0001752724-24-214150.txt : 20240924 0001752724-24-214150.hdr.sgml : 20240924 20240924130644 ACCESSION NUMBER: 0001752724-24-214150 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240731 FILED AS OF DATE: 20240924 DATE AS OF CHANGE: 20240924 PERIOD START: 20250430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VICTORY PORTFOLIOS III CENTRAL INDEX KEY: 0000908695 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07852 FILM NUMBER: 241318759 BUSINESS ADDRESS: STREET 1: 15935 LA CANTERA PARKWAY STREET 2: BUILDING TWO CITY: SAN ANTONIO STATE: TX ZIP: 78256 BUSINESS PHONE: 210-697-3625 MAIL ADDRESS: STREET 1: 15935 LA CANTERA PARKWAY STREET 2: BUILDING TWO CITY: SAN ANTONIO STATE: TX ZIP: 78256 FORMER COMPANY: FORMER CONFORMED NAME: USAA MUTUAL FUNDS TRUST DATE OF NAME CHANGE: 20060420 FORMER COMPANY: FORMER CONFORMED NAME: USAA STATE TAX FREE TRUST DATE OF NAME CHANGE: 19940325 FORMER COMPANY: FORMER CONFORMED NAME: USAA STATE TAX EXEMPT TRUST DATE OF NAME CHANGE: 19930707 0000908695 S000012894 Victory Aggressive Growth Fund (Formerly USAA Aggressive Growth Fund) C000034863 Victory Aggressive Growth Fund Shares USAUX C000066835 Victory Aggressive Growth Fund Institutional Shares UIAGX NPORT-P 1 primary_doc.xml NPORT-P false 0000908695 XXXXXXXX S000012894 C000066835 C000034863 Victory Portfolios III 811-07852 0000908695 549300WIDR2J6W1Y9S11 15935 La Cantera Pkwy Building Two San Antonio 78256 800-235-8396 Victory Aggressive Growth Fund S000012894 549300U9NIRZ9WDFHV64 2025-04-30 2024-07-31 N 2227839600.11 1301277.49 2226538322.62 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 45455434.09000000 N APPLE INC. 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VI90HBPH7XSFMB9E4M29 INTUIT INC 461202103 31787.00000000 NS USD 20577314.45000000 0.924184158024 Long EC CORP US N 1 N N N ALPHABET INC. 5493006MHB84DD0ZWV18 ALPHABET INC CLASS C 02079K107 698489.00000000 NS USD 120943370.35000000 5.431901581091 Long EC CORP US N 1 N N N NATERA, INC. N/A NATERA INC 632307104 61077.00000000 NS USD 6253674.03000000 0.280869813309 Long EC CORP US N 1 N N N COSTAR GROUP, INC. N/A COSTAR GROUP INC 22160N109 202759.00000000 NS USD 15819257.18000000 0.710486633860 Long EC CORP US N 1 N N N TRANE TECHNOLOGIES PLC 549300BURLR9SLYY2705 TRANE TECHNOLOGIES PLC G8994E103 52416.00000000 NS USD 17521620.48000000 0.786944482472 Long EC CORP IE N 1 N N N ELI LILLY AND COMPANY FRDRIPF3EKNDJ2CQJL29 ELI LILLY CO 532457108 104551.00000000 NS USD 84087232.77000000 3.776590410132 Long EC CORP US N 1 N N N THE PROGRESSIVE CORPORATION 529900TACNVLY9DCR586 PROGRESSIVE CORP 743315103 70517.00000000 NS USD 15099100.04000000 0.678142383025 Long EC CORP US N 1 N N N O'Reilly Automotive, Inc. 549300K2RLMQL149Q332 O REILLY AUTOMOTIVE INC 67103H107 29452.00000000 NS USD 33172965.68000000 1.489889724465 Long EC CORP US N 1 N N N SHOPIFY INC. 549300HGQ43STJLLP808 SHOPIFY INC 82509L107 225653.00000000 NS USD 13809963.60000000 0.620243696670 Long EC CORP CA N 1 N N N SNOWFLAKE INC. 254900CJNSY1K7T53Z16 SNOWFLAKE INC CLASS A 833445109 91226.00000000 NS USD 11894045.88000000 0.534194527853 Long EC CORP US N 1 N N N NVIDIA CORPORATION 549300S4KLFTLO7GSQ80 NVIDIA CORP 67066G104 2181814.00000000 NS USD 255315874.28000000 11.46694272836 Long EC CORP US N 1 N N N AMAZON.COM, INC. ZXTILKJKG63JELOEG630 AMAZON COM INC 023135106 652386.00000000 NS USD 121983134.28000000 5.478600257661 Long EC CORP US N 1 N N N VERTIV HOLDINGS CO 549300KTTIRAOGXCRV69 VERTIV HOLDINGS CO 92537N108 227718.00000000 NS USD 17921406.60000000 0.804899983886 Long EC CORP US N 1 N N N DIAMONDBACK ENERGY, INC. 549300R22LSX6OHWEN64 DIAMONDBACK ENERGY INC 25278X109 28185.00000000 NS USD 5702107.35000000 0.256097426757 Long EC CORP US N 1 N N N NETFLIX, INC. 549300Y7VHGU0I7CE873 NETFLIX INC 64110L106 83530.00000000 NS USD 52486075.50000000 2.357294952742 Long EC CORP US N 1 N N N DEXCOM, INC. 549300YSK3QDSFR5EU59 DEXCOM INC 252131107 368943.00000000 NS USD 25021714.26000000 1.123794457333 Long EC CORP US N 1 N N N ARISTA NETWORKS, INC. 635400H1WKBLOQERUU95 ARISTA NETWORKS INC 040413106 171509.00000000 NS USD 59436443.95000000 2.669455241177 Long EC CORP US N 1 N N N UBER TECHNOLOGIES, INC. 549300B2FTG34FILDR98 UBER TECHNOLOGIES INC 90353T100 568689.00000000 NS USD 36663379.83000000 1.646653886776 Long EC CORP US N 1 N N N DRAFTKINGS INC. 2549006G33IUL6IVOD83 DRAFTKINGS INC 26142V105 60005.00000000 NS USD 2217184.75000000 0.099579905159 Long EC CORP US N 1 N N N MICROSOFT CORPORATION INR2EJN1ERAN0W5ZP974 MICROSOFT CORP 594918104 388555.00000000 NS USD 162551984.25000000 7.300659620298 Long EC CORP US N 1 N N N HEICO CORPORATION 529900O1DTDLCJ7L0I14 HEICO CORPORATION CL A 422806208 56097.00000000 NS USD 10664600.67000000 0.478976739886 Long EC CORP US N 1 N N N PALO ALTO NETWORKS, INC. 549300QXR2YVZV231H43 PALO ALTO NETWORKS INC 697435105 146050.00000000 NS USD 47426816.50000000 2.130069625039 Long EC CORP US N 1 N N N BUILDERS FIRSTSOURCE, INC. 549300W0SKP6L3H7DP63 BUILDERS FIRSTSOURCE INC 12008R107 61606.00000000 NS USD 10310996.22000000 0.463095385120 Long EC CORP US N 1 N N N COSTCO WHOLESALE CORPORATION 29DX7H14B9S6O3FD6V18 COSTCO WHOLESALE CORP 22160K105 17745.00000000 NS USD 14586390.00000000 0.655115155747 Long EC CORP US N 1 N N N VISA INC. 549300JZ4OKEHW3DPJ59 VISA INC CLASS A 92826C839 312742.00000000 NS USD 83086167.14000000 3.731629781347 Long EC CORP US N 1 N N N TARGET CORPORATION 8WDDFXB5T1Z6J0XC1L66 TARGET CORP 87612E106 193285.00000000 NS USD 29071996.85000000 1.305703861220 Long EC CORP US N 1 N N N On Holding AG N/A ON HOLDING AG H5919C104 757993.00000000 NS USD 31396070.06000000 1.410084423027 Long EC CORP CH N 1 N N N BROADCOM INC. 549300WV6GIDOZJTV909 BROADCOM INC 11135F101 478158.00000000 NS USD 76830427.44000000 3.450667193079 Long EC CORP US N 1 N N N META PLATFORMS, INC. 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GCT7RXJOGLXPV0NXZY22 CADENCE DESIGN SYSTEMS INC 127387108 149221.00000000 NS USD 39940492.86000000 1.793838105288 Long EC CORP US N 1 N N N UNITED RENTALS, INC. 5323X5O7RN0NKFCDRY08 UNITED RENTALS INC 911363109 5727.00000000 NS USD 4335911.70000000 0.194737797950 Long EC CORP US N 1 N N N VERTEX PHARMACEUTICALS INCORPORATED 54930015RAQRRZ5ZGJ91 VERTEX PHARAMACEUTICALS INC 92532F100 29970.00000000 NS USD 14856728.40000000 0.667256801693 Long EC CORP US N 1 N N N FAIR ISAAC CORPORATION RI6HET5SJUEY30V1PS26 FAIR ISAAC CORP 303250104 8009.00000000 NS USD 12814400.00000000 0.575530179283 Long EC CORP US N 1 N N N SYNOPSYS, INC. QG7T915N9S0NY5UKNE63 SYNOPSYS INC 871607107 31214.00000000 NS USD 17427400.48000000 0.782712801434 Long EC CORP US N 1 N N N ORACLE CORPORATION 1Z4GXXU7ZHVWFCD8TV52 ORACLE CORP 68389X105 79901.00000000 NS USD 11142194.45000000 0.500426798712 Long EC CORP US N 1 N N N TESLA, INC. N/A TESLA INC 88160R101 113094.00000000 NS USD 26245724.58000000 1.178768149344 Long EC CORP US N 1 N N N INTUITIVE SURGICAL, INC. 54930052SRG011710797 INTUITIVE SURGICAL INC 46120E602 86198.00000000 NS USD 38324492.78000000 1.721259067973 Long EC CORP US N 1 N N N FRESHPET, INC. 549300S4ZK8ZQ6HNPN59 FRESHPET INC 358039105 28315.00000000 NS USD 3445935.50000000 0.154766503005 Long EC CORP US N 1 N N N BURLINGTON STORES, INC. 5299003Z37DVGKKC1W09 BURLINGTON STORES INC 122017106 65364.00000000 NS USD 17015556.48000000 0.764215747249 Long EC CORP US N 1 N N N AIRBNB, INC. 549300HMUDNO0RY56D37 AIRBNB INC CLASS A 009066101 131207.00000000 NS USD 18311248.92000000 0.822408881714 Long EC CORP US N 1 N N N APPLIED MATERIALS, INC. 41BNNE1AFPNAZELZ6K07 APPLIED MATERIALS INC 038222105 37536.00000000 NS USD 7965139.20000000 0.357736452100 Long EC CORP US N 1 N N N SAIA, INC. 549300WNPG4N9GBOYB29 SAIA INC 78709Y105 27886.00000000 NS USD 11652165.10000000 0.523330992402 Long EC CORP US N 1 N N N MOTOROLA SOLUTIONS, INC. 6S552MUG6KGJVEBSEC55 MOTOROLA SOLUTIONS INC 620076307 77589.00000000 NS USD 30951803.88000000 1.390131198980 Long EC CORP US N 1 N N N ZOETIS INC. 549300HD9Q1LOC9KLJ48 ZOETIS INC 98978V103 110234.00000000 NS USD 19846529.36000000 0.891362576532 Long EC CORP US N 1 N N N 2024-08-30 Victory Portfolios III Allan Shaer Allan Shaer Treasurer XXXX NPORT-EX 2 228_0000908695.htm
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
1
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(20.9%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,899,203
$
40,453
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
256,416
12,395
VictoryShares
Free
Cash
Flow
ETF
..........................................
136,657
4,469
VictoryShares
Hedged
Equity
Income
ETF
.....................................
17,000
435
VictoryShares
International
Value
Momentum
ETF
...............................
267,086
13,111
VictoryShares
International
Volatility
Wtd
ETF
.................................
154,761
6,735
VictoryShares
Short-Term
Bond
ETF
.........................................
443,598
22,317
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
100,000
2,816
VictoryShares
THB
Mid
Cap
ETF
...........................................
226,000
6,421
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
52,387
2,459
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
86,772
7,340
VictoryShares
US
Value
Momentum
ETF
......................................
91,876
7,173
VictoryShares
WestEnd
U.S.
Sector
ETF
(a)
....................................
294,123
11,059
Total
Affiliated
Exchange-Traded
Funds
(Cost
$125,610)
a
a
a
137,183
Affiliated
Mutual
Funds
(78.7%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
227,665
15,996
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
5,609,415
51,831
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
3,295,113
36,905
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
16,053,784
142,558
Victory
Growth
Fund,
Institutional
Shares
.....................................
230,923
8,673
Victory
High
Income
Fund,
Institutional
Shares
.................................
6,072,031
41,472
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
250,702
5,179
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
168,278
4,443
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
4,120,612
34,860
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
65,818
3,198
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
94,664
1,966
Victory
RS
International
Fund,
Class
R6
......................................
1,838,390
23,513
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
9,630,557
87,157
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
591,491
8,748
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
138,914
2,851
Victory
Target
Managed
Allocation
Fund
......................................
2,949,373
31,145
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
1,884,745
15,964
Total
Affiliated
Mutual
Funds
(Cost
$491,318)
a
a
a
516,459
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(c)
........
950
1
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(c)
............
950
1
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.21
%
(c)
...............
950
1
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(c)
.
950
1
Total
Collateral
for
Securities
Loaned
(Cost
$4)
a
a
a
4
Total
Investments
(Cost
$616,932)
—
99.6%
653,646
Other
assets
in
excess
of
liabilities
—
0.4%
2,350
NET
ASSETS
-
100.00%
$
655,996
At
July
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
17.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
15,778
$
48
$
(
1,355
)
$
254
$
—
$
1,271
$
15,996
$
48
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
49,546
384
—
—
—
1,901
51,831
581
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
35,855
—
(
2,004
)
280
—
2,774
36,905
—
Victory
Government
Securities
Fund,
Institutional
Shares
..
136,713
880
—
—
—
4,965
142,558
1,326
Victory
Growth
Fund,
Institutional
Shares
.......
9,257
—
(
1,558
)
787
—
187
8,673
—
Victory
High
Income
Fund,
Institutional
Shares
.......
40,190
797
—
—
—
485
41,472
798
Victory
Income
Stock
Fund,
Institutional
Shares
.......
4,804
28
—
—
—
347
5,179
28
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
4,156
—
—
—
—
287
4,443
—
Victory
Market
Neutral
Income
Fund,
Class
I
...........
34,611
494
—
—
—
(
245
)
34,860
495
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
2,876
—
—
—
—
322
3,198
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
2,646
—
(
1,000
)
327
—
(
7
)
1,966
—
Victory
RS
International
Fund,
Class
R6
..............
22,024
—
—
—
—
1,489
23,513
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
89,679
679
(
4,801
)
(
64
)
—
1,664
87,157
1,032
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
7,820
—
—
—
—
928
8,748
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
3,406
—
(
703
)
(
127
)
—
275
2,851
—
Victory
Target
Managed
Allocation
Fund
.........
31,450
—
(
1,996
)
148
—
1,543
31,145
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
15,098
—
—
—
—
866
15,964
—
VictoryShares
Corporate
Bond
ETF
..................
38,927
—
—
—
—
1,526
40,453
383
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
11,949
—
—
—
—
446
12,395
207
VictoryShares
Free
Cash
Flow
ETF
..................
4,228
—
—
—
—
241
4,469
12
VictoryShares
Hedged
Equity
Income
ETF
............
—
434
—
—
—
1
435
—
VictoryShares
International
Value
Momentum
ETF
....
14,859
—
(
2,217
)
(
105
)
—
574
13,111
198
VictoryShares
International
Volatility
Wtd
ETF
.......
6,442
—
—
—
—
293
6,735
78
VictoryShares
Short-Term
Bond
ETF
..................
21,963
—
—
—
—
354
22,317
280
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
2,560
—
—
—
—
256
2,816
9
VictoryShares
THB
Mid
Cap
ETF
..................
6,024
—
—
—
—
397
6,421
—
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
$
2,690
$
—
$
(
467
)
$
152
$
—
$
84
$
2,459
$
10
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
6,567
—
—
—
—
773
7,340
19
VictoryShares
US
Value
Momentum
ETF
.........
6,659
—
—
—
—
514
7,173
24
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
10,799
—
(
760
)
197
—
823
11,059
23
$
639,576
$
3,744
$
(
16,861
)
$
1,849
$
—
$
25,334
$
653,642
$
5,551
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
4
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(25.7%)
VictoryShares
Corporate
Bond
ETF
..........................................
2,167,524
$
46,168
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
609,025
29,440
VictoryShares
Free
Cash
Flow
ETF
(a)
........................................
433,670
14,181
VictoryShares
Hedged
Equity
Income
ETF
.....................................
186,000
4,759
VictoryShares
International
Value
Momentum
ETF
...............................
792,228
38,889
VictoryShares
International
Volatility
Wtd
ETF
.................................
443,850
19,316
VictoryShares
Short-Term
Bond
ETF
.........................................
905,079
45,535
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
357,000
10,053
VictoryShares
THB
Mid
Cap
ETF
...........................................
782,000
22,217
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
126,132
5,921
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
244,422
20,675
VictoryShares
US
Value
Momentum
ETF
(a)
....................................
330,169
25,779
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
965,197
36,292
Total
Affiliated
Exchange-Traded
Funds
(Cost
$275,674)
a
a
a
319,225
Affiliated
Mutual
Funds
(74.0%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
868,463
61,018
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
7,182,719
66,368
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
10,038,213
112,428
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
21,697,499
192,674
Victory
Growth
Fund,
Institutional
Shares
.....................................
559,350
21,009
Victory
High
Income
Fund,
Institutional
Shares
.................................
7,100,298
48,495
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
902,368
18,643
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
629,885
16,629
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
3,482,628
29,463
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
539,437
26,211
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
261,845
5,438
Victory
RS
International
Fund,
Class
R6
......................................
5,103,647
65,276
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
7,641,316
69,154
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
1,687,620
24,960
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
529,376
10,863
Victory
Target
Managed
Allocation
Fund
......................................
9,825,862
103,761
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
5,549,422
47,004
Total
Affiliated
Mutual
Funds
(Cost
$833,910)
a
a
a
919,394
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(c)
........
70,956
71
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(c)
............
70,956
71
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.21
%
(c)
...............
70,956
71
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(c)
.
70,956
71
Total
Collateral
for
Securities
Loaned
(Cost
$284)
a
a
a
284
Total
Investments
(Cost
$1,109,868)
—
99.7%
1,238,903
Other
assets
in
excess
of
liabilities
—
0.3%
3,279
NET
ASSETS
-
100.00%
$
1,242,182
At
July
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
26.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
59,693
$
174
$
(
4,443
)
$
447
$
—
$
5,147
$
61,018
$
174
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
63,442
492
—
—
—
2,434
66,368
744
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
111,113
—
(
8,166
)
1,113
—
8,368
112,428
—
Victory
Government
Securities
Fund,
Institutional
Shares
..
184,775
1,190
—
—
—
6,709
192,674
1,791
Victory
Growth
Fund,
Institutional
Shares
.......
19,024
—
—
—
—
1,985
21,009
—
Victory
High
Income
Fund,
Institutional
Shares
.......
46,996
934
—
—
—
565
48,495
934
Victory
Income
Stock
Fund,
Institutional
Shares
.......
17,292
99
—
—
—
1,252
18,643
99
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
15,558
—
—
—
—
1,071
16,629
—
Victory
Market
Neutral
Income
Fund,
Class
I
...........
29,253
418
—
—
—
(
208
)
29,463
418
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
23,573
—
—
—
—
2,638
26,211
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
4,818
—
—
—
—
620
5,438
—
Victory
RS
International
Fund,
Class
R6
..............
61,142
—
—
—
—
4,134
65,276
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
67,423
512
—
—
—
1,219
69,154
784
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
22,310
—
—
—
—
2,650
24,960
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
10,497
—
—
—
—
366
10,863
—
Victory
Target
Managed
Allocation
Fund
.........
102,163
—
(
3,994
)
24
—
5,568
103,761
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
44,451
—
—
—
—
2,553
47,004
—
VictoryShares
Corporate
Bond
ETF
..................
41,967
2,515
—
—
—
1,686
46,168
430
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
28,381
—
—
—
—
1,059
29,440
492
VictoryShares
Free
Cash
Flow
ETF
..................
13,418
—
—
—
—
763
14,181
39
VictoryShares
Hedged
Equity
Income
ETF
............
—
4,717
—
—
—
42
4,759
—
VictoryShares
International
Value
Momentum
ETF
....
40,564
—
(
2,998
)
(
168
)
—
1,491
38,889
587
VictoryShares
International
Volatility
Wtd
ETF
.......
18,476
—
—
—
—
840
19,316
223
VictoryShares
Short-Term
Bond
ETF
..................
44,810
—
—
—
—
725
45,535
571
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
9,141
—
—
—
—
912
10,053
31
VictoryShares
THB
Mid
Cap
ETF
..................
22,843
—
(
2,113
)
46
—
1,441
22,217
—
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
$
9,921
$
—
$
(
4,847
)
$
1,563
$
—
$
(
716
)
$
5,921
$
36
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
18,498
—
—
—
—
2,177
20,675
53
VictoryShares
US
Value
Momentum
ETF
.........
23,929
—
—
—
—
1,850
25,779
86
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
36,346
—
(
3,473
)
1,000
—
2,419
36,292
79
$
1,191,817
$
11,051
$
(
30,034
)
$
4,025
$
—
$
61,760
$
1,238,619
$
7,571
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
7
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(29.0%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,619,335
$
34,492
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
1,056,858
51,088
VictoryShares
Free
Cash
Flow
ETF
..........................................
729,836
23,866
VictoryShares
Hedged
Equity
Income
ETF
.....................................
186,000
4,759
VictoryShares
International
Value
Momentum
ETF
...............................
1,385,375
68,006
VictoryShares
International
Volatility
Wtd
ETF
.................................
654,183
28,470
VictoryShares
Short-Term
Bond
ETF(a)
.......................................
654,890
32,947
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
557,093
15,688
VictoryShares
THB
Mid
Cap
ETF
...........................................
1,451,000
41,223
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF(a)
.........................
268,496
12,603
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
400,524
33,880
VictoryShares
US
Value
Momentum
ETF
......................................
576,654
45,023
VictoryShares
WestEnd
U.S.
Sector
ETF(a)
....................................
1,793,537
67,437
Total
Affiliated
Exchange-Traded
Funds
(Cost
$381,608)
a
a
a
459,482
Affiliated
Mutual
Funds
(70.8%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
1,540,799
108,256
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
4,619,123
42,681
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
17,375,116
194,601
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
11,493,763
102,065
Victory
Growth
Fund,
Institutional
Shares
.....................................
970,118
36,438
Victory
High
Income
Fund,
Institutional
Shares
.................................
8,157,438
55,715
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,467,535
30,319
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
1,131,316
29,867
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
2,589,477
21,907
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
941,523
45,749
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
291,216
6,049
Victory
RS
International
Fund,
Class
R6
......................................
8,299,496
106,150
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
2,988,752
27,048
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
2,730,254
40,380
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
805,788
16,535
Victory
Target
Managed
Allocation
Fund
......................................
17,463,056
184,410
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
9,088,045
76,976
Total
Affiliated
Mutual
Funds
(Cost
$960,209)
a
a
a
1,125,146
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(c)
........
159,750
160
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(c)
............
159,750
160
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.21%(c)
...............
159,750
160
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(c)
.
159,750
159
Total
Collateral
for
Securities
Loaned
(Cost
$639)
a
a
a
639
Total
Investments
(Cost
$1,342,456)
—
99.8%
1,585,267
Other
assets
in
excess
of
liabilities
—
0.2%
3,516
NET
ASSETS
-
100.00%
$
1,588,783
At
July
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
34.1%
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
July
31,
2024.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
101,375
$
306
$
(3,221)
$
438
$
—
$
9,358
$
108,256
$
305
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
40,799
316
—
—
—
1,566
42,681
479
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
188,484
—
(9,963)
986
—
15,094
194,601
—
Victory
Government
Securities
Fund,
Institutional
Shares
..
97,880
630
—
—
—
3,555
102,065
949
Victory
Growth
Fund,
Institutional
Shares
.......
32,994
—
—
—
—
3,444
36,438
—
Victory
High
Income
Fund,
Institutional
Shares
.......
53,993
1,072
—
—
—
650
55,715
1,072
Victory
Income
Stock
Fund,
Institutional
Shares
.......
28,122
162
—
—
—
2,035
30,319
162
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
27,944
—
—
—
—
1,923
29,867
—
Victory
Market
Neutral
Income
Fund,
Class
I
...........
21,750
311
—
—
—
(154)
21,907
311
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
41,145
—
—
—
—
4,604
45,749
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
5,358
—
—
—
—
691
6,049
—
Victory
RS
International
Fund,
Class
R6
..............
99,428
—
—
—
—
6,722
106,150
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
26,371
200
—
—
—
477
27,048
307
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
36,094
—
—
—
—
4,286
40,380
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
15,979
—
—
—
—
556
16,535
—
Victory
Target
Managed
Allocation
Fund
.........
180,539
—
(5,990)
(241)
—
10,102
184,410
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
72,795
—
—
—
—
4,181
76,976
—
VictoryShares
Corporate
Bond
ETF
..................
30,116
3,144
—
—
—
1,232
34,492
317
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
49,250
—
—
—
—
1,838
51,088
854
VictoryShares
Free
Cash
Flow
ETF
..................
22,581
—
—
—
—
1,285
23,866
65
VictoryShares
Hedged
Equity
Income
ETF
............
—
4,717
—
—
—
42
4,759
—
VictoryShares
International
Value
Momentum
ETF
....
67,736
—
(1,998)
(158)
—
2,426
68,006
1,026
VictoryShares
International
Volatility
Wtd
ETF
.......
27,232
—
—
—
—
1,238
28,470
329
VictoryShares
Short-Term
Bond
ETF
..................
32,424
—
—
—
—
523
32,947
413
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
14,264
—
—
—
—
1,424
15,688
48
VictoryShares
THB
Mid
Cap
ETF
..................
38,676
—
—
—
—
2,547
41,223
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
16,058
—
(4,847)
1,563
—
(171)
12,603
58
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
$
30,311
$
—
$
—
$
—
$
—
$
3,569
$
33,880
$
87
VictoryShares
US
Value
Momentum
ETF
.........
41,792
—
—
—
—
3,231
45,023
150
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
62,865
—
(1,329)
381
—
5,520
67,437
139
$
1,504,355
$
10,858
$
(27,348)
$
2,969
$
—
$
93,794
$
1,584,628
$
7,071
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
10
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(29.8%)
VictoryShares
Corporate
Bond
ETF
..........................................
608,750
$
12,966
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
746,226
36,073
VictoryShares
Free
Cash
Flow
ETF
..........................................
528,080
17,268
VictoryShares
International
Value
Momentum
ETF
...............................
1,035,667
50,839
VictoryShares
International
Volatility
Wtd
ETF
.................................
442,741
19,268
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
392,062
11,041
VictoryShares
THB
Mid
Cap
ETF
...........................................
1,061,432
30,155
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
288,087
13,523
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
281,624
23,822
VictoryShares
US
Value
Momentum
ETF
......................................
434,568
33,930
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
1,318,725
49,584
Total
Affiliated
Exchange-Traded
Funds
(Cost
$240,555)
a
a
a
298,469
Affiliated
Mutual
Funds
(69.8%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
1,105,486
77,671
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
2,766,493
25,562
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
12,346,479
138,281
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
3,760,076
33,389
Victory
Growth
Fund,
Institutional
Shares
.....................................
828,937
31,135
Victory
High
Income
Fund,
Institutional
Shares
.................................
1,257,677
8,590
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,022,749
21,130
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
765,371
20,206
Victory
Market
Neutral
Income
Fund,
Class
I
...................................
822,078
6,955
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
671,385
32,623
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
163,609
3,398
Victory
RS
International
Fund,
Class
R6
......................................
5,623,113
71,920
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
99,590
901
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
1,925,833
28,483
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
627,825
12,883
Victory
Target
Managed
Allocation
Fund
......................................
12,444,379
131,413
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
6,223,906
52,716
Total
Affiliated
Mutual
Funds
(Cost
$576,652)
a
a
a
697,256
Total
Investments
(Cost
$817,207)
—
99.6%
995,725
Other
assets
in
excess
of
liabilities
—
0.4%
3,716
NET
ASSETS
-
100.00%
$
999,441
At
July
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
38.2%
of
net
assets.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
74,403
$
218
$
(
4,015
)
$
454
$
—
$
6,611
$
77,671
$
218
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
24,435
189
—
—
—
938
25,562
287
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
132,902
—
(
6,050
)
(
28
)
—
11,457
138,281
—
Victory
Government
Securities
Fund,
Institutional
Shares
..
32,021
205
—
—
—
1,163
33,389
310
Victory
Growth
Fund,
Institutional
Shares
.......
29,151
—
(
997
)
686
—
2,295
31,135
—
Victory
High
Income
Fund,
Institutional
Shares
.......
8,324
166
—
—
—
100
8,590
165
Victory
Income
Stock
Fund,
Institutional
Shares
.......
19,598
113
—
—
—
1,419
21,130
113
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
18,905
—
—
—
—
1,301
20,206
—
Victory
Market
Neutral
Income
Fund,
Class
I
...........
6,905
99
—
—
—
(
49
)
6,955
99
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
29,340
—
—
—
—
3,283
32,623
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
3,010
—
—
—
—
388
3,398
—
Victory
RS
International
Fund,
Class
R6
..............
67,365
—
—
—
—
4,555
71,920
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
879
6
—
—
—
16
901
10
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
25,460
—
—
—
—
3,023
28,483
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
12,450
—
—
—
—
433
12,883
—
Victory
Target
Managed
Allocation
Fund
.........
125,532
—
(
998
)
(
49
)
—
6,928
131,413
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
49,853
—
—
—
—
2,863
52,716
—
VictoryShares
Corporate
Bond
ETF
..................
10,530
1,991
—
—
—
445
12,966
117
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
34,774
—
—
—
—
1,299
36,073
603
VictoryShares
Free
Cash
Flow
ETF
..................
16,339
—
—
—
—
929
17,268
47
VictoryShares
International
Value
Momentum
ETF
....
49,142
—
—
—
—
1,697
50,839
767
VictoryShares
International
Volatility
Wtd
ETF
.......
18,430
—
—
—
—
838
19,268
223
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
10,038
—
—
—
—
1,003
11,041
34
VictoryShares
THB
Mid
Cap
ETF
..................
28,293
—
—
—
—
1,862
30,155
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
12,420
—
—
—
—
1,103
13,523
45
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
21,313
—
—
—
—
2,509
23,822
61
VictoryShares
US
Value
Momentum
ETF
.........
31,495
—
—
—
—
2,435
33,930
113
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
$
47,469
$
—
$
(
2,334
)
$
642
$
—
$
3,807
$
49,584
$
104
$
940,776
$
2,987
$
(
14,394
)
$
1,705
$
—
$
64,651
$
995,725
$
3,316
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
13
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(30.0%)
VictoryShares
Corporate
Bond
ETF
..........................................
81,206
$
1,730
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
108,347
5,237
VictoryShares
Free
Cash
Flow
ETF
..........................................
79,736
2,607
VictoryShares
International
Value
Momentum
ETF
...............................
148,180
7,274
VictoryShares
International
Volatility
Wtd
ETF
.................................
75,768
3,297
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
57,000
1,605
VictoryShares
THB
Mid
Cap
ETF
...........................................
160,000
4,546
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
43,625
2,048
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
40,988
3,467
VictoryShares
US
Value
Momentum
ETF
......................................
64,597
5,044
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
207,979
7,820
Total
Affiliated
Exchange-Traded
Funds
(Cost
$35,688)
a
a
a
44,675
Affiliated
Mutual
Funds
(69.4%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
180,512
12,683
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
365,796
3,380
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
1,877,835
21,032
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
589,121
5,232
Victory
Growth
Fund,
Institutional
Shares
.....................................
125,152
4,701
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
171,996
3,554
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
110,466
2,916
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
106,796
5,189
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
20,334
422
Victory
RS
International
Fund,
Class
R6
......................................
822,149
10,515
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
125
1
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
281,770
4,167
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
91,337
1,874
Victory
Target
Managed
Allocation
Fund
......................................
1,876,152
19,812
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
907,214
7,684
Total
Affiliated
Mutual
Funds
(Cost
$87,385)
a
a
a
103,162
Total
Investments
(Cost
$123,073)
—
99.4%
147,837
Other
assets
in
excess
of
liabilities
—
0.6%
878
NET
ASSETS
-
100.00%
$
148,715
At
July
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
38.3%
of
net
assets.
ETF
—
Exchange-Traded
Fund
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
11,542
$
35
$
—
$
—
$
—
$
1,106
$
12,683
$
35
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
3,220
528
(
501
)
(
100
)
—
233
3,380
43
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
20,298
—
(
1,005
)
(
9
)
—
1,748
21,032
—
Victory
Government
Securities
Fund,
Institutional
Shares
..
4,526
532
—
—
*
—
174
5,232
48
Victory
Growth
Fund,
Institutional
Shares
.......
4,257
—
—
—
—
444
4,701
—
Victory
Income
Stock
Fund,
Institutional
Shares
.......
3,296
19
—
—
—
239
3,554
19
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
$
2,729
$
—
$
—
$
—
$
—
$
187
$
2,916
$
—
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
4,667
—
—
—
—
522
5,189
—
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
374
—
—
—
—
48
422
—
Victory
RS
International
Fund,
Class
R6
..............
9,849
—
—
—
—
666
10,515
—
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
1
—
*
—
—
—
—
*
1
–
*
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
3,725
—
—
—
—
442
4,167
—
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
1,811
—
—
—
—
63
1,874
—
Victory
Target
Managed
Allocation
Fund
.........
18,780
—
—
—
—
1,032
19,812
—
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
7,267
—
—
—
—
417
7,684
—
VictoryShares
Corporate
Bond
ETF
..................
1,377
293
—
—
—
60
1,730
16
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
5,049
—
—
—
—
188
5,237
87
VictoryShares
Free
Cash
Flow
ETF
..................
2,467
—
—
—
—
140
2,607
7
VictoryShares
International
Value
Momentum
ETF
....
7,031
—
—
—
—
243
7,274
109
VictoryShares
International
Volatility
Wtd
ETF
.......
3,154
—
—
—
—
143
3,297
38
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
1,459
—
—
—
—
146
1,605
5
VictoryShares
THB
Mid
Cap
ETF
..................
4,265
—
—
—
—
281
4,546
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
1,881
—
—
—
—
167
2,048
7
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
3,102
—
—
—
—
365
3,467
9
VictoryShares
US
Value
Momentum
ETF
.........
4,682
—
—
—
—
362
5,044
17
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
7,150
—
—
—
—
670
7,820
16
$
137,959
$
1,407
$
(
1,506
)
$
(
109
)
$
—
$
10,086
$
147,837
$
456
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
500
Index
Fund
15
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.8%)
Communication
Services
(8.9%):
Alphabet,
Inc.,
Class
A
...................................................
1,528,755
$
262,243
Alphabet,
Inc.,
Class
C
...................................................
1,365,358
236,412
AT&T,
Inc.
...........................................................
1,869,316
35,984
Charter
Communications,
Inc.,
Class
A(a)
.....................................
25,411
9,649
Comcast
Corp.,
Class
A
..................................................
1,014,239
41,858
Electronic
Arts,
Inc.
.....................................................
62,828
9,483
Fox
Corp.,
Class
A
......................................................
59,831
2,276
Fox
Corp.,
Class
B
......................................................
34,456
1,221
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A(a)
............................
5,850
433
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C(a)
............................
52,975
4,284
Live
Nation
Entertainment,
Inc.(a)
...........................................
40,021
3,850
Meta
Platforms,
Inc.,
Class
A
..............................................
570,814
271,039
Netflix,
Inc.(a)
.........................................................
111,487
70,053
Omnicom
Group,
Inc.
....................................................
50,530
4,954
Pinterest,
Inc.,
Class
A(a)
.................................................
153,973
4,919
ROBLOX
Corp.,
Class
A(a)
...............................................
130,150
5,404
Snap,
Inc.,
Class
A(a)(b)
..................................................
269,820
3,594
Take-Two
Interactive
Software,
Inc.(a)
........................................
41,139
6,193
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
98,147
3,157
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
115,239
10,358
The
Walt
Disney
Co.
....................................................
475,499
44,549
T-Mobile
US,
Inc.
......................................................
112,881
20,576
Verizon
Communications,
Inc.
..............................................
1,098,129
44,496
Warner
Bros
Discovery,
Inc.(a)
.............................................
578,729
5,006
1,101,991
Communications
Equipment
(0.7%):
Arista
Networks,
Inc.(a)
..................................................
66,899
23,184
Cisco
Systems,
Inc.
.....................................................
1,049,148
50,831
Motorola
Solutions,
Inc.
..................................................
43,350
17,293
91,308
Consumer
Discretionary
(9.7%):
Airbnb,
Inc.,
Class
A(a)
..................................................
109,354
15,261
Amazon.com,
Inc.(a)
....................................................
2,416,692
451,873
Aptiv
PLC(a)
..........................................................
70,594
4,898
AutoZone,
Inc.(a)
.......................................................
4,443
13,923
Best
Buy
Co.,
Inc.
......................................................
51,341
4,442
Booking
Holdings,
Inc.
...................................................
8,836
32,826
Carnival
Corp.(a)
.......................................................
260,443
4,339
Chipotle
Mexican
Grill,
Inc.(a)
.............................................
356,100
19,343
D.R.
Horton,
Inc.
.......................................................
75,587
13,600
Darden
Restaurants,
Inc.
..................................................
31,028
4,539
Deckers
Outdoor
Corp.(a)
.................................................
6,582
6,073
Domino's
Pizza,
Inc.
.....................................................
9,053
3,881
DoorDash,
Inc.,
Class
A(a)
................................................
79,124
8,761
DraftKings,
Inc.(a)
......................................................
121,371
4,485
eBay,
Inc.
............................................................
130,603
7,263
Expedia
Group,
Inc.(a)
...................................................
32,930
4,204
Ford
Motor
Co.
........................................................
1,020,922
11,046
Garmin
Ltd.
...........................................................
40,309
6,903
General
Motors
Co.
.....................................................
297,108
13,168
Genuine
Parts
Co.
......................................................
36,222
5,329
Hilton
Worldwide
Holdings,
Inc.
............................................
69,109
14,836
Las
Vegas
Sands
Corp.
...................................................
103,432
4,103
Lennar
Corp.,
Class
A
....................................................
62,374
11,036
Lennar
Corp.,
Class
B
...................................................
2,516
415
Lowe's
Cos.,
Inc.
.......................................................
148,569
36,475
Lululemon
Athletica,
Inc.(a)
...............................................
28,557
7,386
Marriott
International,
Inc.,
Class
A
..........................................
62,352
14,173
McDonald's
Corp.
......................................................
188,018
49,900
Victory
Portfolios
III
Victory
500
Index
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
MGM
Resorts
International(a)
..............................................
64,299
$
2,763
NIKE,
Inc.,
Class
B
.....................................................
305,512
22,871
NVR,
Inc.(a)
..........................................................
781
6,722
O'Reilly
Automotive,
Inc.(a)
...............................................
15,232
17,156
Pool
Corp.
............................................................
9,709
3,632
PulteGroup,
Inc.
........................................................
54,491
7,193
Ross
Stores,
Inc.
.......................................................
85,294
12,217
Royal
Caribbean
Cruises
Ltd.(a)
............................................
61,750
9,677
Starbucks
Corp.
........................................................
289,529
22,569
Tesla,
Inc.(a)
..........................................................
724,243
168,075
The
Home
Depot,
Inc.
...................................................
258,656
95,227
The
TJX
Cos.,
Inc.
......................................................
294,574
33,293
Tractor
Supply
Co.
......................................................
28,054
7,387
Ulta
Beauty,
Inc.(a)
.....................................................
12,425
4,534
Williams-Sonoma,
Inc.
...................................................
32,230
4,985
Yum!
Brands,
Inc.
......................................................
73,394
9,749
1,202,531
Consumer
Staples
(5.8%):
Albertsons
Cos.,
Inc.,
Class
A
..............................................
87,229
1,730
Altria
Group,
Inc.
.......................................................
447,688
21,941
Archer-Daniels-Midland
Co.
...............................................
128,162
7,947
Brown-Forman
Corp.,
Class
A
..............................................
12,677
578
Brown-Forman
Corp.,
Class
B
.............................................
77,168
3,485
Campbell
Soup
Co.
.....................................................
51,412
2,409
Celsius
Holdings,
Inc.(a)
..................................................
40,732
1,907
Church
&
Dwight
Co.,
Inc.
................................................
63,710
6,244
Colgate-Palmolive
Co.
...................................................
213,915
21,218
ConAgra
Brands,
Inc.
....................................................
124,150
3,764
Constellation
Brands,
Inc.,
Class
A
..........................................
39,828
9,764
Costco
Wholesale
Corp.
..................................................
115,444
94,895
Dollar
General
Corp.
....................................................
57,218
6,888
Dollar
Tree,
Inc.(a)
......................................................
56,062
5,850
General
Mills,
Inc.
......................................................
146,871
9,861
Hormel
Foods
Corp.
.....................................................
75,718
2,431
Kellanova
............................................................
74,965
4,359
Kenvue,
Inc.
..........................................................
499,447
9,235
Keurig
Dr.
Pepper,
Inc.
...................................................
275,264
9,436
Kimberly-Clark
Corp.
....................................................
87,734
11,848
Lamb
Weston
Holdings,
Inc.
...............................................
36,973
2,219
McCormick
&
Co.,
Inc.
..................................................
69,030
5,316
Mondelez
International,
Inc.,
Class
A
.........................................
348,871
23,845
Monster
Beverage
Corp.(a)
................................................
197,761
10,175
PepsiCo,
Inc.
..........................................................
357,610
61,749
Philip
Morris
International,
Inc.
.............................................
405,040
46,644
Sysco
Corp.
...........................................................
129,755
9,946
Target
Corp.
..........................................................
120,433
18,114
The
Clorox
Co.
........................................................
32,355
4,269
The
Coca-Cola
Co.
......................................................
1,115,670
74,460
The
Estee
Lauder
Cos.,
Inc.
...............................................
60,562
6,033
The
Hershey
Co.
.......................................................
38,402
7,584
The
J.M.
Smucker
Co.
...................................................
27,027
3,188
The
Kraft
Heinz
Co.
.....................................................
315,684
11,115
The
Kroger
Co.
........................................................
188,422
10,269
The
Procter
&
Gamble
Co.
................................................
615,661
98,974
Tyson
Foods,
Inc.,
Class
A
................................................
72,824
4,435
Walgreens
Boots
Alliance,
Inc.
.............................................
185,762
2,205
Walmart,
Inc.
..........................................................
1,130,660
77,609
713,939
Electronic
Equipment,
Instruments
&
Components
(0.6%):
Amphenol
Corp.,
Class
A
.................................................
311,793
20,036
CDW
Corp.
...........................................................
34,969
7,627
Victory
Portfolios
III
Victory
500
Index
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Corning,
Inc.
..........................................................
201,952
$
8,080
Jabil,
Inc.
............................................................
30,295
3,413
Keysight
Technologies,
Inc.(a)
.............................................
45,197
6,308
TE
Connectivity
Ltd.
....................................................
79,819
12,318
Teledyne
Technologies,
Inc.(a)
.............................................
12,220
5,155
Trimble,
Inc.(a)
........................................................
63,507
3,464
Zebra
Technologies
Corp.(a)
...............................................
13,311
4,675
71,076
Energy
(3.8%):
Baker
Hughes
Co.
......................................................
260,126
10,072
Cheniere
Energy,
Inc.
....................................................
59,002
10,776
Chevron
Corp.
.........................................................
480,874
77,166
ConocoPhillips
Co.
.....................................................
303,623
33,763
Coterra
Energy,
Inc.
.....................................................
190,741
4,921
Devon
Energy
Corp.
.....................................................
163,724
7,700
Diamondback
Energy,
Inc.
................................................
46,310
9,369
EOG
Resources,
Inc.
....................................................
149,616
18,971
EQT
Corp.
............................................................
108,049
3,729
Exxon
Mobil
Corp.
.....................................................
1,169,171
138,652
Halliburton
Co.
........................................................
230,083
7,979
Hess
Corp.
............................................................
72,764
11,163
Kinder
Morgan,
Inc.
.....................................................
505,080
10,672
Marathon
Oil
Corp.
.....................................................
146,660
4,114
Marathon
Petroleum
Corp.
................................................
91,750
16,242
Occidental
Petroleum
Corp.
...............................................
230,722
14,033
ONEOK,
Inc.
..........................................................
152,013
12,667
Phillips
66
Co.
.........................................................
110,380
16,058
Schlumberger
NV
......................................................
372,278
17,977
Targa
Resources
Corp.
...................................................
56,855
7,691
Texas
Pacific
Land
Corp.
.................................................
5,991
5,062
The
Williams
Cos.,
Inc.
..................................................
316,900
13,608
Valero
Energy
Corp.
.....................................................
84,898
13,730
466,115
Financials
(13.3%):
Aflac,
Inc.
............................................................
133,533
12,736
American
Express
Co.
...................................................
187,506
47,446
American
International
Group,
Inc.
..........................................
172,713
13,684
Ameriprise
Financial,
Inc.
.................................................
25,877
11,129
Aon
PLC,
Class
A
......................................................
56,090
18,426
Apollo
Global
Management,
Inc.
............................................
105,536
13,225
Arch
Capital
Group
Ltd.(a)
................................................
94,661
9,067
Ares
Management
Corp.,
Class
A
...........................................
43,697
6,694
Arthur
J.
Gallagher
&
Co.
.................................................
56,379
15,983
Bank
of
America
Corp.
...................................................
2,037,654
82,138
Berkshire
Hathaway,
Inc.,
Class
A(a)
.........................................
89
58,670
Berkshire
Hathaway,
Inc.,
Class
B(a)
.........................................
340,820
149,450
BlackRock,
Inc.
........................................................
38,366
33,628
Blackstone,
Inc.
........................................................
184,575
26,237
Block,
Inc.(a)
..........................................................
142,707
8,831
Brown
&
Brown,
Inc.
....................................................
61,436
6,109
Capital
One
Financial
Corp.
...............................................
98,345
14,889
Cboe
Global
Markets,
Inc.
................................................
27,327
5,015
Chubb
Ltd.
...........................................................
105,389
29,051
Cincinnati
Financial
Corp.
................................................
40,114
5,240
Citigroup,
Inc.
.........................................................
496,307
32,200
Citizens
Financial
Group,
Inc.
..............................................
117,850
5,029
CME
Group,
Inc.
.......................................................
93,670
18,145
Coinbase
Global,
Inc.,
Class
A(a)
...........................................
49,108
11,018
Corebridge
Financial,
Inc.
.................................................
57,470
1,698
Discover
Financial
Services
...............................................
65,069
9,369
Everest
Group
Ltd.
......................................................
8,648
3,397
Victory
Portfolios
III
Victory
500
Index
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
FactSet
Research
Systems,
Inc.
.............................................
9,927
$
4,101
Fidelity
National
Information
Services,
Inc.
....................................
145,060
11,145
Fifth
Third
Bancorp
.....................................................
177,380
7,510
First
Citizens
Bancshares,
Inc.,
Class
A
.......................................
2,668
5,570
Fiserv,
Inc.(a)
..........................................................
151,525
24,785
Franklin
Resources,
Inc.
..................................................
66,151
1,513
Global
Payments,
Inc.
....................................................
66,050
6,713
Huntington
Bancshares,
Inc.
...............................................
373,391
5,582
Intercontinental
Exchange,
Inc.
.............................................
148,454
22,500
Jack
Henry
&
Associates,
Inc.
..............................................
18,904
3,242
JPMorgan
Chase
&
Co.
..................................................
746,649
158,887
KKR
&
Co.,
Inc.
.......................................................
175,209
21,629
Loews
Corp.
..........................................................
47,788
3,821
LPL
Financial
Holdings,
Inc.
...............................................
19,333
4,283
M&T
Bank
Corp.
.......................................................
43,316
7,458
Markel
Group,
Inc.(a)
....................................................
3,329
5,456
Marsh
&
McLennan
Cos.,
Inc.
.............................................
128,692
28,643
Mastercard,
Inc.,
Class
A
.................................................
215,893
100,112
MetLife,
Inc.
..........................................................
155,127
11,921
Moody's
Corp.
.........................................................
47,559
21,710
Morgan
Stanley
........................................................
324,551
33,497
MSCI,
Inc.
...........................................................
20,008
10,819
Nasdaq,
Inc.
..........................................................
96,748
6,548
Northern
Trust
Corp.
....................................................
52,606
4,663
PayPal
Holdings,
Inc.(a)
..................................................
272,090
17,898
Principal
Financial
Group,
Inc.
.............................................
60,795
4,955
Prudential
Financial,
Inc.
.................................................
93,519
11,720
Raymond
James
Financial,
Inc.
.............................................
48,757
5,656
Regions
Financial
Corp.
..................................................
238,283
5,330
S&P
Global,
Inc.
.......................................................
81,546
39,528
State
Street
Corp.
.......................................................
78,196
6,644
Synchrony
Financial
.....................................................
104,073
5,286
T.
Rowe
Price
Group,
Inc.
.................................................
56,976
6,507
The
Allstate
Corp.
......................................................
68,482
11,719
The
Bank
of
New
York
Mellon
Corp.
.........................................
194,628
12,664
The
Charles
Schwab
Corp.
................................................
436,686
28,467
The
Goldman
Sachs
Group,
Inc.
............................................
83,734
42,623
The
Hartford
Financial
Services
Group,
Inc.
....................................
76,916
8,531
The
PNC
Financial
Services
Group,
Inc.
......................................
103,433
18,732
The
Progressive
Corp.
...................................................
152,432
32,639
The
Travelers
Cos.,
Inc.
..................................................
59,511
12,881
Truist
Financial
Corp.
....................................................
348,136
15,558
U.S.
Bancorp
..........................................................
406,392
18,239
Visa,
Inc.,
Class
A
......................................................
409,699
108,845
W.R.
Berkley
Corp.
.....................................................
78,634
4,335
Wells
Fargo
&
Co.
......................................................
908,608
53,917
Willis
Towers
Watson
PLC
................................................
26,575
7,502
1,640,788
Health
Care
(11.8%):
Abbott
Laboratories
.....................................................
450,795
47,757
AbbVie,
Inc.
..........................................................
460,451
85,331
Agilent
Technologies,
Inc.
.................................................
75,830
10,722
Align
Technology,
Inc.(a)
.................................................
18,333
4,251
Alnylam
Pharmaceuticals,
Inc.(a)
...........................................
32,828
7,795
Amgen,
Inc.
