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.