................................
34,000
411
Taiwan
Hon
Chuan
Enterprise
Co.
Ltd.
.......................................
340,000
1,713
Tung
Ho
Steel
Enterprise
Corp.
.............................................
396,000
845
2,969
94,981
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Thailand
(2.0%):
Consumer
Staples
(0.6%):
CP
ALL
PCL-NVDR
....................................................
1,338,300
$
2,095
Ichitan
Group
PCL
......................................................
2,249,800
1,041
3,136
Energy
(0.7%):
PTT
Exploration
&
Production
PCL
,
Class
F
...................................
277,600
1,167
PTT
Exploration
&
Production
PCL-NVDR
....................................
508,400
2,138
Thai
Oil
PCL
..........................................................
171,900
243
3,548
Health
Care
(0.4%):
Bangkok
Dusit
Medical
Services
PCL-NVDR
..................................
2,723,200
2,000
Mega
Lifesciences
PCL-NVDR
.............................................
234,600
256
2,256
Materials
(0.2%):
TOA
Paint
Thailand
PCL-NVDR
............................................
1,702,000
1,061
Real
Estate
(0.0%):(b)
Sansiri
PCL-NVDR
.....................................................
5,022,700
218
Utilities
(0.1%):
TTW
PCL-NVDR
......................................................
946,800
234
10,453
Turkey
(1.5%):
Consumer
Staples
(0.6%):
BIM
Birlesik
Magazalar
AS
...............................................
174,072
2,594
Coca-Cola
Icecek
AS
....................................................
29,082
687
3,281
Financials
(0.5%):
Turkiye
Sigorta
AS
......................................................
453,857
1,069
Yapi
ve
Kredi
Bankasi
AS
.................................................
1,367,101
1,373
2,442
Health
Care
(0.2%):
MLP
Saglik
Hizmetleri
AS
(a)
(c)
............................................
120,949
1,015
Industrials
(0.2%):
Pegasus
Hava
Tasimaciligi
AS
(a)
............................................
162,443
1,021
Tekfen
Holding
AS
(a)
....................................................
119,803
195
1,216
7,954
United
Arab
Emirates
(0.9%):
Financials
(0.3%):
Emirates
NBD
Bank
PJSC
................................................
450,192
1,907
Industrials
(0.1%):
Air
Arabia
PJSC
(a)
......................................................
673,156
425
Real
Estate
(0.5%):
Emaar
Development
PJSC
................................................
245,554
497
Emaar
Properties
PJSC
...................................................
1,004,265
2,094
2,591
4,923
United
Kingdom
(0.6%):
Consumer
Staples
(0.4%):
Unilever
PLC
(a)
.......................................................
80,094
2,209
Victory
Portfolios
III
Victory
Emerging
Markets
Fund
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
7/28/2021
$
4,261
Mobile
TeleSystems
PJSC
,
ADR
.................................
4/4/2016
2,117
Moscow
Exchange
MICEX-RTS
PJSC
............................
5/4/2020
331
Rosneft
Oil
Co.
PJSC
,
GDR
....................................
3/6/2020
2,920
Sberbank
of
Russia
PJSC
......................................
3/2/2015
800
Sberbank
of
Russia
PJSC
,
ADR
..................................
11/11/2020
4,362
Security
Description
Shares
Value
(000)
Health
Care
(0.2%):
Hikma
Pharmaceuticals
PLC
...............................................
42,999
$
1,063
3,272
United
States
(0.5%):
Consumer
Discretionary
(0.5%):
Samsonite
International
SA
(a)
(c)
............................................
328,800
1,045
SharkNinja,
Inc.
........................................................
18,377
1,408
2,453
Uruguay
(0.3%):
Consumer
Discretionary
(0.3%):
MercadoLibre,
Inc.
(a)
....................................................
801
1,382
Total
Common
Stocks
(Cost
$417,864)
517,703
Exchange-Traded
Funds
(0.2%)
United
States
(0.2%):
iShares
MSCI
Emerging
Markets
Small-Cap
ETF
................................
15,029
906
Total
Exchange-Traded
Funds
(Cost
$906)
906
Collateral
for
Securities
Loaned
(0.0%)^(b)
United
States
(0.0%):(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(g)
........
38,603
38
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(g)
............
38,603
38
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(g)
...............
38,603
39
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.23
%
(g)
.
38,603
39
Total
Collateral
for
Securities
Loaned
(Cost
$154)
154
Total
Investments
(Cost
$418,924)
—
98.4%
518,763
Other
assets
in
excess
of
liabilities
—
1.6%
8,693
NET
ASSETS
-
100.00%
$
527,456
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$15,339
(thousands)
and
amounted
to
2.9%
of
net
assets.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2024
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2024.
(g)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
GDR
—
Global
Depositary
Receipt
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
47
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.4%)
Australia
(0.5%):
Consumer
Discretionary
(0.5%):
Wesfarmers
Ltd.
........................................................
7,053
$
306
Bermuda
(0.4%):
Financials
(0.4%):
Everest
Group
Ltd.
......................................................
622
243
Canada
(2.3%):
Energy
(0.5%):
Canadian
Natural
Resources
Ltd.
............................................
4,031
310
Financials
(1.8%):
Bank
of
Montreal
.......................................................
4,995
446
Manulife
Financial
Corp.
.................................................
13,095
340
Sun
Life
Financial,
Inc.
..................................................
6,381
320
1,106
1,416
France
(1.1%):
Consumer
Discretionary
(0.2%):
Hermes
International
SCA
................................................
61
145
Health
Care
(0.3%):
Sanofi
SA
(a)
..........................................................
1,917
187
Industrials
(0.6%):
Cie
de
Saint-Gobain
SA
..................................................
4,034
356
688
Germany
(3.2%):
Consumer
Discretionary
(0.6%):
Mercedes-Benz
Group
AG
................................................
3,647
265
Volkswagen
AG
,
Preference
Shares
..........................................
947
119
384
Financials
(1.1%):
Allianz
SE
,
Registered
Shares
..............................................
2,330
682
Industrials
(0.5%):
DHL
Group
...........................................................
6,988
294
Materials
(0.3%):
Heidelberg
Materials
AG
.................................................
1,861
195
Utilities
(0.7%):
E.ON
SE
.............................................................
32,497
435
1,990
Hong
Kong
(0.2%):
Industrials
(0.2%):
Techtronic
Industries
Co.
Ltd.
..............................................
10,500
129
Italy
(0.5%):
Financials
(0.2%):
Banco
BPM
SpA
.......................................................
17,311
125
Utilities
(0.3%):
Enel
SpA
.............................................................
23,593
171
296
Japan
(10.7%):
Communication
Services
(0.9%):
KDDI
Corp.
...........................................................
11,300
312
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Nippon
Telegraph
&
Telephone
Corp.
........................................
239,600
$
235
547
Consumer
Discretionary
(0.3%):
Subaru
Corp.
..........................................................
8,500
190
Financials
(3.7%):
Mizuho
Financial
Group,
Inc.
..............................................
18,500
379
ORIX
Corp.
...........................................................
17,100
373
Sompo
Holdings,
Inc.
....................................................
12,000
254
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
8,500
556
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
8,600
200
Tokio
Marine
Holdings,
Inc.
...............................................
15,500
537
2,299
Health
Care
(0.7%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
9,500
289
Hoya
Corp.
...........................................................
1,100
134
423
Industrials
(2.7%):
Hitachi
Ltd.
...........................................................
2,200
227
Komatsu
Ltd.
..........................................................
8,700
256
Mitsubishi
Corp.
.......................................................
21,200
447
Mitsui
&
Co.
Ltd.
.......................................................
6,800
346
Sumitomo
Corp.
........................................................
8,800
229
Toyota
Tsusho
Corp.
.....................................................
3,000
183
1,688
Information
Technology
(1.9%):
Canon,
Inc.
(a)
.........................................................
10,500
306
Fujitsu
Ltd.
...........................................................
11,000
159
NEC
Corp.
...........................................................
3,400
253
TDK
Corp.
...........................................................
4,300
216
Tokyo
Electron
Ltd.
.....................................................
1,100
234
1,168
Materials
(0.2%):
Nitto
Denko
Corp.
......................................................
1,900
145
Utilities
(0.3%):
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
10,100
183
6,643
Netherlands
(2.2%):
Communication
Services
(0.3%):
Koninklijke
KPN
NV
....................................................
47,163
177
Consumer
Staples
(0.5%):
Koninklijke
Ahold
Delhaize
NV
............................................
8,966
278
Industrials
(0.3%):
Wolters
Kluwer
NV
.....................................................
1,242
198
Information
Technology
(1.1%):
NXP
Semiconductors
NV
.................................................
2,540
691
1,344
Spain
(1.5%):
Financials
(1.5%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
63,221
686
Banco
Santander
SA
.....................................................
46,470
245
931
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Sweden
(0.7%):
Industrials
(0.7%):
Volvo
AB
,
Class
B
......................................................
17,389
$
468
Switzerland
(4.9%):
Consumer
Discretionary
(0.5%):
Garmin
Ltd.
...........................................................
1,867
306
Financials
(0.5%):
Partners
Group
Holding
AG
...............................................
204
274
Health
Care
(2.1%):
Novartis
AG
,
Registered
Shares
.............................................
7,674
795
Roche
Holding
AG
......................................................
2,057
525
1,320
Information
Technology
(0.4%):
Logitech
International
SA
,
Class
R
..........................................
2,314
232
Materials
(1.4%):
Glencore
PLC
.........................................................
66,558
410
Holcim
AG
...........................................................
5,391
474
884
3,016
United
Kingdom
(3.5%):
Consumer
Staples
(1.3%):
British
American
Tobacco
PLC
.............................................
6,605
204
Imperial
Brands
PLC
....................................................
11,431
284
Tesco
PLC
............................................................
84,267
335
823
Financials
(0.3%):
HSBC
Holdings
PLC
....................................................
24,057
215
Health
Care
(0.3%):
GSK
PLC
............................................................
7,672
172
Industrials
(1.0%):
Ferguson
PLC
.........................................................
1,028
211
RELX
PLC
...........................................................
8,725
383
594
Utilities
(0.6%):
SSE
PLC
(b)
...........................................................
15,348
345
2,149
United
States
(67.7%):
Communication
Services
(2.0%):
Comcast
Corp.
,
Class
A
..................................................
13,967
559
Omnicom
Group,
Inc.
....................................................
2,412
224
Verizon
Communications,
Inc.
..............................................
10,666
439
1,222
Consumer
Discretionary
(3.4%):
D.R.
Horton,
Inc.
.......................................................
1,563
231
Lennar
Corp.
,
Class
A
....................................................
3,558
571
Lowe's
Cos.,
Inc.
.......................................................
1,615
357
PulteGroup,
Inc.
........................................................
2,087
245
The
Home
Depot,
Inc.
...................................................
2,067
692
2,096
Consumer
Staples
(9.0%):
Altria
Group,
Inc.
.......................................................
20,515
949
Archer-Daniels-Midland
Co.
...............................................
4,851
303
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Colgate-Palmolive
Co.
...................................................
9,218
$
857
General
Mills,
Inc.
......................................................
2,061
142
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
2,702
148
PepsiCo,
Inc.
..........................................................
1,760
304
Philip
Morris
International,
Inc.
.............................................
5,425
550
Target
Corp.
..........................................................
3,740
584
The
Clorox
Co.
........................................................
1,415
186
The
Coca-Cola
Co.
......................................................
2,481
156
The
Kroger
Co.
........................................................
9,112
477
The
Procter
&
Gamble
Co.
................................................
5,537
911
5,567
Energy
(4.4%):
ConocoPhillips
........................................................
3,019
352
Coterra
Energy,
Inc.
.....................................................
5,922
169
Devon
Energy
Corp.
.....................................................
7,326
359
EOG
Resources,
Inc.
....................................................
3,250
405
Marathon
Petroleum
Corp.
................................................
3,131
553
Ovintiv,
Inc.
..........................................................
3,699
191
Phillips
66
............................................................
1,639
233
Valero
Energy
Corp.
.....................................................
3,030
476
2,738
Financials
(9.3%):
American
Express
Co.
...................................................
2,246
539
American
Financial
Group,
Inc.
.............................................
1,016
132
American
International
Group,
Inc.
..........................................
6,163
486
Ameriprise
Financial,
Inc.
.................................................
1,444
630
Assurant,
Inc.
.........................................................
750
130
Capital
One
Financial
Corp.
...............................................
1,265
174
Cboe
Global
Markets,
Inc.
................................................
1,506
260
Fidelity
National
Financial,
Inc.
............................................
3,673
185
Huntington
Bancshares,
Inc.
...............................................
18,002
251
JPMorgan
Chase
&
Co.
..................................................
1,940
393
Mastercard,
Inc.
,
Class
A
.................................................
1,232
551
Prudential
Financial,
Inc.
.................................................
4,036
486
Synchrony
Financial
.....................................................
5,914
259
T.
Rowe
Price
Group,
Inc.
.................................................
2,786
328
The
Bank
of
New
York
Mellon
Corp.
.........................................
5,230
312
The
Goldman
Sachs
Group,
Inc.
............................................
873
399
The
Western
Union
Co.
...................................................
18,329
235
5,750
Health
Care
(7.5%):
AbbVie,
Inc.
..........................................................
5,077
819
Amgen,
Inc.
...........................................................
483
148
Bristol-Myers
Squibb
Co.
.................................................
3,256
134
Cardinal
Health,
Inc.
....................................................
3,592
357
Cencora,
Inc.
..........................................................
550
125
CVS
Health
Corp.
......................................................
2,630
157
Elevance
Health,
Inc.
....................................................
654
352
Eli
Lilly
&
Co.
.........................................................
234
192
Gilead
Sciences,
Inc.
....................................................
4,271
274
Johnson
&
Johnson
.....................................................
2,472
363
Merck
&
Co.,
Inc.
......................................................
4,242
532
Pfizer,
Inc.
............................................................
7,704
221
Quest
Diagnostics,
Inc.
...................................................
1,116
158
Royalty
Pharma
PLC
,
Class
A
..............................................
5,418
148
Stryker
Corp.
..........................................................
450
153
The
Cigna
Group
.......................................................
1,129
389
UnitedHealth
Group,
Inc.
.................................................
278
138
4,660
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Industrials
(7.8%):
3M
Co.
..............................................................
4,695
$
470
Caterpillar,
Inc.
........................................................
1,496
506
Cummins,
Inc.
.........................................................
1,609
453
Expeditors
International
of
Washington,
Inc.
....................................
2,116
256
Fastenal
Co.
...........................................................
5,113
337
Illinois
Tool
Works,
Inc.
..................................................
1,208
293
Leidos
Holdings,
Inc.
....................................................
1,240
182
Lennox
International,
Inc.
.................................................
419
211
Lockheed
Martin
Corp.
...................................................
681
320
Masco
Corp.
..........................................................
3,186
223
Owens
Corning
........................................................
1,268
230
PACCAR,
Inc.
.........................................................
4,273
459
Paychex,
Inc.
..........................................................
2,110
254
United
Parcel
Service,
Inc.
,
Class
B
..........................................
2,373
330
W.W.
Grainger,
Inc.
.....................................................
360
332
4,856
Information
Technology
(16.1%):
Apple,
Inc.
...........................................................
8,403
1,615
Applied
Materials,
Inc.
...................................................
2,789
600
Broadcom,
Inc.
........................................................
509
676
Cisco
Systems,
Inc.
.....................................................
18,658
868
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
7,136
472
Hewlett
Packard
Enterprise
Co.
.............................................
18,564
328
HP,
Inc.
..............................................................
8,936
326
KLA
Corp.
...........................................................
471
358
Lam
Research
Corp.
.....................................................
494
461
Microsoft
Corp.
........................................................
3,489
1,448
NetApp,
Inc.
..........................................................
3,003
362
NVIDIA
Corp.
.........................................................
323
354
QUALCOMM,
Inc.
.....................................................
5,965
1,217
Seagate
Technology
Holdings
PLC
..........................................
2,836
264
TE
Connectivity
Ltd.
....................................................
4,113
616
9,965
Materials
(5.3%):
Avery
Dennison
Corp.
...................................................
1,149
262
CF
Industries
Holdings,
Inc.
...............................................
2,771
221
Dow,
Inc.
............................................................
5,155
297
Linde
PLC
............................................................
1,075
468
LyondellBasell
Industries
NV
,
Class
A
........................................
3,772
375
Nucor
Corp.
...........................................................
2,899
490
Packaging
Corp.
of
America
...............................................
1,303
239
Reliance,
Inc.
..........................................................
831
250
RPM
International,
Inc.
..................................................
1,083
121
Steel
Dynamics,
Inc.
.....................................................
2,251
301
The
Sherwin-Williams
Co.
................................................
747
227
3,251
Utilities
(2.9%):
Duke
Energy
Corp.
......................................................
4,716
489
Entergy
Corp.
.........................................................
3,017
339
NRG
Energy,
Inc.
.......................................................
3,221
261
OGE
Energy
Corp.
......................................................
6,617
240
Public
Service
Enterprise
Group,
Inc.
.........................................
6,363
482
1,811
41,916
Total
Common
Stocks
(Cost
$48,583)
61,535
Victory
Portfolios
III
Victory
Global
Equity
Income
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Rights
(0.0%)(c)
Netherlands
(0.0%):(c)
Industrials
(0.0%):(c)
Wolters
Kluwer
NV
,
Expires
6/4/24
(b)
........................................
1,242
$
2
Total
Rights
(Cost
$2)
2
Collateral
for
Securities
Loaned
(0.2%)^
United
States
(0.2%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(d)
........
30,522
30
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(d)
............
30,522
30
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(d)
...............
30,522
31
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.23
%
(d)
.
30,522
31
Total
Collateral
for
Securities
Loaned
(Cost
$122)
122
Total
Investments
(Cost
$48,707)
—
99.6%
61,659
Other
assets
in
excess
of
liabilities
—
0.4%
245
NET
ASSETS
-
100.00%
$
61,904
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Government
Securities
Fund
53
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(2.1%)
ABS
Other
(1.1%):
CenterPoint
Energy
Transition
Bond
Co.
IV
LLC
,
Series
2012-1
,
Class
A3
,
3
.03
%
,
10/15/25
.
$
716
$
709
Consumers
2014
Securitization
Funding
LLC
,
Series
2014-A
,
Class
A3
,
3
.53
%
,
5/1/29
.....
3,450
3,309
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
4,000
3,735
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
3,675
3,127
10,880
Agency
ABS
Other
(1.0%):
Nelnet
Student
Loan
Trust
................................................
Series
2006-3
,
Class
B
,
5
.86
%
(
SOFR90A
+
51
bps
)
,
6/25/41
,
Callable
9/25/24
@
100
(a)
1,319
1,231
Series
2015-3A
,
Class
A2
,
6
.04
%
(
SOFR30A
+
71
bps
)
,
2/27/51
,
Callable
9/25/31
@
100
(a)
(b)
.........................................................
1,345
1,338
Series
2019-5
,
Class
A
,
2
.53
%
,
10/25/67
,
Callable
8/25/33
@
100
(b)
..............
4,349
3,936
SLM
Student
Loan
Trust
..................................................
Series
2006-4
,
Class
B
,
5
.81
%
(
SOFR90A
+
46
bps
)
,
1/25/70
,
Callable
4/25/32
@
100
(a)
2,351
2,218
Series
2013-6
,
Class
A3
,
6
.09
%
(
SOFR30A
+
76
bps
)
,
6/26/28
,
Callable
7/25/31
@
100
(a)
1,833
1,811
10,534
Total
Asset-Backed
Securities
(Cost
$22,529)
a
a
a
21,414
Collateralized
Mortgage
Obligations
(16.8%)
Agency
CMO
Floating
(0.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
3134
,
Class
FA
,
5
.74
%
(
SOFR30A
+
41
bps
)
,
3/15/36
(a)
...................
310
306
Series
4023
,
Class
PF
,
5
.99
%
(
SOFR30A
+
66
bps
)
,
10/15/41
(a)
...................
282
281
Federal
National
Mortgage
Association
.......................................
Series
2005-29
,
Class
FY
,
5
.74
%
(
SOFR30A
+
41
bps
)
,
4/25/35
(a)
.................
543
537
Series
2007-84
,
Class
F
,
5
.74
%
(
SOFR30A
+
41
bps
)
,
8/25/37
(a)
..................
342
337
1,461
Agency
CMO
Other
(3.3%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
4623
,
Class
H
,
2
.50
%
,
11/15/44
....................................
1,058
939
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
...................................
3,616
3,589
Federal
National
Mortgage
Association
.......................................
Series
2012-100
,
Class
BA
,
1
.50
%
,
9/25/27
................................
161
153
Series
2012-102
,
Class
GA
,
1
.38
%
,
9/25/27
................................
262
248
Series
2012-103
,
Class
HB
,
1
.50
%
,
9/25/27
................................
183
173
Series
2012-107
,
Class
GC
,
1
.50
%
,
10/25/27
...............................
245
233
Series
2012-73
,
Class
DC
,
1
.50
%
,
7/25/27
.................................
435
414
Series
2022-88
,
Class
BA
,
5
.50
%
,
7/25/47
.................................
1,233
1,222
Government
National
Mortgage
Association
....................................
Series
2022-207
,
Class
NA
,
3
.00
%
,
1/20/52
................................
2,679
2,279
Series
2022-68
,
Class
WQ
,
3
.62
%
,
5/20/50
(c)
..............................
4,146
3,859
Series
2022-90
,
Class
QU
,
4
.00
%
,
11/20/49
................................
5,396
4,967
Series
2023-107
,
Class
PA
,
5
.50
%
,
1/20/46
................................
3,825
3,802
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
1,850
1,855
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
1,957
1,936
Series
2023-149
,
Class
D
,
5
.50
%
,
9/20/47
.................................
1,927
1,915
Series
2023-53
,
Class
QA
,
5
.00
%
,
6/20/49
.................................
3,603
3,549
Series
2024-20
,
Class
PA
,
4
.50
%
,
2/20/54
.................................
2,951
2,830
33,963
Agency
Commercial
MBS
(13.3%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K045
,
Class
A2
,
3
.02
%
,
1/25/25
,
Callable
3/25/25
@
100
.................
2,607
2,564
Series
K049
,
Class
A2
,
3
.01
%
,
7/25/25
,
Callable
8/25/25
@
100
.................
3,991
3,889
Series
K051
,
Class
A2
,
3
.31
%
,
9/25/25
,
Callable
10/25/25
@
100
................
10,000
9,750
Series
K052
,
Class
A1
,
2
.60
%
,
1/25/25
,
Callable
1/25/26
@
100
.................
384
379
Series
K056
,
Class
A1
,
2
.20
%
,
7/25/25
,
Callable
6/25/26
@
100
.................
578
567
Series
K057
,
Class
A2
,
2
.57
%
,
7/25/26
,
Callable
8/25/26
@
100
.................
7,000
6,663
Victory
Portfolios
III
Victory
Government
Securities
Fund
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
K080
,
Class
A2
,
3
.93
%
,
7/25/28
,
Callable
8/25/28
@
100
(c)
...............
$
15,000
$
14,412
Series
K126
,
Class
A2
,
2
.07
%
,
1/25/31
,
Callable
5/25/31
@
100
.................
2,860
2,407
Series
K136
,
Class
A2
,
2
.13
%
,
11/25/31
,
Callable
12/25/31
@
100
................
5,000
4,134
Series
K141
,
Class
A2
,
2
.25
%
,
2/25/32
,
Callable
2/25/32
@
100
.................
2,000
1,661
Series
K142
,
Class
A2
,
2
.40
%
,
3/25/32
,
Callable
3/25/32
@
100
.................
3,000
2,514
Series
K143
,
Class
A2
,
2
.35
%
,
3/25/32
,
Callable
4/25/32
@
100
.................
5,000
4,171
Series
K144
,
Class
A2
,
2
.45
%
,
4/25/32
,
Callable
5/25/32
@
100
.................
5,183
4,349
Series
K145
,
Class
A2
,
2
.58
%
,
5/25/32
,
Callable
6/25/32
@
100
.................
3,423
2,896
Series
K147
,
Class
A2
,
3
.00
%
,
6/25/32
,
Callable
6/25/32
@
100
(c)
...............
3,000
2,616
Series
K727
,
Class
A2
,
2
.95
%
,
7/25/24
,
Callable
10/25/24
@
100
................
9,970
9,915
Series
K730
,
Class
A2
,
3
.59
%
,
1/25/25
,
Callable
2/25/25
@
100
.................
4,726
4,669
Series
K733
,
Class
AM
,
3
.75
%
,
9/25/25
,
Callable
1/25/26
@
100
.................
5,000
4,891
Series
KC03
,
Class
A2
,
3
.50
%
,
1/25/26
,
Callable
1/25/26
@
100
.................
8,012
7,806
Series
KPLB2
,
Class
A
,
4
.83
%
,
6/25/33
,
Callable
6/25/33
@
100
(d)
...............
5,000
4,941
Federal
National
Mortgage
Association
.......................................
Series
2015-M13
,
Class
A2
,
2
.70
%
,
6/25/25
(c)
..............................
1,566
1,526
Series
2017-M12
,
Class
A2
,
3
.06
%
,
6/25/27
(c)
..............................
3,981
3,773
Series
2017-M8
,
Class
A2
,
3
.06
%
,
5/25/27
(c)
...............................
6,571
6,232
Series
2018-M10
,
Class
A2
,
3
.36
%
,
7/25/28
(c)
..............................
8,024
7,590
Series
2018-M4
,
Class
A2
,
3
.06
%
,
3/25/28
(c)
...............................
2,145
2,015
Series
2022-M12
,
Class
A
,
3
.10
%
,
12/25/28
(c)
..............................
5,982
5,515
Series
2022-M13
,
Class
A2
,
2
.59
%
,
6/25/32
................................
8,671
7,342
Series
2023-M4
,
Class
A2
,
3
.77
%
,
8/25/32
(c)
...............................
4,000
3,686
Series
22-M3
,
Class
A2
,
1
.71
%
,
11/25/31
(c)
................................
4,000
3,198
136,071
Total
Collateralized
Mortgage
Obligations
(Cost
$175,067)
a
a
a
171,495
Corporate
Bonds
(0.7%)
Energy
(0.3%):
Evergy
Missouri
West
Storm
Funding
I
LLC
,
5
.10
%
,
12/1/38
.......................
3,500
3,466
Utilities
(0.4%):
Tennessee
Valley
Authority
,
3
.50
%
,
12/15/42
...................................
5,000
4,067
Total
Corporate
Bonds
(Cost
$7,821)
a
a
a
7,533
Municipal
Bonds
(0.5%)
Hawaii
(0.0%):(e)
State
of
Hawaii
Department
of
Business
Economic
Development
&
Tourism
Revenue
,
Series
A-2
,
3
.24
%
,
1/1/31
..................................................
130
125
Louisiana
(0.5%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
Series
A
,
4
.15
%
,
2/1/33
..............................................
3,000
2,864
Series
A
,
4
.28
%
,
2/1/36
..............................................
2,000
1,867
4,731
Total
Municipal
Bonds
(Cost
$5,135)
a
a
a
4,856
U.S.
Government
Agency
Mortgages
(47.2%)
Federal
Farm
Credit
Banks
Funding
Corporation
5
.93
%
,
7/14/33
....................................................
2,500
2,486
2
.55
%
,
12/21/34
....................................................
3,000
2,357
2
.20
%
,
9/2/36
.....................................................
2,000
1,448
6
.00
%
,
1/25/38
....................................................
5,000
4,927
11,218
Federal
Home
Loan
Banks
1
.00
%
,
8/16/27
(c)
(f)
.................................................
1,000
908
5
.50
%
,
9/20/27
....................................................
3,800
3,788
Victory
Portfolios
III
Victory
Government
Securities
Fund
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
6
.00
%
,
1/29/35
....................................................
$
1,500
$
1,485
6,181
Federal
Home
Loan
Mortgage
Corporation
6
.00
%
,
4/23/29
-
2/1/54
..............................................
5,904
5,907
3
.00
%
,
3/1/32
-
5/1/52
...............................................
15,485
13,691
3
.50
%
,
10/1/33
-
7/1/52
..............................................
15,587
14,068
4
.00
%
,
10/1/33
-
9/1/52
..............................................
20,183
18,774
5
.50
%
,
12/1/35
-
6/1/53
..............................................
11,834
11,711
1
.50
%
,
4/1/37
.....................................................
3,221
2,736
5
.00
%
,
3/1/38
-
6/1/53
...............................................
34,450
33,341
4
.50
%
,
11/1/42
-
10/1/52
..............................................
10,049
9,475
4
.00
%
(
SOFR30A
+
227
bps
)
,
8/1/52
(a)
....................................
6,753
6,433
6
.50
%
,
2/1/53
.....................................................
3,502
3,562
119,698
Federal
National
Mortgage
Association
3
.00
%
,
2/1/27
-
2/1/52
...............................................
18,144
15,626
1
.64
%
,
9/1/31
.....................................................
1,250
997
5
.00
%
,
12/1/35
-
4/1/53
..............................................
16,583
16,116
5
.50
%
,
11/1/37
-
8/1/53
..............................................
7,647
7,546
4
.50
%
,
1/1/38
-
9/1/52
...............................................
33,294
31,341
4
.00
%
,
4/1/38
-
9/1/52
...............................................
40,999
37,581
6
.00
%
,
5/1/38
-
9/1/53
...............................................
1,937
1,949
2
.50
%
,
6/1/41
-
3/1/52
...............................................
21,076
17,372
3
.50
%
,
1/1/42
-
7/1/52
...............................................
34,464
30,711
2
.44
%
,
10/1/51
....................................................
3,000
1,857
2
.00
%
,
11/1/51
-
12/1/51
..............................................
25,377
19,727
180,823
Government
National
Mortgage
Association
4
.50
%
,
9/15/24
-
9/20/53
.............................................
21,790
20,837
7
.00
%
,
5/15/27
-
7/15/32
.............................................
350
360
8
.00
%
,
5/15/27
-
9/15/30
.............................................
131
136
7
.50
%
,
2/15/28
-
11/15/31
.............................................
97
100
6
.00
%
,
4/15/28
-
10/20/53
.............................................
16,957
17,180
6
.50
%
,
5/15/28
-
8/20/34
.............................................
1,125
1,159
6
.75
%
,
5/15/28
....................................................
3
3
5
.50
%
,
4/20/33
-
2/20/54
.............................................
30,310
30,225
5
.00
%
,
5/20/33
-
9/20/53
.............................................
15,071
14,747
4
.00
%
,
7/15/40
-
11/20/40
.............................................
1,890
1,782
2
.50
%
,
2/20/50
-
7/20/53
.............................................
35,638
29,744
3
.00
%
,
8/20/51
-
10/20/51
.............................................
17,171
14,851
3
.50
%
,
6/20/52
....................................................
2,587
2,279
6
.50
%
,
1/20/54
....................................................
7,903
8,021
141,424
Small
Business
Administration
Pools
5
.65
%
(
PRIME
-
285
bps
)
,
9/25/31
(a)
.....................................
3,086
3,071
8
.13
%
(
PRIME
-
38
bps
)
,
2/25/32
(a)
......................................
3,178
3,315
9
.37
%
(
PRIME
+
88
bps
)
,
2/25/32
(a)
......................................
2,494
2,665
10
.09
%
(
PRIME
+
159
bps
)
,
2/25/32
(a)
....................................
2,644
2,880
8
.62
%
(
PRIME
+
13
bps
)
,
6/25/32
(a)
......................................
2,508
2,638
6
.00
%
(
PRIME
-
250
bps
)
,
9/25/32
(a)
.....................................
3,100
3,123
6
.75
%
(
PRIME
-
175
bps
)
,
10/25/34
(a)
.....................................
1,160
1,186
18,878
Federal
Farm
Credit
Banks
Funding
Corporation
6
.00
%
,
6/5/34
.....................................................
4,000
3,996
Total
U.S.
Government
Agency
Mortgages
(Cost
$515,436)
a
a
a
482,218
U.S.
Treasury
Obligations
(30.9%)
U.S.
Treasury
Bonds
5
.25
%
,
2/15/29
....................................................
5,000
5,149
1
.75
%
,
8/15/41
....................................................
7,000
4,565
Victory
Portfolios
III
Victory
Government
Securities
Fund
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
2
.00
%
,
11/15/41
....................................................
$
5,000
$
3,389
3
.38
%
,
8/15/42
....................................................
5,000
4,177
3
.75
%
,
11/15/43
....................................................
6,000
5,245
U.S.
Treasury
Notes
0
.38
%
,
8/15/24
....................................................
5,000
4,951
2
.13
%
,
11/30/24
....................................................
4,000
3,938
2
.00
%
,
2/15/25
....................................................
4,000
3,910
2
.13
%
,
5/15/25
....................................................
4,500
4,373
0
.38
%
,
1/31/26
....................................................
6,000
5,564
3
.63
%
,
5/15/26
....................................................
5,200
5,079
0
.75
%
,
5/31/26
....................................................
4,000
3,690
1
.38
%
,
8/31/26
....................................................
7,000
6,493
1
.63
%
,
10/31/26
....................................................
7,000
6,503
1
.88
%
,
2/28/27
....................................................
5,000
4,639
2
.75
%
,
4/30/27
....................................................
10,000
9,480
2
.63
%
,
5/31/27
....................................................
10,500
9,906
3
.13
%
,
8/31/27
....................................................
13,000
12,412
4
.13
%
,
9/30/27
....................................................
3,000
2,954
1
.13
%
,
2/29/28
....................................................
3,000
2,646
1
.25
%
,
4/30/28
....................................................
5,000
4,410
2
.88
%
,
5/15/28
....................................................
10,000
9,394
1
.25
%
,
5/31/28
....................................................
5,000
4,399
1
.00
%
,
7/31/28
....................................................
3,000
2,599
1
.13
%
,
8/31/28
....................................................
5,000
4,345
1
.25
%
,
9/30/28
....................................................
3,500
3,052
1
.38
%
,
10/31/28
....................................................
8,200
7,172
2
.63
%
,
2/15/29
....................................................
7,000
6,442
2
.38
%
,
3/31/29
....................................................
8,850
8,034
2
.88
%
,
4/30/29
....................................................
10,000
9,284
2
.38
%
,
5/15/29
....................................................
7,000
6,343
2
.75
%
,
5/31/29
....................................................
9,500
8,758
3
.88
%
,
11/30/29
....................................................
9,000
8,722
3
.88
%
,
12/31/29
....................................................
8,000
7,749
3
.50
%
,
1/31/30
....................................................
2,000
1,899
0
.88
%
,
11/15/30
....................................................
15,000
11,993
1
.63
%
,
5/15/31
....................................................
10,000
8,305
1
.25
%
,
8/15/31
....................................................
27,000
21,668
2
.88
%
,
5/15/32
....................................................
13,000
11,596
4
.13
%
,
11/15/32
....................................................
30,000
29,217
3
.50
%
,
2/15/33
....................................................
15,000
13,929
3
.38
%
,
5/15/33
....................................................
18,000
16,523
Total
U.S.
Treasury
Obligations
(Cost
$336,169)
a
a
a
314,896
Shares
Investment
Companies
(0.1%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares
,
5
.17
%
(g)
............
1,331,012
1,331
Total
Investment
Companies
(Cost
$1,331)
a
a
a
1,331
Principal
Amount
(000)
Repurchase
Agreements
(2.4%)
Fixed
Income
Clearing
Corporation-State
Street
Bank
&
Trust
Co.
,
5
.30
%
,
purchased
on
5/31/24,
with
a
maturity
date
of
6/3/24,
with
a
value
of
$24,000
(Collateralized
by
U.S.
Treasury
Bond
,
3.63%,
due
5/15/53,
with
a
value
of
$24,480)
.......................
24,000
24,000
Total
Repurchase
Agreements
(Cost
$24,000)
a
a
a
24,000
Total
Investments
(Cost
$1,087,488)
—
100.7%
1,027,743
Liabilities
in
excess
of
other
assets
—
(0.7)%
(
7,149
)
NET
ASSETS
-
100.00%
$
1,020,594
(a)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2024.
Victory
Portfolios
III
Victory
Government
Securities
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$5,274
(thousands)
and
amounted
to
0.5%
of
net
assets.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
May
31,
2024.
(d)
Security
is
interest
only.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(g)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
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.
LLC
—
Limited
Liability
Company
MBS
—
Mortgage-Backed
Securities
PRIME
—
US
Prime
rate,
rate
disclosed
as
of
May
31,
2024.
SOFR
—
Secured
Overnight
Financing
Rate
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
May
31,
2024.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
May
31,
2024.
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
58
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(47.9%)
Communication
Services
(4.6%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
56,780
$
9,795
Alphabet,
Inc.
,
Class
C
(a)
.................................................
53,152
9,246
AT&T,
Inc.
...........................................................
7,038
128
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
195
56
Comcast
Corp.
,
Class
A
..................................................
29,196
1,169
Electronic
Arts,
Inc.
.....................................................
2,332
310
Live
Nation
Entertainment,
Inc.
(a)
...........................................
1,692
159
Meta
Platforms,
Inc.
,
Class
A
..............................................
22,559
10,531
Netflix,
Inc.
(a)
.........................................................
5,106
3,276
News
Corp.
,
Class
A
.....................................................
2,721
74
Omnicom
Group,
Inc.
....................................................
2,537
236
Paramount
Global
,
Class
B
................................................
3,467
41
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
2,972
93
The
Walt
Disney
Co.
....................................................
13,618
1,415
T-Mobile
US,
Inc.
......................................................
3,497
612
37,141
Consumer
Discretionary
(4.5%):
Amazon.com,
Inc.
(a)
....................................................
79,922
14,101
Aptiv
PLC
(a)
..........................................................
1,360
113
AutoZone,
Inc.
(a)
.......................................................
236
654
Bath
&
Body
Works,
Inc.
.................................................
2,727
142
Best
Buy
Co.,
Inc.
......................................................
2,327
197
Booking
Holdings,
Inc.
...................................................
417
1,575
CarMax,
Inc.
(a)
........................................................
1,691
119
Carnival
Corp.
(a)
.......................................................
2,980
45
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
325
1,017
D.R.
Horton,
Inc.
.......................................................
3,030
448
Darden
Restaurants,
Inc.
..................................................
1,515
228
eBay,
Inc.
............................................................
6,801
369
Expedia
Group,
Inc.
(a)
...................................................
575
65
Ford
Motor
Co.
........................................................
48,788
592
Garmin
Ltd.
...........................................................
1,028
168
General
Motors
Co.
.....................................................
11,966
538
Genuine
Parts
Co.
......................................................
1,110
160
Hasbro,
Inc.
...........................................................
1,004
60
Hilton
Worldwide
Holdings,
Inc.
............................................
3,010
604
Lennar
Corp.
,
Class
A
....................................................
2,669
428
Lennar
Corp.
,
Class
B
...................................................
1
—
(b)
LKQ
Corp.
...........................................................
3,215
138
Lowe's
Cos.,
Inc.
.......................................................
7,219
1,598
Marriott
International,
Inc.
,
Class
A
..........................................
2,953
683
McDonald's
Corp.
......................................................
7,151
1,851
MGM
Resorts
International
(a)
..............................................
4,369
176
NIKE,
Inc.
,
Class
B
.....................................................
9,498
903
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
2,676
44
O'Reilly
Automotive,
Inc.
(a)
...............................................
772
744
PulteGroup,
Inc.
........................................................
2,360
277
PVH
Corp.
...........................................................
928
111
Ralph
Lauren
Corp.
.....................................................
420
79
Ross
Stores,
Inc.
.......................................................
3,606
504
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
2,197
324
Starbucks
Corp.
........................................................
10,260
823
Tapestry,
Inc.
..........................................................
3,021
131
Tesla,
Inc.
(a)
..........................................................
5,152
917
The
Home
Depot,
Inc.
...................................................
10,478
3,509
The
TJX
Cos.,
Inc.
......................................................
9,986
1,030
Tractor
Supply
Co.
......................................................
1,382
394
Ulta
Beauty,
Inc.
(a)
.....................................................
549
217
Victoria's
Secret
&
Co.
(a)
.................................................
1
—
(b)
Whirlpool
Corp.
........................................................
520
48
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Wynn
Resorts
Ltd.
......................................................
87
$
8
Yum!
Brands,
Inc.
......................................................
2,900
399
36,531
Consumer
Staples
(2.6%):
Altria
Group,
Inc.
.......................................................
11,731
543
Archer-Daniels-Midland
Co.
...............................................
3,188
199
Brown-Forman
Corp.
,
Class
B
.............................................
1,441
66
Church
&
Dwight
Co.,
Inc.
................................................
2,300
246
Colgate-Palmolive
Co.
...................................................
5,377
500
Conagra
Brands,
Inc.
....................................................
2,454
73
Constellation
Brands,
Inc.
,
Class
A
..........................................
1,346
337
Costco
Wholesale
Corp.
..................................................
4,112
3,330
Dollar
General
Corp.
....................................................
2,347
321
Dollar
Tree,
Inc.
(a)
......................................................
1,126
133
General
Mills,
Inc.
......................................................
4,550
313
Hormel
Foods
Corp.
.....................................................
60
2
Kimberly-Clark
Corp.
....................................................
2,120
283
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
726
40
Mondelez
International,
Inc.
,
Class
A
.........................................
11,928
817
Monster
Beverage
Corp.
(a)
................................................
7,930
412
PepsiCo,
Inc.
..........................................................
11,451
1,980
Philip
Morris
International,
Inc.
.............................................
9,877
1,001
Sysco
Corp.
...........................................................
5,764
420
Target
Corp.
..........................................................
5,200
812
The
Clorox
Co.
........................................................
689
91
The
Coca-Cola
Co.
......................................................
23,340
1,469
The
Estee
Lauder
Cos.,
Inc.
...............................................
1,480
183
The
Hershey
Co.
.......................................................
1,290
255
The
J.M.
Smucker
Co.
...................................................
828
92
The
Kraft
Heinz
Co.
.....................................................
483
17
The
Kroger
Co.
........................................................
7,873
412
The
Procter
&
Gamble
Co.
................................................
22,787
3,749
Tyson
Foods,
Inc.
,
Class
A
................................................
1,740
100
Walmart,
Inc.
..........................................................
39,279
2,583
WK
Kellogg
Co.
.......................................................
221
4
20,783
Energy
(2.1%):
Baker
Hughes
Co.
......................................................
8,513
285
Chevron
Corp.
.........................................................
19,012
3,086
ConocoPhillips
........................................................
14,432
1,681
Coterra
Energy,
Inc.
.....................................................
2,120
60
Devon
Energy
Corp.
.....................................................
4,751
233
Diamondback
Energy,
Inc.
................................................
2,111
421
EOG
Resources,
Inc.
....................................................
4,759
593
Exxon
Mobil
Corp.
.....................................................
43,781
5,134
Halliburton
Co.
........................................................
9,010
331
Hess
Corp.
............................................................
2,683
413
Marathon
Oil
Corp.
.....................................................
8,612
249
Marathon
Petroleum
Corp.
................................................
6,448
1,139
Occidental
Petroleum
Corp.
...............................................
6,234
390
ONEOK,
Inc.
..........................................................
5,513
446
Phillips
66
............................................................
2,813
400
Schlumberger
NV
......................................................
17,103
785
The
Williams
Cos.,
Inc.
..................................................
14,342
595
Valero
Energy
Corp.
.....................................................
4,134
649
16,890
Financials
(6.4%):
Aflac,
Inc.
............................................................
6,526
587
American
Express
Co.
...................................................
6,409
1,538
American
International
Group,
Inc.
..........................................
8,214
647
Ameriprise
Financial,
Inc.
.................................................
1,153
503
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Aon
PLC
,
Class
A
......................................................
2,346
$
661
Arthur
J.
Gallagher
&
Co.
.................................................
2,370
600
Bank
of
America
Corp.
...................................................
80,700
3,227
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
16,505
6,840
BlackRock,
Inc.
........................................................
1,116
862
Capital
One
Financial
Corp.
...............................................
4,781
658
Cboe
Global
Markets,
Inc.
................................................
1
—
(b)
Chubb
Ltd.
...........................................................
3,972
1,076
Cincinnati
Financial
Corp.
................................................
970
114
Citigroup,
Inc.
.........................................................
3,989
249
CME
Group,
Inc.
.......................................................
2,326
472
Comerica,
Inc.
.........................................................
1,300
67
Discover
Financial
Services
...............................................
3,419
419
Fidelity
National
Information
Services,
Inc.
....................................
1,230
93
Fifth
Third
Bancorp
.....................................................
8,477
317
Fiserv,
Inc.
(a)
..........................................................
3,840
575
Global
Payments,
Inc.
....................................................
1,142
116
Huntington
Bancshares,
Inc.
...............................................
4,811
67
Intercontinental
Exchange,
Inc.
.............................................
5,129
687
JPMorgan
Chase
&
Co.
..................................................
30,506
6,181
KeyCorp
.............................................................
2,645
38
Lincoln
National
Corp.
...................................................
1,769
58
Loews
Corp.
..........................................................
2,314
178
M&T
Bank
Corp.
.......................................................
660
100
Marsh
&
McLennan
Cos.,
Inc.
.............................................
5,030
1,044
Mastercard,
Inc.
,
Class
A
.................................................
8,421
3,765
MetLife,
Inc.
..........................................................
5,194
376
Moody's
Corp.
.........................................................
1,624
645
Morgan
Stanley
........................................................
14,869
1,455
MSCI,
Inc.
...........................................................
992
491
Nasdaq,
Inc.
..........................................................
3,477
205
Northern
Trust
Corp.
....................................................
40
3
PayPal
Holdings,
Inc.
(a)
..................................................
8,083
509
Principal
Financial
Group,
Inc.
.............................................
2,476
203
Prudential
Financial,
Inc.
.................................................
4,162
501
Raymond
James
Financial,
Inc.
.............................................
1,989
244
Regions
Financial
Corp.
..................................................
9,790
190
S&P
Global,
Inc.
.......................................................
3,313
1,416
State
Street
Corp.
.......................................................
2,324
176
Synchrony
Financial
.....................................................
6,103
267
T.
Rowe
Price
Group,
Inc.
.................................................
1,970
232
The
Allstate
Corp.
......................................................
3,040
509
The
Bank
of
New
York
Mellon
Corp.
.........................................
5,526
329
The
Charles
Schwab
Corp.
................................................
10,669
782
The
Goldman
Sachs
Group,
Inc.
............................................
3,096
1,413
The
Hartford
Financial
Services
Group,
Inc.
....................................
2,900
300
The
PNC
Financial
Services
Group,
Inc.
......................................
4,525
712
The
Progressive
Corp.
...................................................
5,434
1,148
The
Travelers
Cos.,
Inc.
..................................................
2,350
507
Truist
Financial
Corp.
....................................................
2,758
104
U.S.
Bancorp
..........................................................
11,380
462
Visa,
Inc.
,
Class
A
......................................................
16,518
4,501
W.R.
Berkley
Corp.
.....................................................
2,734
222
Wells
Fargo
&
Co.
......................................................
35,551
2,130
Willis
Towers
Watson
PLC
................................................
1,124
287
Zions
Bancorp
NA
......................................................
1,310
57
52,115
Health
Care
(5.7%):
Abbott
Laboratories
.....................................................
15,828
1,617
AbbVie,
Inc.
..........................................................
16,170
2,607
Agilent
Technologies,
Inc.
.................................................
3,624
473
Align
Technology,
Inc.
(a)
.................................................
658
169
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Amgen,
Inc.
...........................................................
5,669
$
1,734
Baxter
International,
Inc.
.................................................
3,470
118
Becton
Dickinson
&
Co.
..................................................
1,310
304
Biogen,
Inc.
(a)
.........................................................
1,206
271
Boston
Scientific
Corp.
(a)
.................................................
13,023
984
Bristol-Myers
Squibb
Co.
.................................................
6,097
251
Cardinal
Health,
Inc.
....................................................
2,310
229
Cencora,
Inc.
..........................................................
1,410
320
Centene
Corp.
(a)
.......................................................
3,130
224
CVS
Health
Corp.
......................................................
6,602
394
Danaher
Corp.
.........................................................
6,489
1,666
DaVita,
Inc.
(a)
.........................................................
748
110
Edwards
Lifesciences
Corp.
(a)
.............................................
6,150
534
Elevance
Health,
Inc.
....................................................
2,398
1,291
Eli
Lilly
&
Co.
.........................................................
8,712
7,147
Fortrea
Holdings,
Inc.
(a)
..................................................
522
13
GE
HealthCare
Technologies,
Inc.
...........................................
3,779
295
Gilead
Sciences,
Inc.
....................................................
8,764
563
HCA
Healthcare,
Inc.
....................................................
2,571
874
Hologic,
Inc.
(a)
........................................................
2,461
182
Humana,
Inc.
..........................................................
1,316
471
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,007
500
Intuitive
Surgical,
Inc.
(a)
.................................................
4,045
1,627
IQVIA
Holdings,
Inc.
(a)
..................................................
1,574
345
Johnson
&
Johnson
.....................................................
16,416
2,408
Labcorp
Holdings,
Inc.
...................................................
738
144
McKesson
Corp.
.......................................................
1,450
826
Merck
&
Co.,
Inc.
......................................................
21,430
2,690
Mettler-Toledo
International,
Inc.
(a)
.........................................
250
351
Moderna,
Inc.
(a)
.......................................................
913
130
Pfizer,
Inc.
............................................................
31,452
901
Quest
Diagnostics,
Inc.
...................................................
979
139
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
873
856
ResMed,
Inc.
..........................................................
1,408
291
Revvity,
Inc.
..........................................................
1,114
122
Solventum
Corp.
(a)
.....................................................
152
9
Stryker
Corp.
..........................................................
3,361
1,146
The
Cigna
Group
.......................................................
3,444
1,187
The
Cooper
Cos.,
Inc.
(a)
..................................................
1,780
168
Thermo
Fisher
Scientific,
Inc.
..............................................
3,958
2,248
UnitedHealth
Group,
Inc.
.................................................
9,155
4,535
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
2,479
1,129
Viatris,
Inc.
...........................................................
1,204
13
Waters
Corp.
(a)
........................................................
690
213
Zimmer
Biomet
Holdings,
Inc.
.............................................
928
107
Zoetis,
Inc.
...........................................................
4,796
813
45,739
Industrials
(4.1%):
3M
Co.
..............................................................
610
61
A.O.
Smith
Corp.
.......................................................
1,604
134
Allegion
PLC
.........................................................
613
75
AMETEK,
Inc.
........................................................
2,797
474
Automatic
Data
Processing,
Inc.
............................................
4,040
990
C.H.
Robinson
Worldwide,
Inc.
.............................................
450
39
Carrier
Global
Corp.
.....................................................
7,990
505
Caterpillar,
Inc.
........................................................
5,175
1,752
Cintas
Corp.
..........................................................
1,044
708
Copart,
Inc.
(a)
.........................................................
9,144
485
CSX
Corp.
............................................................
24,039
811
Cummins,
Inc.
.........................................................
1,300
366
Deere
&
Co.
..........................................................
3,333
1,249
Delta
Air
Lines,
Inc.
.....................................................
7,169
366
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Dover
Corp.
...........................................................
1,435
$
264
Eaton
Corp.
PLC
.......................................................
4,316
1,437
Emerson
Electric
Co.
....................................................
4,743
532
Equifax,
Inc.
..........................................................
1,334
309
Expeditors
International
of
Washington,
Inc.
....................................
1,610
195
Fastenal
Co.
...........................................................
5,972
394
FedEx
Corp.
..........................................................
2,126
540
Fortive
Corp.
..........................................................
2,238
167
Fortune
Brands
Innovations,
Inc.
............................................
1,593
112
GE
Vernova,
Inc.
(a)
.....................................................
2,834
499
General
Dynamics
Corp.
..................................................
1,726
517
General
Electric
Co.
.....................................................
11,338
1,872
Honeywell
International,
Inc.
..............................................
6,692
1,353
Howmet
Aerospace,
Inc.
..................................................
3,713
314
Illinois
Tool
Works,
Inc.
..................................................
2,480
602
Ingersoll
Rand,
Inc.
.....................................................
4,166
388
J.B.
Hunt
Transport
Services,
Inc.
...........................................
714
115
Jacobs
Solutions,
Inc.
....................................................
1,124
157
Johnson
Controls
International
PLC
..........................................
6,676
480
L3Harris
Technologies,
Inc.
...............................................
1,949
438
Lockheed
Martin
Corp.
...................................................
2,228
1,048
Masco
Corp.
..........................................................
2,910
203
Masterbrand,
Inc.
(a)
.....................................................
1,563
26
Norfolk
Southern
Corp.
..................................................
2,488
559
Northrop
Grumman
Corp.
.................................................
1,509
680
Old
Dominion
Freight
Line,
Inc.
............................................
1,764
309
Otis
Worldwide
Corp.
....................................................
3,055
303
PACCAR,
Inc.
.........................................................
3,846
413
Parker-Hannifin
Corp.
...................................................
1,216
646
Paychex,
Inc.
..........................................................
2,957
355
Pentair
PLC
...........................................................
869
71
Quanta
Services,
Inc.
....................................................
1,444
398
Republic
Services,
Inc.
...................................................
2,086
386
Robert
Half,
Inc.
.......................................................
1,237
79
Rockwell
Automation,
Inc.
................................................
980
252
RTX
Corp.
............................................................
10,570
1,140
Snap-on,
Inc.
..........................................................
593
162
Southwest
Airlines
Co.
...................................................
4,050
109
Stanley
Black
&
Decker,
Inc.
..............................................
983
86
Textron,
Inc.
..........................................................
2,070
181
The
Boeing
Co.
(a)
......................................................
3,526
626
Trane
Technologies
PLC
..................................................
2,802
918
TransDigm
Group,
Inc.
...................................................
593
797
Union
Pacific
Corp.
.....................................................
7,275
1,694
United
Parcel
Service,
Inc.
,
Class
B
..........................................
4,190
582
United
Rentals,
Inc.
.....................................................
750
502
Veralto
Corp.
..........................................................
2,163
213
Verisk
Analytics,
Inc.
....................................................
1,450
367
W.W.
Grainger,
Inc.
.....................................................
478
440
Waste
Management,
Inc.
..................................................
3,869
815
Westinghouse
Air
Brake
Technologies
Corp.
....................................
1,745
295
Xylem,
Inc.
...........................................................
1,548
218
33,573
Information
Technology
(15.5%):
Accenture
PLC
,
Class
A
..................................................
5,486
1,549
Adobe,
Inc.
(a)
.........................................................
4,570
2,033
Advanced
Micro
Devices,
Inc.
(a)
............................................
16,362
2,731
Akamai
Technologies,
Inc.
(a)
..............................................
1,250
115
Amphenol
Corp.
,
Class
A
.................................................
5,634
746
Analog
Devices,
Inc.
....................................................
5,095
1,195
ANSYS,
Inc.
(a)
........................................................
796
253
Apple,
Inc.
...........................................................
146,293
28,125
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Applied
Materials,
Inc.
...................................................
10,028
$
2,157
Arista
Networks,
Inc.
(a)
..................................................
2,364
704
Autodesk,
Inc.
(a)
.......................................................
1,733
349
Broadcom,
Inc.
........................................................
4,130
5,487
Cadence
Design
Systems,
Inc.
(a)
............................................
2,583
739
CDW
Corp.
...........................................................
1,428
319
Cisco
Systems,
Inc.
.....................................................
31,509
1,465
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
3,759
249
Corning,
Inc.
..........................................................
7,670
286
Fortinet,
Inc.
(a)
........................................................
7,295
433
Gartner,
Inc.
(a)
........................................................
387
162
Hewlett
Packard
Enterprise
Co.
.............................................
9,440
167
HP,
Inc.
..............................................................
10,235
374
Intel
Corp.
............................................................
4,851
150
International
Business
Machines
Corp.
........................................
4,045
675
Intuit,
Inc.
............................................................
2,547
1,468
Juniper
Networks,
Inc.
...................................................
2,447
87
Keysight
Technologies,
Inc.
(a)
.............................................
1,866
258
KLA
Corp.
...........................................................
1,555
1,181
Lam
Research
Corp.
.....................................................
1,595
1,487
Microchip
Technology,
Inc.
................................................
3,820
371
Micron
Technology,
Inc.
..................................................
10,223
1,278
Microsoft
Corp.
........................................................
71,508
29,685
Motorola
Solutions,
Inc.
..................................................
1,485
542
NetApp,
Inc.
..........................................................
2,486
299
NVIDIA
Corp.
.........................................................
24,643
27,017
Oracle
Corp.
..........................................................
18,595
2,179
QUALCOMM,
Inc.
.....................................................
12,055
2,460
Roper
Technologies,
Inc.
..................................................
798
425
Salesforce,
Inc.
........................................................
6,360
1,491
Seagate
Technology
Holdings
PLC
..........................................
2,341
218
ServiceNow,
Inc.
(a)
.....................................................
1,714
1,126
Synopsys,
Inc.
(a)
.......................................................
1,398
784
TE
Connectivity
Ltd.
....................................................
2,969
444
Texas
Instruments,
Inc.
...................................................
8,840
1,724
VeriSign,
Inc.
(a)
........................................................
690
120
Western
Digital
Corp.
(a)
..................................................
920
69
125,176
Materials
(1.1%):
Air
Products
and
Chemicals,
Inc.
............................................
1,787
477
Albemarle
Corp.
.......................................................
1,201
147
Avery
Dennison
Corp.
...................................................
906
206
Ball
Corp.
............................................................
3,094
215
Celanese
Corp.
.........................................................
200
30
CF
Industries
Holdings,
Inc.
...............................................
2,538
202
Corteva,
Inc.
..........................................................
8,144
456
Dow,
Inc.
............................................................
8,626
497
DuPont
de
Nemours,
Inc.
.................................................
3,671
302
Eastman
Chemical
Co.
...................................................
940
95
Ecolab,
Inc.
...........................................................
1,707
396
FMC
Corp.
...........................................................
1,113
68
Freeport-McMoRan,
Inc.
.................................................
15,889
838
International
Flavors
&
Fragrances,
Inc.
.......................................
1,034
99
International
Paper
Co.
...................................................
2,781
125
Linde
PLC
............................................................
4,727
2,059
LyondellBasell
Industries
NV
,
Class
A
........................................
2,696
268
Martin
Marietta
Materials,
Inc.
.............................................
721
412
Newmont
Corp.
........................................................
1,230
52
Nucor
Corp.
...........................................................
2,642
446
PPG
Industries,
Inc.