...........................................................
139,688
46,442
Avantor,
Inc.(a)
........................................................
172,739
4,621
Baxter
International,
Inc.
.................................................
132,413
4,743
Becton
Dickinson
&
Co.
..................................................
75,327
18,158
Biogen,
Inc.(a)
.........................................................
37,715
8,041
BioMarin
Pharmaceutical,
Inc.(a)
...........................................
48,620
4,100
Boston
Scientific
Corp.(a)
.................................................
381,988
28,221
Bristol-Myers
Squibb
Co.
.................................................
528,688
25,144
Victory
Portfolios
III
Victory
500
Index
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Cardinal
Health,
Inc.
....................................................
63,196
$
6,372
Cencora,
Inc.
..........................................................
45,508
10,825
Centene
Corp.(a)
.......................................................
137,829
10,602
CVS
Health
Corp.
......................................................
327,078
19,733
Danaher
Corp.
.........................................................
176,318
48,854
Dexcom,
Inc.(a)
........................................................
102,192
6,931
Edwards
Lifesciences
Corp.(a)
.............................................
154,766
9,758
Elevance
Health,
Inc.
....................................................
60,381
32,125
Eli
Lilly
&
Co.
.........................................................
221,862
178,437
GE
HealthCare
Technologies,
Inc.
...........................................
110,778
9,375
Gilead
Sciences,
Inc.
....................................................
324,880
24,710
HCA
Healthcare,
Inc.
....................................................
49,457
17,955
Hologic,
Inc.(a)
........................................................
60,124
4,907
Humana,
Inc.
..........................................................
31,366
11,342
IDEXX
Laboratories,
Inc.(a)
...............................................
21,321
10,151
Illumina,
Inc.(a)
........................................................
41,371
5,072
Incyte
Corp.(a)
.........................................................
57,680
3,753
Insulet
Corp.(a)
........................................................
18,114
3,520
Intuitive
Surgical,
Inc.(a)
.................................................
91,944
40,879
IQVIA
Holdings,
Inc.(a)
..................................................
47,165
11,613
Johnson
&
Johnson
.....................................................
627,137
98,994
Labcorp
Holdings,
Inc.
...................................................
21,916
4,722
McKesson
Corp.
.......................................................
33,821
20,868
Medtronic
PLC
........................................................
342,019
27,471
Merck
&
Co.,
Inc.
......................................................
660,282
74,698
Mettler-Toledo
International,
Inc.(a)
.........................................
5,489
8,349
Moderna,
Inc.(a)
.......................................................
87,920
10,482
Molina
Healthcare,
Inc.(a)
................................................
15,125
5,162
Pfizer,
Inc.
............................................................
1,478,399
45,150
Quest
Diagnostics,
Inc.
...................................................
28,853
4,106
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
27,713
29,908
ResMed,
Inc.
..........................................................
38,055
8,115
Revvity,
Inc.
..........................................................
32,078
4,029
Royalty
Pharma
PLC,
Class
A
..............................................
100,284
2,825
STERIS
PLC
..........................................................
25,726
6,142
Stryker
Corp.
..........................................................
93,300
30,551
The
Cigna
Group
.......................................................
72,758
25,369
The
Cooper
Cos.,
Inc.(a)
..................................................
51,702
4,825
Thermo
Fisher
Scientific,
Inc.
..............................................
99,443
60,992
UnitedHealth
Group,
Inc.
.................................................
239,742
138,130
Veeva
Systems,
Inc.,
Class
A(a)
.............................................
38,420
7,374
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
67,170
33,298
Viatris,
Inc.
...........................................................
309,769
3,736
Waters
Corp.(a)
........................................................
15,453
5,197
West
Pharmaceutical
Services,
Inc.
..........................................
18,904
5,788
Zimmer
Biomet
Holdings,
Inc.
.............................................
53,628
5,972
Zoetis,
Inc.
...........................................................
118,999
21,425
1,455,918
Industrials
(8.5%):
3M
Co.
..............................................................
144,306
18,406
AMETEK,
Inc.
........................................................
60,133
10,432
Automatic
Data
Processing,
Inc.
............................................
106,682
28,017
Axon
Enterprise,
Inc.(a)
..................................................
18,649
5,595
Booz
Allen
Hamilton
Holding
Corp.
.........................................
33,150
4,751
Broadridge
Financial
Solutions,
Inc.
.........................................
30,639
6,557
Builders
FirstSource,
Inc.(a)
...............................................
31,233
5,227
Carlisle
Cos.,
Inc.
.......................................................
12,321
5,157
Carrier
Global
Corp.
.....................................................
219,549
14,953
Caterpillar,
Inc.
........................................................
127,401
44,106
Cintas
Corp.
..........................................................
22,515
17,200
Copart,
Inc.(a)
.........................................................
228,222
11,943
CSX
Corp.
............................................................
509,504
17,884
Victory
Portfolios
III
Victory
500
Index
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Cummins,
Inc.
.........................................................
35,074
$
10,235
Deere
&
Co.
..........................................................
66,707
24,814
Delta
Air
Lines,
Inc.
.....................................................
167,825
7,220
Dover
Corp.
...........................................................
35,692
6,577
Eaton
Corp.
PLC
.......................................................
104,103
31,730
EMCOR
Group,
Inc.
....................................................
12,062
4,529
Emerson
Electric
Co.
....................................................
148,733
17,418
Equifax,
Inc.
..........................................................
32,096
8,967
Expeditors
International
of
Washington,
Inc.
....................................
36,599
4,568
Fastenal
Co.
...........................................................
149,140
10,552
FedEx
Corp.
..........................................................
58,565
17,701
Fortive
Corp.
..........................................................
91,549
6,578
GE
Vernova,
Inc.(a)
.....................................................
71,357
12,719
General
Dynamics
Corp.
..................................................
71,159
21,256
General
Electric
Co.
.....................................................
284,516
48,425
Graco,
Inc.
...........................................................
43,700
3,717
HEICO
Corp.
..........................................................
11,023
2,660
HEICO
Corp.,
Class
A
...................................................
19,785
3,761
Honeywell
International,
Inc.
..............................................
169,810
34,769
Howmet
Aerospace,
Inc.
..................................................
106,701
10,211
Hubbell,
Inc.
..........................................................
13,962
5,524
IDEX
Corp.
...........................................................
19,713
4,110
Illinois
Tool
Works,
Inc.
..................................................
77,617
19,193
Ingersoll
Rand,
Inc.
.....................................................
105,082
10,550
J.B.
Hunt
Transport
Services,
Inc.
...........................................
21,550
3,731
Jacobs
Solutions,
Inc.
....................................................
32,282
4,724
Johnson
Controls
International
PLC
..........................................
175,193
12,533
L3Harris
Technologies,
Inc.
...............................................
49,337
11,194
Leidos
Holdings,
Inc.
....................................................
34,857
5,033
Lennox
International,
Inc.
.................................................
8,333
4,862
Lockheed
Martin
Corp.
...................................................
62,589
33,918
Nordson
Corp.
.........................................................
13,412
3,357
Norfolk
Southern
Corp.
..................................................
58,929
14,706
Northrop
Grumman
Corp.
.................................................
38,518
18,655
Old
Dominion
Freight
Line,
Inc.
............................................
49,075
10,315
Otis
Worldwide
Corp.
....................................................
105,419
9,962
PACCAR,
Inc.
.........................................................
134,343
13,254
Parker-Hannifin
Corp.
...................................................
33,354
18,717
Paychex,
Inc.
..........................................................
83,863
10,736
Quanta
Services,
Inc.
....................................................
37,727
10,012
Republic
Services,
Inc.
...................................................
53,429
10,382
Rockwell
Automation,
Inc.
................................................
29,693
8,274
Rollins,
Inc.
...........................................................
75,675
3,626
RTX
Corp.
............................................................
346,654
40,728
Snap-on,
Inc.
..........................................................
13,484
3,870
Southwest
Airlines
Co.
...................................................
155,598
4,192
SS&C
Technologies
Holdings,
Inc.
..........................................
56,013
4,086
Stanley
Black
&
Decker,
Inc.
..............................................
39,998
4,225
Textron,
Inc.
..........................................................
49,470
4,596
The
Boeing
Co.(a)
......................................................
159,932
30,483
Trane
Technologies
PLC
..................................................
58,911
19,693
TransDigm
Group,
Inc.
...................................................
14,249
18,441
TransUnion
...........................................................
50,484
4,557
Uber
Technologies,
Inc.(a)
................................................
523,957
33,779
Union
Pacific
Corp.
.....................................................
158,756
39,170
United
Airlines
Holdings,
Inc.(a)
............................................
85,373
3,878
United
Parcel
Service,
Inc.,
Class
B
..........................................
190,342
24,815
United
Rentals,
Inc.
.....................................................
17,291
13,091
Veralto
Corp.
..........................................................
61,770
6,582
Verisk
Analytics,
Inc.
....................................................
37,151
9,724
Vertiv
Holdings
Co.,
Class
A
...............................................
94,776
7,459
W.W.
Grainger,
Inc.
.....................................................
11,598
11,329
Waste
Management,
Inc.
..................................................
104,460
21,170
Victory
Portfolios
III
Victory
500
Index
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Watsco,
Inc.
...........................................................
9,001
$
4,406
Westinghouse
Air
Brake
Technologies
Corp.
....................................
45,552
7,341
Xylem,
Inc.
...........................................................
62,860
8,392
1,052,010
IT
Services
(1.3%):
Accenture
PLC,
Class
A
..................................................
163,681
54,116
Akamai
Technologies,
Inc.(a)
..............................................
39,015
3,834
Cloudflare,
Inc.,
Class
A(a)
................................................
77,186
5,982
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
129,514
9,802
Gartner,
Inc.(a)
........................................................
19,675
9,861
GoDaddy,
Inc.,
Class
A(a)
.................................................
36,437
5,300
International
Business
Machines
Corp.
........................................
239,531
46,024
MongoDB,
Inc.(a)
......................................................
18,470
4,661
Okta,
Inc.(a)
..........................................................
41,338
3,883
Snowflake,
Inc.,
Class
A(a)
................................................
80,675
10,518
VeriSign,
Inc.(a)
........................................................
25,746
4,815
158,796
Materials
(2.1%):
Air
Products
and
Chemicals,
Inc.
............................................
57,602
15,198
Albemarle
Corp.
.......................................................
30,544
2,861
Amcor
PLC
...........................................................
375,931
3,959
Avery
Dennison
Corp.
...................................................
20,688
4,486
Ball
Corp.
............................................................
80,533
5,141
Celanese
Corp.
.........................................................
28,382
4,006
CF
Industries
Holdings,
Inc.
...............................................
47,378
3,619
Corteva,
Inc.
..........................................................
181,649
10,191
Dow,
Inc.
............................................................
183,124
9,975
DuPont
de
Nemours,
Inc.
.................................................
108,821
9,108
Ecolab,
Inc.
...........................................................
66,283
15,291
Freeport-McMoRan,
Inc.
.................................................
372,017
16,893
International
Flavors
&
Fragrances,
Inc.
.......................................
59,986
5,967
International
Paper
Co.
...................................................
88,657
4,121
Linde
PLC
............................................................
123,276
55,906
LyondellBasell
Industries
NV,
Class
A
........................................
67,751
6,739
Martin
Marietta
Materials,
Inc.
.............................................
15,976
9,479
Newmont
Corp.
........................................................
300,554
14,748
Nucor
Corp.
...........................................................
62,215
10,137
Packaging
Corp.
of
America
...............................................
22,945
4,586
PPG
Industries,
Inc.
.....................................................
60,939
7,738
Reliance,
Inc.
..........................................................
14,894
4,536
Steel
Dynamics,
Inc.
.....................................................
38,319
5,105
The
Sherwin-Williams
Co.
................................................
60,802
21,329
Vulcan
Materials
Co.
....................................................
34,447
9,456
Westlake
Corp.
........................................................
8,703
1,287
261,862
Real
Estate
(2.1%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
45,106
5,291
American
Tower
Corp.
...................................................
121,606
26,802
AvalonBay
Communities,
Inc.
..............................................
36,970
7,576
CBRE
Group,
Inc.,
Class
A(a)
..............................................
79,533
8,964
CoStar
Group,
Inc.(a)
....................................................
105,372
8,221
Crown
Castle,
Inc.
......................................................
113,219
12,463
Digital
Realty
Trust,
Inc.
..................................................
84,180
12,584
Equinix,
Inc.
..........................................................
24,695
19,515
Equity
Residential
......................................................
96,978
6,753
Essex
Property
Trust,
Inc.
.................................................
16,627
4,628
Extra
Space
Storage,
Inc.
.................................................
54,505
8,700
Gaming
and
Leisure
Properties,
Inc.
.........................................
67,788
3,403
Invitation
Homes,
Inc.
...................................................
159,296
5,618
Iron
Mountain,
Inc.
.....................................................
75,848
7,779
Mid-America
Apartment
Communities,
Inc.
....................................
30,280
4,232
Victory
Portfolios
III
Victory
500
Index
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Prologis,
Inc.
..........................................................
240,693
$
30,339
Public
Storage
.........................................................
41,193
12,190
Realty
Income
Corp.
....................................................
227,026
13,038
SBA
Communications
Corp.
...............................................
27,783
6,100
Simon
Property
Group,
Inc.
...............................................
84,346
12,942
Sun
Communities,
Inc.
...................................................
32,094
4,067
UDR,
Inc.
............................................................
85,501
3,426
Ventas,
Inc.
...........................................................
105,171
5,726
VICI
Properties,
Inc.
....................................................
271,355
8,483
Welltower,
Inc.
.........................................................
155,977
17,352
Weyerhaeuser
Co.
......................................................
189,573
6,021
WP
Carey,
Inc.
.........................................................
56,424
3,262
265,475
Semiconductors
&
Semiconductor
Equipment
(10.8%):
Advanced
Micro
Devices,
Inc.(a)
............................................
419,484
60,607
Analog
Devices,
Inc.
....................................................
129,010
29,850
Applied
Materials,
Inc.
...................................................
215,332
45,694
Broadcom,
Inc.
........................................................
1,184,860
190,383
Enphase
Energy,
Inc.(a)
..................................................
34,211
3,938
Entegris,
Inc.
..........................................................
39,162
4,633
First
Solar,
Inc.(a)
......................................................
26,363
5,694
Intel
Corp.
............................................................
1,110,457
34,135
KLA
Corp.
...........................................................
35,094
28,885
Lam
Research
Corp.
.....................................................
33,959
31,284
Marvell
Technology,
Inc.
.................................................
223,449
14,967
Microchip
Technology,
Inc.
................................................
137,189
12,180
Micron
Technology,
Inc.
..................................................
287,616
31,586
Monolithic
Power
Systems,
Inc.
............................................
12,134
10,473
NVIDIA
Corp.
.........................................................
6,145,232
719,115
ON
Semiconductor
Corp.(a)
...............................................
111,720
8,742
QUALCOMM,
Inc.
.....................................................
290,660
52,595
Skyworks
Solutions,
Inc.
.................................................
41,723
4,741
Teradyne,
Inc.
.........................................................
40,105
5,260
Texas
Instruments,
Inc.
...................................................
237,282
48,360
1,343,122
Software
(10.5%):
Adobe,
Inc.(a)
.........................................................
116,431
64,229
ANSYS,
Inc.(a)
........................................................
22,695
7,118
AppLovin
Corp.,
Class
A(a)
...............................................
44,036
3,395
Atlassian
Corp.,
Class
A(a)
................................................
38,342
6,770
Autodesk,
Inc.(a)
.......................................................
56,221
13,916
Bentley
Systems,
Inc.,
Class
B
.............................................
33,874
1,651
Cadence
Design
Systems,
Inc.(a)
............................................
70,321
18,822
Corpay,
Inc.(a)
.........................................................
17,712
5,169
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
58,943
13,672
Datadog,
Inc.,
Class
A(a)
.................................................
72,853
8,483
Dynatrace,
Inc.(a)
......................................................
72,923
3,203
Fair
Isaac
Corp.(a)
......................................................
6,261
10,018
Fortinet,
Inc.(a)
........................................................
164,406
9,542
Gen
Digital,
Inc.
.......................................................
148,239
3,853
HubSpot,
Inc.(a)
.......................................................
12,738
6,331
Intuit,
Inc.
............................................................
70,925
45,913
Microsoft
Corp.
........................................................
1,911,284
799,586
MicroStrategy,
Inc.(a)(b)
..................................................
4,106
6,629
Oracle
Corp.
..........................................................
416,643
58,101
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
497,678
13,382
Palo
Alto
Networks,
Inc.(a)
................................................
83,461
27,102
PTC,
Inc.(a)
...........................................................
30,889
5,494
Roper
Technologies,
Inc.
..................................................
27,823
15,157
Salesforce,
Inc.
........................................................
246,256
63,731
ServiceNow,
Inc.(a)
.....................................................
53,243
43,361
Victory
Portfolios
III
Victory
500
Index
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Synopsys,
Inc.(a)
.......................................................
39,779
$
22,209
Tyler
Technologies,
Inc.(a)
................................................
11,000
6,249
Workday,
Inc.,
Class
A(a)
.................................................
54,340
12,342
Zoom
Video
Communications,
Inc.,
Class
A(a)
..................................
62,764
3,791
Zscaler,
Inc.(a)
.........................................................
23,710
4,252
1,303,471
Technology
Hardware,
Storage
&
Peripherals
(7.6%):
Apple,
Inc.
...........................................................
3,998,615
888,012
Dell
Technologies,
Inc.,
Class
C
............................................
70,494
8,014
Hewlett
Packard
Enterprise
Co.
.............................................
337,797
6,726
HP,
Inc.
..............................................................
254,854
9,198
NetApp,
Inc.
..........................................................
53,475
6,790
Pure
Storage,
Inc.,
Class
A(a)
..............................................
79,586
4,770
Seagate
Technology
Holdings
PLC
..........................................
54,518
5,570
Super
Micro
Computer,
Inc.(a)
.............................................
13,102
9,193
Western
Digital
Corp.(a)
..................................................
83,600
5,605
943,878
Utilities
(2.3%):
Alliant
Energy
Corp.
....................................................
66,752
3,715
Ameren
Corp.
.........................................................
69,337
5,496
American
Electric
Power
Co.,
Inc.
...........................................
137,478
13,489
American
Water
Works
Co.,
Inc.
............................................
50,747
7,224
Atmos
Energy
Corp.
.....................................................
39,250
5,019
CenterPoint
Energy,
Inc.
..................................................
166,525
4,621
CMS
Energy
Corp.
......................................................
77,484
5,021
Consolidated
Edison,
Inc.
.................................................
90,101
8,787
Constellation
Energy
Corp.
................................................
82,104
15,583
Dominion
Energy,
Inc.
...................................................
218,480
11,680
DTE
Energy
Co.
.......................................................
53,825
6,488
Duke
Energy
Corp.
......................................................
201,111
21,975
Edison
International
.....................................................
100,307
8,026
Entergy
Corp.
.........................................................
55,559
6,443
Evergy,
Inc.
...........................................................
59,066
3,426
Eversource
Energy
......................................................
91,672
5,950
Exelon
Corp.
..........................................................
260,576
9,693
FirstEnergy
Corp.
.......................................................
149,988
6,286
NextEra
Energy,
Inc.
....................................................
535,778
40,928
NRG
Energy,
Inc.
.......................................................
53,073
3,990
PG&E
Corp.
..........................................................
524,929
9,580
PPL
Corp.
............................................................
192,108
5,710
Public
Service
Enterprise
Group,
Inc.
.........................................
129,832
10,357
Sempra
..............................................................
165,103
13,218
The
AES
Corp.
........................................................
185,163
3,294
The
Southern
Co.
.......................................................
284,825
23,789
Vistra
Corp.
...........................................................
89,806
7,114
WEC
Energy
Group,
Inc.
.................................................
82,301
7,083
Xcel
Energy,
Inc.
.......................................................
144,487
8,421
282,406
Total
Common
Stocks
(Cost
$3,188,002)
a
a
a
12,354,686
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(c)
........
1,791,710
1,791
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(c)
............
1,791,710
1,792
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.21%(c)
...............
1,791,710
1,792
Victory
Portfolios
III
Victory
500
Index
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(c)
.
1,791,710
$
1,792
Total
Collateral
for
Securities
Loaned
(Cost
$7,167)
a
a
a
7,167
Total
Investments
(Cost
$3,195,169)
—
99.9%
12,361,853
Other
assets
in
excess
of
liabilities
—
0.1%
7,764
NET
ASSETS
-
100.00%
$
12,369,617
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
36
9/20/24
$
9,904,740
$
10,004,400
$
99,660
Total
unrealized
appreciation
$
99,660
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
99,660
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
25
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.1%)
Communication
Services
(14.5%):
Alphabet,
Inc.,
Class
C
...................................................
698,489
$
120,943
Meta
Platforms,
Inc.,
Class
A
..............................................
250,420
118,907
Netflix,
Inc.(a)
.........................................................
83,530
52,486
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
336,505
30,245
322,581
Communications
Equipment
(4.1%):
Arista
Networks,
Inc.(a)
..................................................
171,509
59,436
Motorola
Solutions,
Inc.
..................................................
77,589
30,952
90,388
Consumer
Discretionary
(12.1%):
Airbnb,
Inc.,
Class
A(a)
..................................................
131,207
18,311
Amazon.com,
Inc.(a)
....................................................
652,386
121,983
Burlington
Stores,
Inc.(a)
.................................................
65,364
17,016
Domino's
Pizza,
Inc.
.....................................................
42,613
18,268
DraftKings,
Inc.(a)
......................................................
60,005
2,217
On
Holding
AG,
Class
A(a)
................................................
757,993
31,396
O'Reilly
Automotive,
Inc.(a)
...............................................
29,452
33,173
Tesla,
Inc.(a)
..........................................................
113,094
26,246
268,610
Consumer
Staples
(2.6%):
Celsius
Holdings,
Inc.(a)
..................................................
242,063
11,336
Costco
Wholesale
Corp.
..................................................
17,745
14,586
Freshpet,
Inc.(a)
........................................................
28,315
3,446
Target
Corp.
..........................................................
193,285
29,072
58,440
Energy
(0.3%):
Diamondback
Energy,
Inc.
................................................
28,185
5,702
Financials
(5.1%):
The
Progressive
Corp.
...................................................
70,517
15,099
Tradeweb
Markets,
Inc.,
Class
A
............................................
143,165
15,989
Visa,
Inc.,
Class
A
......................................................
312,742
83,086
114,174
Health
Care
(9.1%):
Dexcom,
Inc.(a)
........................................................
368,943
25,022
Eli
Lilly
&
Co.
.........................................................
107,578
86,522
Intuitive
Surgical,
Inc.(a)
.................................................
86,198
38,324
McKesson
Corp.
.......................................................
18,609
11,482
Natera,
Inc.(a)
.........................................................
61,077
6,254
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
29,970
14,857
Zoetis,
Inc.
...........................................................
110,234
19,846
202,307
Industrials
(7.7%):
Builders
FirstSource,
Inc.(a)
...............................................
61,606
10,311
Clean
Harbors,
Inc.(a)
...................................................
50,684
12,100
HEICO
Corp.,
Class
A
...................................................
56,097
10,665
Quanta
Services,
Inc.
....................................................
190,857
50,650
Saia,
Inc.(a)
...........................................................
27,886
11,652
Trane
Technologies
PLC
..................................................
52,416
17,522
Uber
Technologies,
Inc.(a)
................................................
568,689
36,663
United
Rentals,
Inc.
.....................................................
5,727
4,336
Vertiv
Holdings
Co.,
Class
A
...............................................
227,718
17,921
171,820
IT
Services
(1.1%):
Shopify,
Inc.,
Class
A(a)
..................................................
225,653
13,810
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Snowflake,
Inc.,
Class
A(a)
................................................
91,226
$
11,894
25,704
Real
Estate
(0.7%):
CoStar
Group,
Inc.(a)
....................................................
202,759
15,819
Semiconductors
&
Semiconductor
Equipment
(16.8%):
Advanced
Micro
Devices,
Inc.(a)
............................................
54,771
7,913
Applied
Materials,
Inc.
...................................................
37,536
7,965
Broadcom,
Inc.
........................................................
478,158
76,831
Lam
Research
Corp.
.....................................................
15,486
14,266
Monolithic
Power
Systems,
Inc.
............................................
14,802
12,776
NVIDIA
Corp.
.........................................................
2,181,814
255,316
375,067
Software
(18.6%):
Adobe,
Inc.(a)
.........................................................
61,502
33,928
Cadence
Design
Systems,
Inc.(a)
............................................
149,221
39,941
Fair
Isaac
Corp.(a)
......................................................
8,009
12,814
Intuit,
Inc.
............................................................
31,787
20,577
Microsoft
Corp.
........................................................
388,555
162,552
Oracle
Corp.
..........................................................
79,901
11,142
Palo
Alto
Networks,
Inc.(a)
................................................
146,050
47,427
ServiceNow,
Inc.(a)
.....................................................
84,667
68,952
Synopsys,
Inc.(a)
.......................................................
31,214
17,427
414,760
Technology
Hardware,
Storage
&
Peripherals
(5.4%):
Apple,
Inc.
...........................................................
536,878
119,230
Total
Common
Stocks
(Cost
$1,021,437)
a
a
a
2,184,602
Total
Investments
(Cost
$1,021,437)
—
98.1%
2,184,602
Other
assets
in
excess
of
liabilities
—
1.9%
41,662
NET
ASSETS
-
100.00%
$
2,226,264
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Capital
Growth
Fund
27
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.2%)
Australia
(2.1%):
Consumer
Discretionary
(0.3%):
Aristocrat
Leisure
Ltd.
...................................................
92,562
$
3,296
Energy
(0.1%):
Woodside
Energy
Group
Ltd.
..............................................
25,097
455
Financials
(0.5%):
Macquarie
Group
Ltd.
...................................................
19,170
2,638
National
Australia
Bank
Ltd.
...............................................
63,569
1,605
QBE
Insurance
Group
Ltd.
(a)
..............................................
49,382
583
4,826
Health
Care
(0.2%):
CSL
Ltd.
.............................................................
8,757
1,777
Industrials
(0.1%):
Brambles
Ltd.
.........................................................
53,562
546
Qantas
Airways
Ltd.
(a)
...................................................
130,928
554
1,100
Materials
(0.5%):
BHP
Group
Ltd.
........................................................
101,018
2,805
Northern
Star
Resources
Ltd.
(a)
............................................
70,504
654
Rio
Tinto
Ltd.
.........................................................
12,432
955
4,414
Real
Estate
(0.4%):
Charter
Hall
Group
......................................................
50,269
420
Goodman
Group
.......................................................
34,032
786
Scentre
Group
.........................................................
1,161,186
2,647
3,853
19,721
Austria
(0.1%):
Industrials
(0.1%):
ANDRITZ
AG
.........................................................
11,614
744
Belgium
(0.3%):
Information
Technology
(0.1%):
Melexis
NV
...........................................................
15,537
1,354
Materials
(0.2%):
Solvay
SA
,
Class
A
.....................................................
47,355
1,667
3,021
Bermuda
(0.4%):
Financials
(0.4%):
Everest
Group
Ltd.
......................................................
8,825
3,467
Brazil
(0.3%):
Consumer
Discretionary
(0.1%):
Cury
Construtora
e
Incorporadora
SA
........................................
79,200
311
Grupo
SBF
SA
.........................................................
142,190
380
Smartfit
Escola
de
Ginastica
e
Danca
SA
......................................
65,700
246
Vibra
Energia
SA
.......................................................
61,511
252
1,189
Consumer
Staples
(0.0%):(b)
Dimed
SA
Distribuidora
da
Medicamentos
.....................................
105,900
191
Financials
(0.0%):(b)
Banco
ABC
Brasil
SA
,
Preference
Shares
......................................
62,956
245
Victory
Portfolios
III
Victory
Capital
Growth
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Industrials
(0.1%):
Marcopolo
SA
,
Preference
Shares
...........................................
277,240
$
298
Santos
Brasil
Participacoes
SA
.............................................
155,000
359
657
Real
Estate
(0.1%):
Multiplan
Empreendimentos
Imobiliarios
SA
...................................
61,400
260
2,542
Canada
(2.3%):
Consumer
Staples
(0.2%):
George
Weston
Ltd.
.....................................................
14,226
2,203
Energy
(0.1%):
Parex
Resources,
Inc.
....................................................
82,410
1,236
Financials
(0.8%):
Brookfield
Asset
Management
Ltd.
,
Class
A
....................................
58,249
2,543
Manulife
Financial
Corp.
.................................................
124,814
3,325
National
Bank
of
Canada
.................................................
19,097
1,597
7,465
Industrials
(0.3%):
Bombardier,
Inc.
,
Class
B
(a)
...............................................
32,946
2,224
Information
Technology
(0.5%):
Constellation
Software,
Inc.
...............................................
1,546
4,879
Materials
(0.4%):
Agnico
Eagle
Mines
Ltd.
.................................................
26,527
2,047
Stella-Jones,
Inc.
.......................................................
28,113
1,892
3,939
21,946
Chile
(0.1%):
Consumer
Staples
(0.0%):(b)
SMU
SA
.............................................................
1,657,715
275
Real
Estate
(0.0%):(b)
Parque
Arauco
SA
......................................................
213,859
341
Utilities
(0.1%):
Enel
Chile
SA
.........................................................
5,978,039
341
957
China
(0.5%):
Communication
Services
(0.2%):
Tencent
Holdings
Ltd.
...................................................
46,500
2,146
Consumer
Discretionary
(0.0%):(b)
MotoMotion
China
Corp.
.................................................
47,300
276
Health
Care
(0.1%):
Kangji
Medical
Holdings
Ltd.
(c)
............................................
202,500
148
Tong
Ren
Tang
Technologies
Co.
Ltd.
,
Class
H
..................................
258,000
165
313
Industrials
(0.1%):
Anhui
Expressway
Co.
Ltd.
,
Class
H
(c)
.......................................
258,000
312
Anhui
Heli
Co.
Ltd.
,
Class
A
...............................................
131,800
329
China
Communications
Services
Corp.
Ltd.
,
Class
H
..............................
672,000
345
986
Victory
Portfolios
III
Victory
Capital
Growth
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Information
Technology
(0.0%):(b)
AsiaInfo
Technologies
Ltd.
(d)
..............................................
99,600
$
58
Materials
(0.1%):
China
Nonferrous
Mining
Corp.
Ltd.
.........................................
342,000
244
Tianshan
Aluminum
Group
Co.
Ltd.
,
Class
A
...................................
255,200
243
Western
Mining
Co.
Ltd.
,
Class
A
...........................................
89,500
200
687
4,466
Denmark
(1.6%):
Consumer
Discretionary
(0.4%):
Pandora
A/S
..........................................................
24,965
3,914
Health
Care
(1.2%):
Novo
Nordisk
A/S
,
Class
B
................................................
85,617
11,345
15,259
France
(3.2%):
Communication
Services
(0.1%):
Publicis
Groupe
SA
.....................................................
10,928
1,141
Consumer
Discretionary
(0.8%):
La
Francaise
des
Jeux
SAEM
(c)
(d)
..........................................
50,751
1,969
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
7,700
5,430
Renault
SA
...........................................................
13,931
675
8,074
Consumer
Staples
(0.3%):
L'Oreal
SA
...........................................................
7,505
3,245
Energy
(0.2%):
Gaztransport
Et
Technigaz
SA
..............................................
7,862
1,158
Technip
Energies
NV
....................................................
22,623
577
1,735
Financials
(0.2%):
AXA
SA
.............................................................
29,663
1,042
BNP
Paribas
SA
........................................................
13,068
895
1,937
Health
Care
(0.1%):
EssilorLuxottica
SA
(a)
...................................................
2,432
556
Ipsen
SA
.............................................................
4,087
459
1,015
Industrials
(0.8%):
Cie
de
Saint-Gobain
SA
..................................................
13,450
1,154
Eiffage
SA
............................................................
5,874
584
Rexel
SA
.............................................................
82,964
2,107
Safran
SA
............................................................
15,513
3,408
7,253
Information
Technology
(0.3%):
Capgemini
SE
.........................................................
12,187
2,419
Materials
(0.3%):
Arkema
SA
...........................................................
27,784
2,507
Real
Estate
(0.0%):(b)
Klepierre
SA
..........................................................
15,941
456
Victory
Portfolios
III
Victory
Capital
Growth
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Utilities
(0.1%):
Engie
SA
.............................................................
35,111
$
552
30,334
Germany
(1.9%):
Communication
Services
(0.2%):
Deutsche
Telekom
AG
...................................................
64,016
1,674
Consumer
Discretionary
(0.1%):
Volkswagen
AG
,
Preference
Shares
..........................................
12,833
1,432
Consumer
Staples
(0.1%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
11,368
973
Financials
(0.5%):
Allianz
SE
,
Registered
Shares
..............................................
13,716
3,863
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
2,119
1,043
4,906
Industrials
(0.3%):
Daimler
Truck
Holding
AG
................................................
16,193
625
Siemens
AG
,
Registered
Shares
.............................................
9,750
1,785
2,410
Information
Technology
(0.6%):
SAP
SE
..............................................................
25,587
5,409
Utilities
(0.1%):
RWE
AG
.............................................................
28,267
1,055
17,859
Greece
(0.1%):
Energy
(0.0%):(b)
Motor
Oil
Hellas
Corinth
Refineries
SA
.......................................
12,748
325
Utilities
(0.1%):
Public
Power
Corp.
SA
...................................................
26,499
337
662
Hong
Kong
(0.5%):
Consumer
Discretionary
(0.0%):(b)
Man
Wah
Holdings
Ltd.
..................................................
605,200
357
Financials
(0.2%):
AIA
Group
Ltd.
........................................................
137,600
920
BOC
Hong
Kong
Holdings
Ltd.
............................................
134,000
390
1,310
Industrials
(0.0%):(b)
Pacific
Basin
Shipping
Ltd.
................................................
816,000
245
Materials
(0.0%):(b)
Shougang
Fushan
Resources
Group
Ltd.
......................................
766,000
270
Real
Estate
(0.3%):
CK
Asset
Holdings
Ltd.
..................................................
408,000
1,559
Sino
Land
Co.
Ltd.
(a)
....................................................
372,000
385
Yuexiu
Property
Co.
Ltd.
.................................................
509,000
325
2,269
4,451
Hungary
(0.1%):
Communication
Services
(0.0%):(b)
Magyar
Telekom
Telecommunications
PLC
....................................
139,458
418
Victory
Portfolios
III
Victory
Capital
Growth
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Health
Care
(0.1%):
Richter
Gedeon
Nyrt
....................................................
15,051
$
430
848
India
(1.3%):
Consumer
Discretionary
(0.1%):
Safari
Industries
India
Ltd.
................................................
19,012
471
Welspun
Living
Ltd.
.....................................................
248,886
547
1,018
Financials
(0.2%):
Home
First
Finance
Co.
India
Ltd.
(d)
.........................................
43,321
539
LIC
Housing
Finance
Ltd.
(a)
...............................................
62,517
575
Manappuram
Finance
Ltd.
................................................
217,926
559
The
Karur
Vysya
Bank
Ltd.
................................................
179,257
496
2,169
Health
Care
(0.1%):
JB
Chemicals
&
Pharmaceuticals
Ltd.
........................................
23,727
546
Narayana
Hrudayalaya
Ltd.
................................................
32,831
493
1,039
Industrials
(0.4%):
Craftsman
Automation
Ltd.
(a)
..............................................
5,122
342
Elecon
Engineering
Co.
Ltd.
(a)
.............................................
57,384
433
Electrosteel
Castings
Ltd.
(a)
...............................................
217,729
565
GMM
Pfaudler
Ltd.
.....................................................
25,771
446
ISGEC
Heavy
Engineering
Ltd.
.............................................
27,071
507
Kirloskar
Pneumatic
Co.
Ltd.
..............................................
26,254
426
Shaily
Engineering
Plastics
Ltd.
(a)
..........................................
44,597
460
3,179
Information
Technology
(0.1%):
Cyient
Ltd.
...........................................................
23,736
499
KPIT
Technologies
Ltd.
..................................................
29,846
659
1,158
Materials
(0.3%):
APL
Apollo
Tubes
Ltd.
(a)
.................................................
15,354
273
JK
Paper
Ltd.
..........................................................
56,350
341
Maharashtra
Seamless
Ltd.
................................................
46,261
360
MOIL
Ltd.
............................................................
57,314
338
NCL
Industries
Ltd.
.....................................................
153,489
434
Ratnamani
Metals
&
Tubes
Ltd.
(a)
..........................................
9,034
391
Surya
Roshni
Ltd.
......................................................
50,271
367
Welspun
Corp.
Ltd.
.....................................................
55,037
423
2,927
Utilities
(0.1%):
Mahanagar
Gas
Ltd.
(a)
...................................................
24,918
557
12,047
Indonesia
(0.1%):
Consumer
Staples
(0.1%):
PT
Cisarua
Mountain
Dairy
Tbk
............................................
1,031,000
336
Materials
(0.0%):(b)
PT
Adaro
Minerals
Indonesia
Tbk
(a)
.........................................
3,573,200
295
Real
Estate
(0.0%):(b)
PT
Puradelta
Lestari
Tbk
.................................................
24,920,300
242
873
Victory
Portfolios
III
Victory
Capital
Growth
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Ireland
(1.0%):
Consumer
Staples
(0.1%):
Glanbia
PLC
..........................................................
28,696
$
574
Financials
(0.1%):
Bank
of
Ireland
Group
PLC
...............................................
51,311
581
Health
Care
(0.1%):
ICON
PLC
(a)
.........................................................
2,801
920
Industrials
(0.6%):
AerCap
Holdings
NV
....................................................
13,427
1,261
Ryanair
Holdings
PLC
,
ADR
...............................................
8,254
836
Trane
Technologies
PLC
..................................................
10,721
3,584
5,681
Materials
(0.1%):
James
Hardie
Industries
PLC
(a)
............................................
42,266
1,518
9,274
Israel
(0.0%):(b)
Information
Technology
(0.0%):(b)
Nice
Ltd.
(a)
...........................................................
2,436
440
Italy
(0.6%):
Health
Care
(0.1%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
10,135
552
Industrials
(0.1%):
Leonardo
SpA
.........................................................
25,314
603
Utilities
(0.4%):
Enel
SpA
.............................................................
424,641
3,031
Snam
SpA
............................................................
247,967
1,185
4,216
5,371
Japan
(7.3%):
Communication
Services
(0.5%):
Capcom
Co.
Ltd.
.......................................................
97,500
2,083
Kakaku.com,
Inc.
.......................................................
96,900
1,355
Konami
Group
Corp.
....................................................
13,200
993
4,431
Consumer
Discretionary
(1.1%):
Asics
Corp.
...........................................................
37,600
614
Honda
Motor
Co.
Ltd.
...................................................
70,600
754
Isuzu
Motors
Ltd.
.......................................................
65,500
886
Panasonic
Holdings
Corp.
.................................................
47,600
390
Suzuki
Motor
Corp.
.....................................................
71,400
821
Toyota
Motor
Corp.
.....................................................
244,100
4,690
ZOZO,
Inc.
...........................................................
75,800
2,219
10,374
Consumer
Staples
(0.4%):
Asahi
Group
Holdings
Ltd.
................................................
17,600
648
Toyo
Suisan
Kaisha
Ltd.
..................................................
45,500
3,055
3,703
Financials
(1.3%):
Mizuho
Financial
Group,
Inc.
..............................................
191,720
4,383
ORIX
Corp.
...........................................................
30,200
731
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
25,800
1,863
Victory
Portfolios
III
Victory
Capital
Growth
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Tokio
Marine
Holdings,
Inc.
...............................................
139,600
$
5,478
12,455
Health
Care
(0.6%):
Hoya
Corp.
...........................................................
24,800
3,108
Otsuka
Holdings
Co.
Ltd.
.................................................
16,800
856
Shionogi
&
Co.
Ltd.
.....................................................
46,300
2,037
6,001
Industrials
(2.2%):
Central
Japan
Railway
Co.
................................................
23,700
559
Fuji
Electric
Co.
Ltd.
....................................................
57,100
3,212
ITOCHU
Corp.
........................................................
36,200
1,857
Komatsu
Ltd.
..........................................................
30,500
867
MISUMI
Group,
Inc.
....................................................
118,000
2,172
Mitsubishi
Heavy
Industries
Ltd.
............................................
410,700
4,923
Mitsui
&
Co.
Ltd.
.......................................................
64,400
1,495
Nippon
Yusen
KK
......................................................
43,300
1,395
Sanwa
Holdings
Corp.
...................................................
208,400
4,464
20,944
Information
Technology
(0.9%):
Canon,
Inc.
...........................................................
20,100
629
Disco
Corp.
...........................................................
7,600
2,542
Fujitsu
Ltd.
...........................................................
153,100
2,781
NEC
Corp.
...........................................................
14,800
1,281
Tokyo
Electron
Ltd.
.....................................................
2,600
544
Yokogawa
Electric
Corp.
.................................................
32,900
833
8,610
Materials
(0.1%):
Nippon
Steel
Corp.
......................................................
31,600
686
Tosoh
Corp.
...........................................................
41,600
566
1,252
Real
Estate
(0.1%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
19,700
558
Utilities
(0.1%):
Tokyo
Gas
Co.
Ltd.
.....................................................
40,800
894
69,222
Luxembourg
(0.1%):
Energy
(0.1%):
Tenaris
SA
............................................................
29,603
470
Malaysia
(0.1%):
Consumer
Discretionary
(0.0%):(b)
Bermaz
Auto
Bhd
.......................................................
540,400
286
Real
Estate
(0.1%):
SP
Setia
Bhd
Group
.....................................................
1,042,200
364
650
Mexico
(0.1%):
Financials
(0.1%):
Qualitas
Controladora
SAB
de
CV
...........................................
31,332
289
Regional
SAB
de
CV
....................................................
44,999
327
616
Real
Estate
(0.0%):(b)
Corp.
Inmobiliaria
Vesta
SAB
de
CV
.........................................
81,090
237
853
Victory
Portfolios
III
Victory
Capital
Growth
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Netherlands
(2.2%):
Communication
Services
(0.4%):
Koninklijke
KPN
NV
....................................................
985,818
$
3,884
Consumer
Discretionary
(0.1%):
Prosus
NV
(a)
..........................................................
25,387
886
Stellantis
NV
..........................................................
33,036
550
1,436
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
30,046
968
Financials
(0.7%):
Euronext
NV
(d)
........................................................
8,158
825
ING
Groep
NV
........................................................
269,535
4,891
NN
Group
NV
(a)
.......................................................
11,951
600
6,316
Industrials
(0.2%):
Wolters
Kluwer
NV
.....................................................
14,015
2,346
Information
Technology
(0.7%):
ASM
International
NV
...................................................
4,121
2,835
ASML
Holding
NV
.....................................................
3,745
3,486
6,321
21,271
New
Zealand
(0.2%):
Health
Care
(0.2%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
102,061
1,969
Norway
(0.3%):
Energy
(0.2%):
Aker
BP
ASA
.........................................................
59,280
1,436
Equinor
ASA
..........................................................
18,205
482
1,918
Financials
(0.1%):
SpareBank
1
SMN
......................................................
90,636
1,352
3,270
Panama
(0.0%):(b)
Industrials
(0.0%):(b)
Copa
Holdings
SA
,
Class
A
................................................
3,765
334
Philippines
(0.0%):(b)
Utilities
(0.0%):(b)
Aboitiz
Power
Corp.
.....................................................
450,100
255
Poland
(0.0%):(b)
Health
Care
(0.0%):(b)
Synektik
SA
..........................................................
11,838
425
Portugal
(0.1%):
Energy
(0.1%):
Galp
Energia
SGPS
SA
...................................................
35,439
745
Russian
Federation
(0.0%):(b)
Consumer
Discretionary
(0.0%):(b)
Detsky
Mir
PJSC
(a)
(d)
(e)
(f)
...............................................
214,920
2
Financials
(0.0%):
Bank
St.
Petersburg
PJSC
(a)
(e)
(f)
...........................................
372,110
—
2
Victory
Portfolios
III
Victory
Capital
Growth
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Saudi
Arabia
(0.0%):(b)
Consumer
Discretionary
(0.0%):(b)
United
Electronics
Co.
...................................................
15,441
$
378
Singapore
(0.2%):
Consumer
Discretionary
(0.0%):(b)
Genting
Singapore
Ltd.
...................................................
792,500
504
Financials
(0.1%):
DBS
Group
Holdings
Ltd.
.................................................
31,800
871
Utilities
(0.1%):
Sembcorp
Industries
Ltd.
.................................................
191,300
684
2,059
South
Africa
(0.1%):
Consumer
Discretionary
(0.0%):(b)
The
Foschini
Group
Ltd.
..................................................
59,510
440
Financials
(0.1%):
Investec
PLC
..........................................................
73,264
580
Materials
(0.0%):(b)
Pan
African
Resources
PLC
...............................................
971,262
369
1,389
South
Korea
(0.7%):
Consumer
Discretionary
(0.0%):(b)
Myoung
Shin
Industrial
Co.
Ltd.
............................................
29,216
280
Financials
(0.1%):
DB
Insurance
Co.
Ltd.
...................................................
4,495
363
JB
Financial
Group
Co.
Ltd.
...............................................
37,633
398
KIWOOM
Securities
Co.
Ltd.
..............................................
4,291
417
1,178
Health
Care
(0.1%):
Classys,
Inc.
..........................................................
12,646
432
InBody
Co.
Ltd.
........................................................
12,563
220
T&L
Co.
Ltd.
..........................................................
5,848
259
911
Industrials
(0.2%):
GS
Holdings
Corp.
......................................................
11,070
396
Hanwha
Aerospace
Co.
Ltd.
...............................................
2,015
423
HD
Hyundai
Electric
Co.
Ltd.
..............................................
1,807
409
Hyundai
Rotem
Co.
Ltd.
..................................................
14,460
516
Samsung
E&A
Co.
Ltd.
(a)
................................................
16,813
351
2,095
Information
Technology
(0.2%):
HAESUNG
DS
Co.
Ltd.
..................................................
10,297
274
Hana
Materials,
Inc.
.....................................................
9,221
340
Innox
Advanced
Materials
Co.
Ltd.
..........................................
16,232
357
Samwha
Capacitor
Co.
Ltd.
...............................................
9,251
296
1,267
Materials
(0.1%):
Dongsung
Finetec
Co.
Ltd.
................................................
29,673
293
Poongsan
Corp.
........................................................
6,249
267
Wonik
Materials
Co.
Ltd.
.................................................
11,748
273
833
6,564
Victory
Portfolios
III
Victory
Capital
Growth
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Spain
(0.9%):
Consumer
Discretionary
(0.1%):
Industria
de
Diseno
Textil
SA
..............................................
27,581
$
1,340
Energy
(0.1%):
Repsol
SA
............................................................
34,161
487
Financials
(0.6%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
362,874
3,803
Banco
Santander
SA
.....................................................
274,295
1,323
Bankinter
SA
..........................................................
68,403
584
5,710
Utilities
(0.1%):
Iberdrola
SA
..........................................................
55,979
739
8,276
Sweden
(0.7%):
Consumer
Discretionary
(0.1%):
Evolution
AB
(d)
.......................................................
6,031
584
Consumer
Staples
(0.1%):
Essity
AB
,
Class
B
......................................................
32,465
913
Financials
(0.0%):(b)
Swedbank
AB
,
Class
A
...................................................
27,304
581
Industrials
(0.5%):
Atlas
Copco
AB
,
Class
B
.................................................
261,752
4,096
Volvo
AB
,
Class
B
......................................................
28,780
735
4,831
6,909
Switzerland
(3.5%):
Consumer
Staples
(0.9%):
Coca-Cola
HBC
AG
.....................................................
119,602
4,364
Nestle
SA
,
Registered
Shares
..............................................
37,600
3,809
8,173
Financials
(0.6%):
Partners
Group
Holding
AG
...............................................
1,115
1,501
UBS
Group
AG
........................................................
126,236
3,826
Zurich
Insurance
Group
AG
...............................................
1,085
596
5,923
Health
Care
(1.5%):
Alcon,
Inc.
...........................................................
7,498
710
Novartis
AG
,
Registered
Shares
.............................................
67,517
7,538
Roche
Holding
AG
......................................................
16,426
5,319
Sandoz
Group
AG
......................................................
20,098
872
14,439
Industrials
(0.1%):
ABB
Ltd.
,
Registered
Shares
...............................................
17,296
960
Information
Technology
(0.1%):
Logitech
International
SA
,
Class
R
..........................................
5,656
509
STMicroelectronics
NV
..................................................
11,403
377
886
Materials
(0.3%):
Clariant
AG
,
Registered
Shares
.............................................
36,952
548
Glencore
PLC
.........................................................
134,230
745
Victory
Portfolios
III
Victory
Capital
Growth
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Holcim
AG
...........................................................
17,040
$
1,593
2,886
33,267
Taiwan
(0.8%):
Consumer
Discretionary
(0.1%):
Eurocharm
Holdings
Co.
Ltd.
..............................................
53,000
339
Makalot
Industrial
Co.
Ltd.
................................................
32,000
439
Sports
Gear
Co.
Ltd.
.....................................................
107,000
330
Tong
Yang
Industry
Co.
Ltd.
...............................................
154,000
438
1,546
Health
Care
(0.1%):
Bora
Pharmaceuticals
Co.
Ltd.
(a)
...........................................
15,000
376
TTY
Biopharm
Co.
Ltd.
..................................................
129,000
292
668
Industrials
(0.1%):
Fortune
Electric
Co.
Ltd.
.................................................
18,700
399
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
.................................
103,000
303
702
Information
Technology
(0.4%):
Compeq
Manufacturing
Co.
Ltd.
............................................
225,000
540
Elite
Material
Co.
Ltd.
...................................................
40,000
544
Gold
Circuit
Electronics
Ltd.
...............................................
80,400
548
King
Yuan
Electronics
Co.
Ltd.
.............................................
171,000
558
Lotes
Co.
Ltd.
(a)
.......................................................
14,000
603
Sigurd
Microelectronics
Corp.
..............................................
206,000
487
Tripod
Technology
Corp.
.................................................
108,000
663
Wiwynn
Corp.
.........................................................
4,000
254
4,197
Materials
(0.1%):
Gloria
Material
Technology
Corp.
...........................................
208,000
298
Taiwan
Hon
Chuan
Enterprise
Co.
Ltd.
.......................................
71,000
339
Tung
Ho
Steel
Enterprise
Corp.
.............................................
143,000
321
958
8,071
Thailand
(0.1%):
Consumer
Discretionary
(0.0%):(b)
The
Erawan
Group
PCL,
NVDR
............................................
1,922,600
205
Consumer
Staples
(0.1%):
Ichitan
Group
PCL,
NVDR
................................................
765,300
347
Sappe
PCL,
NVDR
.....................................................
152,600
392
739
Materials
(0.0%):(b)
TOA
Paint
Thailand
PCL,
NVDR
...........................................
366,000
187
1,131
Turkey
(0.2%):
Consumer
Discretionary
(0.0%):(b)
Mavi
Giyim
Sanayi
Ve
Ticaret
A/S
,
Class
B
(d)
..................................
106,056
361
Consumer
Staples
(0.1%):
Migros
Ticaret
AS
......................................................
27,641
441
Financials
(0.0%):(b)
Turkiye
Sigorta
AS
......................................................
174,827
318
Victory
Portfolios
III
Victory
Capital
Growth
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Health
Care
(0.1%):
MLP
Saglik
Hizmetleri
AS
(a)
(d)
............................................
34,637
$
385
Industrials
(0.0%):(b)
Pegasus
Hava
Tasimaciligi
A/S
(a)
...........................................
40,948
277
Information
Technology
(0.0%):(b)
Logo
Yazilim
Sanayi
Ve
Ticaret
A/S
.........................................
99,098
336
2,118
United
Kingdom
(5.2%):
Communication
Services
(0.1%):
Informa
PLC
..........................................................
64,195
717
Consumer
Discretionary
(0.6%):
Birkenstock
Holding
PLC
(a)
...............................................
9,348
553
Greggs
PLC
...........................................................
60,437
2,433
Next
PLC
............................................................
25,514
2,981
5,967
Consumer
Staples
(0.9%):
Associated
British
Foods
PLC
..............................................
28,140
898
Coca-Cola
Europacific
Partners
PLC
.........................................
9,772
721
Diageo
PLC
...........................................................
33,404
1,039
Imperial
Brands
PLC
....................................................
135,266
3,727
Marks
&
Spencer
Group
PLC
..............................................
300,437
1,269
Tesco
PLC
............................................................
233,637
996
8,650
Energy
(0.9%):
BP
PLC
..............................................................
439,025
2,595
Harbour
Energy
PLC
....................................................
121,018
487
Shell
PLC
(a)
..........................................................
156,583
5,708
8,790
Financials
(1.0%):
3i
Group
PLC
.........................................................
42,705
1,718
Barclays
PLC
.........................................................
1,148,510
3,434
HSBC
Holdings
PLC
....................................................
246,004
2,237
Legal
&
General
Group
PLC
...............................................
242,975
724
Man
Group
PLC
.......................................................
166,489
524
Standard
Chartered
PLC
..................................................
120,011
1,185
9,822
Health
Care
(0.2%):
AstraZeneca
PLC
.......................................................
5,034
800
ConvaTec
Group
PLC
(d)
.................................................
149,158
449
GSK
PLC
............................................................
42,462
824
2,073
Industrials
(0.7%):
Ashtead
Group
PLC
.....................................................
21,326
1,539
easyJet
PLC
...........................................................
86,094
498
Ferguson
PLC
.........................................................
12,413
2,764
RELX
PLC
...........................................................
12,879
608
Rolls-Royce
Holdings
PLC
(a)
..............................................
143,676
832
6,241
Information
Technology
(0.1%):
The
Sage
Group
PLC
....................................................
42,709
597
Materials
(0.4%):
Rio
Tinto
PLC
.........................................................
53,860
3,502
Victory
Portfolios
III
Victory
Capital
Growth
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Real
Estate
(0.1%):
The
British
Land
Co.
PLC
................................................
110,363
$
585
Utilities
(0.2%):
Centrica
PLC
..........................................................
611,316
1,042
Drax
Group
PLC
.......................................................
88,739
742
National
Grid
PLC
(a)
....................................................
48,129
611
2,395
49,339
United
States
(59.9%):
Communication
Services
(6.4%):
Alphabet,
Inc.
,
Class
C
...................................................
205,165
35,524
Comcast
Corp.
,
Class
A
..................................................
72,967
3,011
Meta
Platforms,
Inc.
,
Class
A
..............................................
47,309
22,464
60,999
Consumer
Discretionary
(5.2%):
AutoNation,
Inc.
(a)
(c)
...................................................
330
63
AutoZone,
Inc.
(a)
.......................................................
1,168
3,660
Best
Buy
Co.,
Inc.
......................................................
18,700
1,618
Booking
Holdings,
Inc.
...................................................
802
2,979
D.R.
Horton,
Inc.
.......................................................
17,712
3,187
Deckers
Outdoor
Corp.
(a)
.................................................
2,737
2,525
Dick's
Sporting
Goods,
Inc.
................................................
13,573
2,937
Expedia
Group,
Inc.
(a)
...................................................
20,109
2,567
General
Motors
Co.
.....................................................
76,496
3,390
Lennar
Corp.
,
Class
A
....................................................
17,748
3,140
Murphy
USA,
Inc.
......................................................
3,672
1,854
NVR,
Inc.
(a)
..........................................................
446
3,839
O'Reilly
Automotive,
Inc.
(a)
...............................................
3,362
3,787
PulteGroup,
Inc.
........................................................
30,481
4,024
Ralph
Lauren
Corp.
.....................................................
12,443
2,185
Samsonite
International
SA
(d)
..............................................
84,600
244
Toll
Brothers,
Inc.
......................................................
29,125
4,156
TopBuild
Corp.
(a)
......................................................
6,785
3,247
49,402
Consumer
Staples
(4.2%):
Altria
Group,
Inc.
.......................................................
98,490
4,827
Colgate-Palmolive
Co.
...................................................
39,039
3,872
Costco
Wholesale
Corp.
..................................................
6,451
5,303
Kimberly-Clark
Corp.
....................................................
22,381
3,023
Philip
Morris
International,
Inc.
.............................................
38,248
4,405
Sysco
Corp.
...........................................................
34,373
2,635
Target
Corp.
..........................................................
18,618
2,800
The
Kroger
Co.
........................................................
58,081
3,165
The
Procter
&
Gamble
Co.
................................................
28,023
4,505
Walmart,
Inc.
..........................................................
74,462
5,111
39,646
Energy
(2.5%):
ConocoPhillips
Co.
.....................................................
34,038
3,785
Devon
Energy
Corp.
.....................................................
28,185
1,326
Diamondback
Energy,
Inc.
................................................
17,663
3,573
EOG
Resources,
Inc.
....................................................
16,616
2,107
Exxon
Mobil
Corp.
.....................................................
37,637
4,463
HF
Sinclair
Corp.
.......................................................
21,150
1,089
Ovintiv,
Inc.
..........................................................
40,111
1,863
Phillips
66
Co.
.........................................................
20,252
2,946
Valero
Energy
Corp.
.....................................................
16,309
2,637
23,789
Victory
Portfolios
III
Victory
Capital
Growth
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Financials
(7.1%):
American
Express
Co.
...................................................
15,779
$
3,993
American
International
Group,
Inc.
..........................................
54,026
4,281
Ameriprise
Financial,
Inc.
.................................................
9,666
4,157
Apollo
Global
Management,
Inc.
............................................
22,260
2,789
Capital
One
Financial
Corp.
...............................................
11,887
1,800
Corebridge
Financial,
Inc.
.................................................
85,777
2,535
East
West
Bancorp,
Inc.
..................................................
22,231
1,954
Evercore,
Inc.
.........................................................
5,858
1,467
Fidelity
National
Financial,
Inc.
............................................
26,591
1,473
Fifth
Third
Bancorp
.....................................................
50,125
2,122
Interactive
Brokers
Group,
Inc.
.............................................
12,924
1,541
JPMorgan
Chase
&
Co.
..................................................
54,654
11,630
Prudential
Financial,
Inc.
.................................................
23,344
2,926
Regions
Financial
Corp.
..................................................
77,616
1,736
Synchrony
Financial
.....................................................
69,114
3,510
T.
Rowe
Price
Group,
Inc.
.................................................
12,807
1,463
The
Allstate
Corp.
......................................................
17,866
3,057
The
Bank
of
New
York
Mellon
Corp.
.........................................
26,855
1,748
The
Hartford
Financial
Services
Group,
Inc.
....................................
18,501
2,052
Visa,
Inc.
,
Class
A
......................................................
10,326
2,743
W.R.
Berkley
Corp.
.....................................................
50,386
2,778
Wells
Fargo
&
Co.
......................................................
90,597
5,376
67,131
Health
Care
(6.8%):
AbbVie,
Inc.
..........................................................
41,440
7,680
Bristol-Myers
Squibb
Co.
.................................................
76,417
3,634
Cardinal
Health,
Inc.
....................................................
20,370
2,054
Cencora,
Inc.
..........................................................
17,932
4,266
Centene
Corp.
(a)
.......................................................
49,268
3,790
DaVita,
Inc.
(a)
.........................................................
15,911
2,174
Elevance
Health,
Inc.
....................................................
7,452
3,965
Eli
Lilly
&
Co.
.........................................................
11,160
8,976
Gilead
Sciences,
Inc.
....................................................
60,063
4,568
HCA
Healthcare,
Inc.
....................................................
8,188
2,973
McKesson
Corp.
.......................................................
6,016
3,712
Medpace
Holdings,
Inc.
(a)
................................................
3,868
1,479
Merck
&
Co.,
Inc.
......................................................
44,850
5,074
Molina
Healthcare,
Inc.
(a)
................................................
6,964
2,377
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
2,432
2,624
Tenet
Healthcare
Corp.
(a)
.................................................
5,134
768
The
Cigna
Group
.......................................................
11,816
4,120
64,234
Industrials
(6.3%):
3M
Co.
..............................................................
12,414
1,584
Acuity
Brands,
Inc.
.....................................................
3,538
889
Allison
Transmission
Holdings,
Inc.
.........................................
11,269
998
Builders
FirstSource,
Inc.
(a)
...............................................
15,939
2,668
Carlisle
Cos.,
Inc.
.......................................................
5,222
2,186
Caterpillar,
Inc.
........................................................
12,215
4,229
Cintas
Corp.
..........................................................
3,822
2,920
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
63,571
3,399
Cummins,
Inc.
.........................................................
5,586
1,630
EMCOR
Group,
Inc.
....................................................
7,188
2,699
General
Dynamics
Corp.
..................................................
8,901
2,659
Illinois
Tool
Works,
Inc.
..................................................
5,221
1,291
Leidos
Holdings,
Inc.
....................................................
10,577
1,527
Lennox
International,
Inc.
.................................................
6,166
3,598
Lockheed
Martin
Corp.
...................................................
5,398
2,925
Masco
Corp.
..........................................................
28,386
2,210
Otis
Worldwide
Corp.
....................................................
14,873
1,406
Victory
Portfolios
III
Victory
Capital
Growth
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Owens
Corning
........................................................
16,441
$
3,064
PACCAR,
Inc.
.........................................................
40,516
3,997
Parker-Hannifin
Corp.
...................................................
7,290
4,091
Textron,
Inc.
..........................................................
20,133
1,870
United
Rentals,
Inc.
.....................................................
5,134
3,887
W.W.
Grainger,
Inc.
.....................................................
4,734
4,624
60,351
Information
Technology
(16.9%):
Amphenol
Corp.
,
Class
A
.................................................
55,102
3,541
Apple,
Inc.
...........................................................
52,948
11,759
Applied
Materials,
Inc.
...................................................
7,482
1,588
Arista
Networks,
Inc.
(a)
..................................................
5,839
2,023
Broadcom,
Inc.
........................................................
54,740
8,796
CDW
Corp.
...........................................................
13,069
2,850
Cisco
Systems,
Inc.
.....................................................
130,683
6,332
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
3,979
923
Dropbox,
Inc.
,
Class
A
(a)
.................................................
94,767
2,267
F5,
Inc.
(a)
............................................................
14,644
2,982
Fair
Isaac
Corp.
(a)
......................................................
2,235
3,576
Gartner,
Inc.
(a)
........................................................
3,936
1,973
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
16,253
2,364
Jabil,
Inc.
............................................................
24,124
2,718
KLA
Corp.
...........................................................
3,783
3,114
Microsoft
Corp.
........................................................
114,955
48,091
Motorola
Solutions,
Inc.
..................................................
9,903
3,950
Nutanix,
Inc.
,
Class
A
(a)
..................................................
27,177
1,373
NVIDIA
Corp.
.........................................................
359,700
42,092
Qorvo,
Inc.
(a)
.........................................................
22,163
2,655
QUALCOMM,
Inc.
.....................................................
21,433
3,878
TD
SYNNEX
Corp.
.....................................................
11,993
1,429
VeriSign,
Inc.
(a)
........................................................
4,164
779
161,053
Materials
(1.8%):
CF
Industries
Holdings,
Inc.
...............................................
28,427
2,172
LyondellBasell
Industries
NV
,
Class
A
........................................
41,885
4,166
Nucor
Corp.
...........................................................
20,941
3,412
Packaging
Corp.
of
America
...............................................
10,639
2,126
Reliance,
Inc.
..........................................................
5,213
1,588
Steel
Dynamics,
Inc.
.....................................................
26,394
3,516
16,980
Real
Estate
(1.1%):
American
Tower
Corp.
...................................................
9,617
2,119
Brixmor
Property
Group,
Inc.
..............................................
36,250
923
BXP,
Inc.
.............................................................
18,352
1,309
Equinix,
Inc.
..........................................................
2,500
1,976
Essex
Property
Trust,
Inc.
.................................................
5,830
1,623
Federal
Realty
Investment
Trust
............................................
9,819
1,096
Regency
Centers
Corp.
...................................................
17,505
1,179
10,225
Utilities
(1.6%):
Consolidated
Edison,
Inc.
.................................................
33,264
3,244
DTE
Energy
Co.
.......................................................
24,460
2,948
Edison
International
.....................................................
18,889
1,511
Entergy
Corp.
.........................................................
28,404
3,294
NiSource,
Inc.
.........................................................
71,347
2,230
Victory
Portfolios
III
Victory
Capital
Growth
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Name
Acquisition
Date
Cost
Bank
St.
Petersburg
PJSC
......................................
12/15/2021
$
410
Detsky
Mir
PJSC
............................................
9/30/2020
348
Security
Description
Shares
Value
(000)
NRG
Energy,
Inc.
.......................................................
29,285
$
2,201
15,428
569,238
Total
Common
Stocks
(Cost
$679,963)
942,487
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
(a)
(f)
............................................
1,780
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(0.1%)
United
States
(0.1%):
iShares
Core
MSCI
EAFE
ETF
.............................................
7,812
584
Total
Exchange-Traded
Funds
(Cost
$551)
584
Collateral
for
Securities
Loaned
(0.0%)^(b)
United
States
(0.0%):(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(g)
........
24,161
24
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(g)
............
24,161
25
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.21
%
(g)
...............
24,161
24
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(g)
.
24,161
24
Total
Collateral
for
Securities
Loaned
(Cost
$97)
97
Total
Investments
(Cost
$680,611)
—
99.3%
943,168
Other
assets
in
excess
of
liabilities
—
0.7%
7,058
NET
ASSETS
-
100.00%
$
950,226
^
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
July
31,
2024,
the
fair
value
of
these
securities
was
$5,416
(thousands)
and
amounted
to
0.6%
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
July
31,
2024
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2024.
(g)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
43
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(18.5%)
ABS
Auto
(10.5%):
American
Credit
Acceptance
Receivables
Trust,
Series
2022-1,
Class
C,
2.12%,
3/13/28,
Callable
8/13/25
@
100(a)
............................................
$
199
$
199
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2020-3,
Class
D,
1.49%,
9/18/26,
Callable
4/18/25
@
100
.................
621
604
Series
2021-1,
Class
D,
1.21%,
12/18/26,
Callable
6/18/25
@
100
................
2,944
2,831
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A,
Class
A3,
3.43%,
1/15/31,
Callable
5/15/25
@
100(a)
..............
2,476
2,440
Series
2022-A,
Class
B,
3.79%,
1/15/31,
Callable
5/15/25
@
100(a)
...............
1,517
1,475
Series
2022-A,
Class
C,
4.17%,
1/15/31,
Callable
5/15/25
@
100(a)
...............
2,200
2,142
Series
2024-A,
Class
C,
5.38%,
11/15/32,
Callable
10/15/27
@
100(a)
.............
751
761
Series
2024-B,
Class
A3,
5.26%,
4/15/33,
Callable
10/15/27
@
100(a)
.............
4,078
4,141
Series
2024-B,
Class
B,
5.39%,
4/15/33,
Callable
10/15/27
@
100(a)
..............
748
747
Series
2024-B,
Class
C,
5.55%,
4/15/33,
Callable
10/15/27
@
100(a)
..............
1,246
1,250
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A,
Class
B,
3.55%,
9/22/25,
Callable
10/20/24
@
100(a)
.............
467
466
Series
2020-1A,
Class
B,
2.68%,
8/20/26,
Callable
9/20/25
@
100(a)
..............
4,000
3,894
Series
2022-5A,
Class
B,
7.09%,
4/20/27(a)
................................
3,250
3,313
Series
2023-3A,
Class
C,
7.05%,
2/22/28(a)
................................
8,750
8,925
Series
2023-5A,
Class
C,
6.85%
,
4/20/28(a)
................................
7,000
7,121
Series
2023-6A,
Class
B,
6.40%,
12/20/29(a)
...............................
2,811
2,908
Series
2023-6A,
Class
C,
7.03%,
12/20/29(a)
...............................
3,749
3,870
BofA
Auto
Trust,
Series
2024-1A,
Class
A3,
5.35%,
11/15/28,
Callable
8/15/27
@
100
(a)
...
2,268
2,293
Canadian
Pacer
Auto
Receivables
Trust,
Series
2021-1A,
Class
C,
1.46%,
12/20/27,
Callable
3/19/25
@
100(a)
...................................................
2,156
2,093
CarMax
Auto
Owner
Trust
................................................
Series
2020-4,
Class
C,
1.30%,
8/17/26,
Callable
12/15/24
@
100
................
3,450
3,393
Series
2021-2,
Class
C,
1.34%,
2/16/27,
Callable
5/15/25
@
100
.................
5,959
5,748
Series
2021-3,
Class
D,
1.50%,
1/18/28,
Callable
10/15/25
@
100
................
3,981
3,788
Series
2021-4,
Class
D,
1.48%,
3/15/28,
Callable
12/15/25
@
100
................
2,831
2,676
Series
2022-3,
Class
D,
6.20%,
1/16/29,
Callable
9/15/26
@
100
.................
2,716
2,750
Series
2023-2,
Class
B,
5.18%,
11/15/28,
Callable
3/15/27
@
100
................
3,250
3,261
Series
2024-3,
Class
D,
5.67%,
1/15/31,
Callable
6/15/28
@
100
.................
1,822
1,826
Carvana
Auto
Receivables
Trust
............................................
Series
2020-P1,
Class
C,
1.32%,
11/9/26,
Callable
1/8/26
@
100
.................
551
522
Series
2021-N1,
Class
D,
1.50%,
1/10/28,
Callable
7/10/26
@
100
................
426
405
Series
2021-N2
,
Class
D,
1.27%,
3/10/28,
Callable
2/10/27
@
100
................
621
586
Series
2021-N4,
Class
D,
2.30%,
9/11/28,
Callable
9/10/27
@
100
................
434
420
Series
2021-P2,
Class
C,
1.60%,
6/10/27,
Callable
3/10/27
@
100
................
10,000
9,257
Chase
Auto
Owner
Trust
..................................................
Series
2024-1A,
Class
D,
5.87%,
6/25/31,
Callable
2/25/28
@
100(a)
..............
1,842
1,864
Series
2024-2A,
Class
D,
6.15%,
8/25/31,
Callable
4/25/28
@
100(a)
..............
2,175
2,220
Series
2024-3A,
Class
B,
5.28%,
1/25/30
,
Callable
5/25/28
@
100(a)
..............
2,776
2,810
Series
2024-3A,
Class
C,
5.41%,
2/28/30,
Callable
5/25/28
@
100(a)
..............
3,671
3,712
Series
2024-4A,
Class
C,
5.46%,
7/25/30,
Callable
7/25/28
@
100(a)
..............
2,716
2,720
Series
2024-4A,
Class
D,
5.79%,
11/25/31,
Callable
7/25/28
@
100(a)
.............
2,535
2,538
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A,
Class
B,
5.59%,
5/15/35,
Callable
6/15/26
@
100(a)
..............
826
825
Series
2023-1A,
Class
C,
6.07%,
5/15/35,
Callable
6/15/26
@
100(a)
..............
936
941
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
6/15/26
@
100(a)
..............
1,404
1,424
Series
2023-2A,
Class
B,
5.97%,
10/15/35,
Callable
11/15/26
@
100(a)
............
1,858
1,882
Series
2023-2A,
Class
C,
6.15%,
10/15/35
,
Callable
11/15/26
@
100(a)
............
2,874
2,923
Series
2024-1A,
Class
B,
5.44%,
5/15/36,
Callable
11/15/26
@
100(a)
.............
2,545
2,543
Series
2024-1A,
Class
C,
5.60%,
5/15/36,
Callable
11/15/26
@
100(a)
.............
2,200
2,207
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-4,
Class
B,
1.74%,
12/16/30,
Callable
3/15/25
@
100(a)
..............
720
708
Series
2022-3A,
Class
C,
8.45%,
2/15/33,
Callable
11/15/26
@
100(a)
.............
150
156
Series
2023-1A,
Class
C,
7.71%,
7/15/33
,
Callable
11/15/26
@
100(a)
.............
125
129
Series
2023-2A,
Class
C,
7.15%,
9/15/33,
Callable
10/15/26
@
100(a)
.............
2,911
2,978
Series
2023-3A,
Class
A,
6.39%,
8/15/33,
Callable
3/15/27
@
100(a)
..............
2,875
2,916
Series
2023-3A,
Class
B
,
7.09%,
10/17/33,
Callable
3/15/27
@
100(a)
.............
2,724
2,793
Series
2023-3A,
Class
C,
7.62%,
12/15/33,
Callable
3/15/27
@
100(a)
.............
4,691
4,867
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-5A,
Class
A,
6.13%,
12/15/33,
Callable
6/15/27
@
100(a)
.............
$
4,598
$
4,663
Series
2023-5A,
Class
C,
7.30%,
4/17/34,
Callable
6/15/27
@
100(a)
..............
3,566
3,682
Series
2024-1A,
Class
C,
6.71%,
7/17/34,
Callable
6/15/27
@
100(a)
..............
3,207
3,263
Drive
Auto
Receivables
Trust,
Series
2021-2,
Class
D,
1.39%,
3/15/29
,
Callable
8/15/25
@
100
5,744
5,580
DT
Auto
Owner
Trust
....................................................
Series
2020-1A,
Class
E,
3.48%,
2/16/27,
Callable
8/15/24
@
100(a)
..............
5,875
5,868
Series
2020-2A,
Class
D,
4.73%,
3/16/26,
Callable
10/15/24
@
100(a)
.............
682
681
Series
2020-3A,
Class
E,
3.62%,
10/15/27,
Callable
2/15/25
@
100(a)
.............
1,381
1,360
Series
2021-3A,
Class
C,
0.87%,
5/17/27,
Callable
12/15/25
@
100(a)
.............
564
560
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A,
Class
A4,
6.26%,
11/15/29
,
Callable
9/15/28
@
100(a)
............
1,176
1,211
Series
2023-1A,
Class
C,
6.77%,
4/15/30,
Callable
9/15/28
@
100(a)
..............
770
798
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-3,
Class
A3,
4.29%,
7/20/29,
Callable
3/20/26
@
100(a)
..............
1,125
1,111
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
7/20/26
@
100(a)
.............
2,750
2,784
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
4/20/27
@
100(a)
..............
2,330
2,338
Series
2023-3,
Class
A3,
6.41%,
6/20/30,
Callable
8/20/27
@
100(a)
..............
2,349
2,464
Series
2024-1,
Class
A2,
5.23%,
3/20/30,
Callable
8/20/27
@
100(a)
..............
3,711
3,718
Series
2024-2,
Class
A4,
5.69%,
12/20/30,
Callable
1/20/28
@
100(a)
.............
3,291
3,390
Exeter
Automobile
Receivables
Trust,
Series
2020-1A,
Class
E,
3.74%,
1/15/27,
Callable
10/15/24
@
100(a)
..................................................
1,000
994
FCCU
Auto
Receivables
Trust,
Series
2024-1A,
Class
C,
6.00%,
10/15/30,
Callable
8/15/28
@
100(a)
...........................................................
597
607
First
Investors
Auto
Owner
Trust,
Series
2021-1A
,
Class
E,
3.35%,
4/15/27,
Callable
5/15/25
@
100(a)
.........................................................
3,981
3,904
Flagship
Credit
Auto
Trust
................................................
Series
2019-2,
Class
D,
3.53%,
5/15/25,
Callable
11/15/24
@
100(a)
..............
38
38
Series
2019-4,
Class
E,
4.11%,
3/15/27,
Callable
4/15/25
@
100(a)
...............
5,250
5,132
Series
2020-2,
Class
D,
5.75%,
4/15/26,
Callable
7/15/25
@
100(a)
...............
271
270
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2023-A,
Class
C,
5.54%,
12/15/26,
Callable
9/15/25
@
100
................
1,080
1,082
Series
2023-B,
Class
C,
6.43%,
4/15/27,
Callable
2/15/26
@
100
.................
2,584
2,628
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-1,
Class
C,
1.91%,
10/17/33,
Callable
4/15/26
@
100(a)
..............
1,708
1,608
Series
2021-1,
Class
D,
2.31%,
10/17/33,
Callable
4/15/26
@
100(a)
..............
1,650
1,550
Series
2021-2,
Class
C,
2.11%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
2,250
2,095
Series
2021-2,
Class
D,
2.60%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
500
464
Series
2022-1,
Class
C,
4.67%,
11/15/34
,
Callable
5/15/27
@
100(a)
..............
2,000
1,968
Series
2022-1,
Class
D,
5.16%,
11/15/34,
Callable
5/15/27
@
100(a)
..............
2,457
2,415
Series
2023-1,
Class
B,
5.29%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
4,111
4,142
Series
2023-1,
Class
C
,
5.58%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
10,250
10,342
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
10,940
11,094
Series
2023-2,
Class
B,
5.92%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
4,925
5,074
Series
2023-2,
Class
C,
6.16%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
2,950
3,033
Series
2023-2,
Class
D,
6.60%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
1,881
1,933
Foursight
Capital
Automobile
Receivables
Trust,
Series
2023-1,
Class
B,
5.35
%,
3/15/28,
Callable
10/15/26
@
100(a)
...........................................
4,385
4,354
GECU
Auto
Receivables
Trust,
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
7/15/28
@
100(a)
...........................................................
1,185
1,220
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-4A,
Class
D,
4.09%,
8/17/26,
Callable
8/15/24
@
100(a)
..............
1,746
1,745
Series
2020-2A,
Class
C,
4.57%,
4/15/26,
Callable
12/15/24
@
100(a)
.............
60
60
Series
2021-3A,
Class
C,
1.11%,
9/15/26,
Callable
4/15/26
@
100(a)
..............
889
880
Series
2023-1A,
Class
D
,
7.01%,
1/16/29,
Callable
6/15/27
@
100(a)
..............
2,200
2,239
GLS
Auto
Select
Receivables
Trust,
Series
2024-1A,
Class
C,
5.69%,
3/15/30,
Callable
10/15/28
@
100(a)
..................................................
1,381
1,395
GM
Financial
Automobile
Leasing
Trust,
Series
2023-2,
Class
B
,
5.54%,
5/20/27,
Callable
11/20/25
@
100
....................................................
1,250
1,254
GM
Financial
Revolving
Receivables
Trust,
Series
2021-1,
Class
C,
1.67%,
6/12/34,
Callable
9/11/26
@
100(a)
...................................................
1,000
923
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2023-1,
Class
B,
5.73%,
6/15/28(a)
.................................
3,050
3,081
Series
2024-2A,
Class
B,
5.35%,
3/15/31(a)
................................
2,259
2,293
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
GreenState
Auto
Receivables
Trust
..........................................
Series
2024-1A,
Class
C,
5.77%,
2/15/30,
Callable
12/15/27
@
100(a)
.............
$
982
$
990
Series
2024-1A,
Class
D,
6.50%,
6/15/32,
Callable
12/15/27
@
100(a)
.............
940
947
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
B,
5.39%,
8/15/29,
Callable
2/15/27
@
100(a)
...............
3,276
3,285
Series
2023-1,
Class
C,
5.88%,
11/15/29
,
Callable
2/15/27
@
100(a)
..............
2,457
2,473
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A,
Class
B,
2.19%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
1,900
1,846
Series
2022-1A,
Class
C,
2.63%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
1,355
1,314
Series
2023-1A,
Class
C,
6.91%,
6/25/27(a)
................................
3,739
3,744
Series
2023-2A,
Class
B,
6.49%,
9/25/29(a)
................................
3,038
3,095
Series
2023-2A,
Class
C,
7.13%,
9/25/29(a)
................................
1,075
1,096
Series
2023-3A,
Class
A,
5.94%,
2/25/28(a)
................................
2,875
2,912
Series
2023-3A,
Class
B,
6.53%,
2/25/28(a)
................................
1,112
1,124
Hertz
Vehicle
Financing
III
LP,
Series
2021-2A,
Class
C,
2.52%,
12/27/27(a)
............
1,833
1,676
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A,
Class
C,
2.05%,
12/26/25(a)
...............................
1,389
1,372
Series
2021-1A,
Class
D,
3.98%,
12/26/25(a)
...............................
10,003
9,913
Series
2022-2A,
Class
A,
2.33%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
3,750
3,465
Series
2022-2A,
Class
B,
2.65%,
6/26/28
,
Callable
6/25/27
@
100(a)
..............
2,480
2,275
Series
2022-2A,
Class
C,
2.95%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
3,500
3,182
Series
2022-4A,
Class
A,
3.73%,
9/25/26,
Callable
9/25/25
@
100(a)
..............
3,000
2,951
Series
2022-4A,
Class
B,
4.12%,
9/25/26,
Callable
9/25/25
@
100(a)
..............
5,000
4,900
Huntington
Bank
Auto
Credit-Linked
Notes,
Series
2024-1,
Class
B1,
6.15%,
5/20/32,
Callable
2/20/28
@
100(a)
...................................................
2,525
2,541
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1,
Class
B,
0.88%,
9/25/28,
Callable
6/25/25
@
100(a)
...............
14
14
Series
2021-1,
Class
D,
1.17%,
9/25/28,
Callable
6/25/25
@
100(a)
...............
20
20
Series
2021-2,
Class
C,
0.97%,
12/26/28,
Callable
11/25/25
@
100(a)
.............
129
127
Series
2021-2,
Class
D,
1.14%,
12/26/28,
Callable
11/25/25
@
100(a)
.............
58
57
Series
2021-2,
Class
E,
2.28%,
12/26/28,
Callable
11/25/25
@
100(a)
.............
28
28
Series
2021-3,
Class
B,
0.76%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
575
563
Series
2021-3
,
Class
D,
1.01%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
394
386
Series
2021-3,
Class
E,
2.10%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
31
30
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A,
Class
B,
1.94%,
11/16/26,
Callable
12/15/25
@
100
(a)
............
1,750
1,736
Series
2021-1A,
Class
C,
2.35%,
4/15/27,
Callable
12/15/25
@
100(a)
.............
2,756
2,684
Series
2023-1A,
Class
B,
5.59%,
8/16/27,
Callable
6/15/27
@
100(a)
..............
2,760
2,770
Series
2023-1A,
Class
C,
6.18%,
12/15/27
,
Callable
6/15/27
@
100(a)
.............
4,600
4,643
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
6/15/27
@
100(a)
..............
2,037
2,102
Series
2023-2A,
Class
B,
5.45%,
4/15/28,
Callable
8/15/27
@
100(a)
..............
4,531
4,542
Series
2023-2A,
Class
C,
5.58%,
9/15/28,
Callable
8/15/27
@
100(a)
..............
7,300
7,309
Series
2023-2A,
Class
D,
6.30%,
2/15/31,
Callable
8/15/27
@
100(a)
..............
1,698
1,721
Series
2023-3A,
Class
B,
6.09%,
6/15/28,
Callable
9/15/27
@
100(a)
..............
4,094
4,166
Series
2023-3A,
Class
D,
6.92%,
12/16/30,
Callable
9/15/27
@
100(a)
.............
3,794
3,920
Series
2023-4A,
Class
B,
6.39%,
10/16/28,
Callable
1/15/28
@
100(a)
.............
2,818
2,887
Series
2023-4A,
Class
C,
6.76%,
3/15/29,
Callable
1/15/28
@
100(a)
..............
3,288
3,395
Series
2023-4A,
Class
D,
7.37%,
4/15/31,
Callable
1/15/28
@
100(a)
..............
4,696
4,907
Series
2024-1A,
Class
C,
5.64%,
6/15/29,
Callable
1/15/28
@
100(a)
..............
2,888
2,915
Series
2024-2A,
Class
B,
5.50%,
7/16/29,
Callable
7/15/28
@
100(a)
..............
2,716
2,742
Series
2024-2A,
Class
C,
5.66%,
10/15/29,
Callable
7/15/28
@
100(a)
.............
2,716
2,741
Series
2024-2A,
Class
D,
6.37%,
10/15/31,
Callable
7/15/28
@
100(a)
.............
2,218
2,261
Merchants
Fleet
Funding
LLC
..............................................
Series
2024-1A,
Class
A,
5.82%,
4/20/37,
Callable
8/20/27
@
100(a)
..............
3,691
3,729
Series
2024-1A,
Class
B,
5.95%,
4/20/37,
Callable
8/20/27
@
100(a)
..............
5,014
5,087
Series
2024-1A,
Class
C,
6.18%,
4/20/37,
Callable
8/20/27
@
100(a)
..............
7,372
7,515
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
9/20/27
@
100(a)
..............
1,358
1,392
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1,
Class
B,
5.79%,
4/25/29(a)
.................................
708
715
Series
2024-1,
Class
C,
6
.13%,
4/25/29(a)
.................................
1,149
1,159
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2023-1,
Class
A,
6.18%,
8/25/28(a)
........................................................
1,263
1,275
OCCU
Auto
Receivables
Trust
.............................................
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-1A,
Class
A4,
6.29%,
9/17/29,
Callable
1/15/28
@
100(a)
.............
$
3,145
$
3,245
Series
2023-1A,
Class
D,
7.88%,
12/15/31,
Callable
1/15/28
@
100(a)
.............
5,171
5,428
Oscar
US
Funding
XII
LLC,
Series
2021-1A,
Class
A4,
1.00%,
4/10/28,
Callable
2/10/25
@
100(a)
...........................................................
692
673
Oscar
US
Funding
XIV
LLC,
Series
2022-1A,
Class
A4,
2.82%,
4/10/29,
Callable
4/10/26
@
100(a)
...........................................................
2,000
1,931
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A,
Class
A4,
4.18%,
12/15/28,
Callable
4/15/26
@
100(a)
.............
3,000
2,973
Series
2022-A,
Class
D,
5.85%,
6/17/30,
Callable
4/15/26
@
100(a)
...............
1,382
1,388
Prestige
Auto
Receivables
Trust,
Series
2021-1A,
Class
C,
1.53%,
2/15/28,
Callable
10/15/25
@
100(a)
.........................................................
916
891
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A,
Class
B,
5.28%,
5/15/32,
Callable
2/15/26
@
100(a)
...............
1,405
1,399
Series
2022-A,
Class
C,
7.38%,
5/15/32,
Callable
2/15/26
@
100(a)
...............
883
884
Series
2022-A,
Class
D,
9.97%,
5/15/32,
Callable
2/15/26
@
100(a)
...............
1,551
1,610
Series
2022-B,
Class
C,
5.92%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
613
613
Series
2022-B,
Class
D,
6.79%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
794
794
Series
2022-C,
Class
C,
6.99%,
12/15/32,
Callable
1/15/27
@
100(a)
..............
641
644
Series
2022-C,
Class
D,
8.20%,
12/15/32,
Callable
1/15/27
@
100(a)
..............
2,087
2,105
Series
2023-A,
Class
C,
6.74%,
6/15/33,
Callable
8/15/27
@
100(a)
...............
964
969
Series
2023-A,
Class
D,
7.08%,
6/15/33,
Callable
8/15/27
@
100(a)
...............
981
987
Series
2023-B,
Class
B,
5.64%,
12/15/33,
Callable
7/15/27
@
100(a)
..............
2,997
2,999
Series
2023-B,
Class
C,
5.93%,
12/15/33,
Callable
7/15/27
@
100(a)
..............
1,266
1,270
Series
2023-B,
Class
D,
6.66%,
12/15/33,
Callable
7/15/27
@
100(a)
..............
5,893
5,932
Santander
Bank
NA,
Series
2021-1A,
Class
B,
1.83%,
12/15/31,
Callable
10/15/25
@
100(a)
.
267
265
Santander
Consumer
Auto
Receivables
Trust
...................................
Series
2020-BA,
Class
D,
2.14%,
12/15/26,
Callable
8/15/25
@
100(a)
............
3,032
3,010
Series
2020-BA,
Class
E,
4.13%,
1/15/27,
Callable
8/15/25
@
100(a)
..............
1,000
989
Series
2021-AA,
Class
E,
3.28%,
3/15/27,
Callable
12/15/25
@
100(a)
.............
940
904
SBNA
Auto
Lease
Trust,
Series
2024-B,
Class
A4,
5.55%,
12/20/28,
Callable
4/20/27
@
100(a)
...........................................................
1,876
1,905
SBNA
Auto
Receivables
Trust,
Series
2024-A,
Class
B,
5.29%,
9/17/29,
Callable
12/15/27
@
100(a)
...........................................................
2,749
2,759
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
C,
6.61%,
3/15/30,
Callable
1/15/28
@
100(a)
..............
6,570
6,802
Series
2023-1A,
Class
D,
7.34%,
11/17/31,
Callable
1/15/28
@
100(a)
.............
3,459
3,579
Series
2024-1A,
Class
C,
5.62%,
12/16/30,
Callable
9/15/28
@
100(a)
.............
2,716
2,726
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
C,
5.97%,
2/20/31,
Callable
8/20/27
@
100(a)
..............
2,541
2,601
Series
2024-1A,
Class
C,
5.51%,
1/20/32,
Callable
1/20/28
@
100(a)
..............
1,841
1,869
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A,
Class
A4,
5.94%,
7/20/27,
Callable
7/20/25
@
100(a)
..............
2,950
2,972
Series
2023-A,
Class
B,
6.41%,
7/20/27,
Callable
7/20/25
@
100(a)
...............
4,323
4,357
Series
2023-B,
Class
A4,
6.22%,
3/22/27,
Callable
10/20/25
@
100(a)
.............
1,362
1,382
Tesla
Electric
Vehicle
Trust,
Series
2023-1,
Class
B,
5.82%,
5/20/31,
Callable
9/20/27
@
100(a)
...........................................................
2,900
2,954
Toyota
Lease
Owner
Trust,
Series
2023-A,
Class
A4,
5.05%,
8/20/27,
Callable
8/20/25
@
100(a)
...........................................................
5,234
5,229
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
11/25/26
@
100(a)
.......
3,994
4,031
UNIFY
Auto
Receivables
Trust,
Series
2021-1A,
Class
B,
1.29%,
11/16/26,
Callable
3/15/25
@
100(a)
.........................................................
3,700
3,640
United
Auto
Credit
Securitization
Trust
.......................................
Series
2023-1,
Class
C,
6.28%,
7/10/28,
Callable
1/10/27
@
100(a)
...............
7,000
6,999
Series
2024-1,
Class
B,
6.57%,
6/10/27,
Callable
6/10/27
@
100(a)
...............
4,350
4,374
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
7/15/27
@
100(a)
..............
1,499
1,522
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
7/15/27
@
100(a)
..............
3,280
3,351
Westlake
Automobile
Receivables
Trust,
Series
2023-P1,
Class
C,
6.44%,
6/15/27,
Callable
6/15/26
@
100(a)
...................................................
1,200
1,214
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
................................
2,273
2,278
Series
2023-2A,
Class
B,
6.75%,
8/18/38(a)
................................
2,819
2,896
Series
2023-2A,
Class
C,
6.94%,
8/18/38(a)
................................
3,036
3,133
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-2A,
Class
D,
7.38%,
8/18/38(a)
................................
$
3,425
$
3,572
Series
2024-1A,
Class
C,
5.69%,
2/18/39(a)
................................
4,009
4,028
World
Omni
Auto
Receivables
Trust,
Series
2021-C,
Class
C,
1.06%,
4/17/28,
Callable
9/15/25
@
100
...........................................................
5,000
4,757
World
Omni
Select
Auto
Trust
..............................................
Series
2020-A,
Class
C,
1.25%,
10/15/26,
Callable
10/15/24
@
100
...............
1,935
1,926
Series
2021-A,
Class
C,
1.09%,
11/15/27,
Callable
11/15/25
@
100
...............
1,250
1,197
517,144
ABS
Card
(2.1%):
American
Express
Credit
Account
Master
Trust,
Series
2024-2,
Class
A,
5.24%,
4/15/31
....
3,207
3,322
BA
Credit
Card
Trust,
Series
2024-A1,
Class
A,
4.93%,
5/15/29
......................
3,168
3,205
CARDS
II
Trust,
Series
2024-1A,
Class
C,
5.84%,
7/16/29(a)
.......................
2,282
2,288
Evergreen
Credit
Card
Trust
...............................................
Series
2021-1,
Class
B,
1.15%,
10/15/26(a)
................................
7,500
7,423
Series
2021-1,
Class
C,
1.42%,
10/15/26(a)
................................
6,300
6,234
Series
2022-CRT2,
Class
B,
6.56%,
11/15/26(a)
.............................
2,750
2,755
Series
2022-CRT2,
Class
C,
7.44%,
11/15/26(a)
.............................
6,600
6,617
Series
2023-CRT3,
Class
B,
6.58
%,
2/15/27(a)
..............................
3,918
3,932
Series
2023-CRT3,
Class
C,
7.31%,
2/15/27(a)
..............................
2,178
2,189
Golden
Credit
Card
Trust
.................................................
Series
2021-1A,
Class
A,
1.14%,
8/15/28(a)
................................
5,000
4,646
Series
2021-1A,
Class
B,
1.44%,
8/15/28(a)
................................
4,500
4,176
Series
2021-1A,
Class
C,
1.74%,
8/15/28(a)
................................
2,233
2,062
Master
Credit
Card
Trust,
Series
2022-2A,
Class
C,
2.73%,
7/21/28(a)
.................
1,719
1,600
Master
Credit
Card
Trust
II
................................................
Series
2022-1A,
Class
C,
2.27%,
7/21/26(a)
................................
1,604
1,573
Series
2023-1A,
Class
C,
5.87%,
6/21/27(a)
................................
2,575
2,574
Series
2023-2A,
Class
B,
6.26%,
1/21/27(a)
................................
2,051
2,065
Series
2023-2A,
Class
C,
6.89%,
1/21/27(a)
................................
3,476
3,504
Series
2023-4A,
Class
B,
6.56%,
10/21/32(a)
...............................
1,646
1,737
Series
2023-4A,
Class
C,
7.53%,
10/21/32(a)
...............................
4,190
4,417
Series
2024-1A,
Class
B,
5.53%,
1/21/28(a)
................................
2,838
2,842
Series
2024-1A,
Class
C,
6.02%,
1/21/28(a)
................................
2,515
2,520
Synchrony
Card
Funding
LLC
.............................................
Series
2022-A1,
Class
A,
3.37%,
4/15/28,
Callable
4/15/25
@
100
................
2,200
2,170
Series
2023-A1,
Class
A,
5.54%,
7/15/29
..................................
941
953
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A,
Class
C,
2.42%,
10/26/29(a)
...............................
10,200
9,493
Series
2023-1A,
Class
C,
6.06%,
3/26/31(a)
................................
1,053
1,065
Series
2023-2A,
Class
B,
5.35%,
3/26/33(a)
................................
2,900
2,933
Series
2023-2A,
Class
C,
6.32%,
3/26/33(a)
................................
2,702
2,784
Series
2023-3A,
Class
B,
6.26%,
8/26/28(a)
................................
3,625
3,650
Series
2023-3A,
Class
C,
6.94%,
8/26/28(a)
................................
3,319
3,351
Series
2024-1A,
Class
B,
5.50%,
12/26/28(a)
...............................
2,995
2,997
Series
2024-1A,
Class
C,
5.99%,
12/26/28(a)
...............................
1,677
1,679
102,756
ABS
Other
(5.8%):
Aligned
Data
Centers
Issuer
LLC
...........................................
Series
2021-1A,
Class
A2,
1.94%,
8/15/46,
Callable
8/15/24
@
100(a)
.............
3,000
2,796
Series
2021-1A,
Class
B,
2.48%,
8/15/46,
Callable
8/15/24
@
100(a)
..............
1,500
1,383
AMSR
Trust
..........................................................
Series
2021-SFR1,
Class
C,
2.35%,
6/17/38(a)(b)
............................
1,800
1,599
Series
2021-SFR1,
Class
D,
2.60%,
6/17/38(a)(b)
............................
1,500
1,340
Amur
Equipment
Finance
Receivables
IX
LLC
..................................
Series
2021-1A,
Class
B,
1.38%,
2/22/27,
Callable
12/20/24
@
100(a)
.............
1,033
1,028
Series
2021-1A,
Class
C,
1.75%,
6/21/27,
Callable
12/20/24
@
100(a)
.............
1,700
1,676
Amur
Equipment
Finance
Receivables
X
LLC,
Series
2022-1A,
Class
B,
2.20%,
1/20/28,
Callable
9/20/25
@
100(a)
............................................
1,216
1,178
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
A2,
5.30%,
6/21/28,
Callable
6/20/26
@
100(a)
............................................
268
268
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-1A,
Class
C,
6.36%,
12/20/29
,
Callable
6/20/27
@
100(a)
.............
$
1,998
$
2,058
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
6/20/27
@
100(a)
..............
563
591
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A,
Class
B,
5.37%,
1/21/31,
Callable
4/20/28
@
100(a)
..............
1,638
1,651
Series
2024-1A,
Class
C,
5.55%,
1/21/31,
Callable
4/20/28
@
100(a)
..............
2,616
2,643
Amur
Equipment
Finance
Receivables
XIV
LLC,
Series
2024-2A,
Class
C,
5.38%,
7/21/31,
Callable
8/20/28
@
100(a)
............................................
4,527
4,561
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A,
Class
B,
6.05%,
6/17/30,
Callable
2/15/28
@
100(a)
..............
1,890
1,941
Series
2023-1A,
Class
C,
6.50%,
11/15/30,
Callable
2/15/28
@
100(a)
.............
1,337
1,390
Series
2023-1A,
Class
D,
7.27%,
12/16/30
,
Callable
2/15/28
@
100(a)
.............
1,018
1,068
Series
2024-1A,
Class
B,
5.69%,
7/15/31,
Callable
3/15/29
@
100(a)
..............
1,666
1,707
CARS-DB5
LP,
Series
2021-1A,
Class
A2,
2.28%,
8/15/51,
Callable
8/15/28
@
100(a)
.....
2,090
1,705
CARS-DB7
LP,
Series
2023-1A,
Class
A1,
5.75%,
9/15/53,
Callable
9/15/28
@
100(a)
.....
3,179
3,258
CCG
Receivables
Trust
...................................................
Series
2021-2,
Class
C,
1.50%,
3/14/29,
Callable
5/14/25
@
100(a)
...............
4,488
4,357
Series
2023-1,
Class
C,
6.28%,
9/16/30,
Callable
7/14/26
@
100(a)
...............
2,493
2,547
Series
2023-2,
Class
D,
7.18%,
4/14/32,
Callable
8/14/27
@
100(a)
...............
1,424
1,481
CF
Hippolyta
Issuer
LLC,
Series
2021-1A,
Class
B1,
1.98%,
3/15/61,
Callable
8/15/24
@
100(a)
...........................................................
1,885
1,702
CP
EF
Asset
Securitization
I
LLC,
Series
2022-1A,
Class
A,
5.96%,
4/15/30,
Callable
11/15/25
@
100(a)
.........................................................
1,151
1,150
CP
EF
Asset
Securitization
II
LLC,
Series
2023-1A,
Class
A,
7.48%,
3/15/32,
Callable
6/15/27
@
100(a)
.........................................................
856
867
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2024-2A,
Class
A2,
4.50%,
5/20/49(a)
.......
4,218
4,001
DB
Master
Finance
LLC,
Series
2021-1A,
Class
A2II,
2.49%,
11/20/51,
Callable
11/20/25
@
100(a)
...........................................................
7,587
6,765
Dell
Equipment
Finance
Trust
..............................................
Series
2022-1,
Class
C,
2.94%,
8/23/27,
Callable
8/22/24
@
100(a)
...............
1,000
998
Series
2023-1,
Class
D,
6.80%,
3/22/29,
Callable
10/22/25
@
100(a)
..............
2,125
2,152
Series
2023-2,
Class
C,
6.06%,
1/22/29,
Callable
2/22/26
@
100(a)
...............
1,975
1,993
Series
2023-2,
Class
D,
6.74%,
7/23/29,
Callable
2/22/26
@
100(a)
...............
3,569
3,623
Series
2023-3,
Class
D,
6.75%,
10/22/29,
Callable
5/22/26
@
100(a)
..............
1,164
1,187
Series
2024-1,
Class
C,
5.73%,
3/22/30,
Callable
12/22/26
@
100(a)
..............
1,237
1,251
Series
2024-1,
Class
D,
6.12%,
9/23/30,
Callable
12/22/26
@
100(a)
..............
1,250
1,265
Dext
ABS
LLC
........................................................
Series
2023-1,
Class
B,
6.55%,
3/15/32,
Callable
12/15/26
@
100(a)
..............
8,330
8,540
Series
2023-2,
Class
C,
6.93%,
5/15/34,
Callable
3/15/28
@
100(a)
...............
3,476
3,621
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
3/15/28
@
100(a)
...............
1,566
1,591
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A,
Class
B,
2.36%,
4/15/49,
Callable
9/20/25
@
100(a)
..............
6,000
5,491
Series
2021-1A,
Class
C,
3.48%,
4/15/49,
Callable
9/20/25
@
100(a)
..............
3,000
2,738
Diamond
Issuer
LLC,
Series
2021-1A,
Class
B,
2.70%,
11/20/51,
Callable
11/20/25
@
100(a)
4,418
3,858
Diamond
Resorts
Owner
Trust,
Series
2021-1A,
Class
B,
2.05%,
11/21/33,
Callable
9/20/25
@
100(a)
...........................................................
420
404
DLLAA
LLC,
Series
2023-1A,
Class
A2,
5.93%,
7/20/26(a)
........................
1,689
1,693
DLLAD
LLC,
Series
2024-1A,
Class
A4,
5.38%,
9/22/31
,
Callable
12/20/28
@
100(a)
.....
2,386
2,438
FirstKey
Homes
Trust
....................................................
Series
2021-SFR2,
Class
C,
1.71%,
9/17/38(a)(b)
............................