.....................................................
1,640
216
Sealed
Air
Corp.
.......................................................
1,080
42
The
Mosaic
Co.
........................................................
4,511
140
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
The
Sherwin-Williams
Co.
................................................
2,304
$
700
Vulcan
Materials
Co.
....................................................
1,110
284
Westrock
Co.
..........................................................
828
44
8,816
Real
Estate
(0.6%):
American
Tower
Corp.
...................................................
3,766
737
AvalonBay
Communities,
Inc.
..............................................
510
98
Boston
Properties,
Inc.
...................................................
670
41
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
3,167
279
Crown
Castle,
Inc.
......................................................
1,670
171
Equinix,
Inc.
..........................................................
852
650
Equity
Residential
......................................................
2,215
144
Extra
Space
Storage,
Inc.
.................................................
1,147
166
Host
Hotels
&
Resorts,
Inc.
................................................
8,802
158
Iron
Mountain,
Inc.
.....................................................
3,568
288
Kimco
Realty
Corp.
.....................................................
5,368
104
Prologis,
Inc.
..........................................................
8,464
935
Public
Storage
.........................................................
645
177
Simon
Property
Group,
Inc.
...............................................
3,796
574
Ventas,
Inc.
...........................................................
3,747
188
Welltower,
Inc.
.........................................................
4,568
474
Weyerhaeuser
Co.
......................................................
1,920
58
5,242
Utilities
(0.7%):
Ameren
Corp.
.........................................................
1,840
135
American
Electric
Power
Co.,
Inc.
...........................................
2,820
255
American
Water
Works
Co.,
Inc.
............................................
1,625
212
CenterPoint
Energy,
Inc.
..................................................
6,160
188
CMS
Energy
Corp.
......................................................
1,590
100
Consolidated
Edison,
Inc.
.................................................
1,808
171
Constellation
Energy
Corp.
................................................
3,575
777
Dominion
Energy,
Inc.
...................................................
1,086
59
DTE
Energy
Co.
.......................................................
1,190
139
Duke
Energy
Corp.
......................................................
4,432
459
Edison
International
.....................................................
1,730
133
Entergy
Corp.
.........................................................
440
49
Eversource
Energy
......................................................
1,380
82
Exelon
Corp.
..........................................................
6,598
248
NextEra
Energy,
Inc.
....................................................
16,956
1,357
NRG
Energy,
Inc.
.......................................................
2,789
226
Public
Service
Enterprise
Group,
Inc.
.........................................
3,040
230
Sempra
..............................................................
2,820
217
The
AES
Corp.
........................................................
4,592
99
The
Southern
Co.
.......................................................
4,572
366
WEC
Energy
Group,
Inc.
.................................................
2,417
196
Xcel
Energy,
Inc.
.......................................................
3,434
190
5,888
Total
Common
Stocks
(Cost
$67,808)
a
a
a
387,894
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
ABIOMED,
Inc.,
CVR
(a)
(d)
...............................................
568
1
Total
Rights
(Cost
$—)
a
a
a
1
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Municipal
Bonds
(51.8%)
Alabama
(0.8%):
Black
Belt
Energy
Gas
District
Revenue
,
Series
D-1
,
5
.50
%
,
6/1/49
,
Continuously
Callable
@100
...........................................................
$
1,000
$
1,052
Columbia
Industrial
Development
Board
Revenue
(NBGA
-
Southern
Co.)
,
Series
A
,
2
.65
%
,
12/1/37
,
Continuously
Callable
@100
(e)
..................................
1,300
1,300
Cooper
Green
Mercy
Health
Services
Authority
Revenue
,
5
.25
%
,
9/1/52
,
Continuously
Callable
@100
.....................................................
2,000
2,096
County
of
Jefferson
AL
Sewer
Revenue
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
.....
1,000
1,075
DCH
Healthcare
Authority
Revenue
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
..
1,000
893
6,416
Alaska
(0.1%):
Northern
Tobacco
Securitization
Corp.
Revenue
,
Series
A
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.....................................................
500
439
Arizona
(2.1%):
Arizona
IDA
Revenue
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
1,000
1,007
5
.00
%
,
11/1/47
,
Continuously
Callable
@100
...............................
1,000
1,036
Series
B
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
400
360
Series
B
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
840
688
La
Paz
County
IDA
Revenue
4
.00
%
,
2/15/41
,
Continuously
Callable
@100
...............................
425
368
4
.00
%
,
2/15/46
,
Continuously
Callable
@100
...............................
345
283
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
...............................
300
235
Maricopa
County
IDA
Revenue
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
(f)
..............................
1,500
1,147
Series
A
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
.........................
500
516
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
735
656
Series
A
,
5
.00
%
,
7/1/49
,
Continuously
Callable
@100
.........................
1,000
1,006
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,275
1,279
Series
A
,
4
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
1,000
839
Sierra
Vista
IDA
Revenue
,
5
.75
%
,
6/15/53
,
Continuously
Callable
@100
(f)
.............
2,000
2,017
Student
&
Academic
Services
LLC
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
6/1/44
,
Continuously
Callable
@100
...............................
1,000
1,000
Tempe
IDA
Revenue
,
Series
B
,
4
.00
%
,
12/1/46
,
Continuously
Callable
@102
............
1,185
963
The
County
of
Pima
IDA
Revenue
4
.00
%
,
4/1/46
,
Continuously
Callable
@100
...............................
2,000
1,849
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(f)
.............................
1,000
786
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
1,300
1,229
17,264
Arkansas
(0.1%):
Arkansas
Development
Finance
Authority
Revenue
,
4
.00
%
,
12/1/44
,
Continuously
Callable
@100
...........................................................
1,000
943
California
(1.5%):
California
Educational
Facilities
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
.....................................................
2,000
1,994
California
Pollution
Control
Financing
Authority
Revenue
,
Series
B
,
2
.80
%
,
3/1/42
(e)
......
3,700
3,700
Jurupa
Public
Financing
Authority
Special
Tax
,
Series
A
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
...........................................................
1,200
1,201
State
of
California,
GO
,
5
.00
%
,
8/1/45
,
Continuously
Callable
@100
..................
1,000
1,010
Sutter
Butte
Flood
Control
Agency
Special
Assessment
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
...................
1,000
1,014
West
Contra
Costa
Unified
School
District,
GO
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
8/1/34
(g)
...................................................
4,435
3,120
12,039
Colorado
(1.5%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
5
.00
%
,
4/1/48
,
Continuously
Callable
@100
...............................
710
717
4
.00
%
,
1/1/52
,
Continuously
Callable
@100
...............................
675
516
5
.00
%
,
9/1/52
,
Continuously
Callable
@100
...............................
730
696
4
.50
%
,
7/1/53
,
Continuously
Callable
@100
...............................
1,000
946
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
4
.00
%
,
1/1/62
,
Continuously
Callable
@100
...............................
$
795
$
585
Series
A
,
5
.00
%
,
12/1/38
,
Continuously
Callable
@100
........................
1,000
1,026
Colorado
Health
Facilities
Authority
Revenue
5
.00
%
,
6/1/45
,
Pre-refunded  6/1/25
@
100
................................
1,000
1,015
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
1,000
914
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@103
........................
1,000
788
Denver
Convention
Center
Hotel
Authority
Revenue
,
5
.00
%
,
12/1/40
,
Continuously
Callable
@100
...........................................................
1,000
1,007
Denver
Health
&
Hospital
Authority
Certificate
of
Participation
,
5
.00
%
,
12/1/48
,
Continuously
Callable
@100
.....................................................
1,900
1,806
Park
Creek
Metropolitan
District
Revenue
Series
A
,
5
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
250
251
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
1,000
1,003
Rampart
Range
Metropolitan
District
No.
1
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.........................
1,000
1,031
12,301
Connecticut
(0.8%):
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
5
.25
%
,
7/1/53
,
Continuously
Callable
@100
...............................
1,000
1,076
Series
T
,
4
.00
%
,
7/1/55
,
Continuously
Callable
@100
.........................
1,000
889
Series
U
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
........................
2,000
1,825
State
of
Connecticut,
GO
Series
A
,
5
.00
%
,
4/15/36
,
Continuously
Callable
@100
........................
1,500
1,605
Series
A
,
5
.00
%
,
4/15/37
,
Continuously
Callable
@100
........................
1,000
1,049
6,444
Florida
(2.4%):
Brevard
County
Health
Facilities
Authority
Revenue
,
Series
A
,
5
.00
%
,
4/1/52
,
Continuously
Callable
@100
.....................................................
1,000
1,033
Capital
Trust
Agency,
Inc.
Revenue
5
.00
%
,
8/1/40
,
Continuously
Callable
@100
...............................
600
607
5
.00
%
,
8/1/55
,
Continuously
Callable
@100
...............................
1,300
1,249
City
of
Atlantic
Beach
Revenue
,
Series
A
,
5
.00
%
,
11/15/53
,
Continuously
Callable
@103
...
1,000
945
City
of
Pompano
Beach
Revenue
4
.00
%
,
9/1/50
,
Continuously
Callable
@103
...............................
1,500
1,162
Series
A
,
4
.00
%
,
9/1/51
,
Continuously
Callable
@103
.........................
500
385
Florida
Development
Finance
Corp.
Revenue
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
1,175
1,145
Series
A
,
5
.00
%
,
6/15/52
,
Continuously
Callable
@100
........................
1,250
1,216
Lee
County
IDA
Revenue
,
Series
A
,
5
.25
%
,
10/1/52
,
Continuously
Callable
@103
........
850
722
Lee
Memorial
Health
System
Revenue
,
Series
A-1
,
5
.00
%
,
4/1/44
,
Continuously
Callable
@100
...........................................................
1,450
1,480
Miami
Beach
Health
Facilities
Authority
Revenue
,
4
.00
%
,
11/15/51
,
Continuously
Callable
@100
...........................................................
500
448
Miami-Dade
County
Health
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
8/1/51
,
Continuously
Callable
@100
...........................................
1,000
915
Palm
Beach
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
.....................................................
1,000
841
Sarasota
County
Health
Facilities
Authority
Revenue
,
5
.00
%
,
5/15/38
,
Continuously
Callable
@103
...........................................................
700
701
Sarasota
County
Public
Hospital
District
Revenue
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
...........................................................
2,000
1,816
Seminole
County
IDA
Revenue
,
Series
A
,
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(f)
..
830
653
Southeast
Overtown
Park
West
Community
Redevelopment
Agency
Tax
Allocation
,
Series
A-1
,
5
.00
%
,
3/1/30
,
Continuously
Callable
@100
(f)
..........................
1,000
997
Volusia
County
Educational
Facility
Authority
Revenue
5
.25
%
,
6/1/54
,
Continuously
Callable
@100
...............................
2,000
2,061
Series
B
,
5
.00
%
,
10/15/45
,
Pre-refunded  4/15/25
@
100
.......................
1,000
1,013
19,389
Georgia
(1.9%):
Crisp
County
Hospital
Authority
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
....
575
527
Development
Authority
of
Appling
County
Revenue
,
2
.95
%
,
9/1/29
,
Continuously
Callable
@100
(e)
.........................................................
6,600
6,600
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Development
Authority
Of
Floyd
County
Revenue
,
Series
GA
,
2
.95
%
,
9/1/26
,
Continuously
Callable
@100
(e)
...................................................
$
200
$
200
Development
Authority
of
Heard
County
Revenue
,
2
.96
%
,
9/1/26
,
Continuously
Callable
@100
(e)
.........................................................
2,000
2,000
Glynn-Brunswick
Memorial
Hospital
Authority
Revenue
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
.....................................................
1,000
1,004
Main
Street
Natural
Gas,
Inc.
Revenue
,
Series
D
,
5
.00
%
,
5/1/54
,
Continuously
Callable
@100
2,000
2,071
Milledgeville
&
Baldwin
County
Development
Authority
Revenue
,
4
.00
%
,
6/15/37
,
Continuously
Callable
@100
...........................................
1,300
1,308
Municipal
Electric
Authority
of
Georgia
Revenue
,
Series
A
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@100
.....................................................
425
372
Private
Colleges
&
Universities
Authority
Revenue
,
4
.00
%
,
6/1/45
,
Continuously
Callable
@100
...........................................................
750
680
The
Development
Authority
of
Burke
County
Revenue
,
Series
1
,
2
.80
%
,
7/1/49
,
Continuously
Callable
@100
(e)
...................................................
900
900
15,662
Illinois
(4.5%):
Chicago
Board
of
Education,
GO
Series
A
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
........................
3,200
3,139
Series
H
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
........................
2,000
1,975
Chicago
Midway
International
Airport
Revenue
,
Series
B
,
5
.00
%
,
1/1/41
,
Continuously
Callable
@100
.....................................................
1,000
1,009
Chicago
O'Hare
International
Airport
Revenue
,
Series
C
,
5
.00
%
,
1/1/41
,
Continuously
Callable
@100
...........................................................
1,000
1,018
Chicago
Park
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
C
,
4
.00
%
,
1/1/42
,
Continuously
Callable
@100
.....................................
1,250
1,174
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Revenue
Series
A
,
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
........................
685
696
Series
A
,
4
.00
%
,
12/1/55
,
Continuously
Callable
@100
........................
2,000
1,762
City
of
Chicago
Wastewater
Transmission
Revenue
5
.00
%
,
1/1/44
,
Continuously
Callable
@100
...............................
1,000
1,001
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.........................
1,000
1,015
City
of
Chicago
Waterworks
Revenue
,
5
.00
%
,
11/1/44
,
Continuously
Callable
@100
.......
1,000
1,002
City
of
Galesburg
Revenue
,
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
.......
1,000
812
Cook
County
Community
College
District
No.
508,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...................
1,000
1,039
County
of
Cook
Sales
Tax
Revenue
,
5
.00
%
,
11/15/38
,
Continuously
Callable
@100
.......
1,000
1,035
Illinois
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
11/1/36
,
Continuously
Callable
@102
...........................................................
1,000
972
Illinois
Finance
Authority
Revenue
3
.90
%
,
3/1/30
,
Continuously
Callable
@100
...............................
1,000
993
0.00%,
5/15/40
,
Continuously
Callable
@100
(h)
............................
1,275
535
5
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
1,000
1,001
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
...............................
1,000
1,044
4
.00
%
,
10/15/44
,
Continuously
Callable
@103
..............................
2,000
1,516
Series
A
,
5
.00
%
,
5/15/37
,
Continuously
Callable
@100
........................
1,000
987
Series
A
,
5
.00
%
,
5/15/45
,
Continuously
Callable
@100
........................
1,000
901
Series
A
,
4
.00
%
,
8/1/51
,
Continuously
Callable
@100
.........................
1,000
822
Series
C
,
4
.00
%
,
2/15/41
,
Continuously
Callable
@100
........................
955
885
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded  2/15/27
@
100
........................
45
46
Metropolitan
Pier
&
Exposition
Authority
Revenue
,
5
.00
%
,
6/15/50
,
Continuously
Callable
@100
...........................................................
2,500
2,571
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.00
%
,
4/1/40
,
Continuously
Callable
@100
...............................
600
558
Sangamon
County
Water
Reclamation
District,
GO
Series
A
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@100
.........................
1,000
868
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@100
.........................
1,235
1,244
St.
Clair
County
Community
Unit
School
District
No.
187
Cahokia,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
1/1/54
,
Continuously
Callable
@100
....
1,000
1,038
State
of
Illinois,
GO
5
.50
%
,
5/1/39
,
Continuously
Callable
@100
...............................
225
244
Series
A
,
5
.50
%
,
3/1/47
,
Continuously
Callable
@100
.........................
1,000
1,077
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
B
,
4
.00
%
,
10/1/33
,
Continuously
Callable
@100
........................
$
2,300
$
2,292
36,271
Indiana
(0.3%):
Evansville
Redevelopment
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
2/1/39
,
Continuously
Callable
@100
...............................
1,000
987
Richmond
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@100
1,500
1,461
2,448
Iowa
(0.1%):
Iowa
Tobacco
Settlement
Authority
Revenue
,
Series
A-2
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
...........................................................
1,000
895
Kansas
(1.2%):
City
of
Coffeyville
Electric
System
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
5
.00
%
,
6/1/42
,
Continuously
Callable
@100
(f)
.......................
1,000
1,011
City
of
Lawrence
Revenue
Series
A
,
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
1,500
1,454
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........................
1,500
1,517
City
of
Manhattan
Revenue
,
Series
A
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@103
........
1,000
807
City
of
Wichita
Revenue
,
4
.63
%
,
9/1/33
,
Continuously
Callable
@100
.................
375
365
Wyandotte
County-Kansas
City
Unified
Government
Tax
Allocation
,
5
.75
%
,
3/1/41
,
Continuously
Callable
@103
(f)
.........................................
2,000
1,941
Wyandotte
County-Kansas
City
Unified
Government
Utility
System
Revenue
Series
A
,
5
.00
%
,
9/1/44
,
Continuously
Callable
@100
.........................
1,250
1,250
Series
A
,
5
.00
%
,
9/1/45
,
Continuously
Callable
@100
.........................
1,000
1,003
9,348
Kentucky
(0.7%):
City
of
Ashland
Revenue
,
Series
A
,
5
.00
%
,
2/1/40
,
Continuously
Callable
@100
..........
1,000
1,013
Kentucky
Bond
Development
Corp.
Revenue
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
..
750
676
Kentucky
Economic
Development
Finance
Authority
Revenue
,
Series
A
,
5
.00
%
,
5/15/46
,
Continuously
Callable
@100
...........................................
1,000
739
Kentucky
Economic
Development
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
..........
1,000
1,028
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
Series
A
,
5
.00
%
,
5/15/52
,
Continuously
Callable
@100
...........................................
2,000
2,061
5,517
Louisiana
(1.6%):
City
of
Shreveport
Water
&
Sewer
Revenue
,
5
.00
%
,
12/1/40
,
Continuously
Callable
@100
..
1,000
1,007
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
Series
B
,
4
.00
%
,
12/1/44
,
Continuously
Callable
@100
....................................
500
463
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
C
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
1,000
1,003
Jefferson
Sales
Tax
District
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
12/1/42
,
Continuously
Callable
@100
...............................
1,500
1,423
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
1,000
1,020
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
...............................
1,000
1,015
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
........................
1,000
905
Louisiana
Public
Facilities
Authority
Revenue
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,000
983
Series
A
,
4
.00
%
,
1/1/56
,
Continuously
Callable
@100
.........................
1,000
867
Louisiana
Public
Facilities
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.25
%
,
6/1/51
,
Pre-refunded  6/1/25
@
100
................................
1,000
1,017
Parish
of
East
Baton
Rouge
Capital
Improvements
District
Revenue
,
4
.00
%
,
8/1/44
,
Continuously
Callable
@100
...........................................
1,400
1,355
State
of
Louisiana
Gasoline
&
Fuels
Tax
Revenue
,
Series
C
,
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
.....................................................
1,500
1,542
12,600
Maine
(0.2%):
Maine
Health
&
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........................................
1,000
776
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Maine
Health
&
Higher
Educational
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
...........
$
1,175
$
1,106
1,882
Maryland
(0.4%):
City
of
Gaithersburg
Revenue
,
5
.13
%
,
1/1/42
,
Continuously
Callable
@103
.............
865
862
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
1,100
1,017
5
.25
%
,
7/1/53
,
Continuously
Callable
@100
...............................
1,250
1,312
3,191
Massachusetts
(1.6%):
Massachusetts
Development
Finance
Agency
Revenue
5
.00
%
,
4/15/40
,
Continuously
Callable
@100
...............................
1,000
979
4
.00
%
,
9/1/48
,
Continuously
Callable
@100
...............................
1,380
1,157
3
.96
%
(
MUNIPSA
+
60
bps
)
,
7/1/49
,
Continuously
Callable
@100
(f)
(i)
.............
1,250
1,244
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
1,500
1,216
5
.00
%
,
10/1/57
,
Continuously
Callable
@104
(f)
.............................
1,000
969
Series
A
,
5
.00
%
,
6/1/39
,
Pre-refunded  6/1/29
@
100
.........................
1,000
1,074
Series
A
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
.........................
1,600
1,584
Series
A
,
5
.50
%
,
7/1/44
,
Continuously
Callable
@100
.........................
500
452
Series
B
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.........................
1,000
807
Series
B
,
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
.........................
850
687
Series
D
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
........................
1,000
1,001
Series
F
,
5
.75
%
,
7/15/43
,
Continuously
Callable
@100
........................
1,000
1,000
Series
I
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
1,000
998
13,168
Michigan
(1.6%):
City
of
Wyandotte
Electric
System
Revenue
,
Series
A
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
...........................................................
1,000
1,009
Detroit
Downtown
Development
Authority
Tax
Allocation
,
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
...........................................
1,750
1,750
Jackson
Public
Schools,
GO
(NBGA
-
Michigan
School
Bond
Qualification
and
Loan
Program)
,
5
.00
%
,
5/1/42
,
Continuously
Callable
@100
........................
1,000
1,036
Karegnondi
Water
Authority
Revenue
,
5
.00
%
,
11/1/41
,
Continuously
Callable
@100
.......
1,000
1,021
Kentwood
Economic
Development
Corp.
Revenue
,
4
.00
%
,
11/15/45
,
Continuously
Callable
@103
...........................................................
500
403
Lincoln
Consolidated
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
5/1/40
,
Continuously
Callable
@100
.............................
1,250
1,269
Livonia
Public
Schools,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
...........................................
1,000
1,008
Michigan
Finance
Authority
Revenue
4
.00
%
,
2/1/42
,
Continuously
Callable
@100
...............................
745
607
4
.00
%
,
9/1/45
,
Continuously
Callable
@100
...............................
1,000
884
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
1,665
969
5
.63
%
,
11/1/52
,
Continuously
Callable
@100
...............................
2,000
1,955
Wayne
County
Airport
Authority
Revenue
,
Series
B
,
5
.00
%
,
12/1/44
,
Continuously
Callable
@100
...........................................................
1,000
1,002
12,913
Minnesota
(0.2%):
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
Revenue
5
.00
%
,
11/15/44
,
Pre-refunded
11/15/25
@
100
.............................
1,000
1,022
Series
A
,
5
.00
%
,
11/15/47
,
Continuously
Callable
@100
.......................
1,000
1,003
2,025
Missouri
(0.9%):
Cape
Girardeau
County
IDA
Revenue
,
4
.00
%
,
3/1/46
,
Continuously
Callable
@100
.......
750
707
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
5
.00
%
,
8/1/45
,
Continuously
Callable
@100
...............................
1,270
1,115
4
.00
%
,
2/1/48
,
Continuously
Callable
@100
...............................
1,500
1,203
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
...............................
480
387
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
...............................
500
520
Series
A
,
4
.00
%
,
2/15/49
,
Continuously
Callable
@100
........................
250
231
Missouri
Development
Finance
Board
Revenue
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
1,000
812
St.
Louis
Municipal
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
10/1/38
,
Continuously
Callable
@100
...............................
1,000
1,032
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
...............................
$
1,000
$
1,041
7,048
Montana
(0.1%):
Montana
Facility
Finance
Authority
Revenue
,
4
.00
%
,
6/1/45
,
Continuously
Callable
@100
..
485
442
Nebraska
(0.5%):
Central
Plains
Energy
Project
Revenue
Series
1
,
5
.00
%
,
5/1/53
,
Continuously
Callable
@100
.........................
2,000
2,080
Series
A
,
5
.00
%
,
9/1/42
..............................................
1,000
1,038
Douglas
County
Hospital
Authority
No.
3
Revenue
,
5
.00
%
,
11/1/48
,
Continuously
Callable
@100
...........................................................
1,000
1,003
4,121
Nevada
(0.5%):
Carson
City
Revenue
,
5
.00
%
,
9/1/42
,
Continuously
Callable
@100
...................
1,000
1,007
Las
Vegas
Convention
&
Visitors
Authority
Revenue
,
Series
C
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.....................................................
1,555
1,496
Las
Vegas
Redevelopment
Agency
Tax
Allocation
,
5
.00
%
,
6/15/45
,
Continuously
Callable
@100
...........................................................
1,500
1,448
3,951
New
Hampshire
(0.3%):
New
Hampshire
Business
Finance
Authority
Revenue
4
.00
%
,
1/1/51
,
Continuously
Callable
@103
...............................
2,000
1,458
Series
A
,
5
.25
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,000
1,024
2,482
New
Jersey
(2.3%):
Essex
County
Improvement
Authority
Revenue
,
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
1,100
937
New
Jersey
Economic
Development
Authority
Revenue
5
.00
%
,
6/15/43
,
Pre-refunded
12/15/28
@
100
..............................
370
399
5
.00
%
,
6/15/43
,
Continuously
Callable
@100
...............................
630
653
Series
A
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
1,000
970
Series
A
,
5
.00
%
,
6/15/47
,
Continuously
Callable
@100
........................
1,000
1,020
Series
B
,
5
.00
%
,
6/15/43
,
Continuously
Callable
@100
........................
1,000
1,036
Series
DDD
,
5
.00
%
,
6/15/42
,
Pre-refunded  6/15/27
@
100
.....................
2,000
2,105
New
Jersey
Economic
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
6/1/37
,
Continuously
Callable
@100
..........................
500
511
New
Jersey
Educational
Facilities
Authority
Revenue
,
Series
B
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.....................................................
1,000
1,020
New
Jersey
Educational
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
...................
1,000
975
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
.....................................................
1,000
1,038
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
5
.00
%
,
6/15/48
,
Continuously
Callable
@100
...............................
1,000
1,049
Series
A
,
5
.00
%
,
12/15/35
,
Continuously
Callable
@100
.......................
1,000
1,054
Series
A
,
12/15/38
(g)
................................................
1,500
813
Series
AA
,
5
.00
%
,
6/15/44
,
Continuously
Callable
@100
......................
1,000
1,001
Series
BB
,
4
.00
%
,
6/15/50
,
Continuously
Callable
@100
......................
1,000
926
South
Jersey
Transportation
Authority
Revenue
,
Series
A
,
5
.00
%
,
11/1/39
,
Continuously
Callable
@100
.....................................................
1,250
1,215
South
Jersey
Transportation
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.25
%
,
11/1/52
,
Continuously
Callable
@100
...............................
500
532
The
Atlantic
County
Improvement
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4
.00
%
,
7/1/53
,
Continuously
Callable
@100
..........................
750
693
The
Passaic
County
Improvement
Authority
Revenue
,
5
.38
%
,
7/1/53
,
Continuously
Callable
@100
...........................................................
500
505
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
,
5
.25
%
,
6/1/46
,
Continuously
Callable
@100
...........................................................
500
518
18,970
New
Mexico
(0.2%):
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
,
Series
A
,
5
.00
%
,
7/1/49
,
Continuously
Callable
@102
...........................................
1,500
1,228
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
New
York
(3.8%):
Build
NYC
Resource
Corp.
Revenue
,
Series
A
,
7
.00
%
,
4/15/53
,
Continuously
Callable
@100
(f)
.........................................................
$
1,000
$
1,084
City
of
New
York,
GO
,
Series
B-3
,
3
.00
%
,
10/1/46
,
Continuously
Callable
@100
(e)
.......
8,680
8,680
New
York
City
Municipal
Water
Finance
Authority
Revenue
,
Series
DD
,
3
.00
%
,
6/15/33
,
Continuously
Callable
@100
(e)
.........................................
7,830
7,830
New
York
Liberty
Development
Corp.
Revenue
5
.25
%
,
10/1/35
....................................................
630
714
5
.50
%
,
10/1/37
....................................................
1,500
1,748
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
...............................
1,000
889
New
York
State
Dormitory
Authority
Revenue
5
.00
%
,
7/1/57
,
Continuously
Callable
@100
...............................
1,000
934
Series
A
,
4
.00
%
,
3/15/49
,
Continuously
Callable
@100
........................
750
709
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
2,000
1,710
Series
A
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
1,000
882
Series
D
,
4
.00
%
,
2/15/47
,
Continuously
Callable
@100
........................
2,000
1,898
New
York
State
Dormitory
Authority
Revenue
(INS
-
AMBAC
Assurance
Corp.)
,
Series
1
,
5
.50
%
,
7/1/40
.....................................................
1,205
1,381
The
Genesee
County
Funding
Corp.
Revenue
,
Series
A
,
5
.25
%
,
12/1/52
,
Continuously
Callable
@100
...........................................................
500
514
Village
of
Johnson
City,
GO
,
Series
C
,
5
.25
%
,
9/27/24
............................
2,000
2,002
30,975
North
Carolina
(0.5%):
North
Carolina
Medical
Care
Commission
Revenue
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
1,000
1,010
5
.00
%
,
1/1/49
,
Continuously
Callable
@104
...............................
1,500
1,507
Series
A
,
5
.13
%
,
10/1/54
,
Continuously
Callable
@100
........................
1,500
1,517
4,034
North
Dakota
(0.4%):
City
of
Grand
Forks
Revenue
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
............
1,450
1,174
County
of
Ward
Revenue
,
Series
C
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........
1,000
921
University
of
North
Dakota
Certificate
of
Participation
(INS
-
Assured
Guaranty
Corp.)
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
.............................
1,000
902
2,997
Ohio
(1.1%):
County
of
Hamilton
Revenue
,
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@103
......
500
508
County
of
Ross
Revenue
,
5
.00
%
,
12/1/49
,
Continuously
Callable
@100
................
2,420
2,485
County
of
Warren
Revenue
,
Series
A
,
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
........
735
623
Northeast
Ohio
Medical
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
...............................
775
808
Ohio
Higher
Educational
Facility
Commission
Revenue
4
.00
%
,
12/1/46
,
Continuously
Callable
@100
...............................
750
642
5
.25
%
,
1/1/52
,
Continuously
Callable
@100
...............................
1,000
1,026
4
.00
%
,
10/1/52
,
Continuously
Callable
@100
...............................
2,000
1,770
Southeastern
Ohio
Port
Authority
Revenue
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
...
750
704
8,566
Oklahoma
(0.4%):
Oklahoma
Development
Finance
Authority
Revenue
,
Series
B
,
5
.50
%
,
8/15/57
,
Continuously
Callable
@100
.....................................................
1,000
1,015
Oklahoma
Municipal
Power
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.00
%
,
1/1/47
,
Continuously
Callable
@100
.........................
1,000
947
Pontotoc
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
.....................................................
500
455
Tulsa
County
Industrial
Authority
Revenue
,
5
.25
%
,
11/15/37
,
Continuously
Callable
@102
..
750
741
3,158
Oregon
(0.5%):
Medford
Hospital
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
.....................................................
1,000
912
Oregon
State
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...........................................................
1,000
815
Salem
Hospital
Facility
Authority
Revenue
4
.00
%
,
5/15/47
,
Continuously
Callable
@103
...............................
1,000
791
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.00
%
,
5/15/53
,
Continuously
Callable
@102
...............................
$
1,250
$
1,147
3,665
Pennsylvania
(4.7%):
Adams
County
General
Authority
Revenue
,
4
.00
%
,
8/15/45
,
Continuously
Callable
@100
...
1,455
1,302
Allegheny
County
Hospital
Development
Authority
Revenue
Series
A
,
4
.00
%
,
7/15/39
,
Continuously
Callable
@100
........................
1,185
1,142
Series
A
,
5
.00
%
,
4/1/47
,
Continuously
Callable
@100
.........................
2,000
2,017
Berks
County
IDA
Revenue
5
.00
%
,
5/15/43
,
Pre-refunded  5/15/25
@
102
..............................
350
362
5
.00
%
,
11/1/50
,
Continuously
Callable
@100
...............................
1,500
760
Bucks
County
IDA
Revenue
,
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
.............
1,000
942
Butler
County
Hospital
Authority
Revenue
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
....
1,665
1,567
Canon-McMillan
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
.....................................
1,500
1,423
Central
Bradford
Progress
Authority
Revenue
,
Series
B
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
.....................................................
2,000
1,806
Chester
County
IDA
Revenue
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
............
1,000
925
Commonwealth
of
Pennsylvania
Certificate
of
Participation
,
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
...........................................
1,000
1,025
Lancaster
County
Hospital
Authority
Revenue
,
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
1,000
1,001
Lancaster
IDA
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@103
.................
500
388
Latrobe
IDA
Revenue
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
...................
800
633
Lehigh
County
General
Purpose
Authority
Revenue
,
5
.25
%
,
2/1/54
,
Continuously
Callable
@100
...........................................................
1,400
1,454
Montgomery
County
IDA
Revenue
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
...............................
625
548
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
825
699
Series
A
,
5
.25
%
,
1/15/45
,
Pre-refunded  1/15/25
@
100
........................
1,000
1,010
Series
C
,
4
.00
%
,
11/15/43
,
Continuously
Callable
@103
.......................
600
539
Northampton
County
General
Purpose
Authority
Revenue
4
.00
%
,
8/15/40
,
Continuously
Callable
@100
...............................
1,000
945
5
.00
%
,
8/15/43
,
Continuously
Callable
@100
...............................
1,000
1,021
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
...............................
2,500
2,527
Pennsylvania
Economic
Development
Financing
Authority
Revenue
4
.00
%
,
7/1/46
,
Continuously
Callable
@103
...............................
1,000
874
Series
A
,
4
.00
%
,
10/15/51
,
Continuously
Callable
@100
.......................
1,000
915
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/15/46
,
Continuously
Callable
@100
...........................................
1,575
1,229
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax
Revenue
Series
B
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
1,000
1,039
Series
B
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
........................
1,000
913
Pennsylvania
Turnpike
Commission
Revenue
Series
A-1
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
......................
1,000
1,006
Series
A-1
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
......................
1,000
1,025
Philadelphia
IDA
Revenue
,
5
.00
%
,
8/1/50
,
Continuously
Callable
@100
...............
1,050
1,012
Reading
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
3/1/38
,
Continuously
Callable
@100
...........................................
1,500
1,541
The
School
District
of
Philadelphia,
GO
Series
A
,
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
1,000
1,038
Series
A
,
4
.00
%
,
9/1/46
,
Continuously
Callable
@100
.........................
1,000
934
Series
F
,
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
1,000
1,016
Wilkes-Barre
Area
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
4/15/49
,
Continuously
Callable
@100
....................................
1,500
1,424
38,002
Rhode
Island
(0.1%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
,
Series
2015-A
,
6
.85
%
,
10/1/24
,
Continuously
Callable
@100
...........................................
20
20
Rhode
Island
Turnpike
&
Bridge
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
.....................................................
1,000
1,009
1,029
South
Carolina
(0.4%):
Patriots
Energy
Group
Revenue
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
.....
1,100
981
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
South
Carolina
Jobs-Economic
Development
Authority
Revenue
5
.00
%
,
11/15/47
,
Continuously
Callable
@103
..............................
$
1,000
$
1,005
4
.00
%
,
4/1/49
,
Continuously
Callable
@103
...............................
620
460
5
.25
%
,
2/1/53
,
Continuously
Callable
@100
...............................
750
797
3,243
Tennessee
(1.1%):
Greeneville
Health
&
Educational
Facilities
Board
Revenue
,
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
.....................................................
1,500
1,548
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
1,465
1,471
5
.00
%
,
10/1/48
,
Continuously
Callable
@100
...............................
500
476
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
1,000
781
Series
A
,
5
.00
%
,
10/1/45
,
Continuously
Callable
@100
........................
1,000
1,000
Tennergy
Corp.
Revenue
,
Series
A
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
.........
2,500
2,659
The
Metropolitan
Nashville
Airport
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
.....................................................
1,000
941
8,876
Texas
(6.6%):
Arlington
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
2,165
2,015
Bexar
County
Health
Facilities
Development
Corp.
Revenue
,
5
.00
%
,
7/15/37
,
Continuously
Callable
@105
.....................................................
1,000
927
Central
Texas
Regional
Mobility
Authority
Revenue
,
4
.00
%
,
1/1/41
,
Continuously
Callable
@100
...........................................................
1,000
937
Central
Texas
Turnpike
System
Revenue
,
Series
C
,
5
.00
%
,
8/15/42
,
Continuously
Callable
@100
...........................................................
1,000
1,001
City
of
Arlington
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
2/15/48
,
Continuously
Callable
@100
....................................
1,000
1,023
City
of
Arlington
Tax
Allocation
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
..........
1,700
1,360
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
5
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
1,000
995
5
.00
%
,
9/1/40
,
Continuously
Callable
@100
...............................
1,000
992
City
of
Irving
Revenue
,
5
.00
%
,
8/15/43
,
Continuously
Callable
@100
.................
1,000
986
City
of
Laredo
Waterworks
&
Sewer
System
Revenue
,
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...........................................................
1,000
983
City
of
Lewisville
Special
Assessment
(INS
-
ACA
Financial
Guaranty
Corp.)
,
5
.80
%
,
9/1/25
1,530
1,555
Clifton
Higher
Education
Finance
Corp.
Revenue
,
4
.25
%
,
8/15/52
,
Continuously
Callable
@100
...........................................................
1,500
1,382
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
5
.00
%
,
8/15/39
,
Continuously
Callable
@100
...............................
1,000
1,002
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
1,000
953
4
.25
%
,
4/1/53
,
Continuously
Callable
@100
...............................
3,250
3,064
County
of
Bexar
Revenue
,
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............
1,500
1,368
Greater
Texas
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
4
.00
%
,
3/1/50
,
Continuously
Callable
@100
...........................................
1,000
920
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/1/38
,
Continuously
Callable
@100
...........................................
1,000
875
Harris
County
Hospital
District
Revenue
,
4
.00
%
,
2/15/42
,
Continuously
Callable
@100
....
1,000
942
Hidalgo
County
Regional
Mobility
Authority
Revenue
Series
A
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
735
684
Series
B
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
700
630
Houston
Higher
Education
Finance
Corp.
Revenue
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...........................................................
1,100
874
Karnes
County
Hospital
District
Revenue
,
5
.00
%
,
2/1/44
,
Continuously
Callable
@100
.....
1,000
1,000
Martin
County
Hospital
District,
GO
,
4
.00
%
,
4/1/36
,
Continuously
Callable
@100
........
350
346
Matagorda
County
Navigation
District
No.
1
Revenue
,
Series
B-2
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
...........................................
1,000
996
Mesquite
Health
Facilities
Development
Corp.
Revenue
,
0.00%
,
2/15/35
,
Continuously
Callable
@100
(h)
...................................................
338
13
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Series
A
,
5
.00
%
,
4/1/47
,
Pre-refunded  4/1/25
@
100
.........................
1,600
1,618
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
(h)
......................
1,000
945
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A1
,
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
..........
$
225
$
230
North
Texas
Tollway
Authority
Revenue
,
Series
B
,
5
.00
%
,
1/1/45
,
Continuously
Callable
@100
...........................................................
1,000
1,002
Port
of
Port
Arthur
Navigation
District
Revenue
Series
A
,
3
.00
%
,
4/1/40
,
Continuously
Callable
@100
(e)
.......................
3,650
3,650
Series
B
,
3
.00
%
,
4/1/40
,
Continuously
Callable
@100
(e)
.......................
900
900
Series
C
,
3
.05
%
,
4/1/40
,
Continuously
Callable
@100
(e)
.......................
7,400
7,400
Princeton
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
5
.00
%
,
2/15/43
,
Continuously
Callable
@100
....................................
1,000
1,030
San
Antonio
Education
Facilities
Corp.
Revenue
,
4
.00
%
,
4/1/54
,
Continuously
Callable
@100
1,000
783
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
..............................
1,000
956
Series
A
,
0.00%
,
11/15/45
,
Continuously
Callable
@100
(h)
.....................
818
22
Series
A
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
.........................
750
779
Series
B
,
0.00%
,
11/15/36
,
Continuously
Callable
@100
(h)
.....................
818
22
Series
B
,
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
.......................
1,935
1,825
Series
B
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
.........................
2,960
3,021
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Revenue
,
5
.00
%
,
12/15/27
..........
1,375
1,408
53,414
Utah
(0.6%):
Military
Installation
Development
Authority
Revenue
,
Series
A-1
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.....................................................
500
430
Utah
Charter
School
Finance
Authority
Revenue
4
.00
%
,
4/15/52
,
Continuously
Callable
@100
...............................
3,000
2,539
4
.50
%
,
10/15/52
,
Continuously
Callable
@100
..............................
1,000
926
Series
A
,
4
.00
%
,
10/15/46
,
Continuously
Callable
@100
.......................
860
761
4,656
Vermont
(0.2%):
Vermont
Economic
Development
Authority
Revenue
,
4
.00
%
,
5/1/45
,
Continuously
Callable
@103
...........................................................
1,000
830
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
,
5
.00
%
,
10/15/46
,
Continuously
Callable
@100
...........................................
1,000
898
1,728
Virginia
(0.1%):
Alexandria
IDA
Revenue
,
5
.00
%
,
10/1/45
,
Pre-refunded
10/1/25
@
100
................
1,000
1,020
Washington
(0.7%):
King
County
Public
Hospital
District
No.
2,
GO
,
Series
A
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
.....................................................
1,000
951
Washington
Health
Care
Facilities
Authority
Revenue
4
.00
%
,
7/1/42
,
Continuously
Callable
@100
...............................
1,000
882
Series
A
,
5
.00
%
,
1/1/47
,
Pre-refunded  1/1/27
@
100
.........................
1,000
1,043
Washington
Higher
Education
Facilities
Authority
Revenue
,
4
.00
%
,
5/1/45
,
Continuously
Callable
@100
.....................................................
1,100
976
Washington
State
Housing
Finance
Commission
Revenue
5
.00
%
,
1/1/38
,
Continuously
Callable
@102
(f)
..............................
1,000
949
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,000
1,014
Series
A-1
,
3
.50
%
,
12/20/35
...........................................
287
256
6,071
West
Virginia
(0.5%):
West
Virginia
Hospital
Finance
Authority
Revenue
4
.00
%
,
1/1/38
,
Continuously
Callable
@100
...............................
1,500
1,329
Series
A
,
4
.38
%
,
6/1/53
,
Continuously
Callable
@100
.........................
3,000
2,899
4,228
Wisconsin
(1.7%):
Public
Finance
Authority
Revenue
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
1,000
1,045
5
.00
%
,
1/1/42
,
Continuously
Callable
@103
(f)
..............................
600
535
4
.00
%
,
1/1/45
,
Continuously
Callable
@100
...............................
1,440
1,345
4
.00
%
,
1/1/47
,
Continuously
Callable
@103
...............................
1,000
867
4
.00
%
,
2/1/51
,
Continuously
Callable
@100
...............................
1,000
698
Series
A
,
5
.25
%
,
3/1/47
,
Continuously
Callable
@100
.........................
2,000
2,016
Victory
Portfolios
III
Victory
Growth
and
Tax
Strategy
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
A
,
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
........................
$
1,000
$
885
Series
A
,
5
.25
%
,
10/1/48
,
Continuously
Callable
@100
........................
1,500
1,398
Series
A
,
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
........................
1,500
1,334
Series
A
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
.........................
880
678
Series
A
,
5
.75
%
,
7/1/53
,
Continuously
Callable
@100
(f)
.......................
1,500
1,596
Public
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
600
612
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
1/1/47
,
Continuously
Callable
@103
...............................
600
415
4
.00
%
,
1/1/57
,
Continuously
Callable
@103
...............................
1,000
619
14,043
Total
Municipal
Bonds
(Cost
$455,553)
a
a
a
419,102
Total
Investments
(Cost
$523,361)
—
99.7%
806,997
Other
assets
in
excess
of
liabilities
—
0.3%
2,446
NET
ASSETS
-
100.00%
$
809,443
(a)
Non-income
producing
security.
(b)
Rounds
to
less
than
$1
thousand.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2024.
(e)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(f)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$14,929
(thousands)
and
amounted
to
1.8%
of
net
assets.
(g)
Zero-coupon
bond.
(h)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(i)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2024.
AMBAC
—
American
Municipal
Bond
Assurance
Corporation
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
CVR
—
Contingent
Value
Right
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
LLC
—
Limited
Liability
Company
MUNIPSA
—
SIFMA
Municipal
Swap
Index
Yield
PLC
—
Public
Limited
Company
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
International
Fund
76
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(97.8%)
Australia
(5.4%):
Consumer
Discretionary
(0.9%):
ARB
Corp.
Ltd.(a)
......................................................
74,218
$
1,909
Aristocrat
Leisure
Ltd.
...................................................
558,137
16,775
Breville
Group
Ltd.
.....................................................
139,648
2,491
PWR
Holdings
Ltd.
.....................................................
346,465
2,550
23,725
Energy
(0.2%):
MMA
Offshore
Ltd.(a)
...................................................
2,256,528
3,956
Woodside
Energy
Group
Ltd.
..............................................
91,221
1,687
5,643
Financials
(1.0%):
AUB
Group
Ltd.
.......................................................
109,283
2,158
Macquarie
Group
Ltd.
...................................................
131,385
16,771
National
Australia
Bank
Ltd.
...............................................
191,805
4,343
QBE
Insurance
Group
Ltd.(a)
..............................................
171,938
2,044
25,316
Health
Care
(0.6%):
CSL
Ltd.
.............................................................
75,387
14,108
Nanosonics
Ltd.(a)
......................................................
435,857
822
14,930
Industrials
(0.2%):
Brambles
Ltd.
.........................................................
179,140
1,702
Johns
Lyng
Group
Ltd.
...................................................
667,295
2,510
Qantas
Airways
Ltd.(a)
...................................................
462,347
1,900
6,112
Information
Technology
(0.1%):
Technology
One
Ltd.
....................................................
169,497
2,018
Materials
(1.7%):
BHP
Group
Ltd.
........................................................
956,188
28,452
Capricorn
Metals
Ltd.(a)
..................................................
609,145
1,945
Gold
Road
Resources
Ltd.(a)
..............................................
1,577,664
1,731
Imdex
Ltd.
............................................................
2,166,149
3,218
Northern
Star
Resources
Ltd.(a)
............................................
238,071
2,276
Ramelius
Resources
Ltd.(a)
...............................................
2,494,991
3,268
Rio
Tinto
Ltd.
.........................................................
41,322
3,553
44,443
Real
Estate
(0.7%):
Charter
Hall
Group
......................................................
177,917
1,447
Goodman
Group
.......................................................
109,514
2,460
Scentre
Group
.........................................................
6,990,686
14,748
18,655
140,842
Austria
(0.3%):
Energy
(0.0%):(b)
Schoeller-Bleckmann
Oilfield
Equipment
AG
...................................
21,999
937
Financials
(0.2%):
Erste
Group
Bank
AG
....................................................
92,963
4,568
Industrials
(0.1%):
ANDRITZ
AG
.........................................................
39,825
2,391
Victory
Portfolios
III
Victory
International
Fund
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Information
Technology
(0.0%):(b)
ams-OSRAM
AG(a)
.....................................................
598,336
$
965
8,861
Belgium
(1.1%):
Communication
Services
(0.0%):(b)
Proximus
SADP
........................................................
148,895
1,174
Financials
(0.1%):
Ageas
SA
............................................................
63,182
3,152
Information
Technology
(0.5%):
Melexis
NV
...........................................................
132,385
12,018
Materials
(0.5%):
Solvay
SA,
Class
A(c)
...................................................
279,552
10,257
Titan
Cement
International
SA
.............................................
65,589
2,158
12,415
28,759
Brazil
(0.7%):
Communication
Services
(0.1%):
Telefonica
Brasil
SA
.....................................................
296,813
2,448
Consumer
Discretionary
(0.0%):(b)
Lojas
Renner
SA
.......................................................
158,700
397
Consumer
Staples
(0.1%):
Ambev
SA
............................................................
372,964
821
Atacadao
SA
..........................................................
721,124
1,363
2,184
Energy
(0.2%):
PRIO
SA
.............................................................
215,200
1,706
Raizen
SA,
Class
PN
....................................................
2,643,500
1,435
Ultrapar
Participacoes
SA
.................................................
168,434
743
3,884
Financials
(0.2%):
Banco
Bradesco
SA,
ADR
................................................
1,352,016
3,326
Banco
do
Brasil
SA
.....................................................
474,500
2,451
Caixa
Seguridade
Participacoes
S/A
..........................................
176,317
499
6,276
Utilities
(0.1%):
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
........................
157,505
2,216
Equatorial
Energia
SA
...................................................
239,200
1,331
3,547
18,736
Canada
(2.3%):
Consumer
Discretionary
(0.1%):
Linamar
Corp.
.........................................................
32,008
1,668
Energy
(0.5%):
ARC
Resources
Ltd.
.....................................................
186,595
3,531
Headwater
Exploration,
Inc.
...............................................
285,564
1,599
Parex
Resources,
Inc.
....................................................
74,410
1,221
Pason
Systems,
Inc.
.....................................................
248,466
3,007
Suncor
Energy,
Inc.
.....................................................
44,032
1,796
Trican
Well
Service
Ltd.
..................................................
900,168
2,959
14,113
Financials
(0.6%):
Fairfax
Financial
Holdings
Ltd.
.............................................
4,774
5,375
Victory
Portfolios
III
Victory
International
Fund
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
National
Bank
of
Canada
.................................................
41,685
$
3,563
Sprott,
Inc.
...........................................................
57,464
2,584
Sun
Life
Financial,
Inc.
..................................................
47,929
2,402
The
Toronto-Dominion
Bank
...............................................
50,233
2,809
16,733
Industrials
(0.5%):
Calian
Group
Ltd.
......................................................
44,138
1,786
Element
Fleet
Management
Corp.
...........................................
204,408
3,633
Finning
International,
Inc.
.................................................
62,749
1,874
MDA
Space
Ltd.(a)
.....................................................
154,857
1,339
Russel
Metals,
Inc.
......................................................
70,081
1,881
Savaria
Corp.
..........................................................
142,207
1,858
12,371
Materials
(0.6%):
Barrick
Gold
Corp.
......................................................
175,575
2,995
Dundee
Precious
Metals,
Inc.
..............................................
288,793
2,384
Karora
Resources,
Inc.(a)
.................................................
582,765
2,365
Lundin
Mining
Corp.
....................................................
216,910
2,494
Stella-Jones,
Inc.
.......................................................
46,478
2,775
Teck
Resources
Ltd.,
Class
B
..............................................
50,076
2,605
15,618
60,503
Chile
(0.1%):
Consumer
Staples
(0.1%):
Cencosud
SA
..........................................................
915,570
1,720
China
(1.8%):
Communication
Services
(0.7%):
Baidu,
Inc.,
Class
SW(a)
..................................................
243,740
2,954
Kuaishou
Technology,
Class
W(a)(d)
.........................................
337,300
2,409
Tencent
Holdings
Ltd.
...................................................
260,500
12,086
17,449
Consumer
Discretionary
(0.5%):
Alibaba
Group
Holding
Ltd.
...............................................
491,469
4,799
BYD
Co.
Ltd.
.........................................................
67,500
1,894
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
.....................................
1,492,445
484
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H(d)
................................
269,200
1,523
MINISO
Group
Holding
Ltd.,
ADR
..........................................
79,127
1,780
Trip.com
Group
Ltd.(a)
...................................................
39,400
2,014
12,494
Consumer
Staples
(0.1%):
Giant
Biogene
Holding
Co.
Ltd.(a)(d)
........................................
305,600
1,940
Financials
(0.3%):
Agricultural
Bank
of
China
Ltd.,
Class
H
......................................
3,731,000
1,564
Bank
of
China
Ltd.,
Class
H
...............................................
5,269,000
2,498
China
Construction
Bank
Corp.,
Class
H
......................................
3,052,000
2,166
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
...................................
2,046,000
2,667
8,895
Health
Care
(0.0%):(b)
Sinopharm
Group
Co.
Ltd.,
Class
H
..........................................
444,800
1,210
Industrials
(0.1%):
China
Railway
Group
Ltd.,
Class
H
..........................................
4,017,000
2,164
Sinotruk
Hong
Kong
Ltd.
.................................................
775,500
1,804
3,968
Materials
(0.1%):
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
.......................................
586,500
1,452
Victory
Portfolios
III
Victory
International
Fund
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H(d)
...................................
180,800
$
502
1,954
47,910
Denmark
(3.6%):
Consumer
Discretionary
(0.8%):
Pandora
A/S
..........................................................
125,548
20,626
Health
Care
(2.7%):
Novo
Nordisk
A/S,
Class
B
................................................
515,680
69,882
Industrials
(0.1%):
INVISIO
AB
..........................................................
129,649
3,272
93,780
Finland
(0.4%):
Consumer
Discretionary
(0.1%):
Harvia
Oyj
...........................................................
58,452
2,658
Marimekko
Oyj
........................................................
72,030
1,253
3,911
Health
Care
(0.1%):
Revenio
Group
Oyj
.....................................................
55,069
1,684
Information
Technology
(0.2%):
Incap
Oyj(a)(c)
........................................................
240,159
3,094
Nokia
Oyj
............................................................
792,284
3,099
6,193
11,788
France
(8.9%):
Communication
Services
(0.3%):
Orange
SA(c)
.........................................................
298,817
3,489
Publicis
Groupe
SA
.....................................................
38,673
4,343
7,832
Consumer
Discretionary
(2.0%):
La
Francaise
des
Jeux
SAEM(d)
............................................
327,473
11,787
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
40,162
32,115
Renault
SA
...........................................................
59,288
3,482
Trigano
SA
...........................................................
13,740
2,102
Valeo
SE
.............................................................
148,161
1,832
51,318
Consumer
Staples
(1.3%):
Carrefour
SA(c)
........................................................
196,755
3,208
L'Oreal
SA
...........................................................
65,554
32,353
35,561
Energy
(0.8%):
Gaztransport
Et
Technigaz
SA
..............................................
55,258
8,060
Technip
Energies
NV
....................................................
152,109
3,680
TotalEnergies
SE
.......................................................
119,358
8,743
20,483
Financials
(0.8%):
AXA
SA
.............................................................
223,075
8,053
BNP
Paribas
SA(c)
......................................................
110,962
8,190
Societe
Generale
SA(c)
...................................................
183,703
5,502
21,745
Health
Care
(0.1%):
EssilorLuxottica
SA(a)(c)
.................................................
8,388
1,881
Victory
Portfolios
III
Victory
International
Fund
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Ipsen
SA
.............................................................
14,219
$
1,865
3,746
Industrials
(2.0%):
Cie
de
Saint-Gobain
SA
..................................................
87,404
7,716
Eiffage
SA
............................................................
19,513
2,159
Rexel
SA
.............................................................
548,478
16,666
Safran
SA
............................................................
98,309
23,021
SPIE
SA
.............................................................
55,430
2,293
51,855
Information
Technology
(0.4%):
Capgemini
SE
.........................................................
40,680
8,241
Esker
SA
.............................................................
10,306
2,146
10,387
Materials
(0.8%):
Arkema
SA
...........................................................
211,057
21,625
Real
Estate
(0.1%):
Klepierre
SA
..........................................................
63,043
1,830
Utilities
(0.3%):
Engie
SA(c)
...........................................................
459,642
7,786
234,168
Germany
(6.7%):
Communication
Services
(0.2%):
Deutsche
Telekom
AG
...................................................
206,859
5,029
Consumer
Discretionary
(0.9%):
Continental
AG
........................................................
33,364
2,274
HUGO
BOSS
AG
......................................................
28,790
1,524
Mercedes-Benz
Group
AG
................................................
27,595
2,002
Volkswagen
AG,
Preference
Shares
..........................................
148,019
18,598
24,398
Consumer
Staples
(0.2%):
Henkel
AG
&
Co.
KGaA,
Preference
Shares
....................................
65,063
5,889
Financials
(1.2%):
Allianz
SE,
Registered
Shares
..............................................
92,998
27,220
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Class
R
...............
7,213
3,597
30,817
Health
Care
(0.1%):
Fresenius
SE
&
Co.
KGaA(a)
..............................................
111,519
3,558
Industrials
(1.9%):
2G
Energy
AG
.........................................................
108,037
2,970
Amadeus
Fire
AG
......................................................
19,639
2,371
Cewe
Stiftung
&
Co.
KGaA
...............................................
15,602
1,821
Daimler
Truck
Holding
AG
................................................
161,204
6,896
Siemens
AG,
Registered
Shares
.............................................
179,530
34,598
48,656
Information
Technology
(1.3%):
Atoss
Software
SE
......................................................
7,767
1,979
PVA
TePla
AG(a)(c)
.....................................................
84,035
1,709
SAP
SE
..............................................................
166,783
30,410
34,098
Materials
(0.5%):
BASF
SE
............................................................
73,030
3,865
Evonik
Industries
AG(a)
..................................................
139,768
3,078
Victory
Portfolios
III
Victory
International
Fund
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Heidelberg
Materials
AG
.................................................
53,529
$
5,613
12,556
Utilities
(0.4%):
RWE
AG
.............................................................
289,669
11,007
176,008
Greece
(0.1%):
Financials
(0.1%):
National
Bank
of
Greece
SA(a)
.............................................
213,649
1,856
Hong
Kong
(1.6%):
Consumer
Staples
(0.1%):
WH
Group
Ltd.(d)
......................................................
2,631,363
1,793
Financials
(0.8%):
AIA
Group
Ltd.
........................................................
2,099,200
16,306
BOC
Hong
Kong
Holdings
Ltd.
............................................
450,500
1,416
Prudential
PLC
........................................................
372,199
3,564
21,286
Industrials
(0.1%):
CK
Hutchison
Holdings
Ltd.
...............................................
466,787
2,280
Real
Estate
(0.5%):
CK
Asset
Holdings
Ltd.
..................................................
3,340,540
13,232
Sino
Land
Co.
Ltd.(a)
....................................................
1,238,000
1,318
14,550
Utilities
(0.1%):
Kunlun
Energy
Co.
Ltd.
..................................................
1,772,000
1,848
41,757
India
(1.2%):
Consumer
Discretionary
(0.1%):
Tata
Motors
Ltd.(a)
.....................................................
222,374
2,464
Consumer
Staples
(0.1%):
Varun
Beverages
Ltd.(a)
..................................................
125,446
2,147
Energy
(0.2%):
Oil
&
Natural
Gas
Corp.
Ltd.
..............................................
208,148
661
Reliance
Industries
Ltd.
..................................................
111,327
3,819
4,480
Financials
(0.4%):
Canara
Bank(a)
........................................................
1,508,690
2,139
ICICI
Bank
Ltd.
........................................................
289,315
3,889
Power
Finance
Corp.
Ltd.
.................................................
776,838
4,594
10,622
Information
Technology
(0.1%):
KPIT
Technologies
Ltd.
..................................................
92,333
1,616
Tata
Consultancy
Services
Ltd.
.............................................
39,617
1,746
3,362
Materials
(0.2%):
ACC
Ltd.