6,512
6,003
Series
2021-SFR2,
Class
D,
2.06%,
9/17/38(a)(b)
............................
4,500
4,158
Series
2021-SFR3,
Class
A,
2.14%
,
12/17/38(a)(b)
...........................
2,463
2,298
Ford
Credit
Floorplan
Master
Owner
Trust
A
...................................
Series
2020-2,
Class
C,
1.87%,
9/15/27
...................................
1,447
1,388
Series
2023-1,
Class
B,
5.31%,
5/15/28(a)
.................................
3,430
3,438
Series
2023-1,
Class
C,
5.75%,
5/15/28(a)
.................................
3,886
3,907
Series
2024-2,
Class
B,
5.56%,
4/15/31(a)
.................................
3,174
3,219
Frontier
Issuer
LLC
.....................................................
Series
2023-1,
Class
A2,
6.60%,
8/20/53,
Callable
7/20/26
@
100(a)
..............
9,439
9,599
Series
2023-1,
Class
B,
8.30%,
8/20/53
,
Callable
7/20/26
@
100(a)
...............
6,585
6,994
Series
2023-1,
Class
C,
11.50%,
8/20/53,
Callable
7/20/26
@
100(a)
..............
4,297
4,384
Series
2024-1,
Class
A2,
6.19%,
6/20/54,
Callable
5/20/28
@
100(a)
..............
2,716
2,779
Series
2024-1,
Class
C
,
11.16%,
6/20/54,
Callable
5/20/28
@
100(a)
..............
500
506
FRTKL,
Series
2021-SFR1,
Class
D,
2.17%,
9/17/38(a)(b)
.........................
1,500
1,381
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A,
Class
B,
6.62%,
4/20/33,
Callable
8/20/30
@
100(a)
..............
$
1,538
$
1,630
Series
2023-1A,
Class
C,
6.97%,
8/22/33,
Callable
8/20/30
@
100(a)
..............
1,411
1,523
Series
2023-1A,
Class
E,
7.00%,
6/20/35,
Callable
8/20/30
@
100(a)
..............
1,176
1,078
GreatAmerica
Leasing
Receivables
Funding
LLC,
Series
2024-1,
Class
C,
5.43%,
12/15/31,
Callable
2/15/28
@
100(a)
............................................
910
918
HPEFS
Equipment
Trust
..................................................
Series
2021-2A,
Class
D,
1.29%,
3/20/29,
Callable
10/20/24
@
100(a)
.............
4,465
4,424
Series
2022-3A,
Class
C,
6.13%,
8/20/29
,
Callable
5/20/26
@
100(a)
..............
4,076
4,094
Series
2023-2A,
Class
D,
6.97%,
7/21/31,
Callable
11/20/26
@
100(a)
.............
2,350
2,416
Series
2024-1A,
Class
D,
5.82%,
11/20/31,
Callable
8/20/27
@
100(a)
.............
2,259
2,286
Series
2024-2A,
Class
B,
5.35%,
10/20/31,
Callable
1/20/28
@
100(a)
.............
3,621
3,645
Series
2024-2A,
Class
D,
5.82%,
4/20/32,
Callable
1/20/28
@
100(a)
..............
1,940
1,971
Kubota
Credit
Owner
Trust
................................................
Series
2022-1A,
Class
A3,
2.67%,
10/15/26,
Callable
1/15/26
@
100(a)
............
1,573
1,544
Series
2024-2A,
Class
A4,
5.19%,
5/15/30,
Callable
5/15/28
@
100(a)
.............
1,765
1,788
M&T
Equipment
LEAF
Notes,
Series
2023-1A,
Class
A3,
5.74%,
7/15/30,
Callable
7/15/27
@
100(a)
...........................................................
1,882
1,892
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A,
Class
A4,
1.04%,
11/13/30(a)
...............................
3,682
3,456
Series
2023-A,
Class
A4,
5.50%,
12/13/38(a)
...............................
2,348
2,397
Series
2024-A,
Class
A4,
5.10%,
7/13/49,
Callable
8/13/30
@
100(a)
..............
638
648
MVW
LLC,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41,
Callable
12/20/26
@
100(a)
......
397
373
MVW
Owner
Trust,
Series
2018-1A,
Class
A,
3.45%,
1/21/36,
Callable
8/20/24
@
100(a)
...
832
830
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1,
Class
A1,
1.91%,
10/20/61,
Callable
10/20/24
@
100(a)
............
6,097
5,521
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
10/20/24
@
100(a)
............
1,832
1,602
NP
SPE
II
LLC
........................................................
Series
2017-1A,
Class
A2,
4.22%,
10/21/47
,
Callable
8/20/24
@
100(a)
............
5,875
5,496
Series
2019-2A,
Class
A2,
3.10%,
11/19/49,
Callable
8/19/24
@
100(a)
............
1,748
1,620
Series
2019-2A,
Class
C1,
6.44%,
11/19/49,
Callable
8/19/24
@
100(a)
............
2,261
2,172
Pawnee
Equipment
Receivables
LLC,
Series
2021-1,
Class
B,
1.82%,
7/15/27,
Callable
8/15/25
@
100(a)
...................................................
1,637
1,602
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
C,
5.81%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
1,139
1,148
Series
2024-1A,
Class
D,
6.77%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
461
463
Progress
Residential
Trust
.................................................
Series
2021-SFR3,
Class
D,
2.29%,
5/17/26(a)(b)
............................
2,000
1,875
Series
2021-SFR4,
Class
C,
2.04%,
5/17/38(a)(b)
............................
2,351
2,206
Series
2021-SFR4,
Class
D,
2.31%,
5/17/38(a)(b)
............................
2,500
2,355
Series
2021-SFR5,
Class
D,
2.11%,
7/17/38(a)(b)
............................
2,000
1,868
Series
2021-SFR6,
Class
D,
2.23%,
7/17/38,
Callable
7/17/26
@
100(a)(b)
..........
3,000
2,806
Series
2021-SFR7,
Class
B,
1.94%,
8/17/40(a)(b)
............................
3,250
2,879
SCF
Equipment
Leasing
LLC
..............................................
Series
2019-2A,
Class
C,
3.11%,
6/21/27,
Callable
8/20/24
@
100(a)
..............
1,164
1,164
Series
2020-1A,
Class
B,
2.02%,
3/20/28,
Callable
2/20/25
@
100(a)
..............
323
322
Series
2020-1A,
Class
C,
2.60%,
8/21/28,
Callable
2/20/25
@
100(a)
..............
3,800
3,747
Series
2021-1A,
Class
B,
1.37%,
8/20/29,
Callable
1/20/26
@
100(a)
..............
500
485
Series
2021-1A,
Class
D,
1.93%,
9/20/30,
Callable
1/20/26
@
100(a)
..............
817
771
Series
2022-2A,
Class
C,
6.50%,
8/20/32,
Callable
8/20/29
@
100(a)
..............
2,356
2,435
Series
2022-2A,
Class
D,
6.50%,
10/20/32,
Callable
8/20/29
@
100(a)
.............
2,144
2,148
Series
2023-1A,
Class
A3,
6.17%,
5/20/32,
Callable
8/20/30
@
100(a)
.............
2,347
2,410
Sotheby's
Artfi
Master
Trust,
Series
2024-1A,
Class
A1,
6.43%,
12/22/31,
Callable
3/20/26
@
100(a)
...........................................................
100
101
Subway
Funding
LLC,
Series
2024-1A,
Class
A2II,
6.27%,
7/30/54,
Callable
7/30/28
@
100(a)
...........................................................
3,166
3,268
Tricon
Residential
Trust,
Series
2022-SFR2,
Class
B,
5.24%,
7/17/40,
Callable
7/17/28
@
100(a)(b)
.........................................................
1,800
1,795
Trinity
Rail
Leasing
LLC
.................................................
Series
2019-1A,
Class
A,
3.82%,
4/17/49,
Callable
8/17/24
@
100(a)
..............
3,069
2,976
Series
2021-1A,
Class
A,
2.26%,
7/19/51,
Callable
8/19/24
@
100(a)
..............
876
783
Series
2022-1A,
Class
A,
4.55%,
5/20/52,
Callable
10/21/24
@
100(a)
.............
2,320
2,220
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Vantage
Data
Centers
LLC,
Series
2020-2A,
Class
A2,
1.99%,
9/15/45,
Callable
9/15/25
@
100(a)
...........................................................
$
9,000
$
8,072
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A,
Class
C2II,
3.71%,
2/15/57,
Callable
2/15/30
@
100(a)
............
4,500
3,992
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
3,263
3,082
Series
2022-1A,
Class
F,
5.27%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
7,500
6,924
Series
2024-1A,
Class
C2,
5.59%,
5/15/54,
Callable
5/15/27
@
100(a)
.............
2,074
2,105
Series
2024-1A,
Class
D,
6.64%,
5/15/54,
Callable
5/15/27
@
100(a)
..............
1,511
1,547
Series
2024-1A,
Class
F,
8.87%,
5/15/54,
Callable
5/15/27
@
100(a)
..............
340
350
Verdant
Receivables
LLC
.................................................
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
11/12/27
@
100(a)
............
1,235
1,247
Series
2023-1A,
Class
C,
6.73%,
1/13/31,
Callable
11/12/27
@
100(a)
.............
1,077
1,116
Series
2024-1A,
Class
A2,
5.68%,
12/12/31,
Callable
10/12/28
@
100(a)
...........
2,568
2,585
Series
2024-1A,
Class
B,
5.72%,
12/12/31,
Callable
10/12/28
@
100(a)
............
793
807
Series
2024-1A,
Class
C,
6.25%,
12/12/31,
Callable
10/12/28
@
100(a)
............
661
683
Series
2024-1A,
Class
D,
7.23%,
12/12/31,
Callable
10/12/28
@
100(a)
............
819
841
Verizon
Master
Trust
....................................................
Series
2021-2
,
Class
C,
1.38%,
4/20/28,
Callable
10/20/24
@
100
................
2,000
1,979
Series
2023-2,
Class
A,
4.89%,
4/13/28,
Callable
4/20/25
@
100
.................
1,871
1,865
Series
2024-2,
Class
B,
5.08%,
12/22/31,
Callable
12/20/28
@
100(a)
.............
3,866
3,906
Series
2024-3,
Class
C,
5.73%,
4/22/30,
Callable
4/20/27
@
100
.................
1,145
1,167
Series
2024-4,
Class
C,
5.60%,
6/20/29,
Callable
6/20/26
@
100
.................
814
820
287,847
Agency
ABS
Other
(0.1%):
SLM
Student
Loan
Trust
..................................................
Series
2003-14,
Class
B,
6.17%
(SOFR90A+81bps),
10/25/65,
Callable
1/25/26
@
100(c)
...........................................................
320
304
Series
2012-6,
Class
B,
6.46%
(SOFR30A+111bps),
4/27/43,
Callable
10/25/29
@
100(c)
2,500
2,363
2,667
Total
Asset-Backed
Securities
(Cost
$912,679)
a
a
a
910,414
Collateralized
Loan
Obligations
(2.9%)
Cash
Flow
CLO
(2.9%):
720
East
CLO
I
Ltd.
.....................................................
Series
2022-1A,
Class
B,
8.53%
(TSFR3M+
325bps),
1/20/36,
Callable
1/20/25
@
100(a)
(c)
.............................................................
4,650
4,684
Series
2022-1A,
Class
C,
9.53%
(TSFR3M+425bps),
1/20/36,
Callable
1/20/25
@
100(a)
(c)
.............................................................
6,000
6,045
Series
2023-IA,
Class
B,
7.80%
(TSFR3M+250bps),
4/15/36,
Callable
4/15/25
@
100(a)
(c)
.............................................................
3,000
3,019
Series
2023-IA,
Class
D,
11.15%
(TSFR3M+585bps),
4/15/36,
Callable
4/15/25
@
100(a)(c)
.........................................................
5,750
5,900
720
East
CLO
II
Ltd.
....................................................
Series
2023-2A,
Class
A2,
7.45%
(TSFR3M+215bps),
10/15/36,
Callable
10/15/25
@
100
(a)(c)
.........................................................
3,755
3,771
Series
2023-2A,
Class
D,
10.45%
(TSFR3M+515bps),
10/15/36,
Callable
10/15/25
@
100(a)(c)
.........................................................
2,816
2,897
720
East
CLO
IV
Ltd.,
Series
2024-1A,
Class
A2,
7.09%
(TSFR3M+180bps),
4/15/37,
Callable
4/15/26
@
100(a)(c)
..........................................
2,767
2,773
AIMCO
CLO
Ltd.
......................................................
Series
2022-17A,
Class
XR,
6.43%
(TSFR3M+115bps),
7/20/37,
Callable
7/22/26
@
100(a)(c)
.........................................................
3,417
3,417
Series
2023-20A,
Class
B1,
7.49%
(TSFR3M+220bps),
10/16/36,
Callable
10/16/25
@
100(a)(c)
.........................................................
2,822
2,850
Series
2023-20A,
Class
C1,
7.99%
(TSFR3M+270bps),
10/16/36,
Callable
10/16/25
@
100(a)(c)
.........................................................
2,822
2,829
Ballyrock
CLO
Ltd.,
Series
2022-20A,
Class
A2AR,
7.50%
(TSFR3M+220bps),
7/15/34,
Callable
10/15/24
@
100(a)(c)
.........................................
3,054
3,058
Barrow
Hanley
CLO
I
Ltd.
................................................
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-1A,
Class
A1,
7.58%
(TSFR3M+230bps),
4/20/35,
Callable
10/20/24
@
100(a)(c)
.........................................................
$
4,600
$
4,632
Series
2023-1A,
Class
A2,
7.93%
(TSFR3M+265bps),
4/20/35,
Callable
10/20/24
@
100(a)(c)
.........................................................
7,500
7,603
Series
2023-1A,
Class
C,
9.28%
(TSFR3M+400bps),
4/20/35,
Callable
10/20/24
@
100(a)(c)
.........................................................
1,825
1,830
Series
2023-1A,
Class
D,
11.44%
(TSFR3M+616bps),
4/20/35,
Callable
10/20/24
@
100(a)(c)
.........................................................
7,300
7,379
Barrow
Hanley
CLO
II
Ltd.
...............................................
Series
2023-2A,
Class
C,
8.78%
(TSFR3M+350bps),
10/20/35,
Callable
10/20/24
@
100(a)(c)
.........................................................
2,816
2,968
Series
2023-2A,
Class
D1,
11.03%
(TSFR3M+575bps),
10/20/35,
Callable
10/20/24
@
100(a)(c)
.........................................................
4,224
4,276
Columbia
Cent
CLO
Ltd.,
Series
2022-32A,
Class
BF,
5.20%,
7/24/34,
Callable
4/24/25
@
100(a)
...........................................................
3,750
3,714
Dryden
CLO
Ltd.,
Series
2023-102A,
Class
A2,
7.30%
(TSFR3M+200bps),
10/15/36,
Callable
10/15/25
@
100(a)(c)
................................................
1,690
1,699
Flatiron
CLO
Ltd.,
Series
2018-1A,
Class
A,
6.50%
(TSFR3M+121bps),
4/17/31,
Callable
10/17/24
@
100(a)(c)
................................................
1,579
1,582
Golub
Capital
Partners
CLO
Ltd.,
Series
2023-68A,
Class
B,
8.08%
(TSFR3M+280bps),
7/25/36,
Callable
7/25/25
@
100(a)(c)
....................................
2,345
2,368
LCM
Ltd.,
Series
36A,
Class
A2,
6.96%
(TSFR3M+166bps),
1/15/34,
Callable
10/15/24
@
100(a)(c)
.........................................................
3,000
2,963
Magnetite
XXXV
Ltd.,
Series
2022-35A,
Class
AR,
6.93%
(TSFR3M+165bps),
10/25/36,
Callable
10/25/25
@
100(a)(c)
.........................................
4,705
4,751
Mountain
View
CLO
Ltd.,
Series
2013-1A,
Class
CRR,
7.77%
(TSFR3M+246bps),
10/12/30,
Callable
10/12/24
@
100(a)(c)
.........................................
4,000
4,004
Neuberger
Berman
Loan
Advisers
CLO
Ltd.,
Series
2018-29A,
Class
B2,
4.60%,
10/19/31,
Callable
10/19/24
@
100(a)
...........................................
5,000
4,883
NGC
I
Ltd.,
Series
2024-1A,
Class
X,
6.45%
(TSFR3M+115bps),
7/20/37,
Callable
7/20/26
@
100(a)(c)
.........................................................
3,625
3,620
Oaktree
CLO
Ltd.
......................................................
Series
2022-3A,
Class
B1,
8.40%
(TSFR3M+310bps),
7/15/35,
Callable
10/15/24
@
100(a)(c)
.........................................................
3,100
3,122
Series
2022-3A,
Class
C,
9.45%
(TSFR3M+415bps),
7/15/35,
Callable
10/15/24
@
100(a)(c)
.........................................................
3,000
3,012
Series
2023-1A,
Class
B,
7.85%
(TSFR3M+255bps),
4/15/36,
Callable
4/15/25
@
100(a)
(c)
.............................................................
2,250
2,265
Octagon
68
Ltd.
,
Series
2023-1A,
Class
X,
6.58%
(TSFR3M+130bps),
10/20/36,
Callable
10/20/25
@
100(a)(c)
................................................
4,703
4,704
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2022-2A,
Class
A2,
7.20%
(TSFR3M+190bps),
10/15/30,
Callable
10/15/24
@
100(a)(c)
.........................................................
3,000
3,001
Series
2024-3A,
Class
A2,
6.99%
(TSFR3M+165bps),
8/8/32,
Callable
8/8/25
@
100(a)
(c)
.............................................................
3,625
3,627
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
B2,
2.72%,
7/21/34,
Callable
10/21/24
@
100(a)
1,000
890
Trimaran
Cavu
Ltd.,
Series
2021-3A,
Class
C1,
8.01%
(TSFR3M+273bps),
1/18/35,
Callable
10/18/24
@
100(a)(c)
................................................
5,000
5,018
Venture
CLO
Ltd.
......................................................
Series
2022-46A,
Class
A2F,
5.02%,
7/20/35,
Callable
10/20/24
@
100(a)
..........
4,500
4,368
Series
2022-46A,
Class
BN
,
8.28%
(TSFR3M+300bps),
7/20/35,
Callable
10/20/24
@
100(a)(c)
.........................................................
3,000
3,007
Series
2023-47A,
Class
AJ,
7.58%
(TSFR3M+230bps),
4/20/36,
Callable
4/20/25
@
100(a)(c)
.........................................................
2,806
2,820
Series
2023-48A,
Class
B1,
8.03%
(TSFR3M+275bps),
10/20/36,
Callable
10/20/25
@
100(a)(c)
.........................................................
3,053
3,097
Series
2024-49A,
Class
X,
6.68%
(TSFR3M+135bps),
4/20/37,
Callable
4/20/26
@
100(a)(c)
.........................................................
2,039
2,040
Series
2024-50A,
Class
X
(TSFR3M+125bps),
10/20/37(a)(c)
...................
3,622
3,622
144,108
Total
Collateralized
Loan
Obligations
(Cost
$143,383)
a
a
a
144,108
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Collateralized
Mortgage
Obligations
(8.5%)
Agency
CMO
Other
(0.3%):
Federal
Home
Loan
Mortgage
Corporation,
Series
5270,
Class
AB,
5.50%,
1/25/49
........
$
3,797
$
3,832
Federal
National
Mortgage
Association,
Series
2022-88,
Class
BA,
5.50%,
7/25/47
........
2,257
2,264
Government
National
Mortgage
Association
....................................
Series
2022-207,
Class
NA,
3.00%,
1/20/52
................................
2,522
2,213
Series
2023-107,
Class
PA,
5.50%,
1/20/46
................................
4,433
4,465
Series
2023-131,
Class
P,
5.50%,
6/20/48
..................................
2,719
2,710
15,484
Agency
Commercial
MBS
(1.8%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K136,
Class
A2,
2.13%,
11/25/31
...................................
17,412
14,963
Series
K141,
Class
A2,
2.25%,
2/25/32,
Callable
2/25/32
@
100
.................
15,660
13,520
Series
K142,
Class
A2,
2.40%,
3/25/32,
Callable
3/25/32
@
100
.................
17,736
15,447
Series
K143,
Class
A2,
2.35%,
3/25/32
...................................
5,065
4,393
Series
K144,
Class
A2,
2.45%,
4/25/32
...................................
10,000
8,723
Series
K145,
Class
A2,
2.58%,
5/25/32
...................................
20,137
17,708
Series
K147,
Class
A2,
3.00%,
6/25/32
,
Callable
6/25/32
@
100(d)
...............
10,994
9,951
Federal
National
Mortgage
Association,
Series
2017-M7,
Class
A2,
2.96%,
2/25/27(d)
.....
2,044
1,968
86,673
Commercial
MBS
(6.4%):
AOA
Mortgage
Trust
....................................................
Series
2021-1177,
Class
B,
6.62%
(TSFR1M+129bps),
10/15/38(a)(b)(c)
...........
3,000
2,771
Series
2021-1177,
Class
D,
7.27%
(TSFR1M+194bps),
10/15/38(a)(b)(c)
...........
10,600
9,181
Arbor
Multifamily
Mortgage
Securities
Trust
...................................
Series
2020-MF1,
Class
C,
3.60%,
5/15/53,
Callable
5/15/30
@
100(a)(d)
..........
1,500
1,315
Series
2021-MF2,
Class
B,
2.56%,
6/15/54,
Callable
7/15/31
@
100(a)(d)
..........
3,200
2,652
Aventura
Mall
Trust
.....................................................
Series
2018-AVM,
Class
A,
4.11%,
7/5/40(a)(b)(d)
...........................
1,450
1,390
Series
2018-AVM,
Class
C,
4.11%,
7/5/40(a)(b)(d)
...........................
1,310
1,222
Series
2018-AVM,
Class
D,
4.11%,
7/5/40(a)(b)(d)
...........................
12,860
11,742
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2015-200P,
Class
D,
3.60%,
4/14/33,
Callable
4/14/25
@
100(a)(b)
..........................................
7,485
7,179
BANK,
Series
2017-BNK4,
Class
AS,
3.78%,
5/15/50,
Callable
4/15/27
@
100
..........
5,000
4,756
BBCCRE
Trust,
Series
2015-GTP,
Class
A,
3.97%,
8/10/33,
Callable
5/10/25
@
100(a)(b)
...
5,935
5,747
BBCMS
Mortgage
Trust
..................................................
Series
2020-BID,
Class
C,
9.08%
(TSFR1M+375bps),
10/15/37(a)(b)(c)
...........
3,781
3,743
Series
2022-C16,
Class
AS,
4.60%,
6/15/55,
Callable
6/15/32
@
100(d)
............
1,622
1,511
Benchmark
Mortgage
Trust
................................................
Series
2019-B14,
Class
AS,
3.35%,
12/15/62,
Callable
11/15/29
@
100
............
5,000
4,475
Series
2021-B25,
Class
300D,
2.99%,
4/15/54,
Callable
4/15/31
@
100(a)(d)
........
2,417
1,124
Series
2022-B36,
Class
XA,
0.64%,
7/15/55,
Callable
6/15/32
@
100
(b)(d)
.........
40,630
1,853
BPR
Trust
............................................................
Series
2021-TY,
Class
B,
6.59%
(TSFR1M+126bps),
9/15/38(a)(b)(c)
.............
750
738
Series
2021-TY,
Class
D,
7.79%
(TSFR1M+246bps),
9/15/38(a)(b)(c)
.............
2,752
2,700
Series
2022-OANA,
Class
A,
7.23%
(
TSFR1M+190bps),
4/15/37(a)(b)(c)
..........
4,500
4,497
Series
2022-OANA,
Class
D,
9.02%
(TSFR1M+370bps),
4/15/37(a)(b)(c)
..........
9,500
9,507
Series
2022-STAR,
Class
A,
8.56%
(TSFR1M+323bps),
8/15/39(a)(b)(c)
...........
2,804
2,799
BX
Commercial
Mortgage
Trust
............................................
Series
2021-VOLT,
Class
B,
6.39%
(TSFR1M+106bps),
9/15/36(a)(b)(c)
...........
216
212
Series
2022-CSMO,
Class
C,
9.22%
(TSFR1M+389bps),
6/15/27(a)(b)(c)
..........
7,500
7,526
Series
2022-CSMO,
Class
D,
9.67%
(TSFR1M+
434bps),
6/15/27(a)(b)(c)
..........
2,400
2,407
Series
2023-XL3,
Class
A,
7.09%
(TSFR1M+176bps),
12/9/40(a)(b)(c)
............
161
161
BX
Mortgage
Trust,
Series
2021-PAC,
Class
B,
6.34%
(TSFR1M+101bps),
10/15/36(a)(b)(c)
3,250
3,179
BX
Trust
.............................................................
Series
2022-CLS,
Class
B,
6.30%,
10/13/27(a)(b)
............................
3,000
2,782
Series
2022-CLS,
Class
C,
6.79%,
10/13/27(a)(b)
............................
2,500
2,273
BXP
Trust
............................................................
Series
2021-601L,
Class
B,
2.78%,
1/15/44(a)(b)(d)
..........................
5,545
4,379
Series
2021-601L
,
Class
C,
2.78%,
1/15/44(a)(b)(d)
..........................
3,750
2,858
Series
2021-601L,
Class
D,
2.78%,
1/15/44(a)(b)(d)
..........................
5,750
4,050
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
CAMB
Commercial
Mortgage
Trust,
Series
2021-CX2,
Class
A,
2.70%,
11/10/46,
Callable
11/10/31
@
100(a)(b)
................................................
$
2,000
$
1,661
COMM
Mortgage
Trust
..................................................
Series
2014-277P,
Class
A,
3.61%,
8/10/49,
Callable
8/10/24
@
100(a)(b)(d)
........
11,600
11,616
Series
2015-PC1,
Class
AM,
4.29%,
7/10/50,
Callable
6/10/25
@
100(d)
...........
3,280
3,196
Series
2015-PC1,
Class
B,
4
.28%,
7/10/50,
Callable
6/10/25
@
100(d)
.............
3,399
3,293
Series
2020-CBM,
Class
A2,
2.90%,
2/10/37,
Callable
2/10/25
@
100(a)(b)
.........
2,660
2,597
Series
2020-CBM,
Class
C,
3.40%,
2/10/37,
Callable
2/10/25
@
100(a)(b)
..........
9,700
9,463
Series
2020-CX,
Class
A,
2.17%,
11/10/46,
Callable
11/10/30
@
100(a)(b)
..........
1,075
889
Series
2024-277P,
Class
A,
6.34%,
8/10/44(a)(b)
............................
3,622
3,689
Series
2024-277P,
Class
B,
7.23%,
8/10/44(a)(b)(d)
..........................
453
460
CSMC
Trust
..........................................................
Series
2019-UVIL,
Class
A,
3.16%,
12/15/41(a)(b)
...........................
1,950
1,747
Series
2019-UVIL,
Class
C,
3.28%,
12/15/41(a)(b)(d)
.........................
5,000
4,338
Series
2020-WEST,
Class
A,
3.04%,
2/15/35,
Callable
2/15/30
@
100(a)(b)
.........
2,500
2,045
DBJPM
Mortgage
Trust
..................................................
Series
2016-C1,
Class
A4,
3.28%,
5/10/49,
Callable
4/10/26
@
100
...............
580
557
Series
2016-SFC,
Class
A,
2.83%,
8/10/36,
Callable
8/10/26
@
100(a)(b)
...........
5,000
2,259
Series
2016-SFC,
Class
B,
3.24%,
8/10/36
,
Callable
8/10/26
@
100(a)(b)
...........
2,500
344
DBWF
Mortgage
Trust,
Series
2024-LCRS,
Class
A,
7.07%
(TSFR1M+174bps),
4/15/37(a)(b)
(c)
.............................................................
2,750
2,741
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2020-UPTN,
Class
B,
2.95%,
2/10/37
,
Callable
2/10/25
@
100(a)(b)
.........
1,735
1,675
Series
2023-SHIP,
Class
C,
5.51%,
9/10/38(a)(b)(d)
..........................
1,882
1,858
GS
Mortgage
Securities
Trust
..............................................
Series
2019-GSA1,
Class
A4,
3.05%,
11/10/52,
Callable
11/10/29
@
100
...........
4,000
3,665
Series
2019-GSA1,
Class
AS,
3.34%,
11/10/52,
Callable
11/10/29
@
100
...........
5,000
4,540
Hilton
USA
Trust
.......................................................
Series
2016-HHV,
Class
B,
4.19%,
11/5/38(a)(b)(d)
..........................
4,650
4,485
Series
2016-HHV,
Class
C,
4.19%,
11/5/38(a)(b)(d)
..........................
824
792
Houston
Galleria
Mall
Trust,
Series
2015-HGLR,
Class
A1A2,
3.09%,
3/5/37(a)(b)
........
12,233
11,968
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY,
Class
A,
2.84%,
8/10/38,
Callable
8/10/26
@
100(a)(b)
..........
8,865
8,372
Series
2019-30HY,
Class
A,
3.23%,
7/10/39(a)(b)
............................
745
673
Series
2019-30HY,
Class
D,
3.44%,
7/10/39(a)(b)(d)
..........................
4,947
4,194
Series
2019-55HY,
Class
A,
2.94%,
12/10/41(a)(b)(d)
.........................
4,960
4,386
Series
2019-55HY,
Class
D,
2.94%,
12/10/41(a)(b)(d)
.........................
5,672
4,683
ILPT
Commercial
Mortgage
Trust
...........................................
Series
2022-LPF2,
Class
C,
8.82%
(TSFR1M+349bps),
10/15/39(a)(b)(c)
..........
1,900
1,843
Series
2022-LPFX,
Class
C,
3.82%,
3/15/32(a)(b)(d)
.........................
2,500
2,063
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
..........................
Series
2013-C10,
Class
C,
4.07%,
12/15/47,
Callable
1/15/25
@
100(d)
............
1,572
1,494
Series
2019-OSB,
Class
A,
3.40%,
6/5/39,
Callable
6/5/29
@
100(a)(b)
............
5,000
4,488
Series
2019-OSB,
Class
C,
3.75%,
6/5/39,
Callable
6/5/29
@
100(a)(b)(d)
..........
2,436
2,143
Series
2019-OSB,
Class
D,
3.78%,
6/5/39,
Callable
6/5/29
@
100(a)(b)(d)
..........
2,000
1,719
Series
2021-2NU,
Class
D,
2.08%,
1/5/40(a)(b)
.............................
2,700
1,977
Series
2021-2NU,
Class
XA,
0.09%,
1/5/40(a)(b)(d)
..........................
226,300
658
Jackson
Park
Trust
......................................................
Series
2019-LIC,
Class
A,
2.77%,
10/14/39(a)(b)
............................
5,000
4,400
Series
2019-LIC,
Class
C,
3.13%,
10/14/39(a)(b)(d)
..........................
5,000
4,147
JW
Commercial
Mortgage
Trust,
Series
2024-MRCO,
Class
A,
6.95%
(TSFR1M+162bps),
6/15/39(a)(b)(c)
....................................................
2,716
2,707
Life
BMR
Mortgage
Trust,
Series
2022-BMR2,
Class
C,
7.42%
(TSFR1M+209bps),
5/15/39,
Callable
5/15/25
@
100(a)(b)(c)
........................................
2,250
2,137
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW,
Class
A,
2.13%,
9/10/39(a)(b)
............................
8,617
7,774
Series
2020-1MW,
Class
B,
2.33%,
9/10/39(a)(b)(d)
..........................
2,703
2,423
Series
2020-1MW,
Class
C,
2.33%,
9/10/39(a)(b)(d)
..........................
5,000
4,437
Series
2020-1MW,
Class
D,
2.33%,
9/10/39(a)(b)(d)
..........................
6,475
5,655
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
D,
7.04%
(TSFR1M+172bps),
4/15/38(a)(b)(c)
....................................................
1,678
1,656
MHC
Trust,
Series
2021-MHC2,
Class
D,
6.94%
(TSFR1M+
161bps),
5/15/38(a)(b)(c)
.....
1,520
1,495
MHP,
Series
2022-MHIL,
Class
D,
6.94%
(TSFR1M+161bps),
1/15/27(a)(b)(c)
..........
2,279
2,242
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Morgan
Stanley
Capital
I
Trust,
Series
2021-PLZA,
Class
C,
2.81%,
11/9/43(a)(b)
........
$
2,750
$
1,846
MTN
Commercial
Mortgage
Trust,
Series
2022-LPFL,
Class
C,
7.72%
(TSFR1M+239bps),
3/15/39(a)(b)(c)
....................................................
3,000
2,959
NRTH
Mortgage
Trust,
Series
2024-PARK,
Class
A,
6.97%
(TSFR1M+164bps),
3/15/39(a)(b)
(c)
.............................................................
2,976
2,965
One
Bryant
Park
Trust
,
Series
2019-OBP,
Class
A,
2.52%,
9/15/54(a)(b)
................
5,182
4,478
ONE
Mortgage
Trust,
Series
2021-PARK,
Class
D,
6.94%
(TSFR1M+161bps),
3/15/36(a)(b)
(c)
.............................................................
5,000
4,715
ORL
Trust,
Series
2023-GLKS,
Class
A,
7.68%
(TSFR1M+235bps),
10/19/36(a)
(b)(c)
.....
1,880
1,882
SCOTT
Trust,
Series
2023-SFS,
Class
AS,
6.20%,
3/10/40(a)(b)
.....................
2,357
2,336
SLG
Office
Trust
.......................................................
Series
2021-OVA,
Class
B,
2.71%,
7/15/41(a)(b)
............................
4,000
3,301
Series
2021-OVA,
Class
C,
2.85%,
7/15/41(a)(b)
............................
4,000
3,295
SREIT
Trust,
Series
2021-MFP2,
Class
D,
7.01%
(TSFR1M+168bps),
11/15/36(a)(b)(c)
....
1,000
978
TTAN,
Series
2021-MHC,
Class
D,
7.19%
(TSFR1M+186bps),
3/15/38(a)(b)(c)
..........
1,462
1,439
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2015-NXS3,
Class
B,
4.50%,
9/15/57,
Callable
10/15/25
@
100(d)
..........
2,000
1,943
Series
2015-NXS4,
Class
AS,
3.97%,
12/15/48,
Callable
11/15/25
@
100
...........
3,500
3,396
Series
2015-NXS4,
Class
B
,
4.22%,
12/15/48,
Callable
11/15/25
@
100(d)
..........
5,000
4,775
Series
2018-AUS,
Class
A,
4.06%,
8/17/36(a)(b)(d)
..........................
4,200
4,005
Series
2020-C56,
Class
AS,
3.11%,
6/15/53,
Callable
4/15/30
@
100
..............
2,000
1,766
Series
2021-SAVE,
Class
D,
7.94%
(TSFR1M+261bps),
2/15/40(a)(b)(c)
...........
1,200
1,182
315,634
Private
CMO
Floating
(0.0%):(e)
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2005-AR5,
Class
B1,
6.21%
(TSFR1M+86bps),
7/19/35,
Callable
8/19/24
@
100(c)
........................
408
241
Total
Collateralized
Mortgage
Obligations
(Cost
$446,323)
a
a
a
418,032
Shares
Preferred
Stocks
(0.3%)
Consumer
Staples
(0.2%):
CHS,
Inc.,
Series
2,
7.10%(f)
..............................................
400,000
10,136
Financials
(0.1%):
Citigroup
Capital
XIII,
11.89%
(TSFR3M+663bps),
10/30/40(c)
.....................
87,500
2,552
U.S.
Bancorp,
Series
A,
6.58%
(TSFR3M+128bps)(c)(f)
...........................
5,000
4,270
6,822
Total
Preferred
Stocks
(Cost
$15,945)
a
a
a
16,958
Principal
Amount
(000)
Senior
Secured
Loans
(1.2%)
Communication
Services
(0.0%):(e)
Cincinnati
Bell,
Inc.,
Term
B2,
First
Lien,
8.59%
(SOFR01M+325bps),
11/17/28(c)
.......
488
486
Consumer
Discretionary
(0.4%):
Academy
Ltd.,
Refinancing
Term
Loans,
First
Lien,
9.09%
(SOFR01M+375bps),
11/6/27(c)
.
112
112
Alterra
Mountain
Co.,
Term
Loan
B-4,
First
Lien,
8.59%
(SOFR01M+325bps),
8/17/28(c)
..
430
431
Aramark
Services,
Inc.,
Term
Loan
B8,
First
Lien,
7.34%
(SOFR01M+200bps),
6/24/30(c)
..
464
465
Berlin
Packaging
LLC,
Tranche
B-4
Term
Loans,
First
Lien,
9.08%
(SOFR03M+375bps),
5/12/31(c)
........................................................
49
49
Berlin
Packaging
LLC,
Tranche
B-4
Term
Loans,
First
Lien,
9.09%
(SOFR01M+375bps),
5/12/31(c)
........................................................
436
438
Carnival
Corp.,
2027
Term
Loan,
First
Lien,
8.09%
(SOFR01M+275bps),
8/9/27(c)
.......
687
691
Carnival
Corp.,
2028
Term
Loan,
First
Lien,
8
.09%
(SOFR01M+275bps),
10/18/28(c)
.....
2,382
2,392
Charter
Communications
Operating
LLC,
Term
B2,
First
Lien,
7.08%
(SOFR03M+175bps),
2/1/27(c)
.........................................................
3,690
3,686
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
9.03%
(SOFR03M+375bps),
10/20/27(c)
.......................................
89
91
Flutter
Entertainment
PLC,
Term
B
Loans,
First
Lien,
7.58%
(SOFR03M+225bps),
11/25/30(c)
.......................................................
1,393
1,394
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Great
Outdoors
Group
LLC,
Term
B1,
First
Lien,
9.09%
(SOFR01M+375bps),
3/6/28(c)
....
$
154
$
154
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien,
8.58%
(SOFR03M+325bps),
3/3/28(c)
.........................................................
4,240
3,910
Sotheby's,
2021
2nd
Refin
Term
Loan,
First
Lien,
9.80%
(SOFR03M+450bps),
1/15/27(c)
...
1,158
1,056
Topgolf
Callaway
Brands
Corp.,
Initial
Term
Loans,
First
Lien,
8.34%
(SOFR01M+300bps),
3/12/30(c)
........................................................
1,895
1,900
Travel
+
Leisure
Co.,
2023
Incremental
Term
Loans,
First
Lien,
8.60%
(SOFR01M+325bps),
12/14/29(c)
.......................................................
988
990
United
Airlines,
Inc.,
Class
B
Term
Loan,
First
Lien,
8.03%
(SOFR03M+275bps),
2/24/31(c)
1,496
1,500
19,259
Consumer
Staples
(0.0%):(e)
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien,
8.83%
(SOFR01M+350bps),
10/8/27(c)
........................................................
11
11
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien,
8.80%
(SOFR03M+350bps),
10/8/27(c)
........................................................
626
629
640
Energy
(0.0%):(e)
CQP
Holdco
LP,
Term
Loan
B,
First
Lien,
7.58%
(SOFR03M+225bps),
12/31/30(c)
.......
884
886
Financials
(0.4%):
AAdvantage
Loyalty
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
10.03%
(SOFR03M+475bps),
4/20/28(c)
........................................................
706
729
Ardonagh
Group
Finco
Pty
Ltd.,
Term
Loan
B,
First
Lien,
2/18/31(g)
..................
3,150
3,146
Asplundh
Tree
Expert
LLC,
Term
Loan
B,
First
Lien,
7.10%
(SOFR01M+175bps),
5/8/31(c)
.
2,575
2,577
Boost
Newco
Borrower
LLC,
Initial
USD
Term
Loan,
First
Lien,
8.33%
(SOFR03M+300bps),
1/31/31(c)
........................................................
3,300
3,302
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
First
Lien,
8.59%
(SOFR01M+325bps),
6/16/31(c)
1,000
1,001
Delta
2
LUX
SARL,
Term
Loan
B,
First
Lien,
7.58%
(SOFR03M+225bps),
1/15/30(c)
.....
1,500
1,505
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien,
9.08%
(SOFR01M+375bps),
1/29/29(c)
........................................................
479
480
Howden
Group
Holdings
Limited,
2023
Term
Loans,
First
Lien,
9.25%
(SOFR03M+400bps),
4/18/30(c)
........................................................
494
494
IRB
Holding
Corp.,
Term
B,
First
Lien,
8.09%
(SOFR01M+275bps),
12/15/27(c)
.........
734
735
Medline
Borrower
LP,
Initial
Term
Loan,
First
Lien,
7.84%
(SOFR01M+250bps),
10/23/28(c)
192
192
Oculus
Acquisition
Corp.,
Initial
Term
Loan,
First
Lien,
8.75%
(SOFR03M+350bps),
11/8/27(c)
........................................................
2,716
2,726
OneDigital
Borrower
LLC,
2021
Term
Loan,
First
Lien,
8.59%
(SOFR01M+325bps),
7/2/31(c)
1,825
1,817
Polaris
Newco
LLC,
Dollar
Term
Loan,
First
Lien,
9.25%
(SOFR03M+400bps),
6/2/28(c)
...
236
236
Truist
Insurance
Holdings
LLC,
Initial
Term
Loans,
First
Lien,
8.58%
(SOFR03M+325bps),
5/6/31(c)
.........................................................
1,225
1,227
Whatabrands
LLC,
2024
Term
B
Facility,
First
Lien,
8.09%
(SOFR01M+275bps),
8/3/28(c)
.
177
177
20,344
Health
Care
(0.1%):
R1
RCM,
Inc.,
Initial
Term
Loan
B,
First
Lien,
8.34%
(SOFR01M+300bps),
6/21/29(c)
.....
2,637
2,648
Industrials
(0.0%):(e)
Graham
Packaging
Co.,
Inc.,
New
Term
Loans,
First
Lien
(SOFR01M+300bps),
8/4/27(c)(g)
.
452
452
Janus
International
Group
LLC,
TLB,
First
Lien,
7.84%
(SOFR01M+250bps),
8/5/30(c)
....
192
193
TricorBraun
Holdings,
Inc.,
Closing
Date
Initial
Term
Loans,
First
Lien,
8.59%
(SOFR01M+325bps),
3/3/28(c)
.........................................
461
459
1,104
Information
Technology
(0.2%):
MKS
Instruments,
Inc.,
Facility
2023
Rolled
TLB,
First
Lien,
7.60%
(
SOFR01M+225bps),
8/17/29(c)
........................................................
2,514
2,522
Open
Text
Corp.,
TLB,
First
Lien,
7.59%
(SOFR01M+225bps),
1/31/30(c)
..............
4,644
4,667
Proofpoint,
Inc.,
Term
Loan,
First
Lien,
8.34%
(SOFR01M+300bps),
8/31/28(c)
..........
473
474
UKG,
Inc.,
Initial
Term
Loans,
First
Lien,
8.55%
(SOFR03M+325bps),
1/31/31(c)
........
129
130
7,793
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Materials
(0.1%):
Light
&
Wonder
International,
Term
Loan
B-1,
First
Lien,
7.58%
(SOFR01M+225bps),
4/16/29(c)
........................................................
$
978
$
984
The
Chemours
Co.,
TLB,
First
Lien,
8.84%
(SOFR01M+350bps),
8/18/28(c)
............
3,267
3,260
4,244
Real
Estate
(0.0%):(e)
OEG
Borrower
LLC,
Initial
Term
Loans,
First
Lien,
8.83%
(SOFR03M+350bps),
6/30/31(c)
.
900
898
Total
Senior
Secured
Loans
(Cost
$58,140)
a
a
a
58,302
Corporate
Bonds
(15.3%)
Communication
Services
(0.8%):
AT&T,
Inc.,
4.50%,
5/15/35,
Callable
11/15/34
@
100
............................
2,500
2,357
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.,
4.25%,
1/15/34,
Callable
1/15/28
@
102.13(a)
.........................................................
1,033
816
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
5.38%,
4/1/38,
Callable
10/1/37
@
100
...................................
2,500
2,253
4.80%,
3/1/50,
Callable
9/1/49
@
100
....................................
1,635
1,234
Comcast
Corp.,
3.20%,
7/15/36,
Callable
1/15/36
@
100
...........................
750
623
Cox
Communications,
Inc.,
5.70%,
6/15/33,
Callable
3/15/33
@
100(a)
................
2,992
3,042
Directv
Financing
LLC/Directv
Financing
Co.-Obligor,
Inc.,
5.88%,
8/15/27,
Callable
9/9/24
@
102.94(a)
......................................................
6,796
6,547
Gray
Television,
Inc.
10.50%,
7/15/29,
Callable
7/15/26
@
105.25(a)
.............................
1,811
1,890
4.75%,
10/15/30,
Callable
10/15/25
@
102.38(a)
............................
4,440
2,952
5.38%,
11/15/31,
Callable
11/15/26
@
102.69(a)
............................
1,000
646
Lamar
Media
Corp.,
3.63%,
1/15/31,
Callable
1/15/26
@
101.81
.....................
259
230
Paramount
Global,
4.38%,
3/15/43
..........................................
9,894
6,900
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC,
5.15%,
3/20/28,
Callable
3/20/27
@
100(a)
......................................
290
290
T-Mobile
US,
Inc.
3.50%,
4/15/31,
Callable
4/15/26
@
101.75
................................
1,585
1,455
5.50%,
1/15/55,
Callable
7/15/54
@
100
..................................
1,155
1,140
Verizon
Communications,
Inc.
2.55%,
3/21/31,
Callable
12/21/30
@
100
.................................
2,915
2,525
2.88%,
11/20/50,
Callable
5/20/50
@
100
..................................
250
161
Warnermedia
Holdings,
Inc.
4.28%,
3/15/32,
Callable
12/15/31
@
100
.................................
3,000
2,602
5.14%,
3/15/52,
Callable
9/15/51
@
100
..................................
2,217
1,649
39,312
Consumer
Discretionary
(1.2%):
Acushnet
Co.,
7.38%,
10/15/28,
Callable
10/15/25
@
103.69(a)
......................
471
491
AutoNation,
Inc.,
2.40%,
8/1/31,
Callable
5/1/31
@
100
...........................
2,161
1,781
Choice
Hotels
International,
Inc.,
5.85%,
8/1/34,
Callable
5/1/34
@
100
................
3,786
3,802
Daimler
Truck
Finance
North
America
LLC
5.50%,
9/20/33(a)
..................................................
1,553
1,592
5.38%,
6/25/34,
Callable
3/25/34
@
100(a)
................................
3,168
3,201
ERAC
USA
Finance
LLC,
4.90%,
5/1/33,
Callable
2/1/33
@
100(a)
...................
3,042
3,031
Genuine
Parts
Co.,
6.88%,
11/1/33,
Callable
8/1/33
@
100
.........................
1,795
2,012
Hilton
Domestic
Operating
Co.,
Inc.,
3.63%,
2/15/32,
Callable
8/15/26
@
101.81(a)
.......
30
26
Kohl's
Corp.,
4.63%,
5/1/31,
Callable
2/1/31
@
100
..............................
2,500
2,041
LKQ
Corp.,
6.25%,
6/15/33,
Callable
3/15/33
@
100
.............................
870
903
PulteGroup,
Inc.,
6.00%,
2/15/35
............................................
1,385
1,461
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
50
44
Tapestry,
Inc.,
7.85%,
11/27/33,
Callable
8/27/33
@
100
...........................
25,057
26,710
Tractor
Supply
Co.,
1.75%,
11/1/30,
Callable
8/1/30
@
100
.........................
1,576
1,316
Vail
Resorts,
Inc.,
6.50%,
5/15/32,
Callable
5/15/27
@
103.25(a)
.....................
2,473
2,531
Vanderbilt
University
Medical
Center,
4.17%,
7/1/37,
Callable
1/1/37
@
100
............
1,445
1,279
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Volkswagen
Group
of
America
Finance
LLC
6.45%,
11/16/30,
Callable
9/16/30
@
100(a)
................................
$
2,795
$
2,995
5.60%,
3/22/34,
Callable
12/22/33
@
100(a)
...............................
3,208
3,259
58,475
Consumer
Staples
(0.7%):
7-Eleven,
Inc.
1.80%,
2/10/31,
Callable
11/10/30
@
100(a)
................................
1,625
1,331
2.80%,
2/10/51,
Callable
8/2/50
@
100(a)
.................................
11,044
6,755
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
6.50%,
2/15/28,
Callable
2/15/25
@
103.25(a)
..............................
2,348
2,381
4.88%,
2/15/30,
Callable
2/15/25
@
103.66(a)
..............................
1,150
1,099
BAT
Capital
Corp.,
7.75%,
10/19/32,
Callable
7/19/32
@
100
.......................
1,000
1,151
Bimbo
Bakeries
USA,
Inc.,
5.38%,
1/9/36,
Callable
10/9/35
@
100(a)
.................
1,517
1,522
Coca-Cola
Consolidated,
Inc.,
5.45%,
6/1/34,
Callable
3/1/34
@
100
..................
3,625
3,744
Dollar
General
Corp.,
5.45%,
7/5/33,
Callable
4/5/33
@
100(h)
......................
2,122
2,152
Kellanova,
4.50%,
4/1/46
.................................................
3,111
2,675
Kraft
Heinz
Foods
Co.,
5.00%,
6/4/42
........................................
766
711
Pilgrim's
Pride
Corp.,
6.25%,
7/1/33,
Callable
4/1/33
@
100
........................
2,000
2,077
Post
Holdings,
Inc.,
4.50%,
9/15/31,
Callable
9/15/26
@
102.25(a)
...................
85
77
Smithfield
Foods,
Inc.,
2.63%
,
9/13/31,
Callable
6/13/31
@
100(a)
....................
2,635
2,153
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
..........................
2,400
2,087
The
J.M.
Smucker
Co.,
6.50%,
11/15/53,
Callable
5/15/53
@
100
....................
3,525
3,908
33,823
Energy
(0.6%):
Cameron
LNG
LLC,
3.30%,
1/15/35,
Callable
9/15/34
@
100(a)
.....................
2,727
2,298
Cheniere
Energy,
Inc.,
4.63%,
10/15/28,
Callable
8/19/24
@
102.31
...................
500
491
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC,
5.50%,
6/15/31,
Callable
6/15/26
@
102.75(a)
1,000
961
Diamondback
Energy,
Inc.,
5.75%,
4/18/54,
Callable
10/18/53
@
100
.................
3,208
3,176
Evergy
Missouri
West
Storm
Funding
I
LLC,
5.10%,
12/1/38
.......................
3,230
3,280
Harvest
Midstream
I
LP,
7.50%,
5/15/32,
Callable
5/15/27
@
103.75(a)
................
4,079
4,205
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6.25%,
4/15/32,
Callable
5/15/27
@
103.13(a)
..............................
1,000
972
6.88%,
5/15/34,
Callable
5/15/29
@
103.44(a)
..............................
906
904
ONEOK,
Inc.,
5.15%,
10/15/43
,
Callable
4/15/43
@
100
...........................
2,210
2,049
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.,
5.70%,
9/15/34,
Callable
6/15/34
@
100
3,168
3,218
Venture
Global
LNG,
Inc.,
9.88%,
2/1/32,
Callable
2/1/27
@
104.94(a)
................
3,289
3,650
Viper
Energy,
Inc.
5.38%,
11/1/27,
Callable
8/23/24
@
101.79(a)
..............................
5,500
5,416
7.38%,
11/1/31,
Callable
11/1/26
@
103.69(a)
..............................
1,219
1,280
31,900
Financials
(5.6%):
American
Express
Co.,
5.28%
(SOFR+142bps),
7/26/35,
Callable
7/26/34
@
100(c)
.......
9,054
9,161
Aon
Corp./Aon
Global
Holdings
PLC,
5.35%,
2/28/33,
Callable
11/28/32
@
100
.........
2,030
2,064
Aretec
Group,
Inc.,
10.00%,
8/15/30,
Callable
10/15/26
@
105(a)
....................
1,400
1,494
Arthur
J.
Gallagher
&
Co.,
5.45%,
7/15/34,
Callable
4/15/34
@
100
...................
3,234
3,289
Assurant,
Inc.,
2.65%,
1/15/32,
Callable
10/15/31
@
100
...........................
3,000
2,511
Athene
Global
Funding,
2.67%,
6/7/31(a)
......................................
4,000
3,381
Bank
of
America
Corp.
2.30%
(SOFR+122bps),
7/21/32,
Callable
7/21/31
@
100(c)
....................
4,000
3,359
2.48%
(H15T5Y+120bps),
9/21/36,
Callable
9/21/31
@
100(c)
..................
4,750
3,882
BankUnited,
Inc.,
5.13%,
6/11/30,
Callable
3/11/30
@
100
.........................
2,000
1,871
Blackstone
Private
Credit
Fund,
2.63%,
12/15/26,
Callable
11/15/26
@
100
.............
4,058
3,767
Blue
Owl
Credit
Income
Corp.,
5.50%,
3/21/25
.................................
4,000
3,987
Blue
Owl
Finance
LLC
3.13%,
6/10/31,
Callable
3/10/31
@
100(a)
................................
2,629
2,270
6.25%,
4/18/34,
Callable
1/18/34
@
100(a)(h)
..............................
3,209
3,298
Boost
Newco
Borrower
LLC,
7.50%,
1/15/31,
Callable
1/15/27
@
103.75(a)
............
7,676
8,075
Brookfield
Capital
Finance
LLC,
6.09%,
6/14/33,
Callable
3/14/33
@
100(h)
............
3,046
3,215
Brown
&
Brown,
Inc.
4.20%,
3/17/32,
Callable
12/17/31
@
100
.................................
3,121
2,903
5.65%,
6/11/34,
Callable
3/11/34
@
100
..................................
3,625
3,671
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Capital
One
Financial
Corp.,
2.36%
(SOFR+134bps),
7/29/32,
Callable
7/29/31
@
100(c)
...
$
5,000
$
3,973
Citizens
Bank
NA,
6.06%
(SOFR+145bps),
10/24/25,
Callable
10/24/24
@
100(c)
........
1,750
1,744
Citizens
Financial
Group,
Inc.
5.65%
(H15T5Y+531bps),
Callable
10/6/25
@
100(c)(f)
.......................
11,873
11,661
2.64%,
9/30/32,
Callable
7/2/32
@
100
...................................
3,000
2,374
Compeer
Financial
FLCA/Compeer
Financial
PCA,
3.38%
(SOFR+197bps),
6/1/36,
Callable
6/1/31
@
100(a)(c)
..................................................
978
737
Cullen/Frost
Bankers,
Inc.,
4.50%,
3/17/27,
Callable
2/17/27
@
100
...................
1,000
981
Enstar
Finance
LLC,
5.75%
(H15T5Y+547bps),
9/1/40,
Callable
9/1/25
@
100(c)
........
8,124
7,807
Equitable
Holdings,
Inc.,
4.57%,
2/15/29,
Callable
11/15/28
@
100(a)
.................
1,750
1,719
Fidelity
National
Information
Services,
Inc.,
5.10%,
7/15/32
,
Callable
4/15/32
@
100
......
997
1,007
Fifth
Third
Bancorp,
4.50%
(H15T5Y+422bps),
Callable
9/30/25
@
100(c)(f)
...........
5,088
4,938
First
Citizens
Bancshares,
Inc.,
3.38%
(TSFR3M+247bps),
3/15/30,
Callable
3/15/25
@
100(c)
1,500
1,440
First
Horizon
Bank,
5.75%,
5/1/30,
Callable
2/1/30
@
100(h)
.......................
3,000
2,945
Fiserv,
Inc.
5.60%,
3/2/33,
Callable
12/2/32
@
100
...................................
3,250
3,365
4.40%,
7/1/49,
Callable
1/1/49
@
100
....................................
250
209
Global
Atlantic
Fin
Co.,
7
.95%,
6/15/33,
Callable
3/15/33
@
100(a)
...................
4,226
4,719
Global
Payments,
Inc.
4.15%,
8/15/49,
Callable
2/15/49
@
100
..................................
2,826
2,179
5.95%,
8/15/52,
Callable
2/15/52
@
100
..................................
2,762
2,721
HUB
International
Ltd.,
7.25%,
6/15/30
,
Callable
6/15/26
@
103.63(a)
................
469
484
Huntington
Bancshares,
Inc.,
2.49%
(H15T5Y+117bps),
8/15/36,
Callable
8/15/31
@
100(c)
.
3,898
3,050
Jefferies
Financial
Group,
Inc.,
6.20%,
4/14/34,
Callable
1/14/34
@
100
................
1,831
1,900
JPMorgan
Chase
&
Co.
2.96%
(SOFR+126bps),
1/25/33,
Callable
1/25/32
@
100(c)
....................
3,168
2,759
5.77%
(SOFR+149bps),
4/22/35,
Callable
4/22/34
@
100(c)
....................
1,914
2,004
KeyBank
NA,
4.90%,
8/8/32(h)
.............................................
4,403
4,071
KeyCorp
Capital
II,
6.88%,
3/17/29
..........................................
750
749
KeyCorp.
6.62%
(SOFRINDX+125bps),
5/23/25,
Callable
2/23/25
@
100(c)
...............
500
501
4.79%
(SOFRINDX+206bps),
6/1/33,
Callable
6/1/32
@
100,
MTN(c)
............
2,549
2,387
6.40%
(SOFRINDX+242
bps),
3/6/35,
Callable
3/6/34
@
100(c)
.................
3,665
3,821
Lazard
Group
LLC,
6.00%,
3/15/31,
Callable
1/15/31
@
100
........................
223
230
MetLife,
Inc.,
9.25%,
4/8/38,
Callable
4/8/33
@
100(a)
............................
9,816
11,474
Morgan
Stanley
1.93%
(SOFR+102
bps),
4/28/32,
Callable
4/28/31
@
100,
MTN(c)
...............
1,947
1,601
5.32%
(SOFR+156bps),
7/19/35,
Callable
7/19/34
@
100(c)
....................
3,622
3,651
2.48%
(SOFR+136bps),
9/16/36,
Callable
9/16/31
@
100(c)
....................
19,908
16,149
New
York
Life
Global
Funding,
1.85%,
8/1/31(a)
................................
7,750
6,403
Northern
Trust
Corp.,
6.13%,
11/2/32,
Callable
8/2/32
@
100(h)
.....................
2,750
2,962
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.,
6.20%,
6/15/30,
Callable
4/15/30
@
100(a)
3,043
3,231
Regions
Financial
Corp.,
5.75%
(H15T5Y+543bps),
Callable
6/15/25
@
100(c)(f)
........
6,847
6,780
Santander
Holdings
USA,
Inc.
4.40%,
7/13/27,
Callable
4/14/27
@
100
..................................
3,318
3,252
6.34%
(SOFR+214bps),
5/31/35,
Callable
5/31/34
@
100(c)
....................
3,625
3,717
State
Street
Corp.,
6.12%
(SOFR+196bps),
11/21/34,
Callable
11/21/33
@
100(c)
.........
3,655
3,878
The
Bank
of
New
York
Mellon
Corp.
4.70%
(H15T5Y+436bps),
Callable
9/20/25
@
100(c)(f)
.......................
8,563
8,428
5.19%
(SOFR+142bps),
3/14/35,
Callable
3/14/34
@
100(c)
....................
2,748
2,772
5.61%
(SOFR+177bps),
7/21/39,
Callable
7/21/34
@
100(c)
....................
5,142
5,204
The
Charles
Schwab
Corp.
5.38%
(H15T5Y+497bps),
Callable
6/1/25
@
100(c)(f)
........................
15,861
15,713
5.85%
(SOFR+250bps),
5/19/34,
Callable
5/19/33
@
100(c)
....................
3,299
3,422
The
Goldman
Sachs
Group,
Inc.,
5.85%
(SOFR+155bps),
4/25/35,
Callable
4/25/34
@
100(c)
4,409
4,606
The
PNC
Financial
Services
Group,
Inc.
4.63%
(
SOFRINDX+185bps),
6/6/33,
Callable
6/6/32
@
100(c)
.................
2,954
2,818
5.68%
(SOFR+190bps),
1/22/35,
Callable
1/22/34
@
100(c)
....................
2,040
2,104
Truist
Financial
Corp.
4.95%
(H15T5Y+461bps),
Callable
9/1/25
@
100(c)(f)
........................
12,301
12,042
5.10%
(H15T10Y+435bps),
Callable
3/1/30
@
100(c)(f)
.......................
1,886
1,768
7.16%
(SOFR+245bps),
10/30/29,
Callable
10/30/28
@
100,
MTN(c)
.............
970
1,045
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
U.S.
Bancorp
4.97%
(SOFR+211bps),
7/22/33,
Callable
7/22/32
@
100(c)
....................
$
7,437
$
7,158
4.84%
(SOFR+160bps),
2/1/34,
Callable
2/1/33
@
100(c)
......................
3,000
2,911
Willis
North
America,
Inc.
5.35%,
5/15/33,
Callable
2/15/33
@
100
..................................
3,291
3,303
5.90%,
3/5/54,
Callable
9/5/53
@
100
....................................
4,112
4,114
279,179
Health
Care
(1.0%):
Alcon
Finance
Corp.,
5.75%,
12/6/52,
Callable
6/6/52
@
100(a)
.....................
2,750
2,833
Bayer
US
Finance
II
LLC,
4.63%,
6/25/38,
Callable
12/25/37
@
100(a)
................
5,000
4,342
Bio-Rad
Laboratories,
Inc.,
3.70%,
3/15/32,
Callable
12/15/31
@
100
.................
1,625
1,480
Bon
Secours
Charity
Health
System,
Inc.,
5.25%,
11/1/25
..........................
5,000
4,965
Boston
Medical
Center
Corp.,
3.91%,
7/1/28
...................................
3,000
2,870
Centene
Corp.,
2.50%,
3/1/31,
Callable
12/1/30
@
100
............................
2,133
1,789
CHS/Community
Health
Systems,
Inc.,
4.75%,
2/15/31,
Callable
2/15/26
@
102.38(a)
.....
1,000
823
CVS
Health
Corp.,
5.63%,
2/21/53,
Callable
8/21/52
@
100
........................
3,018
2,873
DENTSPLY
SIRONA,
Inc.,
3.25%,
6/1/30,
Callable
3/1/30
@
100
....................
4,094
3,654
Eastern
Maine
Healthcare
Systems,
3.71%,
7/1/26
...............................
6,135
5,845
GE
HealthCare
Technologies,
Inc.,
5.91%,
11/22/32,
Callable
8/22/32
@
100
............
5,000
5,268
HCA,
Inc.
5.60%,
4/1/34,
Callable
1/1/34
@
100
....................................
2,768
2,812
5.25%,
6/15/49,
Callable
12/15/48
@
100
.................................
226
206
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.,
5.88%,
6/15/54,
Callable
12/15/53
@
100(a)
...........................................................
3,621
3,647
Solventum
Corp.,
5.60%,
3/23/34,
Callable
12/23/33
@
100(a)
......................
3,691
3,714
Tenet
Healthcare
Corp.,
4.25%,
6/1/29,
Callable
8/23/24
@
102.13
...................
200
189
Universal
Health
Services,
Inc.,
2.65%,
1/15/32,
Callable
10/15/31
@
100
..............
3,604
3,039
50,349
Industrials
(3.0%):
Acuity
Brands
Lighting,
Inc.,
2.15%,
12/15/30,
Callable
9/15/30
@
100
................
3,000
2,539
Alaska
Airlines
Pass
Through
Trust
8.00%,
8/15/25(a)
..................................................
1,904
1,925
4.80%,
8/15/27(a)
..................................................
4,354
4,274
American
Airlines
Pass
Through
Trust
4.95%,
2/15/25
....................................................
1,082
1,073
4.00%,
7/15/25
....................................................
3,470
3,367
3.70%,
10/15/25
....................................................
3,717
3,605
3.60%,
10/15/29
....................................................
1,351
1,238
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75
%,
4/20/29(a)
................
5,231
5,112
Aon
North
America,
Inc.,
5.75%,
3/1/54,
Callable
9/1/53
@
100
.....................
2,566
2,585
Ashtead
Capital,
Inc.,
5.50%,
8/11/32,
Callable
5/11/32
@
100(a)
....................
2,000
1,999
Aviation
Capital
Group
LLC,
5.50%,
12/15/24
,
Callable
11/15/24
@
100(a)
.............
3,000
2,991
British
Airways
Pass
Through
Trust,
3.35%,
6/15/29(a)
............................
1,399
1,305
Concentrix
Corp.,
6.85%,
8/2/33,
Callable
5/2/33
@
100(h)
.........................
8,627
8,805
Delta
Air
Lines
Pass
Through
Trust,
2.50%,
6/10/28
..............................
3,512
3,210
Esab
Corp.,
6.25%,
4/15/29,
Callable
4/15/26
@
103.13(a)
.........................
458
464
GXO
Logistics,
Inc.
2.65%,
7/15/31,
Callable
4/15/31
@
100
..................................
2,271
1,881
6.50%,
5/6/34,
Callable
2/6/34
@
100
....................................
4,834
5,019
Hawaiian
Airlines
Pass
Through
Certificates,
3.90%,
1/15/26
........................
4,376
4,140
HEICO
Corp.,
5.35%,
8/1/33,
Callable
5/1/33
@
100
.............................
1,759
1,781
JetBlue
Pass
Through
Trust,
7.75%,
11/15/28(h)
.................................
3,174
3,275
Kennametal,
Inc.,
4.63%,
6/15/28,
Callable
3/15/28
@
100
.........................
2,110
2,088
Lincoln
Center
for
the
Performing
Arts,
Inc.,
3.71%,
12/1/35,
Callable
9/1/35
@
100
.......
1,475
1,296
MasTec,
Inc.,
5.90%,
6/15/29,
Callable
5/15/29
@
100
............................
2,586
2,644
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.50%,
6/20/27,
Callable
9/9/24
@
101.63(a)
...........................................
7,530
7,597
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100
......................
6,496
6,779
RXO,
Inc.,
7.50%,
11/15/27
,
Callable
11/15/24
@
103.75(a)
........................
5,734
5,919
Southwest
Airlines
Co.,
2.63%,
2/10/30,
Callable
11/10/29
@
100
....................
2,653
2,349
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Spirit
AeroSystems,
Inc.
9.38%,
11/30/29,
Callable
11/30/25
@
104.69(a)
............................
$
5,467
$
5,917
9.75%,
11/15/30,
Callable
11/15/26
@
104.88(a)
............................
9,061
10,104
The
Boeing
Co.
6.88%,
3/15/39
....................................................
12,012
12,801
5.81%,
5/1/50,
Callable
11/1/49
@
100
...................................
13,534
12,605
6.86%,
5/1/54,
Callable
11/1/53
@
100(a)
.................................
3,266
3,459
The
Timken
Co.,
4.13%,
4/1/32,
Callable
1/1/32
@
100
............................
1,117
1,040
United
Airlines
Pass
Through
Trust
4.30%,
8/15/25
....................................................
2,642
2,601
3.50%,
5/1/28
.....................................................
2,673
2,495
5.88%,
2/15/37
....................................................
1,811
1,836
US
Airways
Pass
Through
Trust,
3.95%,
11/15/25
................................
3,484
3,404
XPO,
Inc.,
6.25%,
6/1/28,
Callable
6/1/25
@
103.13(a)
............................
1,551
1,569
147,091
Information
Technology
(0.5%):
Atlassian
Corp.,
5.50%,
5/15/34,
Callable
2/15/34
@
100
..........................
4,938
5,013
Booz
Allen
Hamilton,
Inc.,
5.95%,
8/4/33,
Callable
5/4/33
@
100
....................
1,881
1,962
Broadcom,
Inc.,
2.60%,
2/15/33,
Callable
11/15/32
@
100(a)
........................
448
371
Crowdstrike
Holdings,
Inc.,
3.00%,
2/15/29
,
Callable
8/19/24
@
101.5
.................
4,527
4,060
Foundry
JV
Holdco
LLC,
6.40%,
1/25/38,
Callable
10/25/37
@
100(a)
................
1,814
1,927
Oracle
Corp.,
3.60%,
4/1/50,
Callable
10/1/49
@
100
.............................
71
51
Qorvo,
Inc.,
3.38%,
4/1/31,
Callable
4/1/26
@
101.69(a)
...........................
4,000
3,513
Trimble,
Inc.,
6.10%,
3/15/33,
Callable
12/15/32
@
100
...........................
2,804
2,951
Western
Digital
Corp.,
3.10%,
2/1/32,
Callable
11/1/31
@
100
.......................
3,289
2,709
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.,
3.88%
,
2/1/29,
Callable
8/19/24
@
101.94(a)
.........................................................
1,250
1,141
23,698
Materials
(0.4%):
Amcor
Flexibles
North
America,
Inc.,
2.69%,
5/25/31,
Callable
2/25/31
@
100
...........
3,501
3,012
AptarGroup,
Inc.,
3.60%,
3/15/32,
Callable
12/15/31
@
100
........................
4,418
3,939
LYB
International
Finance
III
LLC,
3.38%,
10/1/40,
Callable
4/1/40
@
100
.............
2,460
1,856
Panther
Escrow
Issuer
LLC,
7.13%,
6/1/31,
Callable
6/1/27
@
103.56(a)
...............
1,363
1,398
Reliance,
Inc.,
6.85%,
11/15/36
.............................................
3,648
4,076
Solvay
Finance
America
LLC,
5.85%,
6/4/34,
Callable
3/4/34
@
100(a)
................
2,719
2,788
The
Dow
Chemical
Co.,
6.90%,
5/15/53,
Callable
11/15/52
@
100
....................
894
1,021
Vulcan
Materials
Co.
3.50%,
6/1/30
,
Callable
3/1/30
@
100
....................................
817
764
4.50%,
6/15/47,
Callable
12/15/46
@
100
.................................
2,778
2,398
21,252
Real
Estate
(1.1%):
Alexandria
Real
Estate
Equities,
Inc.,
3.55%,
3/15/52,
Callable
9/15/51
@
100
...........
3,000
2,072
American
Tower
Trust
#1,
5.49%,
3/15/28,
Callable
3/15/27
@
100(a)
.................
3,740
3,805
Boston
Properties
LP,
2.45%,
10/1/33,
Callable
7/1/33
@
100
.......................
2,250
1,724
CBRE
Services,
Inc.
2.50%,
4/1/31,
Callable
1/1/31
@
100
....................................
4,313
3,671
5.95%,
8/15/34,
Callable
5/15/34
@
100
..................................
1,028
1,079
CoStar
Group,
Inc.,
2.80%,
7/15/30,
Callable
4/15/30
@
100(a)
......................
5,543
4,815
Crown
Castle,
Inc.,
2.90%,
4/1/41,
Callable
10/1/40
@
100
.........................
1,701
1,215
EPR
Properties,
3
.60%,
11/15/31,
Callable
8/15/31
@
100
..........................
2,623
2,271
Federal
Realty
OP
LP,
3.50%,
6/1/30,
Callable
3/1/30
@
100
........................
3,000
2,774
GLP
Capital
LP/GLP
Financing
II,
Inc.
4.00%,
1/15/30,
Callable
10/15/29
@
100
.................................
3,726
3,480
3
.25%,
1/15/32,
Callable
10/15/31
@
100
.................................
409
351
5.63%,
9/15/34,
Callable
6/15/34
@
100
..................................
6,791
6,775
Keenan
Development
Associates
of
Tennessee
LLC
(INS
-
XL
Capital
Assurance),
5.02%,
7/15/28(a)
........................................................
187
184
RHP
Hotel
Properties
LP/RHP
Finance
Corp.,
4.50%,
2/15/29,
Callable
9/9/24
@
102.25(a)
.
75
71
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
SBA
Tower
Trust
2.84%,
1/15/25,
Callable
9/9/24
@
100(a)(h)
...............................
$
2,337
$
2,304
2.33%,
1/15/28,
Callable
7/15/26
@
100(a)
................................
3,000
2,728
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
................................
2,947
3,020
2.59%,
10/15/31(a)
..................................................
5,000
4,168
Service
Properties
Trust,
8.88%,
6/15/32,
Callable
6/15/27
@
104.44
..................
1,810
1,724
The
Howard
Hughes
Corp.,
4.38%,
2/1/31,
Callable
2/1/26
@
102.19(a)
................
100
89
The
NHP
Foundation,
6.00%,
12/1/33,
Callable
6/1/33
@
100
.......................
2,821
2,997
VICI
Properties
LP/VICI
Note
Co.,
Inc.,
4.13%,
8/15/30,
Callable
2/15/25
@
102.06(a)
....
575
535
Vornado
Realty
LP,
3.40%,
6/1/31,
Callable
3/1/31
@
100
..........................
2,000
1,627
53,479
Utilities
(0.4%):
Black
Hills
Corp.,
6.00%,
1/15/35,
Callable
10/15/34
@
100
........................
1,811
1,868
CMS
Energy
Corp.,
4.75%
(H15T5Y+412bps),
6/1/50
,
Callable
3/1/30
@
100(c)
.........
1,813
1,672
DTE
Energy
Co.,
5.85%,
6/1/34,
Callable
3/1/34
@
100
...........................
1,133
1,180
Duke
Energy
Corp.,
5.45%,
6/15/34,
Callable
3/15/34
@
100
.......................
3,621
3,675
Duke
Energy
Progress
SC
Storm
Funding
LLC,
5
.40%,
3/1/44
.......................
2,382
2,472
Duquesne
Light
Holdings,
Inc.,
2.78%,
1/7/32,
Callable
10/7/31
@
100(a)
..............
733
613
Entergy
Corp.,
2.40%,
6/15/31,
Callable
3/5/31
@
100
............................
1,625
1,373
Essex
Portfolio
LP,
5.50%,
4/1/34,
Callable
1/1/34
@
100
..........................
2,977
3,025
Vistra
Operations
Co.
LLC,
4.30%,
7/15/29,
Callable
4/15/29
@
100(a)
................
2,997
2,879
18,757
Total
Corporate
Bonds
(Cost
$755,510)
a
a
a
757,315
Yankee
Dollars
(4.5%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.,
3.80%,
3/15/32,
Callable
12/15/31
@
100
...............
1,700
1,554
Zegona
Finance
PLC,
8.63%,
7/15/29,
Callable
7/15/26
@
104.31(a)
..................
2,262
2,309
3,863
Consumer
Discretionary
(0.4%):
Carnival
Corp.,
7.00%,
8/15/29,
Callable
8/15/26
@
103.5(a)
.......................
1,809
1,887
Flutter
Treasury
Designated
Activity
Co.,
6.38%,
4/29/29,
Callable
4/15/26
@
103.19(a)
....
2,290
2,328
NCL
Corp.
Ltd.,
5.88%,
3/15/26,
Callable
12/15/25
@
100(a)
.......................
12,877
12,817
Nissan
Motor
Co.
Ltd.,
4.81%,
9/17/30,
Callable
6/17/30
@
100(a)
...................
2,928
2,750
19,782
Consumer
Staples
(0.2%):
Bacardi
Ltd./Bacardi-Martini
BV,
5.40%,
6/15/33,
Callable
3/15/33
@
100(a)
............
2,812
2,806
Becle
SAB
de
CV,
2.50%,
10/14/31,
Callable
7/14/31
@
100(a)
......................
3,000
2,412
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
LUX
Co.
SARL
3.63%,
1/15/32,
Callable
1/15/27
@
101.81
................................
500
439
6.75%,
3/15/34,
Callable
12/15/33
@
100(a)
...............................
1,957
2,104
6.50%,
12/1/52,
Callable
6/1/52
@
100
...................................
444
449
8,210
Energy
(0.1%):
Enbridge,
Inc.
5.63%,
4/5/34
,
Callable
1/5/34
@
100
....................................
2,668
2,727
5.75%
(H15T5Y+531bps),
7/15/80,
Callable
4/15/30
@
100(c)
..................
3,000
2,845
Petroleos
Mexicanos,
10.00%,
2/7/33,
Callable
11/7/32
@
100(h)
....................
1,000
1,021
6,593
Financials
(2.6%):
1375209
BC
Ltd.,
9.00%,
1/30/28,
Callable
8/19/24
@
100(a)(h)
.....................
22,588
21,509
Allianz
SE,
6.35%
(H15T5Y+323bps),
9/6/53,
Callable
3/6/33
@
100(a)(c)
.............
1,200
1,255
Ardonagh
Finco
Ltd.,
7.75%,
2/15/31,
Callable
2/15/27
@
103.88(a)
..................
4,003
4,061
Banco
Santander
SA
2.96%,
3/25/31
....................................................
3,000
2,625
6.92%,
8/8/33
.....................................................
3,400
3,640
Bank
of
Montreal,
3.09%
(H15T5Y+140bps),
1/10/37,
Callable
1/10/32
@
100(c)
........
3,000
2,507
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Barclays
PLC,
3.56%
(H15T5Y+290
bps),
9/23/35,
Callable
9/23/30
@
100(c)
...........
$
3,200
$
2,823
BBVA
Bancomer
SA
8.45%
(H15T5Y+466bps),
6/29/38,
Callable
6/29/33
@
100(a)
..................
1,759
1,860
8.13%
(H15T5Y+421bps),
1/8/39,
Callable
1/8/34
@
100(a)(c)
..................
3,682
3,794
BNP
Paribas
SA
2.87%
(TSFR3M+139bps),
4/19/32,
Callable
4/19/31
@
100(a)(c)
................
1,000
863
5.74%
(SOFR+188bps),
2/20/35,
Callable
2/20/34
@
100(a)(c)(h)
................
1,010
1,032
BP
Capital
Markets
PLC
4.38%
(H15T5Y+404bps),
Callable
6/22/25
@
100(c)(f)
.......................
1,500
1,474
4.88%
(H15T5Y+440bps),
Callable
3/22/30
@
100(c)(f)
.......................
142
135
Credit
Agricole
SA,
6.25%
(SOFR+267bps),
1/10/35,
Callable
1/10/34
@
100(a)(c)
.......
1,977
2,044
Deutsche
Bank
AG,
3.74%
(SOFR+226bps),
1/7/33,
Callable
10/7/31
@
100(c)
..........
1,683
1,417
HSBC
Holdings
PLC
8.11%
(SOFR+425bps),
11/3/33,
Callable
11/3/32
@
100(c)
....................
1,200
1,386
6.80%,
6/1/38
.....................................................
4,000
4,375
ING
Groep
NV,
6.11%
(SOFR+209bps),
9/11/34,
Callable
9/11/33
@
100(c)
............
2,818
2,975
JAB
Holdings
BV,
3.75%,
5/28/51,
Callable
11/28/50
@
100(a)
......................
3,025
1,991
Lloyds
Banking
Group
PLC
3.57%
(US0003M+121bps),
11/7/28,
Callable
11/7/27
@
100(c)
.................
2,000
1,913
7.95%
(H15T1Y+375
bps),
11/15/33,
Callable
8/15/32
@
100(c)
.................
1,818
2,078
Macquarie
Airfinance
Holdings
Ltd.,
6.50%,
3/26/31,
Callable
1/26/31
@
100(a)
.........
1,745
1,811
Mizuho
Financial
Group,
Inc.
2.56%,
9/13/31(h)
..................................................
3,000
2,497
5.58%
(
H15T1Y+130bps),
5/26/35,
Callable
5/26/34
@
100(c)
..................
3,377
3,457
Nationwide
Building
Society,
4.00%,
9/14/26(a)
.................................
2,118
2,058
NatWest
Group
PLC,
3.07%
(H15T1Y+255bps),
5/22/28,
Callable
5/22/27
@
100(c)
......
1,500
1,424
QBE
Insurance
Group
Ltd.,
5.88%
(H15T5Y+551bps),
Callable
5/12/25
@
100(a)(c)(f)(h)
..
16,047
15,912
Royal
Bank
of
Canada,
5.15%,
2/1/34
........................................
3,912
3,974
Societe
Generale
SA
6.22%
(H15T1Y+320bps),
6/15/33,
Callable
6/15/32
@
100(a)(c)
(h)
..............
3,000
3,033
4.03%
(H15T1Y+190bps),
1/21/43,
Callable
1/21/42
@
100(a)(c)
................
1,250
893
Standard
Chartered
PLC,
4.87%
(USISOA05+197bps),
3/15/33,
Callable
3/15/28
@
100(a)(c)
(h)
.............................................................
2,000
1,940
The
Bank
of
Nova
Scotia,
4.90%
(H15T5Y+455bps),
Callable
6/4/25
@
100(c)(f)
........
12,815
12,579
UBS
Group
AG
2.19%
(SOFR+204bps),
6/5/26,
Callable
6/5/25
@
100(a)(c)
....................
5,500
5,355
3.09%
(SOFR+173bps),
5/14/32,
Callable
5/14/31
@
100(a)(c)
..................
4,000
3,499
Westpac
Banking
Corp.,
4.11%
(H15T5Y+200bps),
7/24/34,
Callable
7/24/29
@
100(c)
....
2,000
1,885
126,074
Health
Care
(0.0%):(e)
STERIS
Irish
FinCo
Unlimited
Co.,
2.70%,
3/15/31,
Callable
12/15/30
@
100
...........
1,750
1,509
Industrials
(0.6%):
Air
Canada
Pass
Through
Trust
4.13%,
5/15/25(a)
..................................................
8,739
8,575
3.75%,
12/15/27(a)
..................................................
3,685
3,508
Aircastle
Ltd.
5.25%
(H15T5Y+441bps),
Callable
6/15/26
@
100(a)(c)(f)
.....................
1,868
1,824
6.50%,
7/18/28,
Callable
6/18/28
@
100(a)
................................
2,818
2,919
Avolon
Holdings
Funding
Ltd.,
5.50%,
1/15/26,
Callable
12/15/25
@
100(a)
............
3,000
2,999
LG
Energy
Solution
Ltd.,
5.50%,
7/2/34(a)(h)
..................................
4,521
4,543
nVent
Finance
SARL,
5.65%,
5/15/33,
Callable
2/15/33
@
100
......................
1,744
1,773
Pentair
Finance
SARL,
5.90%,
7/15/32,
Callable
4/15/32
@
100
.....................
250
263
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.,
9.50%,
6/1/28,
Callable
6/1/25
@
104.75(a)(h)
....................................................
2,540
2,277
28,681
Information
Technology
(0.1%):
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(a)
........................
2,179
2,261
SK
Hynix,
Inc.,
6.50%,
1/17/33(a)
...........................................
3,036
3,278
5,539
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Materials
(0.1%):
ArcelorMittal
SA,
6.80%,
11/29/32,
Callable
8/29/32
@
100
........................
$
1,625
$
1,754
PT
Freeport
Indonesia,
5.32%,
4/14/32,
Callable
1/1/32
@
100(a)
....................
2,000
1,971
Yara
International
ASA,
7.38%,
11/14/32,
Callable
8/14/32
@
100(a)
..................
450
499
4,224
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
2.50%,
10/15/31,
Callable
7/15/31
@
100(a)
...........................................................
14,923
12,560
Utilities
(0.1%):
GENM
Capital
Labuan
Ltd.,
3.88%,
4/19/31,
Callable
1/19/31
@
100(a)
...............
5,300
4,698
Total
Yankee
Dollars
(Cost
$222,136)
a
a
a
221,733
Municipal
Bonds
(3.3%)
Alabama
(0.0%):(e)
City
of
Trussville,
GO,
Series
B,
1.78%
,
10/1/31,
Continuously
Callable
@100
...........
1,000
842
Arizona
(0.1%):
City
of
Phoenix
Civic
Improvement
Corp.
Revenue,
1.84%,
7/1/31,
Continuously
Callable
@100
...........................................................
1,000
842
The
University
of
Arizona
Revenue,
Series
A,
1.82%,
6/1/30
........................
3,070
2,658
3,500
California
(0.0%):(e)
California
Infrastructure
&
Economic
Development
Bank
Revenue,
6.03%,
7/1/38
........
1,500
1,519
Colorado
(0.2%):
Colorado
Housing
and
Finance
Authority
Revenue,
Series
C1,
5.66%,
11/1/39,
Continuously
Callable
@100
.....................................................
9,065
9,258
Connecticut
(0.1%):
Connecticut
Housing
Finance
Authority
Revenue,
Series
C2,
5.81%,
11/15/39,
Continuously
Callable
@100
.....................................................
4,535
4,723
District
of
Columbia
(0.0%):(e)
District
of
Columbia
Revenue
2.25%,
4/1/27
.....................................................
800
751
2.68%,
4/1/31
.....................................................
1,500
1,322
2,073
Florida
(0.8%):
City
of
Gainesville
Revenue,
2.04%,
10/1/30
...................................
2,500
2,112
County
of
Miami-Dade
Florida
Aviation
Revenue,
Series
B,
2.61%,
10/1/32,
Continuously
Callable
@100
.....................................................
1,000
857
Florida
Housing
Finance
Corp.
Revenue
Series
4,
5.67%,
7/1/39,
Continuously
Callable
@100
.........................
4,105
4,217
Series
4,
5.88%
,
7/1/44,
Continuously
Callable
@100
.........................
2,720
2,774
State
Board
of
Administration
Finance
Corp.
Revenue,
Series
A,
5.53%,
7/1/34,
Continuously
Callable
@100(h)
...................................................
26,804
27,545
37,505
Illinois
(0.1%):
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Revenue,
Series
B,
3.10%,
12/1/30
.....
750
691
Illinois
Finance
Authority
Revenue,
5.45%,
8/1/38
...............................
1,500
1,400
Illinois
Housing
Development
Authority
Revenue,
Series
F,
5.44%,
10/1/39,
Continuously
Callable
@100
.....................................................
3,395
3,416
5,507
Indiana
(0.0%):(e)
Indiana
Finance
Authority
Revenue
Series
B,
3.08%,
9/15/27
.............................................
1,130
1,052
Series
B,
3.18%,
9/15/28
.............................................
1,000
917
1,969
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Louisiana
(0.0%):(e)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue,
Series
A,
4.48%,
8/1/39
.......................................
$
2,245
$
2,164
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue
Series
B,
4.25%,
6/1/29
..............................................
2,490
2,376
Series
B,
4.35%,
6/1/30
..............................................
1,330
1,263
Series
B,
4.40%,
6/1/31
..............................................
1,385
1,306
4,945
Massachusetts
(0.0%):(e)
Massachusetts
State
College
Building
Authority
Revenue,
Series
A,
1.80%,
5/1/29
........
5
4
Minnesota
(0.4%):
Minnesota
Housing
Finance
Agency
Revenue
Series
D,
5.58%,
8/1/39,
Continuously
Callable
@100
........................
1,240
1,261
Series
J,
5.62%,
7/1/39,
Continuously
Callable
@100
.........................
2,580
2,630
Series
M,
5.73%,
7/1/39,
Continuously
Callable
@100
........................
3,625
3,696
Series
M,
5.92%,
7/1/44,
Continuously
Callable
@100
........................
4,620
4,709
Series
P,
5.39%,
7/1/39,
Continuously
Callable
@100
.........................
6,335
6,367
18,663
Nevada
(0.0%):(e)
Nevada
Housing
Division
Revenue,
Series
D,
5.79%,
10/1/35,
Continuously
Callable
@100
.
500
525
New
Jersey
(0.0%):(e)
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue
Series
L,
5.64%,
10/1/34,
Continuously
Callable
@100
........................
390
405
Series
L,
5.69%,
4/1/35,
Continuously
Callable
@100
.........................
445
463
Series
L,
5.71%,
10/1/35,
Continuously
Callable
@100
........................
420
436
South
Jersey
Transportation
Authority
Revenue,
Series
B,
3.12%,
11/1/26
...............
450
434
1,738
New
York
(0.4%):
Metropolitan
Transportation
Authority
Revenue,
Build
America
Bond,
Series
E,
6.73%,
11/15/30
.........................................................
5,000
5,344
New
York
City
Housing
Development
Corp.
Revenue
Series
C,
5.71%,
11/1/39,
Continuously
Callable
@100
........................
3,620
3,722
Series
C,
5.90%,
11/1/44,
Continuously
Callable
@100
........................
3,070
3,138
New
York
City
IDA
Revenue
2.34%,
1/1/35
.....................................................
1,000
780
2.44%,
1/1/36
.....................................................
1,250
959
New
York
City
Transitional
Finance
Authority
Revenue
,
5.11%,
5/1/36,
Continuously
Callable
@100
...........................................................
3,175
3,245
17,188
North
Carolina
(0.1%):
North
Carolina
Housing
Finance
Agency
Revenue
Series
54-B,
5.60%,
7/1/39,
Continuously
Callable
@100
......................
1,810
1,846
Series
54-B,
5
.81%,
7/1/44,
Continuously
Callable
@100
......................
4,530
4,596
6,442
Ohio
(0.1%):
Columbus
Metropolitan
Housing
Authority
Revenue,
5.38%,
9/1/28,
Continuously
Callable
@100
...........................................................
1,790
1,818
University
of
Cincinnati
Revenue,
Series
B
,
5.53%,
6/1/40,
Continuously
Callable
@100
...
905
943
2,761
Oregon
(0.1%):
State
of
Oregon,
GO,
5.36%,
5/1/39,
Continuously
Callable
@100
....................
2,720
2,820
Pennsylvania
(0.2%):
City
of
Philadelphia
PA
Water
&
Wastewater
Revenue,
Series
B,
1.73%,
11/1/28
..........
1,000
896
City
of
Philadelphia,
GO,
Series
A,
2.71%,
7/15/29
...............................
1,000
918
Pennsylvania
Economic
Development
Financing
Authority
Revenue
2.62%,
3/1/29
.....................................................
1,855
1,704
Series
B,
3.20%,
11/15/27
.............................................
1,000
953
Pennsylvania
Housing
Finance
Agency
Revenue
Series
145B,
5.71%,
10/1/39,
Continuously
Callable
@100
.....................
2,720
2,780
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
146B,
5.56%,
10/1/39,
Continuously
Callable
@100
.....................
$
905
$
918
Public
Parking
Authority
of
Pittsburgh
Revenue,
2.23%,
12/1/28
.....................
730
667
8,836
Rhode
Island
(0.1%):
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Revenue
5.71%,
10/1/39,
Continuously
Callable
@100
...............................
2,715
2,752
5.89%,
10/1/44,
Continuously
Callable
@100
...............................
4,530
4,562
7,314
Tennessee
(0.1%):
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
Series
C,
2.45%,
8/1/32,
Continuously
Callable
@100
.........................
1,500
1,283
Series
D,
5.27%,
7/1/35
..............................................
1,175
1,229
Tennessee
Housing
Development
Agency
Revenue,
Series
2B,
5.65%,
7/1/39,
Continuously
Callable
@100
.....................................................
2,720
2,781
5,293
Texas
(0.1%):
Central
Texas
Regional
Mobility
Authority
Revenue,
Series
C,
2.19%,
1/1/29
............
855
770
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue,
2.79%,
11/15/29
......
1,385
1,260
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue,
2.41%,
9/1/31,
Continuously
Callable
@100
...........................................
1,000
851
Texas
Department
of
Housing
&
Community
Affairs
Revenue
Series
D,
5.55%,
1/1/39,
Continuously
Callable
@100
........................
905
911
Series
D,
5.73%,
1/1/44,
Continuously
Callable
@100
........................
905
909
Uptown
Development
Authority
Tax
Allocation,
Series
B,
2.68%,
9/1/32,
Continuously
Callable
@100
.....................................................
400
341
Waco
Educational
Finance
Corp.
Revenue,
1.79%,
3/1/29
..........................
1,500
1,333
6,375
Utah
(0.1%):
Utah
Housing
Corp.
Revenue
Series
F,
5.61%,
7/1/36,
Continuously
Callable
@100
.........................
675
694
Series
F,
5.69%,
7/1/39,
Continuously
Callable
@100
.........................
1,970
2,016
2,710
Virginia
(0.1%):
Virginia
Housing
Development
Authority
Revenue,
Series
B,
5.66%,
10/1/39,
Continuously
Callable
@100
.....................................................
4,535
4,666
West
Virginia
(0.1%):
West
Virginia
Housing
Development
Fund
Revenue
Series
C,
5.83%,
11/1/39,
Continuously
Callable
@100
........................
1,585
1,642
Series
C,
6.02%,
11/1/44,
Continuously
Callable
@100
........................
1,810
1,859
3,501
Total
Municipal
Bonds
(Cost
$163,735)
a
a
a
162,841
U.S.
Government
Agency
Mortgages
(13.1%)
Farm
Credit
Bank
of
Texas
Series
4,
5.70%
(H15T5Y+542bps)(a)(c)(f)
................................
16,034
15,808
Federal
Farm
Credit
Banks
Funding
Corporation
5.69%,
7/11/30
.....................................................
4,606
4,602
6.00%,
6/5/34
.....................................................
4,532
4,540
2.55%,
12/21/34
....................................................
4,613
3,783
2.20%,
9/2/36
.....................................................
11,023
8,379
5.60%,
8/5/39
.....................................................
4,527
4,537
6.19%,
6/17/44
....................................................
4,597
4,622
30,463
Federal
Home
Loan
Banks
5.65%,
7/30/31
....................................................
2,715
2,712
Federal
Home
Loan
Mortgage
Corporation
5.50%,
4/1/36
-
6/1/53
...............................................
14,803
14,890
1.50%,
4/1/37
.....................................................
7,184
6,267
3.00%,
4/1/40
-
5/1/52
...............................................
8,245
7,312
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
4.50%,
11/1/42
-
10/1/52
..............................................
$
11,717
$
11,348
5
.00%,
12/1/42
-
6/1/53
..............................................
34,055
33,705
4.00%,
1/1/43
-
12/1/52
..............................................
14,020
13,234
3.50%,
7/1/52
.....................................................
4,706
4,269
6.00%,
8/1/53
-
2/1/54
...............................................
15,895
16,127
107,152
Federal
National
Mortgage
Association
2.50%,
7/1/27
-
7/1/52
...............................................
18,864
16,273
5.00%,
12/1/37
-
2/1/54
..............................................
30,778
30,482
4.00%,
4/1/38
-
7/1/53
...............................................
43,726
41,290
3.50%,
12/1/42
-
8/1/52
..............................................
48,967
44,962
3.00%,
12/1/51
....................................................
3,794
3,312
4.50%,
6/1/52
-
9/1/52
...............................................
19,922
19,208
5.50%,
6/1/52
-
5/1/54
...............................................
18,862
18,944
6.00%,
7/1/52
-
10/1/53
..............................................
13,291
13,511
187,982
Government
National
Mortgage
Association
5.00%,
8/20/38
-
2/20/54
.............................................
48,287
47,758
3.50%,
2/20/52
-
11/20/52
.............................................
29,024
26,600
4.00%,
6/20/52
-
5/20/53
.............................................
26,453
25,003
4.50%,
8/20/52
-
11/20/53
.............................................
41,155
39,773
3.00%,
9/20/52
-
1/20/53
.............................................
36,742
32,780
5.50%,
4/20/53
-
5/20/54
.............................................
60,680
60,947
2.50%,
6/20/53
-
9/20/53
.............................................
14,295
12,318
6.00%,
7/20/53
-
10/20/53
.............................................
32,200
32,634
5.50%,
1/20/54
....................................................
4,627
4,642
6.50%,
1/20/54
....................................................
19,604
19,970
302,425
Total
U.S.
Government
Agency
Mortgages
(Cost
$648,481)
a
a
a
646,542
U.S.
Treasury
Obligations
(31.2%)
U.S.
Treasury
Bonds
4.50%,
2/15/36
....................................................
109,015
114,005
5.00%,
5/15/37
....................................................
150,939
164,547
4.38%,
11/15/39
....................................................
89,434
91,069
1.13%,
5/15/40
....................................................
99,197
63,347
2.38%,
2/15/42
....................................................
107,000
80,584
3.25%,
5/15/42
....................................................
28,000
24,023
3.88%,
5/15/43
....................................................
13,204
12,286
4.38%,
8/15/43
....................................................
9,163
9,119
4.75%,
11/15/43
....................................................
40,792
42,608
2
.50%,
2/15/45
....................................................
26,000
19,175
3.38%,
11/15/48
....................................................
10,000
8,377
1.25%,
5/15/50
....................................................
10,000
5,136
2.88%,
5/15/52
....................................................
40,000
30,287
3.63%,
2/15/53
....................................................
14,987
13,165
3.63%,
5/15/53
....................................................
8,454
7,429
4.13%,
8/15/53
....................................................
63,303
60,880
4.75%,
11/15/53
....................................................
54,447
58,122
U.S.
Treasury
Notes
4.63%,
5/31/31
....................................................
27,161
28,222
1.88%,
2/15/32
....................................................
179,038
154,476
2.75%,
8/15/32
....................................................
145,000
132,494
4.13%,
11/15/32
....................................................
83,859
84,514
3.50%,
2/15/33
....................................................
69,132
66,486
3.38%,
5/15/33
....................................................
123,346
117,333
3.88%,
8/15/33
....................................................
42,255
41,707
4.50%,
11/15/33
....................................................
104,322
107,924
Total
U.S.
Treasury
Obligations
(Cost
$1,580,083)
a
a
a
1,537,315
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Commercial
Paper
(0.7%)
Energy
(0.3%):
APA
Corp.,
6.02%,
8/1/24(a)(i)
.............................................
$
8,000
$
7,999
Targa
Resources
Corp.
5.90%,
8/23/24(a)(i)
.................................................
5,000
4,981
5.92%,
8/26/24(a)(i)
.................................................
3,000
2,987
15,967
Financials
(0.3%):
Syngenta
Wilmington,
Inc.
5.85%,
8/5/24(a)(i)
..................................................
10,000
9,992
5.87%,
8/8/24(a)(i)
..................................................
5,000
4,993
14,985
Information
Technology
(0.0%):(e)
Jabil,
Inc.,
6.07%,
8/1/24(a)(i)
..............................................
500
500
Materials
(0.1%):
FMC
Corp.
6.04%,
8/1/24(a)(i)
..................................................
2,500
2,500
6.11%,
8/21/24(a)(i)
.................................................
3,000
2,989
5,489
Total
Commercial
Paper
(Cost
$36,947)
a
a
a
36,941
Shares
Collateral
for
Securities
Loaned
(1.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(j)
........
13,006,437
13,007
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(j)
............
13,006,437
13,007
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.21%(j)
................
13,006,437
13,006
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(j)
.
13,006,437
13,006
Total
Collateral
for
Securities
Loaned
(Cost
$52,026)
a
a
a
52,026
Total
Investments
(Cost
$5,035,388)
—
100.6%
4,962,527
Liabilities
in
excess
of
other
assets
—
(0.6)%
(29,110)
NET
ASSETS
-
100.00%
$
4,933,417
At
July
31,
2024,
the
Fund's
investments
in
foreign
securities
were
9.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2024,
the
fair
value
of
these
securities
was
$1,681,965
(thousands)
and
amounted
to
34.1%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2024.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
July
31,
2024.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(g)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Rate
represents
the
effective
yield
at
July
31,
2024.
(j)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
68
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2024.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2024.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2024.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
July
31,
2024,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
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.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
915
9/19/24
$
100,431,564
$
102,308,437
$
1,876,873
30-Year
U.S.
Treasury
Bond
Futures
.....
776
9/19/24
91,119,046
93,726,250
2,607,204
5-Year
U.S.
Treasury
Note
Futures
.......
260
9/30/24
27,672,434
28,051,563
379,129
$
4,863,206
Total
unrealized
appreciation
$
4,863,206
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
4,863,206
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
69
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.4%)
Communication
Services
(3.1%):
Altice
USA,
Inc.
,
Class
A
(a)
...............................................
26,542
$
55
AMC
Entertainment
Holdings,
Inc.
(a)
(b)
......................................
38,050
202
AMC
Networks,
Inc.
,
Class
A
(a)
(b)
..........................................
4,035
45
Angi,
Inc.
(a)
(b)
........................................................
8,914
21
Anterix,
Inc.
(a)
........................................................
2,311
93
AST
SpaceMobile,
Inc.
(a)
(b)
..............................................
15,542
321
Atlanta
Braves
Holdings,
Inc.
(a)
............................................
6,167
268
ATN
International,
Inc.
...................................................
1,326
39
Bandwidth,
Inc.
,
Class
A
(a)
................................................
3,072
70
Boston
Omaha
Corp.
,
Class
A
(a)
............................................
3,815
56
Bumble,
Inc.
,
Class
A
(a)
..................................................
11,467
107
Cable
One,
Inc.
........................................................
576
238
Cardlytics,
Inc.
(a)
(b)
....................................................
6,013
50
Cargurus,
Inc.
(a)
.......................................................
10,768
267
Cars.com,
Inc.
(a)
.......................................................
7,808
161
Cinemark
Holdings,
Inc.
(a)
................................................
14,113
333
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
......................................
52,835
88
Cogent
Communications
Holdings,
Inc.
.......................................
5,675
401
Consolidated
Communications
Holdings,
Inc.
(a)
.................................
9,827
45
Daily
Journal
Corp.
(a)
...................................................
160
75
EchoStar
Corp.
,
Class
A
(a)
................................................
15,463
311
Endeavor
Group
Holdings,
Inc.
,
Class
A
.......................................
23,364
641
Entravision
Communications
Corp.
,
Class
A
....................................
7,870
17
Eventbrite,
Inc.
,
Class
A
(a)
................................................
9,450
46
EverQuote,
Inc.
,
Class
A
(a)
................................................
3,207
84
FingerMotion,
Inc.
(a)
(b)
..................................................
4,810
10
Frontier
Communications
Parent,
Inc.
(a)
......................................
23,307
683
fuboTV,
Inc.
(a)
(b)
......................................................
36,966
54
Gannett
Co.,
Inc.
(a)
.....................................................
15,575
76
GCI
Liberty,
Inc.
(a)
(c)
...................................................
12,260
—
(d)
Getty
Images
Holdings,
Inc.