............................................................
51,378
1,569
Jindal
Stainless
Ltd.
.....................................................
376,254
3,579
5,148
Utilities
(0.1%):
Power
Grid
Corp.
of
India
Ltd.
.............................................
830,971
3,092
31,315
Victory
Portfolios
III
Victory
International
Fund
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Indonesia
(0.1%):
Communication
Services
(0.1%):
PT
Indosat
Tbk
........................................................
2,982,400
$
1,875
Ireland
(1.8%):
Consumer
Discretionary
(0.2%):
PDD
Holdings,
Inc.,
ADR(a)
...............................................
34,226
5,126
Consumer
Staples
(0.1%):
Glanbia
PLC
..........................................................
94,196
1,936
Financials
(0.3%):
AIB
Group
PLC
........................................................
512,712
2,917
Bank
of
Ireland
Group
PLC
...............................................
428,303
4,922
7,839
Health
Care
(0.1%):
ICON
PLC(a)
.........................................................
9,692
3,148
Industrials
(0.6%):
AerCap
Holdings
NV
....................................................
44,514
4,127
Ryanair
Holdings
PLC,
ADR
...............................................
89,954
10,942
15,069
Information
Technology
(0.1%):
Keywords
Studios
PLC
...................................................
64,307
1,844
Materials
(0.4%):
James
Hardie
Industries
PLC(a)
............................................
382,259
11,913
46,875
Israel
(0.1%):
Information
Technology
(0.1%):
Nice
Ltd.(a)
...........................................................
8,826
1,631
Italy
(1.8%):
Energy
(0.2%):
Eni
SpA
.............................................................
375,582
5,931
Financials
(0.5%):
BPER
Banca
SPA
.......................................................
742,802
3,997
UniCredit
SpA
.........................................................
237,022
9,435
13,432
Health
Care
(0.2%):
El.En.
SpA
...........................................................
241,217
2,648
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
36,207
1,911
4,559
Industrials
(0.2%):
Carel
Industries
SpA(d)
..................................................
69,379
1,315
Leonardo
SpA(a)
.......................................................
98,032
2,521
3,836
Information
Technology
(0.1%):
Sesa
SpA
.............................................................
22,008
2,552
Utilities
(0.6%):
Enel
SpA
.............................................................
295,730
2,147
Snam
SpA
............................................................
2,863,409
13,584
15,731
46,041
Victory
Portfolios
III
Victory
International
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Japan
(21.5%):
Communication
Services
(1.4%):
Capcom
Co.
Ltd.
.......................................................
579,100
$
10,718
DeNA
Co.
Ltd.
.........................................................
84,476
792
Dentsu
Group,
Inc.(c)
....................................................
102,420
2,711
Hakuhodo
DY
Holdings,
Inc.
..............................................
163,590
1,355
Infocom
Corp.(c)
.......................................................
111,100
3,442
Kakaku.com,
Inc.
.......................................................
977,700
11,837
Konami
Group
Corp.
....................................................
38,900
2,726
Nippon
Television
Holdings,
Inc.
............................................
125,335
1,690
Okinawa
Cellular
Telephone
Co.
............................................
83,000
1,888
37,159
Consumer
Discretionary
(3.7%):
Aucnet,
Inc.
...........................................................
150,500
2,256
Doshisha
Co.
Ltd.
......................................................
122,800
1,741
Fujibo
Holdings,
Inc.
....................................................
75,400
2,217
GOLDWIN,
Inc.
.......................................................
23,300
1,218
Honda
Motor
Co.
Ltd.
...................................................
359,386
4,070
Isuzu
Motors
Ltd.
.......................................................
430,772
5,774
KFC
Holdings
Japan
Ltd.
.................................................
86,800
3,582
Kura
Sushi,
Inc.
........................................................
79,300
2,439
Nikon
Corp.
...........................................................
109,680
1,142
Nissan
Motor
Co.
Ltd.
...................................................
764,252
2,734
Panasonic
Holdings
Corp.
.................................................
154,600
1,366
Rinnai
Corp.
..........................................................
73,056
1,754
Sega
Sammy
Holdings,
Inc.
...............................................
139,750
1,974
Shoei
Co.
Ltd.
.........................................................
149,500
1,936
Stanley
Electric
Co.
Ltd.
..................................................
88,781
1,633
Subaru
Corp.
..........................................................
118,531
2,650
Sumitomo
Electric
Industries
Ltd.
...........................................
166,063
2,695
Sumitomo
Rubber
Industries
Ltd.
...........................................
130,741
1,475
Suzuki
Motor
Corp.
.....................................................
239,200
2,852
Tama
Home
Co.
Ltd.(c)
..................................................
74,700
1,993
Toyota
Motor
Corp.
.....................................................
1,655,100
36,056
ZOZO,
Inc.
...........................................................
573,200
13,372
96,929
Consumer
Staples
(1.2%):
Asahi
Group
Holdings
Ltd.
................................................
58,000
2,128
Create
SD
Holdings
Co.
Ltd.(c)
.............................................
85,700
1,839
Daikokutenbussan
Co.
Ltd.
................................................
42,400
2,311
Earth
Corp.
...........................................................
48,500
1,453
Kirin
Holdings
Co.
Ltd.
..................................................
110,517
1,527
Milbon
Co.
Ltd.
........................................................
57,300
1,241
Toyo
Suisan
Kaisha
Ltd.
..................................................
275,500
19,864
Tsuruha
Holdings,
Inc.
...................................................
20,661
1,226
31,589
Financials
(3.2%):
Dai-ichi
Life
Holdings,
Inc.
...............................................
139,564
3,755
eGuarantee,
Inc.
........................................................
129,800
1,112
Japan
Post
Insurance
Co.
Ltd.
..............................................
130,520
2,516
Mizuho
Financial
Group,
Inc.
..............................................
1,121,150
22,968
MS&AD
Insurance
Group
Holdings,
Inc.
......................................
211,497
4,400
ORIX
Corp.
...........................................................
100,300
2,188
Resona
Holdings,
Inc.
....................................................
471,502
3,273
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
85,580
5,602
Sumitomo
Mitsui
Trust
Holdings,
Inc.
........................................
200,600
4,664
T&D
Holdings,
Inc.
.....................................................
297,725
5,383
Tokio
Marine
Holdings,
Inc.
...............................................
774,100
26,821
82,682
Victory
Portfolios
III
Victory
International
Fund
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Health
Care
(1.9%):
Alfresa
Holdings
Corp.
...................................................
90,679
$
1,277
Eisai
Co.
Ltd.
..........................................................
17,807
764
Elan
Corp.
............................................................
282,600
1,529
Fukuda
Denshi
Co.
Ltd.
..................................................
39,200
1,543
Hoya
Corp.
...........................................................
179,800
21,890
Nakanishi,
Inc.
.........................................................
98,000
1,406
Ono
Pharmaceutical
Co.
Ltd.
..............................................
115,964
1,679
Otsuka
Holdings
Co.
Ltd.
.................................................
56,100
2,316
Shionogi
&
Co.
Ltd.
.....................................................
330,882
14,909
Takara
Bio,
Inc.
........................................................
169,700
1,107
Takeda
Pharmaceutical
Co.
Ltd.
............................................
90,703
2,415
50,835
Industrials
(5.6%):
Aeon
Delight
Co.
Ltd.
...................................................
86,400
2,255
AIT
Corp.
............................................................
149,300
1,710
Amada
Co.
Ltd.
........................................................
84,520
954
AZ-COM
MARUWA
Holdings,
Inc.
.........................................
144,100
1,099
Central
Japan
Railway
Co.
................................................
77,600
1,731
Creek
&
River
Co.
Ltd.
...................................................
114,600
1,232
F&M
Co.
Ltd.
.........................................................
101,400
975
Fuji
Corp.
............................................................
92,500
1,497
Fuji
Electric
Co.
Ltd.
....................................................
329,800
19,677
FULLCAST
Holdings
Co.
Ltd.
.............................................
129,800
1,198
Hino
Motors
Ltd.(a)
.....................................................
223,833
627
Hosokawa
Micron
Corp.
..................................................
52,500
1,440
ITOCHU
Corp.
........................................................
113,300
5,349
JAC
Recruitment
Co.
Ltd.
.................................................
438,700
1,867
Japan
Airlines
Co.
Ltd.
...................................................
90,231
1,517
JGC
Holdings
Corp.
.....................................................
150,112
1,194
Kamigumi
Co.
Ltd.
.....................................................
71,800
1,459
Komatsu
Ltd.
..........................................................
105,800
3,110
Kubota
Corp.
..........................................................
277,660
3,930
Makita
Corp.
..........................................................
88,878
2,621
MISUMI
Group,
Inc.
....................................................
620,700
10,692
Mitsubishi
Heavy
Industries
Ltd.
............................................
2,719,500
23,792
Mitsui
&
Co.
Ltd.
.......................................................
97,200
4,949
Nippon
Yusen
KK
......................................................
462,600
14,668
Nitto
Kogyo
Corp.
......................................................
65,600
1,441
Persol
Holdings
Co.
Ltd.
..................................................
1,127,070
1,628
Sanwa
Holdings
Corp.
...................................................
1,035,300
19,275
Sanyo
Denki
Co.
Ltd.
....................................................
36,500
1,685
Sumitomo
Heavy
Industries
Ltd.
............................................
56,032
1,525
Teikoku
Electric
Manufacturing
Co.
Ltd.
......................................
88,200
1,311
THK
Co.
Ltd.
.........................................................
94,625
1,835
TKC
Corp.
...........................................................
63,600
1,336
Trancom
Co.
Ltd.
.......................................................
37,600
1,452
Tsurumi
Manufacturing
Co.
Ltd.
............................................
85,600
2,355
Yamato
Holdings
Co.
Ltd.
.................................................
167,800
1,928
145,314
Information
Technology
(3.0%):
Alps
Alpine
Co.
Ltd.
....................................................
110,971
1,047
Anritsu
Corp.
..........................................................
200,100
1,470
Avant
Group
Corp.
......................................................
169,100
1,430
Canon,
Inc.
...........................................................
62,600
1,822
Dexerials
Corp.
........................................................
38,600
1,625
Disco
Corp.
...........................................................
53,300
20,968
DTS
Corp.
............................................................
72,700
1,934
Elecom
Co.
Ltd.
........................................................
170,000
1,678
Fujitsu
Ltd.
...........................................................
895,700
12,972
Future
Corp.
..........................................................
190,300
1,834
Victory
Portfolios
III
Victory
International
Fund
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Horiba
Ltd.
...........................................................
38,600
$
3,052
Lasertec
Corp.
.........................................................
8,300
2,134
Micronics
Japan
Co.
Ltd.
.................................................
45,300
1,671
NEC
Corp.
...........................................................
49,400
3,678
Optex
Group
Co.
Ltd.
....................................................
146,300
1,595
Oracle
Corp.(c)
........................................................
177,100
12,595
Rohm
Co.
Ltd.
.........................................................
178,230
2,310
TDK
Corp.
...........................................................
57,100
2,868
Tokyo
Seimitsu
Co.
Ltd.
..................................................
32,100
2,299
78,982
Materials
(0.6%):
Fujimi,
Inc.
...........................................................
80,100
1,523
Fuso
Chemical
Co.
Ltd.
..................................................
56,200
1,376
Kanto
Denka
Kogyo
Co.
Ltd.
..............................................
284,400
1,595
Mitsubishi
Gas
Chemical
Co.,
Inc.
...........................................
118,880
2,231
Nippon
Pillar
Packing
Co.
Ltd.
.............................................
52,900
1,765
Nippon
Steel
Corp.
......................................................
104,500
2,288
Taiheiyo
Cement
Corp.
...................................................
52,957
1,323
Toagosei
Co.
Ltd.
.......................................................
174,800
1,717
Tosoh
Corp.
...........................................................
146,400
1,858
15,676
Real
Estate
(0.6%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
67,300
1,791
Mitsubishi
Estate
Co.
Ltd.
.................................................
138,638
2,338
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
390,500
12,229
16,358
Utilities
(0.3%):
Tokyo
Gas
Co.
Ltd.
.....................................................
371,400
8,343
563,867
Luxembourg
(0.1%):
Communication
Services
(0.0%):(b)
RTL
Group
SA(c)
.......................................................
32,363
1,084
Energy
(0.1%):
Tenaris
SA
............................................................
94,709
1,565
2,649
Malaysia
(0.1%):
Financials
(0.1%):
CIMB
Group
Holdings
Bhd
...............................................
1,316,392
1,918
Industrials
(0.0%):(b)
Frencken
Group
Ltd.
....................................................
1,707,200
1,851
3,769
Mexico
(0.3%):
Consumer
Staples
(0.1%):
Arca
Continental
SAB
de
CV
..............................................
198,972
2,030
Energy
(0.1%):
Vista
Energy
SAB
de
CV,
ADR(a)
...........................................
63,935
3,098
Financials
(0.1%):
Gentera
SAB
de
CV
.....................................................
1,335,844
2,073
7,201
Netherlands
(5.5%):
Communication
Services
(0.7%):
Koninklijke
KPN
NV
....................................................
4,431,249
16,612
Victory
Portfolios
III
Victory
International
Fund
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
VEON
Ltd.,
ADR(a)
.....................................................
31,226
$
793
17,405
Consumer
Discretionary
(0.3%):
Prosus
NV(a)
..........................................................
83,481
3,030
Stellantis
NV
..........................................................
241,302
5,346
8,376
Consumer
Staples
(0.2%):
Koninklijke
Ahold
Delhaize
NV
............................................
115,731
3,589
Financials
(1.7%):
ABN
AMRO
Bank
NV(d)
.................................................
241,741
4,135
Euronext
NV(d)
........................................................
26,433
2,602
ING
Groep
NV
........................................................
1,785,019
31,886
NN
Group
NV(a)(c)
.....................................................
128,742
6,006
44,629
Health
Care
(0.2%):
Koninklijke
Philips
NV(a)
................................................
207,607
5,670
Industrials
(0.7%):
Randstad
NV
..........................................................
33,754
1,784
Wolters
Kluwer
NV
.....................................................
109,008
17,383
19,167
Information
Technology
(1.7%):
ASM
International
NV
...................................................
34,701
24,416
ASML
Holding
NV
.....................................................
20,880
19,975
44,391
143,227
New
Zealand
(0.3%):
Health
Care
(0.3%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
490,719
8,925
Norway
(0.8%):
Energy
(0.4%):
Aker
BP
ASA
.........................................................
226,656
5,854
Equinor
ASA
..........................................................
59,376
1,724
TGS
ASA(c)
..........................................................
206,417
2,716
10,294
Financials
(0.4%):
SpareBank
1
SMN
......................................................
659,774
9,639
Materials
(0.0%):(b)
Norsk
Hydro
ASA
......................................................
64,172
435
20,368
Portugal
(0.1%):
Energy
(0.1%):
Galp
Energia
SGPS
SA
...................................................
126,396
2,658
Qatar
(0.0%):(b)
Communication
Services
(0.0%):(b)
Ooredoo
QPSC
........................................................
531,205
1,372
Russian
Federation
(0.0%):(b)
Communication
Services
(0.0%):(b)
Mobile
TeleSystems
PJSC,
ADR(a)(e)(f)
......................................
177,615
10
Energy
(0.0%):(b)
Gazprom
PJSC,
ADR(a)(e)(f)
..............................................
153,287
8
Victory
Portfolios
III
Victory
International
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
LUKOIL
PJSC,
ADR(a)(e)(f)
..............................................
13,126
$
210
218
Financials
(0.0%):(b)
Sberbank
of
Russia
PJSC(a)(e)(f)
...........................................
564,350
—
Sberbank
of
Russia
PJSC,
ADR(a)(e)(f)
.......................................
505,824
—(g)
—(g)
228
Saudi
Arabia
(0.1%):
Financials
(0.1%):
Saudi
Awwal
Bank
......................................................
227,837
2,330
Singapore
(0.5%):
Consumer
Discretionary
(0.1%):
Genting
Singapore
Ltd.
...................................................
2,650,000
1,788
Consumer
Staples
(0.0%):(b)
Sheng
Siong
Group
Ltd.
..................................................
1,447,800
1,598
Financials
(0.2%):
DBS
Group
Holdings
Ltd.
.................................................
99,330
2,649
iFAST
Corp.
Ltd.
.......................................................
471,300
2,367
5,016
Health
Care
(0.1%):
Raffles
Medical
Group
Ltd.
................................................
2,182,700
1,649
Information
Technology
(0.0%):(b)
AEM
Holdings
Ltd.(a)
...................................................
408,646
558
Utilities
(0.1%):
Sembcorp
Industries
Ltd.
.................................................
682,600
2,580
13,189
South
Africa
(0.3%):
Communication
Services
(0.1%):
MTN
Group
Ltd.
.......................................................
238,222
1,046
Energy
(0.0%):(b)
Exxaro
Resources
Ltd.
...................................................
99,499
964
Financials
(0.1%):
Investec
PLC
..........................................................
244,900
1,638
Old
Mutual
Ltd.
........................................................
2,338,206
1,323
2,961
Health
Care
(0.1%):
Aspen
Pharmacare
Holdings
Ltd.
............................................
138,262
1,717
6,688
South
Korea
(1.4%):
Communication
Services
(0.1%):
KT
Corp.
.............................................................
112,226
2,997
Consumer
Discretionary
(0.3%):
Coway
Co.
Ltd.
........................................................
35,813
1,466
Hankook
Tire
&
Technology
Co.
Ltd.
........................................
30,889
979
Hyundai
Mobis
Co.
Ltd.
..................................................
18,131
2,827
Kia
Corp.
............................................................
25,373
2,166
7,438
Financials
(0.6%):
DB
Insurance
Co.
Ltd.
...................................................
32,209
2,414
Hana
Financial
Group,
Inc.
................................................
76,501
3,416
Victory
Portfolios
III
Victory
International
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
KB
Financial
Group,
Inc.
.................................................
66,806
$
3,841
Shinhan
Financial
Group
Co.
Ltd.
...........................................
140,581
4,823
14,494
Industrials
(0.1%):
Hanwha
Aerospace
Co.
Ltd.
...............................................
10,930
1,630
Samsung
E&A
Co.
Ltd.(a)
................................................
89,194
1,511
3,141
Information
Technology
(0.3%):
Samsung
Electronics
Co.
Ltd.
..............................................
110,834
5,872
SK
Hynix,
Inc.
.........................................................
20,863
2,875
8,747
36,817
Spain
(1.9%):
Consumer
Discretionary
(0.2%):
Industria
de
Diseno
Textil
SA
..............................................
90,663
4,311
Energy
(0.1%):
Repsol
SA
............................................................
110,366
1,802
Financials
(1.4%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
2,858,697
31,016
Banco
Santander
SA
.....................................................
915,148
4,826
Bankinter
SA
..........................................................
230,510
2,036
37,878
Health
Care
(0.1%):
Laboratorios
Farmaceuticos
Rovi
SA
.........................................
24,954
2,387
Utilities
(0.1%):
Iberdrola
SA
..........................................................
187,949
2,480
48,858
Sweden
(2.2%):
Consumer
Discretionary
(0.1%):
Evolution
AB(d)
.......................................................
21,230
2,291
Consumer
Staples
(0.1%):
Essity
AB,
Class
B
......................................................
107,490
2,762
Financials
(0.1%):
Swedbank
AB,
Class
A
...................................................
98,797
2,058
Health
Care
(0.4%):
BioGaia
AB,
Class
B
....................................................
188,899
2,297
Biotage
AB
...........................................................
166,720
2,953
Camurus
AB(a)
........................................................
29,073
1,613
Sectra
AB,
Class
B(a)
....................................................
133,019
3,044
9,907
Industrials
(1.3%):
Atlas
Copco
AB,
Class
B
.................................................
1,531,573
25,437
SKF
AB,
B
Shares
......................................................
177,267
3,896
Troax
Group
AB
.......................................................
86,590
2,080
Volvo
AB,
Class
B
......................................................
100,971
2,719
34,132
Information
Technology
(0.2%):
HMS
Networks
AB
.....................................................
47,787
2,091
Telefonaktiebolaget
LM
Ericsson,
Class
B
.....................................
523,157
3,224
5,315
56,465
Victory
Portfolios
III
Victory
International
Fund
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Switzerland
(9.5%):
Consumer
Discretionary
(0.1%):
The
Swatch
Group
AG
...................................................
16,846
$
3,609
Consumer
Staples
(2.2%):
Coca-Cola
HBC
AG
.....................................................
590,261
20,027
Nestle
SA,
Registered
Shares
..............................................
361,876
38,418
58,445
Financials
(2.0%):
Partners
Group
Holding
AG
...............................................
14,565
19,605
Swiss
Life
Holding
AG
...................................................
2,900
2,028
UBS
Group
AG
........................................................
948,128
30,168
Zurich
Insurance
Group
AG
...............................................
3,757
1,978
53,779
Health
Care
(3.4%):
Alcon,
Inc.
...........................................................
24,753
2,224
Novartis
AG,
Registered
Shares
.............................................
510,830
52,878
Roche
Holding
AG
......................................................
119,074
30,407
Sandoz
Group
AG
......................................................
67,826
2,400
87,909
Industrials
(0.7%):
ABB
Ltd.,
Registered
Shares
...............................................
54,580
3,010
Adecco
Group
AG
......................................................
76,362
2,898
Burckhardt
Compression
Holding
AG
........................................
3,151
2,106
Burkhalter
Holding
AG
...................................................
15,001
1,540
Huber
+
Suhner
AG,
Registered
Shares
.......................................
22,772
1,944
Interroll
Holding
AG,
Class
R
..............................................
562
1,735
Kardex
Holding
AG,
Registered
Shares
.......................................
11,635
3,222
Zehnder
Group
AG,
Registered
Shares
........................................
26,839
1,805
18,260
Information
Technology
(0.6%):
Comet
Holding
AG,
Class
R
...............................................
9,660
3,620
Inficon
Holding
AG,
Registered
Shares
.......................................
1,146
1,831
Landis+Gyr
Group
AG
...................................................
29,512
2,524
Logitech
International
SA,
Class
R
..........................................
18,832
1,885
Sensirion
Holding
AG(a)(c)(d)
.............................................
19,117
1,605
STMicroelectronics
NV
..................................................
38,227
1,614
u-blox
Holding
AG
......................................................
21,625
2,301
15,380
Materials
(0.5%):
Clariant
AG
...........................................................
124,524
1,996
Glencore
PLC
.........................................................
444,752
2,741
Holcim
AG
...........................................................
91,590
8,047
12,784
250,166
Taiwan
(1.0%):
Financials
(0.1%):
CTBC
Financial
Holding
Co.
Ltd.
...........................................
1,635,000
1,792
Health
Care
(0.1%):
Lotus
Pharmaceutical
Co.
Ltd.
.............................................
185,000
1,625
Information
Technology
(0.8%):
Catcher
Technology
Co.
Ltd.
...............................................
232,441
1,615
Elite
Material
Co.
Ltd.
...................................................
123,000
1,559
MediaTek,
Inc.
.........................................................
53,000
2,030
Quanta
Computer,
Inc.
...................................................
248,000
2,107
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
489,000
12,525
Victory
Portfolios
III
Victory
International
Fund
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Wiwynn
Corp.
.........................................................
29,000
$
2,220
22,056
25,473
Thailand
(0.2%):
Financials
(0.1%):
Kasikornbank
PCL
......................................................
1,129,752
4,029
Health
Care
(0.1%):
Bumrungrad
Hospital
PCL
................................................
345,500
2,275
6,304
United
Arab
Emirates
(0.1%):
Real
Estate
(0.1%):
Emaar
Development
PJSC
................................................
1,528,089
3,091
United
Kingdom
(13.9%):
Communication
Services
(0.6%):
BT
Group
PLC
........................................................
1,927,295
3,226
Informa
PLC
..........................................................
218,532
2,378
MONY
Group
PLC
.....................................................
497,349
1,440
Team
Internet
Group
PLC
.................................................
1,135,318
2,760
WPP
PLC
............................................................
406,419
4,253
YouGov
PLC
..........................................................
136,626
1,715
15,772
Consumer
Discretionary
(1.3%):
Burberry
Group
PLC
....................................................
161,135
2,137
Focusrite
PLC
.........................................................
262,754
1,301
Greggs
PLC
...........................................................
385,665
14,501
Kingfisher
PLC
........................................................
751,821
2,545
Next
PLC
............................................................
120,605
14,442
34,926
Consumer
Staples
(2.3%):
Associated
British
Foods
PLC
..............................................
89,522
2,924
British
American
Tobacco
PLC
.............................................
241,914
7,480
Coca-Cola
Europacific
Partners
PLC
.........................................
34,964
2,577
Diageo
PLC
...........................................................
402,563
13,551
Imperial
Brands
PLC
....................................................
781,637
19,419
J
Sainsbury
PLC
.......................................................
412,582
1,462
Marks
&
Spencer
Group
PLC
..............................................
1,002,492
3,878
Reckitt
Benckiser
Group
PLC
..............................................
65,493
3,748
Tate
&
Lyle
PLC
.......................................................
200,106
1,780
Tesco
PLC
............................................................
814,481
3,239
60,058
Energy
(2.7%):
BP
PLC
..............................................................
3,765,667
23,551
Harbour
Energy
PLC
....................................................
412,439
1,754
Shell
PLC(a)
..........................................................
1,201,187
43,348
Subsea
7
SA
..........................................................
122,431
2,275
70,928
Financials
(2.8%):
3i
Group
PLC
.........................................................
146,823
5,409
Barclays
PLC
.........................................................
8,183,547
23,108
H&T
Group
PLC(c)
.....................................................
304,858
1,552
HSBC
Holdings
PLC
....................................................
2,768,401
24,670
IntegraFin
Holdings
PLC
.................................................
549,019
2,472
Legal
&
General
Group
PLC
...............................................
1,512,027
4,848
Man
Group
PLC
.......................................................
564,767
1,909
Victory
Portfolios
III
Victory
International
Fund
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Standard
Chartered
PLC
..................................................
995,964
$
9,918
73,886
Health
Care
(0.6%):
Advanced
Medical
Solutions
Group
PLC
......................................
434,508
1,199
AstraZeneca
PLC
.......................................................
15,113
2,349
ConvaTec
Group
PLC(d)
.................................................
496,559
1,583
GSK
PLC
............................................................
501,668
11,254
16,385
Industrials
(1.4%):
Alpha
Financial
Markets
Consulting
PLC
......................................
349,297
1,817
Ashtead
Group
PLC
.....................................................
139,221
10,195
Ashtead
Technology
Holdings
PLC
..........................................
270,912
2,860
Babcock
International
Group
PLC
...........................................
205,675
1,484
Chemring
Group
PLC
....................................................
389,255
1,921
Clarkson
PLC
.........................................................
55,820
2,936
easyJet
PLC
...........................................................
736,549
4,356
Judges
Scientific
PLC
....................................................
11,712
1,670
Mitie
Group
PLC
.......................................................
1,377,119
2,146
RELX
PLC
...........................................................
42,016
1,843
Rolls-Royce
Holdings
PLC(a)
..............................................
487,567
2,847
RWS
Holdings
PLC
.....................................................
574,281
1,272
SThree
PLC
...........................................................
482,527
2,716
38,063
Information
Technology
(0.2%):
Kainos
Group
PLC
......................................................
187,612
2,752
The
Sage
Group
PLC
....................................................
152,956
2,009
4,761
Materials
(1.3%):
Anglo
American
PLC
....................................................
77,373
2,505
Endeavour
Mining
PLC
..................................................
50,048
1,087
Fresnillo
PLC
.........................................................
197,737
1,580
Ibstock
PLC(d)
........................................................
1,026,121
2,100
Mondi
PLC
...........................................................
154,976
3,089
Rio
Tinto
PLC
.........................................................
323,884
22,796
33,157
Real
Estate
(0.2%):
Land
Securities
Group
PLC
...............................................
181,721
1,525
The
British
Land
Co.
PLC
................................................
634,456
3,568
5,093
Utilities
(0.5%):
Centrica
PLC
..........................................................
4,614,397
8,374
Drax
Group
PLC
.......................................................
324,938
2,153
National
Grid
PLC(a)
....................................................
160,219
1,815
12,342
365,371
United
States
(0.0%):(b)
Energy
(0.0%):(b)
Shell
PLC-DRIP(a)
.....................................................
1,202,635
414
Total
Common
Stocks
(Cost
$1,888,815)
2,563,855
Rights
(0.0%)(b)
France
(0.0%):(b)
Health
Care
(0.0%):(b)
EssilorLuxottica
SA(a)
...................................................
8,388
36
Victory
Portfolios
III
Victory
International
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC,
ADR
.........................................
1/21/2016
$
486
LUKOIL
PJSC,
ADR
.........................................
12/29/2015
430
Mobile
TeleSystems
PJSC,
ADR
.................................
1/28/2022
1,372
Sberbank
of
Russia
PJSC
......................................
7/15/2019
2,134
Sberbank
of
Russia
PJSC,
ADR
..................................
1/15/2016
556
Security
Description
Shares
Value
(000)
Netherlands
(0.0%):(b)
Industrials
(0.0%):(b)
Wolters
Kluwer
NV(a)
...................................................
100,696
$
149
Total
Rights
(Cost
$184)
185
Exchange-Traded
Funds
(0.5%)
United
States
(0.5%):
iShares
Core
MSCI
EAFE
ETF
.............................................
95,298
7,190
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
51,654
2,717
iShares
MSCI
EAFE
Small-Cap
ETF
.........................................
45,415
2,931
12,838
Total
Exchange-Traded
Funds
(Cost
$12,040)
12,838
Collateral
for
Securities
Loaned
(2.4%)^
United
States
(2.4%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(h)
........
16,159,416
16,159
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(h)
............
16,159,416
16,159
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(h)
...............
16,159,416
16,159
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.23%(h)
.
16,159,416
16,159
Total
Collateral
for
Securities
Loaned
(Cost
$64,637)
64,636
Total
Investments
(Cost
$1,965,676)
—
100.7%
2,641,514
Liabilities
in
excess
of
other
assets
—
(0.7)%
(18,850)
NET
ASSETS
-
100.00%
$
2,622,664
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$35,586
(thousands)
and
amounted
to
1.4%
of
net
assets.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2024
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2024.
(g)
Rounds
to
less
than
$1
thousand.
(h)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
New
York
Bond
Fund
93
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Municipal
Bonds
(98.6%)
New
York
(95.2%):
Albany
Capital
Resource
Corp.
Revenue
,
5
.00
%
,
6/1/49
,
Continuously
Callable
@100
.....
$
1,500
$
1,191
Albany
County
Airport
Authority
Revenue
,
Series
A
,
5
.00
%
,
12/15/48
,
Continuously
Callable
@100
...........................................................
1,000
1,038
Allegany
County
Capital
Resource
Corp.
Revenue
,
Series
A
,
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
.....................................................
1,000
894
Brookhaven
Local
Development
Corp.
Revenue
5
.25
%
,
11/1/36
,
Continuously
Callable
@100
...............................
1,500
1,512
4
.00
%
,
10/1/45
,
Continuously
Callable
@100
...............................
1,000
944
Series
B
,
4
.00
%
,
11/1/55
,
Continuously
Callable
@102
........................
1,000
790
Broome
County
Local
Development
Corp.
Revenue
,
4
.00
%
,
7/1/47
,
Continuously
Callable
@103
...........................................................
500
377
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
...............................
2,000
1,693
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
...............................
1,000
883
Series
A
,
5
.00
%
,
6/1/35
,
Continuously
Callable
@103
.........................
1,000
1,014
Build
NYC
Resource
Corp.
Revenue
5
.00
%
,
6/1/40
,
Continuously
Callable
@100
...............................
700
701
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
...............................
500
492
4
.00
%
,
8/1/42
,
Continuously
Callable
@100
...............................
1,000
870
5
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
2,000
1,955
5
.00
%
,
11/1/47
.....................................................
2,000
2,164
5
.00
%
,
6/1/48
,
Continuously
Callable
@102
...............................
2,000
2,007
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............................
500
451
5
.75
%
,
6/1/52
,
Continuously
Callable
@100
(a)
.............................
750
762
4
.75
%
,
6/15/53
,
Continuously
Callable
@100
...............................
500
476
5
.75
%
,
6/1/62
,
Continuously
Callable
@100
(a)
.............................
250
254
Series
A
,
5
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
500
486
Bushnell's
Basin
Fire
Association,
Inc.
Revenue
,
3
.00
%
,
11/1/30
.....................
1,970
1,725
City
of
Elmira,
GO
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.....................
1,575
1,679
City
of
Long
Beach,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.63
%
,
7/15/52
,
Continuously
Callable
@100
....................................
2,000
2,009
City
of
New
York,
GO
Series
B-1
,
5
.25
%
,
10/1/47
,
Continuously
Callable
@100
......................
500
545
Series
B-3
,
3
.00
%
,
10/1/46
,
Continuously
Callable
@100
(b)
....................
545
545
Dutchess
County
Local
Development
Corp.
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
600
601
Series
A
,
5
.00
%
,
7/1/45
,
Continuously
Callable
@100
.........................
2,000
2,010
Series
B
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
2,000
1,817
Series
B
,
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
.........................
1,750
1,540
Hempstead
Town
Local
Development
Corp.
Revenue
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
...........................................................
300
298
Hudson
Yards
Infrastructure
Corp.
Revenue
,
Series
A
,
4
.00
%
,
2/15/44
,
Continuously
Callable
@100
...........................................................
2,000
1,896
Jefferson
County
Civic
Facility
Development
Corp.
Revenue
,
4
.00
%
,
11/1/47
,
Continuously
Callable
@100
.....................................................
1,000
729
Metropolitan
Transportation
Authority
Revenue
Series
A1
,
5
.25
%
,
11/15/56
,
Continuously
Callable
@100
......................
1,000
1,012
Series
B
,
4
.00
%
,
11/15/50
,
Continuously
Callable
@100
.......................
1,000
903
Series
D-1
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.....................
3,000
3,040
Series
D-3
,
4
.00
%
,
11/15/49
,
Continuously
Callable
@100
.....................
2,000
1,816
Monroe
County
Industrial
Development
Corp.
Revenue
4
.00
%
,
12/1/46
,
Continuously
Callable
@100
...............................
2,000
1,767
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
...............................
1,500
1,501
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
...............................
1,000
853
5
.00
%
,
6/1/59
,
Continuously
Callable
@100
(a)
.............................
1,000
993
Series
A
,
5
.00
%
,
12/1/42
,
Continuously
Callable
@100
........................
2,000
2,000
Monroe
County
Industrial
Development
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
1/15/38
,
Continuously
Callable
@100
.........................
500
500
Nassau
County
Local
Economic
Assistance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
7/1/55
,
Continuously
Callable
@100
...........................................
1,000
943
Victory
Portfolios
III
Victory
New
York
Bond
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
New
York
City
Housing
Development
Corp.
Revenue
,
4
.20
%
,
11/1/58
,
Continuously
Callable
@100
...........................................................
$
2,990
$
2,709
New
York
City
Industrial
Development
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
2
.25
%
,
10/1/29
...............................................
825
771
New
York
City
Municipal
Water
Finance
Authority
Revenue
,
Series
DD
,
3
.00
%
,
6/15/33
,
Continuously
Callable
@100
(b)
........................................
450
450
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue
,
Series
S-1
,
4
.00
%
,
7/15/45
,
Continuously
Callable
@100
....................................
2,000
1,963
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
,
Series
D-1
,
5
.00
%
,
11/1/46
,
Continuously
Callable
@100
...............................
2,000
2,134
New
York
Convention
Center
Development
Corp.
Revenue
5
.00
%
,
11/15/45
,
Continuously
Callable
@100
..............................
500
504
Series
B
,
11/15/37
(c)
................................................
1,000
561
New
York
Convention
Center
Development
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
11/15/48
(c)
...................................
2,000
585
New
York
Liberty
Development
Corp.
Revenue
5
.25
%
,
10/1/35
....................................................
2,000
2,268
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
...............................
1,500
1,333
Series
1
,
5
.00
%
,
11/15/44
,
Continuously
Callable
@100
(a)
.....................
1,000
1,000
New
York
Power
Authority
Revenue
,
Series
A
,
5
.00
%
,
11/15/53
,
Continuously
Callable
@100
250
266
New
York
State
Dormitory
Authority
Revenue
5
.00
%
,
12/1/37
,
Continuously
Callable
@100
(a)
.............................
1,300
1,174
6
.00
%
,
7/1/40
,
Continuously
Callable
@100
(a)
.............................
2,800
2,496
5
.75
%
,
7/1/43
,
Continuously
Callable
@100
...............................
1,000
1,000
5
.00
%
,
7/1/48
,
Pre-refunded  7/1/28
@
100
................................
430
460
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
...............................
570
589
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
725
644
5
.00
%
,
7/1/57
,
Continuously
Callable
@100
...............................
1,000
934
Series
1
,
4
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
938
Series
A
,
5
.00
%
,
5/1/38
,
Continuously
Callable
@100
.........................
500
474
Series
A
,
4
.00
%
,
8/1/38
,
Continuously
Callable
@100
.........................
2,000
1,853
Series
A
,
5
.00
%
,
5/1/43
,
Continuously
Callable
@100
.........................
1,000
1,003
Series
A
,
4
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........................
2,000
1,932
Series
A
,
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
.........................
2,250
2,196
Series
A
,
4
.00
%
,
3/15/49
,
Continuously
Callable
@100
........................
1,500
1,424
Series
A
,
4
.00
%
,
3/15/49
,
Continuously
Callable
@100
........................
750
709
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
500
427
Series
A
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
.........................
1,000
1,065
Series
A-1
,
3
.50
%
,
7/1/44
,
Continuously
Callable
@100
.......................
1,000
765
Series
A-1
,
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
.......................
3,000
2,944
New
York
State
Dormitory
Authority
Revenue
(INS
-
AMBAC
Assurance
Corp.)
Series
1
,
5
.50
%
,
7/1/40
...............................................
2,000
2,292
Series
A
,
5
.50
%
,
5/15/30
.............................................
3,275
3,671
New
York
State
Housing
Finance
Agency
Revenue
,
Series
C-1
,
4
.75
%
,
11/1/53
,
Continuously
Callable
@100
.....................................................
1,100
1,080
New
York
State
Housing
Finance
Agency
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
DBE-
8105
,
3
.05
%
,
8/1/50
,
Continuously
Callable
@100
(a)
(b)
.......................
300
300
New
York
State
Thruway
Authority
Revenue
Series
A
,
4
.00
%
,
1/1/56
,
Continuously
Callable
@100
.........................
1,000
889
Series
B
,
4
.00
%
,
1/1/50
,
Continuously
Callable
@100
.........................
1,000
921
Series
P
,
5
.25
%
,
1/1/54
,
Continuously
Callable
@100
.........................
500
544
Oneida
County
Local
Development
Corp.
Revenue
,
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...........................................................
750
681
Onondaga
Civic
Development
Corp.
Revenue
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
...............................
1,000
818
5
.00
%
,
1/1/43
,
Continuously
Callable
@100
...............................
1,090
1,093
Onondaga
County
Trust
for
Cultural
Resources
Revenue
,
5
.00
%
,
5/1/40
,
Continuously
Callable
@100
...........................................................
800
816
Southold
Local
Development
Corp.
Revenue
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
.
1,000
1,000
St.
Lawrence
County
Industrial
Development
Agency
Revenue
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
...............................
1,770
1,771
5
.25
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,000
1,064
Series
A
,
4
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........................
500
487
Victory
Portfolios
III
Victory
New
York
Bond
Fund
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
,
Series
211
,
3
.80
%
,
10/1/48
,
Continuously
Callable
@100
....................................
$
1,230
$
1,073
Suffolk
County
Economic
Development
Corp.
Revenue
,
Series
C
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.....................................................
250
250
The
Genesee
County
Funding
Corp.
Revenue
,
Series
A
,
5
.25
%
,
12/1/52
,
Continuously
Callable
@100
...........................................................
750
771
The
Trust
for
Cultural
Resources
of
The
City
of
New
York
Revenue
,
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........................................
1,000
918
Tompkins
County
Development
Corp.
Revenue
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
1,375
1,341
Triborough
Bridge
&
Tunnel
Authority
Revenue
Series
A
,
4
.00
%
,
11/15/52
,
Continuously
Callable
@100
.......................
3,000
2,785
Series
B
,
11/15/32
(c)
................................................
1,000
713
TSASC,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
6/1/41
,
Continuously
Callable
@100
............
1,000
1,009
Westchester
County
Healthcare
Corp.
Revenue
,
Series
B
,
6
.00
%
,
11/1/30
,
Continuously
Callable
@100
.....................................................
120
120
Westchester
County
Local
Development
Corp.
Revenue
5
.00
%
,
7/1/42
,
Continuously
Callable
@104
...............................
815
792
5
.00
%
,
11/1/46
,
Continuously
Callable
@100
...............................
1,000
951
5
.00
%
,
6/1/47
,
Continuously
Callable
@100
...............................
1,000
956
Series
S
,
5
.00
%
,
1/1/51
,
Continuously
Callable
@103
.........................
1,000
1,008
Westchester
Tobacco
Asset
Securitization
Corp.
Revenue
,
Series
B
,
5
.00
%
,
6/1/41
,
Continuously
Callable
@100
...........................................
500
505
119,866
Guam
(3.4%):
Guam
Government
Waterworks
Authority
Revenue
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
500
500
Guam
Power
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/41
,
Continuously
Callable
@100
...
1,250
1,290
Territory
of
Guam
Revenue
Series
A
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
........................
500
498
Series
D
,
5
.00
%
,
11/15/39
,
Continuously
Callable
@100
.......................
1,000
1,004
4,293
Total
Municipal
Bonds
(Cost
$132,059)
a
a
a
124,159
Total
Investments
(Cost
$132,059)
—
98.6%
124,159
Other
assets
in
excess
of
liabilities
—
1.4%
1,779
NET
ASSETS
-
100.00%
$
125,938
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$6,979
(thousands)
and
amounted
to
5.5%
of
net
assets.
(b)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(c)
Zero-coupon
bond.
AMBAC
—
American
Municipal
Bond
Assurance
Corporation
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Precious
Metals
and
Minerals
Fund
96
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.7%)
Australia
(11.8%):
Materials
(11.8%):
Evolution
Mining
Ltd.
...................................................
3,836,576
$
10,004
Gold
Road
Resources
Ltd.
(a)
..............................................
1,928,577
2,110
Northern
Star
Resources
Ltd.
(a)
............................................
2,319,007
22,136
OceanaGold
Corp.
......................................................
2,084,516
4,788
Perseus
Mining
Ltd.
.....................................................
6,025,750
9,420
Ramelius
Resources
Ltd.
(a)
...............................................
3,971,068
5,204
Regis
Resources
Ltd.
(a)
..................................................
2,128,654
2,634
Silver
Lake
Resources
Ltd.
(a)
..............................................
4,268,850
4,359
West
African
Resources
Ltd.
(a)
.............................................
1,930,796
1,965
62,620
Canada
(52.7%):
Materials
(52.7%):
Agnico
Eagle
Mines
Ltd.
.................................................
814,395
55,546
Alamos
Gold,
Inc.
......................................................
1,223,003
20,452
B2Gold
Corp.
.........................................................
4,814,038
13,565
Barrick
Gold
Corp.
......................................................
3,002,002
51,304
Centerra
Gold,
Inc.
......................................................
1,251,823
8,607
Dundee
Precious
Metals,
Inc.
..............................................
1,726,585
14,253
Franco-Nevada
Corp.
....................................................
175,776
21,629
Karora
Resources,
Inc.
(a)
.................................................
419,439
1,702
Kinross
Gold
Corp.
.....................................................
2,506,049
20,374
Lundin
Gold,
Inc.
.......................................................
441,799
6,526
Nautilus
Minerals,
Inc.
(a)
(b)
...............................................
5,757,622
—
(c)
New
Gold,
Inc.
(a)
......................................................
1,183,000
2,587
Osisko
Gold
Royalties
Ltd.
(a)
..............................................
169,643
2,848
Torex
Gold
Resources,
Inc.
(a)
..............................................
914,986
14,401
Wesdome
Gold
Mines
Ltd.
(a)
..............................................
237,090
1,935
Wheaton
Precious
Metals
Corp.
.............................................
776,069
42,511
278,240
China
(4.7%):
Materials
(4.7%):
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
11,632,000
24,603
Jersey
(1.1%):
Materials
(1.1%):
Centamin
PLC
.........................................................
3,704,746
5,654
Russian
Federation
(0.0%):
Materials
(0.0%):
Polyus
PJSC
(a)
(b)
(d)
....................................................
62,088
—
South
Africa
(9.6%):
Materials
(9.6%):
Gold
Fields
Ltd.
,
ADR
...................................................
2,125,451
33,476
Harmony
Gold
Mining
Co.
Ltd.
.............................................
1,888,885
17,192
50,668
Turkey
(0.3%):
Materials
(0.3%):
Koza
Altin
Isletmeleri
AS
(e)
...............................................
2,331,556
1,512
United
Kingdom
(6.1%):
Materials
(6.1%):
Anglogold
Ashanti
PLC
..................................................
789,128
18,802
Endeavour
Mining
PLC
..................................................
628,803
13,653
32,455
Victory
Portfolios
III
Victory
Precious
Metals
and
Minerals
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Name
Acquisition
Date
Cost
Polyus
PJSC
...............................................
7/11/2019
$
6,442
Security
Description
Shares
Value
(000)
United
States
(13.4%):
Materials
(13.4%):
Newmont
Corp.
........................................................
1,145,287
$
48,033
Royal
Gold,
Inc.
........................................................
178,962
22,941
70,974
Total
Common
Stocks
(Cost
$342,862)
526,726
Collateral
for
Securities
Loaned
(0.0%)^(f)
United
States
(0.0%):(f)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(g)
........
92,250
93
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(g)
............
92,250
92
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(g)
...............
92,250
92
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.23
%
(g)
.
92,250
92
Total
Collateral
for
Securities
Loaned
(Cost
$369)
369
Total
Investments
(Cost
$343,231)
—
99.7%
527,095
Other
assets
in
excess
of
liabilities
—
0.3%
1,369
NET
ASSETS
-
100.00%
$
528,464
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2024.
(c)
Rounds
to
less
than
$1
thousand.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2024
(amounts
in
thousands):
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Sustainable
World
Fund
98
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.3%)
Australia
(1.8%):
Consumer
Discretionary
(0.6%):
Aristocrat
Leisure
Ltd.
...................................................
258,970
$
7,783
Breville
Group
Ltd.
.....................................................
16,231
290
Lovisa
Holdings
Ltd.
....................................................
22,544
513
PWR
Holdings
Ltd.
.....................................................
57,235
421
9,007
Energy
(0.0%):(a)
MMA
Offshore
Ltd.
(b)
...................................................
215,520
378
Woodside
Energy
Group
Ltd.
..............................................
18,782
347
725
Financials
(0.4%):
AUB
Group
Ltd.
.......................................................
2,637
52
Macquarie
Group
Ltd.
...................................................
27,480
3,508
National
Australia
Bank
Ltd.
...............................................
48,014
1,087
QBE
Insurance
Group
Ltd.
(b)
..............................................
37,470
445
5,092
Health
Care
(0.4%):
CSL
Ltd.
.............................................................
26,363
4,934
Industrials
(0.1%):
Brambles
Ltd.
.........................................................
40,012
380
IPH
Ltd.
(b)
...........................................................
41,079
170
Johns
Lyng
Group
Ltd.
...................................................
72,852
274
Qantas
Airways
Ltd.
(b)
...................................................
98,640
406
1,230
Information
Technology
(0.0%):(a)
Technology
One
Ltd.
....................................................
17,623
210
Materials
(0.2%):
Capricorn
Metals
Ltd.
(b)
.................................................
63,815
204
Gold
Road
Resources
Ltd.
(b)
..............................................
271,302
298
Imdex
Ltd.
............................................................
452,042
671
Northern
Star
Resources
Ltd.
(b)
............................................
52,478
502
Ramelius
Resources
Ltd.
(b)
...............................................
412,835
541
Rio
Tinto
Ltd.
.........................................................
9,294
799
3,015
Real
Estate
(0.1%):
Charter
Hall
Group
......................................................
37,983
309
Goodman
Group
.......................................................
25,704
577
886
25,099
Austria
(0.0%):(a)
Industrials
(0.0%):(a)
ANDRITZ
AG
.........................................................
8,736
525
Belgium
(0.8%):
Information
Technology
(0.5%):
Melexis
NV
...........................................................
68,020
6,175
Materials
(0.3%):
Solvay
SA
,
Class
A
(c)
...................................................
122,888
4,509
10,684
Bermuda
(0.2%):
Financials
(0.2%):
Everest
Group
Ltd.
......................................................
6,400
2,502
Victory
Portfolios
III
Victory
Sustainable
World
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Brazil
(0.4%):
Communication
Services
(0.0%):(a)
TIM
SA
..............................................................
200,000
$
604
Consumer
Discretionary
(0.1%):
Smartfit
Escola
de
Ginastica
e
Danca
SA
......................................
86,700
371
Vibra
Energia
SA
.......................................................
124,690
512
883
Energy
(0.1%):
Petroleo
Brasileiro
SA
,
ADR
...............................................
91,110
1,417
Financials
(0.1%):
Itau
Unibanco
Holding
SA
,
ADR
............................................
174,055
1,043
Industrials
(0.1%):
Marcopolo
SA
,
Preference
Shares
...........................................
204,720
254
Santos
Brasil
Participacoes
SA
.............................................
206,700
453
707
Real
Estate
(0.0%):(a)
Multiplan
Empreendimentos
Imobiliarios
SA
...................................
93,800
405
Utilities
(0.0%):(a)
CPFL
Energia
SA
.......................................................
48,800
317
5,376
Canada
(3.5%):
Consumer
Discretionary
(0.1%):
Lululemon
Athletica,
Inc.
(b)
...............................................
6,056
1,889
Consumer
Staples
(0.5%):
Alimentation
Couche-Tard,
Inc.
.............................................
109,221
6,375
Energy
(0.4%):
Parex
Resources,
Inc.
....................................................
311,719
5,117
Pason
Systems,
Inc.
.....................................................
15,950
193
Trican
Well
Service
Ltd.
..................................................
70,976
233
5,543
Financials
(0.3%):
Fairfax
Financial
Holdings
Ltd.
.............................................
3,400
3,828
Industrials
(0.5%):
Bombardier,
Inc.
,
Class
B
(b)
...............................................
103,234
6,950
MDA
Space
Ltd.
(b)
.....................................................
26,630
230
Russel
Metals,
Inc.
......................................................
7,912
213
7,393
Information
Technology
(0.8%):
Constellation
Software,
Inc.
...............................................
3,926
10,922
Shopify,
Inc.
,
Class
A
,
ADR
(b)
.............................................
12,937
765
11,687
Materials
(0.9%):
Agnico
Eagle
Mines
Ltd.
.................................................
92,492
6,308
Karora
Resources,
Inc.
(b)
.................................................
63,952
260
Stella-Jones,
Inc.
.......................................................
95,590
5,707
12,275
48,990
Chile
(0.0%):(a)
Utilities
(0.0%):(a)
Enel
Chile
SA
.........................................................
4,853,107
278
Victory
Portfolios
III
Victory
Sustainable
World
Fund
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
China
(3.3%):
Communication
Services
(1.5%):
Kuaishou
Technology
,
Class
W
(b)
(d)
.........................................
102,300
$
730
Tencent
Holdings
Ltd.
...................................................
404,400
18,763
Tencent
Music
Entertainment
Group
,
ADR
.....................................
60,325
872
20,365
Consumer
Discretionary
(0.4%):
Alibaba
Group
Holding
Ltd.
...............................................
136,576
1,334
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
A
..................................
131,200
838
H
World
Group
Ltd.
,
ADR
................................................
22,297
830
Meituan
,
Class
W
(b)
(d)
..................................................
99,200
1,352
MINISO
Group
Holding
Ltd.
,
ADR
..........................................
34,109
767
New
Oriental
Education
&
Technology
Group,
Inc.
,
ADR
(b)
........................
10,295
823
5,944
Consumer
Staples
(0.4%):
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.
,
Class
A
(b)
...........................
880,428
4,348
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
108,000
766
5,114
Energy
(0.1%):
PetroChina
Co.
Ltd.
,
Class
H
..............................................
1,132,000
1,161
Financials
(0.6%):
China
Merchants
Bank
Co.
Ltd.
,
Class
H
......................................
148,500
665
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
13,381,370
7,582
8,247
Health
Care
(0.0%):(a)
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
Class
A
.......................
20,700
828
Industrials
(0.1%):
Anhui
Heli
Co.
Ltd.
,
Class
A
...............................................
257,300
865
Weichai
Power
Co.
Ltd.
,
Class
H
............................................
284,000
510
1,375
Materials
(0.2%):
China
Hongqiao
Group
Ltd.
...............................................
395,000
654
Shandong
Nanshan
Aluminum
Co.
Ltd.
,
Class
A
.................................
2,070,000
1,101
Western
Mining
Co.
Ltd.
,
Class
A
...........................................
222,900
573
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
........................................
384,000
816
3,144
46,178
Denmark
(1.8%):
Consumer
Discretionary
(0.6%):
Pandora
A/S
..........................................................
51,095
8,394
Health
Care
(1.2%):
Novo
Nordisk
A/S
,
Class
B
................................................
118,312
16,033
Industrials
(0.0%):(a)
INVISIO
AB
..........................................................
15,234
385
24,812
France
(3.6%):
Communication
Services
(0.1%):
Publicis
Groupe
SA
.....................................................
8,247
926
Consumer
Discretionary
(0.4%):
La
Francaise
des
Jeux
SAEM
(c)
(d)
..........................................
144,625
5,206
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
702
561
5,767
Victory
Portfolios
III
Victory
Sustainable
World
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Consumer
Staples
(0.6%):
L'Oreal
SA
...........................................................
15,603
$
7,701
Energy
(0.5%):
Gaztransport
Et
Technigaz
SA
..............................................
46,922
6,844
Technip
Energies
NV
....................................................
17,358
420
7,264
Financials
(0.1%):
AXA
SA
.............................................................
22,141
799
BNP
Paribas
SA
(c)
......................................................
9,742
719
1,518
Health
Care
(0.1%):
EssilorLuxottica
SA
(b)
(c)
.................................................
1,832
411
Ipsen
SA
.............................................................
3,087
405
816
Industrials
(1.3%):
Cie
de
Saint-Gobain
SA
..................................................
10,144
896
Eiffage
SA
............................................................
4,440
491
Rexel
SA
.............................................................
268,256
8,151
Safran
SA
............................................................
31,783
7,443
SPIE
SA
.............................................................
7,685
318
17,299
Information
Technology
(0.0%):(a)
Capgemini
SE
.........................................................
3,066
621
Materials
(0.5%):
Arkema
SA
...........................................................
72,454
7,424
Real
Estate
(0.0%):(a)
Klepierre
SA
..........................................................
11,963
347
Utilities
(0.0%):(a)
Engie
SA
(c)
...........................................................
26,286
445
50,128
Germany
(0.5%):
Communication
Services
(0.1%):
Deutsche
Telekom
AG
...................................................
48,293
1,174
Consumer
Discretionary
(0.0%):(a)
HUGO
BOSS
AG
......................................................
6,821
361
Consumer
Staples
(0.0%):(a)
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
8,490
768
Financials
(0.1%):
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
1,622
809
Industrials
(0.2%):
2G
Energy
AG
.........................................................
11,912
327
Amadeus
Fire
AG
......................................................
1,977
239
Daimler
Truck
Holding
AG
................................................
12,055
516
Siemens
AG
,
Registered
Shares
.............................................
8,200
1,580
2,662
Information
Technology
(0.1%):
Atoss
Software
SE
......................................................
729
186
PVA
TePla
AG
(b)
.......................................................
8,166
166
Victory
Portfolios
III
Victory
Sustainable
World
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
SAP
SE
..............................................................
2,703
$
493
845
6,619
Greece
(0.0%):(a)
Energy
(0.0%):(a)
Motor
Oil
Hellas
Corinth
Refineries
SA
.......................................
17,813
504
Hong
Kong
(0.2%):
Consumer
Discretionary
(0.0%):(a)
Bosideng
International
Holdings
Ltd.
.........................................
564,000
327
Man
Wah
Holdings
Ltd.
..................................................
402,800
335
662
Financials
(0.0%):(a)
BOC
Hong
Kong
Holdings
Ltd.
............................................
101,000
317
Industrials
(0.1%):
Pacific
Basin
Shipping
Ltd.
................................................
1,083,000
381
Techtronic
Industries
Co.
Ltd.
..............................................
42,500
523
904
Real
Estate
(0.1%):
Sino
Land
Co.
Ltd.
(b)
....................................................
278,000
296
Yuexiu
Property
Co.
Ltd.
.................................................
1,103,000
802
1,098
2,981
Hungary
(0.1%):
Financials
(0.1%):
OTP
Bank
Nyrt
........................................................
17,901
865
Health
Care
(0.0%):(a)
Richter
Gedeon
Nyrt
....................................................
9,729
247
1,112
India
(1.0%):
Consumer
Discretionary
(0.2%):
Hero
MotoCorp
Ltd.
.....................................................
16,382
1,006
Mahindra
&
Mahindra
Ltd.
(b)
..............................................
50,005
1,502
Tata
Motors
Ltd.
(b)
.....................................................
60,917
675
3,183
Financials
(0.4%):
Angel
One
Ltd.
........................................................
8,999
267
ICICI
Bank
Ltd.
,
ADR
...................................................
103,239
2,761
LIC
Housing
Finance
Ltd.
(b)
..............................................
101,593
772
Manappuram
Finance
Ltd.
................................................
512,906
1,039
Shriram
Finance
Ltd.
....................................................
25,414
718
5,557
Health
Care
(0.1%):
Dr.
Reddy's
Laboratories
Ltd.
..............................................
13,759
956
Industrials
(0.1%):
Larsen
&
Toubro
Ltd.
....................................................
26,701
1,175
Information
Technology
(0.0%):(a)
Cyient
Ltd.
(b)
.........................................................
11,431
238
Materials
(0.1%):
Tata
Steel
Ltd.
.........................................................
533,444
1,070
UltraTech
Cement
Ltd.
...................................................
8,176
972
2,042
Victory
Portfolios
III
Victory
Sustainable
World
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Utilities
(0.1%):
Power
Grid
Corp.
of
India
Ltd.
.............................................
365,741
$
1,361
14,512
Indonesia
(0.4%):
Communication
Services
(0.3%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
27,478,538
4,903
Financials
(0.1%):
PT
Bank
Mandiri
Persero
Tbk
..............................................
3,710,700
1,346
6,249
Ireland
(1.1%):
Consumer
Discretionary
(0.2%):
PDD
Holdings,
Inc.
,
ADR
(b)
...............................................
17,216
2,579
Consumer
Staples
(0.0%):(a)
Glanbia
PLC
..........................................................
20,966
431
Financials
(0.0%):(a)
Bank
of
Ireland
Group
PLC
...............................................
38,747
445
Health
Care
(0.2%):
ICON
PLC
(b)
.........................................................
2,092
680
Medtronic
PLC
........................................................
27,700
2,254
2,934
Industrials
(0.4%):
AerCap
Holdings
NV
....................................................
10,302
955
Johnson
Controls
International
PLC
..........................................
28,500
2,049
Trane
Technologies
PLC
..................................................
5,655
1,852
4,856
Materials
(0.3%):
James
Hardie
Industries
PLC
(b)
............................................
143,178
4,462
15,707
Israel
(0.1%):
Health
Care
(0.1%):
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(b)
...................................
90,500
1,532
Information
Technology
(0.0%):(a)
Nice
Ltd.
(b)
...........................................................
1,814
335
1,867
Italy
(0.5%):
Health
Care
(0.1%):
El.En.
SpA
(c)
.........................................................
27,024
297
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
7,663
404
701
Industrials
(0.0%):(a)
Leonardo
SpA
(b)
.......................................................
18,982
488
Information
Technology
(0.0%):(a)
Sesa
SpA
.............................................................
2,773
322
Utilities
(0.4%):
Enel
SpA
.............................................................
69,395
504
Snam
SpA
............................................................
959,373
4,551
5,055
6,566
Victory
Portfolios
III
Victory
Sustainable
World
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Japan
(5.5%):
Communication
Services
(0.5%):
Kakaku.com,
Inc.
.......................................................
497,691
$
6,025
Konami
Group
Corp.
....................................................
9,900
694
Okinawa
Cellular
Telephone
Co.
............................................
5,800
132
6,851
Consumer
Discretionary
(0.6%):
Aucnet,
Inc.
...........................................................
17,300
259
GOLDWIN,
Inc.
.......................................................
2,900
152
Honda
Motor
Co.
Ltd.
...................................................
53,000
600
Isuzu
Motors
Ltd.
.......................................................
49,100
658
Panasonic
Holdings
Corp.
.................................................
35,600
315
Shoei
Co.
Ltd.
.........................................................
21,000
272
Suzuki
Motor
Corp.
.....................................................
55,200
658
Toyota
Motor
Corp.
.....................................................
26,000
567
ZOZO,
Inc.
...........................................................
188,200
4,390
7,871
Consumer
Staples
(0.7%):
Asahi
Group
Holdings
Ltd.
................................................
13,500
495
Daikokutenbussan
Co.
Ltd.
................................................
4,700
256
Milbon
Co.
Ltd.
........................................................
6,700
145
Toyo
Suisan
Kaisha
Ltd.
..................................................
113,949
8,216
9,112
Financials
(0.8%):
eGuarantee,
Inc.
........................................................
14,100
121
Mizuho
Financial
Group,
Inc.
..............................................
441,411
9,043
ORIX
Corp.
...........................................................
22,674
494
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
19,375
1,268
Tokio
Marine
Holdings,
Inc.
...............................................
21,900
759
11,685
Health
Care
(0.4%):
Elan
Corp.
............................................................
31,100
168
Fukuda
Denshi
Co.
Ltd.
..................................................
6,400
252
Hoya
Corp.
...........................................................
33,602
4,091
Nakanishi,
Inc.
.........................................................
10,600
152
Otsuka
Holdings
Co.
Ltd.
.................................................
12,900
533
Shionogi
&
Co.
Ltd.
.....................................................
10,400
469
Takara
Bio,
Inc.
........................................................
20,900
136
5,801
Industrials
(1.2%):
Aeon
Delight
Co.
Ltd.
...................................................
9,300
243
AIT
Corp.
............................................................
16,300
187
AZ-COM
MARUWA
Holdings,
Inc.
.........................................
13,700
104
Central
Japan
Railway
Co.
................................................
17,800
397
Fuji
Electric
Co.
Ltd.
....................................................
91,000
5,429
FULLCAST
Holdings
Co.
Ltd.
.............................................
14,400
133
Hosokawa
Micron
Corp.
..................................................
7,900
217
ITOCHU
Corp.
........................................................
27,209
1,284
JAC
Recruitment
Co.
Ltd.
.................................................
60,400
257
Komatsu
Ltd.
..........................................................
23,100
679
Mitsubishi
Heavy
Industries
Ltd.
............................................
89,000
779
Mitsui
&
Co.
Ltd.
.......................................................
24,220
1,233
Nippon
Yusen
KK
......................................................
141,862
4,498
Sanyo
Denki
Co.
Ltd.
....................................................
5,500
254
TKC
Corp.
...........................................................
8,200
172
Tsurumi
Manufacturing
Co.
Ltd.
............................................
7,300
201
16,067
Victory
Portfolios
III
Victory
Sustainable
World
Fund
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Information
Technology
(1.0%):
Anritsu
Corp.
..........................................................
28,300
$
208
Avant
Group
Corp.
......................................................
21,000
178
Canon,
Inc.
...........................................................
15,300
445
Dexerials
Corp.
........................................................
5,800
244
Disco
Corp.
...........................................................
15,700
6,176
DTS
Corp.
............................................................
9,400
250
Future
Corp.
..........................................................
23,900
230
Horiba
Ltd.
...........................................................
5,400
427
Lasertec
Corp.
.........................................................
1,800
463
Micronics
Japan
Co.
Ltd.
.................................................
9,600
354
NEC
Corp.
...........................................................
11,100
827
Oracle
Corp.
(c)
........................................................
51,800
3,684
TDK
Corp.
...........................................................
11,900
598
14,084
Materials
(0.1%):
Fujimi,
Inc.
...........................................................
9,000
171
Fuso
Chemical
Co.
Ltd.
..................................................
7,200
176
Nippon
Pillar
Packing
Co.
Ltd.
.............................................
7,300
244
Nippon
Steel
Corp.
......................................................
23,900
523
Tosoh
Corp.
...........................................................
31,482
400
1,514
Real
Estate
(0.0%):(a)
Daiwa
House
Industry
Co.
Ltd.
.............................................
14,800
394
Utilities
(0.2%):
Tokyo
Gas
Co.
Ltd.
.....................................................
115,200
2,588
75,967
Luxembourg
(0.1%):
Energy
(0.0%):(a)
Tenaris
SA
............................................................
22,035
364
Materials
(0.1%):
Ternium
SA
,
ADR
......................................................
17,389
751
1,115
Malaysia
(0.1%):
Industrials
(0.0%):(a)
Frencken
Group
Ltd.
....................................................
231,300
251
Utilities
(0.1%):
YTL
Power
International
Bhd
..............................................
567,300
595
846
Mexico
(0.2%):
Consumer
Staples
(0.1%):
Gruma
SAB
de
CV
,
Class
B
...............................................
21,280
413
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.................................
163,191
342
755
Financials
(0.1%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
111,975
1,065
Qualitas
Controladora
SAB
de
CV
...........................................
42,394
547
1,612
Real
Estate
(0.0%):(a)
Corp
Inmobiliaria
Vesta
SAB
de
CV
.........................................
133,432
464
2,831
Victory
Portfolios
III
Victory
Sustainable
World
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Netherlands
(1.0%):
Communication
Services
(0.0%):(a)
Koninklijke
KPN
NV
....................................................
100,942
$
378
Consumer
Discretionary
(0.1%):
Prosus
NV
(b)
..........................................................
18,899
686
Stellantis
NV
..........................................................
53,333
1,182
1,868
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
25,275
784
Financials
(0.1%):
Euronext
NV
(d)
........................................................
6,142
605
ING
Groep
NV
........................................................
35,655
637
NN
Group
NV
(b)
(c)
.....................................................
9,011
420
1,662
Information
Technology
(0.7%):
ASM
International
NV
...................................................
11,058
7,781
ASML
Holding
NV
.....................................................
1,146
1,096
8,877
13,569
New
Zealand
(0.5%):
Health
Care
(0.5%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
380,441
6,919
Norway
(0.7%):
Energy
(0.4%):
Aker
BP
ASA
.........................................................
160,993
4,158
Equinor
ASA
..........................................................
13,629
396
TGS
ASA
(c)
..........................................................
24,718
325
4,879
Financials
(0.3%):
SpareBank
1
SMN
......................................................
292,188
4,269
9,148
Panama
(0.0%):(a)
Industrials
(0.0%):(a)
Copa
Holdings
SA
,
Class
A
................................................
5,563
541
Poland
(0.1%):
Consumer
Discretionary
(0.1%):
LPP
SA
..............................................................
141
623
Financials
(0.0%):(a)
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
................................
37,983
576
1,199
Portugal
(0.0%):(a)
Energy
(0.0%):(a)
Galp
Energia
SGPS
SA
...................................................
26,378
555
Puerto
Rico
(0.1%):
Financials
(0.1%):
EVERTEC,
Inc.
........................................................
17,273
604
OFG
Bancorp
.........................................................
9,865
367
971
Russian
Federation
(0.0%):(a)
Energy
(0.0%):(a)
Gazprom
PJSC
(b)
(e)
(f)
...................................................
303,950
8
Victory
Portfolios
III
Victory
Sustainable
World
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Rosneft
Oil
Co.
PJSC
,
GDR
(b)
(e)
(f)
.........................................
124,892
$
—
8
Financials
(0.0%):
Sberbank
of
Russia
PJSC
,
ADR
(b)
(e)
(f)
.......................................
91,313
—
8
Saudi
Arabia
(0.2%):
Communication
Services
(0.1%):
Saudi
Telecom
Co.
......................................................
102,760
988
Consumer
Discretionary
(0.0%):(a)
United
Electronics
Co.
...................................................
11,422
272
Financials
(0.1%):
Alinma
Bank
..........................................................
72,301
591
Saudi
Awwal
Bank
......................................................
62,001
634
1,225
2,485
Singapore
(0.5%):
Consumer
Discretionary
(0.0%):(a)
Genting
Singapore
Ltd.
...................................................
607,900
410
Consumer
Staples
(0.0%):(a)
Sheng
Siong
Group
Ltd.
..................................................
210,000
232
Financials
(0.5%):
DBS
Group
Holdings
Ltd.
.................................................
24,095
642
iFAST
Corp.
Ltd.
.......................................................
40,600
204
Singapore
Exchange
Ltd.
.................................................
754,327
5,348
6,194
Information
Technology
(0.0%):(a)
Kulicke
&
Soffa
Industries,
Inc.
.............................................
6,023
275
Utilities
(0.0%):(a)
Sembcorp
Industries
Ltd.
.................................................
143,900
544
7,655
South
Africa
(0.6%):
Consumer
Discretionary
(0.5%):
Mr
Price
Group
Ltd.
.....................................................
676,434
6,409
The
Foschini
Group
Ltd.
..................................................
53,068
269
6,678
Financials
(0.1%):
Investec
PLC
..........................................................
56,658
379
Nedbank
Group
Ltd.
.....................................................
70,322
854
1,233
7,911
South
Korea
(1.6%):
Consumer
Discretionary
(0.1%):
Kia
Corp.
............................................................
11,394
973
Financials
(0.2%):
DB
Insurance
Co.
Ltd.
...................................................
13,929
1,044
KIWOOM
Securities
Co.
Ltd.
..............................................
3,251
315
Samsung
Securities
Co.
Ltd.
...............................................
24,310
637
1,996
Health
Care
(0.0%):(a)
Classys,
Inc.
..........................................................
9,576
342
Victory
Portfolios
III
Victory
Sustainable
World
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Industrials
(0.3%):
Doosan
Bobcat,
Inc.
.....................................................
10,223
$
427
Hanwha
Aerospace
Co.
Ltd.
...............................................
5,287
789
HD
Hyundai
Electric
Co.
Ltd.
..............................................
4,045
879
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(b)
........................
5,917
559
Hyundai
Rotem
Co.
Ltd.
..................................................
22,097
575
Samsung
C&T
Corp.
....................................................
5,620
550
Samsung
E&A
Co.
Ltd.
(b)
................................................
25,322
429
4,208
Information
Technology
(1.0%):
HAESUNG
DS
Co.
Ltd.
..................................................
7,404
248
Innox
Advanced
Materials
Co.
Ltd.
..........................................
12,526
301
Samsung
Electronics
Co.
Ltd.
..............................................
227,108
12,033
SK
Hynix,
Inc.
.........................................................
11,027
1,519
14,101
21,620
Spain
(0.9%):
Consumer
Discretionary
(0.1%):
Industria
de
Diseno
Textil
SA
..............................................
21,163
1,006
Energy
(0.0%):(a)
Repsol
SA
............................................................
25,527
417
Financials
(0.8%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
841,672
9,132
Banco
Santander
SA
.....................................................
204,198
1,077
Bankinter
SA
..........................................................
51,638
456
10,665
Utilities
(0.0%):(a)
Iberdrola
SA
..........................................................
41,697
550
12,638
Sweden
(0.7%):
Consumer
Discretionary
(0.0%):(a)
Evolution
AB
(d)
.......................................................
4,491
485
Consumer
Staples
(0.1%):
Essity
AB
,
Class
B
......................................................
23,814
612
Financials
(0.0%):(a)
Swedbank
AB
,
Class
A
...................................................
20,519
427
Health
Care
(0.1%):
Biotage
AB
...........................................................
15,338
272
Camurus
AB
(b)
........................................................
4,851
269
541
Industrials
(0.5%):
Atlas
Copco
AB
,
Class
B
.................................................
412,454
6,850
Volvo
AB
,
Class
B
......................................................
21,675
584
7,434
Information
Technology
(0.0%):(a)
HMS
Networks
AB
.....................................................
5,851
256
9,755
Switzerland
(2.7%):
Consumer
Discretionary
(0.2%):
On
Holding
AG
,
Class
A
(b)
...............................................
81,405
3,463
Consumer
Staples
(0.1%):
Coca-Cola
HBC
AG
.....................................................
17,969
610
Victory
Portfolios
III
Victory
Sustainable
World
Fund
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Nestle
SA
,
Registered
Shares
..............................................
4,055
$
430
1,040
Financials
(1.1%):
Chubb
Ltd.
...........................................................
26,979
7,306
Partners
Group
Holding
AG
...............................................
5,109
6,877
Swiss
Life
Holding
AG
...................................................
726
508
Zurich
Insurance
Group
AG
...............................................
841
443
15,134
Health
Care
(0.9%):
Alcon,
Inc.
...........................................................
5,606
504
Novartis
AG
,
Registered
Shares
.............................................
19,432
2,011
Roche
Holding
AG
......................................................
34,876
8,906
Sandoz
Group
AG
......................................................
15,495
548
11,969
Industrials
(0.1%):
ABB
Ltd.
,
Registered
Shares
...............................................
12,875
710
Kardex
Holding
AG
,
Registered
Shares
.......................................
1,527
423
1,133
Information
Technology
(0.1%):
Comet
Holding
AG
,
Class
R
...............................................
1,202
450
Landis+Gyr
Group
AG
...................................................
4,536
388
Logitech
International
SA
,
Class
R
..........................................
4,330
434
STMicroelectronics
NV
..................................................
8,584
362
u-blox
Holding
AG
......................................................
3,050
325
1,959
Materials
(0.2%):
Clariant
AG
...........................................................
27,710
444
Glencore
PLC
.........................................................
100,348
618
Holcim
AG
...........................................................
12,734
1,119
2,181
36,879
Taiwan
(3.1%):
Consumer
Discretionary
(0.0%):(a)
Makalot
Industrial
Co.
Ltd.
................................................
38,000
453
Financials
(0.9%):
Cathay
Financial
Holding
Co.
Ltd.
...........................................
6,716,000
11,689
Health
Care
(0.0%):(a)
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
21,000
496
Industrials
(0.1%):
Fortune
Electric
Co.
Ltd.
.................................................
23,000
510
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
.................................
146,000
536
1,046
Information
Technology
(2.1%):
ASE
Technology
Holding
Co.
Ltd.
...........................................
1,728,000
8,392
Compeq
Manufacturing
Co.
Ltd.
............................................
336,000
763
Elite
Material
Co.
Ltd.
...................................................
34,000
431
Gold
Circuit
Electronics
Ltd.
(b)
............................................
67,800
419
King
Yuan
Electronics
Co.
Ltd.
.............................................
158,000
433
Lite-On
Technology
Corp.
................................................
1,824,000
6,103
Lotes
Co.
Ltd.
.........................................................
24,000
1,198
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
369,000
9,451
Unimicron
Technology
Corp.
..............................................
110,000
625
Wiwynn
Corp.
.........................................................
9,000
689
28,504
Victory
Portfolios
III
Victory
Sustainable
World
Fund
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Materials
(0.0%):(a)
Gloria
Material
Technology
Corp.
...........................................
166,000
$
270
42,458
Thailand
(0.1%):
Consumer
Staples
(0.0%):(a)
CP
ALL
PCL-NVDR
....................................................
415,800
651
Energy
(0.1%):
PTT
Exploration
&
Production
PCL-NVDR
....................................
193,700
814
Health
Care
(0.0%):(a)
Bangkok
Dusit
Medical
Services
PCL-NVDR
..................................
779,500
573
2,038
Turkey
(0.2%):
Consumer
Discretionary
(0.0%):(a)
Teknosa
Ic
Ve
Dis
Ticaret
AS
(b)
............................................
144,561
160
Consumer
Staples
(0.1%):
BIM
Birlesik
Magazalar
AS
...............................................
59,359
884
Financials
(0.1%):
Yapi
ve
Kredi
Bankasi
AS
.................................................
702,025
705
Industrials
(0.0%):(a)
Pegasus
Hava
Tasimaciligi
AS
(b)
...........................................
73,084
459
2,208
United
Arab
Emirates
(0.1%):
Financials
(0.0%):(a)
Emirates
NBD
Bank
PJSC
................................................
174,204
738
Real
Estate
(0.1%):
Emaar
Properties
PJSC
...................................................
438,249
914
1,652
United
Kingdom
(3.7%):
Communication
Services
(0.1%):
Informa
PLC
..........................................................
48,668
530
MONY
Group
PLC
.....................................................
58,162
168
Team
Internet
Group
PLC
.................................................
158,057
384
YouGov
PLC
..........................................................
16,756
211
1,293
Consumer
Discretionary
(0.9%):
Greggs
PLC
...........................................................
186,970
7,030
Next
PLC
............................................................
43,706
5,234
12,264
Consumer
Staples
(0.6%):
Associated
British
Foods
PLC
..............................................
20,968
685
Coca-Cola
Europacific
Partners
PLC
.........................................
7,854
579
Imperial
Brands
PLC
....................................................
201,818
5,014
Marks
&
Spencer
Group
PLC
..............................................
224,370
868
Tesco
PLC
............................................................
176,248
701
7,847
Energy
(0.1%):
BP
PLC
..............................................................
115,387
722
Harbour
Energy
PLC
....................................................
90,076
383
Subsea
7
SA
..........................................................
21,806
405
1,510
Victory
Portfolios
III
Victory
Sustainable
World
Fund
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Financials
(0.9%):
3i
Group
PLC
.........................................................
31,602
$
1,164
Barclays
PLC
.........................................................
181,153
512
HSBC
Holdings
PLC
....................................................
971,871
8,660
IntegraFin
Holdings
PLC
.................................................
79,795
359
Man
Group
PLC
.......................................................
125,170
423
Standard
Chartered
PLC
..................................................
90,645
903
12,021
Health
Care
(0.1%):
AstraZeneca
PLC
.......................................................
3,768
586
ConvaTec
Group
PLC
(d)
.................................................
111,605
356
GSK
PLC
............................................................
31,843
714
Hikma
Pharmaceuticals
PLC
...............................................
13,563
335
1,991
Industrials
(0.2%):
Ashtead
Technology
Holdings
PLC
..........................................
35,321
373
Chemring
Group
PLC
....................................................
47,269
233
Clarkson
PLC
.........................................................
7,094
373
easyJet
PLC
...........................................................
64,562
382
Judges
Scientific
PLC
....................................................
1,566
223
Mitie
Group
PLC
.......................................................
227,910
355
RELX
PLC
...........................................................
9,861
433
Rolls-Royce
Holdings
PLC
(b)
..............................................
107,742
629
SThree
PLC
...........................................................
69,514
391
3,392
Information
Technology
(0.1%):
Kainos
Group
PLC
......................................................
22,249
326
The
Sage
Group
PLC
....................................................
35,226
463
789
Materials
(0.6%):
Ferroglobe
PLC
........................................................
41,934
249
Rio
Tinto
PLC
.........................................................
113,802
8,010
8,259
Real
Estate
(0.0%):(a)
The
British
Land
Co.
PLC
................................................
83,084
467
Utilities
(0.1%):
Drax
Group
PLC
.......................................................
66,397
440
National
Grid
PLC
(b)
....................................................
36,013
408
848
50,681
United
States
(56.3%):
Communication
Services
(5.3%):
Alphabet,
Inc.
,
Class
C
(b)
.................................................
215,229
37,402
Meta
Platforms,
Inc.
,
Class
A
..............................................
55,937
26,113
Netflix,
Inc.
(b)
.........................................................
5,115
3,282
Take-Two
Interactive
Software,
Inc.
(b)
.......................................
9,100
1,459
The
Trade
Desk,
Inc.
,
Class
A
(b)
............................................
25,481
2,364
TKO
Group
Holdings,
Inc.
................................................
28,500
3,109
73,729
Consumer
Discretionary
(5.7%):
Acushnet
Holdings
Corp.
.................................................
10,131
668
Airbnb,
Inc.
,
Class
A
(b)
..................................................
9,976
1,446
Amazon.com,
Inc.
(b)
....................................................
155,912
27,509
Atmus
Filtration
Technologies,
Inc.
(b)
........................................
16,087
496
Beyond,
Inc.
(b)
........................................................
16,294
247
BJ's
Restaurants,
Inc.
(b)
..................................................
21,467
752
Victory
Portfolios
III
Victory
Sustainable
World
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Brunswick
Corp.
.......................................................
4,927
$
407
Century
Communities,
Inc.
................................................
3,047
257
Gentherm,
Inc.
(b)
.......................................................
6,259
338
Installed
Building
Products,
Inc.
............................................
3,362
712
Latham
Group,
Inc.
(b)
...................................................
301,633
1,164
LKQ
Corp.
...........................................................
45,900
1,975
M/I
Homes,
Inc.
(b)
......................................................
1,864
233
Mattel,
Inc.
(b)
.........................................................
75,600
1,345
McDonald's
Corp.
......................................................
40,739
10,547
O'Reilly
Automotive,
Inc.
(b)
...............................................
3,176
3,059
PulteGroup,
Inc.
........................................................
84,346
9,896
Ross
Stores,
Inc.
.......................................................
47,874
6,691
Samsonite
International
SA
(b)
(d)
...........................................
194,100
617
Sonos,
Inc.
(b)
.........................................................
31,346
495
Tesla,
Inc.
(b)
..........................................................
28,668
5,105
Thor
Industries,
Inc.
.....................................................
5,714
567
Tri
Pointe
Homes,
Inc.
(b)
.................................................
17,402
674
Ulta
Beauty,
Inc.
(b)
.....................................................
11,950
4,721
79,921
Consumer
Staples
(2.9%):
Celsius
Holdings,
Inc.
(b)
.................................................
18,108
1,448
Colgate-Palmolive
Co.
...................................................
165,734
15,407
Keurig
Dr.
Pepper,
Inc.
...................................................
111,500
3,819
Mondelez
International,
Inc.
,
Class
A
.........................................
34,800
2,385
PepsiCo,
Inc.
..........................................................
80,367
13,895
U.S.
Foods
Holding
Corp.
(b)
...............................................
53,800
2,842
39,796
Energy
(2.3%):
APA
Corp.
............................................................
249,627
7,621
Cactus,
Inc.
,
Class
A
.....................................................
74,026
3,801
Chevron
Corp.
.........................................................
11,200
1,818
ConocoPhillips
........................................................
66,833
7,785
Dril-Quip,
Inc.
(b)
.......................................................
19,224
372
Enterprise
Products
Partners
LP
.............................................
82,700
2,357
Expro
Group
Holdings
NV
(b)
..............................................
27,294
599
Exxon
Mobil
Corp.
.....................................................
24,100
2,826
Marathon
Oil
Corp.
.....................................................
97,200
2,815
RPC,
Inc.
............................................................
70,494
481
Select
Water
Solutions,
Inc.
................................................
59,085
646
Solaris
Oilfield
Infrastructure,
Inc.
,
Class
A
....................................
42,358
388
TETRA
Technologies,
Inc.
(b)
..............................................
92,179
342
31,851
Financials
(7.8%):
Bank
of
America
Corp.
...................................................
278,800
11,149
Brightsphere
Investment
Group,
Inc.
.........................................
42,097
933
Cboe
Global
Markets,
Inc.
................................................
9,600
1,661
Citigroup,
Inc.
.........................................................
66,200
4,125
First
Busey
Corp.
.......................................................
17,718
400
Houlihan
Lokey,
Inc.
....................................................
1,979
268
JPMorgan
Chase
&
Co.
..................................................
97,098
19,675
Live
Oak
Bancshares,
Inc.
................................................
10,402
359
LPL
Financial
Holdings,
Inc.
...............................................
26,577
7,606
Mastercard,
Inc.
,
Class
A
.................................................
29,959
13,394
S&P
Global,
Inc.
.......................................................
31,802
13,596
Synchrony
Financial
.....................................................
121,551
5,324
The
Goldman
Sachs
Group,
Inc.
............................................
9,000
4,109
The
PNC
Financial
Services
Group,
Inc.
......................................
56,930
8,960
The
Progressive
Corp.
...................................................
16,500
3,484
Unum
Group
..........................................................
140,118
7,547
Victory
Portfolios
III
Victory
Sustainable
World
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Visa,
Inc.
,
Class
A
......................................................
18,850
$
5,136
107,726
Health
Care
(7.1%):
AbbVie,
Inc.
..........................................................
15,200
2,451
Align
Technology,
Inc.
(b)
.................................................
19,477
5,010
Amgen,
Inc.
...........................................................
36,114
11,045
Astrana
Health,
Inc.
(b)
...................................................
11,487
476
Catalyst
Pharmaceuticals,
Inc.
(b)
............................................
36,429
589
CorVel
Corp.
(b)
........................................................
3,078
738
Dexcom,
Inc.
(b)
........................................................
30,323
3,601
Dynavax
Technologies
Corp.
(b)
............................................
28,302
339
Eli
Lilly
&
Co.
.........................................................
26,627
21,843
GE
HealthCare
Technologies,
Inc.
...........................................
13,700
1,069
Halozyme
Therapeutics,
Inc.
(b)
.............................................
12,693
562
Humana,
Inc.
..........................................................
2,400
859
IDEXX
Laboratories,
Inc.
(b)
...............................................
16,420
8,160
Integer
Holdings
Corp.
(b)
.................................................
3,082
374
Intuitive
Surgical,
Inc.
(b)
.................................................
5,617
2,259
Johnson
&
Johnson
.....................................................
61,870
9,074
Lantheus
Holdings,
Inc.
(b)
................................................
5,183
424
LeMaitre
Vascular,
Inc.
...................................................
8,010
632
McKesson
Corp.
.......................................................
3,300
1,880
Merck
&
Co.,
Inc.
......................................................
28,400
3,565
Neogen
Corp.
(b)
.......................................................
28,226
371
STAAR
Surgical
Co.
(b)
..................................................
12,891
535
The
Cigna
Group
.......................................................
9,500
3,274
U.S.
Physical
Therapy,
Inc.
................................................
3,108
319
UFP
Technologies,
Inc.
(b)
.................................................
3,468
903
UnitedHealth
Group,
Inc.
.................................................
26,450
13,103
Veeva
Systems,
Inc.
,
Class
A
(b)
............................................
11,657
2,031
Vericel
Corp.
(b)
........................................................
17,873
853
Zoetis,
Inc.
...........................................................
11,810
2,003
98,342
Industrials
(6.1%):
AAON,
Inc.
...........................................................
7,541
566
AGCO
Corp.
..........................................................
58,360
6,264
Allient,
Inc.
...........................................................
13,482
365
Boise
Cascade
Co.
......................................................
3,903
536
Caterpillar,
Inc.
........................................................
36,141
12,234
Delta
Air
Lines,
Inc.
.....................................................
150,166
7,662
Eaton
Corp.
PLC
.......................................................
42,102
14,014
ESCO
Technologies,
Inc.
.................................................
4,863
531
FedEx
Corp.
..........................................................
7,300
1,854
General
Dynamics
Corp.
..................................................
7,900
2,368
GMS,
Inc.
(b)
..........................................................
6,147
578
Hub
Group,
Inc.
,
Class
A
.................................................
5,458
236
Leidos
Holdings,
Inc.
....................................................
21,200
3,118
Lennox
International,
Inc.
.................................................
23,239
11,680
PACCAR,
Inc.
.........................................................
15,700
1,688
Parker-Hannifin
Corp.
...................................................
2,400
1,276
Quanta
Services,
Inc.
....................................................
14,949
4,125
RTX
Corp.
............................................................
21,400
2,307
Rush
Enterprises,
Inc.
,
Class
A
.............................................
4,242
191
Sensata
Technologies
Holding
PLC
..........................................
54,600
2,256
SPX
Technologies,
Inc.
(b)
................................................
6,596
920
SS&C
Technologies
Holdings,
Inc.
..........................................
40,700
2,525
Standex
International
Corp.
................................................
3,825
643
The
AZEK
Co.,
Inc.
(b)
...................................................
7,230
347
The
Greenbrier
Cos.,
Inc.
.................................................
12,622
697
Transcat,
Inc.
(b)
........................................................
6,753
860
Uber
Technologies,
Inc.
(b)
................................................
52,733
3,404
Victory
Portfolios
III
Victory
Sustainable
World
Fund
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Vertiv
Holdings
Co.
,
Class
A
...............................................
13,189
$
1,293
84,538
Information
Technology
(16.0%):
Adobe,
Inc.
(b)
.........................................................
6,600
2,935
Advanced
Energy
Industries,
Inc.
...........................................
5,688
611
Ambarella,
Inc.
(b)
......................................................
5,845
341
Amphenol
Corp.
,
Class
A
.................................................
19,900
2,634
Analog
Devices,
Inc.
....................................................
11,100
2,603
Apple,
Inc.
...........................................................
220,652
42,420
Applied
Materials,
Inc.
...................................................
11,200
2,409
Arista
Networks,
Inc.
(b)
..................................................
15,494
4,612
Badger
Meter,
Inc.
......................................................
2,661
514
Broadcom,
Inc.
........................................................
4,018
5,338
Cadence
Design
Systems,
Inc.
(b)
............................................
16,040
4,592
Cisco
Systems,
Inc.
.....................................................
161,730
7,521
Corpay,
Inc.
(b)
.........................................................
7,300
1,954
ePlus,
Inc.
(b)
..........................................................
13,976
1,046
Fortinet,
Inc.
(b)
........................................................
156,175
9,264
Insight
Enterprises,
Inc.
(b)
................................................
3,978
778
Microsoft
Corp.
........................................................
120,963
50,215
Motorola
Solutions,
Inc.
..................................................
8,405
3,067
NVIDIA
Corp.
.........................................................
51,823
56,815
Palo
Alto
Networks,
Inc.
(b)
................................................
10,300
3,038
Salesforce,
Inc.
........................................................
5,900
1,383
ServiceNow,
Inc.
(b)
.....................................................
5,870
3,856
Texas
Instruments,
Inc.
...................................................
61,850
12,061
Zebra
Technologies
Corp.
(b)
...............................................
6,400
1,999
222,006
Materials
(0.8%):
Alcoa
Corp.
...........................................................
121,621
5,384
Eagle
Materials,
Inc.
.....................................................
1,125
262
H.B.
Fuller
Co.
........................................................
2,848
227
Hawkins,
Inc.
.........................................................
9,005
786
NewMarket
Corp.
......................................................
830
444
PPG
Industries,
Inc.
.....................................................
12,800
1,682
Radius
Recycling,
Inc.
...................................................
12,637
216
Sealed
Air
Corp.
.......................................................
58,100
2,258
11,259
Real
Estate
(0.8%):
CoStar
Group,
Inc.
(b)
....................................................
28,309
2,213
Equity
LifeStyle
Properties,
Inc.
............................................
27,000
1,695
Invitation
Homes,
Inc.
...................................................
50,600
1,760
Prologis,
Inc.
..........................................................
56,166
6,206
11,874
Utilities
(1.5%):
Constellation
Energy
Corp.
................................................
49,561
10,767
Exelon
Corp.
..........................................................
56,500
2,122
MGE
Energy,
Inc.
......................................................
71,622
5,739
Vistra
Corp.
...........................................................
22,100
2,190
20,818
781,860
Total
Common
Stocks
(Cost
$912,081)
1,364,198
Rights
(0.0%)(a)
France
(0.0%):(a)
Health
Care
(0.0%):(a)
EssilorLuxottica
SA
(b)
...................................................
1,832
8
Total
Rights
(Cost
$8)
8
Victory
Portfolios
III
Victory
Sustainable
World
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Name
Acquisition
Date
Cost
Gazprom
PJSC
.............................................
8/13/2021
$
1,231
Rosneft
Oil
Co.
PJSC
,
GDR
....................................
4/6/2021
964
Sberbank
of
Russia
PJSC
,
ADR
..................................
3/26/2021
1,405
Security
Description
Shares
Value
(000)
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
(b)
(f)
...........................................
5,434
$
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(0.1%)
United
States
(0.1%):
iShares
Core
MSCI
EAFE
ETF
.............................................
2,993
226
iShares
MSCI
EAFE
Small-Cap
ETF
.........................................
9,803
632
iShares
Russell
2000
ETF
(c)
...............................................
3,045
626
1,484
Total
Exchange-Traded
Funds
(Cost
$1,390)
1,484
Collateral
for
Securities
Loaned
(0.8%)^
United
States
(0.8%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(g)
........
2,857,887
2,858
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(g)
............
2,857,887
2,858
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(g)
...............
2,857,887
2,858
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.23
%
(g)
.
2,857,887
2,858
Total
Collateral
for
Securities
Loaned
(Cost
$11,432)
11,432
Total
Investments
(Cost
$924,911)
—
99.2%
1,377,122
Other
assets
in
excess
of
liabilities
—
0.8%
10,575
NET
ASSETS
-
100.00%
$
1,387,697
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Amount
represents
less
than
0.05%
of
net
assets.
(b)
Non-income
producing
security.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$9,351
(thousands)
and
amounted
to
0.7%
of
net
assets.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
May
31,
2024
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
May
31,
2024.
(g)
Rate
disclosed
is
the
daily
yield
on
May
31,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
GDR
—
Global
Depositary
Receipt
LP
—
Limited
Partnership
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
116
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(94.3%)
Communication
Services
(6.7%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
45,583
$
7,863
Alphabet,
Inc.
,
Class
C
(a)
.................................................
27,555
4,793
AT&T,
Inc.
...........................................................
106,650
1,943
Comcast
Corp.
,
Class
A
..................................................
42,741
1,711
Deutsche
Telekom
AG
,
ADR
...............................................
15,037
365
Meta
Platforms,
Inc.
,
Class
A
..............................................
15,343
7,163
Netflix,
Inc.
(a)
.........................................................
3,586
2,301
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
8,362
776
The
Walt
Disney
Co.
....................................................
19,537
2,030
T-Mobile
US,
Inc.
......................................................
6,441
1,127
Verizon
Communications,
Inc.
..............................................
61,008
2,511
32,583
Consumer
Discretionary
(7.7%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
5,047
731
Amazon.com,
Inc.
(a)
....................................................
59,802
10,551
Aptiv
PLC
(a)
..........................................................
17,962
1,496
AutoZone,
Inc.
(a)
.......................................................
269
745
Booking
Holdings,
Inc.
...................................................
230
869
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
233
729
Cie
Financiere
Richemont
SA
,
ADR
.........................................
33,975
544
Compass
Group
PLC
,
ADR
................................................
10,567
297
D.R.
Horton,
Inc.
.......................................................
6,592
974
Evolution
AB
(b)
.......................................................
9,674
1,044
Ford
Motor
Co.
........................................................
129,332
1,569
General
Motors
Co.
.....................................................
39,709
1,787
Genuine
Parts
Co.
......................................................
12,320
1,776
Hilton
Worldwide
Holdings,
Inc.
............................................
6,504
1,305
Lowe's
Cos.,
Inc.
.......................................................
5,781
1,279
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
3,892
3,112
McDonald's
Corp.
......................................................
6,353
1,645
Mercedes-Benz
Group
AG
,
ADR
............................................
15,188
274
NIKE,
Inc.
,
Class
B
.....................................................
11,300
1,074
O'Reilly
Automotive,
Inc.
(a)
...............................................
1,102
1,062
The
Home
Depot,
Inc.
...................................................
6,851
2,294
The
TJX
Cos.,
Inc.
......................................................
19,645
2,025
37,182
Consumer
Staples
(5.7%):
Altria
Group,
Inc.
.......................................................
44,661
2,065
Archer-Daniels-Midland
Co.
...............................................
18,697
1,167
Church
&
Dwight
Co.,
Inc.
................................................
12,643
1,353
Constellation
Brands,
Inc.
,
Class
A
..........................................
3,320
831
Costco
Wholesale
Corp.
..................................................
3,319
2,688
Dollar
General
Corp.
....................................................
5,026
688
Kenvue,
Inc.
..........................................................
57,783
1,115
Mondelez
International,
Inc.
,
Class
A
.........................................
23,798
1,631
PepsiCo,
Inc.
..........................................................
13,144
2,273
Philip
Morris
International,
Inc.
.............................................
17,377
1,762
Target
Corp.
..........................................................
7,774
1,214
The
Coca-Cola
Co.
......................................................
31,675
1,993
The
J.M.
Smucker
Co.
...................................................
7,138
797
The
Procter
&
Gamble
Co.
................................................
21,763
3,581
Unilever
PLC
.........................................................
35,224
1,929
Walmart,
Inc.
..........................................................
43,057
2,831
27,918
Energy
(4.5%):
ConocoPhillips
........................................................
10,611
1,236
Devon
Energy
Corp.
.....................................................
34,922
1,714
EOG
Resources,
Inc.
....................................................
5,693
709
Exxon
Mobil
Corp.
.....................................................
47,120
5,525
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Hess
Corp.
............................................................
8,215
$
1,266
Marathon
Oil
Corp.
.....................................................
31,302
907
Marathon
Petroleum
Corp.
................................................
4,348
768
ONEOK,
Inc.
..........................................................
13,882
1,124
Phillips
66
............................................................
4,700
668
Schlumberger
NV
......................................................
14,443
663
Shell
PLC
(a)
..........................................................
58,091
2,096
Shell
PLC-DRIP
(a)
.....................................................
73,875
25
Suncor
Energy,
Inc.
.....................................................
20,326
830
Targa
Resources
Corp.
...................................................
9,718
1,149
The
Williams
Cos.,
Inc.
..................................................
22,205
922
TotalEnergies
SE
.......................................................
23,172
1,697
Valero
Energy
Corp.
.....................................................
3,039
478
21,777
Financials
(16.0%):
Allianz
SE
,
ADR
.......................................................
19,942
580
American
Express
Co.
...................................................
7,144
1,715
American
International
Group,
Inc.
..........................................
24,412
1,924
Ameriprise
Financial,
Inc.
.................................................
2,134
932
Apollo
Global
Management,
Inc.
............................................
8,840
1,027
AXA
SA
,
ADR
........................................................
15,782
570
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
105,985
1,150
Banco
Santander
SA
.....................................................
330,968
1,745
Bank
of
America
Corp.
...................................................
90,716
3,628
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
20,419
8,462
BlackRock,
Inc.
........................................................
1,575
1,216
Blackstone,
Inc.
........................................................
10,481
1,263
BNP
Paribas
SA
,
ADR
...................................................
16,455
606
Capital
One
Financial
Corp.
...............................................
10,786
1,484
Chubb
Ltd.
...........................................................
5,437
1,472
CME
Group,
Inc.
.......................................................
5,116
1,038
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
2,827
639
Discover
Financial
Services
...............................................
7,554
927
Everest
Group
Ltd.
......................................................
2,320
907
Fidelity
National
Information
Services,
Inc.
....................................
19,887
1,509
Fiserv,
Inc.
(a)
..........................................................
10,540
1,578
Global
Payments,
Inc.
....................................................
8,798
896
HSBC
Holdings
PLC
....................................................
191,827
1,709
Huntington
Bancshares,
Inc.
...............................................
56,004
780
Intercontinental
Exchange,
Inc.
.............................................
3,589
481
Intesa
Sanpaolo
SpA
,
ADR
................................................
22,480
529
JPMorgan
Chase
&
Co.
..................................................
29,503
5,978
KeyCorp
.............................................................
52,864
760
KKR
&
Co.,
Inc.
.......................................................
7,881
810
Marsh
&
McLennan
Cos.,
Inc.
.............................................
9,150
1,899
Mastercard,
Inc.
,
Class
A
.................................................
5,783
2,585
Morgan
Stanley
........................................................
20,130
1,969
MSCI,
Inc.
...........................................................
2,191
1,085
Old
Republic
International
Corp.
............................................
42,719
1,358
Partners
Group
Holding
AG
...............................................
1,341
1,805
PayPal
Holdings,
Inc.
(a)
..................................................
21,413
1,349
Prudential
Financial,
Inc.
.................................................
9,843
1,185
S&P
Global,
Inc.
.......................................................
2,718
1,162
Shizuoka
Financial
Group,
Inc.
.............................................
47,400
490
The
Allstate
Corp.
......................................................
5,209
873
The
Charles
Schwab
Corp.
................................................
14,030
1,028
The
Goldman
Sachs
Group,
Inc.
............................................
6,890
3,145
The
Hartford
Financial
Services
Group,
Inc.
....................................
10,961
1,134
The
PNC
Financial
Services
Group,
Inc.
......................................
7,599
1,196
Truist
Financial
Corp.
....................................................
47,642
1,798
U.S.
Bancorp
..........................................................
46,708
1,894
UBS
Group
AG
........................................................
41,151
1,309
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Unum
Group
..........................................................
16,371
$
882
Wells
Fargo
&
Co.
......................................................
44,874
2,689
Zurich
Insurance
Group
AG
,
ADR
...........................................
13,311
700
77,850
Health
Care
(12.4%):
Abbott
Laboratories
.....................................................
24,111
2,464
AbbVie,
Inc.
..........................................................
14,154
2,282
Agilent
Technologies,
Inc.
.................................................
5,221
681
Align
Technology,
Inc.
(a)
.................................................
2,039
524
Amgen,
Inc.
...........................................................
4,764
1,457
AstraZeneca
PLC
.......................................................
11,170
1,736
Becton
Dickinson
&
Co.
..................................................
3,895
904
Boston
Scientific
Corp.
(a)
.................................................
11,673
882
Centene
Corp.
(a)
.......................................................
13,092
937
Charles
River
Laboratories
International,
Inc.
(a)
.................................
5,059
1,055
CVS
Health
Corp.
......................................................
12,635
753
Danaher
Corp.
.........................................................
6,478
1,664
Dexcom,
Inc.
(a)
........................................................
6,359
755
Edwards
Lifesciences
Corp.
(a)
.............................................
13,882
1,206
Elevance
Health,
Inc.
....................................................
2,255
1,214
Eli
Lilly
&
Co.
.........................................................
5,904
4,843
GE
HealthCare
Technologies,
Inc.
...........................................
14,226
1,110
HCA
Healthcare,
Inc.
....................................................
3,300
1,121
Humana,
Inc.
..........................................................
2,703
968
Intuitive
Surgical,
Inc.
(a)
.................................................
3,571
1,436
IQVIA
Holdings,
Inc.
(a)
..................................................
4,278
937
Johnson
&
Johnson
.....................................................
25,843
3,790
McKesson
Corp.
.......................................................
809
461
Medtronic
PLC
........................................................
9,703
790
Merck
&
Co.,
Inc.
......................................................
26,323
3,305
Mettler-Toledo
International,
Inc.
(a)
.........................................
649
911
Novartis
AG
,
Registered
Shares
.............................................
17,962
1,859
Novo
Nordisk
A/S
,
Class
B
................................................
15,811
2,143
Pfizer,
Inc.
............................................................
87,922
2,520
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
1,227
1,203
Roche
Holding
AG
......................................................
6,638
1,695
Sanofi
SA
............................................................
14,452
1,415
Stryker
Corp.
..........................................................
3,504
1,195
The
Cigna
Group
.......................................................
3,346
1,153
The
Ensign
Group,
Inc.
...................................................
5,715
693
Thermo
Fisher
Scientific,
Inc.
..............................................
3,379
1,919
UnitedHealth
Group,
Inc.
.................................................
6,788
3,363
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
3,226
1,469
Zoetis,
Inc.
...........................................................
7,752
1,314
60,127
Industrials
(10.5%):
3M
Co.
..............................................................
7,447
746
Airbus
SE
,
ADR
.......................................................
12,333
524
Amadeus
IT
Group
SA
,
ADR
..............................................
7,347
523
AMETEK,
Inc.
........................................................
7,233
1,227
Atlas
Copco
AB
,
Class
A
.................................................
81,109
1,563
Automatic
Data
Processing,
Inc.
............................................
4,076
998
Builders
FirstSource,
Inc.
(a)
...............................................
6,189
995
Carrier
Global
Corp.
.....................................................
21,429
1,354
Caterpillar,
Inc.
........................................................
5,061
1,713
CSX
Corp.
............................................................
23,174
782
Cummins,
Inc.
.........................................................
4,824
1,359
Daikin
Industries
Ltd.
,
ADR
...............................................
47,431
692
Deere
&
Co.
..........................................................
2,743
1,028
Delta
Air
Lines,
Inc.
.....................................................
18,524
945
Dover
Corp.
...........................................................
7,973
1,466
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Eaton
Corp.
PLC
.......................................................
5,700
$
1,897
Emerson
Electric
Co.
....................................................
10,600
1,189
Fastenal
Co.
...........................................................
6,624
437
FedEx
Corp.
..........................................................
4,874
1,238
Ferguson
PLC
.........................................................
5,340
1,099
GE
Vernova,
Inc.
(a)
.....................................................
4,355
766
General
Dynamics
Corp.
..................................................
3,629
1,088
General
Electric
Co.
.....................................................
12,324
2,035
Honeywell
International,
Inc.
..............................................
9,335
1,887
Johnson
Controls
International
PLC
..........................................
17,085
1,229
L3Harris
Technologies,
Inc.
...............................................
6,883
1,547
Lockheed
Martin
Corp.
...................................................
2,106
990
Norfolk
Southern
Corp.
..................................................
4,500
1,012
Northrop
Grumman
Corp.
.................................................
2,457
1,108
Parker-Hannifin
Corp.
...................................................
2,626
1,396
Paycom
Software,
Inc.
...................................................
5,561
808
Quanta
Services,
Inc.
....................................................
4,545
1,254
Robert
Half,
Inc.
.......................................................
9,881
635
RTX
Corp.
............................................................
17,770
1,916
Schneider
Electric
SE
....................................................
7,696
1,920
Siemens
AG
,
Registered
Shares
.............................................
9,639
1,858
Trane
Technologies
PLC
..................................................
2,592
849
TransDigm
Group,
Inc.
...................................................
732
983
Uber
Technologies,
Inc.
(a)
................................................
16,951
1,094
Union
Pacific
Corp.
.....................................................
5,547
1,291
United
Parcel
Service,
Inc.
,
Class
B
..........................................
14,275
1,983
United
Rentals,
Inc.
.....................................................
1,781
1,192
Vertiv
Holdings
Co.
,
Class
A
...............................................
5,916
580
51,196
Information
Technology
(21.4%):
Accenture
PLC
,
Class
A
..................................................
5,094
1,438
Adobe,
Inc.
(a)
.........................................................
3,493
1,554
Advanced
Micro
Devices,
Inc.
(a)
............................................
16,544
2,761
Amphenol
Corp.
,
Class
A
.................................................
13,114
1,736
Analog
Devices,
Inc.
....................................................
8,915
2,091
ANSYS,
Inc.
(a)
........................................................
3,759
1,193
Apple,
Inc.
...........................................................
98,488
18,934
Applied
Materials,
Inc.
...................................................
8,065
1,735
Arista
Networks,
Inc.
(a)
..................................................
2,979
887
ASML
Holding
NV
.....................................................
2,340
2,239
Autodesk,
Inc.
(a)
.......................................................
4,258
858
Broadcom,
Inc.
........................................................
2,762
3,669
Cadence
Design
Systems,
Inc.
(a)
............................................
3,407
975
Cisco
Systems,
Inc.
.....................................................
46,077
2,143
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
2,000
627
Entegris,
Inc.
..........................................................
10,590
1,338
Fortinet,
Inc.
(a)
........................................................
10,639
631
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
6,564
917
International
Business
Machines
Corp.
........................................
8,440
1,408
Intuit,
Inc.
............................................................
2,921
1,684
Keysight
Technologies,
Inc.
(a)
.............................................
6,717
930
KLA
Corp.
...........................................................
1,916
1,455
Lam
Research
Corp.
.....................................................
1,647
1,536
Marvell
Technology,
Inc.
.................................................
12,939
890
Microchip
Technology,
Inc.
................................................
15,706
1,527
Microsoft
Corp.
........................................................
48,777
20,249
Monolithic
Power
Systems,
Inc.
............................................
1,222
899
NVIDIA
Corp.
.........................................................
15,563
17,062
Oracle
Corp.
..........................................................
12,345
1,447
QUALCOMM,
Inc.
.....................................................
11,498
2,346
Salesforce,
Inc.
........................................................
7,757
1,819
SAP
SE
..............................................................
11,200
2,042
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
ServiceNow,
Inc.
(a)
.....................................................
1,577
$
1,036
Snowflake,
Inc.
,
Class
A
(a)
................................................
4,360
594
Synopsys,
Inc.
(a)
.......................................................
1,964
1,101
Workday,
Inc.
,
Class
A
(a)
.................................................
2,340
495
104,246
Materials
(3.6%):
Air
Liquide
SA
,
ADR
....................................................
10,310
405
BASF
SE
,
ADR
........................................................
49,181
645
Corteva,
Inc.
..........................................................
23,192
1,297
DuPont
de
Nemours,
Inc.
.................................................
11,543
948
Eastman
Chemical
Co.
...................................................
5,447
552
Freeport-McMoRan,
Inc.
.................................................
17,739
935
Givaudan
SA
,
ADR
.....................................................
7,653
719
Glencore
PLC
.........................................................
146,370
902
H.B.
Fuller
Co.
........................................................
16,119
1,284
International
Flavors
&
Fragrances,
Inc.
.......................................
10,995
1,058
Linde
PLC
............................................................
6,698
2,917
Newmont
Corp.
........................................................
21,576
905
Nucor
Corp.
...........................................................
3,413
576
Rio
Tinto
PLC
.........................................................
15,761
1,109
Sika
AG
,
ADR
.........................................................
16,678
511
The
Sherwin-Williams
Co.
................................................
5,088
1,546
Vulcan
Materials
Co.
....................................................
4,084
1,045
17,354
Real
Estate
(3.2%):
American
Tower
Corp.
...................................................
6,596
1,291
Crown
Castle,
Inc.
......................................................
8,154
836
Equinix,
Inc.
..........................................................
2,190
1,671
Essential
Properties
Realty
Trust,
Inc.
........................................
36,834
986
Extra
Space
Storage,
Inc.
.................................................
8,420
1,219
Healthpeak
Properties,
Inc.
................................................
60,118
1,196
LXP
Industrial
Trust
.....................................................
75,948
645
Prologis,
Inc.
..........................................................
10,269
1,135
Realty
Income
Corp.
....................................................
39,631
2,103
Retail
Opportunity
Investments
Corp.
........................................
39,139
490
SITE
Centers
Corp.
.....................................................
108,569
1,566
Welltower,
Inc.
.........................................................
11,969
1,241
Zillow
Group,
Inc.
,
Class
A
(a)
..............................................
28,527
1,145
15,524
Utilities
(2.6%):
American
Electric
Power
Co.,
Inc.
...........................................
12,678
1,144
CMS
Energy
Corp.
......................................................
24,925
1,569
Constellation
Energy
Corp.
................................................
4,060
882
Dominion
Energy,
Inc.
...................................................
20,075
1,082
Enel
SpA
,
ADR
........................................................
89,201
645
Evergy,
Inc.
...........................................................
23,806
1,301
Exelon
Corp.
..........................................................
36,616
1,375
NiSource,
Inc.
.........................................................
44,869
1,304
The
Southern
Co.
.......................................................
25,965
2,081
Xcel
Energy,
Inc.
.......................................................
23,424
1,299
12,682
Total
Common
Stocks
(Cost
$384,978)
a
a
a
458,439
Victory
Portfolios
III
Victory
Target
Managed
Allocation
Fund
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Shares
Value
(000)
Exchange-Traded
Funds
(1.0%)
VanEck
Gold
Miners
ETF
.................................................
137,600
$
4,857
Total
Exchange-Traded
Funds
(Cost
$4,678)
a
a
a
4,857
Total
Investments
(Cost
$389,656)
—
95.3%
463,296
Other
assets
in
excess
of
liabilities
—
4.7%
22,940
NET
ASSETS
-
100.00%
$
486,236
At
May
31,
2024,
the
Fund's
investments
in
foreign
securities
were
11.9%
of
net
assets.
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$1,044
(thousands)
and
amounted
to
0.2%
of
net
assets.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
59
6/21/24
$
15,299,831
$
15,621,726
$
321,895
Euro
Stoxx
50
Futures
...............
824
6/21/24
44,190,747
44,555,037
364,290
FTSE
100
Index
Futures
..............
439
6/21/24
43,579,056
46,342,400
2,763,344
Tokyo
Price
Index
Futures
............
262
6/13/24
44,765,545
46,185,310
1,419,765
$
4,869,294
Futures
Contracts
Sold
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
ASX
SPI
200
Index
Futures
...........
234
6/20/24
$
30,068,689
$
30,037,817
$
30,872
E-Mini
MSCI
Emerging
Markets
Index
Futures
..........................
676
6/21/24
35,789,440
35,709,700
79,740
Hang
Seng
Index
Futures
.............
90
6/27/24
10,679,617
10,363,235
316,382
S&P/Toronto
Stock
Exchange
60
Index
Futures
..........................
265
6/20/24
51,344,515
51,895,509
(
550,994
)
$
(
124,000
)
Total
unrealized
appreciation
$
5,296,288
Total
unrealized
depreciation
(
550,994
)
Total
net
unrealized
appreciation
(depreciation)
$
4,745,294
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
122
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Municipal
Bonds
(99.5%)
Alabama
(3.2%):
Black
Belt
Energy
Gas
District
Revenue
Series
A
,
5
.25
%
,
1/1/54
,
(Put
Date
10/1/30)
(a)
..............................
$
5,000
$
5,279
Series
A
,
5
.25
%
,
5/1/55
,
(Put
Date
9/1/32)
(a)
...............................
1,500
1,597
Series
B
,
5
.25
%
,
12/1/53
,
(Put
Date
12/1/30)
(a)
.............................
4,000
4,253
Series
C
,
5
.50
%
,
10/1/54
,
(Put
Date
6/1/32)
(a)
..............................
3,000
3,245
Series
C-1
,
5
.25
%
,
2/1/53
,
(Put
Date
6/1/29)
(a)
..............................
12,000
12,521
Series
D-1
,
5
.50
%
,
6/1/49
,
(Put
Date
2/1/29)
(a)
.............................
4,000
4,210
Series
D-3
,
5
.43
%
(
SOFR
+
185
bps
)
,
6/1/49
,
(Put
Date
2/1/29)
(a)
(b)
...............
2,500
2,512
County
of
Jefferson
AL
Sewer
Revenue
,
5
.25
%
,
10/1/45
,
Continuously
Callable
@100
.....
3,000
3,229
Energy
Southeast
A
Cooperative
District
Revenue
Series
A-1
,
5
.50
%
,
11/1/53
,
(Put
Date
1/1/31)
(a)
.............................
5,000
5,338
Series
B
,
5
.25
%
,
7/1/54
,
(Put
Date
6/1/32)
(a)
...............................
3,000
3,185
Series
B-1
,
5
.75
%
,
4/1/54
,
(Put
Date
11/1/31)
(a)
.............................
2,000
2,185
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
Revenue
,
Series
A
,
5
.00
%
,
2/1/36
,
Continuously
Callable
@100
.........................
8,000
8,070
Southeast
Energy
Authority
A
Cooperative
District
Revenue
Series
A
,
5
.25
%
,
1/1/54
,
(Put
Date
7/1/29)
(a)
...............................
15,000
15,759
Series
B
,
5
.00
%
,
1/1/54
,
(Put
Date
6/1/30)
(a)
...............................
3,000
3,136
The
Health
Care
Authority
of
the
City
of
Huntsville
Revenue
Series
B1
,
4
.00
%
,
6/1/39
,
Continuously
Callable
@100
........................
2,000
1,982
Series
B1
,
4
.00
%
,
6/1/40
,
Continuously
Callable
@100
........................
2,555
2,498
The
Lower
Alabama
Gas
District
Revenue
,
Series
A
,
5
.00
%
,
9/1/34
...................
15,000
15,820
The
Southeast
Alabama
Gas
Supply
District
Revenue
,
Series
B
,
5
.00
%
,
6/1/49
,
(Put
Date
5/1/32)
(a)
........................................................
3,000
3,149
97,968
Arizona
(2.0%):
Arizona
IDA
Revenue
,
4
.00
%
,
12/15/41
,
Continuously
Callable
@100
(c)
...............
955
761
Maricopa
County
IDA
Revenue
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
(c)
.............................
2,000
1,930
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
(c)
.............................
1,250
1,037
Series
C
,
3
.93
%
(
MUNIPSA
+
57
bps
)
,
1/1/35
,
(Put
Date
10/18/24)
(a)
(b)
............
2,115
2,110
Series
D
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
1,500
1,565
Sierra
Vista
IDA
Revenue
5
.25
%
,
6/15/38
,
Continuously
Callable
@100
(c)
.............................