(a)
(b)
...........................................
24,796
94
Globalstar,
Inc.
(a)
(b)
....................................................
97,854
118
Gogo,
Inc.
(a)
..........................................................
7,698
70
Gray
Television,
Inc.
....................................................
10,947
70
IAC,
Inc.
(a)
...........................................................
9,711
513
Ibotta,
Inc.
,
Class
A
(a)
(b)
.................................................
1,667
112
IDT
Corp.
,
Class
B
......................................................
2,139
82
iHeartMedia,
Inc.
,
Class
A
(a)
..............................................
14,804
26
Innovid
Corp.
(a)
(b)
.....................................................
12,476
26
Integral
Ad
Science
Holding
Corp.
(a)
.........................................
9,248
94
Iridium
Communications,
Inc.
..............................................
13,970
401
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
5,455
260
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
16,677
1,124
Liberty
Global
Ltd.
,
Class
C
(a)
.............................................
43,112
867
Liberty
Media
Corp.-Liberty
Live
(a)
.........................................
10,524
411
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
(a)
..............................
37,615
847
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
A
(a)
..............................
37,352
845
Lions
Gate
Entertainment
Corp.
,
Class
A
(a)
....................................
22,360
205
LiveOne,
Inc.
(a)
........................................................
12,427
21
Lumen
Technologies,
Inc.
(a)
...............................................
128,099
404
Madison
Square
Garden
Entertainment
Corp.
(a)
.................................
5,181
205
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
2,140
429
Magnite,
Inc.
(a)
........................................................
15,828
230
Match
Group,
Inc.
(a)
....................................................
34,111
1,301
MediaAlpha,
Inc.
,
Class
A
(a)
..............................................
3,600
53
National
CineMedia,
Inc.
(a)
...............................................
8,212
50
News
Corp.
,
Class
A
.....................................................
62,554
1,725
Nexstar
Media
Group,
Inc.
................................................
3,988
737
Nextdoor
Holdings,
Inc.
(a)
................................................
21,582
61
Ooma,
Inc.
(a)
.........................................................
3,078
32
Outbrain,
Inc.
(a)
.......................................................
4,346
21
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Paramount
Global
,
Class
B
(b)
..............................................
78,461
$
896
Playstudios,
Inc.
(a)
......................................................
11,183
24
PubMatic,
Inc.
,
Class
A
(a)
................................................
5,155
113
QuinStreet,
Inc.
(a)
......................................................
6,445
121
Reddit,
Inc.
,
Class
A
(a)
(b)
.................................................
3,892
237
Reservoir
Media,
Inc.
(a)
..................................................
4,387
35
Roku,
Inc.
(a)
..........................................................
16,279
948
Rumble,
Inc.
(a)
(b)
......................................................
8,884
56
Scholastic
Corp.
........................................................
3,080
97
Shenandoah
Telecommunications
Co.
........................................
6,438
137
Shutterstock,
Inc.
.......................................................
3,193
141
Sinclair,
Inc.
..........................................................
4,894
75
Skillz,
Inc.
(a)
(b)
........................................................
1,808
12
Sphere
Entertainment
Co.
(a)
...............................................
3,470
154
Spok
Holdings,
Inc.
.....................................................
2,551
39
Stagwell,
Inc.
(a)
........................................................
14,585
97
TechTarget,
Inc.
(a)
......................................................
3,291
105
TEGNA,
Inc.
..........................................................
21,593
344
Telephone
and
Data
Systems,
Inc.
...........................................
12,629
268
The
E.W.
Scripps
Co.
,
Class
A
(a)
...........................................
7,812
29
The
Marcus
Corp.
......................................................
3,059
39
The
New
York
Times
Co.
,
Class
A
...........................................
20,668
1,108
Thryv
Holdings,
Inc.
(a)
..................................................
4,018
78
TKO
Group
Holdings,
Inc.
................................................
8,660
947
Townsquare
Media,
Inc.
,
Class
A
............................................
1,472
18
TripAdvisor,
Inc.
(a)
.....................................................
13,445
237
TrueCar,
Inc.
(a)
........................................................
9,137
33
United
States
Cellular
Corp.
(a)
.............................................
1,781
96
Vimeo,
Inc.
(a)
.........................................................
19,055
77
Vivid
Seats,
Inc.
,
Class
A
(a)
...............................................
9,156
45
Warner
Music
Group
Corp.
,
Class
A
.........................................
17,301
519
WideOpenWest,
Inc.
(a)
...................................................
6,383
35
Yelp,
Inc.
(a)
...........................................................
8,356
304
Ziff
Davis,
Inc.
(a)
.......................................................
5,852
280
ZipRecruiter,
Inc.
(a)
.....................................................
8,952
82
ZoomInfo
Technologies,
Inc.
(a)
.............................................
37,425
425
24,542
Consumer
Discretionary
(13.4%):
1-800-Flowers.com,
Inc.
,
Class
A
(a)
.........................................
3,594
37
1stdibs.com,
Inc.
(a)
.....................................................
3,247
15
Abercrombie
&
Fitch
Co.
(a)
...............................................
6,475
955
Academy
Sports
&
Outdoors,
Inc.
...........................................
9,171
496
Accel
Entertainment,
Inc.
(a)
...............................................
6,482
79
Acushnet
Holdings
Corp.
.................................................
3,655
265
ADT,
Inc.
............................................................
53,222
414
Adtalem
Global
Education,
Inc.
(a)
...........................................
4,737
371
Advance
Auto
Parts,
Inc.
.................................................
7,618
482
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
...............................
14,284
106
American
Eagle
Outfitters,
Inc.
.............................................
23,228
512
American
Public
Education,
Inc.
(a)
..........................................
2,177
43
America's
Car-Mart,
Inc.
(a)
................................................
739
51
AMMO,
Inc.
(a)
........................................................
11,482
21
Aramark
.............................................................
33,715
1,155
Arhaus,
Inc.
...........................................................
6,505
99
Arko
Corp.
...........................................................
9,192
60
Asbury
Automotive
Group,
Inc.
(a)
...........................................
2,591
698
Atmus
Filtration
Technologies,
Inc.
..........................................
10,684
330
AutoNation,
Inc.
(a)
.....................................................
3,338
637
Bally's
Corp.
(a)
........................................................
3,036
52
BARK,
Inc.
(a)
.........................................................
13,244
21
Bassett
Furniture
Industries,
Inc.
............................................
992
13
Bath
&
Body
Works,
Inc.
.................................................
29,187
1,073
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Beazer
Homes
USA,
Inc.
(a)
...............................................
3,783
$
127
Beyond,
Inc.
(a)
........................................................
5,826
66
Biglari
Holdings,
Inc.
,
Class
B
(a)
...........................................
266
53
BJ's
Restaurants,
Inc.
(a)
..................................................
2,756
87
Bloomin'
Brands,
Inc.
....................................................
10,905
227
Boot
Barn
Holdings,
Inc.
(a)
...............................................
3,879
518
BorgWarner,
Inc.
.......................................................
29,199
1,031
Bowlero
Corp.
,
Class
A
(b)
................................................
10,633
138
Boyd
Gaming
Corp.
.....................................................
9,395
572
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....................................
7,419
892
Brinker
International,
Inc.
(a)
...............................................
5,651
378
Brunswick
Corp.
.......................................................
8,608
701
Build-A-Bear
Workshop,
Inc.
..............................................
1,653
45
Burlington
Stores,
Inc.
(a)
.................................................
8,203
2,135
Caesars
Entertainment,
Inc.
(a)
..............................................
26,629
1,064
Caleres,
Inc.
..........................................................
4,362
168
Camping
World
Holdings,
Inc.
,
Class
A
.......................................
5,398
124
Canoo,
Inc.
(a)
(b)
.......................................................
7,955
16
Capri
Holdings
Ltd.
(a)
...................................................
14,695
493
CarMax,
Inc.
(a)
........................................................
20,242
1,709
Carriage
Services,
Inc.
...................................................
1,720
55
Carter's,
Inc.
..........................................................
4,576
277
Carvana
Co.
(a)
.........................................................
12,799
1,705
Cava
Group,
Inc.
(a)
.....................................................
11,694
985
Cavco
Industries,
Inc.
(a)
..................................................
1,008
418
Century
Communities,
Inc.
................................................
3,652
382
Chegg,
Inc.
(a)
.........................................................
12,740
43
Chewy,
Inc.
,
Class
A
(a)
..................................................
17,266
418
Choice
Hotels
International,
Inc.
(b)
..........................................
3,459
441
Churchill
Downs,
Inc.
....................................................
8,595
1,234
Chuy's
Holdings,
Inc.
(a)
..................................................
2,186
81
Citi
Trends,
Inc.
(a)
......................................................
1,060
21
Clarus
Corp.
..........................................................
3,777
23
Columbia
Sportswear
Co.
.................................................
4,238
346
ContextLogic,
Inc.
,
Class
A
(a)
(b)
...........................................
2,722
15
Cooper-Standard
Holdings,
Inc.
(a)
...........................................
2,157
32
Coursera,
Inc.
(a)
.......................................................
16,764
156
Cracker
Barrel
Old
Country
Store,
Inc.
........................................
2,803
128
Cricut,
Inc.
,
Class
A
(b)
...................................................
5,855
36
Crocs,
Inc.
(a)
..........................................................
7,580
1,019
Dana,
Inc.
............................................................
18,549
236
Dave
&
Buster's
Entertainment,
Inc.
(a)
.......................................
5,017
189
Denny's
Corp.
(a)
.......................................................
6,523
48
Designer
Brands,
Inc.
,
Class
A
.............................................
5,570
45
Destination
XL
Group,
Inc.
(a)
..............................................
6,838
26
Dick's
Sporting
Goods,
Inc.
................................................
7,191
1,556
Dillard's,
Inc.
,
Class
A
...................................................
1,061
423
Dine
Brands
Global,
Inc.
.................................................
1,938
69
Dorman
Products,
Inc.
(a)
.................................................
3,378
342
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......................................
3,464
109
Duluth
Holdings,
Inc.
,
Class
B
(a)
...........................................
2,580
9
Duolingo,
Inc.
(a)
.......................................................
4,697
808
Dutch
Bros,
Inc.
,
Class
A
(a)
...............................................
10,767
412
El
Pollo
Loco
Holdings,
Inc.
(a)
.............................................
3,158
38
Envela
Corp.
(a)
........................................................
884
4
Escalade,
Inc.
.........................................................
1,161
17
Ethan
Allen
Interiors,
Inc.
.................................................
2,956
91
Etsy,
Inc.
(a)
...........................................................
14,970
975
European
Wax
Center,
Inc.
,
Class
A
(a)
........................................
4,072
38
Everi
Holdings,
Inc.
(a)
...................................................
10,449
135
EVgo,
Inc.
(a)
(b)
........................................................
12,849
49
Faraday
Future
Intelligent
Electric,
Inc.
(a)
(b)
...................................
56,655
20
Figs,
Inc.
,
Class
A
(a)
....................................................
16,548
108
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
4,146
$
67
Five
Below,
Inc.
(a)
......................................................
6,923
504
Flexsteel
Industries,
Inc.
..................................................
461
18
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......................................
13,622
1,335
Foot
Locker,
Inc.
.......................................................
10,603
308
Fox
Factory
Holding
Corp.
(a)
..............................................
5,339
285
Frontdoor,
Inc.
(a)
.......................................................
10,003
395
Full
House
Resorts,
Inc.
(a)
................................................
4,170
23
Funko,
Inc.
,
Class
A
(a)
(b)
.................................................
4,411
44
GameStop
Corp.
,
Class
A
(a)
(b)
.............................................
39,732
901
Garrett
Motion,
Inc.
(a)
...................................................
28,048
246
Genesco,
Inc.
(a)
........................................................
1,378
43
Genius
Sports
Ltd.
(a)
....................................................
19,778
135
Gentex
Corp.
..........................................................
29,785
925
Gentherm,
Inc.
(a)
.......................................................
4,020
222
G-III
Apparel
Group
Ltd.
(a)
...............................................
5,030
139
Global
Business
Travel
Group
I
(a)
...........................................
22,215
149
Golden
Entertainment,
Inc.
................................................
2,798
94
GoPro,
Inc.
,
Class
A
(a)
...................................................
15,782
24
Graham
Holdings
Co.
,
Class
B
.............................................
420
325
Grand
Canyon
Education,
Inc.
(a)
............................................
3,757
586
Green
Brick
Partners,
Inc.
(a)
...............................................
5,373
393
Group
1
Automotive,
Inc.
.................................................
1,704
623
Groupon,
Inc.
(a)
.......................................................
2,759
37
GrowGeneration
Corp.
(a)
.................................................
7,337
17
Guess?,
Inc.
(b)
.........................................................
3,648
88
H&R
Block,
Inc.
.......................................................
17,802
1,031
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
...................................
771
15
Hanesbrands,
Inc.
(a)
.....................................................
44,850
266
Harley-Davidson,
Inc.
...................................................
17,228
646
Hasbro,
Inc.
...........................................................
16,808
1,083
Haverty
Furniture
Cos.,
Inc.
...............................................
1,717
50
Helen
of
Troy
Ltd.
(a)
....................................................
3,035
179
Hilton
Grand
Vacations,
Inc.
(a)
.............................................
9,279
401
Holley,
Inc.
(a)
.........................................................
6,843
27
Hooker
Furnishings
Corp.
.................................................
1,354
21
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
.......................................
598
126
Hyatt
Hotels
Corp.
,
Class
A
................................................
5,642
831
Inspired
Entertainment,
Inc.
(a)
.............................................
3,162
29
Installed
Building
Products,
Inc.
............................................
3,066
829
International
Game
Technology
PLC
.........................................
13,901
326
iRobot
Corp.
(a)
........................................................
3,599
42
J.
Jill,
Inc.
............................................................
636
24
Jack
in
the
Box,
Inc.
.....................................................
2,446
145
JAKKS
Pacific,
Inc.
(a)
...................................................
1,020
21
Johnson
Outdoors,
Inc.
,
Class
A
............................................
1,077
46
KB
Home
............................................................
9,475
816
Kohl's
Corp.
..........................................................
14,091
305
Kontoor
Brands,
Inc.
....................................................
7,070
496
Krispy
Kreme,
Inc.
......................................................
10,461
111
Kura
Sushi
USA,
Inc.
,
Class
A
(a)
(b)
.........................................
786
45
Lakeland
Industries,
Inc.
..................................................
910
21
Lands'
End,
Inc.
(a)
......................................................
1,532
27
Landsea
Homes
Corp.
(a)
.................................................
1,836
22
Latham
Group,
Inc.
(a)
...................................................
4,745
17
Laureate
Education,
Inc.
..................................................
16,761
260
La-Z-Boy,
Inc.
.........................................................
5,463
241
LCI
Industries
.........................................................
3,151
368
Lear
Corp.
............................................................
7,315
893
Legacy
Housing
Corp.
(a)
.................................................
1,292
37
Leggett
&
Platt,
Inc.
.....................................................
16,937
223
Leslie's,
Inc.
(a)
........................................................
22,743
67
Levi
Strauss
&
Co.
,
Class
A
...............................................
11,435
210
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
LGI
Homes,
Inc.
(a)
.....................................................
2,651
$
305
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
7,317
152
Lifetime
Brands,
Inc.
....................................................
1,520
13
Light
&
Wonder,
Inc.
(a)
..................................................
12,035
1,290
Lincoln
Educational
Services
Corp.
(a)
........................................
3,530
50
Lindblad
Expeditions
Holdings,
Inc.
(a)
.......................................
4,672
40
Lithia
Motors,
Inc.
......................................................
3,474
960
LKQ
Corp.
...........................................................
34,167
1,418
Lucid
Group,
Inc.
(a)
(b)
...................................................
112,055
394
Luminar
Technologies,
Inc.
(a)
(b)
............................................
38,879
65
M/I
Homes,
Inc.
(a)
......................................................
3,491
582
Macy's,
Inc.
...........................................................
35,435
612
Malibu
Boats,
Inc.
,
Class
A
(a)
..............................................
2,549
97
Marine
Products
Corp.
...................................................
1,388
15
MarineMax,
Inc.
(a)
.....................................................
2,538
89
Marriott
Vacations
Worldwide
Corp.
.........................................
4,154
351
MasterCraft
Boat
Holdings,
Inc.
(a)
..........................................
2,114
46
Mattel,
Inc.
(a)
.........................................................
44,013
849
Meritage
Homes
Corp.
...................................................
4,571
927
Mister
Car
Wash,
Inc.
(a)
..................................................
11,974
91
Mobileye
Global,
Inc.
,
Class
A
(a)
(b)
.........................................
11,839
249
Modine
Manufacturing
Co.
(a)
..............................................
6,576
774
Mohawk
Industries,
Inc.
(a)
................................................
6,813
1,097
Monarch
Casino
&
Resort,
Inc.
.............................................
1,681
132
Monro,
Inc.
...........................................................
3,779
116
Movado
Group,
Inc.
.....................................................
1,950
51
Murphy
USA,
Inc.
......................................................
2,435
1,230
Nathan's
Famous,
Inc.
....................................................
367
28
National
Vision
Holdings,
Inc.
(a)
............................................
9,943
144
Nerdy,
Inc.
(a)
..........................................................
7,496
13
Newell
Brands,
Inc.
.....................................................
53,433
459
Nordstrom,
Inc.
........................................................
13,889
317
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
54,817
1,010
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......................................
7,880
769
OneSpaWorld
Holdings
Ltd.
(a)
.............................................
12,175
196
OneWater
Marine,
Inc.
(a)
.................................................
1,400
35
Oxford
Industries,
Inc.
...................................................
1,900
200
Papa
John's
International,
Inc.
..............................................
4,197
186
Patrick
Industries,
Inc.
...................................................
2,756
353
Peloton
Interactive,
Inc.
,
Class
A
(a)
..........................................
42,414
151
Penn
Entertainment,
Inc.
(a)
................................................
19,472
389
Penske
Automotive
Group,
Inc.
.............................................
2,391
416
Perdoceo
Education
Corp.
.................................................
7,777
193
Petco
Health
&
Wellness
Co.,
Inc.
(a)
.........................................
10,126
35
Phinia,
Inc.
...........................................................
5,784
259
Planet
Fitness,
Inc.
,
Class
A
(a)
.............................................
11,262
830
Playa
Hotels
&
Resorts
NV
(a)
..............................................
12,449
106
PlayAGS,
Inc.
(a)
.......................................................
4,939
57
Polaris,
Inc.
...........................................................
6,839
570
Portillo's,
Inc.
,
Class
A
(a)
.................................................
7,350
76
Potbelly
Corp.
(a)
.......................................................
3,210
23
Purple
Innovation,
Inc.
(a)
.................................................
13,328
18
PVH
Corp.
...........................................................
7,160
730
QuantumScape
Corp.
(a)
(b)
................................................
44,399
287
Qurate
Retail,
Inc.
,
Class
A
(a)
..............................................
46,557
33
Ralph
Lauren
Corp.
.....................................................
5,080
892
RCI
Hospitality
Holdings,
Inc.
.............................................
1,109
55
Red
Robin
Gourmet
Burgers,
Inc.
(a)
(b)
.......................................
1,937
11
Red
Rock
Resorts,
Inc.
,
Class
A
.............................................
6,519
372
Revolve
Group,
Inc.
(a)
...................................................
4,907
95
RH
(a)
...............................................................
1,925
558
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
........................................
92,476
1,518
Rocky
Brands,
Inc.
......................................................
893
31
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
RumbleON,
Inc.
,
Class
B
(a)
(b)
.............................................
2,846
$
12
Rush
Street
Interactive,
Inc.
(a)
.............................................
9,385
94
Sabre
Corp.
(a)
.........................................................
45,917
158
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
13,171
151
Savers
Value
Village,
Inc.
(a)
(b)
.............................................
20,851
212
Service
Corp.
International
................................................
18,353
1,467
Shake
Shack,
Inc.
,
Class
A
(a)
..............................................
4,857
426
SharkNinja,
Inc.
........................................................
7,968
612
Shoe
Carnival,
Inc.
......................................................
2,104
89
Signet
Jewelers
Ltd.
.....................................................
5,543
466
Six
Flags
Entertainment
Corp.
(a)
............................................
6,209
296
Skechers
USA,
Inc.
,
Class
A
(a)
.............................................
16,957
1,104
Skyline
Champion
Corp.
(a)
................................................
7,263
592
Sleep
Number
Corp.
(a)
...................................................
2,689
32
Smith
&
Wesson
Brands,
Inc.
..............................................
5,759
95
Smith
Douglas
Homes
Corp.
(a)
.............................................
1,099
36
Soho
House
&
Co.,
Inc.
(a)
................................................
5,415
27
Solid
Power,
Inc.
(a)
(b)
...................................................
17,441
33
Solo
Brands,
Inc.
,
Class
A
(a)
...............................................
3,549
9
Sonic
Automotive,
Inc.
,
Class
A
............................................
1,622
97
Sonos,
Inc.
(a)
.........................................................
15,569
210
Sportsman's
Warehouse
Holdings,
Inc.
(a)
......................................
4,587
12
Standard
Motor
Products,
Inc.
..............................................
2,550
83
Steven
Madden
Ltd.
.....................................................
8,952
406
Stitch
Fix,
Inc.
,
Class
A
(a)
................................................
11,659
55
Stoneridge,
Inc.
(a)
......................................................
3,392
57
Strategic
Education,
Inc.
..................................................
3,074
324
Strattec
Security
Corp.
(a)
.................................................
486
12
Stride,
Inc.
(a)
..........................................................
5,294
402
Sturm
Ruger
&
Co.,
Inc.
..................................................
2,192
99
Superior
Group
of
Cos.,
Inc.
...............................................
1,485
30
Sweetgreen,
Inc.
,
Class
A
(a)
...............................................
11,696
321
Tapestry,
Inc.
..........................................................
29,579
1,186
Target
Hospitality
Corp.
(a)
................................................
4,091
38
Taylor
Morrison
Home
Corp.
(a)
............................................
13,292
892
Tempur
Sealy
International,
Inc.
............................................
21,623
1,132
Texas
Roadhouse,
Inc.
...................................................
8,582
1,499
The
Aaron's
Co.,
Inc.
....................................................
3,790
38
The
Buckle,
Inc.
........................................................
3,951
171
The
Cato
Corp.
,
Class
A
..................................................
2,169
11
The
Cheesecake
Factory,
Inc.
..............................................
6,084
237
The
Children's
Place,
Inc.
(a)
(b)
.............................................
649
5
The
Gap,
Inc.
..........................................................
28,838
677
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
36,490
427
The
Lovesac
Co.
(a)
(b)
...................................................
1,796
49
The
ODP
Corp.
(a)
......................................................
4,473
189
The
ONE
Group
Hospitality,
Inc.
(a)
..........................................
3,212
16
The
RealReal,
Inc.
(a)
....................................................
10,918
41
The
Wendy's
Co.
.......................................................
24,154
409
Thor
Industries,
Inc.
.....................................................
6,539
694
ThredUp,
Inc.
,
Class
A
(a)
.................................................
9,902
21
Tile
Shop
Holdings,
Inc.
(a)
................................................
3,336
24
Tilly's,
Inc.
,
Class
A
(a)
...................................................
2,870
17
Toll
Brothers,
Inc.
......................................................
13,105
1,870
TopBuild
Corp.
(a)
......................................................
4,083
1,954
Topgolf
Callaway
Brands
Corp.
(a)
...........................................
18,124
299
Traeger,
Inc.
(a)
........................................................
7,397
18
Travel
+
Leisure
Co.
.....................................................
8,854
408
Tri
Pointe
Homes,
Inc.
(a)
.................................................
11,883
538
Udemy,
Inc.
(a)
.........................................................
9,591
89
Under
Armour,
Inc.
,
Class
A
(a)
.............................................
41,661
290
Unifi,
Inc.
(a)
..........................................................
1,839
10
United
Parks
&
Resorts,
Inc.
(a)
.............................................
7,941
418
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Universal
Electronics,
Inc.
(a)
..............................................
1,366
$
16
Universal
Technical
Institute,
Inc.
(a)
.........................................
6,449
122
Upbound
Group,
Inc.
....................................................
6,232
235
Urban
Outfitters,
Inc.
(a)
..................................................
7,600
350
Vail
Resorts,
Inc.
.......................................................
4,704
856
Valvoline,
Inc.
(a)
.......................................................
16,537
769
Vera
Bradley,
Inc.
(a)
.....................................................
2,794
19
VF
Corp.
.............................................................
47,393
804
Victoria's
Secret
&
Co.
(a)
.................................................
9,056
161
Vista
Outdoor,
Inc.
(a)
....................................................
6,515
265
Visteon
Corp.
(a)
........................................................
3,515
406
Vizio
Holding
Corp.
,
Class
A
(a)
(b)
..........................................
9,758
107
W.W.
International,
Inc.
(a)
(b)
..............................................
10,098
11
Warby
Parker,
Inc.
,
Class
A
(a)
..............................................
11,140
183
Wayfair,
Inc.
,
Class
A
(a)
..................................................
11,293
615
Weyco
Group,
Inc.
......................................................
753
26
Whirlpool
Corp.
........................................................
6,857
699
Wingstop,
Inc.
.........................................................
3,698
1,383
Winmark
Corp.
........................................................
372
147
Winnebago
Industries,
Inc.
................................................
3,654
228
Wolverine
World
Wide,
Inc.
...............................................
10,153
151
Worthington
Enterprises,
Inc.
..............................................
4,006
200
Wyndham
Hotels
&
Resorts,
Inc.
............................................
10,188
771
Wynn
Resorts
Ltd.
......................................................
12,263
1,016
XPEL,
Inc.
(a)
.........................................................
2,767
113
Xponential
Fitness,
Inc.
,
Class
A
(a)
..........................................
2,924
50
YETI
Holdings,
Inc.
(a)
...................................................
10,918
451
Zumiez,
Inc.
(a)
........................................................
2,106
54
105,618
Consumer
Staples
(3.2%):
Alico,
Inc.
............................................................
681
20
B&G
Foods,
Inc.
.......................................................
9,898
85
BellRing
Brands,
Inc.
(a)
..................................................
16,698
856
Beyond
Meat,
Inc.
(a)
(b)
..................................................
7,837
49
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
16,956
1,491
BRC,
Inc.
,
Class
A
(a)
....................................................
8,249
47
Calavo
Growers,
Inc.
....................................................
2,161
51
Cal-Maine
Foods,
Inc.
...................................................
5,276
378
Casey's
General
Stores,
Inc.
...............................................
4,757
1,845
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
8,218
282
Coca-Cola
Consolidated,
Inc.
..............................................
675
774
Coty,
Inc.
,
Class
A
(a)
....................................................
47,330
471
Darling
Ingredients,
Inc.
(a)
................................................
20,380
810
Edgewell
Personal
Care
Co.
...............................................
5,505
216
elf
Beauty,
Inc.
(a)
.......................................................
6,902
1,191
Energizer
Holdings,
Inc.
..................................................
8,408
259
FitLife
Brands,
Inc.
(a)
...................................................
512
17
Flowers
Foods,
Inc.
.....................................................
25,378
572
Fresh
Del
Monte
Produce,
Inc.
.............................................
4,823
121
Freshpet,
Inc.
(a)
........................................................
6,041
735
Grocery
Outlet
Holding
Corp.
(a)
............................................
12,367
242
Herbalife
Ltd.
(a)
.......................................................
12,486
153
HF
Foods
Group,
Inc.
(a)
..................................................
4,783
19
Ingles
Markets,
Inc.
,
Class
A
...............................................
1,861
151
Ingredion,
Inc.
.........................................................
8,402
1,045
Inter
Parfums,
Inc.
......................................................
2,333
328
Ispire
Technology,
Inc.
(a)
.................................................
2,143
16
J
&
J
Snack
Foods
Corp.
..................................................
1,963
331
John
B
Sanfilippo
&
Son,
Inc.
..............................................
1,139
119
Lancaster
Colony
Corp.
..................................................
2,480
479
Lifeway
Foods,
Inc.
(a)
...................................................
589
7
Limoneira
Co.
.........................................................
1,960
43
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Mama's
Creations,
Inc.
(a)
.................................................
4,324
$
33
Maplebear,
Inc.
(a)
......................................................
19,185
662
Medifast,
Inc.
.........................................................
1,375
30
MGP
Ingredients,
Inc.
....................................................
1,794
146
Mission
Produce,
Inc.
(a)
..................................................
5,634
63
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
22,463
1,187
National
Beverage
Corp.
..................................................
2,793
136
Natural
Grocers
by
Vitamin
Cottage,
Inc.
......................................
939
26
Nature's
Sunshine
Products,
Inc.
(a)
..........................................
1,873
32
Nu
Skin
Enterprises,
Inc.
,
Class
A
...........................................
6,326
71
Oil-Dri
Corp.
of
America
.................................................
628
41
Olaplex
Holdings,
Inc.
(a)
(b)
...............................................
16,757
35
Performance
Food
Group
Co.
(a)
............................................
19,581
1,351
Post
Holdings,
Inc.
(a)
....................................................
6,299
689
PriceSmart,
Inc.
........................................................
3,193
292
Reynolds
Consumer
Products,
Inc.
..........................................
7,001
195
Seaboard
Corp.
........................................................
33
107
Seneca
Foods
Corp.
,
Class
A
(a)
.............................................
698
42
SOW
GOOD,
Inc.
(a)
(b)
..................................................
557
11
SpartanNash
Co.
.......................................................
4,311
91
Spectrum
Brands
Holdings,
Inc.
............................................
3,624
307
Sprouts
Farmers
Market,
Inc.
(a)
............................................
12,896
1,288
The
Andersons,
Inc.
.....................................................
4,168
227
The
Beauty
Health
Co.
(a)
(b)
...............................................
9,858
18
The
Boston
Beer
Co.,
Inc.
,
Class
A
(a)
........................................
1,177
330
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
4,450
185
The
Hain
Celestial
Group,
Inc.
(a)
...........................................
11,435
89
The
Honest
Co.,
Inc.
(a)
...................................................
8,438
32
The
Simply
Good
Foods
Co.
(a)
.............................................
11,691
397
The
Vita
Coco
Co.,
Inc.
(a)
................................................
4,950
128
Tootsie
Roll
Industries,
Inc.
................................................
1,823
56
TreeHouse
Foods,
Inc.
(a)
.................................................
6,737
271
Turning
Point
Brands,
Inc.
................................................
2,102
79
U.S.
Foods
Holding
Corp.
(a)
...............................................
31,552
1,716
United
Natural
Foods,
Inc.
(a)
..............................................
7,470
116
Universal
Corp.
........................................................
3,067
164
USANA
Health
Sciences,
Inc.
(a)
............................................
1,433
64
Utz
Brands,
Inc.
........................................................
8,641
128
Vector
Group
Ltd.
......................................................
17,411
223
Veru,
Inc.
(a)
..........................................................
16,233
15
Village
Super
Market,
Inc.
,
Class
A
..........................................
1,137
36
Vital
Farms,
Inc.
(a)
.....................................................
3,573
130
WD-40
Co.
...........................................................
1,744
456
Weis
Markets,
Inc.
......................................................
2,105
159
Westrock
Coffee
Co.
(a)
(b)
................................................
3,914
39
Whole
Earth
Brands,
Inc.
(a)
...............................................
3,534
17
WK
Kellogg
Co.
.......................................................
8,392
148
25,261
Energy
(4.4%):
Aemetis,
Inc.
(a)
(b)
......................................................
5,224
17
Amplify
Energy
Corp.
(a)
.................................................
4,714
35
Antero
Midstream
Corp.
..................................................
43,455
624
Antero
Resources
Corp.
(a)
................................................
36,970
1,073
APA
Corp.
............................................................
47,710
1,488
Archrock,
Inc.
.........................................................
17,282
358
Ardmore
Shipping
Corp.
..................................................
4,828
105
Atlas
Energy
Solutions,
Inc.
(b)
.............................................
7,719
164
Berry
Corp.
...........................................................
9,655
66
Bristow
Group,
Inc.
(a)
...................................................
3,546
135
Cactus,
Inc.
,
Class
A
.....................................................
8,404
530
California
Resources
Corp.
................................................
7,872
405
Centrus
Energy
Corp.
,
Class
A
(a)
...........................................
1,735
76
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
ChampionX
Corp.
......................................................
24,419
$
837
Chesapeake
Energy
Corp.
(b)
...............................................
14,078
1,075
Chord
Energy
Corp.
.....................................................
7,881
1,353
Civitas
Resources,
Inc.
...................................................
10,993
767
Clean
Energy
Fuels
Corp.
(a)
...............................................
21,252
61
CNX
Resources
Corp.
(a)
.................................................
22,246
589
Comstock
Resources,
Inc.
.................................................
11,800
112
CONSOL
Energy,
Inc.
(a)
.................................................
3,713
371
Core
Laboratories,
Inc.
(b)
.................................................
6,001
147
Crescent
Energy
Co.
,
Class
A
..............................................
13,075
160
CVR
Energy,
Inc.
.......................................................
12,983
371
Delek
US
Holdings,
Inc.
..................................................
8,077
192
DHT
Holdings,
Inc.
.....................................................
17,953
211
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
13,095
215
DMC
Global,
Inc.
(a)
....................................................
2,392
32
Dorian
LPG
Ltd.
.......................................................
5,094
208
Dril-Quip,
Inc.
(a)
.......................................................
4,363
76
DT
Midstream,
Inc.
.....................................................
12,515
943
Empire
Petroleum
Corp.
(a)
................................................
2,952
16
Energy
Services
of
America
Corp.
...........................................
1,344
10
EnLink
Midstream
LLC
..................................................
28,793
394
Evolution
Petroleum
Corp.
................................................
3,897
22
Excelerate
Energy,
Inc.
,
Class
A
............................................
3,175
64
Expro
Group
Holdings
NV
(a)
..............................................
13,661
317
Forum
Energy
Technologies,
Inc.
(a)
.........................................
1,424
26
FutureFuel
Corp.
.......................................................
3,344
19
Geospace
Technologies
Corp.
(a)
............................................
1,594
15
Gevo,
Inc.
(a)
..........................................................
28,874
17
Golar
LNG
Ltd.
........................................................
12,657
442
Gran
Tierra
Energy,
Inc.
(a)
................................................
3,923
36
Granite
Ridge
Resources,
Inc.
..............................................
6,730
46
Green
Plains,
Inc.
(a)
.....................................................
8,106
144
Gulfport
Energy
Corp.
(a)
.................................................
2,316
341
Hallador
Energy
Co.
(a)
...................................................
3,175
25
Helix
Energy
Solutions
Group,
Inc.
(a)
........................................
18,472
218
Helmerich
&
Payne,
Inc.
..................................................
12,287
497
HF
Sinclair
Corp.
.......................................................
22,662
1,166
International
Seaways,
Inc.
................................................
4,770
267
Kinetik
Holdings,
Inc.
...................................................
4,826
200
Kodiak
Gas
Services,
Inc.
.................................................
2,847
82
Kosmos
Energy
Ltd.
(a)
...................................................
59,438
329
Liberty
Energy,
Inc.
.....................................................
20,757
501
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
22,487
613
Mammoth
Energy
Services,
Inc.
(a)
..........................................
5,895
24
Matador
Resources
Co.
...................................................
14,883
915
Murphy
Oil
Corp.
......................................................
18,587
769
Nabors
Industries
Ltd.
(a)
.................................................
1,118
115
NACCO
Industries,
Inc.
,
Class
A
............................................
405
12
Natural
Gas
Services
Group,
Inc.
(a)
..........................................
1,216
25
New
Fortress
Energy,
Inc.
(b)
...............................................
14,933
295
Newpark
Resources,
Inc.
(a)
...............................................
9,828
81
NextDecade
Corp.
(a)
....................................................
21,945
178
Northern
Oil
&
Gas,
Inc.
..................................................
12,101
523
NOV,
Inc.
............................................................
50,724
1,056
Oceaneering
International,
Inc.
(a)
...........................................
12,829
385
Oil
States
International,
Inc.
(a)
.............................................
7,816
45
OPAL
Fuels,
Inc.
,
Class
A
(a)
...............................................
2,258
9
Ovintiv,
Inc.
..........................................................
34,304
1,593
Par
Pacific
Holdings,
Inc.
(a)
...............................................
7,286
193
Patterson-UTI
Energy,
Inc.
................................................
46,896
515
PBF
Energy,
Inc.
,
Class
A
.................................................
13,175
537
Peabody
Energy
Corp.
...................................................
16,164
359
Permian
Resources
Corp.
.................................................
60,729
932
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
PHX
Minerals,
Inc.
.....................................................
3,713
$
12
PrimeEnergy
Resources
Corp.
(a)
............................................
78
9
ProPetro
Holding
Corp.
(a)
................................................
10,701
103
Range
Resources
Corp.
...................................................
30,361
948
Ranger
Energy
Services,
Inc.
...............................................
2,026
26
REX
American
Resources
Corp.
(a)
..........................................
1,997
101
Riley
Exploration
Permian,
Inc.
.............................................
1,063
31
Ring
Energy,
Inc.
(a)
(b)
...................................................
17,171
34
RPC,
Inc.
............................................................
12,242
91
SandRidge
Energy,
Inc.
..................................................
4,707
64
Scorpio
Tankers,
Inc.
....................................................
6,041
463
SEACOR
Marine
Holdings,
Inc.
(a)
..........................................
2,951
41
Select
Water
Solutions,
Inc.
................................................
11,705
138
Sitio
Royalties
Corp.
,
Class
A
..............................................
9,943
242
SM
Energy
Co.
........................................................
14,630
676
Solaris
Oilfield
Infrastructure,
Inc.
,
Class
A
....................................
3,210
42
Southwestern
Energy
Co.
(a)
...............................................
135,410
873
Talos
Energy,
Inc.
(a)
.....................................................
18,681
221
Teekay
Corp.
(a)
........................................................
7,514
65
Teekay
Tankers
Ltd.
,
Class
A
...............................................
3,136
205
Tellurian,
Inc.
(a)
(b)
.....................................................
98,236
91
TETRA
Technologies,
Inc.
(a)
..............................................
15,191
57
Tidewater,
Inc.
(a)
.......................................................
6,384
632
Transocean
Ltd.
(a)
......................................................
93,023
539
U.S.
Silica
Holdings,
Inc.
(a)
...............................................
9,735
151
Uranium
Energy
Corp.
(a)
.................................................
51,762
307
VAALCO
Energy,
Inc.
...................................................
13,160
94
Vital
Energy,
Inc.
(a)
.....................................................
2,755
120
Vitesse
Energy,
Inc.
.....................................................
3,042
79
W&T
Offshore,
Inc.
(b)
...................................................
12,615
30
Weatherford
International
PLC
(a)
...........................................
8,977
1,058
World
Kinect
Corp.
.....................................................
7,485
209
34,916
Financials
(17.8%):
1st
Source
Corp.
.......................................................
2,402
153
Acacia
Research
Corp.
(a)
.................................................
12,687
68
ACNB
Corp.
..........................................................
1,054
44
AFC
Gamma,
Inc.
......................................................
2,164
19
Affiliated
Managers
Group,
Inc.
............................................
4,032
748
Affinity
Bancshares,
Inc.
(a)
................................................
587
13
Affirm
Holdings,
Inc.
(a)
..................................................
32,067
907
AG
Mortgage
Investment
Trust,
Inc.
.........................................
3,554
27
AGNC
Investment
Corp.
.................................................
94,222
943
Alerus
Financial
Corp.
...................................................
2,183
49
Ally
Financial,
Inc.
......................................................
38,900
1,751
Amalgamated
Financial
Corp.
..............................................
2,267
72
A-Mark
Precious
Metals,
Inc.
..............................................
2,285
88
Ambac
Financial
Group,
Inc.
(a)
............................................
5,309
70
Amerant
Bancorp,
Inc.
...................................................
3,478
78
American
Coastal
Insurance
Corp.
(a)
.........................................
2,941
36
American
Financial
Group,
Inc.
.............................................
9,398
1,231
Ameris
Bancorp
........................................................
8,426
513
AMERISAFE,
Inc.
......................................................
2,433
116
Ames
National
Corp.
....................................................
1,139
25
Angel
Oak
Mortgage
REIT,
Inc.
............................................
2,419
30
Annaly
Capital
Management,
Inc.
...........................................
64,471
1,284
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
18,151
198
Arbor
Realty
Trust,
Inc.
(b)
................................................
23,407
316
Ares
Commercial
Real
Estate
Corp.
..........................................
6,559
51
ARMOUR
Residential
REIT,
Inc.
...........................................
6,259
126
Arrow
Financial
Corp.
...................................................
2,099
66
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
8,792
388
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
AssetMark
Financial
Holdings,
Inc.
(a)
........................................
2,841
$
98
Associated
Banc-Corp.
...................................................
19,245
442
Assurant,
Inc.
.........................................................
6,661
1,165
Assured
Guaranty
Ltd.
...................................................
6,609
544
Atlantic
Union
Bankshares
Corp.
............................................
11,451
473
Atlanticus
Holdings
Corp.
(a)
...............................................
610
22
AvidXchange
Holdings,
Inc.
(a)
.............................................
20,488
183
Axis
Capital
Holdings
Ltd.
................................................
9,977
756
Axos
Financial,
Inc.
(a)
...................................................
6,632
484
B
Riley
Financial,
Inc.
(b)
.................................................
2,009
39
Banc
of
California,
Inc.
..................................................
17,736
248
BancFirst
Corp.
........................................................
2,560
275
Bank
First
Corp.
.......................................................
1,173
109
Bank
of
Hawaii
Corp.
....................................................
5,026
345
Bank
of
Marin
Bancorp
..................................................
1,876
38
Bank
OZK
............................................................
13,934
653
Bank7
Corp.
..........................................................
459
19
BankFinancial
Corp.
.....................................................
1,392
16
BankUnited,
Inc.
.......................................................
9,562
368
Bankwell
Financial
Group,
Inc.
.............................................
775
22
Banner
Corp.
..........................................................
4,341
257
Bar
Harbor
Bankshares,
Inc.
...............................................
1,917
61
BayCom
Corp.
.........................................................
1,346
32
BCB
Bancorp,
Inc.
......................................................
1,898
24
Berkshire
Hills
Bancorp,
Inc.
..............................................
5,521
152
BGC
Group,
Inc.
,
Class
A
.................................................
46,817
431
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
(b)
....................................
21,112
377
Blue
Foundry
Bancorp
(a)
.................................................
2,637
30
Blue
Owl
Capital,
Inc.
...................................................
63,848
1,218
BOK
Financial
Corp.
....................................................
3,341
344
Bread
Financial
Holdings,
Inc.
.............................................
6,262
342
Bridge
Investment
Group
Holdings,
Inc.
,
Class
A
................................
4,750
39
Bridgewater
Bancshares,
Inc.
(a)
............................................
2,490
34
Brighthouse
Financial,
Inc.
(a)
..............................................
7,924
395
Brightsphere
Investment
Group,
Inc.
.........................................
4,836
127
BrightSpire
Capital,
Inc.
..................................................
16,501
95
Brookline
Bancorp,
Inc.
..................................................
11,139
117
Burke
&
Herbert
Financial
Services
Corp.
.....................................
1,722
117
Business
First
Bancshares,
Inc.
.............................................
3,027
77
Byline
Bancorp,
Inc.
.....................................................
3,168
89
C&F
Financial
Corp.
....................................................
404
24
Cadence
Bank
.........................................................
23,530
773
California
Bancorp
(a)
....................................................
919
23
Camden
National
Corp.
..................................................
1,812
76
Cannae
Holdings,
Inc.
(b)
.................................................
7,203
145
Cantaloupe,
Inc.
(a)
......................................................
8,596
67
Capital
Bancorp,
Inc.
....................................................
1,134
29
Capital
City
Bank
Group,
Inc.
..............................................
1,761
63
Capitol
Federal
Financial,
Inc.
..............................................
15,860
100
Carter
Bankshares,
Inc.
(a)
.................................................
2,917
48
Cass
Information
Systems,
Inc.
.............................................
1,574
68
Cathay
General
Bancorp
..................................................
8,905
395
Central
Pacific
Financial
Corp.
.............................................
3,403
89
Chemung
Financial
Corp.
.................................................
467
23
Chicago
Atlantic
Real
Estate
Finance,
Inc.
.....................................
2,110
34
Chimera
Investment
Corp.
................................................
30,517
446
ChoiceOne
Financial
Services,
Inc.
..........................................
890
24
Citizens
&
Northern
Corp.
................................................
1,894
38
Citizens
Community
Bancorp,
Inc.
..........................................
1,195
15
Citizens
Financial
Services,
Inc.
............................................
573
31
Citizens,
Inc.
(a)
(b)
......................................................
5,780
15
City
Holding
Co.
.......................................................
1,863
227
Civista
Bancshares,
Inc.
..................................................
1,951
35
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Claros
Mortgage
Trust,
Inc.
................................................
16,488
$
157
CNA
Financial
Corp.
....................................................
34,826
1,712
CNB
Financial
Corp.
....................................................
2,568
66
CNO
Financial
Group,
Inc.
................................................
13,597
474
Coastal
Financial
Corp.
(a)
................................................
1,423
75
Cohen
&
Steers,
Inc.
....................................................
3,463
297
Colony
Bankcorp,
Inc.
...................................................
1,980
31
Columbia
Banking
System,
Inc.
............................................
26,795
701
Columbia
Financial,
Inc.
(a)
................................................
3,472
63
Comerica,
Inc.
.........................................................
16,975
930
Commerce
Bancshares,
Inc.
...............................................
16,174
1,047
Community
Financial
System,
Inc.
..........................................
6,728
415
Community
Trust
Bancorp,
Inc.
.............................................
2,249
114
Community
West
Bancshares
..............................................
2,127
44
Compass
Diversified
Holdings
.............................................
8,497
204
ConnectOne
Bancorp,
Inc.
................................................
4,561
110
Consumer
Portfolio
Services,
Inc.
(a)
.........................................
1,054
10
Crawford
&
Co.
,
Class
A
.................................................
2,739
27
Credit
Acceptance
Corp.
(a)
................................................
813
467
CrossFirst
Bankshares,
Inc.
(a)
..............................................
5,344
99
Cullen/Frost
Bankers,
Inc.
.................................................
7,690
900
Customers
Bancorp,
Inc.
(a)
................................................
3,772
243
CVB
Financial
Corp.
....................................................
16,951
323
Diamond
Hill
Investment
Group,
Inc.
........................................
341
54
Dime
Community
Bancshares,
Inc.
..........................................
4,752
120
Donegal
Group,
Inc.
,
Class
A
..............................................
2,083
31
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
3,570
241
Dynex
Capital,
Inc.
.....................................................
9,475
115
Eagle
Bancorp,
Inc.
.....................................................
3,772
81
East
West
Bancorp,
Inc.
..................................................
17,783
1,563
Eastern
Bankshares,
Inc.
..................................................
25,290
421
eHealth,
Inc.
(a)
........................................................
3,420
18
Ellington
Credit
Co.
.....................................................
2,557
18
Ellington
Financial,
Inc.
(b)
................................................
10,452
133
Employers
Holdings,
Inc.
.................................................
3,212
154
Encore
Capital
Group,
Inc.
(a)
..............................................
2,973
150
Enova
International,
Inc.
(a)
................................................
3,308
286
Enstar
Group
Ltd.
(a)
....................................................
1,622
526
Enterprise
Bancorp,
Inc.
..................................................
1,240
37
Enterprise
Financial
Services
Corp.
..........................................
4,732
250
Equitable
Holdings,
Inc.
..................................................
41,804
1,823
Equity
Bancshares,
Inc.
,
Class
A
............................................
1,684
68
Erie
Indemnity
Co.
,
Class
A
...............................................
4,549
2,007
Esquire
Financial
Holdings,
Inc.
............................................
905
56
ESSA
Bancorp,
Inc.
.....................................................
1,076
21
Essent
Group
Ltd.
......................................................
13,340
838
Euronet
Worldwide,
Inc.
(a)
................................................
5,487
560
Evans
Bancorp,
Inc.
(b)
...................................................
677
24
Evercore,
Inc.
.........................................................
4,590
1,149
EVERTEC,
Inc.
........................................................
8,176
282
EZCORP,
Inc.
,
Class
A
(a)
.................................................
6,420
67
F&G
Annuities
&
Life,
Inc.
................................................
15,992
690
Farmers
&
Merchants
Bancorp,
Inc.
..........................................
1,625
45
Farmers
National
Banc
Corp.
..............................................
4,630
72
FB
Financial
Corp.
......................................................
4,532
212
Federal
Agricultural
Mortgage
Corp.
,
Class
C
...................................
1,179
243
Federated
Hermes,
Inc.
...................................................
10,403
357
Fidelity
D&D
Bancorp,
Inc.
...............................................
598
31
Fidelity
National
Financial,
Inc.
............................................
33,417
1,852
Financial
Institutions,
Inc.
.................................................
1,941
51
Finwise
Bancorp
(a)
.....................................................
1,112
14
First
American
Financial
Corp.
.............................................
12,768
773
First
Bancorp
..........................................................
5,121
214
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
First
Bancorp
..........................................................
20,950
$
449
First
Bank
............................................................
2,800
43
First
Busey
Corp.
.......................................................
6,991
192
First
Business
Financial
Services,
Inc.
........................................
935
43
First
Commonwealth
Financial
Corp.
.........................................
12,949
234
First
Community
Bankshares,
Inc.
...........................................
1,995
89
First
Community
Corp.
...................................................
905
20
First
Financial
Bancorp
...................................................
12,059
330
First
Financial
Bankshares,
Inc.
.............................................
17,690
680
First
Financial
Corp.
.....................................................
1,464
66
First
Financial
Northwest,
Inc.
.............................................
901
19
First
Foundation,
Inc.
....................................................
6,491
45
First
Guaranty
Bancshares,
Inc.
.............................................
774
8
First
Hawaiian,
Inc.
.....................................................
16,412
411
First
Horizon
Corp.
.....................................................
69,682
1,166
First
Internet
Bancorp
....................................................
949
35
First
Interstate
BancSystem,
Inc.
,
Class
A
......................................
11,644
368
First
Merchants
Corp.
....................................................
7,454
301
First
Mid
Bancshares,
Inc.
................................................
2,614
100
First
Savings
Financial
Group,
Inc.
..........................................
657
14
First
United
Corp.
......................................................
789
22
First
Western
Financial,
Inc.
(a)
.............................................
879
16
FirstCash
Holdings,
Inc.
..................................................
5,095
569
Five
Star
Bancorp
......................................................
1,908
56
Flushing
Financial
Corp.
..................................................
3,553
52
Flywire
Corp.
(a)
.......................................................
15,171
278
FNB
Corp.
............................................................
45,829
703
Forge
Global
Holdings,
Inc.
(a)
(b)
...........................................
13,676
20
Franklin
BSP
Realty
Trust,
Inc.
.............................................
10,496
145
Franklin
Financial
Services
Corp.
...........................................
531
18
Freedom
Holding
Corp.
(a)
(b)
..............................................
2,195
185
FS
Bancorp,
Inc.
.......................................................
851
37
Fulton
Financial
Corp.
...................................................
23,203
449
FVCBankcorp,
Inc.
(a)
...................................................
1,843
23
GCM
Grosvenor,
Inc.
,
Class
A
.............................................
5,551
62
Genworth
Financial,
Inc.
(a)
................................................
55,125
373
German
American
Bancorp,
Inc.
............................................
3,641
143
Glacier
Bancorp,
Inc.
....................................................
14,574
652
Globe
Life,
Inc.
........................................................
11,640
1,079
Goosehead
Insurance,
Inc.
,
Class
A
(a)
........................................
2,976
269
Granite
Point
Mortgage
Trust,
Inc.
...........................................
6,424
19
Great
Ajax
Corp.
.......................................................
4,979
17
Great
Southern
Bancorp,
Inc.
..............................................
1,115
70
Green
Dot
Corp.
,
Class
A
(a)
...............................................
6,583
63
Greene
County
Bancorp,
Inc.
..............................................
896
32
Greenlight
Capital
Re
Ltd.
,
Class
A
(a)
........................................
3,489
48
Guaranty
Bancshares,
Inc.
.................................................
1,052
36
HA
Sustainable
Infrastructure
Capital,
Inc.
.....................................
14,382
471
Hamilton
Lane,
Inc.
,
Class
A
...............................................
4,662
673
Hancock
Whitney
Corp.
..................................................
11,056
605
Hanmi
Financial
Corp.
...................................................
3,854
79
Hanover
Bancorp,
Inc.
...................................................
532
9
HarborOne
Bancorp,
Inc.
.................................................
5,027
67
Hawthorn
Bancshares,
Inc.
................................................
813
18
HBT
Financial,
Inc.
.....................................................
1,584
36
HCI
Group,
Inc.
........................................................
1,061
100
Heartland
Financial
USA,
Inc.
..............................................
5,114
279
Heritage
Commerce
Corp.
................................................
7,514
78
Heritage
Financial
Corp.
..................................................
4,396
102
Heritage
Insurance
Holdings,
Inc.
(a)
.........................................
2,916
23
Hilltop
Holdings,
Inc.
....................................................
5,886
194
Hippo
Holdings,
Inc.
(a)
..................................................
1,681
30
Home
Bancorp,
Inc.
.....................................................
898
40
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Home
Bancshares,
Inc.
...................................................
23,951
$
679
HomeStreet,
Inc.
.......................................................
2,286
33
HomeTrust
Bancshares,
Inc.
...............................................
1,881
67
Hope
Bancorp,
Inc.
.....................................................
14,775
194
Horace
Mann
Educators
Corp.
..............................................
5,258
182
Horizon
Bancorp,
Inc.
...................................................
5,519
88
Houlihan
Lokey,
Inc.
....................................................
6,774
1,018
I3
Verticals,
Inc.
,
Class
A
(a)
...............................................
2,889
71
Independent
Bank
Corp.
..................................................
5,421
348
Independent
Bank
Corp.,
Michigan
..........................................
2,577
89
Independent
Bank
Group,
Inc.
..............................................
4,625
273
Interactive
Brokers
Group,
Inc.
.............................................
13,353
1,593
International
Bancshares
Corp.
.............................................
7,058
476
International
Money
Express,
Inc.
(a)
.........................................
3,774
84
Invesco
Ltd.
...........................................................
57,119
986
Invesco
Mortgage
Capital,
Inc.
.............................................
6,285
57
Investar
Holding
Corp.
...................................................
1,083
20
Investors
Title
Co.
......................................................
182
39
Jackson
Financial,
Inc.
,
Class
A
.............................................
9,696
854
James
River
Group
Holdings
Ltd.
...........................................
4,678
40
Jefferies
Financial
Group,
Inc.
..............................................
20,344
1,190
John
Marshall
Bancorp,
Inc.
...............................................
1,588
31
Kearny
Financial
Corp.
...................................................
7,313
53
Kemper
Corp.
.........................................................
7,924
508
KeyCorp
.............................................................
121,247
1,956
Kingsway
Financial
Services,
Inc.
(a)
.........................................
2,602
22
Kinsale
Capital
Group,
Inc.
................................................
2,845
1,300
KKR
Real
Estate
Finance
Trust,
Inc.
.........................................
7,512
86
Ladder
Capital
Corp.
....................................................
14,596
175
Lakeland
Financial
Corp.
.................................................
3,192
219
Lazard,
Inc.
...........................................................
13,702
674
LCNB
Corp.
..........................................................
1,709
26
Lemonade,
Inc.
(a)
(b)
....................................................
6,610
119
LendingClub
Corp.
(a)
....................................................
13,823
173
LendingTree,
Inc.
(a)
.....................................................
1,403
75
Lincoln
National
Corp.
...................................................
21,692
722
LINKBancorp,
Inc.
.....................................................
3,063
22
Live
Oak
Bancshares,
Inc.
................................................
4,366
197
loanDepot,
Inc.
,
Class
A
(a)
(b)
..............................................
8,353
17
LUB
Liquidating
Trust
(a)
(c)
...............................................
2,351
2
Lument
Finance
Trust,
Inc.
................................................
4,275
12
Macatawa
Bank
Corp.
...................................................
3,364
50
Maiden
Holdings
Ltd.
(a)
..................................................
9,405
20
MainStreet
Bancshares,
Inc.
...............................................
808
14
MarketAxess
Holdings,
Inc.
...............................................
4,782
1,069
Marqeta,
Inc.
,
Class
A
(a)
.................................................
49,620
267
MBIA,
Inc.
...........................................................
5,673
25
Medallion
Financial
Corp.
................................................
2,207
18
Mercantile
Bank
Corp.
...................................................
1,962
95
Merchants
Bancorp
.....................................................
2,438
110
Mercury
General
Corp.
...................................................
3,429
205
Meridian
Corp.
........................................................
1,096
13
Metrocity
Bankshares,
Inc.
................................................
2,360
75
Metropolitan
Bank
Holding
Corp.
(a)
.........................................
1,215
64
MFA
Financial,
Inc.
.....................................................
13,084
146
MGIC
Investment
Corp.
..................................................
33,939
843
Mid
Penn
Bancorp,
Inc.
..................................................
1,801
53
Middlefield
Banc
Corp.
..................................................
921
25
Midland
States
Bancorp,
Inc.
..............................................
2,603
62
MidWestOne
Financial
Group,
Inc.
..........................................
1,844
54
Moelis
&
Co.
,
Class
A
...................................................
9,054
616
Moneylion,
Inc.
(a)
(b)
....................................................
693
48
Morningstar,
Inc.
.......................................................
3,473
1,103
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Mr.
Cooper
Group,
Inc.
(a)
.................................................
8,035
$
722
MVB
Financial
Corp.
....................................................
1,516
35
National
Bank
Holdings
Corp.
,
Class
A
.......................................
4,775
200
National
Bankshares,
Inc.
.................................................
736
23
Navient
Corp.
.........................................................
14,200
233
NB
Bancorp,
Inc.
(a)
.....................................................
5,422
104
NBT
Bancorp,
Inc.
......................................................
5,946
291
NCR
Atleos
Corp.
(a)
....................................................
9,091
292
Nelnet,
Inc.
,
Class
A
.....................................................
2,092
236
NerdWallet,
Inc.
,
Class
A
(a)
...............................................
4,872
71
New
York
Community
Bancorp,
Inc.
(a)
(b)
.....................................
32,068
337
New
York
Mortgage
Trust,
Inc.
.............................................
11,598
75
NewtekOne,
Inc.
.......................................................
3,002
42
Nexpoint
Real
Estate
Finance,
Inc.
..........................................
2,172
31
NI
Holdings,
Inc.
(a)
.....................................................
847
14
Nicolet
Bankshares,
Inc.
..................................................
1,696
171
NMI
Holdings,
Inc.
(a)
...................................................
10,191
401
Northeast
Bank
........................................................
886
64
Northeast
Community
Bancorp,
Inc.
.........................................
1,569
36
Northfield
Bancorp,
Inc.
..................................................
5,025
63
Northrim
Bancorp,
Inc.
...................................................
687
47
Northwest
Bancshares,
Inc.
................................................
15,581
219
Norwood
Financial
Corp.
.................................................
926
27
Oak
Valley
Bancorp
.....................................................
848
24
OceanFirst
Financial
Corp.
................................................
7,319
133
OFG
Bancorp
.........................................................
5,957
271
Old
National
Bancorp
....................................................
40,792
817
Old
Republic
International
Corp.
............................................
32,483
1,125
Old
Second
Bancorp,
Inc.
.................................................
5,297
90
OneMain
Holdings,
Inc.
..................................................
15,367
803
Onity
Group,
Inc.
(a)
.....................................................
794
23
OP
Bancorp
...........................................................
1,439
18
Open
Lending
Corp.
(a)
...................................................
13,532
85
Oportun
Financial
Corp.
(a)
................................................
3,512
11
Oppenheimer
Holdings,
Inc.
,
Class
A
.........................................
751
39
Orange
County
Bancorp,
Inc.
..............................................
563
35
Orchid
Island
Capital,
Inc.
(b)
..............................................
8,079
65
Origin
Bancorp,
Inc.
.....................................................
3,637
125
Orrstown
Financial
Services,
Inc.
...........................................
2,369
83
Oscar
Health,
Inc.
,
Class
A
(a)
..............................................
21,531
381
P10,
Inc.
,
Class
A
.......................................................
5,355
53
Pacific
Premier
Bancorp,
Inc.
..............................................
12,167
329
Palomar
Holdings,
Inc.
(a)
.................................................
3,124
287
Park
National
Corp.
.....................................................
2,027
359
Parke
Bancorp,
Inc.
.....................................................
1,287
25
Pathward
Financial,
Inc.
..................................................
3,207
217
Paymentus
Holdings,
Inc.
,
Class
A
(a)
........................................
2,305
49
Payoneer
Global,
Inc.
(a)
..................................................
37,135
205
Paysafe
Ltd.
(a)
.........................................................
3,890
82
Paysign,
Inc.
(a)
........................................................
4,203
22
PCB
Bancorp
..........................................................
1,443
28
Peapack-Gladstone
Financial
Corp.
..........................................
1,895
54
Penns
Woods
Bancorp,
Inc.
................................................
918
22
PennyMac
Financial
Services,
Inc.
..........................................
6,210
609
PennyMac
Mortgage
Investment
Trust
........................................
11,072
152
Peoples
Bancorp
of
North
Carolina,
Inc.
.......................................
550
17
Peoples
Bancorp,
Inc.
....................................................
4,314
144
Peoples
Financial
Services
Corp.
............................................
1,187
59
Perella
Weinberg
Partners
.................................................
6,144
116
Pinnacle
Financial
Partners,
Inc.
............................................
9,759
940
Pioneer
Bancorp,
Inc.
(a)
..................................................
1,449
16
Piper
Sandler
Cos.
......................................................
2,210
604
PJT
Partners,
Inc.
,
Class
A
................................................
2,852
379
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Plumas
Bancorp
........................................................
671
$
29
Ponce
Financial
Group,
Inc.
(a)
.............................................
2,468
24
Popular,
Inc.
..........................................................
9,132
937
PRA
Group,
Inc.
(a)
.....................................................
4,930
131
Preferred
Bank
.........................................................
1,768
152
Premier
Financial
Corp.
..................................................
4,521
115
Primerica,
Inc.
.........................................................
4,415
1,112
Primis
Financial
Corp.
...................................................
2,438
32
Princeton
Bancorp,
Inc.
..................................................
567
22
Priority
Technology
Holdings,
Inc.
(a)
........................................
2,168
13
ProAssurance
Corp.
(a)
...................................................
6,495
85
PROG
Holdings,
Inc.
....................................................
5,480
247
Prosperity
Bancshares,
Inc.
................................................
11,834
858
Provident
Bancorp,
Inc.
(a)
................................................
1,987
22
Provident
Financial
Services,
Inc.
...........................................
15,788
293
QCR
Holdings,
Inc.
.....................................................
2,096
160
Radian
Group,
Inc.
......................................................
19,222
713
RBB
Bancorp
.........................................................
2,143
49
Ready
Capital
Corp.
(b)
...................................................
21,587
200
Red
River
Bancshares,
Inc.
................................................
547
30
Redwood
Trust,
Inc.
.....................................................
16,864
123
Regional
Management
Corp.
...............................................
1,165
38
Reinsurance
Group
of
America,
Inc.
.........................................
8,459
1,907
Remitly
Global,
Inc.
(a)
...................................................
18,076
239
RenaissanceRe
Holdings
Ltd.
..............................................
6,526
1,513
Renasant
Corp.
........................................................
7,047
242
Repay
Holdings
Corp.
(a)
.................................................
10,325
99
Republic
Bancorp,
Inc.
,
Class
A
............................................
1,036
68
Richmond
Mutual
Bancorp,
Inc.
(b)
..........................................
1,224
15
Rithm
Capital
Corp.
.....................................................
62,049
720
RLI
Corp.
............................................................
5,203
784
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........................................
63,337
1,303
Rocket
Cos.,
Inc.
,
Class
A
(a)
...............................................
15,825
256
Root,
Inc.
,
Class
A
(a)
....................................................
884
53
Runway
Growth
Finance
Corp.
(b)
...........................................
5,020
59
Ryan
Specialty
Holdings,
Inc.
..............................................
12,575
775
S&T
Bancorp,
Inc.
......................................................
4,869
216
Sachem
Capital
Corp.
(b)
..................................................
5,855
15
Safety
Insurance
Group,
Inc.
...............................................
1,875
160
Sandy
Spring
Bancorp,
Inc.
................................................
5,603
172
Seacoast
Banking
Corp.
of
Florida
...........................................
10,765
300
Security
National
Financial
Corp.
,
Class
A
(a)
...................................
1,873
15
SEI
Investments
Co.
.....................................................
14,021
951
Selective
Insurance
Group,
Inc.
.............................................
7,779
703
Selectquote,
Inc.
(a)
.....................................................
17,293
71
ServisFirst
Bancshares,
Inc.
...............................................
6,519
523
Seven
Hills
Realty
Trust
..................................................
1,860
25
Sezzle,
Inc.
(a)
(b)
.......................................................
311
27
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
7,846
540
Shore
Bancshares,
Inc.
...................................................
3,840
56
Sierra
Bancorp
.........................................................
1,625
47
Silvercrest
Asset
Management
Group,
Inc.
,
Class
A
...............................
1,147
20
Simmons
First
National
Corp.
,
Class
A
.......................................
15,928
343
SiriusPoint
Ltd.
(a)
......................................................
12,377
178
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
4,237
168
SLM
Corp.
...........................................................
27,926
634
SmartFinancial,
Inc.
.....................................................
1,761
50
SoFi
Technologies,
Inc.
(a)
(b)
..............................................
127,342
960
South
Plains
Financial,
Inc.
................................................
1,514
49
Southern
California
Bancorp
(a)
.............................................
1,493
24
Southern
First
Bancshares,
Inc.
(a)
...........................................
931
32
Southern
Missouri
Bancorp,
Inc.
............................................
1,227
70
Southern
States
Bancshares,
Inc.
............................................
840
27
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Southside
Bancshares,
Inc.
................................................
3,689
$
129
SouthState
Corp.
.......................................................
9,696
960
Starwood
Property
Trust,
Inc.
..............................................
38,357
765
Stellar
Bancorp,
Inc.
.....................................................
6,230
171
StepStone
Group,
Inc.
,
Class
A
.............................................
7,183
361
Sterling
Bancorp,
Inc.
(a)
..................................................
2,238
13
Stewart
Information
Services
Corp.
..........................................
3,495
247
Stifel
Financial
Corp.
....................................................
12,767
1,132
Stock
Yards
Bancorp,
Inc.
.................................................
3,467
216
StoneX
Group,
Inc.
(a)
...................................................
3,518
293
Synovus
Financial
Corp.
..................................................
18,800
879
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
5,879
389
TFS
Financial
Corp.
.....................................................
6,717
91
The
Baldwin
Insurance
Group,
Inc.
(a)
........................................
8,441
369
The
Bancorp,
Inc.
(a)
.....................................................
6,345
329
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
6,022
231
The
Carlyle
Group,
Inc.
..................................................
26,962
1,341
The
First
Bancorp,
Inc.
...................................................
1,231
35
The
First
Bancshares,
Inc.
.................................................
3,646
121
The
First
of
Long
Island
Corp.
.............................................
2,727
36
The
Hanover
Insurance
Group,
Inc.
..........................................
4,592
631
The
Hingham
Institution
for
Savings
(b)
.......................................
200
50
The
Western
Union
Co.
...................................................
43,539
518
Third
Coast
Bancshares,
Inc.
(a)
.............................................
1,430
33
Timberland
Bancorp,
Inc.
.................................................
937
29
Tiptree,
Inc.
...........................................................
2,768
55
Toast,
Inc.
,
Class
A
(a)
....................................................
49,002
1,282
Tompkins
Financial
Corp.
.................................................
1,679
106
Towne
Bank
..........................................................
8,712
290
TPG
RE
Finance
Trust,
Inc.
...............................................
7,552
66
TPG,
Inc.
............................................................
10,272
524
Tradeweb
Markets,
Inc.
,
Class
A
............................................
14,882
1,662
TriCo
Bancshares
.......................................................
3,944
184
Triumph
Financial,
Inc.
(a)
.................................................
2,804
254
Trupanion,
Inc.
(a)
(b)
....................................................
3,840
142
TrustCo
Bank
Corp.
.....................................................
2,376
85
Trustmark
Corp.
........................................................
7,284
253
Two
Harbors
Investment
Corp.
.............................................
13,238
178
UMB
Financial
Corp.
....................................................
5,895
601
United
Bankshares,
Inc.
..................................................
17,071
665
United
Community
Banks,
Inc.
.............................................
15,283
473
United
Fire
Group,
Inc.
...................................................
2,730
61
Unity
Bancorp,
Inc.
.....................................................
793
27
Universal
Insurance
Holdings,
Inc.
..........................................
3,334
66
Univest
Financial
Corp.
..................................................
3,713
103
Unum
Group
..........................................................
24,245
1,395
Upstart
Holdings,
Inc.
(a)
(b)
...............................................
9,746
272
USCB
Financial
Holdings,
Inc.
.............................................
1,307
22
UWM
Holdings
Corp.
...................................................
11,064
93
Valley
National
Bancorp
..................................................
64,635
543
Veritex
Holdings,
Inc.
....................................................
6,775
170
Victory
Capital
Holdings,
Inc.
,
Class
A
(e)
.....................................
5,684
298
Virginia
National
Bankshares
Corp.
..........................................
608
24
Virtu
Financial,
Inc.
,
Class
A
...............................................
10,783
295
Virtus
Investment
Partners,
Inc.
.............................................
865
195
Voya
Financial,
Inc.
.....................................................
12,920
940
WaFd,
Inc.
............................................................
10,323
367
Walker
&
Dunlop,
Inc.
...................................................
4,124
441
Washington
Trust
Bancorp,
Inc.
.............................................
2,161
69
Waterstone
Financial,
Inc.
.................................................
2,067
31
Webster
Financial
Corp.
..................................................
21,931
1,088
WesBanco,
Inc.
........................................................
7,412
236
West
Bancorp,
Inc.
......................................................
1,907
40
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Westamerica
Bancorp
....................................................
3,285
$
177
Western
Alliance
Bancorp
.................................................
13,819
1,112
Western
New
England
Bancorp,
Inc.
.........................................
2,449
20
Westwood
Holdings
Group,
Inc.
............................................
912
12
WEX,
Inc.
(a)
..........................................................
5,367
985
White
Mountains
Insurance
Group
Ltd.
.......................................
321
573
William
Penn
Bancorp
...................................................
973
12
Wintrust
Financial
Corp.
..................................................
7,852
850
WisdomTree,
Inc.
.......................................................
15,265
182
World
Acceptance
Corp.
(a)
................................................
638
78
WSFS
Financial
Corp.
...................................................
7,682
434
Zions
Bancorp
NA
......................................................
18,759
969
140,402
Health
Care
(13.0%):
10X
Genomics,
Inc.
,
Class
A
(a)
.............................................
12,728
263
23andMe
Holding
Co.
,
Class
A
(a)
...........................................
36,770
15
2seventy
bio,
Inc.
(a)
.....................................................
6,328
30
4D
Molecular
Therapeutics,
Inc.
(a)
..........................................
5,623
100
89bio,
Inc.
(a)
..........................................................
11,864
109
Abeona
Therapeutics,
Inc.
(a)
...............................................
5,094
25
Absci
Corp.
(a)
(b)
.......................................................
11,824
52
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
11,632
754
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
21,182
403
Accolade,
Inc.
(a)
.......................................................
8,810
36
Accuray,
Inc.
(a)
........................................................
12,070
22
ACELYRIN,
Inc.
(a)
.....................................................
8,116
49
Achieve
Life
Sciences,
Inc.
(a)
..............................................
3,559
18
Acrivon
Therapeutics,
Inc.
(a)
..............................................
2,828
24
Actinium
Pharmaceuticals,
Inc.
(a)
...........................................
3,707
26
Acumen
Pharmaceuticals,
Inc.
(a)
............................................
5,730
19
AdaptHealth
Corp.
(a)
....................................................
10,268
117
Adaptive
Biotechnologies
Corp.
(a)
..........................................
18,373
84
Addus
HomeCare
Corp.
(a)
................................................
2,071
251
Adicet
Bio,
Inc.
(a)
......................................................
8,522
13
ADMA
Biologics,
Inc.
(a)
.................................................
29,031
356
Adverum
Biotechnologies,
Inc.
(a)
...........................................
1,679
12
Aerovate
Therapeutics,
Inc.
(a)
..............................................
2,482
5
Agenus,
Inc.
(a)
(b)
......................................................
2,577
16
agilon
health,
Inc.
(a)
.....................................................
39,159
270
Agios
Pharmaceuticals,
Inc.
(a)
.............................................
7,158
332
AirSculpt
Technologies,
Inc.
(a)
(b)
...........................................
1,675
8
Akebia
Therapeutics,
Inc.
(a)
(b)
.............................................
24,827
34
Akero
Therapeutics,
Inc.
(a)
................................................
7,502
201
Aldeyra
Therapeutics,
Inc.
(a)
..............................................
7,443
29
Alector,
Inc.
(a)
.........................................................
9,878
59
Alignment
Healthcare,
Inc.
(a)
..............................................
11,693
102
Alimera
Sciences,
Inc.
(a)
.................................................
6,287
35
Alkermes
PLC
(a)
.......................................................
21,537
588
Allogene
Therapeutics,
Inc.
(a)
..............................................
17,697
52
Alphatec
Holdings,
Inc.
(a)
................................................
12,704
128
Altimmune,
Inc.
(a)
(b)
....................................................
9,081
58
Alto
Neuroscience,
Inc.
(a)
................................................
2,850
31
ALX
Oncology
Holdings,
Inc.
(a)
............................................
3,846
18
Amedisys,
Inc.
(a)
.......................................................
4,142
406
American
Well
Corp.
,
Class
A
(a)
............................................
1,507
12
Amicus
Therapeutics,
Inc.
(a)
...............................................
37,225
384
AMN
Healthcare
Services,
Inc.
(a)
...........................................
4,872
329
Amneal
Pharmaceuticals,
Inc.
(a)
............................................
14,354
105
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
4,723
206
Amylyx
Pharmaceuticals,
Inc.
(a)
(b)
..........................................
5,936
12
AnaptysBio,
Inc.
(a)
.....................................................
3,130
109
Anavex
Life
Sciences
Corp.
(a)
(b)
...........................................
10,597
72
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
AngioDynamics,
Inc.
(a)
..................................................
4,986
$
39
ANI
Pharmaceuticals,
Inc.
(a)
..............................................
2,220
146
Anika
Therapeutics,
Inc.
(a)
................................................
1,860
51
Annexon,
Inc.
(a)
.......................................................
10,345
66
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
12,860
509
Apogee
Therapeutics,
Inc.
(a)
...............................................
4,779
233
Applied
Therapeutics,
Inc.
(a)
..............................................
11,494
68
Aquestive
Therapeutics,
Inc.
(a)
(b)
...........................................
10,299
40
Arcellx,
Inc.
(a)
........................................................
5,177
320
Arcturus
Therapeutics
Holdings,
Inc.
(a)
.......................................
3,174
74
Arcus
Biosciences,
Inc.
(a)
.................................................
6,204
102
Arcutis
Biotherapeutics,
Inc.
(a)
.............................................
11,688
118
Ardelyx,
Inc.
(a)
........................................................
29,089
161
ArriVent
Biopharma,
Inc.
(a)
...............................................
2,545
56
Arrowhead
Pharmaceuticals,
Inc.
(a)
..........................................
15,195
434
ARS
Pharmaceuticals,
Inc.
(a)
..............................................
5,550
60
Artivion,
Inc.
(a)
........................................................
5,058
137
Arvinas,
Inc.
(a)
........................................................
7,662
211
Astrana
Health,
Inc.
(a)
...................................................
5,327
279
Astria
Therapeutics,
Inc.
(a)
................................................
5,609
66
Atea
Pharmaceuticals,
Inc.
(a)
..............................................
9,549
36
Atossa
Therapeutics,
Inc.
(a)
...............................................
16,200
22
AtriCure,
Inc.
(a)
.......................................................
6,041
130
Atrion
Corp.
..........................................................
125
57
aTyr
Pharma,
Inc.
(a)
.....................................................
8,640
17
Aura
Biosciences,
Inc.
(a)
.................................................
5,038
51
Avanos
Medical,
Inc.
(a)
..................................................
5,791
139
Aveanna
Healthcare
Holdings,
Inc.
(a)
(b)
......................................
7,039
30
Avid
Bioservices,
Inc.
(a)
..................................................
8,102
85
Avidity
Biosciences,
Inc.
(a)
...............................................
11,186
510
Avita
Medical,
Inc.
(a)
(b)
..................................................
3,309
32
Axogen,
Inc.
(a)
........................................................
5,289
46
Axonics,
Inc.
(a)
........................................................
6,497
445
Axsome
Therapeutics,
Inc.
(a)
..............................................
5,035
440
Azenta,
Inc.
(a)
.........................................................
6,825
425
Beam
Therapeutics,
Inc.
(a)
................................................
9,921
314
BioCryst
Pharmaceuticals,
Inc.
(a)
...........................................
25,586
186
Biodesix,
Inc.
(a)
(b)
.....................................................
5,464
9
Biohaven
Ltd.
(a)
.......................................................
9,855
388
BioLife
Solutions,
Inc.
(a)
.................................................
5,676
136
Biomea
Fusion,
Inc.
(a)
(b)
.................................................
3,594
20
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
2,558
866
Biote
Corp.
,
Class
A
(a)
...................................................
3,616
29
Bio-Techne
Corp.
.......................................................
20,143
1,643
Bioventus,
Inc.
,
Class
A
(a)
................................................
4,714
33
Black
Diamond
Therapeutics,
Inc.
(a)
.........................................
5,514
34
Bluebird
Bio,
Inc.
(a)
(b)
..................................................
24,494
28
Blueprint
Medicines
Corp.
(a)
..............................................
7,922
858
Boundless
Bio,
Inc.
(a)
(b)
.................................................
1,821
7
Bridgebio
Pharma,
Inc.
(a)
.................................................
18,178
472
BrightSpring
Health
Services,
Inc.
(a)
(b)
.......................................
6,816
84
Brookdale
Senior
Living,
Inc.
(a)
............................................
21,939
170
Bruker
Corp.
..........................................................
13,057
895
Butterfly
Network,
Inc.
(a)
(b)
...............................................
19,945
22
C4
Therapeutics,
Inc.
(a)
(b)
................................................
7,510
50
Cabaletta
Bio,
Inc.
(a)
....................................................
5,385
38
Candel
Therapeutics,
Inc.
(a)
...............................................
2,436
14
Capricor
Therapeutics,
Inc.
(a)
(b)
............................................
3,761
15
Cardiff
Oncology,
Inc.
(a)
.................................................
5,298
12
CareDx,
Inc.
(a)
........................................................
5,942
119
Cargo
Therapeutics,
Inc.
(a)
(b)
..............................................
3,386
58
Caribou
Biosciences,
Inc.
(a)
...............................................
10,316
24
Cartesian
Therapeutics,
Inc.
(a)
(b)
...........................................
896
15
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Cassava
Sciences,
Inc.
(a)
(b)
...............................................
5,798
$
129
Castle
Biosciences,
Inc.
(a)
................................................
3,238
78
Catalent,
Inc.
(a)
........................................................
22,726
1,349
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
13,128
226
Celcuity,
Inc.
(a)
........................................................
3,533
65
Celldex
Therapeutics,
Inc.
(a)
...............................................
8,322
317
Century
Therapeutics,
Inc.
(a)
..............................................
4,267
10
Cerevel
Therapeutics
Holdings,
Inc.
(a)
........................................
11,317
509
Certara,
Inc.
(a)
.........................................................
14,285
223
Cerus
Corp.
(a)
.........................................................
22,739
51
CervoMed,
Inc.
(a)
......................................................
689
9
CG
oncology,
Inc.
(a)
(b)
..................................................
5,247
175
Charles
River
Laboratories
International,
Inc.
(a)
.................................
6,573
1,604
Chemed
Corp.
.........................................................
1,912
1,090
ChromaDex
Corp.
(a)
....................................................
6,251
19
Cibus,
Inc.
(a)
(b)
........................................................
1,977
20
Citius
Pharmaceuticals,
Inc.
(a)
(b)
...........................................
21,738
20
ClearPoint
Neuro,
Inc.
(a)
.................................................
3,071
22
Clover
Health
Investments
Corp.
(a)
(b)
........................................
48,570
93
Codexis,
Inc.
(a)
........................................................
8,868
32
Cogent
Biosciences,
Inc.
(a)
................................................
9,829
93
Coherus
Biosciences,
Inc.
(a)
...............................................
14,144
22
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
4,111
159
Community
Health
Systems,
Inc.
(a)
..........................................
16,092
85
Compass
Therapeutics,
Inc.
(a)
..............................................
11,465
12
CONMED
Corp.
.......................................................
3,902
269
Context
Therapeutics,
Inc.
(a)
..............................................
1,801
4
Contineum
Therapeutics,
Inc.
,
Class
A
(a)
......................................
1,266
25
Corbus
Pharmaceuticals
Holdings,
Inc.
(a)
.....................................
1,360
81
Corcept
Therapeutics,
Inc.
(a)
..............................................
11,596
448
CorMedix,
Inc.
(a)
......................................................
6,967
32
CorVel
Corp.
(a)
........................................................
1,181
362
Corvus
Pharmaceuticals,
Inc.
(a)
............................................
6,459
17
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
9,502
505
Cross
Country
Healthcare,
Inc.
(a)
...........................................
4,253
78
CryoPort,
Inc.
(a)
.......................................................
6,145
57
Cullinan
Therapeutics,
Inc.
(a)
..............................................
5,674
110
CVRx,
Inc.
(a)
(b)
.......................................................
1,413
12
Cytek
Biosciences,
Inc.
(a)
.................................................
15,393
103
Cytokinetics,
Inc.
(a)
.....................................................
14,307
844
CytomX
Therapeutics,
Inc.
(a)
..............................................
9,424
13
DaVita,
Inc.
(a)
.........................................................
11,154
1,524
Day
One
Biopharmaceuticals,
Inc.
(a)
.........................................
7,823
112
Definitive
Healthcare
Corp.
(a)
..............................................
6,543
26
Delcath
Systems,
Inc.
(a)
..................................................
3,032
26
Denali
Therapeutics,
Inc.
(a)
...............................................
15,133
369
DENTSPLY
SIRONA,
Inc.
................................................
26,613
722
Design
Therapeutics,
Inc.
(a)
...............................................
4,284
22
Dianthus
Therapeutics,
Inc.
(a)
(b)
............................................
2,641
79
Disc
Medicine,
Inc.
(a)
...................................................
1,674
72
DocGo,
Inc.
(a)
.........................................................
10,971
40
Doximity,
Inc.
,
Class
A
(a)
.................................................
15,320
429
Dynavax
Technologies
Corp.
(a)
.............................................
16,822
188
Dyne
Therapeutics,
Inc.
(a)
................................................
8,818
378
Edgewise
Therapeutics,
Inc.
(a)
.............................................
8,476
144
Editas
Medicine,
Inc.
(a)
..................................................
10,572
57
Elanco
Animal
Health,
Inc.
(a)
..............................................
63,076
823
Electromed,
Inc.
(a)
......................................................
798
12
Elevation
Oncology,
Inc.
(a)
(b)
.............................................
6,174
16
Eliem
Therapeutics,
Inc.
(a)
................................................
2,618
22
Embecta
Corp.
.........................................................
6,977
109
Emergent
BioSolutions,
Inc.
(a)
.............................................
6,482
82
Enanta
Pharmaceuticals,
Inc.
(a)
.............................................
2,541
38
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Encompass
Health
Corp.
..................................................
12,804
$
1,190
Enhabit,
Inc.
(a)
........................................................
6,325
65
Enliven
Therapeutics,
Inc.
(a)
...............................................
3,477
92
Enovis
Corp.
(a)
........................................................
6,903
329
Entrada
Therapeutics,
Inc.
(a)
...............................................
2,366
39
Envista
Holdings
Corp.
(a)
.................................................
22,025
376
Erasca,
Inc.
(a)
.........................................................
21,479
68
Esperion
Therapeutics,
Inc.
(a)
(b)
............................................
22,210
51
Establishment
Labs
Holdings,
Inc.
(a)
.........................................
3,116
138
Evolent
Health,
Inc.
,
Class
A
(a)
.............................................
14,289
333
Evolus,
Inc.
(a)
.........................................................
6,959
86
Exact
Sciences
Corp.
(a)
..................................................
23,490
1,073
Exelixis,
Inc.
(a)
........................................................
36,617
859
EyePoint
Pharmaceuticals,
Inc.
(a)
...........................................
6,327
63
Fate
Therapeutics,
Inc.
(a)
.................................................
12,513
67
Fibrobiologics,
Inc.
(a)
...................................................
3,421
18
FibroGen,
Inc.
(a)
.......................................................
11,942
6
Foghorn
Therapeutics,
Inc.
(a)
..............................................
4,061
29
Fortrea
Holdings,
Inc.
(a)
..................................................
11,523
318
Fractyl
Health,
Inc.
(a)
(b)
.................................................
2,562
8
Fulcrum
Therapeutics,
Inc.
(a)
..............................................
7,463
69
Fulgent
Genetics,
Inc.
(a)
..................................................
2,495
60
G1
Therapeutics,
Inc.
(a)
..................................................
5,543
24
Galectin
Therapeutics,
Inc.
(a)
(b)
............................................
5,516
14
GeneDx
Holdings
Corp.
(a)
................................................
2,112
69
Generation
Bio
Co.
(a)
...................................................
6,260
21
Geron
Corp.
(a)
.........................................................
64,681
307
Glaukos
Corp.
(a)
.......................................................
6,262
734
Globus
Medical,
Inc.
(a)
..................................................
14,434
1,039
GoodRx
Holdings,
Inc.
,
Class
A
(a)
..........................................
10,043
91
Gossamer
Bio,
Inc.
(a)
....................................................
24,475
22
Greenwich
Lifesciences,
Inc.
(a)
(b)
..........................................
755
12
Guardant
Health,
Inc.
(a)
..................................................
14,985
526
Haemonetics
Corp.
(a)
....................................................
6,519
587
Halozyme
Therapeutics,
Inc.
(a)
.............................................
16,254
898
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
3,959
134
Harrow,
Inc.
(a)
(b)
......................................................
3,913
101
Harvard
Bioscience,
Inc.
(a)
................................................
5,140
16
Health
Catalyst,
Inc.
(a)
...................................................
7,352
54
HealthEquity,
Inc.
(a)
....................................................
10,990
862
HealthStream,
Inc.
......................................................
3,078
91
Henry
Schein,
Inc.
(a)
....................................................
16,334
1,175
Heron
Therapeutics,
Inc.
(a)
(b)
..............................................
18,012
53
HilleVax,
Inc.
(a)
.......................................................
2,165
4
Hims
&
Hers
Health,
Inc.
(a)
...............................................
19,469
414
Humacyte,
Inc.
(a)
......................................................
11,801
112
ICU
Medical,
Inc.
(a)
....................................................
2,743
348
Ideaya
Biosciences,
Inc.
(a)
................................................
8,738
376
IGM
Biosciences,
Inc.
(a)
(b)
...............................................
2,756
31
ImmunityBio,
Inc.
(a)
(b)
..................................................
19,953
103
Immunome,
Inc.
(a)
(b)
...................................................
6,326
97
Immunovant,
Inc.
(a)
.....................................................
7,968
232
Inari
Medical,
Inc.
(a)
....................................................
6,397
298
InfuSystem
Holdings,
Inc.
(a)
...............................................
2,410
17
Inmune
Bio,
Inc.
(a)
(b)
...................................................
1,732
15
Innoviva,
Inc.
(a)
.......................................................
7,985
150
Inogen,
Inc.
(a)
.........................................................
2,970
27
Inovio
Pharmaceuticals,
Inc.
(a)
(b)
...........................................
3,311
35
Inozyme
Pharma,
Inc.
(a)
..................................................
5,379
31
Insmed,
Inc.
(a)
.........................................................
20,245
1,473
Inspire
Medical
Systems,
Inc.
(a)
............................................
3,755
530
Integer
Holdings
Corp.
(a)
.................................................
4,258
506
Integra
LifeSciences
Holdings
Corp.
(a)
.......................................
8,559
212
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Intellia
Therapeutics,
Inc.
(a)
...............................................
12,225
$
320
Intra-Cellular
Therapies,
Inc.
(a)
.............................................
12,745
1,003
Invivyd,
Inc.
(a)
........................................................
8,741
11
Ionis
Pharmaceuticals,
Inc.
(a)
..............................................
17,330
857
Iovance
Biotherapeutics,
Inc.
(a)
............................................
28,893
252
iRadimed
Corp.
........................................................
1,031
48
iRhythm
Technologies,
Inc.
(a)
..............................................
3,947
340
Ironwood
Pharmaceuticals,
Inc.
(a)
...........................................
20,003
137
iTeos
Therapeutics,
Inc.
(a)
................................................
3,575
63
Janux
Therapeutics,
Inc.
(a)
(b)
..............................................
4,364
177
Jasper
Therapeutics,
Inc.
(a)
................................................
1,409
26
Jazz
Pharmaceuticals
PLC
(a)
..............................................
7,886
869
KalVista
Pharmaceuticals,
Inc.
(a)
(b)
.........................................
3,597
52
Karyopharm
Therapeutics,
Inc.
(a)
...........................................
13,993
14
Keros
Therapeutics,
Inc.
(a)
................................................
3,457
173
Kewaunee
Scientific
Corp.
(a)
..............................................
275
15
Kiniksa
Pharmaceuticals
International
PLC
(a)
..................................
4,971
132
Kodiak
Sciences,
Inc.
(a)
..................................................
6,281
18
Korro
Bio,
Inc.
(a)
(b)
....................................................
760
35
Krystal
Biotech,
Inc.
(a)
...................................................
3,094
645
Kura
Oncology,
Inc.
(a)
...................................................
8,361
174
Kymera
Therapeutics,
Inc.
(a)
..............................................
7,051
326
Kyverna
Therapeutics,
Inc.
(a)
(b)
............................................
2,477
21
Lantheus
Holdings,
Inc.
(a)
................................................
8,740
916
Larimar
Therapeutics,
Inc.
(a)
..............................................
4,790
40
LeMaitre
Vascular,
Inc.
...................................................
2,627
228
LENZ
Therapeutics,
Inc.
(a)
(b)
.............................................
2,365
59
Lexeo
Therapeutics,
Inc.
(a)
(b)
..............................................
2,791
35
Lexicon
Pharmaceuticals,
Inc.
(a)
(b)
..........................................
45,341
102
Lifecore
Biomedical,
Inc.
(a)
...............................................
3,810
24
LifeMD,
Inc.
(a)
........................................................
4,212
30
LifeStance
Health
Group,
Inc.
(a)
............................................
14,407
79
Ligand
Pharmaceuticals,
Inc.
(a)
.............................................
2,268
247
Lineage
Cell
Therapeutics,
Inc.
(a)
(b)
.........................................
24,280
25
Liquidia
Corp.
(a)
(b)
.....................................................
6,417
77
Longboard
Pharmaceuticals,
Inc.
(a)
..........................................
4,899
163
Lyell
Immunopharma,
Inc.
(a)
..............................................
15,296
25
MacroGenics,
Inc.
(a)
....................................................
7,550
28
Madrigal
Pharmaceuticals,
Inc.
(a)
...........................................
2,252
641
MannKind
Corp.
(a)
.....................................................
34,007
196
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.................................
14,147
138
Masimo
Corp.
(a)
.......................................................
6,332
677
MaxCyte,
Inc.
(a)
.......................................................
11,880
57
Medpace
Holdings,
Inc.
(a)
................................................
3,294
1,260
MeiraGTx
Holdings
PLC
(a)
...............................................
6,004
31
Merit
Medical
Systems,
Inc.
(a)
.............................................
7,317
624
Merrimack
Pharmaceuticals,
Inc.
(a)
(c)
........................................
1,827
—
(d)
Mersana
Therapeutics,
Inc.
(a)
..............................................
11,873
24
Mesa
Laboratories,
Inc.
..................................................
673
77
Metagenomi,
Inc.
(a)
(b)
...................................................
2,397
9
MiMedx
Group,
Inc.
(a)
...................................................
14,947
111
Mineralys
Therapeutics,
Inc.
(a)
(b)
...........................................
2,621
32
Mirum
Pharmaceuticals,
Inc.
(a)
(b)
...........................................
4,897
199
ModivCare,
Inc.
(a)
......................................................
1,800
41
Monte
Rosa
Therapeutics,
Inc.
(a)
...........................................
5,507
25
MoonLake
Immunotherapeutics
(a)
..........................................
6,770
282
Morphic
Holding,
Inc.
(a)
.................................................
5,648
320
Multiplan
Corp.
(a)
(b)
....................................................
34,213
15
Myriad
Genetics,
Inc.
(a)
..................................................
11,221
314
Natera,
Inc.
(a)
.........................................................
14,903
1,526
National
HealthCare
Corp.
................................................
1,594
217
National
Research
Corp.
..................................................
1,949
50
Nektar
Therapeutics
(a)
...................................................
23,031
31
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Neogen
Corp.
(a)
.......................................................
27,922
$
476
NeoGenomics,
Inc.
(a)
....................................................
16,288
289
Neumora
Therapeutics,
Inc.
(a)
(b)
...........................................
7,057
91
Neurocrine
Biosciences,
Inc.
(a)
.............................................
12,709
1,799
Neurogene,
Inc.
(a)
......................................................
1,500
62
NeuroPace,
Inc.
(a)
......................................................
1,806
14
Nevro
Corp.
(a)
.........................................................
4,475
44
Nkarta,
Inc.
(a)
.........................................................
5,382
35
Novavax,
Inc.
(a)
(b)
.....................................................
17,220
221
Novocure
Ltd.
(a)
.......................................................
12,513
285
Nurix
Therapeutics,
Inc.
(a)
................................................
7,339
161
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
4,325
346
Nuvation
Bio,
Inc.
(a)
....................................................
21,195
81
Nuvectis
Pharma,
Inc.
(a)
(b)
...............................................
961
6
Ocugen,
Inc.
(a)
(b)
......................................................
32,642
46
Ocular
Therapeutix,
Inc.
(a)
................................................
17,403
147
Olema
Pharmaceuticals,
Inc.
(a)
.............................................
6,277
101
Omeros
Corp.
(a)
(b)
.....................................................
7,153
39
OmniAb,
Inc.
(a)
(b)
.....................................................
12,239
59
Omnicell,
Inc.
(a)
.......................................................
5,788
169
OPKO
Health,
Inc.
(a)
(b)
..................................................
42,301
60
OptimizeRx
Corp.
(a)
....................................................
2,059
22
Optinose,
Inc.
(a)
(b)
.....................................................
14,533
15
Option
Care
Health,
Inc.
(a)
................................................
22,253
661
OraSure
Technologies,
Inc.
(a)
..............................................
9,190
41
Organogenesis
Holdings,
Inc.
(a)
............................................
10,053
30
Organon
&
Co.
........................................................
33,147
725
ORIC
Pharmaceuticals,
Inc.
(a)
.............................................
5,596
63
Orthofix
Medical,
Inc.
(a)
.................................................
4,696
76
OrthoPediatrics
Corp.
(a)
..................................................
2,097
65
Outlook
Therapeutics,
Inc.
(a)
..............................................
2,203
17
Outset
Medical,
Inc.
(a)
...................................................
6,124
22
Ovid
therapeutics,
Inc.
(a)
.................................................
7,435
8
Owens
&
Minor,
Inc.
(a)
..................................................
8,979
147
Pacific
Biosciences
of
California,
Inc.
(a)
(b)
....................................
34,129
70
Pacira
BioSciences,
Inc.
(a)
................................................
5,874
121
Paragon
28,
Inc.
(a)
(b)
....................................................
4,801
37
Patterson
Cos.,
Inc.
.....................................................
10,258
259
PDL
BioPharma,
Inc.
(a)
(c)
................................................
17,605
3
Pediatrix
Medical
Group,
Inc.
(a)
............................................
10,724
89
Penumbra,
Inc.
(a)
.......................................................
4,824
806
PepGen,
Inc.
(a)
........................................................
3,313
38
Perrigo
Co.
PLC
.......................................................
17,530
496
Perspective
Therapeutics,
Inc.
(a)
............................................
6,670
91
PetIQ,
Inc.
(a)
..........................................................
3,552
78
Phathom
Pharmaceuticals,
Inc.
(a)
(b)
.........................................
3,614
43
Phibro
Animal
Health
Corp.
,
Class
A
.........................................
2,611
49
Phreesia,
Inc.
(a)
........................................................
6,965
174
Pliant
Therapeutics,
Inc.
(a)
................................................
6,897
99
Poseida
Therapeutics,
Inc.
(a)
...............................................
8,226
29
Praxis
Precision
Medicines,
Inc.
(a)
..........................................
1,976
114
Precigen,
Inc.
(a)
........................................................
16,900
26
Prelude
Therapeutics,
Inc.
(a)
(b)
.............................................
2,715
17
Premier,
Inc.
,
Class
A
....................................................
13,388
281
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
6,368
451
Prime
Medicine,
Inc.
(a)
(b)
................................................
6,533
37
Privia
Health
Group,
Inc.
(a)
...............................................
13,657
283
PROCEPT
BioRobotics
Corp.
(a)
............................................
6,301
399
Progyny,
Inc.
(a)
........................................................
10,571
298
ProKidney
Corp.
(a)
(b)
...................................................
5,896
14
Protagonist
Therapeutics,
Inc.
(a)
............................................
7,150
268
PTC
Therapeutics,
Inc.
(a)
.................................................
9,585
324
Pulmonx
Corp.
(a)
.......................................................
4,604
32
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Pulse
Biosciences,
Inc.
(a)
.................................................
2,111
$
32
Puma
Biotechnology,
Inc.
(a)
...............................................
4,551
16
Pyxis
Oncology,
Inc.
(a)
(b)
................................................
6,098
24
Q32
Bio,
Inc.
(a)
........................................................
496
19
Quanterix
Corp.
(a)
......................................................
4,497
66
Quantum-Si,
Inc.
(a)
.....................................................
12,474
14
QuidelOrtho
Corp.
(a)
....................................................
6,723
264
R1
RCM,
Inc.
(a)
.......................................................
20,178
260
RadNet,
Inc.
(a)
........................................................
8,239
492
Rani
Therapeutics
Holdings,
Inc.
(a)
..........................................
1,489
4
RAPT
Therapeutics,
Inc.
(a)
................................................
3,951
12
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
..................................
21,891
180
REGENXBIO,
Inc.
(a)
...................................................
5,806
83
Regulus
Therapeutics,
Inc.
(a)
(b)
............................................
6,817
12
Relay
Therapeutics,
Inc.
(a)
................................................
15,489
127
Renovaro,
Inc.
(a)
.......................................................
13,673
10
Repligen
Corp.
(a)
.......................................................
6,711
1,123
Replimune
Group,
Inc.
(a)
.................................................
5,857
59
Revance
Therapeutics,
Inc.
(a)
(b)
............................................
12,309
47
REVOLUTION
Medicines,
Inc.
(a)
..........................................
17,720
809
Rezolute,
Inc.
(a)
.......................................................
3,990
18
Rhythm
Pharmaceuticals,
Inc.
(a)
............................................
7,049
340
Rigel
Pharmaceuticals,
Inc.
(a)
..............................................
2,220
23
Rocket
Pharmaceuticals,
Inc.
(a)
.............................................
10,808
262
RxSight,
Inc.
(a)
........................................................
4,775
219
Sage
Therapeutics,
Inc.
(a)
.................................................
6,392
70
Sagimet
Biosciences,
Inc.
,
Class
A
(a)
(b)
......................................
2,680
9
Sana
Biotechnology,
Inc.
(a)
...............................................
15,565
95
Sanara
Medtech,
Inc.
(a)
..................................................
445
14
Sangamo
Therapeutics,
Inc.
(a)
(b)
...........................................
24,100
19
Sarepta
Therapeutics,
Inc.
(a)
...............................................
11,468
1,631
Savara,
Inc.
(a)
.........................................................
9,387
43
Scholar
Rock
Holding
Corp.
(a)
.............................................
8,254
75
Schrodinger,
Inc.
(a)
(b)
...................................................
8,011
178
Scilex
Holding
Co.
(a)
....................................................
71
—
(d)
Scilex
Holding
Co.
(a)
(b)
(f)
(g)
..............................................
7,057
11
scPharmaceuticals,
Inc.
(a)
(b)
...............................................
2,818
14
Select
Medical
Holdings
Corp.
.............................................
13,186
524
Semler
Scientific,
Inc.
(a)
(b)
...............................................
710
24
Senseonics
Holdings,
Inc.
(a)
...............................................
62,756
27
Sera
Prognostics,
Inc.
,
Class
A
(a)
(b)
.........................................
2,329
19
Seres
Therapeutics,
Inc.
(a)
(b)
..............................................
15,479
21
Sharecare,
Inc.
(a)
.......................................................
37,124
51
Shattuck
Labs,
Inc.
(a)
....................................................
5,295
21
SI-BONE,
Inc.
(a)
.......................................................
4,731
72
SIGA
Technologies,
Inc.
..................................................
5,227
52
Sight
Sciences,
Inc.
(a)
...................................................
3,542
28
Silk
Road
Medical,
Inc.
(a)
................................................
4,628
125
Simulations
Plus,
Inc.
....................................................
2,097
86
Skye
Bioscience,
Inc.
(a)
..................................................