4,845
4,908
5
.25
%
,
6/15/42
,
Continuously
Callable
@100
(c)
.............................
4,460
4,453
State
of
Arizona
Distribution
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
Series
B
,
5
.50
%
,
7/1/24
..............................................
3,270
3,276
Series
B
,
5
.50
%
,
7/1/25
..............................................
2,115
2,167
Tempe
IDA
Revenue
,
Series
A
,
4
.00
%
,
12/1/38
,
Continuously
Callable
@102
............
2,690
2,394
The
County
of
Pima
IDA
Revenue
4
.00
%
,
4/1/41
,
Continuously
Callable
@100
...............................
1,690
1,609
4
.00
%
,
6/15/41
,
Continuously
Callable
@100
(c)
.............................
3,500
3,024
Series
A
,
6
.75
%
,
11/15/42
,
Continuously
Callable
@103
(c)
.....................
3,000
3,139
Series
B2
,
5
.63
%
,
11/15/30
,
Continuously
Callable
@100
(c)
....................
10,000
9,938
The
County
of
Yavapai
IDA
Revenue
,
4
.00
%
,
8/1/38
,
Continuously
Callable
@100
........
1,000
967
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
3
.75
%
,
7/1/24
.....................................................
1,200
1,199
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
11,100
10,664
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
1,675
1,679
5
.00
%
,
10/1/36
,
Continuously
Callable
@100
...............................
4,250
4,306
61,126
Arkansas
(0.3%):
Arkansas
Development
Finance
Authority
Revenue
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
1,300
1,323
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
...............................
2,000
2,033
5
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
1,000
1,014
University
of
Arkansas
-
Pulaski
Technical
College
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
....................
4,290
4,339
8,709
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
California
(1.9%):
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
Revenue
Series
B
,
4
.13
%
,
7/1/41
,
Continuously
Callable
@100
.........................
$
2,500
$
2,408
Series
B
,
4
.25
%
,
7/1/43
,
Continuously
Callable
@100
.........................
3,000
2,924
California
Community
Choice
Financing
Authority
Revenue
,
Series
G
,
5
.25
%
,
11/1/54
,
(Put
Date
4/1/30)
(a)
....................................................
1,000
1,062
California
Health
Facilities
Financing
Authority
Revenue
Series
B
,
5
.00
%
,
11/15/38
,
Continuously
Callable
@100
.......................
1,500
1,626
Series
B
,
5
.00
%
,
11/15/43
,
Continuously
Callable
@100
.......................
1,500
1,593
California
School
Finance
Authority
Revenue
5
.00
%
,
8/1/31
,
Continuously
Callable
@100
(c)
.............................
450
450
5
.00
%
,
8/1/31
,
Pre-refunded  8/1/25
@
100
(c)
..............................
50
51
5
.00
%
,
8/1/36
,
Continuously
Callable
@100
(c)
.............................
1,450
1,450
5
.00
%
,
8/1/36
,
Pre-refunded  8/1/25
@
100
(c)
..............................
150
153
California
State
Public
Works
Board
Revenue
,
Series
B
,
5
.00
%
,
10/1/31
,
Continuously
Callable
@100
.....................................................
11,465
11,504
California
State
University
Revenue
,
Series
A
,
5
.00
%
,
11/1/29
,
Pre-refunded
11/1/24
@
100
.
165
166
California
Statewide
Communities
Development
Authority
Revenue
5
.00
%
,
5/15/32
,
Continuously
Callable
@100
...............................
1,250
1,265
5
.00
%
,
5/15/33
,
Continuously
Callable
@100
...............................
2,000
2,023
5
.00
%
,
5/15/34
,
Continuously
Callable
@100
...............................
1,250
1,263
5
.00
%
,
5/15/35
,
Continuously
Callable
@100
...............................
2,000
2,021
Cerritos
Community
College
District,
GO
Series
D
,
8/1/25
(d)
..................................................
1,510
1,454
Series
D
,
8/1/27
(d)
..................................................
1,000
902
Series
D
,
8/1/28
(d)
..................................................
1,000
867
City
of
Irvine
Special
Assessment
,
5
.00
%
,
9/2/29
,
Callable
9/2/24
@
100
...............
1,000
1,002
City
of
San
Diego
Tobacco
Settlement
Revenue
Funding
Corp.
Revenue
,
Series
C
,
4
.00
%
,
6/1/32
,
Continuously
Callable
@100
.....................................
435
435
Foothill-Eastern
Transportation
Corridor
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
1/15/35
(d)
..................................................
5,500
3,580
Fresno
Joint
Powers
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
4/1/32
,
Continuously
Callable
@100
.........................
1,000
1,032
Series
A
,
5
.00
%
,
4/1/35
,
Continuously
Callable
@100
.........................
1,000
1,030
Series
A
,
5
.00
%
,
4/1/36
,
Continuously
Callable
@100
.........................
420
433
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Revenue
AMT
,
Series
A
,
5
.25
%
,
5/1/44
,
Continuously
Callable
@100
....................
1,500
1,604
The
El
Camino
Community
College
District
Foundation,
GO
Series
C
,
8/1/26
(d)
..................................................
6,810
6,345
Series
C
,
8/1/27
(d)
..................................................
7,665
6,913
Series
C
,
8/1/28
(d)
..................................................
5,500
4,792
60,348
Colorado
(1.0%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
,
4
.25
%
,
7/1/43
,
Continuously
Callable
@100
.....................................................
3,000
2,849
Colorado
Health
Facilities
Authority
Revenue
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
...............................
1,000
1,000
5
.00
%
,
12/1/29
,
Continuously
Callable
@100
...............................
1,500
1,501
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
4,000
4,003
5
.00
%
,
11/1/41
,
Continuously
Callable
@100
...............................
2,500
2,674
Series
A
,
4
.00
%
,
8/1/38
,
Continuously
Callable
@100
.........................
1,000
992
Series
A
,
4
.00
%
,
8/1/39
,
Continuously
Callable
@100
.........................
1,250
1,213
Series
A
,
4
.00
%
,
11/1/39
,
Continuously
Callable
@100
........................
3,500
3,347
Series
A
,
4
.00
%
,
12/1/40
,
Continuously
Callable
@103
........................
2,000
1,773
Denver
Health
&
Hospital
Authority
Revenue
Series
A
,
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
(c)
......................
7,355
7,411
Series
A
,
4
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,250
1,146
Series
A
,
4
.00
%
,
12/1/38
,
Continuously
Callable
@100
........................
1,250
1,134
Series
A
,
4
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
1,000
900
Park
Creek
Metropolitan
District
Revenue
Series
A
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
1,250
1,262
Series
A
,
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
........................
1,000
1,010
32,215
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Connecticut
(1.5%):
City
of
New
Haven,
GO
Series
A
,
5
.00
%
,
8/1/28
..............................................
$
1,000
$
1,028
Series
A
,
5
.50
%
,
8/1/30
,
Continuously
Callable
@100
.........................
1,000
1,044
Series
A
,
5
.50
%
,
8/1/32
,
Continuously
Callable
@100
.........................
1,200
1,254
Series
A
,
5
.50
%
,
8/1/36
,
Continuously
Callable
@100
.........................
1,810
1,891
City
of
West
Haven,
GO
Series
B
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
400
413
Series
B
,
5
.00
%
,
11/1/37
,
Continuously
Callable
@100
........................
350
361
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
1,950
1,966
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
725
731
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
...............................
1,170
1,179
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
1,125
1,133
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
1,275
1,281
Series
A
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
2,000
2,060
Series
A
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
2,000
1,964
Series
A
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
7,000
6,465
Series
A
,
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
.........................
2,000
1,945
Series
E
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
10,000
10,003
Harbor
Point
Infrastructure
Improvement
District
Tax
Allocation
,
5
.00
%
,
4/1/30
,
Continuously
Callable
@100
(c)
...................................................
8,100
8,104
State
of
Connecticut,
GO
,
Series
A
,
4
.00
%
,
4/15/37
,
Continuously
Callable
@100
.........
1,825
1,816
The
Metropolitan
District,
GO
,
4
.00
%
,
7/15/37
,
Continuously
Callable
@100
............
1,000
1,007
Town
of
Hamden,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
5
.00
%
,
8/15/30
,
Continuously
Callable
@100
...........................................
1,200
1,244
46,889
District
of
Columbia
(0.2%):
District
of
Columbia
Revenue
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
1,000
957
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
800
814
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Series
B
,
4
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
1,000
1,001
Series
B
,
4
.00
%
,
10/1/36
,
Continuously
Callable
@100
........................
1,250
1,246
Series
B
,
4
.00
%
,
10/1/38
,
Continuously
Callable
@100
........................
1,000
980
Washington
Convention
&
Sports
Authority
Revenue
Series
A
,
4
.00
%
,
10/1/38
,
Continuously
Callable
@100
........................
1,250
1,226
Series
A
,
4
.00
%
,
10/1/39
,
Continuously
Callable
@100
........................
500
488
Series
A
,
4
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
750
724
7,436
Florida
(6.1%):
Alachua
County
Health
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/40
,
Continuously
Callable
@103
...........................................................
700
598
Capital
Projects
Finance
Authority
Revenue
5
.00
%
,
11/1/42
,
Continuously
Callable
@100
...............................
1,000
963
5
.00
%
,
11/1/43
,
Continuously
Callable
@100
...............................
1,000
958
Capital
Trust
Agency,
Inc.
Revenue
,
6
.00
%
,
5/1/43
,
Continuously
Callable
@100
(c)
.......
3,710
3,667
City
of
Cape
Coral
Water
&
Sewer
Revenue
4
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
1,485
1,488
4
.00
%
,
10/1/36
,
Continuously
Callable
@100
...............................
1,400
1,401
4
.00
%
,
10/1/37
,
Continuously
Callable
@100
...............................
3,000
2,984
City
of
Pompano
Beach
Revenue
3
.50
%
,
9/1/35
,
Continuously
Callable
@103
...............................
3,345
2,839
4
.00
%
,
9/1/40
,
Continuously
Callable
@103
...............................
2,500
2,156
Series
A
,
4
.00
%
,
9/1/36
,
Continuously
Callable
@103
.........................
1,050
960
Series
A
,
4
.00
%
,
9/1/41
,
Continuously
Callable
@103
.........................
1,215
1,038
Series
B-1
,
2
.00
%
,
1/1/29
.............................................
3,300
2,867
City
of
Port
St.
Lucie
Special
Assessment
4
.00
%
,
7/1/31
,
Continuously
Callable
@100
...............................
3,195
3,193
4
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
2,000
1,994
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
2,785
2,770
City
of
Port
St.
Lucie
Utility
System
Revenue
,
4
.00
%
,
9/1/31
,
Continuously
Callable
@100
..
1,000
998
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
City
of
Tampa
Revenue
Series
A
,
9/1/36
,
Continuously
Callable
@80
(d)
.............................
$
700
$
409
Series
A
,
9/1/37
,
Continuously
Callable
@77
(d)
.............................
700
387
Series
A
,
9/1/38
,
Continuously
Callable
@74
(d)
.............................
850
445
Series
A
,
9/1/39
,
Continuously
Callable
@71
(d)
.............................
700
346
Series
A
,
9/1/40
,
Continuously
Callable
@68
(d)
.............................
850
395
Series
B
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
350
348
Series
B
,
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
.........................
700
691
Cityplace
Community
Development
District
Special
Assessment
(INS
-
Assured
Guaranty
Municipal
Corp.)
0.00%,
5/1/33
(e)
...................................................
3,470
3,341
0.00%,
5/1/38
,
Continuously
Callable
@100
(e)
.............................
7,900
7,803
County
of
Broward
Tourist
Development
Tax
Revenue
4
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
7,000
6,821
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
...............................
9,300
9,075
4
.00
%
,
9/1/41
,
Continuously
Callable
@100
...............................
6,975
6,712
County
of
Lee
Revenue
5
.00
%
,
10/1/24
....................................................
2,700
2,713
5
.00
%
,
10/1/33
,
Continuously
Callable
@100
...............................
4,000
4,055
County
of
Lee
Tourist
Development
Tax
Revenue
Series
B
,
4
.00
%
,
10/1/37
,
Continuously
Callable
@100
........................
4,970
4,958
Series
B
,
4
.00
%
,
10/1/38
,
Continuously
Callable
@100
........................
5,230
5,178
County
of
Miami-Dade
Water
&
Sewer
System
Revenue
,
4
.00
%
,
10/1/41
,
Continuously
Callable
@100
.....................................................
210
209
County
of
Pasco
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.50
%
,
9/1/41
,
Continuously
Callable
@100
...............................
750
837
5
.50
%
,
9/1/42
,
Continuously
Callable
@100
...............................
1,000
1,110
5
.50
%
,
9/1/43
,
Continuously
Callable
@100
...............................
750
829
Escambia
County
Health
Facilities
Authority
Revenue
5
.00
%
,
8/15/35
,
Continuously
Callable
@100
...............................
3,100
3,200
5
.00
%
,
8/15/40
,
Continuously
Callable
@100
...............................
2,900
2,951
Florida
Development
Finance
Corp.
Revenue
4
.00
%
,
11/15/39
,
Continuously
Callable
@100
..............................
5,260
5,146
5
.00
%
,
2/1/40
,
Continuously
Callable
@100
...............................
2,845
2,772
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
...............................
1,500
1,580
5
.00
%
,
8/1/44
,
Continuously
Callable
@100
...............................
1,500
1,572
Series
A
,
5
.00
%
,
6/15/35
,
Continuously
Callable
@100
........................
1,000
1,010
Series
A
,
5
.00
%
,
6/15/40
,
Continuously
Callable
@100
........................
1,650
1,655
Series
A
,
5
.00
%
,
6/15/42
,
Continuously
Callable
@100
........................
2,250
2,251
Florida
Higher
Educational
Facilities
Financial
Authority
Revenue
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
1,250
1,268
5
.00
%
,
10/1/36
,
Continuously
Callable
@100
...............................
1,000
1,013
4
.00
%
,
10/1/37
,
Continuously
Callable
@100
...............................
1,000
916
4
.00
%
,
10/1/38
,
Continuously
Callable
@100
...............................
750
681
5
.00
%
,
3/1/39
,
Continuously
Callable
@100
...............................
7,055
5,125
4
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
800
718
Halifax
Hospital
Medical
Center
Revenue
,
5
.00
%
,
6/1/36
,
Continuously
Callable
@100
....
2,750
2,794
Lake
County
School
Board
Certificate
of
Participation
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
6/1/29
,
Pre-refunded  6/1/24
@
100
.........................
1,250
1,250
Series
A
,
5
.00
%
,
6/1/30
,
Pre-refunded  6/1/24
@
100
.........................
2,225
2,225
Lee
County
IDA
Revenue
,
5
.00
%
,
11/15/39
,
Continuously
Callable
@103
..............
1,500
1,503
Lee
Memorial
Health
System
Revenue
,
Series
A-1
,
4
.00
%
,
4/1/37
,
Continuously
Callable
@100
...........................................................
5,000
4,972
Miami-Dade
County
Expressway
Authority
Revenue
Series
A
,
5
.00
%
,
7/1/28
,
Continuously
Callable
@100
.........................
10,000
10,005
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
7,000
7,004
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
1,000
1,001
Series
A
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
1,610
1,611
Series
A
,
5
.00
%
,
7/1/31
,
Continuously
Callable
@100
.........................
1,255
1,256
Series
A
,
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
.........................
2,000
2,001
Series
A
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
2,000
2,001
Series
A
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
2,000
2,001
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
B
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
$
2,000
$
2,001
Series
B
,
5
.00
%
,
7/1/31
,
Continuously
Callable
@100
.........................
2,000
2,001
Orange
County
Health
Facilities
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
.....................................................
4,000
4,107
Palm
Beach
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/41
,
Continuously
Callable
@100
.....................................................
3,695
3,416
Palm
Beach
County
Health
Facilities
Authority
Revenue
Series
A
,
5
.00
%
,
11/1/39
,
Continuously
Callable
@100
........................
1,150
1,168
Series
A
,
5
.00
%
,
11/1/42
,
Continuously
Callable
@100
........................
850
854
Series
B
,
4
.00
%
,
11/15/41
,
Continuously
Callable
@103
.......................
250
231
Pinellas
County
IDA
Revenue
,
5
.00
%
,
7/1/29
...................................
800
808
School
District
of
Broward
County
Certificate
of
Participation
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
2,000
2,023
Series
A
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
2,000
2,022
Southeast
Overtown
Park
West
Community
Redevelopment
Agency
Tax
Allocation
,
Series
A-1
,
5
.00
%
,
3/1/30
,
Continuously
Callable
@100
(c)
..........................
3,195
3,185
The
Lee
County
School
Board
Certificate
of
Participation
,
Series
A
,
5
.00
%
,
8/1/28
,
Continuously
Callable
@100
...........................................
3,750
3,756
Volusia
County
Educational
Facility
Authority
Revenue
Series
B
,
5
.00
%
,
10/15/28
,
Continuously
Callable
@100
.......................
1,000
1,007
Series
B
,
5
.00
%
,
10/15/29
,
Continuously
Callable
@100
.......................
1,000
1,007
Series
B
,
5
.00
%
,
10/15/30
,
Continuously
Callable
@100
.......................
1,500
1,509
Series
B
,
5
.00
%
,
10/15/32
,
Continuously
Callable
@100
.......................
1,560
1,567
189,680
Georgia
(3.5%):
Development
Authority
of
Appling
County
Revenue
,
2
.95
%
,
9/1/41
,
Continuously
Callable
@100
(f)
.........................................................
10,815
10,815
George
L
Smith
II
Congress
Center
Authority
Revenue
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
...........................................................
1,000
963
Glynn-Brunswick
Memorial
Hospital
Authority
Revenue
4
.00
%
,
8/1/36
,
Continuously
Callable
@100
...............................
1,840
1,755
4
.00
%
,
8/1/37
,
Continuously
Callable
@100
...............................
1,500
1,428
Main
Street
Natural
Gas,
Inc.
Revenue
Series
A
,
5
.00
%
,
5/15/37
.............................................
3,500
3,681
Series
A
,
5
.00
%
,
5/15/38
.............................................
2,500
2,628
Series
A
,
5
.00
%
,
6/1/53
,
(Put
Date
6/1/30)
(a)
...............................
7,500
7,754
Series
B
,
5
.00
%
,
12/1/52
,
(Put
Date
6/1/29)
(a)
..............................
12,000
12,385
Series
B
,
5
.00
%
,
7/1/53
,
(Put
Date
3/1/30)
(a)
...............................
5,000
5,220
Series
C
,
4
.00
%
,
5/1/52
,
(Put
Date
12/1/28)
(a)
..............................
12,750
12,719
Series
C
,
5
.00
%
,
4/1/53
,
(Put
Date
9/1/30)
(a)
...............................
4,000
4,200
Series
D
,
5
.00
%
,
5/1/54
,
(Put
Date
12/1/30)
(a)
..............................
6,000
6,214
Series
E-2
,
5
.29
%
(
SOFR
+
170
bps
)
,
12/1/53
,
(Put
Date
6/1/31)
(a)
(b)
..............
5,000
5,187
Savannah
Hospital
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
2,500
2,440
The
Development
Authority
of
Burke
County
Revenue
2
.20
%
,
10/1/32
,
Continuously
Callable
@100
...............................
1,850
1,521
3
.88
%
,
10/1/32
,
(Put
Date
3/6/26)
(a)
.....................................
2,500
2,502
Series
1
,
2
.95
%
,
11/1/48
,
Continuously
Callable
@100
(f)
......................
9,500
9,500
Series
1
,
2
.80
%
,
7/1/49
,
Continuously
Callable
@100
(f)
.......................
1,850
1,850
Series
A
,
1
.50
%
,
1/1/40
,
(Put
Date
2/3/25)
(a)
...............................
6,500
6,321
The
Development
Authority
of
Cobb
County
Revenue
,
Series
A
,
2
.25
%
,
4/1/33
,
(Put
Date
10/1/29)
(a)
.......................................................
4,975
4,451
The
Development
Authority
of
Monroe
County
Revenue
,
3
.88
%
,
12/1/41
,
(Put
Date
3/6/26)
(a)
3,500
3,503
107,037
Guam
(0.3%):
Guam
Government
Waterworks
Authority
Revenue
5
.00
%
,
7/1/28
,
Continuously
Callable
@100
...............................
1,000
1,000
Series
A
,
5
.00
%
,
7/1/24
..............................................
600
600
Series
A
,
5
.00
%
,
7/1/25
,
Continuously
Callable
@100
.........................
750
751
Series
A
,
5
.00
%
,
7/1/29
,
Continuously
Callable
@100
.........................
1,000
1,001
Guam
Power
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/29
,
Continuously
Callable
@100
........................
1,000
1,001
Series
A
,
5
.00
%
,
10/1/30
,
Continuously
Callable
@100
........................
1,000
1,000
Series
A
,
5
.00
%
,
10/1/31
,
Continuously
Callable
@100
........................
695
695
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Guam
Power
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
10/1/32
,
Continuously
Callable
@100
....................................
$
1,000
$
1,001
Territory
of
Guam
Revenue
Series
A
,
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
........................
1,500
1,535
Series
A
,
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
2,000
2,044
10,628
Idaho
(0.5%):
Idaho
Health
Facilities
Authority
Revenue
Series
A
,
5
.00
%
,
3/1/35
,
Continuously
Callable
@100
.........................
5,805
6,030
Series
A
,
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
.........................
7,520
7,811
Idaho
Housing
&
Finance
Association
Revenue
,
Series
A
,
4
.00
%
,
7/15/38
,
Continuously
Callable
@100
.....................................................
3,000
2,995
16,836
Illinois
(16.2%):
Champaign
County
Community
Unit
School
District
No.
4
Champaign,
GO
4
.00
%
,
6/1/34
,
Continuously
Callable
@100
...............................
1,000
1,002
4
.00
%
,
6/1/35
,
Continuously
Callable
@100
...............................
1,290
1,292
4
.00
%
,
6/1/36
,
Continuously
Callable
@100
...............................
1,575
1,575
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Revenue
,
5
.50
%
,
4/1/43
,
Continuously
Callable
@100
...........................................
5,000
5,419
Chicago
Board
of
Education,
GO
Series
A
,
12/1/25
(d)
.................................................
1,600
1,495
Series
A
,
12/1/26
(d)
.................................................
3,700
3,307
Series
A
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
4,700
4,798
Series
A
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
........................
7,965
8,002
Series
B
,
4
.00
%
,
12/1/40
,
Continuously
Callable
@100
........................
21,900
19,631
Series
B
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
8,710
7,678
Chicago
Midway
International
Airport
Revenue
Series
B
,
4
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
3,500
3,455
Series
B
,
4
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
3,000
2,950
Chicago
O'Hare
International
Airport
Revenue
Series
A
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
2,000
2,014
Series
A
,
4
.00
%
,
1/1/38
,
Continuously
Callable
@100
.........................
1,000
994
Series
B
,
5
.00
%
,
1/1/33
,
Continuously
Callable
@100
.........................
11,560
11,615
Series
B
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
5,675
5,699
Chicago
Park
District,
GO
Series
F-2
,
4
.00
%
,
1/1/34
,
Continuously
Callable
@100
.......................
1,200
1,208
Series
F-2
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
.......................
1,300
1,301
Series
F-2
,
5
.00
%
,
1/1/37
,
Continuously
Callable
@100
.......................
2,000
2,125
Series
F-2
,
4
.00
%
,
1/1/38
,
Continuously
Callable
@100
.......................
1,750
1,752
Series
F-2
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@100
.......................
1,500
1,582
Series
F-2
,
5
.00
%
,
1/1/40
,
Continuously
Callable
@100
.......................
1,125
1,181
City
of
Calumet
City,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.50
%
,
3/1/43
,
Continuously
Callable
@100
...........................................
1,000
995
City
of
Chicago
Lakeshore
East
Special
Assessment
3
.04
%
,
12/1/28
(c)
..................................................
270
253
3
.20
%
,
12/1/29
(c)
..................................................
325
303
3
.29
%
,
12/1/30
(c)
..................................................
350
325
3
.38
%
,
12/1/31
(c)
..................................................
373
345
3
.45
%
,
12/1/32
(c)
..................................................
300
277
City
of
Chicago
Wastewater
Transmission
Revenue
5
.00
%
,
1/1/31
,
Continuously
Callable
@100
...............................
1,000
1,001
5
.00
%
,
1/1/32
,
Continuously
Callable
@100
...............................
1,000
1,001
Series
B
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
8,000
8,206
Series
C
,
5
.00
%
,
1/1/33
,
Continuously
Callable
@100
.........................
3,500
3,516
Series
C
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
1,000
1,004
Series
C
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
1,250
1,255
City
of
Chicago
Waterworks
Revenue
5
.00
%
,
11/1/31
,
Continuously
Callable
@100
...............................
2,000
2,011
5
.00
%
,
11/1/33
,
Continuously
Callable
@100
...............................
2,000
2,010
5
.00
%
,
11/1/36
,
Continuously
Callable
@100
...............................
2,665
2,740
City
of
Chicago
Waterworks
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.25
%
,
11/1/34
,
Continuously
Callable
@100
...............................
2,105
2,202
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.25
%
,
11/1/35
,
Continuously
Callable
@100
...............................
$
1,635
$
1,710
Series
2017-2
,
5
.00
%
,
11/1/36
,
Continuously
Callable
@100
....................
3,145
3,255
Series
2017-2
,
5
.00
%
,
11/1/37
,
Continuously
Callable
@100
....................
2,500
2,579
City
of
Chicago,
GO
,
Series
A
,
5
.50
%
,
1/1/41
,
Continuously
Callable
@100
.............
1,500
1,588
City
of
Galesburg
Revenue
Series
A
,
4
.00
%
,
10/1/36
,
Continuously
Callable
@100
........................
1,125
1,045
Series
A
,
4
.00
%
,
10/1/41
,
Continuously
Callable
@100
........................
1,475
1,270
City
of
Springfield
Electric
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
3/1/34
,
Continuously
Callable
@100
.....................................
3,000
3,012
City
of
Springfield,
GO
,
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
.................
8,500
8,634
Cook
County
Community
College
District
No.
508,
GO
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
.....................................................
1,650
1,775
County
of
Cook
Sales
Tax
Revenue
4
.00
%
,
11/15/34
,
Continuously
Callable
@100
..............................
3,750
3,758
5
.00
%
,
11/15/35
,
Continuously
Callable
@100
..............................
7,000
7,294
5
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
5,000
5,199
County
of
Cook,
GO
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
..............................
2,000
2,056
5
.00
%
,
11/15/35
,
Continuously
Callable
@100
..............................
2,000
2,056
Series
A
,
5
.00
%
,
11/15/31
,
Continuously
Callable
@100
.......................
2,500
2,572
Illinois
Educational
Facilities
Authority
Revenue
3
.90
%
,
11/1/36
,
Continuously
Callable
@102
...............................
2,220
2,160
4
.00
%
,
11/1/36
,
Continuously
Callable
@102
...............................
9,750
9,477
4
.45
%
,
11/1/36
,
Continuously
Callable
@102
...............................
4,500
4,396
Illinois
Finance
Authority
Revenue
5
.00
%
,
2/15/27
(g)
..................................................
7,650
1,439
3
.90
%
,
3/1/30
,
Continuously
Callable
@100
...............................
20,000
19,862
5
.00
%
,
5/15/31
,
Continuously
Callable
@100
(g)
............................
1,875
785
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
3,500
3,545
5
.00
%
,
8/15/35
,
Continuously
Callable
@100
...............................
4,000
4,010
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
600
644
4
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
5,000
4,788
5
.00
%
,
5/15/36
,
Continuously
Callable
@100
(g)
............................
1,400
579
4
.00
%
,
12/1/36
,
Continuously
Callable
@100
...............................
3,000
2,865
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
...............................
700
746
2
.45
%
,
10/1/39
,
(Put
Date
10/1/29)
(a)
....................................
14,000
12,581
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
700
740
4
.00
%
,
10/1/40
,
Continuously
Callable
@100
...............................
1,000
917
Series
A
,
4
.00
%
,
5/15/27
.............................................
1,885
1,850
Series
A
,
5
.00
%
,
5/15/30
,
Continuously
Callable
@100
........................
1,000
977
Series
A
,
4
.00
%
,
10/1/31
,
Continuously
Callable
@100
........................
1,000
1,000
Series
A
,
4
.00
%
,
10/1/32
,
Continuously
Callable
@100
........................
1,000
999
Series
A
,
5
.00
%
,
9/1/34
,
Pre-refunded  9/1/24
@
100
.........................
3,385
3,396
Series
A
,
4
.00
%
,
10/1/34
,
Continuously
Callable
@100
........................
1,000
997
Series
A
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.......................
3,700
3,737
Series
A
,
5
.00
%
,
5/15/35
,
Continuously
Callable
@100
........................
1,100
1,075
Series
A
,
5
.00
%
,
11/15/35
,
Continuously
Callable
@100
.......................
3,000
3,030
Series
A
,
5
.00
%
,
2/15/37
,
Continuously
Callable
@100
........................
1,000
1,000
Series
A
,
4
.00
%
,
8/1/39
,
Continuously
Callable
@100
.........................
1,850
1,685
Series
A
,
4
.00
%
,
8/1/40
,
Continuously
Callable
@100
.........................
3,780
3,429
Series
A
,
4
.00
%
,
8/1/41
,
Continuously
Callable
@100
.........................
1,935
1,748
Series
A
,
4
.00
%
,
8/1/43
,
Continuously
Callable
@100
.........................
2,105
1,885
Series
C
,
4
.00
%
,
2/15/36
,
Continuously
Callable
@100
........................
18,000
18,013
Series
R
,
5
.40
%
,
4/1/27
,
Continuously
Callable
@100
.........................
1,105
1,094
Illinois
Municipal
Electric
Agency
Revenue
,
Series
A
,
4
.00
%
,
2/1/33
,
Continuously
Callable
@100
...........................................................
14,650
14,076
Illinois
State
Toll
Highway
Authority
Revenue
Series
A
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
5,000
5,066
Series
A
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
5,870
5,927
Series
A
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
5,600
5,653
Series
A
,
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
7,000
7,070
Kendall
Kane
&
Will
Counties
Community
Unit
School
District
No.
308,
GO
5
.00
%
,
2/1/35
,
Continuously
Callable
@100
...............................
5,000
5,056
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.00
%
,
2/1/36
,
Continuously
Callable
@100
...............................
$
6,000
$
6,065
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
...............................
1,210
1,227
5
.00
%
,
12/1/29
,
Continuously
Callable
@100
...............................
1,250
1,267
Madison-Macoupin
Etc
Counties
Community
College
District
No.
536,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
11/1/31
,
Continuously
Callable
@100
........................
1,000
1,023
Series
A
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
2,000
2,044
Series
A
,
5
.00
%
,
11/1/33
,
Continuously
Callable
@100
........................
750
766
Metropolitan
Pier
&
Exposition
Authority
Revenue
5
.00
%
,
6/15/42
,
Continuously
Callable
@100
...............................
2,000
2,095
4
.00
%
,
12/15/42
,
Continuously
Callable
@100
..............................
8,000
7,599
Metropolitan
Pier
&
Exposition
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
6/15/26
(d)
.................................................
5,000
4,595
Northern
Illinois
Municipal
Power
Agency
Revenue
Series
A
,
4
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
1,800
1,800
Series
A
,
4
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
2,100
2,096
Series
A
,
4
.00
%
,
12/1/33
,
Continuously
Callable
@100
........................
4,000
3,985
Series
A
,
4
.00
%
,
12/1/35
,
Continuously
Callable
@100
........................
5,000
4,965
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
10/1/43
,
Continuously
Callable
@100
...............................
1,300
1,181
Series
B
,
4
.00
%
,
4/1/35
,
Continuously
Callable
@100
.........................
1,200
1,173
Series
B
,
4
.00
%
,
4/1/39
,
Continuously
Callable
@100
.........................
1,375
1,298
Regional
Transportation
Authority
Revenue
Series
A
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
23,160
23,300
Series
A
,
4
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
11,650
11,716
Sales
Tax
Securitization
Corp.
Revenue
Series
A
,
4
.00
%
,
1/1/38
,
Continuously
Callable
@100
.........................
5,060
4,961
Series
A
,
4
.00
%
,
1/1/39
,
Continuously
Callable
@100
.........................
1,750
1,700
Sangamon
County
School
District
No.
186
Springfield,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
B
,
5
.00
%
,
2/1/25
,
Continuously
Callable
@100
.........................
5,765
5,770
Series
B
,
5
.00
%
,
2/1/26
,
Continuously
Callable
@100
.........................
4,215
4,218
State
of
Illinois,
GO
5
.25
%
,
2/1/31
,
Continuously
Callable
@100
...............................
9,000
9,009
Series
B
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
10,000
10,592
Series
B
,
5
.25
%
,
5/1/43
,
Continuously
Callable
@100
.........................
2,500
2,677
The
Illinois
Sports
Facilities
Authority
Revenue
,
5
.00
%
,
6/15/30
,
Continuously
Callable
@100
1,025
1,071
The
Illinois
Sports
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.)
5
.25
%
,
6/15/30
,
Continuously
Callable
@100
...............................
3,000
3,003
5
.25
%
,
6/15/31
,
Continuously
Callable
@100
...............................
5,000
5,006
5
.25
%
,
6/15/32
,
Continuously
Callable
@100
...............................
5,000
5,006
University
of
Illinois
Revenue
,
Series
A
,
4
.00
%
,
4/1/33
,
Continuously
Callable
@100
......
12,475
12,460
Village
of
Bolingbrook,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
1/1/30
,
Continuously
Callable
@100
.........................
1,500
1,556
Series
A
,
5
.00
%
,
1/1/31
,
Continuously
Callable
@100
.........................
2,400
2,490
Series
A
,
5
.00
%
,
1/1/32
,
Continuously
Callable
@100
.........................
2,350
2,438
Series
A
,
5
.00
%
,
1/1/38
,
Continuously
Callable
@100
.........................
1,500
1,553
Village
of
Gilberts
Special
Tax
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
3/1/30
,
Continuously
Callable
@100
...........................................
5,221
5,258
Village
of
Rosemont,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
12/1/25
.............................................
2,010
2,037
Series
A
,
5
.00
%
,
12/1/26
.............................................
2,110
2,159
Volo
Village
Special
Service
Area
No.
3
&
6
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
3/1/34
,
Continuously
Callable
@100
...............................
2,992
3,038
4
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
1,250
1,217
Will
County
Community
High
School
District
No.
210
Lincoln-Way,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4
.00
%
,
1/1/34
,
Continuously
Callable
@100
...........
650
653
Williamson
Jackson
Etc
Counties
Community
Unit
School
District
No.
4,
GO
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
...............................
2,025
2,057
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
6,000
6,083
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Williamson
Jackson
Etc
Counties
Community
Unit
School
District
No.
4,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
...............................
$
1,835
$
1,866
5
.00
%
,
12/1/29
,
Continuously
Callable
@100
...............................
1,925
1,956
501,648
Indiana
(3.2%):
City
of
Rockport
Revenue
,
Series
A
,
3
.05
%
,
6/1/25
...............................
5,750
5,703
Hammond
Multi-School
Building
Corp.
Revenue
5
.00
%
,
7/15/33
,
Continuously
Callable
@100
...............................
1,165
1,212
5
.00
%
,
7/15/34
,
Continuously
Callable
@100
...............................
1,000
1,040
5
.00
%
,
7/15/35
,
Continuously
Callable
@100
...............................
1,250
1,299
5
.00
%
,
7/15/38
,
Continuously
Callable
@100
...............................
3,000
3,104
Indiana
Bond
Bank
Revenue
1/15/30
,
Continuously
Callable
@97
(d)
...................................
740
563
7/15/30
,
Continuously
Callable
@96
(d)
...................................
750
557
7/15/31
,
Continuously
Callable
@93
(d)
...................................
1,490
1,053
7/15/32
,
Continuously
Callable
@91
(d)
...................................
1,400
941
Indiana
Finance
Authority
Revenue
1
.40
%
,
8/1/29
,
Continuously
Callable
@100
...............................
7,000
5,954
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
...............................
1,250
1,283
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
1,500
1,539
5
.00
%
,
11/15/33
,
Continuously
Callable
@103
..............................
2,000
1,983
4
.00
%
,
4/1/35
,
Continuously
Callable
@100
...............................
1,210
1,133
4
.00
%
,
4/1/36
,
Continuously
Callable
@100
...............................
1,255
1,168
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
3,660
3,462
4
.00
%
,
4/1/37
,
Continuously
Callable
@100
...............................
1,310
1,205
4
.00
%
,
4/1/38
,
Continuously
Callable
@100
...............................
2,045
1,860
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
4,030
3,711
5
.00
%
,
11/15/38
,
Continuously
Callable
@103
..............................
3,000
2,965
4
.00
%
,
4/1/39
,
Continuously
Callable
@100
...............................
1,625
1,462
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
3,605
3,273
4
.00
%
,
4/1/40
,
Continuously
Callable
@100
...............................
2,215
1,963
4
.00
%
,
4/1/41
,
Continuously
Callable
@100
...............................
2,305
2,018
4
.00
%
,
4/1/42
,
Continuously
Callable
@100
...............................
2,400
2,080
Series
A
,
3
.13
%
,
12/1/24
.............................................
6,000
5,969
Series
A
,
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
.........................
6,240
6,289
Series
A
,
4
.00
%
,
11/15/41
,
Continuously
Callable
@103
.......................
8,400
7,273
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
7,240
7,224
Series
A
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........................
855
881
Series
A
,
4
.00
%
,
11/15/43
,
Continuously
Callable
@100
.......................
1,505
1,256
Richmond
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
6,500
6,512
Terre
Haute
Sanitary
District
Revenue
,
5
.25
%
,
9/28/28
,
Continuously
Callable
@100
......
10,000
10,008
97,943
Iowa
(0.7%):
Iowa
Finance
Authority
Revenue
Series
E
,
4
.00
%
,
8/15/35
,
Continuously
Callable
@100
........................
5,425
5,394
Series
E
,
4
.00
%
,
8/15/36
,
Continuously
Callable
@100
........................
15,105
15,013
Iowa
Higher
Education
Loan
Authority
Revenue
,
4
.75
%
,
10/1/42
,
Continuously
Callable
@100
...........................................................
1,500
1,497
Iowa
Tobacco
Settlement
Authority
Revenue
Series
A-2
,
4
.00
%
,
6/1/38
,
Continuously
Callable
@100
.......................
270
264
Series
A-2
,
4
.00
%
,
6/1/39
,
Continuously
Callable
@100
.......................
300
291
Series
A-2
,
4
.00
%
,
6/1/40
,
Continuously
Callable
@100
.......................
200
192
22,651
Kansas
(0.9%):
City
of
Manhattan
Revenue
,
Series
A
,
4
.00
%
,
6/1/36
,
Continuously
Callable
@103
........
1,640
1,492
City
of
Wichita
Revenue
,
4
.63
%
,
9/1/33
,
Continuously
Callable
@100
.................
3,725
3,621
Wyandotte
County-Kansas
City
Unified
Government
Tax
Allocation
5
.25
%
,
9/1/35
,
Continuously
Callable
@103
(c)
.............................
14,105
13,401
5
.75
%
,
3/1/41
,
Continuously
Callable
@103
(c)
.............................
10,000
9,707
28,221
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Kentucky
(3.1%):
City
of
Ashland
Revenue
4
.00
%
,
2/1/35
,
Continuously
Callable
@100
...............................
$
470
$
460
4
.00
%
,
2/1/37
,
Continuously
Callable
@100
...............................
1,115
1,085
Series
A
,
4
.00
%
,
2/1/36
,
Continuously
Callable
@100
.........................
2,410
2,385
County
of
Trimble
Revenue
,
3
.75
%
,
6/1/33
,
Continuously
Callable
@100
...............
15,000
14,648
Kentucky
Economic
Development
Finance
Authority
Revenue
Series
A
,
5
.00
%
,
5/15/26
.............................................
2,900
2,814
Series
A
,
5
.00
%
,
5/15/31
,
Continuously
Callable
@100
........................
3,205
2,828
Series
B
,
10/1/24
(d)
.................................................
6,130
6,053
Series
B
,
5
.00
%
,
8/15/41
,
Continuously
Callable
@100
........................
480
487
Series
B-3
,
4
.76
%
(
MUNIPSA
+
140
bps
)
,
2/1/46
,
(Put
Date
2/1/25)
(a)
(b)
...........
20,000
19,997
Kentucky
Municipal
Power
Agency
Revenue
,
Series
A
,
3
.45
%
,
9/1/42
,
(Put
Date
3/1/26)
(a)
..
7,000
6,844
Kentucky
Public
Energy
Authority
Revenue
Series
A-2
,
4
.79
%
(
SOFR
+
120
bps
)
,
8/1/52
,
(Put
Date
8/1/30)
(a)
(b)
...............
7,500
7,093
Series
C-3
,
4
.41
%
(
MUNIPSA
+
105
bps
)
,
12/1/49
,
(Put
Date
6/1/25)
(a)
(b)
...........
20,000
19,916
Kentucky
State
Property
&
Building
Commission
Revenue
5
.00
%
,
5/1/37
,
Continuously
Callable
@100
...............................
5,000
5,194
Series
A
,
5
.00
%
,
2/1/32
,
Continuously
Callable
@100
.........................
2,000
2,033
Series
A
,
5
.00
%
,
2/1/33
,
Continuously
Callable
@100
.........................
2,250
2,280
Series
A
,
4
.00
%
,
11/1/36
,
Continuously
Callable
@100
........................
2,000
1,993
Series
A
,
4
.00
%
,
11/1/38
,
Continuously
Callable
@100
........................
500
492
96,602
Louisiana
(3.3%):
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
...............................
1,515
1,530
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
1,500
1,514
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
1,510
1,525
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
B
,
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
5,330
5,344
Series
B
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
5,125
5,136
Series
C
,
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
........................
1,000
1,044
Series
C
,
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
2,000
2,087
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
3
.50
%
,
11/1/32
,
Continuously
Callable
@100
.......................
18,750
17,297
Louisiana
Public
Facilities
Authority
Revenue
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
8,940
9,006
5
.00
%
,
7/1/33
,
Pre-refunded  7/1/25
@
100
................................
55
56
5
.00
%
,
5/15/34
,
Pre-refunded  5/15/26
@
100
..............................
25
26
5
.00
%
,
5/15/34
,
Continuously
Callable
@100
...............................
2,975
3,036
5
.00
%
,
5/15/34
,
Continuously
Callable
@100
...............................
2,225
2,247
5
.00
%
,
7/1/34
,
Pre-refunded  7/1/25
@
100
................................
85
86
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
13,465
13,559
4
.00
%
,
5/15/35
,
Continuously
Callable
@100
...............................
3,465
3,444
4
.00
%
,
5/15/35
,
Pre-refunded  5/15/26
@
100
..............................
35
35
5
.00
%
,
5/15/35
,
Continuously
Callable
@100
...............................
2,000
2,041
4
.00
%
,
5/15/36
,
Continuously
Callable
@100
...............................
1,485
1,475
4
.00
%
,
5/15/36
,
Pre-refunded  5/15/26
@
100
..............................
15
15
5
.00
%
,
5/15/36
,
Continuously
Callable
@100
...............................
1,560
1,592
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
...............................
640
656
Series
A
,
4
.00
%
,
12/15/32
,
Pre-refunded
12/15/26
@
100
......................
305
310
Series
A
,
4
.00
%
,
12/15/32
,
Continuously
Callable
@100
.......................
2,430
2,394
Series
A
,
4
.00
%
,
12/15/33
,
Continuously
Callable
@100
.......................
3,095
3,044
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Revenue
Series
A
,
4
.00
%
,
7/1/31
,
Continuously
Callable
@100
.........................
1,000
992
Series
A
,
4
.00
%
,
7/1/32
,
Continuously
Callable
@100
.........................
1,000
991
Series
A
,
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
1,000
990
New
Orleans
Aviation
Board
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
10/1/37
,
Continuously
Callable
@100
....................................
2,000
2,084
Parish
of
St.
John
the
Baptist
Revenue
,
2
.20
%
,
6/1/37
,
(Put
Date
7/1/26)
(a)
.............
6,750
6,419
St.
John
the
Baptist
Parish
School
District
No.
1,
GO
,
5
.25
%
,
3/1/43
,
Continuously
Callable
@100
...........................................................
5,000
5,246
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Tangipahoa
Parish
Hospital
Service
District
No.
1
Revenue
4
.00
%
,
2/1/38
,
Continuously
Callable
@100
...............................
$
2,375
$
2,255
4
.00
%
,
2/1/39
,
Continuously
Callable
@100
...............................
2,330
2,190
4
.00
%
,
2/1/41
,
Continuously
Callable
@100
...............................
1,500
1,385
4
.00
%
,
2/1/42
,
Continuously
Callable
@100
...............................
1,500
1,373
102,424
Maryland
(1.6%):
City
of
Gaithersburg
Revenue
Series
A
,
5
.00
%
,
1/1/33
,
Continuously
Callable
@104
.........................
3,000
2,970
Series
A
,
5
.00
%
,
1/1/36
,
Continuously
Callable
@104
.........................
1,000
986
Howard
County
Housing
Commission
Revenue
,
Series
A
,
1
.60
%
,
6/1/29
,
Continuously
Callable
@100
.....................................................
3,000
2,612
Maryland
Economic
Development
Corp.
Revenue
Series
A
,
5
.00
%
,
6/1/30
,
Continuously
Callable
@100
.........................
1,250
1,290
Series
A
,
5
.00
%
,
6/1/31
,
Continuously
Callable
@100
.........................
1,000
1,033
Series
A
,
5
.00
%
,
6/1/32
,
Continuously
Callable
@100
.........................
1,000
1,033
Series
A
,
5
.00
%
,
6/1/35
,
Continuously
Callable
@100
.........................
2,000
2,060
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
5
.00
%
,
7/1/31
,
Continuously
Callable
@100
...............................
3,190
3,263
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
6,505
6,651
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
1,000
1,005
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
3,600
3,681
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
2,200
2,210
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
2,500
2,556
4
.00
%
,
1/1/38
,
Continuously
Callable
@100
...............................
865
797
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
1,500
1,445
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
1,585
1,523
4
.00
%
,
7/1/40
,
Continuously
Callable
@100
...............................
1,645
1,562
Series
A
,
5
.50
%
,
1/1/29
,
Continuously
Callable
@100
.........................
1,415
1,440
Series
A
,
5
.50
%
,
1/1/30
,
Continuously
Callable
@100
.........................
1,750
1,780
Series
A
,
5
.50
%
,
1/1/31
,
Continuously
Callable
@100
.........................
1,585
1,639
Series
A
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
1,000
1,006
Series
A
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
1,000
1,006
Series
A
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
1,310
1,318
Series
A
,
5
.50
%
,
1/1/36
,
Continuously
Callable
@100
.........................
5,000
5,073
Series
A
,
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
1,000
1,006
50,945
Massachusetts
(1.7%):
Massachusetts
Development
Finance
Agency
Revenue
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
1,250
1,266
4
.00
%
,
10/1/32
,
Continuously
Callable
@104
(c)
.............................
3,600
3,492
5
.00
%
,
4/15/33
,
Continuously
Callable
@100
...............................
2,155
2,167
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
1,250
1,266
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
1,000
1,013
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
895
919
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
800
852
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
1,215
1,242
5
.00
%
,
10/1/37
,
Continuously
Callable
@104
(c)
.............................
1,000
1,007
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
600
638
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
335
342
4
.00
%
,
9/1/41
,
Continuously
Callable
@100
...............................
1,010
904
5
.00
%
,
10/1/42
,
Continuously
Callable
@100
...............................
3,500
3,813
3
.96
%
(
MUNIPSA
+
60
bps
)
,
7/1/49
,
(Put
Date
1/29/26)
(a)
(b)
(c)
..................
2,500
2,488
Series
A
,
5
.00
%
,
1/1/31
,
Continuously
Callable
@100
.........................
450
454
Series
A
,
5
.00
%
,
1/1/32
,
Continuously
Callable
@100
.........................
645
650
Series
A
,
5
.00
%
,
1/1/33
,
Continuously
Callable
@100
.........................
535
539
Series
A
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
700
704
Series
A
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
735
739
Series
A
,
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
1,000
1,006
Series
A
,
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
2,000
2,016
Series
A
,
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
1,000
1,004
Series
A
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
.........................
2,250
2,255
Series
B
,
4
.00
%
,
6/1/35
,
Continuously
Callable
@100
.........................
2,300
2,201
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
B
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@100
.........................
$
2,750
$
2,477
Series
E
,
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
2,105
2,132
Series
I
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
2,000
2,016
Series
I
,
5
.00
%
,
7/1/31
,
Continuously
Callable
@100
.........................
1,675
1,687
Series
I
,
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
2,000
2,009
Series
J2
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
........................
10,000
10,395
53,693
Michigan
(2.0%):
Detroit
Downtown
Development
Authority
Tax
Allocation
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
1,000
1,000
Series
A
,
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
.........................
2,000
2,001
Flint
Hospital
Building
Authority
Revenue
4
.00
%
,
7/1/32
,
Continuously
Callable
@100
...............................
2,525
2,365
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
...............................
2,620
2,435
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
...............................
2,730
2,519
4
.00
%
,
7/1/35
,
Continuously
Callable
@100
...............................
1,635
1,499
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
1,855
1,661
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
,
Series
D
,
4
.00
%
,
7/1/32
,
Continuously
Callable
@100
...........................................
13,560
13,472
Livonia
Public
Schools,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
5/1/32
,
Continuously
Callable
@100
...............................
2,775
2,827
5
.00
%
,
5/1/33
,
Continuously
Callable
@100
...............................
2,875
2,925
5
.00
%
,
5/1/34
,
Continuously
Callable
@100
...............................
2,965
3,014
5
.00
%
,
5/1/35
,
Continuously
Callable
@100
...............................
3,065
3,114
5
.00
%
,
5/1/36
,
Continuously
Callable
@100
...............................
2,770
2,815
Michigan
Finance
Authority
Revenue
5
.00
%
,
11/1/34
,
Continuously
Callable
@100
...............................
1,000
1,053
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
...............................
1,000
1,053
4
.00
%
,
11/15/35
,
Continuously
Callable
@100
..............................
6,000
5,897
5
.00
%
,
11/1/36
,
Continuously
Callable
@100
...............................
1,000
1,052
4
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
1,000
974
5
.00
%
,
11/1/37
,
Continuously
Callable
@100
...............................
1,250
1,312
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
...............................
2,375
1,520
5
.38
%
,
11/1/43
,
Continuously
Callable
@100
...............................
3,530
3,476
Michigan
Finance
Authority
Revenue
(NBGA
-
Michigan
School
Bond
Qualification
and
Loan
Program)
,
Series
A
,
5
.00
%
,
5/1/25
.......................................
1,700
1,721
Summit
Academy
North
Revenue
,
4
.00
%
,
11/1/41
,
Continuously
Callable
@103
.........
2,870
2,359
62,064
Minnesota
(0.3%):
City
of
Minneapolis
Revenue
,
Series
A
,
5
.00
%
,
11/15/36
,
Continuously
Callable
@100
.....
5,000
5,099
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
Revenue
5
.00
%
,
11/15/29
,
Pre-refunded
11/15/25
@
100
.............................
1,750
1,788
5
.00
%
,
11/15/30
,
Pre-refunded
11/15/25
@
100
.............................
1,275
1,303
8,190
Mississippi
(0.6%):
Mississippi
Business
Finance
Corp.
Revenue
,
3
.20
%
,
9/1/28
,
Continuously
Callable
@100
..
6,000
5,751
Mississippi
Development
Bank
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
.....................................
5,290
5,294
Mississippi
Hospital
Equipment
&
Facilities
Authority
Revenue
Series
A
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
2,240
2,164
Series
A
,
4
.00
%
,
1/1/37
,
Continuously
Callable
@100
.........................
2,260
2,171
Series
A
,
4
.00
%
,
1/1/39
,
Continuously
Callable
@100
.........................
1,850
1,755
Series
A
,
4
.00
%
,
1/1/40
,
Continuously
Callable
@100
.........................
2,675
2,529
19,664
Missouri
(1.3%):
Cape
Girardeau
County
IDA
Revenue
5
.00
%
,
3/1/32
,
Continuously
Callable
@100
...............................
500
515
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
750
772
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...............................
750
713
Series
A
,
6
.00
%
,
3/1/33
,
Continuously
Callable
@102
.........................
1,780
1,817
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
5
.00
%
,
5/15/32
,
Continuously
Callable
@103
(g)
............................
1,555
663
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.00
%
,
5/15/36
,
Continuously
Callable
@103
(g)
............................
$
4,565
$
1,765
Series
A
,
5
.00
%
,
2/1/29
,
Continuously
Callable
@104
.........................
1,000
992
Series
A
,
5
.00
%
,
2/1/34
,
Continuously
Callable
@104
.........................
2,000
2,006
Missouri
Development
Finance
Board
Revenue
Series
A
,
5
.00
%
,
6/1/30
,
Continuously
Callable
@100
.........................
1,000
1,000
Series
A
,
5
.00
%
,
6/1/31
,
Continuously
Callable
@100
.........................
4,215
4,216
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority
Revenue
,
Series
A-R
,
2
.90
%
,
9/1/33
,
Continuously
Callable
@102
...........................
25,000
22,126
St.
Louis
County
IDA
Revenue
,
Series
A
,
5
.50
%
,
9/1/33
,
Continuously
Callable
@100
.....
2,750
2,750
Stoddard
County
IDA
Revenue
,
Series
B
,
6
.00
%
,
3/1/37
,
Continuously
Callable
@102
.....
1,720
1,754
41,089
Montana
(0.3%):
City
of
Forsyth
Revenue
,
Series
A
,
3
.90
%
,
3/1/31
,
Continuously
Callable
@100
..........
8,500
8,166
Nebraska
(1.1%):
Central
Plains
Energy
Project
Revenue
Series
1
,
5
.00
%
,
5/1/53
,
(Put
Date
10/1/29)
(a)
..............................
17,000
17,683
Series
A
,
5
.00
%
,
9/1/37
..............................................
3,210
3,425
Douglas
County
Hospital
Authority
No.
3
Revenue
5
.00
%
,
11/1/28
,
Continuously
Callable
@100
...............................
1,250
1,268
5
.00
%
,
11/1/30
,
Continuously
Callable
@100
...............................
1,600
1,620
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
4
.00
%
,
1/1/35
,
Continuously
Callable
@102
...............................
795
761
4
.00
%
,
1/1/36
,
Continuously
Callable
@102
...............................
1,240
1,241
4
.00
%
,
1/1/38
,
Continuously
Callable
@102
...............................
2,595
2,557
4
.00
%
,
1/1/39
,
Continuously
Callable
@102
...............................
1,800
1,719
Public
Power
Generation
Agency
Revenue
,
5
.00
%
,
1/1/37
,
Continuously
Callable
@100
....
2,400
2,444
32,718
Nevada
(1.9%):
Carson
City
Revenue
5
.00
%
,
9/1/29
,
Continuously
Callable
@100
...............................
620
631
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
1,000
1,015
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
...............................
1,000
1,014
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
1,950
1,973
City
of
North
Las
Vegas,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
6/1/35
,
Continuously
Callable
@100
...............................
1,870
1,882
4
.00
%
,
6/1/37
,
Continuously
Callable
@100
...............................
7,345
7,362
4
.00
%
,
6/1/38
,
Continuously
Callable
@100
...............................
6,135
6,139
City
of
Sparks
Revenue
,
Series
A
,
2
.75
%
,
6/15/28
(c)
..............................
1,175
1,092
County
of
Clark
Department
of
Aviation
Revenue
Series
A-2
,
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
.......................
20,470
20,489
Series
A-2
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.......................
10,845
10,855
Las
Vegas
Convention
&
Visitors
Authority
Revenue
Series
C
,
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
2,000
1,992
Series
C
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
4,560
4,530
58,974
New
Hampshire
(0.4%):
New
Hampshire
Business
Finance
Authority
Revenue
,
4
.00
%
,
1/1/41
,
Continuously
Callable
@103
...........................................................
5,100
4,228
New
Hampshire
Health
and
Education
Facilities
Authority
Act
Revenue
Series
A
,
5
.00
%
,
8/1/34
,
Continuously
Callable
@100
.........................
2,880
2,968
Series
A
,
5
.00
%
,
8/1/35
,
Continuously
Callable
@100
.........................
2,700
2,781
Series
A
,
5
.00
%
,
8/1/36
,
Continuously
Callable
@100
.........................
2,000
2,056
Series
A
,
5
.00
%
,
8/1/37
,
Continuously
Callable
@100
.........................
1,500
1,537
13,570
New
Jersey
(4.8%):
Casino
Reinvestment
Development
Authority,
Inc.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
11/1/29
,
Continuously
Callable
@100
...............................
1,000
1,006
5
.00
%
,
11/1/30
,
Continuously
Callable
@100
...............................
1,000
1,006
City
of
Atlantic
City,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B
,
5
.00
%
,
3/1/32
,
Continuously
Callable
@100
.........................
1,660
1,710
Series
B
,
5
.00
%
,
3/1/37
,
Continuously
Callable
@100
.........................
1,250
1,283
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
City
of
Atlantic
City,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
5
.00
%
,
3/1/32
,
Continuously
Callable
@100
.........................
$
630
$
648
Series
A
,
5
.00
%
,
3/1/37
,
Continuously
Callable
@100
.........................
750
768
City
of
Newark
Mass
Transit
Access
Tax
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
5
.00
%
,
11/15/42
,
Continuously
Callable
@100
...................................
1,000
1,082
Essex
County
Improvement
Authority
Revenue
,
4
.00
%
,
6/15/38
,
Continuously
Callable
@100
550
530
New
Brunswick
Parking
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
.........................
1,455
1,485
Series
A
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
2,000
2,040
New
Jersey
Building
Authority
Revenue
Series
A
,
4
.00
%
,
6/15/30
,
Pre-refunded  6/15/26
@
100
........................
400
405
Series
A
,
4
.00
%
,
6/15/30
,
Pre-refunded  6/15/26
@
100
........................
600
607
New
Jersey
Economic
Development
Authority
Revenue
5
.00
%
,
11/1/36
,
Continuously
Callable
@100
...............................
2,000
2,129
4
.00
%
,
11/1/38
,
Continuously
Callable
@100
...............................
1,500
1,492
4
.00
%
,
11/1/39
,
Continuously
Callable
@100
...............................
2,000
1,970
Series
A
,
3
.13
%
,
7/1/29
,
Continuously
Callable
@100
.........................
665
616
Series
A
,
3
.38
%
,
7/1/30
,
Continuously
Callable
@100
.........................
1,000
928
Series
B
,
5
.00
%
,
6/15/37
,
Continuously
Callable
@100
........................
16,280
17,094
New
Jersey
Educational
Facilities
Authority
Revenue
Series
B
,
5
.50
%
,
9/1/31
,
Continuously
Callable
@100
.........................
4,590
4,743
Series
B
,
5
.50
%
,
9/1/32
,
Continuously
Callable
@100
.........................
8,075
8,338
Series
F
,
4
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
150
148
Series
F
,
4
.00
%
,
7/1/33
,
Pre-refunded  7/1/26
@
100
..........................
350
354
Series
F
,
4
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
260
257
Series
F
,
4
.00
%
,
7/1/34
,
Pre-refunded  7/1/26
@
100
..........................
490
496
Series
F
,
4
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
975
964
Series
F
,
4
.00
%
,
7/1/35
,
Pre-refunded  7/1/26
@
100
..........................
275
278
New
Jersey
Educational
Facilities
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
3,000
3,106
Series
A
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
3,350
3,473
Series
A
,
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
1,800
1,744
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
5
.00
%
,
10/1/33
,
Continuously
Callable
@100
...............................
2,000
2,086
5
.00
%
,
10/1/34
,
Continuously
Callable
@100
...............................
2,000
2,086
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
2,620
2,733
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
7/1/27
,
Continuously
Callable
@100
.........................
2,000
2,026
Series
A
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
.........................
1,500
1,516
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Series
A
,
12/15/25
(d)
................................................
20,000
18,838
Series
A
,
12/15/38
(d)
................................................
11,405
6,178
Series
A
,
4
.25
%
,
6/15/40
,
Continuously
Callable
@100
........................
2,000
2,010
Series
AA
,
4
.00
%
,
6/15/36
,
Continuously
Callable
@100
......................
2,500
2,501
Series
AA
,
4
.00
%
,
6/15/37
,
Continuously
Callable
@100
......................
2,250
2,251
Series
AA
,
4
.25
%
,
6/15/44
,
Continuously
Callable
@100
......................
1,000
990
Series
BB
,
5
.00
%
,
6/15/34
,
Continuously
Callable
@100
......................
10,000
10,543
New
Jersey
Turnpike
Authority
Revenue
Series
A
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
10,000
10,005
Series
A
,
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
4,725
4,805
Series
B
,
4
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
3,500
3,526
Newark
Housing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
12/1/29
,
Continuously
Callable
@100
...............................
500
497
4
.00
%
,
12/1/30
,
Continuously
Callable
@100
...............................
750
744
4
.00
%
,
12/1/31
,
Continuously
Callable
@100
...............................
500
499
South
Jersey
Transportation
Authority
Revenue
4
.50
%
,
11/1/42
,
Continuously
Callable
@100
...............................
1,000
1,000
Series
A
,
5
.00
%
,
11/1/30
,
Continuously
Callable
@100
........................
500
501
Series
A
,
5
.00
%
,
11/1/31
,
Continuously
Callable
@100
........................
750
751
Series
A
,
5
.00
%
,
11/1/34
,
Continuously
Callable
@100
........................
1,085
1,087
Series
A
,
4
.00
%
,
11/1/40
,
Continuously
Callable
@100
........................
4,300
4,117
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
The
Passaic
County
Improvement
Authority
Revenue
,
5
.25
%
,
7/1/43
,
Continuously
Callable
@100
...........................................................
$
665
$
682
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/1/36
,
Continuously
Callable
@100
...........................................................
5,000
5,204
147,876
New
Mexico
(0.4%):
City
of
Farmington
Revenue
,
Series
B
,
2
.15
%
,
4/1/33
,
Continuously
Callable
@101
.......
10,000
7,946
City
of
Santa
Fe
Revenue
Series
A
,
5
.00
%
,
5/15/34
,
Continuously
Callable
@103
........................
625
600
Series
A
,
5
.00
%
,
5/15/39
,
Continuously
Callable
@103
........................
480
454
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
,
Series
A
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@102
...........................................
1,075
954
Village
of
Los
Ranchos
de
Albuquerque
Revenue
4
.00
%
,
9/1/35
,
Continuously
Callable
@100
...............................
300
291
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
...............................
1,200
1,109
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation
4
.00
%
,
5/1/33
,
Continuously
Callable
@103
(c)
.............................
600
565
4
.25
%
,
5/1/40
,
Continuously
Callable
@103
(c)
.............................
1,000
928
12,847
New
York
(5.4%):
Allegany
County
Capital
Resource
Corp.
Revenue
Series
A
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
1,390
1,336
Series
A
,
5
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,500
1,456
Series
A
,
5
.00
%
,
12/1/42
,
Continuously
Callable
@100
........................
1,925
1,805
Build
NYC
Resource
Corp.
Revenue
4
.50
%
,
6/15/43
,
Continuously
Callable
@100
...............................
700
673
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
500
504
Series
A
,
6
.75
%
,
4/15/43
,
Continuously
Callable
@100
(c)
......................
1,810
1,946
City
of
Long
Beach,
GO
Series
B
,
5
.00
%
,
9/27/24
.............................................
4,674
4,681
Series
C
,
5
.25
%
,
9/27/24
.............................................
2,000
2,005
Hudson
Yards
Infrastructure
Corp.
Revenue
,
Series
A
,
5
.00
%
,
2/15/38
,
Continuously
Callable
@100
...........................................................
2,500
2,587
Metropolitan
Transportation
Authority
Revenue
Series
C-1
,
5
.00
%
,
11/15/29
,
Continuously
Callable
@100
.....................
7,030
7,377
Series
C-1
,
4
.00
%
,
11/15/32
,
Continuously
Callable
@100
.....................
9,300
9,370
Series
C-1
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.....................
6,295
6,378
Series
C-1
,
4
.00
%
,
11/15/35
,
Continuously
Callable
@100
.....................
9,040
9,082
Series
C-1
,
5
.00
%
,
11/15/36
,
Continuously
Callable
@100
.....................
3,705
3,799
Series
D-1
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.....................
2,000
2,026
Series
F
,
5
.00
%
,
11/15/34
,
Continuously
Callable
@100
.......................
2,000
2,026
Series
F
,
5
.00
%
,
11/15/35
,
Continuously
Callable
@100
.......................
3,000
3,039
Metropolitan
Transportation
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
2
,
4
.39
%
(
SOFR
+
80
bps
)
,
11/1/32
,
(Put
Date
4/1/26)
(a)
(b)
.................
3,000
2,959
Series
A-1
,
4
.00
%
,
11/15/41
,
Continuously
Callable
@100
.....................
9,820
9,794
Monroe
County
Industrial
Development
Corp.
Revenue
4
.00
%
,
12/1/38
,
Continuously
Callable
@100
...............................
1,200
1,128
4
.00
%
,
12/1/39
,
Continuously
Callable
@100
...............................
1,200
1,128
Nassau
County
Local
Economic
Assistance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
...........................................
1,000
999
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
,
4
.00
%
,
11/1/38
,
Continuously
Callable
@100
...........................................
1,250
1,258
New
York
Liberty
Development
Corp.
Revenue
2
.63
%
,
9/15/69
,
Continuously
Callable
@100
...............................
3,350
2,987
Series
A
,
2
.10
%
,
11/15/32
,
Continuously
Callable
@100
.......................
6,730
5,718
Series
A
,
2
.20
%
,
11/15/33
,
Continuously
Callable
@100
.......................
9,000
7,590
New
York
State
Dormitory
Authority
Revenue
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
(c)
.............................
600
550
6
.00
%
,
7/1/40
,
Continuously
Callable
@100
(c)
.............................
3,380
3,013
Series
A
,
5
.00
%
,
5/1/25
,
Continuously
Callable
@100
.........................
1,175
1,175
Series
A
,
5
.00
%
,
5/1/26
,
Continuously
Callable
@100
.........................
980
980
Series
A
,
4
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
500
469
Series
A
,
4
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
350
325
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
A
,
4
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
$
1,250
$
1,152
Series
A
,
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
.........................
750
677
Series
A
,
4
.00
%
,
3/15/41
,
Continuously
Callable
@100
........................
21,605
21,262
Series
A-1
,
4
.00
%
,
7/1/40
,
Continuously
Callable
@100
.......................
4,535
4,558
Series
B
,
5
.00
%
,
2/15/32
,
Pre-refunded  2/15/25
@
100
........................
5
5
New
York
State
Dormitory
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
10/1/27
,
Continuously
Callable
@100
........................
1,000
1,004
Series
A
,
5
.00
%
,
10/1/28
,
Continuously
Callable
@100
........................
1,000
1,004
Series
A
,
5
.00
%
,
10/1/29
,
Continuously
Callable
@100
........................
1,300
1,305
New
York
State
Urban
Development
Corp.
Revenue
Series
A
,
4
.00
%
,
3/15/39
,
Continuously
Callable
@100
........................
5,000
5,009
Series
E-2
,
4
.00
%
,
3/15/39
,
Continuously
Callable
@100
......................
5,785
5,816
Niagara
Falls
City
School
District
Certificate
of
Participation
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
6/15/24
....................................................
1,450
1,451
5
.00
%
,
6/15/25
,
Continuously
Callable
@100
...............................
1,670
1,671
Saratoga
County
Capital
Resource
Corp.
Revenue
,
Series
A
,
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
.....................................................
790
790
Town
of
Oyster
Bay,
GO
4
.00
%
,
2/15/25
....................................................
9,750
9,781
4
.00
%
,
2/15/26
....................................................
3,000
3,027
Village
of
Johnson
City,
GO
,
Series
C
,
5
.25
%
,
9/27/24
............................
7,361
7,370
Village
of
Washingtonville,
GO
,
7
.25
%
,
10/4/24
.................................
1,000
1,008
Westchester
County
Local
Development
Corp.
Revenue
,
5
.00
%
,
7/1/38
,
Continuously
Callable
@100
...........................................................
750
800
167,853
North
Carolina
(0.3%):
North
Carolina
Medical
Care
Commission
Revenue
5
.00
%
,
10/1/25
....................................................
635
631
5
.00
%
,
10/1/30
,
Continuously
Callable
@100
...............................
1,850
1,816
5
.00
%
,
10/1/40
,
Continuously
Callable
@103
...............................
1,050
954
5
.00
%
,
10/1/45
,
Continuously
Callable
@103
...............................
1,000
888
Series
A
,
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
.........................
3,050
2,622
Series
A
,
4
.00
%
,
10/1/40
,
Continuously
Callable
@103
........................
600
542
Series
A
,
5
.00
%
,
10/1/45
,
Continuously
Callable
@103
........................
1,800
1,809
9,262
North
Dakota
(0.4%):
City
of
Grand
Forks
Revenue
4
.00
%
,
12/1/36
,
Continuously
Callable
@100
...............................
2,475
2,314
4
.00
%
,
12/1/38
,
Continuously
Callable
@100
...............................
1,100
1,004
4
.00
%
,
12/1/40
,
Continuously
Callable
@100
...............................
1,700
1,514
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
...............................
1,750
1,538
Series
A
,
5
.00
%
,
12/1/42
,
Continuously
Callable
@100
........................
350
369
Series
A
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
........................
695
731
County
of
Ward
Revenue
,
Series
C
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........
4,500
4,147
11,617
Ohio
(3.0%):
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
4
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
1,000
956
4
.00
%
,
11/15/37
,
Continuously
Callable
@100
..............................
800
757
4
.00
%
,
11/15/38
,
Continuously
Callable
@100
..............................
500
460
City
of
Centerville
Revenue
,
5
.25
%
,
11/1/37
,
Continuously
Callable
@100
..............
2,250
2,159
County
of
Allen
Hospital
Facilities
Revenue
4
.00
%
,
12/1/40
,
Continuously
Callable
@100
...............................
7,500
7,190
Series
A
,
4
.00
%
,
8/1/36
,
Continuously
Callable
@100
.........................
5,000
4,962
Series
A
,
4
.00
%
,
8/1/37
,
Continuously
Callable
@100
.........................
10,800
10,605
County
of
Cuyahoga
Revenue
4
.00
%
,
2/15/29
,
Continuously
Callable
@100
...............................
7,430
7,225
5
.00
%
,
2/15/37
,
Continuously
Callable
@100
...............................
4,000
4,026
County
of
Hamilton
Revenue
5
.00
%
,
1/1/31
,
Continuously
Callable
@100
...............................
1,350
1,336
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
...............................
1,400
1,360
5
.00
%
,
9/15/39
,
Continuously
Callable
@100
...............................
1,375
1,360
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.00
%
,
9/15/40
,
Continuously
Callable
@100
...............................
$
1,100
$
1,082
Series
A
,
5
.50
%
,
1/1/43
,
Continuously
Callable
@103
.........................
750
766
County
of
Hamilton
Sales
Tax
Revenue
(INS
-
AMBAC
Assurance
Corp.)
,
Series
B
,
12/1/25
(d)
........................................................
4,365
4,140
County
of
Hardin
Revenue
,
5
.25
%
,
5/1/40
,
Continuously
Callable
@103
...............
2,000
1,873
County
of
Montgomery
Revenue
3
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
7,000
5,864
5
.00
%
,
11/15/37
,
Continuously
Callable
@100
..............................
2,200
2,271
County
of
Ross
Revenue
,
5
.00
%
,
12/1/44
,
Continuously
Callable
@100
................
2,405
2,489
Ohio
Higher
Educational
Facility
Commission
Revenue
Series
C
,
5
.00
%
,
5/1/31
,
Continuously
Callable
@100
.........................
1,000
1,005
Series
C
,
5
.00
%
,
5/1/33
,
Continuously
Callable
@100
.........................
500
502
Southeastern
Ohio
Port
Authority
Revenue
5
.50
%
,
12/1/29
,
Continuously
Callable
@100
...............................
750
752
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
750
733
State
of
Ohio
Revenue
4
.00
%
,
11/15/36
,
Continuously
Callable
@100
..............................
1,260
1,214
4
.00
%
,
11/15/38
,
Continuously
Callable
@100
..............................
1,270
1,202
4
.00
%
,
11/15/40
,
Continuously
Callable
@100
..............................
655
602
Series
A
,
5
.00
%
,
1/15/34
,
Continuously
Callable
@100
........................
7,210
7,304
Series
A
,
5
.00
%
,
1/15/35
,
Continuously
Callable
@100
........................
6,000
6,077
Series
A
,
5
.00
%
,
1/15/36
,
Continuously
Callable
@100
........................
3,070
3,110
Series
A
,
4
.00
%
,
1/15/38
,
Continuously
Callable
@100
........................
1,000
983
Series
A
,
4
.00
%
,
1/15/40
,
Continuously
Callable
@100
........................
1,800
1,742
Summit
County
Development
Finance
Authority
Revenue
,
5
.50
%
,
12/1/43
,
Continuously
Callable
@100
.....................................................
1,500
1,584
Village
of
Bluffton
Revenue
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
...............................
1,500
1,553
4
.00
%
,
12/1/32
,
Continuously
Callable
@100
...............................
1,500
1,484
4
.00
%
,
12/1/33
,
Continuously
Callable
@100
...............................
1,600
1,578
4
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
1,795
1,764
94,070
Oklahoma
(0.3%):
Oklahoma
Development
Finance
Authority
Revenue
,
Series
B
,
5
.00
%
,
8/15/33
,
Continuously
Callable
@100
.....................................................
4,100
4,167
Pontotoc
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
9/1/40
,
Continuously
Callable
@100
.....................................................
2,000
1,819
Tulsa
County
Industrial
Authority
Revenue
5
.00
%
,
11/15/28
,
Continuously
Callable
@102
..............................
940
934
5
.00
%
,
11/15/30
,
Continuously
Callable
@102
..............................
1,780
1,763
8,683
Oregon
(0.1%):
Clackamas
County
Hospital
Facility
Authority
Revenue
Series
A
,
5
.00
%
,
11/15/32
,
Continuously
Callable
@102
.......................
1,000
962
Series
A
,
5
.00
%
,
11/15/37
,
Continuously
Callable
@102
.......................
500
490
Oregon
State
Facilities
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
275
286
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
1,750
1,790
Salem
Hospital
Facility
Authority
Revenue
,
4
.00
%
,
5/15/40
,
Continuously
Callable
@103
...
800
690
4,218
Pennsylvania
(7.8%):
Allegheny
County
Hospital
Development
Authority
Revenue
Series
A
,
5
.00
%
,
4/1/35
,
Continuously
Callable
@100
.........................
7,315
7,537
Series
A
,
5
.00
%
,
4/1/36
,
Continuously
Callable
@100
.........................
8,000
8,243
Series
A
,
4
.00
%
,
7/15/38
,
Continuously
Callable
@100
........................
1,500
1,457
Series
A
,
4
.00
%
,
7/15/39
,
Continuously
Callable
@100
........................
3,495
3,367
Allegheny
County
Sanitary
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
12/1/33
,
Continuously
Callable
@100
...............................
1,500
1,495
4
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
1,475
1,468
Allentown
Commercial
and
IDA
Revenue
,
5
.75
%
,
6/15/43
,
Continuously
Callable
@100
...
600
629
Berks
County
IDA
Revenue
4
.00
%
,
11/1/33
,
Continuously
Callable
@100
...............................
1,300
659
5
.00
%
,
11/1/34
,
Continuously
Callable
@100
...............................
2,000
1,014
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
...............................
$
3,000
$
1,521
Bucks
County
IDA
Revenue
5
.00
%
,
10/1/30
,
Continuously
Callable
@103
...............................
325
329
5
.00
%
,
10/1/31
,
Continuously
Callable
@103
...............................
450
455
5
.00
%
,
10/1/37
,
Continuously
Callable
@103
...............................
2,260
2,250
Butler
County
Hospital
Authority
Revenue
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
....
1,885
1,813
Chester
County
IDA
Revenue
5
.00
%
,
10/1/34
,
Continuously
Callable
@100
...............................
1,000
972
5
.63
%
,
10/15/42
,
Continuously
Callable
@100
(c)
............................
8,875
8,519
Series
A
,
5
.13
%
,
10/15/37
,
Continuously
Callable
@100
.......................
2,750
2,586
Clairton
Municipal
Authority
Revenue
,
Series
B
,
4
.38
%
,
12/1/42
,
Continuously
Callable
@100
2,250
2,149
Commonwealth
Financing
Authority
Revenue
,
Series
A
,
5
.00
%
,
6/1/34
,
Continuously
Callable
@100
...........................................................
5,000
5,037
Commonwealth
of
Pennsylvania
Certificate
of
Participation
Series
A
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
1,350
1,402
Series
A
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
750
778
Series
A
,
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
.........................
800
827
County
of
Beaver,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
4
.00
%
,
4/15/30
,
Continuously
Callable
@100
...........................................
4,490
4,524
County
of
Lehigh
Revenue
4
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
2,000
1,934
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
...............................
2,000
1,932
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
2,000
1,925
County
of
Luzerne,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
11/15/29
,
Continuously
Callable
@100
...........................................
5,000
5,069
Cumberland
County
Municipal
Authority
Revenue
4
.00
%
,
11/1/36
,
Continuously
Callable
@100
...............................
1,250
1,230
4
.00
%
,
11/1/37
,
Continuously
Callable
@100
...............................
2,130
2,086
Dauphin
County
General
Authority
Revenue
Series
A
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
.........................
2,000
1,998
Series
A
,
4
.00
%
,
6/1/31
,
Continuously
Callable
@100
.........................
1,000
1,009
Delaware
County
Authority
Revenue
5
.00
%
,
10/1/30
....................................................
1,200
1,203
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
...............................
2,220
2,221
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
2,250
2,199
Delaware
River
Joint
Toll
Bridge
Commission
Revenue
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
...........................................................
3,000
3,112
Lancaster
Higher
Education
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/42
,
Continuously
Callable
@100
.....................................................
3,360
3,370
Latrobe
IDA
Revenue
4
.00
%
,
3/1/40
,
Continuously
Callable
@100
...............................
250
219
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...............................
250
217
4
.00
%
,
3/1/46
,
Continuously
Callable
@100
...............................
750
624
Lehigh
County
General
Purpose
Authority
Revenue
5
.00
%
,
2/1/43
,
Continuously
Callable
@100
...............................
1,520
1,569
5
.00
%
,
2/1/44
,
Continuously
Callable
@100
...............................
2,000
2,061
Montgomery
County
Higher
Education
and
Health
Authority
Revenue
5
.00
%
,
9/1/34
,
Continuously
Callable
@100
...............................
1,750
1,800
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
...............................
1,850
1,902
4
.00
%
,
9/1/36
,
Continuously
Callable
@100
...............................
1,100
1,085
4
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
1,000
981
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
1,750
1,800
4
.00
%
,
9/1/38
,
Continuously
Callable
@100
...............................
900
879
4
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
1,000
971
Montgomery
County
IDA
Revenue
,
Series
A
,
4
.10
%
,
4/1/53
,
(Put
Date
4/3/28)
(a)
.........
5,000
5,046
Montour
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B
,
5
.00
%
,
4/1/33
,
Continuously
Callable
@100
.........................
1,000
1,012
Series
B
,
5
.00
%
,
4/1/34
,
Continuously
Callable
@100
.........................
1,500
1,517
Series
B
,
5
.00
%
,
4/1/35
,
Continuously
Callable
@100
.........................
1,500
1,517
Northeastern
Pennsylvania
Hospital
and
Education
Authority
Revenue
,
Series
A
,
5
.00
%
,
3/1/37
,
Continuously
Callable
@100
.....................................
1,525
1,442
Pennsylvania
Economic
Development
Financing
Authority
Revenue
4
.00
%
,
7/1/33
,
Continuously
Callable
@103
...............................
1,750
1,700
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
4
.00
%
,
7/1/41
,
Continuously
Callable
@103
...............................
$
1,050
$
961
Series
A-2
,
4
.00
%
,
5/15/43
,
Continuously
Callable
@100
......................
1,125
1,050
Series
B-2
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@103
.......................
3,000
3,059
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
5
.25
%
,
7/15/25
,
Continuously
Callable
@100
...........................................
1,730
1,728
Pennsylvania
Housing
Finance
Agency
Revenue
,
Series
-145A
,
4
.60
%
,
10/1/44
,
Continuously
Callable
@100
.....................................................
3,000
2,983
Pennsylvania
Turnpike
Commission
Revenue
5
.00
%
,
6/1/36
,
Continuously
Callable
@100
...............................
8,255
8,367
5
.00
%
,
12/1/41
,
Continuously
Callable
@100
...............................
2,000
2,141
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
...............................
1,675
1,781
Series
B
,
4
.00
%
,
6/1/34
,
Continuously
Callable
@100
.........................
20,000
19,828
Series
B
,
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
........................
2,000
2,029
Series
B
,
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
........................
2,000
2,029
Philadelphia
IDA
Revenue
5
.00
%
,
5/1/35
,
Continuously
Callable
@100
...............................
750
785
5
.00
%
,
5/1/38
,
Continuously
Callable
@100
...............................
2,500
2,601
5
.00
%
,
6/15/40
,
Continuously
Callable
@100
(c)
.............................
900
902
5
.50
%
,
6/15/43
,
Continuously
Callable
@100
(c)
.............................
1,750
1,758
Pittsburgh
Water
&
Sewer
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
9/1/35
,
Continuously
Callable
@100
.........................
300
303
Reading
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
2,000
2,061
5
.00
%
,
3/1/37
,
Continuously
Callable
@100
...............................
1,500
1,543
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
E
,
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
........................
1,000
1,043
Series
E
,
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
........................
1,600
1,668
Series
E
,
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
........................
750
782
State
Public
School
Building
Authority
Revenue
,
5
.00
%
,
6/1/29
,
Continuously
Callable
@100
10,000
10,257
State
Public
School
Building
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
6/1/31
,
Continuously
Callable
@100
.........................
6,100
6,255
Series
A
,
4
.00
%
,
12/1/31
,
Continuously
Callable
@100
........................
13,085
13,009
The
Berks
County
Municipal
Authority
Revenue
,
Series
B
,
5
.00
%
,
2/1/40
,
(Put
Date
2/1/30)
(a)
3,300
1,797
The
School
District
of
Philadelphia,
GO
Series
A
,
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
.........................
1,000
1,046
Series
A
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
1,000
1,044
Series
A
,
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
1,000
1,041
Series
A
,
4
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
1,700
1,674
Series
A
,
4
.00
%
,
9/1/39
,
Continuously
Callable
@100
.........................
1,600
1,589
Series
F
,
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
.........................
9,895
10,085
Series
F
,
5
.00
%
,
9/1/32
,
Continuously
Callable
@100
.........................
5,000
5,096
Series
F
,
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
.........................
4,000
4,074
Series
F
,
5
.00
%
,
9/1/34
,
Continuously
Callable
@100
.........................
5,100
5,194
The
School
District
of
the
City
of
Erie,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.00
%
,
4/1/33
,
Continuously
Callable
@100
.............................
1,150
1,164
Westmoreland
County
IDA
Revenue
,
Series
A
,
4
.00
%
,
7/1/37
,
Continuously
Callable
@100
.
1,400
1,268
Wilkes-Barre
Finance
Authority
Revenue
,
4
.00
%
,
3/1/42
,
Continuously
Callable
@100
.....
2,600
2,050
240,706
Rhode
Island
(0.5%):
Rhode
Island
Health
and
Educational
Building
Corp.
Revenue
5
.00
%
,
5/15/40
,
Continuously
Callable
@100
...............................
575
609
5
.00
%
,
5/15/41
,
Continuously
Callable
@100
...............................
625
659
5
.00
%
,
5/15/42
,
Continuously
Callable
@100
...............................
750
788
5
.00
%
,
5/15/43
,
Continuously
Callable
@100
...............................
675
708
5
.00
%
,
5/15/44
,
Continuously
Callable
@100
...............................
750
784
Rhode
Island
Turnpike
&
Bridge
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/33
,
Continuously
Callable
@100
........................
1,350
1,376
Series
A
,
5
.00
%
,
10/1/35
,
Continuously
Callable
@100
........................
4,345
4,423
Tobacco
Settlement
Financing
Corp.
Revenue
Series
A
,
5
.00
%
,
6/1/28
,
Continuously
Callable
@100
.........................
2,000
2,008
Series
A
,
5
.00
%
,
6/1/29
,
Continuously
Callable
@100
.........................
2,000
2,010
Series
A
,
5
.00
%
,
6/1/30
,
Continuously
Callable
@100
.........................
2,500
2,512
15,877
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
South
Carolina
(0.7%):
Lexington
County
Health
Services
District,
Inc.
Revenue
4
.00
%
,
11/1/31
,
Continuously
Callable
@100
...............................
$
1,000
$
1,009
4
.00
%
,
11/1/32
,
Continuously
Callable
@100
...............................
1,000
1,009
Patriots
Energy
Group
Financing
Agency
Revenue
,
Series
A1
,
5
.25
%
,
10/1/54
,
(Put
Date
8/1/31)
(a)
........................................................
3,000
3,170
South
Carolina
Public
Service
Authority
Revenue
Series
A
,
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
........................
9,835
9,960
Series
A
,
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
........................
7,000
7,086
22,234
Tennessee
(1.5%):
Greeneville
Health
&
Educational
Facilities
Board
Revenue
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
...............................
2,710
2,808
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
3,000
3,105
5
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
3,500
3,611
Knox
County
Health
Educational
&
Housing
Facility
Borad
Revenue
Series
A-1
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
.......................
450
482
Series
A-1
,
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
.......................
420
446
Series
A-1
,
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
.......................
825
872
Series
A-1
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.......................
1,100
1,158
Series
A-1
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
.......................
550
577
Series
A-1
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
.......................
625
653
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
,
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
...................
5,500
5,529
New
Memphis
Arena
Public
Building
Authority
Revenue
4/1/32
,
Continuously
Callable
@98
(d)
....................................
875
603
4/1/33
,
Continuously
Callable
@96
(d)
....................................
625
406
4/1/34
,
Continuously
Callable
@94
(d)
....................................
875
562
4/1/35
,
Continuously
Callable
@92
(d)
....................................
875
537
Tennergy
Corp.
Revenue
,
Series
A
,
5
.50
%
,
10/1/53
,
(Put
Date
12/1/30)
(a)
..............
12,500
13,293
Tennessee
Energy
Acquisition
Corp.
Revenue
,
Series
A-1
,
5
.00
%
,
5/1/53
,
(Put
Date
5/1/28)
(a)
10,000
10,329
44,971
Texas
(10.1%):
Arlington
Higher
Education
Finance
Corp.
Revenue
,
4
.88
%
,
6/15/56
,
(Put
Date
6/15/26)
(a)
(c)
2,000
2,001
Arlington
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.00
%
,
2/15/44
,
Continuously
Callable
@100
...............................
10,000
9,645
Austin
Convention
Enterprises,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
...........................................................
1,105
1,107
Board
of
Managers
Joint
Guadalupe
County-City
of
Seguin
Hospital
Revenue
5
.00
%
,
12/1/25
....................................................
2,740
2,744
5
.00
%
,
12/1/27
,
Continuously
Callable
@100
...............................
2,990
2,990
5
.00
%
,
12/1/28
,
Continuously
Callable
@100
...............................
1,640
1,635
5
.00
%
,
12/1/29
,
Continuously
Callable
@100
...............................
1,600
1,588
5
.00
%
,
12/1/30
,
Continuously
Callable
@100
...............................
1,700
1,680
5
.25
%
,
12/1/35
,
Continuously
Callable
@100
...............................
5,150
5,060
Central
Texas
Regional
Mobility
Authority
Revenue
,
1/1/26
(d)
......................
2,535
2,386
Central
Texas
Turnpike
System
Revenue
Series
C
,
5
.00
%
,
8/15/33
,
Continuously
Callable
@100
........................
10,000
10,016
Series
C
,
5
.00
%
,
8/15/34
,
Continuously
Callable
@100
........................
8,500
8,514
City
of
Arlington
Special
Tax
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
C
,
5
.00
%
,
2/15/34
,
Continuously
Callable
@100
........................
1,500
1,563
Series
C
,
5
.00
%
,
2/15/35
,
Continuously
Callable
@100
........................
1,500
1,562
Series
C
,
5
.00
%
,
2/15/36
,
Continuously
Callable
@100
........................
3,100
3,226
Series
C
,
5
.00
%
,
2/15/37
,
Continuously
Callable
@100
........................
3,305
3,431
Series
C
,
5
.00
%
,
2/15/38
,
Continuously
Callable
@100
........................
4,380
4,537
City
of
Corpus
Christi
Utility
System
Revenue
4
.00
%
,
7/15/32
,
Continuously
Callable
@100
...............................
1,800
1,797
4
.00
%
,
7/15/33
,
Continuously
Callable
@100
...............................
1,100
1,097
4
.00
%
,
7/15/34
,
Continuously
Callable
@100
...............................
1,050
1,044
4
.00
%
,
7/15/35
,
Continuously
Callable
@100
...............................
1,000
993
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
5
.00
%
,
9/1/29
,
Continuously
Callable
@100
...............................
2,300
2,304
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
...............................
1,000
1,002
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.00
%
,
9/1/32
,
Continuously
Callable
@100
...............................
$
5,615
$
5,622
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
...............................
5,345
5,351
5
.00
%
,
9/1/34
,
Continuously
Callable
@100
...............................
2,150
2,152
5
.00
%
,
9/1/35
,
Continuously
Callable
@100
...............................
1,575
1,576
City
of
Laredo
Waterworks
&
Sewer
System
Revenue
4
.00
%
,
3/1/32
,
Continuously
Callable
@100
...............................
740
738
4
.00
%
,
3/1/33
,
Continuously
Callable
@100
...............................
1,000
994
4
.00
%
,
3/1/34
,
Continuously
Callable
@100
...............................
1,000
991
4
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
1,500
1,480
Clifton
Higher
Education
Finance
Corp.
Revenue
Series
A
,
4
.00
%
,
8/15/38
,
Continuously
Callable
@100
........................
1,085
1,016
Series
A
,
4
.00
%
,
8/15/39
,
Continuously
Callable
@100
........................
1,130
1,047
Series
A
,
4
.00
%
,
8/15/40
,
Continuously
Callable
@100
........................
1,180
1,079
Series
A
,
4
.00
%
,
8/15/41
,
Continuously
Callable
@100
........................
1,225
1,109
Series
A
,
4
.00
%
,
8/15/42
,
Continuously
Callable
@100
........................
1,035
933
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
4
.00
%
,
8/15/33
,
Continuously
Callable
@100
...............................
2,130
2,143
4
.00
%
,
8/15/34
,
Continuously
Callable
@100
...............................
2,275
2,289
4
.00
%
,
8/15/35
,
Continuously
Callable
@100
...............................
2,375
2,388
4
.00
%
,
8/15/36
,
Continuously
Callable
@100
...............................
3,710
3,725
4
.00
%
,
8/15/37
,
Continuously
Callable
@100
...............................
3,860
3,861
4
.00
%
,
8/15/38
,
Continuously
Callable
@100
...............................
4,015
3,994
4
.00
%
,
8/15/39
,
Continuously
Callable
@100
...............................
4,305
4,247
Series
A
,
4
.00
%
,
8/15/32
,
Continuously
Callable
@100
........................
1,300
1,286
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Series
A
,
5
.00
%
,
6/1/28
,
Continuously
Callable
@100
.........................
1,400
1,349
Series
C2
,
3
.93
%
(
MUNIPSA
+
57
bps
)
,
12/1/49
,
(Put
Date
12/4/24)
(a)
(b)
...........
3,330
3,321
Harris
County
Municipal
Utility
District
No.
165,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
3/1/30
,
Continuously
Callable
@100
...............................
750
754
5
.00
%
,
3/1/31
,
Continuously
Callable
@100
...............................
2,030
2,039
5
.00
%
,
3/1/32
,
Continuously
Callable
@100
...............................
2,500
2,510
Karnes
County
Hospital
District
Revenue
5
.00
%
,
2/1/29
,
Continuously
Callable
@100
...............................
4,000
4,002
5
.00
%
,
2/1/34
,
Continuously
Callable
@100
...............................
4,000
4,001
Main
Street
Market
Square
Redevelopment
Authority
Tax
Allocation
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
9/1/29
,
Continuously
Callable
@100
...............................
1,215
1,230
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
...............................
1,380
1,395
5
.00
%
,
9/1/31
,
Continuously
Callable
@100
...............................
2,000
2,020
5
.00
%
,
9/1/32
,
Continuously
Callable
@100
...............................
1,500
1,515
5
.00
%
,
9/1/33
,
Continuously
Callable
@100
...............................
2,680
2,705
Matagorda
County
Navigation
District
No.
1
Revenue
,
Series
B-2
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
...........................................
5,405
5,385
Mesquite
Health
Facilities
Development
Corp.
Revenue
0.00%,
2/15/26
(g)
..................................................
1,049
39
0.00%,
2/15/35
,
Continuously
Callable
@100
(g)
............................
364
14
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
11/1/31
,
Continuously
Callable
@102
...............................
1,000
981
4
.00
%
,
11/1/36
,
Continuously
Callable
@102
...............................
1,475
1,371
Series
A
,
5
.00
%
,
7/1/30
,
Continuously
Callable
@100
(g)
......................
7,500
7,088
Series
A
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
(g)
......................
9,000
8,505
Newark
Higher
Education
Finance
Corp.
Revenue
4
.00
%
,
4/1/32
,
Continuously
Callable
@100
...............................
1,635
1,593
4
.00
%
,
4/1/33
,
Continuously
Callable
@100
...............................
2,000
1,938
4
.00
%
,
4/1/34
,
Continuously
Callable
@100
...............................
4,470
4,308
4
.00
%
,
4/1/35
,
Continuously
Callable
@100
...............................
1,650
1,585
4
.00
%
,
4/1/36
,
Continuously
Callable
@100
...............................
2,150
2,060
North
East
Texas
Regional
Mobility
Authority
Revenue
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
...............................
7,000
7,085
Series
B
,
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
5,485
5,535
North
Texas
Tollway
Authority
Revenue
Series
A
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
1,515
1,540
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
A
,
4
.00
%
,
1/1/43
,
Continuously
Callable
@100
.........................
$
14,120
$
13,336
Series
A
,
4
.00
%
,
1/1/44
,
Continuously
Callable
@100
.........................
1,085
1,025
Series
B
,
5
.00
%
,
1/1/34
,
Continuously
Callable
@100
.........................
7,500
7,536
North
Texas
Tollway
Authority
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
1/1/29
(d)
.......
20,000
16,820
North
Texas
Tollway
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B
,
4
.00
%
,
1/1/35
,
Continuously
Callable
@100
.........................
2,000
2,002
Series
B
,
4
.00
%
,
1/1/36
,
Continuously
Callable
@100
.........................
1,695
1,696
Permanent
University
Fund
-
University
of
Texas
System
Revenue
Series
B
,
5
.00
%
,
7/1/32
,
Continuously
Callable
@100
.........................
2,230
2,253
Series
B
,
5
.00
%
,
7/1/33
,
Continuously
Callable
@100
.........................
3,250
3,286
Series
B
,
5
.00
%
,
7/1/34
,
Continuously
Callable
@100
.........................
2,500
2,525
Port
of
Port
Arthur
Navigation
District
Revenue
,
Series
C
,
3
.05
%
,
4/1/40
,
Continuously
Callable
@100
(f)
...................................................
13,100
13,100
San
Antonio
Education
Facilities
Corp.
Revenue
4
.00
%
,
4/1/39
,
Continuously
Callable
@100
...............................
700
621
4
.00
%
,
4/1/40
,
Continuously
Callable
@100
...............................
1,000
878
4
.00
%
,
4/1/41
,
Continuously
Callable
@100
...............................
895
774
San
Antonio
Housing
Trust
Finance
Corp.
Revenue
(NBGA
-
Federal
Home
Loan
Mortgage
Corp.)
,
3
.50
%
,
4/1/43
,
(Put
Date
10/1/28)
,
Pre-refunded
10/1/24
@
100
(a)
..........
14,935
14,926
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
11/15/30
,
Continuously
Callable
@100
..............................
2,145
2,152
5
.00
%
,
11/15/31
,
Continuously
Callable
@100
..............................
2,250
2,257
5
.00
%
,
11/15/32
,
Continuously
Callable
@100
..............................
2,365
2,373
5
.00
%
,
11/15/37
,
Continuously
Callable
@100
..............................
2,175
2,176
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Revenue
,
5
.00
%
,
12/15/30
..........
9,835
10,083
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
Revenue
4
.00
%
,
6/30/38
,
Continuously
Callable
@100
...............................
3,300
3,245
4
.00
%
,
12/31/38
,
Continuously
Callable
@100
..............................
3,850
3,761
4
.00
%
,
6/30/39
,
Continuously
Callable
@100
...............................
2,150
2,079
Trophy
Club
Public
Improvement
District
No.
1
Special
Assessment
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
6/1/33
,
Continuously
Callable
@100
..................
6,960
6,973
311,688
Utah
(0.1%):
Military
Installation
Development
Authority
Revenue
Series
A-1
,
4
.00
%
,
6/1/36
,
Continuously
Callable
@103
.......................
1,045
939
Series
A-1
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.......................
1,000
860
1,799
Vermont
(0.4%):
Vermont
Economic
Development
Authority
Revenue
4
.00
%
,
5/1/37
,
Continuously
Callable
@103
...............................
4,190
3,891
Series
B
,
4
.00
%
,
5/1/33
,
Continuously
Callable
@103
.........................
3,950
3,771
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
5
.75
%
,
10/1/43
,
Continuously
Callable
@100
(c)
.............................
3,000
3,100
Series
A
,
5
.00
%
,
12/1/36
,
Continuously
Callable
@100
........................
2,500
2,528
13,290
Virgin
Islands
(0.2%):
Virgin
Islands
Public
Finance
Authority
Revenue
,
5
.00
%
,
9/1/30
,
Continuously
Callable
@100
(c)
.........................................................
6,500
6,359
Virginia
(0.8%):
Chesapeake
Hospital
Authority
Revenue
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
1,175
1,165
4
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
1,205
1,189
Stafford
County
Economic
Development
Authority
Revenue
5
.00
%
,
6/15/33
,
Continuously
Callable
@100
...............................
750
759
5
.00
%
,
6/15/34
,
Continuously
Callable
@100
...............................
2,620
2,651
5
.00
%
,
6/15/35
,
Continuously
Callable
@100
...............................
1,930
1,953
Virginia
College
Building
Authority
Revenue
,
4
.00
%
,
2/1/36
,
Continuously
Callable
@100
..
3,000
3,011
Virginia
Small
Business
Financing
Authority
Revenue
Series
A
,
4
.00
%
,
1/1/37
,
Continuously
Callable
@103
.........................
500
494
Series
A
,
4
.00
%
,
1/1/38
,
Continuously
Callable
@103
.........................
6,000
5,874
Series
A
,
4
.00
%
,
1/1/39
,
Continuously
Callable
@103
.........................
7,000
6,801
23,897
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Washington
(1.0%):
King
County
Public
Hospital
District
No.
2,
GO
,
5
.25
%
,
12/1/45
,
Continuously
Callable
@100
$
2,500
$
2,640
Skagit
County
Public
Hospital
District
No.
1
Revenue
5
.50
%
,
12/1/38
,
Continuously
Callable
@100
...............................
300
320
5
.50
%
,
12/1/39
,
Continuously
Callable
@100
...............................
500
531
5
.50
%
,
12/1/40
,
Continuously
Callable
@100
...............................
500
529
5
.50
%
,
12/1/41
,
Continuously
Callable
@100
...............................
325
342
5
.50
%
,
12/1/42
,
Continuously
Callable
@100
...............................
300
314
5
.50
%
,
12/1/43
,
Continuously
Callable
@100
...............................
500
522
5
.50
%
,
12/1/44
,
Continuously
Callable
@100
...............................
450
469
Washington
Health
Care
Facilities
Authority
Revenue
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
...............................
2,355
2,377
5
.00
%
,
8/15/35
,
Continuously
Callable
@100
...............................
1,775
1,790
5
.00
%
,
7/1/36
,
Continuously
Callable
@100
...............................
2,250
2,270
5
.00
%
,
8/15/36
,
Continuously
Callable
@100
...............................
2,500
2,520
4
.00
%
,
7/1/37
,
Continuously
Callable
@100
...............................
3,125
2,901
5
.00
%
,
8/15/37
,
Continuously
Callable
@100
...............................
2,400
2,413
4
.00
%
,
12/1/45
,
Continuously
Callable
@100
(c)
.............................
2,080
1,933
Washington
State
Housing
Finance
Commission
Revenue
5
.88
%
,
7/1/43
,
Continuously
Callable
@103
(c)
.............................
1,000
1,086
Series
A
,
5
.00
%
,
7/1/38
,
Continuously
Callable
@103
.........................
1,590
1,662
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@103
.........................
3,225
3,306
Series
A-1
,
3
.50
%
,
12/20/35
...........................................
2,579
2,306
Series
B1
,
4
.75
%
,
7/1/27
,
Continuously
Callable
@100
........................
860
860
31,091
West
Virginia
(0.8%):
West
Virginia
Hospital
Finance
Authority
Revenue
5
.00
%
,
1/1/35
,
Continuously
Callable
@100
...............................
2,920
2,890
5
.00
%
,
1/1/36
,
Continuously
Callable
@100
...............................
2,065
2,042
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
...............................
2,000
2,067
5
.00
%
,
9/1/39
,
Continuously
Callable
@100
...............................
1,000
1,030
Series
A
,
5
.00
%
,
6/1/33
,
Continuously
Callable
@100
.........................
1,850
1,903
Series
A
,
5
.00
%
,
6/1/34
,
Continuously
Callable
@100
.........................
2,970
3,052
Series
A
,
5
.00
%
,
6/1/35
,
Continuously
Callable
@100
.........................
2,405
2,470
Series
A
,
4
.13
%
,
6/1/42
,
Continuously
Callable
@100
.........................
5,000
4,849
Series
B
,
5
.75
%
,
9/1/43
,
Continuously
Callable
@100
.........................
4,000
4,461
24,764
Wisconsin
(1.8%):
Public
Finance
Authority
Revenue
3
.00
%
,
4/1/25
(c)
...................................................
5
5
3
.00
%
,
4/1/25
(c)
...................................................
115
114
4
.00
%
,
3/1/29
(c)
...................................................
890
831
4
.00
%
,
6/15/29
,
Continuously
Callable
@100
(c)
.............................
230
215
4
.00
%
,
9/1/29
,
Continuously
Callable
@103
(c)
.............................
1,250
1,177
4
.00
%
,
3/1/30
(c)
...................................................
950
873
4
.00
%
,
3/1/34
,
Continuously
Callable
@100
(c)
.............................
3,520
3,049
5
.00
%
,
4/1/35
,
Continuously
Callable
@100
...............................
785
809
5
.25
%
,
5/15/37
,
Continuously
Callable
@102
(c)
.............................
1,000
975
5
.00
%
,
6/15/39
,
Continuously
Callable
@100
(c)
.............................
410
392
5
.00
%
,
9/1/39
,
Continuously
Callable
@103
(c)
.............................
2,230
2,229
5
.00
%
,
1/1/40
,
Continuously
Callable
@100
...............................
3,500
3,462
5
.00
%
,
4/1/40
,
Pre-refunded  4/1/30
@
100
(c)
..............................
95
104
5
.00
%
,
4/1/40
,
Continuously
Callable
@100
(c)
.............................
1,080
1,092
4
.00
%
,
1/1/42
,
Continuously
Callable
@103
...............................
1,150
1,040
4
.00
%
,
4/1/42
,
Continuously
Callable
@100
(c)
.............................
900
810
5
.00
%
,
4/1/43
,
Continuously
Callable
@100
...............................
4,185
4,214
6
.63
%
,
7/1/43
,
Continuously
Callable
@100
(c)
.............................
485
499
5
.00
%
,
1/1/45
,
Continuously
Callable
@100
...............................
3,275
3,116
Series
A
,
5
.25
%
,
10/1/38
,
Continuously
Callable
@100
........................
3,250
3,167
Series
A
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
770
654
Series
A
,
5
.00
%
,
11/15/41
,
Continuously
Callable
@103
.......................
4,680
4,773
Series
A
,
5
.50
%
,
7/1/43
,
Continuously
Callable
@100
(c)
.......................
2,000
2,123
Series
A
,
6
.38
%
,
7/1/43
,
Continuously
Callable
@103
(c)
.......................
300
303
Victory
Portfolios
III
Victory
Tax
Exempt
Intermediate-Term
Fund
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
A-1
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
(c)
.....................
$
675
$
593
Series
D
,
4
.05
%
,
11/1/30
,
Continuously
Callable
@100
........................
1,500
1,495
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
1/1/27
.....................................................
360
346
4
.00
%
,
1/1/28
,
Continuously
Callable
@103
...............................
370
349
4
.00
%
,
1/1/29
,
Continuously
Callable
@103
...............................
390
360
4
.00
%
,
1/1/30
,
Continuously
Callable
@103
...............................
405
367
5
.00
%
,
8/15/34
,
Continuously
Callable
@100
...............................
1,000
1,001
4
.00
%
,
2/15/35
,
Continuously
Callable
@100
...............................
500
506
4
.00
%
,
1/1/37
,
Continuously
Callable
@103
...............................
1,460
1,193
4
.00
%
,
2/15/37
,
Continuously
Callable
@100
...............................
1,000
975
4
.00
%
,
3/15/40
,
Continuously
Callable
@100
...............................
750
688
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
...............................
850
651
Series
A
,
4
.00
%
,
11/15/36
,
Continuously
Callable
@100
.......................
9,830
9,474
Series
B
,
4
.00
%
,
9/15/36
,
Continuously
Callable
@103
........................
530
483
Series
B
,
4
.00
%
,
9/15/41
,
Continuously
Callable
@103
........................
510
434
54,941
Total
Municipal
Bonds
(Cost
$3,206,497)
a
a
a
3,085,477
Total
Investments
(Cost
$3,206,497)
—
99.5%
3,085,477
Other
assets
in
excess
of
liabilities
—
0.5%
16,828
NET
ASSETS
-
100.00%
$
3,102,305
(a)
Put
Bond.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2024.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$134,395
(thousands)
and
amounted
to
4.3%
of
net
assets.
(d)
Zero-coupon
bond.
(e)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(f)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(g)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
AMBAC
—
American
Municipal
Bond
Assurance
Corporation
AMT
—
Alternative
Minimum
Tax
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
MUNIPSA
—
SIFMA
Municipal
Swap
Index
Yield
SOFR
—
Secured
Overnight
Financing
Rate
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
146
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Municipal
Bonds
(98.6%)
Alabama
(0.7%):
Columbia
Industrial
Development
Board
Revenue
(NBGA
-
Southern
Co.)
,
Series
A
,
2
.65
%
,
12/1/37
,
Continuously
Callable
@100
(a)
..................................
$
700
$
700
County
of
Jefferson
AL
Sewer
Revenue
,
5
.50
%
,
10/1/53
,
Continuously
Callable
@100
.....
1,000
1,075
DCH
Healthcare
Authority
Revenue
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
..
4,000
3,571
Homewood
Educational
Building
Authority
Revenue
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...............................
4,500
4,501
Series
A
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
........................
3,000
2,485
12,332
Alaska
(0.1%):
Northern
Tobacco
Securitization
Corp.
Revenue
,
Series
A
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.....................................................
1,000
878
Arizona
(2.2%):
Arizona
IDA
Revenue
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,725
1,734
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
600
598
Maricopa
County
IDA
Revenue
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
1,600
1,571
Series
A
,
4
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
1,000
839
Pinal
County
Electric
District
No.
3
Revenue
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
..
10,000
9,676
Sierra
Vista
IDA
Revenue
,
5
.75
%
,
6/15/53
,
Continuously
Callable
@100
(b)
.............
3,000
3,025
State
of
Arizona
Distribution
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
Series
B
,
5
.50
%
,
7/1/29
..............................................
1,000
1,121
Series
B
,
5
.50
%
,
7/1/30
..............................................
1,500
1,716
Tempe
IDA
Revenue
,
Series
A
,
4
.00
%
,
12/1/46
,
Continuously
Callable
@102
............
2,500
2,027
The
County
of
Pima
IDA
Revenue
4
.00
%
,
6/15/51
,
Continuously
Callable
@100
(b)
............................
2,500
1,966
Series
A
,
6
.88
%
,
11/15/52
,
Continuously
Callable
@103
(b)
.....................
3,750
3,871
The
County
of
Yavapai
IDA
Revenue
,
4
.00
%
,
8/1/43
,
Continuously
Callable
@100
........
1,725
1,608
The
IDA
of
the
City
of
Phoenix
Arizona
Revenue
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
...............................
1,200
1,172
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
6,000
5,618
Series
A
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
.........................
1,250
1,251
37,793
Arkansas
(0.2%):
Arkansas
Development
Finance
Authority
Revenue
(INS
-
AMBAC
Assurance
Corp.)
7/1/28
(c)
.........................................................
1,000
843
7/1/29
(c)
.........................................................
1,165
941
7/1/30
(c)
.........................................................
1,150
890
7/1/36
(c)
.........................................................
2,500
1,461
4,135
California
(4.8%):
California
Educational
Facilities
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
.....................................................
3,000
2,992
California
Health
Facilities
Financing
Authority
Revenue
,
5
.00
%
,
11/15/56
,
Continuously
Callable
@100
.....................................................
1,000
1,019
California
State
Public
Works
Board
Revenue
,
Series
B
,
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
.....................................................
3,500
3,508
Cerritos
Community
College
District,
GO
Series
D
,
8/1/31
(c)
..................................................
1,000
785
Series
D
,
8/1/32
(c)
..................................................
2,500
1,833
Series
D
,
8/1/33
(c)
..................................................
2,175
1,565
Series
D
,
8/1/34
(c)
..................................................
1,000
703
Series
D
,
8/1/35
(c)
..................................................
1,500
996
Series
D
,
8/1/36
(c)
..................................................
2,200
1,396
Coachella
Valley
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
D
,
8/1/41
(c)
..................................................
8,500
4,086
El
Monte
Union
High
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
6/1/42
(c)
.........................................................
10,000
4,599
Indio
Redevelopment
Agency
Successor
Agency
Tax
Allocation
,
Series
A
,
5
.25
%
,
8/15/35
,
Continuously
Callable
@100
...........................................
1,440
1,441
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Los
Alamitos
Unified
School
District
Certificate
of
Participation
0.00%,
8/1/34
,
Continuously
Callable
@100
(d)
.............................
$
1,200
$
1,293
0.00%,
8/1/42
,
Continuously
Callable
@100
(d)
.............................
4,000
4,351
Paramount
Unified
School
District,
GO
8/1/34
(c)
.........................................................
1,860
1,236
8/1/35
(c)
.........................................................
2,000
1,275
8/1/36
(c)
.........................................................
2,750
1,763
8/1/37
(c)
.........................................................
2,750
1,666
Sacramento
City
Schools
Joint
Powers
Financing
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
.........................
2,560
2,560
Series
A
,
5
.00
%
,
3/1/40
,
Continuously
Callable
@100
.........................
2,000
2,000
San
Diego
Public
Facilities
Financing
Authority
Revenue
,
Series
A
,
5
.00
%
,
10/15/44
,
Continuously
Callable
@100
...........................................
2,500
2,524
San
Ysidro
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
G
,
8/1/36
(c)
..................................................
13,605
8,460
Series
G
,
8/1/37
(c)
..................................................
14,285
8,398
Santa
Ana
Unified
School
District
Certificate
of
Participation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
4/1/29
(c)
...........................................
15,000
12,047
Stockton
Unified
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
D
,
8/1/34
(c)
.........................................................
8,885
6,163
The
El
Camino
Community
College
District
Foundation,
GO
Series
C
,
8/1/34
(c)
..................................................
3,000
2,048
Series
C
,
8/1/38
(c)
..................................................
3,000
1,710
82,417
Colorado
(2.3%):
Colorado
Educational
&
Cultural
Facilities
Authority
Revenue
4
.00
%
,
1/1/52
,
Continuously
Callable
@100
...............................
675
516
5
.00
%
,
4/1/53
,
Continuously
Callable
@100
...............................
750
754
4
.50
%
,
7/1/53
,
Continuously
Callable
@100
...............................
3,000
2,837
4
.00
%
,
1/1/62
,
Continuously
Callable
@100
...............................
795
585
Series
A
,
4
.00
%
,
12/1/48
,
Continuously
Callable
@100
........................
2,500
2,174
Colorado
Health
Facilities
Authority
Revenue
5
.00
%
,
6/1/45
,
Pre-refunded  6/1/25
@
100
................................
6,000
6,089
5
.50
%
,
11/1/47
,
Continuously
Callable
@100
...............................
1,000
1,090
Series
A
,
4
.00
%
,
8/1/44
,
Continuously
Callable
@100
.........................
2,070
1,900
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
.........................
1,500
1,371
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@103
........................
7,250
5,712
Denver
Health
&
Hospital
Authority
Revenue
,
Series
A
,
4
.00
%
,
12/1/40
,
Continuously
Callable
@100
.....................................................
750
660
E-470
Public
Highway
Authority
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
9/1/35
,
Continuously
Callable
@64
(c)
.............................
10,000
5,824
Park
Creek
Metropolitan
District
Revenue
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
3,500
3,511
Series
A
,
5
.00
%
,
12/1/51
,
Continuously
Callable
@100
........................
2,000
2,002
Rampart
Range
Metropolitan
District
No.
1
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.........................
4,000
4,125
Southlands
Metropolitan
District
No.
1,
GO
,
Series
A-1
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
.....................................................
1,000
948
40,098
Connecticut
(0.5%):
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
5
.25
%
,
7/1/53
,
Continuously
Callable
@100
...............................
3,000
3,229
Series
A
,
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
.........................
3,000
2,562
Series
U
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
........................
3,000
2,737
8,528
District
of
Columbia
(0.1%):
District
of
Columbia
Revenue
5
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............................
1,275
1,264
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
...............................
1,140
1,119
2,383
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Florida
(7.4%):
Alachua
County
Health
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@103
...........................................................
$
700
$
564
Capital
Projects
Finance
Authority
Revenue
,
5
.00
%
,
11/1/53
,
Continuously
Callable
@100
..
1,250
1,161
Capital
Trust
Agency,
Inc.
Revenue
,
6
.38
%
,
5/1/53
,
Continuously
Callable
@100
(b)
.......
1,750
1,739
City
of
Atlantic
Beach
Revenue
Series
A
,
5
.00
%
,
11/15/53
,
Continuously
Callable
@103
.......................
2,000
1,889
Series
B
,
5
.63
%
,
11/15/43
,
Continuously
Callable
@100
.......................
7,000
7,001
City
of
Jacksonville
Revenue
,
4
.00
%
,
11/1/45
,
Continuously
Callable
@100
.............
2,500
2,250
City
of
Pompano
Beach
Revenue
4
.00
%
,
9/1/50
,
Continuously
Callable
@103
...............................
8,000
6,197
Series
A
,
4
.00
%
,
9/1/51
,
Continuously
Callable
@103
.........................
2,895
2,232
County
of
Miami-Dade
Rickenbacker
Causeway
Revenue
,
5
.00
%
,
10/1/43
,
Continuously
Callable
@100
.....................................................
1,750
1,751
County
of
Miami-Dade
Water
&
Sewer
System
Revenue
,
Series
B
,
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
...........................................
21,500
20,607
County
of
Pasco
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
9/1/48
,
Continuously
Callable
@100
...........................................
1,000
1,050
Escambia
County
Health
Facilities
Authority
Revenue
4
.00
%
,
8/15/45
,
Continuously
Callable
@100
...............................
6,265
5,538
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
...............................
5,050
4,276
Florida
Development
Finance
Corp.
Revenue
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
600
503
4
.00
%
,
2/1/52
,
Continuously
Callable
@100
...............................
4,000
2,973
4
.00
%
,
7/1/55
,
Continuously
Callable
@100
...............................
500
400
Series
A
,
5
.00
%
,
6/15/55
,
Continuously
Callable
@100
........................
1,500
1,418
Florida
Higher
Educational
Facilities
Financial
Authority
Revenue
5
.00
%
,
3/1/44
,
Continuously
Callable
@100
...............................
4,280
2,876
4
.00
%
,
10/1/44
,
Continuously
Callable
@100
...............................
1,400
1,154
5
.00
%
,
3/1/49
,
Continuously
Callable
@100
...............................
1,250
791
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
...............................
1,150
894
Halifax
Hospital
Medical
Center
Revenue
,
5
.00
%
,
6/1/46
,
Pre-refunded  6/1/25
@
100
.....
3,000
3,044
Lee
County
IDA
Revenue
5
.00
%
,
11/15/49
,
Continuously
Callable
@103
..............................
12,350
11,815
Series
A
,
5
.25
%
,
10/1/52
,
Continuously
Callable
@103
........................
1,000
849
Lee
Memorial
Health
System
Revenue
,
Series
A-1
,
4
.00
%
,
4/1/49
,
Continuously
Callable
@100
...........................................................
4,500
4,045
Miami
Beach
Health
Facilities
Authority
Revenue
,
4
.00
%
,
11/15/51
,
Continuously
Callable
@100
...........................................................
2,500
2,241
Miami-Dade
County
Expressway
Authority
Revenue
Series
A
,
5
.00
%
,
7/1/39
,
Continuously
Callable
@100
.........................
5,000
5,001
Series
A
,
5
.00
%
,
7/1/40
,
Continuously
Callable
@100
.........................
5,000
5,000
Miami-Dade
County
Health
Facilities
Authority
Revenue
,
4
.00
%
,
8/1/47
,
Continuously
Callable
@100
.....................................................
2,000
1,817
Orange
County
Health
Facilities
Authority
Revenue
,
Series
B
,
4
.00
%
,
10/1/45
,
Continuously
Callable
@100
.....................................................
1,500
1,449
Palm
Beach
County
Educational
Facilities
Authority
Revenue
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
.....................................................
2,070
1,740
Palm
Beach
County
Health
Facilities
Authority
Revenue
5
.00
%
,
11/15/45
,
Continuously
Callable
@103
..............................
150
151
5
.00
%
,
5/15/47
,
Continuously
Callable
@100
...............................
5,000
4,440
Series
A
,
5
.00
%
,
11/1/52
,
Continuously
Callable
@100
........................
250
246
Series
B
,
5
.00
%
,
11/15/42
,
Continuously
Callable
@103
.......................
1,000
1,017
Polk
County
IDA
Revenue
5
.00
%
,
1/1/49
,
Continuously
Callable
@103
...............................
1,000
934
5
.00
%
,
1/1/55
,
Continuously
Callable
@103
...............................
1,000
914
Sarasota
County
Health
Facilities
Authority
Revenue
,
5
.00
%
,
5/15/48
,
Continuously
Callable
@103
...........................................................
1,835
1,727
Sarasota
County
Public
Hospital
District
Revenue
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
...........................................................
5,000
4,539
St.
Johns
County
IDA
Revenue
,
4
.00
%
,
8/1/55
,
Continuously
Callable
@103
............
6,000
4,753
Tampa
Housing
Authority
Revenue
,
4
.85
%
,
7/1/36
,
Callable
7/1/24
@
100
..............
2,200
2,201
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Volusia
County
Educational
Facility
Authority
Revenue
,
Series
B
,
5
.00
%
,
10/15/45
,
Pre-
refunded  4/15/25
@
100
.............................................
$
2,000
$
2,025
127,212
Georgia
(1.4%):
Columbia
County
Hospital
Authority
Revenue
,
Series
A
,
5
.13
%
,
4/1/53
,
Continuously
Callable
@100
...........................................................
1,000
1,056
Crisp
County
Hospital
Authority
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
....
3,000
2,750
Development
Authority
of
Heard
County
Revenue
,
2
.96
%
,
9/1/26
,
Continuously
Callable
@100
(a)
.........................................................
400
400
Gainesville
&
Hall
County
Hospital
Authority
Revenue
,
4
.00
%
,
2/15/45
,
Continuously
Callable
@100
.....................................................
13,000
12,197
Glynn-Brunswick
Memorial
Hospital
Authority
Revenue
,
5
.00
%
,
8/1/43
,
Continuously
Callable
@100
.....................................................
1,500
1,506
Main
Street
Natural
Gas,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
5/15/49
.....................
3,000
3,080
Municipal
Electric
Authority
of
Georgia
Revenue
,
Series
A
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@100
.....................................................
1,100
1,005
Private
Colleges
&
Universities
Authority
Revenue
,
4
.00
%
,
6/1/45
,
Continuously
Callable
@100
...........................................................
1,700
1,541
23,535
Illinois
(14.5%):
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Revenue
,
5
.75
%
,
4/1/48
,
Continuously
Callable
@100
...........................................
2,500
2,733
Chicago
Board
of
Education,
GO
Series
A
,
4
.00
%
,
12/1/47
,
Continuously
Callable
@100
........................
4,220
3,443
Series
A
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
........................
1,800
1,766
Series
H
,
5
.00
%
,
12/1/36
,
Continuously
Callable
@100
........................
5,000
5,045
Chicago
Midway
International
Airport
Revenue
Series
B
,
5
.00
%
,
1/1/41
,
Continuously
Callable
@100
.........................
2,500
2,523
Series
B
,
5
.00
%
,
1/1/46
,
Continuously
Callable
@100
.........................
3,500
3,531
Chicago
O'Hare
International
Airport
Revenue
,
Series
C
,
5
.00
%
,
1/1/41
,
Continuously
Callable
@100
...........................................................
5,000
5,092
Chicago
Park
District,
GO
Series
A
,
5
.00
%
,
1/1/40
,
Continuously
Callable
@100
.........................
3,000
3,021
Series
F-2
,
5
.00
%
,
1/1/40
,
Continuously
Callable
@100
.......................
1,125
1,181
City
of
Chicago
Wastewater
Transmission
Revenue
5
.00
%
,
1/1/44
,
Continuously
Callable
@100
...............................
4,000
4,004
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.........................
3,000
3,045
Series
C
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@100
.........................
3,000
3,007
City
of
Chicago
Waterworks
Revenue
,
5
.00
%
,
11/1/44
,
Continuously
Callable
@100
.......
3,000
3,004
City
of
Galesburg
Revenue
,
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
.......
4,000
3,249
City
of
Springfield
Electric
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
3/1/40
,
Continuously
Callable
@100
.....................................
3,000
3,001
Cook
County
Community
College
District
No.
508,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...................
9,500
9,868
County
of
Cook
Sales
Tax
Revenue
,
5
.00
%
,
11/15/38
,
Continuously
Callable
@100
.......
7,750
8,018
County
of
Will,
GO
,
4
.00
%
,
11/15/47
,
Continuously
Callable
@100
...................
2,000
1,819
Illinois
Finance
Authority
Revenue
3
.90
%
,
3/1/30
,
Continuously
Callable
@100
...............................
14,000
13,904
5
.50
%
,
4/1/32
,
Continuously
Callable
@100
...............................
7,065
6,815
4
.00
%
,
3/1/38
,
Continuously
Callable
@100
...............................
2,000
1,928
5
.00
%
,
8/1/42
,
Continuously
Callable
@100
...............................
750
751
5
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
2,000
2,002
4
.00
%
,
12/1/46
,
Continuously
Callable
@100
...............................
4,500
3,925
5
.00
%
,
8/1/47
,
Continuously
Callable
@100
...............................
750
734
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
...............................
2,000
1,981
5
.00
%
,
10/1/49
,
Continuously
Callable
@100
...............................
1,250
1,295
5
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
1,000
1,035
5
.00
%
,
3/1/52
,
Continuously
Callable
@100
...............................
1,075
938
4
.00
%
,
10/1/55
,
Continuously
Callable
@100
...............................
2,000
1,656
Series
A
,
4
.00
%
,
2/1/33
,
Continuously
Callable
@100
.........................
6,000
5,886
Series
A
,
5
.00
%
,
5/15/37
,
Continuously
Callable
@100
........................
700
691
Series
A
,
4
.00
%
,
7/1/38
,
Pre-refunded  7/1/26
@
100
.........................
5,000
5,063
Series
A
,
4
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
12,395
11,939
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
A
,
5
.00
%
,
1/1/44
,
Pre-refunded  1/1/28
@
100
.........................
$
10,000
$
10,605
Series
A
,
5
.00
%
,
2/15/47
,
Continuously
Callable
@100
........................
1,000
956
Series
A
,
5
.00
%
,
5/15/47
,
Continuously
Callable
@100
........................
1,155
1,091
Series
A
,
5
.00
%
,
2/15/50
,
Continuously
Callable
@100
........................
500
472
Series
A
,
4
.00
%
,
8/1/51
,
Continuously
Callable
@100
.........................
3,500
2,878
Series
C
,
4
.00
%
,
2/15/41
,
Continuously
Callable
@100
........................
10,495
9,728
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded  2/15/27
@
100
........................
20
20
Series
C
,
4
.00
%
,
2/15/41
,
Pre-refunded  2/15/27
@
100
........................
485
494
Illinois
State
Toll
Highway
Authority
Revenue
,
Series
A
,
4
.00
%
,
1/1/46
,
Continuously
Callable
@100
...........................................................
4,000
3,749
Metropolitan
Pier
&
Exposition
Authority
Revenue
,
5
.00
%
,
6/15/50
,
Continuously
Callable
@100
...........................................................
9,500
9,768
Northern
Illinois
Municipal
Power
Agency
Revenue
,
Series
A
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
.....................................................
9,000
8,696
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.00
%
,
4/1/41
,
Continuously
Callable
@100
...............................
600
551
Regional
Transportation
Authority
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
6
.50
%
,
7/1/30
.....................................................
37,550
42,108
Sangamon
County
Water
Reclamation
District,
GO
Series
A
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@100
.........................
15,000
13,015
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@100
.........................
2,000
2,015
State
of
Illinois,
GO
5
.50
%
,
5/1/39
,
Continuously
Callable
@100
...............................
2,275
2,466
Series
A
,
5
.00
%
,
10/1/33
,
Continuously
Callable
@100
........................
2,000
2,085
State
of
Illinois,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
4
.00
%
,
2/1/31
,
Continuously
Callable
@100
...............................
1,000
998
4
.00
%
,
2/1/32
,
Continuously
Callable
@100
...............................
1,000
997
Village
of
Rosemont,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
....................................
10,000
10,129
250,714
Indiana
(1.9%):
Evansville
Redevelopment
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
2/1/38
,
Continuously
Callable
@100
...............................
5,540
5,472
4
.00
%
,
2/1/39
,
Continuously
Callable
@100
...............................
3,605
3,559
Indiana
Finance
Authority
Revenue
5
.00
%
,
11/15/43
,
Continuously
Callable
@103
..............................
1,970
1,906
5
.00
%
,
11/15/48
,
Continuously
Callable
@103
..............................
3,895
3,654
Series
A
,
5
.50
%
,
4/1/46
,
Continuously
Callable
@100
.........................
5,000
5,020
Series
A
,
4
.00
%
,
11/15/51
,
Continuously
Callable
@100
.......................
1,030
796
Series
A
,
5
.50
%
,
7/1/52
,
Continuously
Callable
@100
.........................
4,500
4,566
Series
A
,
5
.00
%
,
6/1/53
,
Continuously
Callable
@100
.........................
1,000
1,013
Richmond
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
1/1/39
,
Continuously
Callable
@100
7,000
6,816
32,802
Iowa
(0.4%):
Iowa
Finance
Authority
Revenue
,
Series
A
,
5
.00
%
,
5/15/43
,
Continuously
Callable
@100
...
6,235
5,701
Iowa
Higher
Education
Loan
Authority
Revenue
,
5
.38
%
,
10/1/52
,
Continuously
Callable
@100
...........................................................
1,000
1,026
Iowa
Tobacco
Settlement
Authority
Revenue
,
Series
A-2
,
4
.00
%
,
6/1/49
,
Continuously
Callable
@100
...........................................................
1,000
895
7,622
Kansas
(1.1%):
City
of
Coffeyville
Electric
System
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
5
.00
%
,
6/1/42
,
Continuously
Callable
@100
(b)
......................
2,500
2,528
City
of
Lawrence
Revenue
,
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
........
5,000
5,034
City
of
Manhattan
Revenue
Series
A
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@103
.........................
1,000
806
Series
A
,
4
.00
%
,
6/1/52
,
Continuously
Callable
@103
.........................
1,500
1,144
Wyandotte
County-Kansas
City
Unified
Government
Tax
Allocation
,
5
.75
%
,
3/1/41
,
Continuously
Callable
@103
(b)
........................................
7,600
7,377
Wyandotte
County-Kansas
City
Unified
Government
Utility
System
Revenue
,
Series
A
,
5
.00
%
,
9/1/45
,
Continuously
Callable
@100
.....................................
2,000
2,007
18,896
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Kentucky
(1.3%):
City
of
Ashland
Revenue
,
Series
A
,
5
.00
%
,
2/1/40
,
Continuously
Callable
@100
..........
$
1,000
$
1,013
City
of
Hazard
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
.................
3,000
2,642
County
of
Boyle
Revenue
,
Series
A
,
4
.50
%
,
6/1/53
,
Continuously
Callable
@100
.........
1,525
1,479
Kentucky
Bond
Development
Corp.
Revenue
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
..
1,070
943
Kentucky
Economic
Development
Finance
Authority
Revenue
Series
A
,
5
.00
%
,
5/15/46
,
Continuously
Callable
@100
........................
5,500
4,064
Series
B
,
5
.00
%
,
8/15/41
,
Continuously
Callable
@100
........................
3,000
3,046
Kentucky
Economic
Development
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
4
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
500
500
Series
A
,
5
.00
%
,
12/1/45
,
Continuously
Callable
@100
........................
2,000
2,057
Louisville/Jefferson
County
Metropolitan
Government
Revenue
,
Series
A
,
5
.00
%
,
5/15/52
,
Continuously
Callable
@100
...........................................
6,000
6,182
21,926
Louisiana
(3.9%):
City
of
Shreveport
Water
&
Sewer
Revenue
5
.00
%
,
12/1/40
,
Continuously
Callable
@100
...............................
1,000
1,007
Series
B
,
5
.00
%
,
12/1/41
,
Continuously
Callable
@100
........................
5,500
5,574
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
Series
B
,
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
....................................
1,000
897
City
of
Shreveport
Water
&
Sewer
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
B
,
4
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,100
1,087
Jefferson
Sales
Tax
District
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
4
.00
%
,
12/1/42
,
Continuously
Callable
@100
...............................
7,000
6,640
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
3
.50
%
,
11/1/32
,
Continuously
Callable
@100
.......................
6,250
5,766
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
...............................
1,685
1,719
5
.00
%
,
10/1/48
,
Continuously
Callable
@100
...............................
5,000
5,046
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
........................
8,210
7,427
Louisiana
Public
Facilities
Authority
Revenue
4
.00
%
,
5/15/41
,
Pre-refunded  5/15/26
@
100
..............................
15
15
4
.00
%
,
5/15/41
,
Continuously
Callable
@100
...............................
1,235
1,195
5
.00
%
,
5/15/46
,
Continuously
Callable
@100
...............................
5,000
5,068
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
400
393
5
.00
%
,
7/1/57
,
Continuously
Callable
@100
...............................
2,000
1,915
Series
A
,
5
.00
%
,
11/1/45
,
Pre-refunded
11/1/25
@
100
........................
3,000
3,063
Series
A
,
4
.00
%
,
12/15/50
,
Pre-refunded
12/15/27
@
100
......................
30
31
Series
A
,
4
.00
%
,
12/15/50
,
Continuously
Callable
@100
.......................
970
935
Series
A
,
4
.00
%
,
1/1/56
,
Continuously
Callable
@100
.........................
9,000
7,808
Louisiana
Public
Facilities
Authority
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
,
5
.25
%
,
6/1/51
,
Pre-refunded  6/1/25
@
100
................................
5,000
5,086
State
of
Louisiana
Gasoline
&
Fuels
Tax
Revenue
,
Series
C
,
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
.....................................................
6,000
6,168
66,840
Maine
(0.4%):
Maine
Health
&
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........................................
9,000
6,980
Massachusetts
(1.9%):
Massachusetts
Development
Finance
Agency
Revenue
5
.00
%
,
4/15/40
,
Continuously
Callable
@100
...............................
1,000
979
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
3,280
3,208
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
1,000
811
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,500
1,446
Series
A
,
5
.50
%
,
7/1/44
,
Continuously
Callable
@100
.........................
2,000
1,809
Series
A
,
4
.00
%
,
10/1/46
,
Continuously
Callable
@100
........................
3,370
2,785
Series
B
,
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
.........................
1,700
1,371
Series
B
,
4
.00
%
,
7/1/50
,
Continuously
Callable
@100
.........................
975
788
Series
D
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
........................
3,000
3,003
Series
E
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
1,000
953
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
I
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
$
4,000
$
3,993
Series
J2
,
5
.00
%
,
7/1/53
,
Continuously
Callable
@100
........................
10,000
10,285
Massachusetts
Development
Finance
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
C
,
4
.00
%
,
10/1/45
,
Continuously
Callable
@100
..................
1,250
1,191
32,622
Michigan
(2.7%):
County
of
Genesee,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
B
,
4
.00
%
,
2/1/41
,
Continuously
Callable
@100
.........................
2,000
1,931
Series
B
,
5
.00
%
,
2/1/46
,
Continuously
Callable
@100
.........................
2,900
2,924
Downriver
Utility
Wastewater
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
4/1/43
,
Continuously
Callable
@100
...............................
2,500
2,585
Flint
Hospital
Building
Authority
Revenue
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
....
2,500
2,239
Jackson
Public
Schools,
GO
(NBGA
-
Michigan
School
Bond
Qualification
and
Loan
Program)
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
...............................
6,000
6,189
5
.00
%
,
5/1/48
,
Continuously
Callable
@100
...............................
3,000
3,081
Karegnondi
Water
Authority
Revenue
,
5
.00
%
,
11/1/45
,
Continuously
Callable
@100
.......
2,750
2,796
Livonia
Public
Schools,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
5/1/45
,
Continuously
Callable
@100
...........................................
4,000
4,034
Michigan
Finance
Authority
Revenue
5
.00
%
,
11/1/43
,
Continuously
Callable
@100
...............................
1,000
1,030
4
.00
%
,
2/15/44
,
Continuously
Callable
@100
...............................
5,000
4,718
4
.00
%
,
2/15/47
,
Continuously
Callable
@100
...............................
1,000
927
4
.00
%
,
2/15/50
,
Continuously
Callable
@100
...............................
2,000
1,837
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
...............................
1,000
862
5
.63
%
,
11/1/52
,
Continuously
Callable
@100
...............................
3,000
2,933
4
.00
%
,
11/1/55
,
Continuously
Callable
@100
...............................
4,000
3,634
Series
A
,
4
.00
%
,
11/15/50
,
Continuously
Callable
@100
.......................
3,000
2,723
Michigan
State
Building
Authority
Revenue
,
4
.00
%
,
10/15/49
,
Continuously
Callable
@100
.
2,500
2,342
46,785
Missouri
(3.1%):
Cape
Girardeau
County
IDA
Revenue
5
.00
%
,
3/1/36
,
Continuously
Callable
@100
...............................
750
772
Series
A
,
6
.00
%
,
3/1/33
,
Continuously
Callable
@102
.........................
1,785
1,822
Hannibal
IDA
Revenue
,
5
.00
%
,
10/1/47
,
Continuously
Callable
@100
.................
3,000
2,906
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
4
.00
%
,
8/1/36
,
Continuously
Callable
@100
...............................
440
395
0.00%,
5/15/40
,
Continuously
Callable
@103
(e)
.............................
5,510
2,348
4
.00
%
,
8/1/41
,
Continuously
Callable
@100
...............................
410
340
4
.00
%
,
2/1/48
,
Continuously
Callable
@100
...............................
10,000
8,021
4
.00
%
,
2/15/51
,
Continuously
Callable
@100
...............................
1,000
805
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
...............................
1,000
1,039
Series
A
,
5
.00
%
,
2/1/42
,
Continuously
Callable
@104
.........................
3,500
3,436
Series
A
,
4
.00
%
,
2/15/54
,
Continuously
Callable
@100
........................
2,500
2,254
Missouri
Development
Finance
Board
Revenue
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
...............................
2,000
1,623
Series
D
,
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
........................
17,775
16,595
St.
Louis
County
IDA
Revenue
5
.00
%
,
9/1/48
,
Continuously
Callable
@100
...............................
2,000
1,864
Series
A
,
5
.88
%
,
9/1/43
,
Continuously
Callable
@100
.........................
5,000
5,002
St.
Louis
Municipal
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
10/1/38
,
Continuously
Callable
@100
...............................
3,065
3,164
Stoddard
County
IDA
Revenue
,
Series
B
,
6
.00
%
,
3/1/37
,
Continuously
Callable
@102
.....
1,725
1,759
54,145
Montana
(0.3%):
City
of
Forsyth
Revenue
,
Series
A
,
3
.90
%
,
3/1/31
,
Continuously
Callable
@100
..........
4,000
3,843
Montana
Facility
Finance
Authority
Revenue
,
4
.00
%
,
6/1/45
,
Continuously
Callable
@100
..
1,000
911
4,754
Nebraska
(1.4%):
Central
Plains
Energy
Project
Revenue
,
Series
A
,
5
.00
%
,
9/1/42
......................
13,665
14,182
Douglas
County
Hospital
Authority
No.
3
Revenue
,
5
.00
%
,
11/1/48
,
Continuously
Callable
@100
...........................................................
3,400
3,410
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@102
.....................................
$
7,500
$
6,509
24,101
Nevada
(1.1%):
Carson
City
Revenue
,
5
.00
%
,
9/1/47
,
Continuously
Callable
@100
...................
2,775
2,768
Las
Vegas
Convention
&
Visitors
Authority
Revenue
Series
C
,
4
.00
%
,
7/1/41
,
Continuously
Callable
@100
.........................
4,400
4,232
Series
C
,
4
.00
%
,
7/1/46
,
Continuously
Callable
@100
.........................
12,140
11,149
18,149
New
Hampshire
(0.2%):
New
Hampshire
Business
Finance
Authority
Revenue
4
.00
%
,
1/1/51
,
Continuously
Callable
@103
...............................
3,000
2,186
Series
A
,
5
.25
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,000
1,025
3,211
New
Jersey
(4.0%):
City
of
Newark
Mass
Transit
Access
Tax
Revenue
(INS
-
Assured
Guaranty
Corp.)
,
5
.38
%
,
11/15/52
,
Continuously
Callable
@100
...................................
1,000
1,090
New
Jersey
Economic
Development
Authority
Revenue
5
.00
%
,
6/15/40
,
Continuously
Callable
@100
...............................
8,125
8,128
5
.00
%
,
6/15/40
,
Pre-refunded  6/15/24
@
100
..............................
1,875
1,876
4
.00
%
,
11/1/44
,
Continuously
Callable
@100
...............................
3,000
2,856
4
.00
%
,
6/15/49
,
Continuously
Callable
@100
...............................
4,000
3,732
Series
A
,
5
.00
%
,
6/15/47
,
Continuously
Callable
@100
........................
3,000
3,059
Series
A
,
5
.00
%
,
11/1/52
,
Continuously
Callable
@100
........................
5,000
5,201
Series
AAA
,
5
.00
%
,
6/15/41
,
Pre-refunded
12/15/26
@
100
.....................
4,000
4,167
Series
B
,
5
.00
%
,
6/15/43
,
Continuously
Callable
@100
........................
3,500
3,626
Series
WW
,
5
.25
%
,
6/15/40
,
Pre-refunded  6/15/25
@
100
......................
2,835
2,887
Series
WW
,
5
.25
%
,
6/15/40
,
Pre-refunded  6/15/25
@
100
......................
165
168
New
Jersey
Economic
Development
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
6/1/42
,
Continuously
Callable
@100
..........................
1,200
1,217
New
Jersey
Educational
Facilities
Authority
Revenue
Series
B
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
5,000
5,102
Series
F
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
3,000
2,282
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
,
5
.00
%
,
10/1/38
,
Continuously
Callable
@100
.....................................................
2,250
2,333
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...........
1,250
1,251
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Series
AA
,
5
.25
%
,
6/15/41
,
Continuously
Callable
@100
......................
2,000
2,021
Series
BB
,
4
.00
%
,
6/15/50
,
Continuously
Callable
@100
......................
15,000
13,602
The
Camden
County
Improvement
Authority
Revenue
,
6
.00
%
,
6/15/52
,
Continuously
Callable
@100
...........................................................
1,325
1,393
The
Passaic
County
Improvement
Authority
Revenue
,
5
.38
%
,
7/1/53
,
Continuously
Callable
@100
...........................................................
500
505
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
A
,
5
.25
%
,
6/1/46
,
Continuously
Callable
@100
...........................................................
3,000
3,107
69,603
New
Mexico
(0.4%):
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
,
Series
A
,
5
.00
%
,
7/1/49
,
Continuously
Callable
@102
...........................................
8,625
7,063
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation
,
4
.25
%
,
5/1/40
,
Continuously
Callable
@103
(b)
...................................
670
622
7,685
New
York
(3.1%):
Allegany
County
Capital
Resource
Corp.
Revenue
,
Series
A
,
5
.00
%
,
12/1/52
,
Continuously
Callable
@100
.....................................................
4,000
3,575
Build
NYC
Resource
Corp.
Revenue
Series
A
,
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
700
684
Series
A
,
7
.00
%
,
4/15/53
,
Continuously
Callable
@100
(b)
......................
2,500
2,711
Metropolitan
Transportation
Authority
Revenue
Series
A
,
11/15/32
(c)
................................................
5,000
3,637
Series
A-2
,
5
.00
%
,
11/15/45
,
(Put
Date
5/15/30)
(f)
...........................
5,490
5,916
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
New
York
City
Municipal
Water
Finance
Authority
Revenue
,
Series
DD
,
3
.00
%
,
6/15/33
,
Continuously
Callable
@100
(a)
.........................................
$
400
$
400
New
York
Liberty
Development
Corp.
Revenue
5
.25
%
,
10/1/35
....................................................
15,255
17,296
2
.80
%
,
9/15/69
,
Continuously
Callable
@100
...............................
1,500
1,333
New
York
State
Dormitory
Authority
Revenue
,
Series
A
,
4
.00
%
,
9/1/50
,
Continuously
Callable
@100
...........................................................
3,000
2,565
New
York
State
Housing
Finance
Agency
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
DBE-
8105
,
3
.05
%
,
8/1/50
,
Continuously
Callable
@100
(a)
(b)
.......................
1,036
1,036
New
York
State
Urban
Development
Corp.
Revenue
,
Series
A
,
4
.00
%
,
3/15/45
,
Continuously
Callable
@100
.....................................................
5,000
4,801
Triborough
Bridge
&
Tunnel
Authority
Revenue
Series
A
,
11/15/31
(c)
................................................
5,000
3,679
Series
A
,
11/15/32
(c)
................................................
3,000
2,105
Series
B
,
11/15/32
(c)
................................................
2,500
1,783
TSASC,
Inc.
Revenue
,
Series
A
,
5
.00
%
,
6/1/41
,
Continuously
Callable
@100
............
1,000
1,009
Village
of
Johnson
City,
GO
,
Series
C
,
5
.25
%
,
9/27/24
............................
1,000
1,001
53,531
North
Carolina
(0.2%):
North
Carolina
Medical
Care
Commission
Revenue
5
.00
%
,
1/1/49
,
Continuously
Callable
@104
...............................
2,725
2,738
Series
A
,
4
.00
%
,
10/1/50
,
Continuously
Callable
@103
........................
1,000
817
3,555
North
Dakota
(0.7%):
City
of
Grand
Forks
Revenue
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
2,375
1,923
Series
A
,
5
.00
%
,
12/1/53
,
Continuously
Callable
@100
........................
1,400
1,440
County
of
Ward
Revenue
,
Series
C
,
5
.00
%
,
6/1/43
,
Continuously
Callable
@100
.........
7,500
6,912
University
of
North
Dakota
Certificate
of
Participation
(INS
-
Assured
Guaranty
Corp.)
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
.............................
1,500
1,353
11,628
Ohio
(2.9%):
City
of
Centerville
Revenue
,
5
.25
%
,
11/1/47
,
Continuously
Callable
@100
..............
2,700
2,440
City
of
Middleburg
Heights
Revenue
,
Series
A
,
4
.00
%
,
8/1/47
,
Continuously
Callable
@100
.
2,000
1,818
County
of
Cuyahoga
Revenue
,
4
.75
%
,
2/15/47
,
Continuously
Callable
@100
............
9,000
8,591
County
of
Franklin
Revenue
,
Series
B
,
5
.00
%
,
7/1/45
,
Continuously
Callable
@103
.......
5,000
4,672
County
of
Hamilton
Revenue
5
.00
%
,
1/1/51
,
Continuously
Callable
@100
...............................
2,500
2,207
Series
A
,
5
.75
%
,
1/1/53
,
Continuously
Callable
@103
.........................
2,000
2,030
County
of
Lucas
Revenue
,
Series
A
,
5
.25
%
,
11/15/48
,
Continuously
Callable
@100
.......
6,000
5,981
County
of
Montgomery
Revenue
4
.00
%
,
11/15/42
,
Continuously
Callable
@100
..............................
2,500
2,250
4
.00
%
,
11/15/45
,
Continuously
Callable
@100
..............................
2,000
1,764
County
of
Ross
Revenue
,
5
.00
%
,
12/1/49
,
Continuously
Callable
@100
................
9,100
9,344
Ohio
Higher
Educational
Facility
Commission
Revenue
,
6
.00
%
,
9/1/47
,
Continuously
Callable
@100
...........................................................
4,475
4,538
State
of
Ohio
Revenue
4
.00
%
,
11/15/40
,
Continuously
Callable
@100
..............................
655
603
Series
A
,
4
.00
%
,
1/15/50
,
Continuously
Callable
@100
........................
5,000
4,593
50,831
Oklahoma
(1.1%):
Norman
Regional
Hospital
Authority
Revenue
,
4
.00
%
,
9/1/45
,
Continuously
Callable
@100
.
4,250
3,548
Oklahoma
Development
Finance
Authority
Revenue
,
Series
B
,
5
.50
%
,
8/15/57
,
Continuously
Callable
@100
.....................................................
4,250
4,314
Oklahoma
Municipal
Power
Authority
Revenue
,
Series
A
,
4
.00
%
,
1/1/47
,
Continuously
Callable
@100
.....................................................
10,000
9,428
Tulsa
County
Industrial
Authority
Revenue
,
5
.25
%
,
11/15/45
,
Continuously
Callable
@102
..
2,000
1,970
19,260
Oregon
(0.6%):
City
of
Keizer
Special
Assessment
,
5
.20
%
,
6/1/31
,
Continuously
Callable
@100
..........
605
605
Deschutes
County
Hospital
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
1/1/46
,
Continuously
Callable
@100
...........................................
2,000
1,876
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Medford
Hospital
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
.....................................................
$
3,800
$
3,466
Oregon
State
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...........................................................
1,000
815
Salem
Hospital
Facility
Authority
Revenue
,
5
.00
%
,
5/15/53
,
Continuously
Callable
@102
...
1,000
918
Union
County
Hospital
Facility
Authority
Revenue
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...............................
450
442
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
...............................
1,325
1,283
Yamhill
County
Hospital
Authority
Revenue
,
Series
A
,
5
.00
%
,
11/15/51
,
Continuously
Callable
@102
...........................................................
1,180
924
10,329
Pennsylvania
(8.0%):
Adams
County
General
Authority
Revenue
,
4
.00
%
,
8/15/45
,
Continuously
Callable
@100
...
7,400
6,623
Allegheny
County
Hospital
Development
Authority
Revenue
,
Series
A
,
5
.00
%
,
4/1/47
,
Continuously
Callable
@100
...........................................
3,500
3,530
Allentown
Commercial
and
IDA
Revenue
6
.25
%
,
7/1/47
,
Continuously
Callable
@100
(b)
.............................
5,000
5,000
6
.00
%
,
6/15/53
,
Continuously
Callable
@100
...............................
1,600
1,672
Altoona
Area
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
5
.00
%
,
12/1/45
,
Pre-refunded
12/1/25
@
100
...............................
1,000
1,023
5
.00
%
,
12/1/48
,
Pre-refunded
12/1/25
@
100
...............................
300
307
Armstrong
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
Series
A
,
4
.00
%
,
3/15/38
,
Continuously
Callable
@100
........................
1,000
1,001
Series
A
,
4
.00
%
,
3/15/41
,
Continuously
Callable
@100
........................
2,250
2,251
Berks
County
IDA
Revenue
5
.00
%
,
5/15/48
,
Pre-refunded  5/15/25
@
102
..............................
1,000
1,033
5
.00
%
,
11/1/50
,
Continuously
Callable
@100
...............................
8,500
4,308
Bucks
County
IDA
Revenue
,
4
.00
%
,
8/15/50
,
Continuously
Callable
@100
.............
3,000
2,696
Canon-McMillan
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
...............................
3,500
3,321
4
.00
%
,
6/1/48
,
Continuously
Callable
@100
...............................
1,105
1,016
4
.00
%
,
6/1/50
,
Continuously
Callable
@100
...............................
6,065
5,629
Chester
County
IDA
Revenue
6
.00
%
,
10/15/52
,
Continuously
Callable
@100
(b)
............................
1,775
1,748
Series
A
,
5
.25
%
,
10/15/47
,
Continuously
Callable
@100
.......................
3,250
2,921
Commonwealth
of
Pennsylvania
Certificate
of
Participation
,
Series
A
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
...........................................
1,000
1,025
County
of
Allegheny,
GO
,
Series
C-77
,
5
.00
%
,
11/1/43
,
Continuously
Callable
@100
......
3,170
3,296
County
of
Lehigh
Revenue
,
4
.00
%
,
7/1/49
,
Continuously
Callable
@100
...............
11,000
10,095
Delaware
County
Authority
Revenue
,
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
.......
2,250
2,199
Delaware
River
Joint
Toll
Bridge
Commission
Revenue
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
...........................................................
5,000
5,117
Lancaster
IDA
Revenue
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@103
.................
1,000
776
Montgomery
County
Higher
Education
and
Health
Authority
Revenue
,
Series
B
,
4
.00
%
,
5/1/52
,
Continuously
Callable
@100
.....................................
6,000
5,297
Montgomery
County
IDA
Revenue
5
.00
%
,
12/1/48
,
Continuously
Callable
@102
...............................
2,000
1,861
5
.00
%
,
12/1/49
,
Continuously
Callable
@103
...............................
2,000
1,914
Northampton
County
General
Purpose
Authority
Revenue
4
.00
%
,
8/15/40
,
Continuously
Callable
@100
...............................
4,000
3,777
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
...............................
2,440
2,467
Northeastern
Pennsylvania
Hospital
&
Education
Authority
Revenue
5
.00
%
,
5/1/44
,
Continuously
Callable
@100
...............................
1,000
946
5
.00
%
,
5/1/49
,
Continuously
Callable
@100
...............................
1,350
1,232
Pennsylvania
Economic
Development
Financing
Authority
Revenue
4
.00
%
,
7/1/46
,
Continuously
Callable
@103
...............................
1,000
874
Series
A
,
4
.00
%
,
10/15/51
,
Continuously
Callable
@100
.......................
2,320
2,122
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
,
Series
A
,
4
.00
%
,
7/15/46
,
Continuously
Callable
@100
...........................................
2,025
1,581
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax
Revenue
,
Series
B
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...........................................
5,645
5,153
Pennsylvania
Turnpike
Commission
Revenue
Series
2
,
5
.00
%
,
12/1/37
,
Continuously
Callable
@100
........................
1,000
1,036
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
A
,
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
........................
$
5,000
$
4,718
Series
A-1
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
......................
3,000
3,018
Series
A-1
,
5
.00
%
,
12/1/47
,
Continuously
Callable
@100
......................
4,000
4,101
Series
A-2
,
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
......................
1,250
1,323
Series
B
,
5
.00
%
,
6/1/39
,
Continuously
Callable
@100
.........................
8,000
8,105
Series
B
,
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
........................
1,500
1,376
Series
B-1
,
5
.00
%
,
6/1/42
,
Continuously
Callable
@100
.......................
9,000
9,179
Reading
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
A
,
4
.00
%
,
4/1/44
,
Continuously
Callable
@100
.....................................
1,055
1,040
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
,
Series
E
,
4
.00
%
,
12/1/37
,
Continuously
Callable
@100
....................................
1,025
1,023
The
School
District
of
Philadelphia,
GO
Series
B
,
5
.00
%
,
9/1/43
,
Continuously
Callable
@100
.........................
2,500
2,569
Series
F
,
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
1,000
1,016
Series
F
,
5
.00
%
,
9/1/38
,
Pre-refunded  9/1/26
@
100
..........................
10
10
Series
F
,
5
.00
%
,
9/1/38
,
Continuously
Callable
@100
.........................
1,990
2,019
Wilkes-Barre
Area
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
4
.00
%
,
4/15/49
,
Continuously
Callable
@100
...............................
750
712
5
.00
%
,
4/15/59
,
Continuously
Callable
@100
...............................
3,000
3,074
138,130
Rhode
Island
(0.0%):(g)
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
,
Series
2015-A
,
6
.85
%
,
10/1/24
,
Continuously
Callable
@100
...........................................
80
80
South
Carolina
(0.4%):
City
of
Rock
Hill
Combined
Utility
System
Revenue
,
Series
A
,
4
.00
%
,
1/1/49
,
Continuously
Callable
@100
.....................................................
2,500
2,283
Patriots
Energy
Group
Revenue
,
Series
A
,
4
.00
%
,
6/1/51
,
Continuously
Callable
@100
.....
2,000
1,783
South
Carolina
Jobs-Economic
Development
Authority
Revenue
5
.00
%
,
11/15/47
,
Continuously
Callable
@103
..............................
1,850
1,858
4
.00
%
,
4/1/54
,
Continuously
Callable
@103
...............................
1,165
830
5
.00
%
,
4/1/54
,
Continuously
Callable
@103
...............................
1,000
874
7,628
Tennessee
(0.9%):
Greeneville
Health
&
Educational
Facilities
Board
Revenue
,
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
.....................................................
2,000
2,036
Knox
County
Health
Educational
&
Housing
Facility
Board
Revenue
,
Series
A-1
,
5
.50
%
,
7/1/54
,
Continuously
Callable
@100
.....................................
1,000
1,065
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
5,000
5,022
4
.00
%
,
10/1/51
,
Continuously
Callable
@100
...............................
1,000
781
Series
A
,
5
.00
%
,
10/1/45
,
Continuously
Callable
@100
........................
1,500
1,501
Tennergy
Corp.
Revenue
,
Series
A
,
5
.50
%
,
10/1/53
,
(Put
Date
12/1/30)
(f)
...............
5,000
5,317
15,722
Texas
(16.0%):
Arlington
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
4
.00
%
,
8/15/43
,
Continuously
Callable
@100
...............................
10,000
9,394
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
2,170
2,020
Series
A
,
5
.00
%
,
2/15/41
,
Continuously
Callable
@100
........................
3,000
3,030
Series
A
,
5
.00
%
,
12/1/53
,
Continuously
Callable
@100
........................
7,200
7,234
Bexar
County
Health
Facilities
Development
Corp.
Revenue
5
.00
%
,
7/15/42
,
Continuously
Callable
@105
...............................
600
542
4
.00
%
,
7/15/45
,
Continuously
Callable
@100
...............................
8,450
6,217
Central
Texas
Regional
Mobility
Authority
Revenue
4
.00
%
,
1/1/41
,
Continuously
Callable
@100
...............................
5,000
4,683
Series
A
,
5
.00
%
,
1/1/45
,
Pre-refunded  7/1/25
@
100
.........................
3,500
3,553
Central
Texas
Turnpike
System
Revenue
,
Series
C
,
5
.00
%
,
8/15/42
,
Continuously
Callable
@100
...........................................................
6,500
6,504
Central
Texas
Turnpike
System
Revenue
(INS
-
AMBAC
Assurance
Corp.)
,
Series
A
,
8/15/30
(c)
........................................................
18,530
14,535
City
of
Arlington
Special
Tax
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
5
.00
%
,
2/15/48
,
Continuously
Callable
@100
....................................
6,500
6,652
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
City
of
Corpus
Christi
Utility
System
Revenue
,
4
.00
%
,
7/15/39
,
Continuously
Callable
@100
$
5,900
$
5,684
City
of
Garland
Electric
Utility
System
Revenue
,
Series
A
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
.....................................................
1,000
917
City
of
Houston
Hotel
Occupancy
Tax
&
Special
Revenue
,
5
.00
%
,
9/1/40
,
Continuously
Callable
@100
.....................................................
3,715
3,686
City
of
Laredo
Waterworks
&
Sewer
System
Revenue
,
4
.00
%
,
3/1/41
,
Continuously
Callable
@100
...........................................................
700
688
Clifton
Higher
Education
Finance
Corp.
Revenue
6
.00
%
,
8/15/33
,
Continuously
Callable
@100
...............................
1,000
1,003
6
.00
%
,
8/15/43
,
Continuously
Callable
@100
...............................
2,750
2,757
4
.25
%
,
8/15/52
,
Continuously
Callable
@100
...............................
1,500
1,382
Clifton
Higher
Education
Finance
Corp.
Revenue
(NBGA
-
Texas
Permanent
School
Fund)
5
.00
%
,
8/15/39
,
Continuously
Callable
@100
...............................
4,250
4,260
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
11,000
10,481
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
...............................
10,000
10,275
County
of
Bexar
Revenue
4
.00
%
,
8/15/44
,
Continuously
Callable
@100
...............................
500
456
4
.00
%
,
8/15/49
,
Continuously
Callable
@100
...............................
1,700
1,500
Del
Mar
College
District,
GO
,
Series
A
,
5
.00
%
,
8/15/48
,
Continuously
Callable
@100
.....
6,500
6,556
Everman
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
4
.00
%
,
2/15/50
,
Continuously
Callable
@100
....................................
4,500
4,275
Grand
Parkway
Transportation
Corp.
Revenue
,
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
2,000
1,844
Greater
Texas
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
4
.00
%
,
3/1/50
,
Continuously
Callable
@100
...........................................
2,000
1,840
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
,
Series
A
,
5
.00
%
,
6/1/38
,
Continuously
Callable
@100
...........................................
6,100
5,338
Harris
County
Hospital
District
Revenue
,
4
.00
%
,
2/15/42
,
Continuously
Callable
@100
....
15,000
14,129
Karnes
County
Hospital
District
Revenue
,
5
.00
%
,
2/1/44
,
Continuously
Callable
@100
.....
6,000
6,000
Kerrville
Health
Facilities
Development
Corp.
Revenue
,
5
.00
%
,
8/15/35
,
Continuously
Callable
@100
.....................................................
1,900
1,909
Manor
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
5
.00
%
,
8/1/52
,
Continuously
Callable
@100
.....................................
15,095
15,529
Matagorda
County
Navigation
District
No.
1
Revenue
Series
B-1
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
.......................
9,615
9,503
Series
B-2
,
4
.00
%
,
6/1/30
,
Continuously
Callable
@100
.......................
6,000
5,977
Midlothian
Independent
School
District,
GO
(NBGA
-
Texas
Permanent
School
Fund)
,
5
.00
%
,
2/15/47
,
Continuously
Callable
@100
....................................
15,000
15,281
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
4
.00
%
,
11/1/55
,
Continuously
Callable
@103
...............................
1,250
1,035
2
.00
%
,
11/15/61
,
Continuously
Callable
@105
(e)
............................
10,832
569
Series
A
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
(e)
.......................
6,000
5,670
Series
A
,
5
.00
%
,
4/1/48
,
Pre-refunded  4/1/26
@
100
.........................
1,250
1,282
Series
A-1
,
7
.50
%
,
11/15/37
...........................................
410
323
Series
A-2
,
7
.50
%
,
11/15/36
...........................................
2,565
2,025
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A1
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
..........
1,000
1,008
North
Texas
Tollway
Authority
Revenue
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
...............................
3,750
3,833
Series
B
,
9/1/37
,
Pre-refunded  9/1/31
@
64.1040
(c)
..........................
3,000
1,475
Series
B
,
5
.00
%
,
1/1/45
,
Continuously
Callable
@100
.........................
5,000
5,009
North
Texas
Tollway
Authority
Revenue
(INS
-
National
Public
Finance
Guarantee
Corp.)
,
Series
B
,
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
.........................
5,000
5,070
Port
of
Port
Arthur
Navigation
District
Revenue
Series
A
,
3
.00
%
,
4/1/40
,
Continuously
Callable
@100
(a)
.......................
2,495
2,495
Series
B
,
3
.00
%
,
4/1/40
,
Continuously
Callable
@100
(a)
.......................
460
460
Series
C
,
3
.05
%
,
4/1/40
,
Continuously
Callable
@100
(a)
.......................
8,180
8,180
Red
River
Education
Finance
Corp.
Revenue
4
.00
%
,
6/1/41
,
Continuously
Callable
@100
...............................
2,000
1,717
5
.50
%
,
10/1/46
,
Continuously
Callable
@100
...............................
3,000
3,024
San
Antonio
Education
Facilities
Corp.
Revenue
,
4
.00
%
,
4/1/54
,
Continuously
Callable
@100
1,000
783
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
..............................
1,000
956
Series
A
,
0.00%
,
11/15/45
,
Continuously
Callable
@100
(e)
.....................
3,682
99
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
B
,
0.00%
,
11/15/36
,
Continuously
Callable
@100
(e)
.....................
$
2,945
$
79
Series
B
,
5
.00
%
,
11/15/46
,
Continuously
Callable
@100
.......................
9,000
8,488
Texas
Transportation
Commission
State
Highway
249
System
Revenue
,
5
.00
%
,
8/1/57
,
Continuously
Callable
@100
...........................................
5,000
5,048
Uptown
Development
Authority
Tax
Allocation
5
.00
%
,
9/1/37
,
Continuously
Callable
@100
...............................
4,365
4,303
5
.00
%
,
9/1/40
,
Continuously
Callable
@100
...............................
2,490
2,399
Series
A
,
5
.00
%
,
9/1/39
,
Continuously
Callable
@100
.........................
1,645
1,633
Waco
Educational
Finance
Corp.
Revenue
,
4
.00
%
,
3/1/51
,
Continuously
Callable
@100
....
4,000
3,713
West
Harris
County
Regional
Water
Authority
Revenue
4
.00
%
,
12/15/45
,
Continuously
Callable
@100
..............................
1,600
1,531
4
.00
%
,
12/15/49
,
Continuously
Callable
@100
..............................
3,945
3,686
Ysleta
Independent
School
District,
GO
,
4
.00
%
,
8/15/52
,
Continuously
Callable
@100
.....
5,000
4,593
276,120
Utah
(0.2%):
Military
Installation
Development
Authority
Revenue
Series
A-1
,
4
.00
%
,
6/1/41
,
Continuously
Callable
@103
.......................
1,500
1,290
Series
A-1
,
4
.00
%
,
6/1/52
,
Continuously
Callable
@103
.......................
1,000
766
Utah
Charter
School
Finance
Authority
Revenue
Series
A
,
5
.63
%
,
6/15/42
,
Continuously
Callable
@100
(b)
......................
500
509
Series
A
,
4
.00
%
,
10/15/51
,
Continuously
Callable
@100
.......................
1,550
1,320
3,885
Vermont
(0.6%):
Vermont
Economic
Development
Authority
Revenue
,
4
.00
%
,
5/1/45
,
Continuously
Callable
@103
...........................................................
1,350
1,120
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
5
.00
%
,
10/15/46
,
Continuously
Callable
@100
..............................
7,000
6,290
6
.00
%
,
10/1/52
,
Continuously
Callable
@100
(b)
............................
2,000
2,092
9,502
Virginia
(0.6%):
Alexandria
IDA
Revenue
5
.00
%
,
10/1/45
,
Pre-refunded
10/1/25
@
100
...............................
2,600
2,651
5
.00
%
,
10/1/50
,
Pre-refunded
10/1/25
@
100
...............................
2,400
2,448
Lewistown
Commerce
Center
Community
Development
Authority
Tax
Allocation
Series
A
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@103
(e)
.......................
1,643
1,157
Series
B
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@103
.........................
1,547
1,305
Series
C
,
6
.05
%
,
3/1/54
,
Continuously
Callable
@100
(e)
.......................
6,327
2,691
10,252
Washington
(1.5%):
King
County
Public
Hospital
District
No.
1,
GO
,
5
.00
%
,
12/1/43
,
Continuously
Callable
@100
9,000
9,152
King
County
Public
Hospital
District
No.
2,
GO
,
Series
A
,
4
.00
%
,
12/1/45
,
Continuously
Callable
@100
.....................................................
4,000
3,690
Skagit
County
Public
Hospital
District
No.
1
Revenue
,
5
.50
%
,
12/1/54
,
Continuously
Callable
@100
...........................................................
1,000
1,031
Washington
Health
Care
Facilities
Authority
Revenue
,
4
.00
%
,
7/1/42
,
Continuously
Callable
@100
...........................................................
5,500
4,849
Washington
Higher
Education
Facilities
Authority
Revenue
,
4
.00
%
,
5/1/50
,
Continuously
Callable
@100
.....................................................
1,250
1,066
Washington
State
Housing
Finance
Commission
Revenue
5
.00
%
,
1/1/43
,
Continuously
Callable
@102
(b)
.............................
3,055
2,781
6
.13
%
,
7/1/53
,
Continuously
Callable
@103
(b)
.............................
2,000
2,166
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@103
.........................
1,100
1,115
Series
A-1
,
3
.50
%
,
12/20/35
...........................................
955
854
26,704
West
Virginia
(0.4%):
West
Virginia
Hospital
Finance
Authority
Revenue
5
.00
%
,
1/1/43
,
Continuously
Callable
@100
...............................
2,000
1,931
Series
A
,
4
.38
%
,
6/1/53
,
Continuously
Callable
@100
.........................
3,000
2,899
Series
B
,
6
.00
%
,
9/1/53
,
Continuously
Callable
@100
.........................
1,750
1,951
6,781
Wisconsin
(3.1%):
Public
Finance
Authority
Revenue
5
.25
%
,
5/15/42
,
Continuously
Callable
@102
(b)
............................
2,200
2,088
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.00
%
,
7/1/44
,
Continuously
Callable
@100
...............................
$
6,000
$
6,198
5
.00
%
,
11/15/44
,
Continuously
Callable
@103
..............................
455
457
4
.00
%
,
1/1/45
,
Continuously
Callable
@100
...............................
1,500
1,401
5
.00
%
,
6/15/49
,
Continuously
Callable
@100
(b)
............................
520
468
5
.00
%
,
6/15/49
,
Continuously
Callable
@100
...............................
1,480
1,347
5
.00
%
,
11/15/49
,
Continuously
Callable
@103
..............................
2,400
2,373
4
.00
%
,
2/1/51
,
Continuously
Callable
@100
...............................
1,500
1,048
4
.00
%
,
10/1/51
,
Continuously
Callable
@103
...............................
2,185
1,858
4
.00
%
,
1/1/52
,
Continuously
Callable
@103
...............................
2,350
1,976
5
.13
%
,
4/1/52
,
Continuously
Callable
@100
...............................
3,000
2,979
5
.00
%
,
6/15/53
,
Continuously
Callable
@100
...............................
1,000
897
5
.00
%
,
6/15/54
,
Continuously
Callable
@100
(b)
............................
455
403
Series
A
,
5
.25
%
,
10/1/43
,
Continuously
Callable
@100
........................
3,090
2,938
Series
A
,
4
.00
%
,
10/1/47
,
Continuously
Callable
@100
........................
4,740
4,194
Series
A
,
4
.00
%
,
10/1/49
,
Continuously
Callable
@100
........................
11,000
9,780
Series
A
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
.........................
1,000
771
Series
A
,
6
.63
%
,
7/1/53
,
Continuously
Callable
@103
(b)
......................
570
578
Series
A
,
4
.00
%
,
7/1/56
,
Continuously
Callable
@100
.........................
2,250
1,600
Series
A-1
,
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
(b)
.....................
2,870
2,318
Series
L
,
5
.00
%
,
7/1/47
,
Continuously
Callable
@100
.........................
1,000
962
Series
L
,
5
.00
%
,
7/1/52
,
Continuously
Callable
@100
.........................
1,000
943
Public
Finance
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
7/1/54
,
Continuously
Callable
@100
.........................
1,285
1,300
Series
A
,
5
.00
%
,
7/1/58
,
Continuously
Callable
@100
.........................
1,500
1,516
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4
.00
%
,
1/1/47
,
Continuously
Callable
@103
...............................
120
83
5
.00
%
,
3/15/50
,
Continuously
Callable
@100
...............................
1,175
1,149
4
.00
%
,
12/1/51
,
Continuously
Callable
@100
...............................
500
348
4
.00
%
,
1/1/57
,
Continuously
Callable
@103
...............................
3,000
1,857
Series
B
,
4
.00
%
,
9/15/45
,
Continuously
Callable
@103
........................
475
386
54,216
Total
Municipal
Bonds
(Cost
$1,829,105)
a
a
a
1,704,300
Total
Investments
(Cost
$1,829,105)
—
98.6%
1,704,300
Other
assets
in
excess
of
liabilities
—
1.4%
23,633
NET
ASSETS
-
100.00%
$
1,727,933
(a)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$45,026
(thousands)
and
amounted
to
2.6%
of
net
assets.
(c)
Zero-coupon
bond.
(d)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(e)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(f)
Put
Bond.
(g)
Amount
represents
less
than
0.05%
of
net
assets.
AMBAC
—
American
Municipal
Bond
Assurance
Corporation
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
Victory
Portfolios
III
Victory
Tax
Exempt
Long-Term
Fund
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
161
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Municipal
Bonds
(99.3%)
Alabama
(3.9%):
Black
Belt
Energy
Gas
District
Revenue
4.00%,
10/1/52,
(Put
Date
12/1/26)(a)
....................................
$
3,000
$
2,989
Series
A,
5.00%,
9/1/25
..............................................
200
202
Series
A,
5.00%,
9/1/26
..............................................
200
203
Series
C,
5.50%,
6/1/26
..............................................
1,000
1,024
Series
C-1,
5.25%,
6/1/25
.............................................
600
605
Series
D2,
4.99%
(SOFR+140bps),
7/1/52,
(Put
Date
6/1/27)(a)(b)
................
3,300
3,323
Chatom
Industrial
Development
Board
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
5.00%,
8/1/30
.....................................................
1,275
1,375
Energy
Southeast
A
Cooperative
District
Revenue
Series
B,
5.00%,
12/1/26
.............................................
250
254
Series
B,
5.00%,
6/1/27
..............................................
200
204
Series
B,
5.00%,
12/1/27
.............................................
250
256
Prattville
Industrial
Development
Board
Revenue
2.00%,
11/1/33,
(Put
Date
10/1/24)(a)
....................................
450
447
2.00%,
11/1/33,
(Put
Date
10/1/24)(a)
....................................
425
422
Selma
Industrial
Development
Board
Revenue
2.00%,
11/1/33,
(Put
Date
10/1/24)(a)
....................................
3,650
3,622
1.38%,
5/1/34,
(Put
Date
6/16/25)(a)
.....................................
5,875
5,707
Southeast
Energy
Authority
A
Cooperative
District
Revenue
Series
A,
5.00%,
7/1/24
..............................................
350
350
Series
A,
5.00%,
7/1/25
..............................................
640
645
Series
A,
5.00%,
7/1/26
..............................................
1,755
1,780
The
Southeast
Alabama
Gas
Supply
District
Revenue
Series
A,
5.00%,
4/1/25
..............................................
1,000
1,004
Series
B,
5.00%,
11/1/24
..............................................
750
750
Series
B,
5.00%,
5/1/25
..............................................
1,000
1,001
26,163
Arizona
(1.8%):
Arizona
IDA
Revenue
3.00%,
12/15/31,
Continuously
Callable
@100(c)
............................
470
399
Series
B,
4.00%,
7/1/31
..............................................
285
279
Chandler
IDA
Revenue
AMT,
4.00%,
6/1/49,
(Put
Date
6/1/29)(a)
....................
2,500
2,483
County
of
Maricopa
Revenue,
5.00%,
4/1/35,
Pre-refunded
10/1/24
@
100
..............
2,125
2,134
Maricopa
County
IDA
Revenue
4.00%,
7/1/29(c)
...................................................
750
715
3.00%,
7/1/31(c)
...................................................
500
447
Series
C,
3.93%
(MUNIPSA+57bps),
1/1/35,
(Put
Date
10/18/24)(a)(b)
............
2,125
2,120
Tempe
IDA
Revenue
Series
A,
4.00%,
12/1/26
.............................................
240
234
Series
A,
4.00%,
12/1/27
.............................................
355
343
Series
A,
4.00%,
12/1/28
.............................................
365
349
Series
A,
4.00%,
12/1/29
.............................................
380
359
Series
A,
4.00%,
12/1/30,
Continuously
Callable
@102
........................
495
467
Series
A,
4.00%,
12/1/31,
Continuously
Callable
@102
........................
465
435
Series
C-1,
1.50%,
12/1/27,
Continuously
Callable
@100
......................
390
357
The
County
of
Pima
IDA
Revenue
Series
A,
5.75%,
11/15/24(c)
...........................................
420
420
Series
A,
5.75%,
11/15/25(c)
...........................................
660
662
12,203
Arkansas
(1.0%):
Arkansas
Development
Finance
Authority
Revenue
5.00%,
9/1/30
.....................................................
1,180
1,206
5.00%,
9/1/31,
Continuously
Callable
@100
...............................
1,200
1,226
5.00%,
9/1/44,
(Put
Date
9/1/27)(a)
......................................
4,000
4,040
6,472
California
(0.7%):
California
County
Tobacco
Securitization
Agency
Revenue,
Series
A,
5.00%,
6/1/30
.......
200
215
California
Health
Facilities
Financing
Authority
Revenue,
Series
A,
3.85%,
11/15/27,
Continuously
Callable
@100
...........................................
1,500
1,483
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
California
Municipal
Finance
Authority
Revenue,
2.75%,
11/15/27,
Continuously
Callable
@100
...........................................................
$
610
$
594
Newman-Crows
Landing
Unified
School
District,
GO,
8/1/25(d)
.....................
1,000
961
Sierra
View
Local
Health
Care
District
Revenue
5.00%,
7/1/27
.....................................................
315
325
5.00%,
7/1/28
.....................................................
330
344
5.00%,
7/1/29
.....................................................
315
331
5.00%,
7/1/30
.....................................................
310
329
Southern
California
Public
Power
Authority
Revenue,
Series
A,
5.00%,
9/1/26
...........
235
239
4,821
Colorado
(1.1%):
Colorado
Health
Facilities
Authority
Revenue
5.00%,
11/1/25
.....................................................
350
357
Series
A,
5.00%,
8/1/29
..............................................
500
534
Series
A,
5.00%,
11/1/32,
Continuously
Callable
@100
........................
1,950
2,060
E-470
Public
Highway
Authority
Revenue,
Series
B,
3.94%
(SOFR+35bps),
9/1/39,
(Put
Date
9/1/24)(a)(b)
......................................................
4,000
3,994
Southlands
Metropolitan
District
No.
1,
GO,
Series
A-1,
3.50%,
12/1/27
................
800
772
7,717
Connecticut
(1.9%):
City
of
Bridgeport,
GO,
Series
B,
5.00%,
8/15/26
................................
3,450
3,537
City
of
New
Haven,
GO
Series
A,
5.00%,
8/1/24
..............................................
1,000
1,000
Series
A,
5.00%,
8/1/25
..............................................
580
583
Series
A,
5.00%,
8/1/26
..............................................
580
587
Series
A,
5.00%,
8/1/27
..............................................
1,000
1,021
City
of
New
Haven,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
B,
5.00%,
2/1/27
..............................................
600
619
Series
B,
5.00%,
2/1/28
..............................................
525
548
Series
B,
5.00%,
2/1/29
..............................................
550
580
City
of
West
Haven,
GO
Series
A,
5.00%,
11/1/24
..............................................
815
817
Series
A,
5.00%,
11/1/27
..............................................
650
669
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue,
Series
B-2,
5.00%,
7/1/53,
(Put
Date
1/1/27)(a)
...........................................
3,000
3,101
13,062
Florida
(1.6%):
Alachua
County
Health
Facilities
Authority
Revenue,
5.00%,
12/1/37,
(Put
Date
12/1/26)(a)
.
3,000
3,058
Capital
Trust
Agency,
Inc.
Revenue,
4.00%,
8/1/30
...............................
180
174
City
of
Pompano
Beach
Revenue
3.50%,
9/1/30,
Continuously
Callable
@103
...............................
3,590
3,253
Series
B-1,
2.00%,
1/1/29
.............................................
1,000
869
County
of
Escambia
Revenue,
2.00%,
11/1/33,
(Put
Date
10/1/24)(a)
..................
775
769
Florida
Development
Finance
Corp.
Revenue
Series
A,
5.00%,
6/15/27
.............................................
390
392
Series
A,
5.00%,
6/15/28,
Continuously
Callable
@100
........................
410
410
Series
A,
5.00%,
6/15/29,
Continuously
Callable
@100
........................
360
364
Series
A,
5.00%,
6/15/30,
Continuously
Callable
@100
........................
475
480
Florida
Higher
Educational
Facilities
Financial
Authority
Revenue
5.00%,
10/1/24
....................................................
500
500
5.00%,
10/1/25
....................................................
445
446
10,715
Georgia
(9.2%):
Development
Authority
of
Appling
County
Revenue,
Series
A,
1.50%,
1/1/38,
(Put
Date
2/3/25)(a)
........................................................
2,000
1,944
George
L
Smith
II
Congress
Center
Authority
Revenue,
2.38%,
1/1/31
.................
1,000
878
Main
Street
Natural
Gas,
Inc.
Revenue
Series
A,
5.00%,
6/1/24
..............................................
500
500
Series
A,
5.00%,
5/15/28
.............................................
1,000
1,018
Series
A,
5.00%,
5/15/29
.............................................
1,775
1,812
Series
B,
5.00%,
9/1/24
..............................................
285
286
Series
B,
5.00%,
12/1/52,
(Put
Date
6/1/29)(a)
..............................
6,000
6,192
Series
C,
4.00%,
5/1/52,
(Put
Date
12/1/28)(a)
..............................
10,000
9,976
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
D,
5.00%,
5/1/54,
(Put
Date
12/1/30)(a)
..............................
$
2,000
$
2,071
Savannah
Economic
Development
Authority
Revenue,
2.00%,
11/1/33,
(Put
Date
10/1/24)(a)
815
809
The
Development
Authority
of
Burke
County
Revenue
1.70%,
12/1/49,
(Put
Date
8/22/24)(a)
....................................
7,500
7,451
2.88%,
12/1/49,
(Put
Date
8/19/25)(a)
....................................
1,775
1,745
Series
1,
2.95%,
11/1/48,
Continuously
Callable
@100(e)
......................
16,600
16,600
Series
4,
3.80%,
10/1/32,
(Put
Date
5/21/26)(a)
..............................
1,000
1,000
The
Development
Authority
of
Cobb
County
Revenue,
Series
A,
2.25%,
4/1/33,
(Put
Date
10/1/29)(a)
.......................................................
5,000
4,474
The
Development
Authority
of
Monroe
County
Revenue
3.88%,
6/1/42,
(Put
Date
3/6/26)(a)
......................................
1,500
1,501
Series
A,
1.50%,
1/1/39,
(Put
Date
2/3/25)(a)
...............................
3,500
3,401
61,658
Guam
(0.3%):
Territory
of
Guam
Revenue,
Series
A,
5.00%,
12/1/24
.............................
2,000
2,011
Idaho
(0.7%):
County
of
Nez
Perce
Revenue,
2.75%,
10/1/24
..................................
5,000
4,986
Illinois
(9.3%):
Chicago
Board
of
Education,
GO
Series
A,
4.00%,
12/1/27
.............................................
1,400
1,385
Series
B,
5.00%,
12/1/31,
Continuously
Callable
@100
........................
1,000
1,034
Chicago
Park
District,
GO
Series
F-2,
5.00%,
1/1/27
.............................................
600
619
Series
F-2,
5.00%,
1/1/28
.............................................
1,000
1,047
Series
F-2,
5.00%,
1/1/29
.............................................
1,000
1,059
Series
F-2,
5.00%,
1/1/30
.............................................
1,305
1,398
Series
F-2,
5.00%,
1/1/31,
Continuously
Callable
@100
.......................
2,115
2,266
Series
F-2,
5.00%,
1/1/32,
Continuously
Callable
@100
.......................
1,750
1,872
Chicago
Park
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.),
Series
A,
4.00%,
1/1/31,
Continuously
Callable
@100
.....................................
750
745
Chicago
Transit
Authority
Capital
Grant
Receipts
Revenue
5.00%,
6/1/25
.....................................................
1,720
1,736
5.00%,
6/1/26
.....................................................
1,000
1,020
City
of
Chicago
Lakeshore
East
Special
Assessment
2.27%,
12/1/24(c)
..................................................
310
306
2.53%,
12/1/25(c)
..................................................
328
318
2.69%,
12/1/26(c)
..................................................
305
291
2.87%,
12/1/27(c)
..................................................
255
241
City
of
Chicago
Waterworks
Revenue
5.00%,
11/1/25
.....................................................
4,000
4,069
5.00%,
11/1/26
.....................................................
1,000
1,030
Series
A-1,
5.00%,
11/1/25
............................................
2,000
2,034
Series
A-1,
4.00%,
11/1/26
............................................
2,500
2,519
Illinois
Finance
Authority
Revenue
5.00%,
10/1/29
....................................................
500
516
5.00%,
10/1/30
....................................................
250
259
Series
B,
4.06%
(MUNIPSA+70bps),
5/1/42,
(Put
Date
5/1/26)(a)(b)
..............
2,250
2,220
Series
C,
4.00%,
2/15/25
.............................................
10,000
10,023
Northern
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
5.00%,
10/1/30
....................................................
325
340
5.00%,
10/1/31,
Continuously
Callable
@100
...............................
450
473
Series
B,
5.00%,
4/1/30
..............................................
250
261
Sales
Tax
Securitization
Corp.
Revenue,
Series
A,
5.00%,
1/1/30
.....................
2,000
2,146
St.
Clair
County
Community
Unit
School
District
No.
187
Cahokia,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
A,
5.00%,
1/1/25
..........................
175
176
State
of
Illinois,
GO
Series
A,
5.00%,
11/1/25
..............................................
5,000
5,081
Series
C,
5.00%,
11/1/29,
Continuously
Callable
@100
........................
8,985
9,284
The
Illinois
Sports
Facilities
Authority
Revenue
5.00%,
6/15/28
....................................................
1,000
1,038
5.00%,
6/15/30
....................................................
1,500
1,577
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5.00%,
6/15/31
....................................................
$
575
$
608
5.00%,
6/15/32,
Continuously
Callable
@100
...............................
480
508
Village
of
Rosemont,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
A,
5.00%,
12/1/24
1,915
1,923
Western
Illinois
University
Revenue
(INS
-
Build
America
Mutual
Assurance
Co.)
4.00%,
4/1/29
.....................................................
750
745
4.00%,
4/1/30
.....................................................
750
745
62,912
Indiana
(2.7%):
Brownsburg
1999
School
Building
Corp.
Revenue,
Series
B,
5.00%,
6/1/25,
Continuously
Callable
@100
.....................................................
3,100
3,117
City
of
Rockport
Revenue,
Series
A,
3.13%,
7/1/25
...............................
1,500
1,482
Indiana
Bond
Bank
Revenue
1/15/27(d)
........................................................
1,280
1,164
1/15/28(d)
........................................................
1,100
964
1/15/29(d)
........................................................
565
476
7/15/29,
Continuously
Callable
@99(d)
...................................
730
569
Indiana
Finance
Authority
Revenue
5.00%,
4/1/25
.....................................................
750
752
5.00%,
4/1/26
.....................................................
790
795
5.00%,
4/1/27
.....................................................
830
841
5.00%,
4/1/28
.....................................................
870
885
5.00%,
4/1/29
.....................................................
1,180
1,205
Indiana
Finance
Authority
Revenue
AMT,
4.20%,
12/1/37,
(Put
Date
6/3/24)(a)
..........
1,000
1,000
Terre
Haute
Sanitary
District
Revenue,
5.25%,
9/28/28,
Continuously
Callable
@100
......
5,000
5,004
18,254
Kentucky
(11.2%):
City
of
Ashland
Revenue
5.00%,
2/1/28
.....................................................
1,775
1,842
5.00%,
2/1/30
.....................................................
740
780
County
of
Carroll
Revenue,
1.55%,
9/1/42,
(Put
Date
9/1/26)(a)
......................
5,000
4,640
County
of
Knott
Revenue
AMT,
4.00%,
3/28/44,
(Put
Date
4/1/25)(a)(c)
...............
5,000
5,001
County
of
Owen
Revenue
Series
A,
2.45%,
6/1/39,
(Put
Date
10/1/29)(a)
..............................
10,000
9,088
Series
B,
2.45%,
9/1/39,
(Put
Date
10/1/29)(a)
..............................
5,000
4,426
Kentucky
Economic
Development
Finance
Authority
Revenue
4.50%,
10/1/27,
Continuously
Callable
@100
...............................
5,000
4,988
Series
B-3,
4.76%
(MUNIPSA+140bps),
2/1/46,
(Put
Date
2/1/25)(a)(b)
...........
10,000
9,998
Kentucky
Public
Energy
Authority
Revenue
Series
A,
5.00%,
7/1/25
..............................................
375
378
Series
A,
5.00%,
5/1/55,
(Put
Date
7/1/30)(a)
...............................
1,000
1,040
Series
B,
4.00%,
1/1/49,
(Put
Date
1/1/25)(a)
...............................
5,715
5,712
Series
C,
4.00%,
2/1/50,
(Put
Date
2/1/28)(a)
...............................
3,370
3,347
Series
C-1,
4.00%,
12/1/49,
(Put
Date
6/1/25)(a)
.............................
10,000
9,988
Series
C-3,
4.41%
(MUNIPSA+105bps),
12/1/49,
(Put
Date
6/1/25)(a)(b)
...........
10,000
9,958
Louisville/Jefferson
County
Metropolitan
Government
Revenue,
Series
D,
5.00%,
10/1/47,
(Put
Date
10/1/29)(a)
................................................
4,000
4,218
75,404
Louisiana
(1.2%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue,
Series
A,
2.00%,
6/1/30,
Continuously
Callable
@100
.................
1,000
882
Parish
of
St.
John
the
Baptist
Revenue
2.20%,
6/1/37,
(Put
Date
7/1/26)(a)
......................................
1,750
1,664
Series
B1,
2.13%,
6/1/37,
(Put
Date
7/1/24)(a)
..............................
2,000
1,995
Tangipahoa
Parish
Hospital
Service
District
No.
1
Revenue,
5.00%,
2/1/32,
Continuously
Callable
@100
.....................................................
3,470
3,650
8,191
Maryland
(1.8%):
Maryland
Economic
Development
Corp.
Revenue
Series
A,
5.00%,
6/1/25
..............................................
1,500
1,502
Series
A,
5.00%,
6/1/26
..............................................
2,000
2,012
Series
A,
5.00%,
6/1/27
..............................................
1,340
1,363
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
5.00%,
7/1/28
.....................................................
1,910
1,979
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5.00%,
7/1/29
.....................................................
$
1,130
$
1,180
5.00%,
7/1/30
.....................................................
1,000
1,052
Town
of
Chestertown
Revenue
Series
A,
5.00%,
3/1/31
..............................................
1,475
1,529
Series
A,
5.00%,
3/1/32,
Continuously
Callable
@100
.........................
1,550
1,606
12,223
Massachusetts
(1.3%):
Massachusetts
Development
Finance
Agency
Revenue
5.00%,
7/1/25
.....................................................
1,250
1,258
5.00%,
7/1/26
.....................................................
1,500
1,519
3.96%
(MUNIPSA+60bps),
7/1/49,
(Put
Date
1/29/26)(a)(b)(c)
..................
2,500
2,488
Series
A,
5.00%,
7/1/29,
Continuously
Callable
@100
.........................
1,425
1,462
Series
S,
5.00%,
7/15/26(c)
............................................
310
312
Series
S,
5.00%,
7/15/28(c)
............................................
340
343
Series
S,
5.00%,
7/15/30(c)
............................................
640
643
Massachusetts
Development
Finance
Agency
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
C,
5.00%,
10/1/30
........................................
975
1,031
9,056
Michigan
(1.0%):
Flint
Hospital
Building
Authority
Revenue
5.00%,
7/1/29
.....................................................
1,995
2,007
5.00%,
7/1/30
.....................................................
2,290
2,301
Michigan
Finance
Authority
Revenue
4.00%,
2/1/27
.....................................................
140
137
4.00%,
2/1/32
.....................................................
285
266
Summit
Academy
North
Revenue
2.25%,
11/1/26
.....................................................
815
776
4.00%,
11/1/31,
Continuously
Callable
@103
...............................
1,565
1,424
6,911
Minnesota
(0.1%):
Sanford
Canby
Community
Hospital
District
No.
1
Revenue,
4.36%,
11/1/26,
Continuously
Callable
@100(e)
...................................................
695
695
Mississippi
(3.5%):
Mississippi
Business
Finance
Corp.
Revenue,
3.20%,
9/1/28,
Continuously
Callable
@100
..
4,000
3,834
Mississippi
Hospital
Equipment
&
Facilities
Authority
Revenue
5.00%,
9/1/24
.....................................................
10,000
10,010
Series
A-2,
4.13%,
9/1/36,
(Put
Date
8/28/24)(a)
.............................
9,760
9,750
23,594
Missouri
(0.2%):
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
4.00%,
8/1/24
.....................................................
155
155
4.00%,
8/1/26
.....................................................
205
200
4.00%,
8/1/28
.....................................................
415
400
4.00%,
8/1/30
.....................................................
295
280
1,035
Nebraska
(2.1%):
Central
Plains
Energy
Project
Revenue,
Series
1,
5.00%,
5/1/53,
(Put
Date
10/1/29)(a)
......
6,000
6,241
County
of
Douglas
Revenue,
3.89%
(MUNIPSA+53bps),
7/1/35,
(Put
Date
9/1/26)(a)(b)
....
7,845
7,725
13,966
Nevada
(0.5%):
County
of
Clark
Revenue,
Series
R,
3.75%,
1/1/36,
(Put
Date
3/31/26)(a)
...............
2,500
2,460
State
of
Nevada
Department
of
Business
&
Industry
Revenue
AMT,
4.15%,
12/1/26,
(Put
Date
12/2/24)(a)(c)
.....................................................
1,000
1,000
3,460
New
Hampshire
(0.1%):
New
Hampshire
Business
Finance
Authority
Revenue
4.00%,
1/1/30,
Continuously
Callable
@103
...............................
280
264
4.00%,
1/1/31,
Continuously
Callable
@103
...............................
295
276
540
New
Jersey
(2.2%):
Casino
Reinvestment
Development
Authority,
Inc.
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
5.00%,
11/1/24
.......................................
1,000
1,005
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
New
Jersey
Building
Authority
Revenue
Series
A,
5.00%,
6/15/24
.............................................
$
1,595
$
1,595
Series
A,
5.00%,
6/15/24
.............................................
2,405
2,406
New
Jersey
Educational
Facilities
Authority
Revenue,
Series
B,
4.00%,
9/1/24
...........
4,730
4,733
New
Jersey
Transportation
Trust
Fund
Authority
Revenue,
5.00%,
6/15/24
..............
5,095
5,096
14,835
New
Mexico
(1.7%):
City
of
Farmington
Revenue
3.88%,
6/1/40,
(Put
Date
6/1/29)(a)
......................................
1,000
993
3.88%,
6/1/40,
(Put
Date
6/1/29)(a)
......................................
600
595
Series
A,
2.15%,
4/1/33,
Continuously
Callable
@101
.........................
5,000
3,973
New
Mexico
Hospital
Equipment
Loan
Council
Revenue
5.00%,
6/1/27
.....................................................
770
786
5.00%,
6/1/28
.....................................................
780
801
5.00%,
6/1/29
.....................................................
835
862
5.00%,
6/1/30
.....................................................
525
546
5.00%,
6/1/31,
Continuously
Callable
@100
...............................
690
717
Village
of
Los
Ranchos
de
Albuquerque
Revenue
5.00%,
9/1/28
.....................................................
840
866
5.00%,
9/1/31,
Continuously
Callable
@100
...............................
300
313
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
Tax
Allocation,
3.75%,
5/1/28(c)
.........................................................
744
731
11,183
New
York
(12.7%):
Build
NYC
Resource
Corp.
Revenue,
Series
A,
3.40%,
7/1/27
.......................
245
238
City
of
Long
Beach,
GO
Series
B,
5.00%,
9/27/24
.............................................
8,000
8,012
Series
C,
5.25%,
9/27/24
.............................................
2,838
2,844
City
of
Mount
Vernon,
GO
6.50%,
11/7/24
.....................................................
3,204
3,215
5.50%,
5/30/25(c)
..................................................
3,300
3,343
City
of
New
York,
GO,
Series
B-3,
3.00%,
10/1/46,
Continuously
Callable
@100(e)
.......
6,140
6,140
City
of
Poughkeepsie,
GO
4.00%,
4/15/25
....................................................
215
214
4.00%,
4/15/26
....................................................
230
228
Long
Island
Power
Authority
Revenue
Series
B,
1.65%,
9/1/49,
(Put
Date
9/1/24)(a)
...............................
4,500
4,466
Series
C,
3.81%
(MUNIPSA+45bps),
9/1/38,
(Put
Date
9/1/25)(a)(b)
..............
10,500
10,423
Metropolitan
Transportation
Authority
Revenue
Series
A-2,
5.00%,
11/15/45,
(Put
Date
5/15/30)(a)
...........................
1,830
1,972
Series
A3,
4.24%
(SOFR+65bps),
11/15/42,
(Put
Date
4/1/26)(a)(b)
...............
10,000
9,716
Metropolitan
Transportation
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
2,
4.39%
(SOFR+80bps),
11/1/32,
(Put
Date
4/1/26)(a)(b)
.................
2,000
1,973
New
York
Liberty
Development
Corp.
Revenue
2.63%,
9/15/69,
Continuously
Callable
@100
...............................
1,650
1,471
2.80%,
9/15/69,
Continuously
Callable
@100
...............................
14,950
13,284
Series
A,
1.90%,
11/15/31,
Continuously
Callable
@100
.......................
2,000
1,643
New
York
State
Dormitory
Authority
Revenue
5.00%,
12/1/24(c)
..................................................
1,200
1,197
5.00%,
12/1/25(c)
..................................................
1,200
1,191
New
York
State
Housing
Finance
Agency
Revenue
(LIQ
-
Deutsche
Bank
A.G.),
Series
DBE-
8105,
3.05%,
8/1/50,
Continuously
Callable
@100(c)(e)
.......................
9
9
Niagara
Area
Development
Corp.
Revenue,
Series
B,
3.50%,
11/1/24,
Continuously
Callable
@100(c)
.........................................................
500
498
Troy
Capital
Resource
Corp.
Revenue
5.00%,
8/1/26,
Continuously
Callable
@100
...............................
1,050
1,066
5.00%,
9/1/27
.....................................................
1,250
1,298
Village
of
Johnson
City,
GO,
Series
C,
5.25%,
9/27/24
............................
10,000
10,012
Village
of
Washingtonville,
GO,
7.25%,
10/4/24
.................................
1,200
1,210
85,663
North
Carolina
(1.1%):
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
Revenue
2.00%,
11/1/33,
(Put
Date
10/1/24)(a)
....................................
825
819
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
2.00%,
11/1/33,
(Put
Date
10/1/24)(a)
....................................
$
825
$
819
Series
A,
1.38%,
5/1/34,
(Put
Date
6/16/25)(a)
..............................
2,000
1,943
North
Carolina
Medical
Care
Commission
Revenue
4.25%,
10/1/28,
Continuously
Callable
@100
...............................
250
246
Series
A,
4.00%,
10/1/27
.............................................
600
591
Series
B-1,
2.55%,
9/1/26,
Continuously
Callable
@100
.......................
1,575
1,510
Series
B2,
2.30%,
9/1/25,
Continuously
Callable
@100
........................
1,250
1,203
7,131
North
Dakota
(0.4%):
City
of
Grand
Forks
Revenue
5.00%,
12/1/31
....................................................
1,200
1,238
5.00%,
12/1/32,
Continuously
Callable
@100
...............................
1,300
1,342
2,580
Ohio
(2.1%):
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
5.00%,
11/15/29
....................................................
275
285
5.00%,
11/15/30
....................................................
350
365
5.00%,
11/15/31,
Continuously
Callable
@100
..............................
300
313
County
of
Allen
Hospital
Facilities
Revenue,
5.00%,
12/1/30,
Continuously
Callable
@100
..
2,000
2,140
County
of
Hamilton
Revenue,
5.00%,
9/15/29
..................................
1,345
1,350
Ohio
Air
Quality
Development
Authority
Revenue
2.40%,
12/1/38,
(Put
Date
10/1/29)(a)
....................................
3,250
2,797
Series
D,
1.90%,
5/1/26,
(Put
Date
10/1/24)(a)
..............................
3,500
3,452
Southeastern
Ohio
Port
Authority
Revenue,
5.00%,
12/1/25,
Continuously
Callable
@100
...
1,000
1,001
State
of
Ohio
Revenue
5.00%,
11/15/27
....................................................
425
436
5.00%,
11/15/30
....................................................
710
743
5.00%,
11/15/31,
Continuously
Callable
@100
..............................
465
487
Series
A,
5.00%,
1/15/30
.............................................
1,000
1,066
14,435
Oklahoma
(0.9%):
Muskogee
Industrial
Trust
Revenue,
4.00%,
9/1/28
...............................
5,000
4,957
Oklahoma
Development
Finance
Authority
Revenue
Series
B,
5.00%,
8/15/24
.............................................
600
601
Series
B,
5.00%,
8/15/25
.............................................
550
555
6,113
Oregon
(0.2%):
County
of
Yamhill
Revenue,
Series
A,
4.00%,
10/1/24
.............................
425
424
Oregon
State
Facilities
Authority
Revenue
Series
A,
5.00%,
10/1/28
.............................................
150
154
Series
A,
5.00%,
10/1/29
.............................................
300
311
Series
A,
5.00%,
10/1/30
.............................................
300
312
1,201
Pennsylvania
(4.7%):
Bethlehem
Area
School
District
Authority
Revenue,
Series
A,
3.94%
(SOFR+35bps),
1/1/30,
(Put
Date
11/1/25)(a)(b)
..............................................
995
950
Chester
County
IDA
Revenue
3.75%,
10/1/24
....................................................
130
129
5.00%,
3/1/27,
Continuously
Callable
@100
...............................
3,375
3,438
Clairton
Municipal
Authority
Revenue
Series
A,
4.00%,
12/1/29
.............................................
1,000
992
Series
B,
5.00%,
12/1/24
.............................................
600
602
Series
B,
5.00%,
12/1/25
.............................................
650
657
Series
B,
5.00%,
12/1/26
.............................................
675
686
Coatesville
School
District,
GO
(INS
-
Assured
Guaranty
Municipal
Corp.)
5.00%,
8/1/24
.....................................................
1,000
1,002
5.00%,
8/1/25
.....................................................
800
813
Commonwealth
Financing
Authority
Revenue,
5.00%,
6/1/26
.......................
2,000
2,042
County
of
Lehigh
Revenue
5.00%,
7/1/28
.....................................................
1,750
1,827
5.00%,
7/1/29
.....................................................
2,000
2,110
Delaware
County
Authority
Revenue
5.00%,
10/1/24
....................................................
505
505
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
168
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5.00%,
10/1/25
....................................................
$
525
$
525
5.00%,
10/1/30
....................................................
1,200
1,203
Latrobe
IDA
Revenue
5.00%,
3/1/28
.....................................................
135
137
5.00%,
3/1/29
.....................................................
175
178
5.00%,
3/1/30
.....................................................
150
153
5.00%,
3/1/31
.....................................................
175
178
Luzerne
County
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
5.00%,
12/15/25
....................................................
550
560
5.00%,
12/15/26,
Continuously
Callable
@100
..............................
500
507
5.00%,
12/15/27,
Continuously
Callable
@100
..............................
1,000
1,015
Montgomery
County
IDA
Revenue,
Series
A,
4.10%,
4/1/53,
(Put
Date
4/3/28)(a)
.........
2,500
2,523
Pennsylvania
Economic
Development
Financing
Authority
Revenue
AMT,
Series
A,
4.05%,
4/1/34,
(Put
Date
7/15/24)(a)
...........................................
5,000
5,000
Pennsylvania
Turnpike
Commission
Registration
Fee
Revenue,
3.36%
(MUNIPSA+85bps),
7/15/41,
(Put
Date
7/15/26)(a)(b)
........................................
2,500
2,492
Philadelphia
IDA
Revenue
5.00%,
6/15/28(c)
..................................................
210
211
5.00%,
6/15/29,
Continuously
Callable
@100(c)
.............................
220
221
5.00%,
6/15/30,
Continuously
Callable
@100(c)
.............................
145
146
The
Berks
County
Municipal
Authority
Revenue,
Series
B,
5.00%,
2/1/40,
(Put
Date
2/1/30)(a)
1,700
926
31,728
South
Carolina
(0.3%):
Piedmont
Municipal
Power
Agency
Revenue,
Series
D,
4.00%,
1/1/32,
Continuously
Callable
@100
...........................................................
2,220
2,198
South
Dakota
(0.3%):
South
Dakota
Health
&
Educational
Facilities
Authority
Revenue
4.36%,
11/1/25,
Continuously
Callable
@100(e)
.............................
645
645
4.36%,
11/1/27,
Continuously
Callable
@100(e)
.............................
1,230
1,230
1,875
Tennessee
(1.6%):
Tennergy
Corp.
Revenue
Series
A,
5.25%,
12/1/24
.............................................
500
501
Series
A,
5.25%,
12/1/25
.............................................
550
552
Series
A,
4.00%,
12/1/51,
(Put
Date
9/1/28)(a)
..............................
4,130
4,117
Series
A,
5.50%,
10/1/53,
(Put
Date
12/1/30)(a)
.............................
5,000
5,317
10,487
Texas
(7.4%):
City
of
Dallas
Housing
Finance
Corp.
Revenue,
5.00%,
7/1/26,
(Put
Date
12/1/25)(a)
......
2,750
2,808
City
of
San
Antonio
Electric
&
Gas
Systems
Revenue,
4.23%
(MUNIPSA+87bps),
2/1/48,
(Put
Date
12/1/25)(a)(b)
.................................................
5,000
5,014
County
of
Wise
Revenue
5.00%,
8/15/29
....................................................
880
925
5.00%,
8/15/31
....................................................
680
728
5.00%,
8/15/32,
Continuously
Callable
@100
...............................
450
482
5.00%,
8/15/33,
Continuously
Callable
@100
...............................
930
996
Decatur
Hospital
Authority
Revenue,
Series
A,
5.00%,
9/1/24
.......................
780
782
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
5.00%,
7/1/49,
(Put
Date
12/1/26)(a)
.....................................
1,400
1,439
Series
C2,
3.93%
(MUNIPSA+57bps),
12/1/49,
(Put
Date
12/4/24)(a)(b)
...........
1,670
1,666
Martin
County
Hospital
District,
GO
4.00%,
4/1/27
.....................................................
300
298
4.00%,
4/1/29
.....................................................
405
402
4.00%,
4/1/32,
Continuously
Callable
@100
...............................
350
348
Mission
Economic
Development
Corp.
Revenue
AMT,
4.05%,
1/1/26,
(Put
Date
8/1/24)(a)
..
2,500
2,500
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Series
A,
5.00%,
7/1/23(f)
.............................................
1,250
1,181
Series
A,
5.00%,
7/1/24(f)
.............................................
2,300
2,173
Series
A,
5.00%,
7/1/25(f)
.............................................
2,135
2,018
Port
of
Port
Arthur
Navigation
District
Revenue
Series
B,
3.00%,
4/1/40,
Continuously
Callable
@100(e)
.......................
1,600
1,600
Series
C,
3.05%,
4/1/40,
Continuously
Callable
@100(e)
.......................
20,155
20,155
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Revenue,
5.00%,
12/15/27
..........
$
2,000
$
2,049
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
Revenue,
4.00%,
6/30/31,
Continuously
Callable
@100
...........................................
2,355
2,357
49,921
Vermont
(0.3%):
Vermont
Economic
Development
Authority
Revenue
4.00%,
5/1/29,
Continuously
Callable
@103
...............................
445
436
4.00%,
5/1/30,
Continuously
Callable
@103
...............................
230
224
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue,
5.00%,
10/15/26
.....
1,000
1,010
1,670
Virginia
(1.5%):
Halifax
County
IDA
Revenue,
1.65%,
12/1/41,
(Put
Date
5/31/24)(a)
..................
1,500
1,500
James
City
County
Economic
Development
Authority
Revenue
5.25%,
12/1/27,
Continuously
Callable
@100
...............................
1,000
992
Series
A,
4.00%,
12/1/30,
Continuously
Callable
@103
........................
220
206
Loudoun
County
Economic
Development
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.),
Series
2023-DBE-8106,
3.05%,
6/1/63,
Continuously
Callable
@100(c)(e)
..........
1,400
1,400
Marquis
Community
Development
Authority
of
York
County
Revenue,
7.50%,
9/1/45(c)(f)
..
1,074
301
Marquis
Community
Development
Authority
of
York
County
Tax
Allocation
Series
A,
1.02%,
9/1/36(f)
.............................................
3,506
982
Series
C,
9/1/41(d)
..................................................
5,111
5
Peninsula
Ports
Authority
Revenue
(NBGA
-
Dominion
Energy,
Inc.),
3.80%,
10/1/33,
(Put
Date
10/1/24)(a)
....................................................
1,810
1,805
Prince
William
County
IDA
Revenue,
5.00%,
1/1/31,
Continuously
Callable
@102
........
1,700
1,643
Virginia
Small
Business
Financing
Authority
Revenue,
Series
A,
5.00%,
1/1/30,
Continuously
Callable
@103
.....................................................
1,250
1,298
10,132
Washington
(3.1%):
Washington
Health
Care
Facilities
Authority
Revenue
5.00%,
8/15/26
....................................................
2,000
2,014
5.00%,
8/15/27
....................................................
2,175
2,204
Series
B-2,
4.76%
(MUNIPSA+140bps),
1/1/35,
(Put
Date
1/1/25)(a)(b)
...........
10,000
10,003
Series
B-3,
5.00%,
8/1/49,
Continuously
Callable
@100
.......................
1,000
1,024
Washington
State
Housing
Finance
Commission
Revenue
Series
A,
5.00%,
7/1/24
..............................................
355
355
Series
A,
5.00%,
7/1/25
..............................................
345
347
Series
A,
5.00%,
7/1/26
..............................................
290
294
Series
B2,
4.00%,
7/1/26,
Continuously
Callable
@100
........................
4,500
4,459
20,700
Wisconsin
(1.6%):
Public
Finance
Authority
Revenue
4.00%,
9/1/24(c)
...................................................
325
324
4.00%,
3/1/25(c)
...................................................
1,075
1,064
4.00%,
3/1/26(c)
...................................................
1,510
1,475
4.00%,
3/1/27(c)
...................................................
795
766
4.00%,
3/1/28(c)
...................................................
840
797
3.25%,
1/1/30
.....................................................
1,795
1,662
5.00%,
4/1/30(c)
...................................................
500
511
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
4.00%,
1/1/25
.....................................................
205
203
4.00%,
1/1/26
.....................................................
345
337
4.00%,
3/15/30
....................................................
400
390
Series
B,
4.00%,
9/15/24
.............................................
100
100
Series
B,
4.00%,
9/15/26
.............................................
110
108
Series
B,
4.00%,
9/15/27
.............................................
140
136
Series
B,
4.00%,
9/15/28,
Continuously
Callable
@103
........................
200
191
Series
B,
4.00%,
9/15/29,
Continuously
Callable
@103
........................
305
291
Series
B,
4.00%,
9/15/30,
Continuously
Callable
@103
........................
320
303
Series
B,
4.00%,
9/15/31,
Continuously
Callable
@103
........................
315
296
Victory
Portfolios
III
Victory
Tax
Exempt
Short-Term
Fund
170
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
B-2,
5.00%,
2/15/51,
(Put
Date
2/15/27)(a)
............................
$
2,000
$
2,014
10,968
Total
Municipal
Bonds
(Cost
$696,630)
a
a
a
668,869
Total
Investments
(Cost
$696,630)
—
99.3%
668,869
Other
assets
in
excess
of
liabilities
—
0.7%
4,665
NET
ASSETS
-
100.00%
$
673,534
(a)
Put
Bond.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
May
31,
2024.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$27,771
(thousands)
and
amounted
to
4.1%
of
net
assets.
(d)
Zero-coupon
bond.
(e)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(f)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
AMT
—
Alternative
Minimum
Tax
bps
—
Basis
points
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
MUNIPSA
—
SIFMA
Municipal
Swap
Index
Yield
SOFR
—
Secured
Overnight
Financing
Rate
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.
Schedule
of
Portfolio
Investments
May
31,
2024
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
171
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Municipal
Bonds
(98.7%)
Virginia
(91.8%):
Albemarle
County
Economic
Development
Authority
Revenue
,
Series
B
,
2
.60
%
,
10/1/48
,
Continuously
Callable
@100
(a)
.........................................
$
1,100
$
1,100
Alexandria
IDA
Revenue
,
Series
C
,
4
.00
%
,
1/1/46
,
Continuously
Callable
@100
.........
2,400
2,251
Amherst
IDA
Revenue
5
.00
%
,
9/1/26
,
Continuously
Callable
@100
...............................
850
847
4
.75
%
,
9/1/30
,
Continuously
Callable
@100
...............................
2,000
1,929
Arlington
County
IDA
Revenue
5
.00
%
,
2/15/43
,
Continuously
Callable
@100
...............................
1,775
1,831
4
.00
%
,
7/1/45
,
Continuously
Callable
@100
...............................
1,585
1,483
Bristol
IDA
Revenue
,
5
.00
%
,
11/1/53
,
Continuously
Callable
@100
...................
8,030
8,196
Campbell
County
IDA
Revenue
,
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
............
4,600
4,426
Capital
Region
Airport
Commission
Revenue
Series
A
,
4
.00
%
,
7/1/36
,
Continuously
Callable
@100
.........................
700
689
Series
A
,
4
.00
%
,
7/1/38
,
Continuously
Callable
@100
.........................
750
727
Charles
City
County
Economic
Development
Authority
Revenue
,
Series
A
,
2
.88
%
,
2/1/29
,
Continuously
Callable
@101
...........................................
10,000
8,898
Chesapeake
Bay
Bridge
&
Tunnel
District
Revenue
5
.50
%
,
7/1/25
.....................................................
3,420
3,451
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
...............................
5,805
5,874
5
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
3,435
3,476
Chesapeake
Bay
Bridge
&
Tunnel
District
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.00
%
,
7/1/41
,
Continuously
Callable
@100
..........................
5,000
5,061
Chesapeake
Hospital
Authority
Revenue
4
.00
%
,
7/1/39
,
Continuously
Callable
@100
...............................
1,000
986
4
.00
%
,
7/1/43
,
Continuously
Callable
@100
...............................
4,000
3,700
City
of
Chesapeake
VA
Chesapeake
Expressway
Toll
Road
Revenue
Series
B
,
4
.75
%
,
7/15/32
,
Continuously
Callable
@100
........................
6,520
6,683
Series
B
,
4
.88
%
,
7/15/40
,
Continuously
Callable
@100
........................
3,000
3,073
City
of
Lynchburg,
GO
,
4
.00
%
,
6/1/44
,
Continuously
Callable
@100
..................
5,000
4,999
City
of
Norfolk,
GO
Series
A
,
4
.00
%
,
9/1/37
,
Continuously
Callable
@100
.........................
2,040
2,080
Series
A
,
4
.00
%
,
9/1/39
,
Continuously
Callable
@100
.........................
1,535
1,551
City
of
Petersburg,
GO
4
.25
%
,
9/1/48
,
Continuously
Callable
@100
...............................
1,000
1,000
4
.25
%
,
9/1/53
,
Continuously
Callable
@100
...............................
1,250
1,230
City
of
Richmond
VA
Public
Utility
Revenue
4
.00
%
,
1/15/40
,
Continuously
Callable
@100
...............................
6,000
5,836
Series
A
,
4
.00
%
,
1/15/50
,
Continuously
Callable
@100
........................
2,220
2,124
County
of
Fairfax
Sewer
Revenue
Series
A
,
5
.00
%
,
7/15/46
,
Continuously
Callable
@100
........................
10,000
10,747
Series
A
,
4
.00
%
,
7/15/51
,
Continuously
Callable
@100
........................
10,000
9,612
Fairfax
County
Economic
Development
Authority
Revenue
5
.00
%
,
4/1/47
,
Continuously
Callable
@100
...............................
4,000
4,081
Series
A
,
5
.00
%
,
10/1/29
,
Pre-refunded
10/1/24
@
100
........................
2,000
2,009
Series
A
,
5
.00
%
,
10/1/30
,
Pre-refunded
10/1/24
@
100
........................
2,000
2,009
Series
A
,
5
.00
%
,
10/1/31
,
Pre-refunded
10/1/24
@
100
........................
2,000
2,009
Series
A
,
5
.00
%
,
10/1/32
,
Pre-refunded
10/1/24
@
100
........................
1,500
1,507
Series
A
,
5
.00
%
,
10/1/33
,
Pre-refunded
10/1/24
@
100
........................
2,200
2,210
Series
A
,
5
.00
%
,
10/1/34
,
Pre-refunded
10/1/24
@
100
........................
2,000
2,009
Series
A
,
4
.00
%
,
10/1/42
,
Pre-refunded
10/1/24
@
102
........................
2,750
2,808
Series
A
,
5
.00
%
,
10/1/42
,
Pre-refunded
10/1/24
@
102
........................
2,250
2,305
Fairfax
County
IDA
Revenue
Series
A
,
4
.00
%
,
5/15/44
,
Continuously
Callable
@100
........................
6,900
6,545
Series
A
,
4
.00
%
,
5/15/48
,
Continuously
Callable
@100
........................
1,500
1,413
Farmville
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
5
.38
%
,
7/1/53
,
(Put
Date
7/1/43)
(b)
........................................................
6,000
6,407
Front
Royal
&
Warren
County
IDA
Revenue
,
4
.00
%
,
1/1/50
,
Continuously
Callable
@103
..
7,000
6,333
Greater
Richmond
Convention
Center
Authority
Revenue
,
5
.00
%
,
6/15/32
,
Pre-
refunded  6/15/25
@
100
.............................................
1,500
1,523
Hampton
Roads
Transportation
Accountability
Commission
Revenue
,
Series
A
,
4
.00
%
,
7/1/52
,
Continuously
Callable
@100
...........................................
5,000
4,738
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Henrico
County
Economic
Development
Authority
Revenue
5
.00
%
,
6/1/24
.....................................................
$
1,200
$
1,200
4
.25
%
,
6/1/26
,
Continuously
Callable
@100
...............................
140
136
5
.00
%
,
10/1/37
,
Continuously
Callable
@103
...............................
2,500
2,515
4
.00
%
,
10/1/40
,
Continuously
Callable
@103
...............................
500
477
4
.00
%
,
10/1/45
,
Continuously
Callable
@103
...............................
725
663
4
.00
%
,
10/1/50
,
Continuously
Callable
@103
...............................
1,500
1,322
Series
A
,
5
.00
%
,
10/1/42
,
Continuously
Callable
@103
........................
1,000
1,047
Series
A
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@103
........................
6,700
6,865
James
City
County
Economic
Development
Authority
Revenue
4
.00
%
,
6/1/47
,
Continuously
Callable
@103
...............................
1,000
790
Series
A
,
4
.00
%
,
12/1/50
,
Continuously
Callable
@103
........................
9,905
7,462
Series
A
,
6
.75
%
,
12/1/53
,
Continuously
Callable
@103
........................
855
915
Lewistown
Commerce
Center
Community
Development
Authority
Tax
Allocation
Series
A
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@103
(c)
.......................
675
475
Series
B
,
6
.05
%
,
3/1/44
,
Continuously
Callable
@103
.........................
630
532
Series
C
,
6
.05
%
,
3/1/54
,
Continuously
Callable
@100
(c)
.......................
2,599
1,105
Lexington
IDA
Revenue
4
.00
%
,
1/1/31
,
Continuously
Callable
@102
...............................
750
729
4
.00
%
,
1/1/37
,
Continuously
Callable
@102
...............................
1,000
943
5
.00
%
,
1/1/48
,
Continuously
Callable
@100
...............................
1,000
1,025
Loudoun
County
Economic
Development
Authority
Revenue
5
.00
%
,
12/1/31
,
Continuously
Callable
@100
...............................
1,135
1,140
5
.00
%
,
12/1/32
,
Continuously
Callable
@100
...............................
800
803
5
.00
%
,
12/1/33
,
Continuously
Callable
@100
...............................
775
778
5
.00
%
,
12/1/34
,
Continuously
Callable
@100
...............................
805
808
Series
E
,
2
.90
%
,
2/15/38
,
Callable
7/1/24
@
100
(a)
..........................
1,300
1,300
Loudoun
County
Economic
Development
Authority
Revenue
(LIQ
-
Deutsche
Bank
A.G.)
,
Series
2023-DBE-8106
,
3
.05
%
,
6/1/63
,
Continuously
Callable
@100
(a)
(d)
..........
12,755
12,755
Lynchburg
Economic
Development
Authority
Revenue
4
.00
%
,
1/1/39
,
Continuously
Callable
@100
...............................
1,320
1,298
4
.00
%
,
1/1/41
,
Continuously
Callable
@100
...............................
1,135
1,105
5
.00
%
,
9/1/43
,
Continuously
Callable
@100
...............................
3,000
2,946
4
.00
%
,
1/1/55
,
Continuously
Callable
@100
...............................
12,920
11,550
Series
A
,
5
.00
%
,
1/1/47
,
Continuously
Callable
@100
.........................
2,250
2,273
Manassas
Park
Economic
Development
Authority
Revenue
,
4
.00
%
,
12/15/52
,
Continuously
Callable
@100
.....................................................
4,500
4,102
Marquis
Community
Development
Authority
of
York
County
Revenue
,
7
.50
%
,
9/1/45
(c)
(d)
..
1,093
306
Marquis
Community
Development
Authority
of
York
County
Tax
Allocation
Series
B
,
5
.63
%
,
9/1/41
(c)
............................................
3,532
989
Series
C
,
9/1/41
(e)
..................................................
5,389
5
Montgomery
County
Economic
Development
Authority
Revenue
Series
A
,
4
.00
%
,
6/1/36
,
Continuously
Callable
@100
.........................
1,125
1,143
Series
A
,
4
.00
%
,
6/1/38
,
Continuously
Callable
@100
.........................
1,750
1,765
Norfolk
Airport
Authority
Revenue
,
5
.00
%
,
7/1/43
,
Continuously
Callable
@100
.........
2,800
2,907
Norfolk
Economic
Development
Authority
Revenue
Series
B
,
4
.00
%
,
11/1/48
,
Continuously
Callable
@100
........................
6,100
5,833
Series
B
,
5
.00
%
,
11/1/48
,
(Put
Date
11/1/28)
(b)
.............................
1,600
1,689
Prince
Edward
County
IDA
Revenue
4
.00
%
,
9/1/43
,
Continuously
Callable
@100
...............................
2,250
2,010
5
.00
%
,
9/1/48
,
Continuously
Callable
@100
...............................
2,055
2,068
5
.25
%
,
9/1/57
,
Continuously
Callable
@100
...............................
3,000
3,080
Prince
William
County
IDA
Revenue
5
.00
%
,
1/1/37
,
Continuously
Callable
@102
...............................
1,000
932
5
.00
%
,
1/1/46
,
Continuously
Callable
@102
...............................
4,000
3,450
Radford
IDA
Revenue
(NBGA
-
Fannie
Mae)
,
3
.50
%
,
9/15/29
,
Continuously
Callable
@100
.
4,000
3,915
Rappahannock
Regional
Jail
Authority
Revenue
,
5
.00
%
,
10/1/35
,
Pre-refunded
10/1/25
@
100
1,165
1,188
Roanoke
Economic
Development
Authority
Revenue
5
.00
%
,
7/1/47
.....................................................
5,000
5,473
4
.00
%
,
7/1/51
,
Continuously
Callable
@100
...............................
5,000
4,677
Series
A
,
5
.00
%
,
9/1/36
,
Continuously
Callable
@100
.........................
1,640
1,658
Series
A
,
5
.00
%
,
9/1/43
,
Continuously
Callable
@100
.........................
4,060
3,952
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Rockingham
County
Economic
Development
Authority
Revenue
Series
A
,
4
.00
%
,
12/1/33
,
Continuously
Callable
@100
........................
$
1,000
$
987
Series
A
,
5
.00
%
,
12/1/39
,
Continuously
Callable
@100
........................
4,180
4,299
Salem
Economic
Development
Authority
Revenue
4
.00
%
,
4/1/38
,
Continuously
Callable
@100
...............................
250
233
4
.00
%
,
4/1/39
,
Continuously
Callable
@100
...............................
225
209
4
.00
%
,
4/1/40
,
Continuously
Callable
@100
...............................
250
225
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
...............................
750
623
5
.00
%
,
4/1/49
,
Continuously
Callable
@100
...............................
910
878
Stafford
County
Economic
Development
Authority
Revenue
5
.00
%
,
6/15/36
,
Continuously
Callable
@100
...............................
5,900
5,969
4
.00
%
,
6/15/37
,
Continuously
Callable
@100
...............................
6,495
6,434
Tobacco
Settlement
Financing
Corp.
Revenue
,
Series
B1
,
5
.00
%
,
6/1/47
,
Continuously
Callable
@100
.....................................................
5,000
4,610
University
of
Virginia
Revenue
Series
A
,
5
.00
%
,
4/1/42
,
Continuously
Callable
@100
.........................
4,000
4,133
Series
A-1
,
4
.00
%
,
4/1/45
,
Continuously
Callable
@100
.......................
3,600
3,557
Series
B
,
5
.00
%
,
9/1/49
,
Continuously
Callable
@100
.........................
10,000
10,553
Virginia
Beach
Development
Authority
Revenue
5
.00
%
,
9/1/40
,
Continuously
Callable
@103
...............................
3,250
3,186
5
.00
%
,
9/1/44
,
Continuously
Callable
@103
...............................
4,865
4,683
4
.00
%
,
9/1/48
,
Continuously
Callable
@103
...............................
3,755
3,028
Series
A
,
5
.00
%
,
5/1/29
,
Continuously
Callable
@100
.........................
1,795
1,801
Virginia
College
Building
Authority
Revenue
5
.00
%
,
6/1/24
.....................................................
225
225
5
.00
%
,
6/1/25
.....................................................
250
251
5
.00
%
,
6/1/26
.....................................................
250
253
5
.00
%
,
6/1/27
.....................................................
275
280
5
.00
%
,
6/1/28
.....................................................
295
302
5
.00
%
,
6/1/29
.....................................................
300
309
5
.00
%
,
6/1/30
.....................................................
325
336
5
.00
%
,
6/1/31
.....................................................
300
311
4
.00
%
,
1/15/33
,
Continuously
Callable
@100
...............................
965
967
4
.00
%
,
1/15/35
,
Continuously
Callable
@100
...............................
545
546
4
.00
%
,
1/15/36
,
Continuously
Callable
@100
...............................
650
651
4
.00
%
,
6/1/36
,
Continuously
Callable
@100
...............................
925
884
4
.00
%
,
1/15/43
,
Continuously
Callable
@100
...............................
1,285
1,219
4
.00
%
,
6/1/46
,
Continuously
Callable
@100
...............................
1,000
849
Series
A
,
3
.00
%
,
1/15/46
,
Continuously
Callable
@100
........................
1,000
770
Series
A
,
3
.00
%
,
1/15/51
,
Continuously
Callable
@100
........................
1,175
849
Series
E
,
5
.00
%
,
2/1/31
,
Continuously
Callable
@100
.........................
10,000
10,518
Series
E
,
5
.00
%
,
2/1/32
,
Continuously
Callable
@100
.........................
4,000
4,206
Virginia
College
Building
Authority
Revenue
(LIQ
-
U.S.
Bancorp)
,
3
.25
%
,
8/1/34
,
Callable
7/3/24
@
100
(a)
....................................................
1,200
1,200
Virginia
College
Building
Authority
Revenue
(LIQ
-
Wells
Fargo
&
Co.)
,
2
.70
%
,
11/1/36
,
Continuously
Callable
@100
(a)
.........................................
800
800
Virginia
Commonwealth
Transportation
Board
I-81
Regional
Fuels
Tax
Revenue
,
4
.00
%
,
5/15/46
,
Continuously
Callable
@100
....................................
5,195
4,969
Virginia
Commonwealth
Transportation
Board
Revenue
5
.00
%
,
3/15/32
,
Continuously
Callable
@100
...............................
3,350
3,500
5
.00
%
,
9/15/32
,
Continuously
Callable
@100
...............................
9,190
9,601
4
.00
%
,
5/15/42
,
Continuously
Callable
@100
...............................
10,000
9,832
Series
A
,
4
.00
%
,
5/15/36
,
Continuously
Callable
@100
........................
2,000
2,020
Virginia
Commonwealth
University
Health
System
Authority
Revenue
,
Series
B
,
5
.00
%
,
7/1/46
,
Continuously
Callable
@100
.....................................
5,500
5,608
Virginia
Commonwealth
University
Revenue
Series
A
,
4
.00
%
,
11/1/37
,
Continuously
Callable
@100
........................
750
752
Series
A
,
5
.00
%
,
11/1/38
,
Continuously
Callable
@100
........................
350
368
Series
A
,
4
.00
%
,
5/1/48
,
Continuously
Callable
@100
.........................
2,475
2,265
Virginia
Housing
Development
Authority
Revenue
Series
B
,
3
.60
%
,
5/1/46
,
Continuously
Callable
@100
.........................
7,000
5,717
Series
D
,
4
.75
%
,
8/1/53
,
Continuously
Callable
@100
........................
1,500
1,501
Series
E
,
2
.65
%
,
7/1/50
,
Continuously
Callable
@100
.........................
1,640
1,098
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
E
,
4
.60
%
,
10/1/54
,
Continuously
Callable
@100
........................
$
1,000
$
979
Series
E
,
5
.20
%
,
10/1/58
,
Continuously
Callable
@100
........................
3,000
3,101
Series
F
,
5
.00
%
,
10/1/52
,
Continuously
Callable
@100
........................
5,000
5,097
Series
G
,
5
.15
%
,
11/1/52
,
Continuously
Callable
@100
........................
1,750
1,800
Series
I
,
2
.45
%
,
11/1/45
,
Continuously
Callable
@100
........................
1,500
1,020
Series
K
,
1
.95
%
,
12/1/32
,
Continuously
Callable
@100
........................
1,500
1,229
Series
K
,
2
.05
%
,
12/1/33
,
Continuously
Callable
@100
........................
665
540
Virginia
Public
School
Authority
Revenue
,
5
.00
%
,
8/1/24
..........................
10,000
10,020
Virginia
Resources
Authority
Revenue
4
.00
%
,
11/1/49
,
Continuously
Callable
@100
...............................
6,700
6,446
Series
A
,
5
.00
%
,
11/1/32
,
Continuously
Callable
@100
........................
15
15
Series
A
,
4
.00
%
,
11/1/43
,
Continuously
Callable
@100
........................
1,445
1,445
Series
A
,
4
.00
%
,
11/1/47
,
Continuously
Callable
@100
........................
1,040
1,012
Series
B
,
5
.25
%
,
11/1/47
,
Continuously
Callable
@100
........................
2,330
2,564
Series
B
,
4
.75
%
,
11/1/52
,
Continuously
Callable
@100
........................
750
784
Virginia
Small
Business
Financing
Authority
Revenue
4
.00
%
,
12/1/49
,
Continuously
Callable
@100
...............................
12,800
11,854
4
.00
%
,
12/1/51
,
Continuously
Callable
@103
...............................
4,000
3,366
Series
A
,
4
.00
%
,
1/1/45
,
Continuously
Callable
@103
.........................
2,800
2,516
Series
A
,
4
.00
%
,
1/1/51
,
Continuously
Callable
@103
.........................
16,265
14,041
Western
Regional
Jail
Authority
Revenue
5
.00
%
,
12/1/35
,
Continuously
Callable
@100
...............................
1,540
1,578
5
.00
%
,
12/1/35
,
Pre-refunded
12/1/26
@
100
...............................
1,545
1,606
5
.00
%
,
12/1/38
,
Continuously
Callable
@100
...............................
1,000
1,019
5
.00
%
,
12/1/38
,
Pre-refunded
12/1/26
@
100
...............................
1,000
1,040
Winchester
Economic
Development
Authority
Revenue
,
5
.00
%
,
1/1/44
,
Continuously
Callable
@100
...........................................................
3,250
3,261
Wise
County
IDA
Revenue
,
Series
A
,
0
.75
%
,
10/1/40
,
(Put
Date
9/2/25)
(b)
.............
2,500
2,413
474,976
District
of
Columbia
(2.8%):
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Series
A
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
1,500
1,538
Series
B
,
4
.00
%
,
10/1/53
,
Continuously
Callable
@100
........................
1,500
1,343
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
10/1/30
(e)
.............................
5,500
4,265
Washington
Metropolitan
Area
Transit
Authority
Dedicated
Revenue
,
Series
A
,
4
.00
%
,
7/15/45
,
Continuously
Callable
@100
...........................................
2,500
2,357
Washington
Metropolitan
Area
Transit
Authority
Revenue
,
Series
B
,
5
.00
%
,
7/1/42
,
Continuously
Callable
@100
...........................................
5,000
5,134
14,637
Guam
(4.1%):
Guam
Government
Waterworks
Authority
Revenue
Series
A
,
5
.00
%
,
7/1/35
,
Continuously
Callable
@100
.........................
2,850
2,852
Series
A
,
5
.00
%
,
1/1/50
,
Continuously
Callable
@100
.........................
1,000
1,021
Guam
Power
Authority
Revenue
Series
A
,
5
.00
%
,
10/1/31
,
Continuously
Callable
@100
........................
500
500
Series
A
,
5
.00
%
,
10/1/40
,
Continuously
Callable
@100
........................
4,000
4,038
Series
A
,
5
.00
%
,
10/1/41
,
Continuously
Callable
@100
........................
1,500
1,548
Guam
Power
Authority
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
Series
A
,
5
.00
%
,
10/1/39
,
Continuously
Callable
@100
........................
750
750
Series
A
,
5
.00
%
,
10/1/44
,
Continuously
Callable
@100
........................
1,000
1,000
Port
Authority
of
Guam
Revenue
,
Series
A
,
5
.00
%
,
7/1/48
,
Continuously
Callable
@100
....
1,500
1,506
Territory
of
Guam
Revenue
Series
A
,
5
.00
%
,
11/1/27
..............................................
200
205
Series
A
,
5
.00
%
,
11/1/28
..............................................
250
257
Series
A
,
5
.00
%
,
11/1/29
..............................................
250
259
Series
A
,
5
.00
%
,
11/1/30
..............................................
250
260
Series
A
,
5
.00
%
,
11/1/35
,
Continuously
Callable
@100
........................
2,000
2,055
Series
A
,
5
.00
%
,
12/1/46
,
Continuously
Callable
@100
........................
1,250
1,245
Series
D
,
5
.00
%
,
11/15/39
,
Continuously
Callable
@100
.......................
2,000
2,008
Series
F
,
5
.00
%
,
1/1/31
...............................................
500
524
Victory
Portfolios
III
Victory
Virginia
Bond
Fund
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
May
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
F
,
4
.00
%
,
1/1/42
,
Continuously
Callable
@100
.........................
$
1,000
$
931
20,959
Total
Municipal
Bonds
(Cost
$551,809)
a
a
a
510,572
Total
Investments
(Cost
$551,809)
—
98.7%
510,572
Other
assets
in
excess
of
liabilities
—
1.3%
6,810
NET
ASSETS
-
100.00%
$
517,382
(a)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(b)
Put
Bond.
(c)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(d)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
May
31,
2024,
the
fair
value
of
these
securities
was
$13,061
(thousands)
and
amounted
to
2.5%
of
net
assets.
(e)
Zero-coupon
bond.
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
IDA
—
Industrial
Development
Authority
Credit
Enhancements
—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
LIQ—Liquidity
enhancement
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
upon
demand
from
the
name
listed.
NBGA—Principal
and
interest
payments
or,
under
certain
circumstances,
underlying
mortgages
are
guaranteed
by
a
nonbank
guarantee
agreement
from
the
name
listed.