1,622
8
Soleno
Therapeutics,
Inc.
(a)
...............................................
2,898
140
Solid
Biosciences,
Inc.
(a)
.................................................
3,977
35
Solventum
Corp.
(a)
.....................................................
17,829
1,050
Sonida
Senior
Living,
Inc.
(a)
..............................................
1,498
48
Sotera
Health
Co.
(a)
.....................................................
16,332
227
SpringWorks
Therapeutics,
Inc.
(a)
...........................................
8,506
305
Spyre
Therapeutics,
Inc.
(a)
(b)
..............................................
5,798
159
STAAR
Surgical
Co.
(a)
..................................................
6,296
260
Standard
BioTools,
Inc.
(a)
................................................
46,967
105
Stereotaxis,
Inc.
(a)
......................................................
8,801
18
Stoke
Therapeutics,
Inc.
(a)
................................................
5,020
75
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
6,798
203
Surgery
Partners,
Inc.
(a)
..................................................
9,356
284
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Surmodics,
Inc.
(a)
......................................................
1,764
$
73
Sutro
Biopharma,
Inc.
(a)
..................................................
9,698
39
Syndax
Pharmaceuticals,
Inc.
(a)
............................................
10,340
235
Syros
Pharmaceuticals,
Inc.
(a)
..............................................
2,563
15
Tactile
Systems
Technology,
Inc.
(a)
..........................................
2,983
38
Talkspace,
Inc.
(a)
.......................................................
15,831
32
Tandem
Diabetes
Care,
Inc.
(a)
..............................................
8,275
306
Tango
Therapeutics,
Inc.
(a)
................................................
7,117
70
Tarsus
Pharmaceuticals,
Inc.
(a)
.............................................
4,012
97
Taysha
Gene
Therapies,
Inc.
(a)
.............................................
18,062
40
Tela
Bio,
Inc.
(a)
........................................................
2,228
10
Teladoc
Health,
Inc.
(a)
...................................................
21,612
204
Teleflex,
Inc.
..........................................................
6,066
1,340
Telomir
Pharmaceuticals,
Inc.
(a)
(b)
..........................................
2,195
8
Tenaya
Therapeutics,
Inc.
(a)
...............................................
8,425
29
Tenet
Healthcare
Corp.
(a)
.................................................
12,289
1,840
Terns
Pharmaceuticals,
Inc.
(a)
..............................................
5,550
43
TG
Therapeutics,
Inc.
(a)
..................................................
17,796
352
The
Ensign
Group,
Inc.
...................................................
7,091
998
The
Joint
Corp.
(a)
......................................................
1,904
27
The
Pennant
Group,
Inc.
(a)
................................................
3,528
105
Theravance
Biopharma,
Inc.
(a)
.............................................
5,772
58
Third
Harmonic
Bio,
Inc.
(a)
...............................................
1,967
24
Tourmaline
Bio,
Inc.
(a)
...................................................
1,979
33
TransMedics
Group,
Inc.
(a)
................................................
4,105
584
Travere
Therapeutics,
Inc.
(a)
...............................................
9,736
93
Treace
Medical
Concepts,
Inc.
(a)
............................................
5,673
41
Trevi
Therapeutics,
Inc.
(a)
(b)
..............................................
5,929
19
TruBridge,
Inc.
(a)
......................................................
1,862
21
TScan
Therapeutics,
Inc.
(a)
................................................
5,335
38
Twist
Bioscience
Corp.
(a)
.................................................
7,196
402
Tyra
Biosciences,
Inc.
(a)
(b)
...............................................
3,446
76
U.S.
Physical
Therapy,
Inc.
................................................
1,914
187
UFP
Technologies,
Inc.
(a)
.................................................
936
301
Ultragenyx
Pharmaceutical,
Inc.
(a)
..........................................
10,064
453
United
Therapeutics
Corp.
(a)
..............................................
5,303
1,661
Universal
Health
Services,
Inc.
,
Class
B
.......................................
7,335
1,568
Utah
Medical
Products,
Inc.
...............................................
426
30
Vanda
Pharmaceuticals,
Inc.
(a)
.............................................
7,116
42
Varex
Imaging
Corp.
(a)
..................................................
5,223
77
Vaxart,
Inc.
(a)
.........................................................
22,556
15
Vaxcyte,
Inc.
(a)
........................................................
13,357
1,054
Ventyx
Biosciences,
Inc.
(a)
................................................
6,958
16
Vera
Therapeutics,
Inc.
(a)
.................................................
5,375
197
Veracyte,
Inc.
(a)
........................................................
9,784
235
Vericel
Corp.
(a)
........................................................
6,220
314
Verrica
Pharmaceuticals,
Inc.
(a)
(b)
..........................................
3,328
22
Verve
Therapeutics,
Inc.
(a)
................................................
8,258
58
Vigil
Neuroscience,
Inc.
(a)
................................................
2,006
8
Viking
Therapeutics,
Inc.
(a)
...............................................
13,237
755
Vir
Biotechnology,
Inc.
(a)
.................................................
11,536
117
Viridian
Therapeutics,
Inc.
(a)
..............................................
7,203
121
Voyager
Therapeutics,
Inc.
(a)
..............................................
5,811
53
WaVe
Life
Sciences
Ltd.
(a)
................................................
12,465
82
Werewolf
Therapeutics,
Inc.
(a)
.............................................
3,868
9
X4
Pharmaceuticals,
Inc.
(a)
(b)
.............................................
15,204
12
XBiotech,
Inc.
(a)
.......................................................
2,551
20
Xencor,
Inc.
(a)
.........................................................
7,756
158
Xeris
Biopharma
Holdings,
Inc.
(a)
..........................................
17,884
44
XOMA
Royalty
Corp.
(a)
.................................................
1,495
40
Y-mAbs
Therapeutics,
Inc.
(a)
..............................................
4,677
57
Zentalis
Pharmaceuticals,
Inc.
(a)
............................................
8,043
31
Zevra
Therapeutics,
Inc.
(a)
................................................
5,365
35
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Zimvie,
Inc.
(a)
.........................................................
3,407
$
72
Zomedica
Corp.
(a)
(b)
....................................................
124,476
19
Zymeworks,
Inc.
(a)
.....................................................
8,534
89
Zynex,
Inc.
(a)
(b)
.......................................................
2,195
20
102,428
Industrials
(18.3%):
374Water,
Inc.
(a)
.......................................................
8,097
10
3D
Systems
Corp.
(a)
....................................................
16,693
61
A.O.
Smith
Corp.
.......................................................
15,337
1,304
AAON,
Inc.
...........................................................
8,763
776
AAR
Corp.
(a)
.........................................................
4,471
289
ABM
Industries,
Inc.
....................................................
7,971
443
ACCO
Brands
Corp.
....................................................
11,867
61
Acme
United
Corp.
.....................................................
414
19
Acuity
Brands,
Inc.
.....................................................
3,967
997
ACV
Auctions,
Inc.
,
Class
A
(a)
.............................................
18,394
314
Advanced
Drainage
Systems,
Inc.
...........................................
8,940
1,583
AECOM
.............................................................
17,497
1,585
AeroVironment,
Inc.
(a)
...................................................
3,595
642
AerSale
Corp.
(a)
.......................................................
3,690
25
AGCO
Corp.
..........................................................
7,998
755
Air
Lease
Corp.
........................................................
13,420
666
Air
Transport
Services
Group,
Inc.
(a)
.........................................
6,571
106
Alamo
Group,
Inc.
......................................................
1,488
287
Alaska
Air
Group,
Inc.
(a)
.................................................
16,318
612
Albany
International
Corp.
................................................
3,986
373
Alight,
Inc.
,
Class
A
(a)
...................................................
50,690
384
Allegiant
Travel
Co.
.....................................................
1,956
110
Allegion
PLC
.........................................................
11,267
1,541
Allient,
Inc.
...........................................................
1,820
53
Allison
Transmission
Holdings,
Inc.
.........................................
11,224
994
Alta
Equipment
Group,
Inc.
...............................................
2,702
28
Ameresco,
Inc.
,
Class
A
(a)
................................................
4,121
130
American
Airlines
Group,
Inc.
(a)
(b)
..........................................
83,541
889
American
Superconductor
Corp.
(a)
..........................................
4,573
110
American
Woodmark
Corp.
(a)
..............................................
2,004
205
Amprius
Technologies,
Inc.
(a)
..............................................
2,677
3
API
Group
Corp.
(a)
.....................................................
30,886
1,170
Apogee
Enterprises,
Inc.
..................................................
2,801
192
Applied
Industrial
Technologies,
Inc.
.........................................
4,915
1,072
ARC
Document
Solutions,
Inc.
.............................................
4,644
14
ArcBest
Corp.
.........................................................
2,965
374
Archer
Aviation,
Inc.
,
Class
A
(a)
(b)
..........................................
26,906
112
Arcosa,
Inc.
...........................................................
6,167
573
Argan,
Inc.
...........................................................
1,631
129
Aris
Water
Solutions,
Inc.
,
Class
A
...........................................
3,266
58
Armstrong
World
Industries,
Inc.
............................................
5,588
734
Array
Technologies,
Inc.
(a)
................................................
19,268
203
ASGN,
Inc.
(a)
.........................................................
5,734
543
Astec
Industries,
Inc.
....................................................
2,889
101
Astronics
Corp.
(a)
......................................................
3,676
85
Asure
Software,
Inc.
(a)
...................................................
3,014
31
Atkore,
Inc.
...........................................................
4,637
626
Avis
Budget
Group,
Inc.
..................................................
4,463
451
AZZ,
Inc.
............................................................
3,763
301
Barnes
Group,
Inc.
......................................................
6,256
252
Barrett
Business
Services,
Inc.
.............................................
3,264
119
Beacon
Roofing
Supply,
Inc.
(a)
.............................................
8,155
838
BlackSky
Technology,
Inc.
(a)
..............................................
15,644
18
Blade
Air
Mobility,
Inc.
(a)
................................................
6,148
20
Blink
Charging
Co.
(a)
...................................................
11,970
39
Bloom
Energy
Corp.
,
Class
A
(a)
(b)
..........................................
24,930
338
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Blue
Bird
Corp.
(a)
......................................................
4,089
$
213
BlueLinx
Holdings,
Inc.
(a)
................................................
1,073
129
Boise
Cascade
Co.
......................................................
5,045
717
Bowman
Consulting
Group
Ltd.
(a)
..........................................
1,857
66
Brady
Corp.
,
Class
A
....................................................
5,593
401
BrightView
Holdings,
Inc.
(a)
..............................................
7,517
108
BWX
Technologies,
Inc.
..................................................
11,761
1,170
Byrna
Technologies,
Inc.
(a)
................................................
2,265
21
C.H.
Robinson
Worldwide,
Inc.
.............................................
14,934
1,330
CACI
International,
Inc.
,
Class
A
(a)
.........................................
2,848
1,314
Cadre
Holdings,
Inc.
.....................................................
3,330
122
Captivision,
Inc.
(a)
......................................................
2,206
5
Casella
Waste
Systems,
Inc.
(a)
.............................................
7,302
756
CBAK
Energy
Technology,
Inc.
(a)
...........................................
9,236
12
CBIZ,
Inc.
(a)
..........................................................
6,145
426
CECO
Environmental
Corp.
(a)
.............................................
3,823
112
ChargePoint
Holdings,
Inc.
(a)
(b)
............................................
50,652
110
Chart
Industries,
Inc.
(a)
..................................................
5,497
885
Civeo
Corp.
...........................................................
1,711
47
Clean
Harbors,
Inc.
(a)
...................................................
6,550
1,564
Columbus
McKinnon
Corp.
...............................................
3,629
138
Comfort
Systems
USA,
Inc.
...............................................
4,535
1,508
Commercial
Vehicle
Group,
Inc.
(a)
..........................................
3,828
21
Concentrix
Corp.
.......................................................
6,104
430
Concrete
Pumping
Holdings,
Inc.
(a)
.........................................
3,018
20
Conduent,
Inc.
(a)
.......................................................
24,303
99
Construction
Partners,
Inc.
,
Class
A
(a)
........................................
5,465
353
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
24,829
1,328
CoreCivic,
Inc.
(a)
......................................................
14,008
195
Covenant
Logistics
Group,
Inc.
.............................................
1,006
56
CRA
International,
Inc.
...................................................
853
149
Crane
Co.
............................................................
7,315
1,173
CSG
Systems
International,
Inc.
............................................
3,683
173
CSW
Industrials,
Inc.
....................................................
1,978
642
Curtiss-Wright
Corp.
....................................................
4,920
1,450
Custom
Truck
One
Source,
Inc.
(a)
...........................................
10,781
54
Dayforce,
Inc.
(a)
(b)
.....................................................
20,034
1,188
Deluxe
Corp.
..........................................................
5,583
136
Desktop
Metal,
Inc.
,
Class
A
(a)
(b)
...........................................
26,524
125
Distribution
Solutions
Group,
Inc.
(a)
.........................................
1,202
41
DLH
Holdings
Corp.
(a)
..................................................
1,560
18
DNOW,
Inc.
(a)
........................................................
13,519
208
Donaldson
Co.,
Inc.
.....................................................
15,473
1,158
Douglas
Dynamics,
Inc.
..................................................
2,897
84
Driven
Brands
Holdings,
Inc.
(a)
............................................
7,532
101
Ducommun,
Inc.
(a)
.....................................................
1,594
102
Dun
&
Bradstreet
Holdings,
Inc.
............................................
37,513
408
DXP
Enterprises,
Inc.
(a)
..................................................
1,672
92
Dycom
Industries,
Inc.
(a)
.................................................
3,624
665
Energy
Recovery,
Inc.
(a)
.................................................
7,165
104
Energy
Vault
Holdings,
Inc.
(a)
(b)
...........................................
10,213
10
Enerpac
Tool
Group
Corp.
................................................
6,902
277
EnerSys
..............................................................
5,090
560
Ennis,
Inc.
............................................................
3,163
75
Enovix
Corp.
(a)
(b)
......................................................
18,088
261
Enpro,
Inc.
...........................................................
2,686
459
Enviri
Corp.
(a)
.........................................................
10,123
120
Eos
Energy
Enterprises,
Inc.
(a)
(b)
...........................................
26,209
52
Esab
Corp.
............................................................
7,306
742
ESCO
Technologies,
Inc.
.................................................
3,273
402
ESS
Tech,
Inc.
(a)
.......................................................
7,350
5
EVI
Industries,
Inc.
.....................................................
653
13
ExlService
Holdings,
Inc.
(a)
...............................................
20,102
709
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Exponent,
Inc.
.........................................................
6,446
$
684
Falcon's
Beyond
Global,
Inc.
(a)
.............................................
349
4
Federal
Signal
Corp.
.....................................................
7,700
770
First
Advantage
Corp.
....................................................
6,489
112
FiscalNote
Holdings,
Inc.
(a)
...............................................
13,749
21
Flowserve
Corp.
........................................................
16,921
855
Fluence
Energy,
Inc.
(a)
...................................................
9,434
155
Fluor
Corp.
(a)
.........................................................
21,821
1,050
Forrester
Research,
Inc.
(a)
................................................
1,483
30
Fortune
Brands
Innovations,
Inc.
............................................
16,070
1,299
Forward
Air
Corp.
(b)
....................................................
2,781
71
Franklin
Covey
Co.
(a)
...................................................
1,454
64
Franklin
Electric
Co.,
Inc.
.................................................
5,111
545
Freyr
Battery,
Inc.
(a)
(b)
..................................................
15,558
28
Frontier
Group
Holdings,
Inc.
(a)
............................................
6,647
26
FTAI
Aviation
Ltd.
......................................................
12,774
1,424
FTAI
Infrastructure,
Inc.
..................................................
12,927
133
FTI
Consulting,
Inc.
(a)
...................................................
4,538
989
FuelCell
Energy,
Inc.
(a)
(b)
................................................
63,956
32
Gates
Industrial
Corp.
PLC
(a)
..............................................
26,741
497
GATX
Corp.
..........................................................
4,539
633
Genco
Shipping
&
Trading
Ltd.
.............................................
5,402
105
Gencor
Industries,
Inc.
(a)
.................................................
1,293
32
Generac
Holdings,
Inc.
(a)
.................................................
7,694
1,198
Genpact
Ltd.
..........................................................
21,260
737
Gibraltar
Industries,
Inc.
(a)
................................................
3,897
289
Global
Industrial
Co.
....................................................
1,017
35
GMS,
Inc.
(a)
..........................................................
5,115
492
GrafTech
International
Ltd.
(a)
..............................................
21,811
17
Graham
Corp.
(a)
.......................................................
1,321
43
Granite
Construction,
Inc.
.................................................
5,658
387
Great
Lakes
Dredge
&
Dock
Corp.
(a)
........................................
8,374
79
Griffon
Corp.
..........................................................
5,258
379
GXO
Logistics,
Inc.
(a)
...................................................
15,125
847
H&E
Equipment
Services,
Inc.
.............................................
4,127
216
Hawaiian
Holdings,
Inc.
(a)
................................................
6,492
83
Hayward
Holdings,
Inc.
(a)
................................................
27,558
408
Healthcare
Services
Group,
Inc.
(a)
...........................................
9,413
108
Heartland
Express,
Inc.
...................................................
5,765
75
Heidrick
&
Struggles
International,
Inc.
.......................................
2,553
102
Helios
Technologies,
Inc.
.................................................
4,258
196
Herc
Holdings,
Inc.
.....................................................
3,603
561
Hertz
Global
Holdings,
Inc.
(a)
(b)
...........................................
38,335
156
Hexcel
Corp.
..........................................................
10,656
706
Hillenbrand,
Inc.
.......................................................
8,971
397
Hillman
Solutions
Corp.
(a)
................................................
25,080
255
HireQuest,
Inc.
........................................................
717
10
HNI
Corp.
............................................................
5,978
328
Hub
Group,
Inc.
,
Class
A
.................................................
7,821
366
Hudson
Technologies,
Inc.
(a)
..............................................
5,082
43
Huntington
Ingalls
Industries,
Inc.
...........................................
5,055
1,415
Hurco
Cos.,
Inc.
........................................................
778
13
Huron
Consulting
Group,
Inc.
(a)
............................................
2,263
249
Hyliion
Holdings
Corp.
(a)
................................................
14,878
33
Hyster-Yale,
Inc.
.......................................................
1,157
95
Hyzon
Motors,
Inc.
(a)
(b)
.................................................
17,026
2
IBEX
Holdings
Ltd.
(a)
...................................................
1,239
22
ICF
International,
Inc.
...................................................
2,385
351
IES
Holdings,
Inc.
(a)
....................................................
2,525
389
Innodata,
Inc.
(a)
(b)
.....................................................
3,454
67
Insperity,
Inc.
..........................................................
4,593
472
Insteel
Industries,
Inc.
....................................................
2,390
82
Interface,
Inc.
.........................................................
7,255
125
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
ITT,
Inc.
.............................................................
10,554
$
1,493
Janus
International
Group,
Inc.
(a)
...........................................
18,128
261
JELD-WEN
Holding,
Inc.
(a)
...............................................
10,894
182
JetBlue
Airways
Corp.
(a)
.................................................
41,416
265
Joby
Aviation,
Inc.
(a)
(b)
..................................................
48,959
293
John
Bean
Technologies
Corp.
..............................................
4,057
399
Kadant,
Inc.
...........................................................
1,497
526
Karat
Packaging,
Inc.
....................................................
882
26
KBR,
Inc.
............................................................
17,113
1,140
Kelly
Services,
Inc.
,
Class
A
...............................................
3,970
93
Kennametal,
Inc.
.......................................................
9,713
254
Kforce,
Inc.
...........................................................
2,368
164
Kirby
Corp.
(a)
.........................................................
7,456
916
Knight-Swift
Transportation
Holdings,
Inc.
....................................
20,191
1,099
Korn
Ferry
...........................................................
6,633
489
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
...................................
18,920
426
L.B.
Foster
Co.
,
Class
A
(a)
................................................
1,309
31
Landstar
System,
Inc.
....................................................
4,569
869
Legalzoom.com,
Inc.
(a)
..................................................
15,867
106
Leonardo
DRS,
Inc.
(a)
...................................................
9,439
266
Limbach
Holdings,
Inc.
(a)
................................................
1,256
80
Lincoln
Electric
Holdings,
Inc.
.............................................
7,196
1,478
Lindsay
Corp.
.........................................................
1,412
178
Liquidity
Services,
Inc.
(a)
.................................................
2,853
64
Loar
Holdings,
Inc.
(a)
...................................................
8,792
549
LSI
Industries,
Inc.
......................................................
3,309
56
Lyft,
Inc.
,
Class
A
(a)
....................................................
44,387
535
Manitex
International,
Inc.
(a)
..............................................
1,906
10
ManpowerGroup,
Inc.
...................................................
6,071
465
Marten
Transport
Ltd.
....................................................
7,428
140
Masco
Corp.
..........................................................
28,338
2,206
MasTec,
Inc.
(a)
........................................................
7,963
876
Masterbrand,
Inc.
(a)
.....................................................
16,176
292
Matrix
Service
Co.
(a)
....................................................
3,350
34
Matson,
Inc.
..........................................................
4,302
571
Matthews
International
Corp.
,
Class
A
........................................
3,811
110
Maximus,
Inc.
.........................................................
7,773
722
Mayville
Engineering
Co.,
Inc.
(a)
...........................................
2,023
39
McGrath
RentCorp.
.....................................................
3,118
342
MDU
Resources
Group,
Inc.
...............................................
25,329
682
Mercury
Systems,
Inc.
(a)
.................................................
7,383
262
Microvast
Holdings,
Inc.
(a)
(b)
.............................................
21,998
9
Miller
Industries,
Inc.
....................................................
1,420
96
MillerKnoll,
Inc.
.......................................................
9,155
284
Mistras
Group,
Inc.
(a)
...................................................
2,363
24
Montrose
Environmental
Group,
Inc.
(a)
.......................................
4,032
129
Moog,
Inc.
,
Class
A
.....................................................
3,640
714
MRC
Global,
Inc.
(a)
.....................................................
10,677
155
MSA
Safety,
Inc.
.......................................................
4,767
899
MSC
Industrial
Direct
Co.,
Inc.
.............................................
5,697
507
Mueller
Industries,
Inc.
...................................................
14,142
1,003
Mueller
Water
Products,
Inc.
,
Class
A
........................................
19,722
408
MYR
Group,
Inc.
(a)
.....................................................
2,115
297
National
Presto
Industries,
Inc.
.............................................
657
50
NEXTracker,
Inc.
,
Class
A
(a)
..............................................
17,264
848
Nikola
Corp.
(a)
(b)
......................................................
5,345
48
NN,
Inc.
(a)
...........................................................
5,692
22
Northwest
Pipe
Co.
(a)
...................................................
1,238
47
NuScale
Power
Corp.
(a)
(b)
................................................
9,350
96
NV5
Global,
Inc.
(a)
.....................................................
1,824
188
nVent
Electric
PLC
......................................................
21,198
1,540
Omega
Flex,
Inc.
.......................................................
454
24
OPENLANE,
Inc.
(a)
....................................................
13,696
245
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Orion
Group
Holdings,
Inc.
(a)
..............................................
3,886
$
32
Oshkosh
Corp.
.........................................................
8,379
910
Owens
Corning
........................................................
11,076
2,064
PAM
Transportation
Services,
Inc.
(a)
.........................................
763
16
Pangaea
Logistics
Solutions
Ltd.
............................................
3,817
28
Park
Aerospace
Corp.
....................................................
2,431
33
Park-Ohio
Holdings
Corp.
................................................
1,098
34
Parsons
Corp.
(a)
.......................................................
13,591
1,242
Paycom
Software,
Inc.
...................................................
6,535
1,090
Paycor
HCM,
Inc.
(a)
....................................................
10,378
129
Paylocity
Holding
Corp.
(a)
................................................
5,692
854
Pentair
PLC
...........................................................
21,346
1,876
Performant
Financial
Corp.
(a)
..............................................
8,592
32
Perma-Fix
Environmental
Services,
Inc.
(a)
.....................................
1,640
21
Pitney
Bowes,
Inc.
......................................................
20,107
133
Planet
Labs
PBC
(a)
.....................................................
21,830
55
Plug
Power,
Inc.
(a)
(b)
....................................................
88,102
218
Powell
Industries,
Inc.
...................................................
1,199
220
Preformed
Line
Products
Co.
..............................................
306
42
Primoris
Services
Corp.
..................................................
6,847
387
Proto
Labs,
Inc.
(a)
......................................................
3,237
113
Quad/Graphics,
Inc.
.....................................................
3,839
18
Quanex
Building
Products
Corp.
............................................
4,221
141
Quest
Resource
Holding
Corp.
(a)
...........................................
2,184
18
Radiant
Logistics,
Inc.
(a)
.................................................
4,620
29
RBC
Bearings,
Inc.
(a)
...................................................
3,702
1,077
RCM
Technologies,
Inc.
(a)
................................................
661
13
Redwire
Corp.
(a)
.......................................................
2,938
21
Regal
Rexnord
Corp.
....................................................
8,542
1,373
Resideo
Technologies,
Inc.
(a)
..............................................
21,088
479
Resources
Connection,
Inc.
................................................
4,088
49
REV
Group,
Inc.
.......................................................
6,325
185
Robert
Half,
Inc.
.......................................................
13,144
844
Rocket
Lab
USA,
Inc.
(a)
(b)
...............................................
38,878
204
Rush
Enterprises,
Inc.
,
Class
A
.............................................
8,863
452
RXO,
Inc.
(a)
..........................................................
14,899
472
Ryder
System,
Inc.
......................................................
5,503
771
Safe
Bulkers,
Inc.
.......................................................
8,165
41
Saia,
Inc.
(a)
...........................................................
3,425
1,431
Schneider
National,
Inc.
,
Class
B
............................................
6,613
178
Science
Applications
International
Corp.
......................................
6,527
812
Sensata
Technologies
Holding
PLC
..........................................
19,225
750
SES
AI
Corp.
(a)
........................................................
20,986
26
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
21,404
139
Simpson
Manufacturing
Co.,
Inc.
...........................................
5,410
1,039
SiteOne
Landscape
Supply,
Inc.
(a)
...........................................
5,748
843
Sky
Harbour
Group
Corp.
(a)
...............................................
1,504
15
SkyWest,
Inc.
(a)
........................................................
5,027
402
SolarMax
Technology,
Inc.
(a)
(b)
............................................
3,565
15
Spire
Global,
Inc.
(a)
(b)
...................................................
2,541
35
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
..................................
14,926
541
Spirit
Airlines,
Inc.
(b)
....................................................
14,006
42
SPX
Technologies,
Inc.
(a)
.................................................
5,745
848
Standex
International
Corp.
................................................
1,503
281
Steelcase,
Inc.
,
Class
A
...................................................
11,023
160
Stem,
Inc.
(a)
(b)
........................................................
19,448
24
Stericycle,
Inc.
(a)
.......................................................
11,923
698
Sterling
Check
Corp.
(a)
..................................................
10,635
167
Sterling
Infrastructure,
Inc.
(a)
..............................................
3,856
449
Sun
Country
Airlines
Holdings,
Inc.
(a)
........................................
5,036
66
SunPower
Corp.
(a)
(b)
....................................................
5,793
5
Sunrun,
Inc.
(a)
.........................................................
27,743
486
TaskUS,
Inc.
,
Class
A
(a)
..................................................
2,109
35
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Taylor
Devices,
Inc.
(a)
...................................................
389
$
20
Tennant
Co.
...........................................................
2,424
261
Terex
Corp.
...........................................................
8,471
536
Terran
Orbital
Corp.
(a)
(b)
.................................................
19,600
14
Tetra
Tech,
Inc.
........................................................
6,875
1,466
The
AZEK
Co.,
Inc.
(a)
...................................................
18,451
828
The
Brink's
Co.
........................................................
5,601
616
The
Eastern
Co.
(b)
......................................................
741
22
The
GEO
Group,
Inc.
(a)
..................................................
16,712
242
The
Gorman-Rupp
Co.
...................................................
2,668
110
The
Greenbrier
Cos.,
Inc.
.................................................
3,850
196
The
Lion
Electric
Co.
(a)
(b)
................................................
14,969
11
The
Manitowoc
Co.,
Inc.
(a)
...............................................
4,414
56
The
Middleby
Corp.
(a)
...................................................
6,851
929
The
Shyft
Group,
Inc.
....................................................
4,000
67
The
Timken
Co.
........................................................
8,176
711
The
Toro
Co.
..........................................................
13,358
1,279
Thermon
Group
Holdings,
Inc.
(a)
...........................................
4,267
140
Titan
International,
Inc.
(a)
.................................................
6,365
54
Titan
Machinery,
Inc.
(a)
..................................................
2,637
47
TPI
Composites,
Inc.
(a)
..................................................
5,637
24
Transcat,
Inc.
(a)
........................................................
1,144
132
Trex
Co.,
Inc.
(a)
........................................................
13,951
1,167
TriNet
Group,
Inc.
......................................................
6,359
663
Trinity
Industries,
Inc.
...................................................
10,410
344
Triumph
Group,
Inc.
(a)
...................................................
9,736
160
TrueBlue,
Inc.
(a)
.......................................................
3,784
45
TTEC
Holdings,
Inc.
....................................................
2,511
20
Tutor
Perini
Corp.
(a)
....................................................
5,554
138
Twin
Disc,
Inc.
........................................................
1,424
21
UFP
Industries,
Inc.
.....................................................
7,792
1,028
U-Haul
Holding
Co.
.....................................................
13,952
889
UL
Solutions,
Inc.
,
Class
A
................................................
4,934
249
Ultralife
Corp.
(a)
.......................................................
1,307
16
UniFirst
Corp.
.........................................................
1,871
364
Universal
Logistics
Holdings,
Inc.
...........................................
860
37
Upwork,
Inc.
(a)
........................................................
15,434
187
V2X,
Inc.
(a)
..........................................................
1,556
81
Valmont
Industries,
Inc.
..................................................
2,554
762
Verra
Mobility
Corp.
(a)
..................................................
20,923
630
Vestis
Corp.
...........................................................
16,854
219
Viad
Corp.
(a)
..........................................................
2,639
88
Vicor
Corp.
(a)
.........................................................
2,894
122
Virco
Mfg.
Corp.
.......................................................
1,736
31
Virgin
Galactic
Holdings,
Inc.
(a)
(b)
..........................................
2,460
17
VSE
Corp.
............................................................
2,035
181
Wabash
National
Corp.
...................................................
5,643
121
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
3,490
724
Werner
Enterprises,
Inc.
..................................................
7,826
307
WESCO
International,
Inc.
................................................
5,962
1,043
Wheels
Up
Experience,
Inc.
(a)
(b)
...........................................
44,593
117
Willdan
Group,
Inc.
(a)
...................................................
1,668
57
Willis
Lease
Finance
Corp.
................................................
283
24
WillScot
Holdings
Corp.
(a)
................................................
23,690
971
Woodward,
Inc.
........................................................
7,350
1,147
Xometry,
Inc.
,
Class
A
(a)
.................................................
5,268
77
XPO,
Inc.
(a)
..........................................................
14,730
1,692
Zurn
Elkay
Water
Solutions
Corp.
...........................................
18,673
606
144,478
Information
Technology
(11.6%):
8x8,
Inc.
(a)
...........................................................
15,802
49
908
Devices,
Inc.
(a)
.....................................................
3,275
19
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
A10
Networks,
Inc.
.....................................................
9,291
$
122
ACI
Worldwide,
Inc.
(a)
..................................................
13,402
579
ACM
Research,
Inc.
,
Class
A
(a)
............................................
6,082
109
Adeia,
Inc.
............................................................
13,276
156
ADTRAN
Holdings,
Inc.
.................................................
9,544
65
Advanced
Energy
Industries,
Inc.
...........................................
4,788
557
Aehr
Test
Systems
(a)
....................................................
3,502
66
Aeva
Technologies,
Inc.
(a)
(b)
..............................................
3,959
14
Agilysys,
Inc.
(a)
.......................................................
3,329
373
Alarm.com
Holdings,
Inc.
(a)
...............................................
6,141
433
Alkami
Technology,
Inc.
(a)
................................................
7,018
230
Allegro
MicroSystems,
Inc.
(a)
..............................................
11,303
272
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.......................................
2,979
123
Altair
Engineering,
Inc.
,
Class
A
(a)
..........................................
7,200
636
Ambarella,
Inc.
(a)
......................................................
4,968
262
Amdocs
Ltd.
..........................................................
14,970
1,309
American
Software,
Inc.
,
Class
A
...........................................
3,988
44
Amkor
Technology,
Inc.
..................................................
11,823
386
Amplitude,
Inc.
,
Class
A
(a)
................................................
8,839
76
Appfolio,
Inc.
,
Class
A
(a)
.................................................
2,755
610
Appian
Corp.
,
Class
A
(a)
.................................................
5,156
190
Applied
Digital
Corp.
(a)
(b)
................................................
11,323
55
Applied
Optoelectronics,
Inc.
(a)
............................................
4,620
44
Arlo
Technologies,
Inc.
(a)
.................................................
12,077
183
Arrow
Electronics,
Inc.
(a)
.................................................
6,827
844
Arteris,
Inc.
(a)
.........................................................
3,107
25
Asana,
Inc.
,
Class
A
(a)
...................................................
10,465
152
Aspen
Technology,
Inc.
(a)
.................................................
3,454
649
Astera
Labs,
Inc.
(a)
(b)
...................................................
13,463
590
AstroNova,
Inc.
(a)
......................................................
726
12
AudioEye,
Inc.
(a)
.......................................................
751
19
Aurora
Innovation,
Inc.
(a)
.................................................
102,199
409
AvePoint,
Inc.
(a)
.......................................................
12,738
139
Aviat
Networks,
Inc.
(a)
...................................................
1,457
45
Avnet,
Inc.
............................................................
11,584
623
Axcelis
Technologies,
Inc.
(a)
..............................................
4,128
522
AXT,
Inc.
(a)
..........................................................
5,329
19
Backblaze,
Inc.
,
Class
A
(a)
................................................
3,595
24
Badger
Meter,
Inc.
......................................................
3,780
779
Bel
Fuse,
Inc.
,
Class
B
...................................................
1,584
118
Belden,
Inc.
...........................................................
5,187
481
Benchmark
Electronics,
Inc.
...............................................
4,531
217
BigBear.ai
Holdings,
Inc.
(a)
(b)
.............................................
12,809
19
BigCommerce
Holdings,
Inc.
,
Class
1
(a)
(b)
....................................
8,530
69
BILL
Holdings,
Inc.
(a)
...................................................
13,116
655
Bit
Digital,
Inc.
(a)
......................................................
15,522
59
Bitdeer
Technologies
Group
(a)
.............................................
1,744
16
Blackbaud,
Inc.
(a)
......................................................
5,271
418
BlackLine,
Inc.
(a)
......................................................
6,541
311
Blend
Labs,
Inc.
,
Class
A
(a)
(b)
.............................................
22,071
61
Box,
Inc.
,
Class
A
(a)
....................................................
18,128
510
Braze,
Inc.
,
Class
A
(a)
...................................................
8,282
365
C3.ai,
Inc.
,
Class
A
(a)
(b)
.................................................
13,621
364
Calix,
Inc.
(a)
..........................................................
7,535
310
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
....................................
50,094
514
Cellebrite
DI
Ltd.
(a)
.....................................................
7,913
108
Cerence,
Inc.
(a)
........................................................
5,164
16
CEVA,
Inc.
(a)
.........................................................
2,947
59
Ciena
Corp.
(a)
.........................................................
18,293
965
Cipher
Mining,
Inc.
(a)
...................................................
23,895
125
Cirrus
Logic,
Inc.
(a)
.....................................................
6,867
896
Cleanspark,
Inc.
(a)
(b)
....................................................
28,449
455
Clear
Secure,
Inc.
,
Class
A
................................................
9,991
213
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Clearfield,
Inc.
(a)
.......................................................
1,531
$
66
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
.................................
15,459
302
Climb
Global
Solutions,
Inc.
...............................................
493
35
Cognex
Corp.
.........................................................
22,115
1,097
Coherent
Corp.
(a)
......................................................
19,277
1,343
Cohu,
Inc.
(a)
..........................................................
5,928
190
CommScope
Holding
Co.,
Inc.
(a)
...........................................
26,728
69
CommVault
Systems,
Inc.
(a)
...............................................
5,488
839
CompoSecure,
Inc.
,
Class
A
...............................................
1,819
15
Confluent,
Inc.
,
Class
A
(a)
................................................
30,130
754
Consensus
Cloud
Solutions,
Inc.
(a)
..........................................
2,281
49
Core
Scientific,
Inc.
(a)
(b)
.................................................
18,819
183
CoreCard
Corp.
(a)
......................................................
769
9
Corsair
Gaming,
Inc.
(a)
..................................................
5,722
47
Couchbase,
Inc.
(a)
......................................................
4,875
94
CPI
Card
Group,
Inc.
(a)
..................................................
564
17
Crane
NXT
Co.
........................................................
6,306
397
CS
Disco,
Inc.
(a)
.......................................................
2,898
18
CSP,
Inc.
(b)
...........................................................
876
14
CTS
Corp.
............................................................
3,863
189
Daktronics,
Inc.
(a)
......................................................
4,825
72
Dave,
Inc.
(a)
..........................................................
839
31
Diebold
Nixdorf,
Inc.
(a)
..................................................
4,775
208
Digi
International,
Inc.
(a)
.................................................
4,550
124
Digimarc
Corp.
(a)
(b)
....................................................
1,935
62
Digital
Turbine,
Inc.
(a)
...................................................
11,886
28
DigitalOcean
Holdings,
Inc.
(a)
.............................................
7,421
246
Diodes,
Inc.
(a)
.........................................................
5,745
449
DocuSign,
Inc.
(a)
.......................................................
26,154
1,451
Dolby
Laboratories,
Inc.
,
Class
A
...........................................
7,587
598
Domo,
Inc.
,
Class
B
(a)
...................................................
4,066
34
DoubleVerify
Holdings,
Inc.
(a)
.............................................
18,003
380
Dropbox,
Inc.
,
Class
A
(a)
.................................................
30,846
738
D-Wave
Quantum,
Inc.
(a)
(b)
...............................................
15,490
16
DXC
Technology
Co.
(a)
..................................................
22,622
460
E2open
Parent
Holdings,
Inc.
(a)
(b)
..........................................
30,125
141
Eastman
Kodak
Co.
(a)
...................................................
8,065
47
eGain
Corp.
(a)
.........................................................
2,555
19
Elastic
NV
(a)
..........................................................
10,765
1,181
Enfusion,
Inc.
,
Class
A
(a)
.................................................
6,296
60
Envestnet,
Inc.
(a)
.......................................................
7,026
435
EPAM
Systems,
Inc.
(a)
...................................................
7,223
1,554
ePlus,
Inc.
(a)
..........................................................
3,408
313
Everspin
Technologies,
Inc.
(a)
..............................................
2,225
14
Evolv
Technologies
Holdings,
Inc.
(a)
(b)
......................................
13,769
48
Extreme
Networks,
Inc.
(a)
................................................
16,321
233
F5,
Inc.
(a)
............................................................
7,514
1,530
Fabrinet
(a)
............................................................
4,641
1,024
FARO
Technologies,
Inc.
(a)
...............................................
2,388
41
Fastly,
Inc.
,
Class
A
(a)
...................................................
16,198
131
Five9,
Inc.
(a)
..........................................................
9,340
416
FormFactor,
Inc.
(a)
.....................................................
9,873
529
Freshworks,
Inc.
,
Class
A
(a)
...............................................
21,242
266
Gitlab,
Inc.
,
Class
A
(a)
...................................................
15,071
772
Globant
SA
(a)
.........................................................
5,460
1,063
Grid
Dynamics
Holdings,
Inc.
(a)
............................................
7,147
92
Guidewire
Software,
Inc.
(a)
...............................................
10,546
1,583
Harmonic,
Inc.
(a)
.......................................................
14,716
216
HashiCorp,
Inc.
,
Class
A
(a)
................................................
18,217
615
Hut
8
Corp.
(a)
(b)
.......................................................
10,305
151
Ichor
Holdings
Ltd.
(a)
...................................................
4,204
143
Immersion
Corp.
.......................................................
3,749
48
Impinj,
Inc.
(a)
.........................................................
3,432
547
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
indie
Semiconductor,
Inc.
,
Class
A
(a)
.........................................
20,243
$
121
Infinera
Corp.
(a)
.......................................................
29,794
177
Informatica,
Inc.
,
Class
A
(a)
...............................................
17,102
409
Information
Services
Group,
Inc.
............................................
4,401
15
Innoviz
Technologies
Ltd.
(a)
(b)
.............................................
20,484
16
Inseego
Corp.
(a)
.......................................................
1,236
12
Insight
Enterprises,
Inc.
(a)
................................................
4,154
933
Intapp,
Inc.
(a)
.........................................................
8,531
306
InterDigital,
Inc.
(b)
.....................................................
3,188
391
inTEST
Corp.
(a)
.......................................................
1,538
17
IonQ,
Inc.
(a)
(b)
........................................................
23,276
190
IPG
Photonics
Corp.
(a)
...................................................
3,534
284
Iteris,
Inc.
(a)
..........................................................
5,422
27
Itron,
Inc.
(a)
..........................................................
5,861
606
Jamf
Holding
Corp.
(a)
...................................................
7,720
141
Juniper
Networks,
Inc.
...................................................
41,426
1,561
Kaltura,
Inc.
(a)
........................................................
9,025
12
Kimball
Electronics,
Inc.
(a)
...............................................
3,160
75
Klaviyo,
Inc.
,
Class
A
(a)
..................................................
6,209
163
Knowles
Corp.
(a)
.......................................................
11,365
208
Kulicke
&
Soffa
Industries,
Inc.
.............................................
6,906
326
Kyndryl
Holdings,
Inc.
(a)
.................................................
29,342
788
Lantronix,
Inc.
(a)
.......................................................
3,942
16
Lattice
Semiconductor
Corp.
(a)
.............................................
17,557
931
Lightwave
Logic,
Inc.
(a)
(b)
...............................................
15,422
53
Littelfuse,
Inc.
.........................................................
3,166
846
LiveRamp
Holdings,
Inc.
(a)
...............................................
8,239
249
Lumentum
Holdings,
Inc.
(a)
...............................................
8,248
427
Luna
Innovations,
Inc.
(a)
(b)
...............................................
4,123
12
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
7,476
754
Magnachip
Semiconductor
Corp.
(a)
..........................................
4,696
24
Manhattan
Associates,
Inc.
(a)
..............................................
7,861
2,008
Marathon
Digital
Holdings,
Inc.
(a)
(b)
........................................
36,236
713
Matterport,
Inc.
(a)
......................................................
35,191
156
MaxLinear,
Inc.
(a)
......................................................
9,844
139
MeridianLink,
Inc.
(a)
....................................................
2,888
68
Methode
Electronics,
Inc.
.................................................
4,272
54
MicroVision,
Inc.
(a)
(b)
...................................................
26,427
28
Mirion
Technologies,
Inc.
(a)
...............................................
27,123
286
Mitek
Systems,
Inc.
(a)
...................................................
5,852
78
MKS
Instruments,
Inc.
...................................................
8,630
1,087
N-able,
Inc.
(a)
.........................................................
8,184
114
Napco
Security
Technologies,
Inc.
...........................................
4,555
254
Navitas
Semiconductor
Corp.
(a)
............................................
16,049
60
nCino,
Inc.
(a)
.........................................................
10,248
336
NCR
Voyix
Corp.
(a)
.....................................................
18,054
266
NETGEAR,
Inc.
(a)
.....................................................
3,492
55
NetScout
Systems,
Inc.
(a)
.................................................
8,891
181
NextNav,
Inc.
(a)
........................................................
4,846
40
nLight,
Inc.
(a)
.........................................................
5,797
70
Novanta,
Inc.
(a)
........................................................
4,593
832
Nutanix,
Inc.
,
Class
A
(a)
..................................................
31,726
1,602
NVE
Corp.
...........................................................
616
55
Olo,
Inc.
,
Class
A
(a)
.....................................................
13,201
63
ON24,
Inc.
(a)
.........................................................
4,649
31
OneSpan,
Inc.
(a)
.......................................................
4,575
68
Onto
Innovation,
Inc.
(a)
..................................................
6,311
1,207
OSI
Systems,
Inc.
(a)
.....................................................
2,050
303
Ouster,
Inc.
(a)
.........................................................
3,347
44
PagerDuty,
Inc.
(a)
......................................................
11,587
243
PAR
Technology
Corp.
(a)
.................................................
4,305
218
PC
Connection,
Inc.
.....................................................
1,562
112
PDF
Solutions,
Inc.
(a)
...................................................
3,978
140
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Pegasystems,
Inc.
.......................................................
5,338
$
372
Perficient,
Inc.
(a)
.......................................................
4,441
335
Photronics,
Inc.
(a)
......................................................
7,496
190
Plexus
Corp.
(a)
........................................................
3,466
444
Porch
Group,
Inc.
(a)
.....................................................
9,872
20
Power
Integrations,
Inc.
..................................................
7,183
525
PowerSchool
Holdings,
Inc.
(a)
.............................................
7,436
168
Prairie
Operating
Co.
(a)
..................................................
851
8
Procore
Technologies,
Inc.
(a)
..............................................
17,405
1,236
Progress
Software
Corp.
..................................................
5,498
321
PROS
Holdings,
Inc.
(a)
..................................................
5,496
132
Q2
Holdings,
Inc.
(a)
.....................................................
7,345
496
Qorvo,
Inc.
(a)
.........................................................
12,255
1,468
Qualys,
Inc.
(a)
.........................................................
4,643
692
QuickLogic
Corp.
(a)
(b)
..................................................
1,706
18
Rackspace
Technology,
Inc.
(a)
.............................................
8,243
19
Rambus,
Inc.
(a)
........................................................
13,825
711
Rapid7,
Inc.
(a)
.........................................................
7,830
308
Red
Violet,
Inc.
(a)
......................................................
1,348
35
Rekor
Systems,
Inc.
(a)
(b)
.................................................
10,323
19
ReposiTrak,
Inc.
(b)
.....................................................
1,503
29
Ribbon
Communications,
Inc.
(a)
............................................
18,426
62
Richardson
Electronics
Ltd.
...............................................
1,532
18
Rigetti
Computing,
Inc.
(a)
(b)
..............................................
17,571
18
Rimini
Street,
Inc.
(a)
....................................................
5,935
13
RingCentral,
Inc.
,
Class
A
(a)
...............................................
10,373
364
Riot
Platforms,
Inc.
(a)
...................................................
34,647
353
Rogers
Corp.
(a)
........................................................
2,392
292
Samsara,
Inc.
,
Class
A
(a)
.................................................
25,347
970
Sanmina
Corp.
(a)
.......................................................
6,901
520
ScanSource,
Inc.
(a)
.....................................................
2,943
153
SEMrush
Holdings,
Inc.
,
Class
A
(a)
..........................................
3,838
57
Semtech
Corp.
(a)
.......................................................
8,230
261
SentinelOne,
Inc.
,
Class
A
(a)
...............................................
33,944
777
Silicon
Laboratories,
Inc.
(a)
...............................................
4,027
484
SiTime
Corp.
(a)
........................................................
2,283
324
SkyWater
Technology,
Inc.
(a)
(b)
............................................
2,934
22
SMART
Global
Holdings,
Inc.
(a)
...........................................
6,514
152
SmartRent,
Inc.
(a)
(b)
....................................................
22,510
41
Smartsheet,
Inc.
,
Class
A
(a)
...............................................
16,976
814
SolarEdge
Technologies,
Inc.
(a)
(b)
..........................................
7,339
212
SolarWinds
Corp.
.......................................................
5,996
72
SoundHound
AI,
Inc.
,
Class
A
(a)
(b)
..........................................
36,511
186
SoundThinking,
Inc.
(a)
...................................................
1,211
19
Sprinklr,
Inc.
,
Class
A
(a)
..................................................
14,918
147
Sprout
Social,
Inc.
,
Class
A
(a)
..............................................
6,214
243
SPS
Commerce,
Inc.
(a)
...................................................
4,729
1,019
Squarespace,
Inc.
,
Class
A
(a)
..............................................
7,138
315
Stratasys
Ltd.
(a)
........................................................
7,380
63
Synaptics,
Inc.
(a)
.......................................................
5,002
437
TD
SYNNEX
Corp.
.....................................................
10,009
1,193
Telos
Corp.
(a)
.........................................................
6,554
28
Tenable
Holdings,
Inc.
(a)
.................................................
15,090
693
Teradata
Corp.
(a)
.......................................................
12,310
399
Terawulf,
Inc.
(a)
.......................................................
30,773
128
The
Hackett
Group,
Inc.
..................................................
3,197
87
Thoughtworks
Holding,
Inc.
(a)
.............................................
11,529
40
TTM
Technologies,
Inc.
(a)
................................................
12,754
247
Tucows,
Inc.
,
Class
A
(a)
..................................................
1,034
26
Turtle
Beach
Corp.
(a)
....................................................
2,054
30
Twilio,
Inc.
,
Class
A
(a)
...................................................
20,862
1,234
UiPath,
Inc.
,
Class
A
(a)
..................................................
56,530
688
Ultra
Clean
Holdings,
Inc.
(a)
..............................................
5,643
244
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Unisys
Corp.
(a)
........................................................
8,440
$
40
Unity
Software,
Inc.
(a)
...................................................
36,701
600
Universal
Display
Corp.
..................................................
5,636
1,255
Varonis
Systems,
Inc.
(a)
..................................................
13,897
766
Veeco
Instruments,
Inc.
(a)
.................................................
7,136
296
Verint
Systems,
Inc.
(a)
...................................................
7,833
283
Vertex,
Inc.
,
Class
A
(a)
...................................................
6,784
269
Viant
Technology,
Inc.
,
Class
A
(a)
...........................................
1,899
22
Viasat,
Inc.
(a)
.........................................................
12,715
257
Viavi
Solutions,
Inc.
(a)
...................................................
28,437
229
Vishay
Intertechnology,
Inc.
...............................................
16,024
390
Vishay
Precision
Group,
Inc.
(a)
.............................................
1,475
51
Vontier
Corp.
..........................................................
19,861
779
Weave
Communications,
Inc.
(a)
............................................
5,728
57
Wolfspeed,
Inc.
(a)
(b)
....................................................
15,986
301
Workiva,
Inc.
(a)
........................................................
6,251
461
Xerox
Holdings
Corp.
...................................................
14,861
160
Xperi,
Inc.
(a)
..........................................................
5,617
46
Yext,
Inc.
(a)
...........................................................
13,447
77
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
.......................................
20,811
446
Zuora,
Inc.
,
Class
A
(a)
...................................................
17,678
160
91,910
Materials
(5.2%):
AdvanSix,
Inc.
.........................................................
3,342
94
Alcoa
Corp.
...........................................................
22,929
758
Algoma
Steel
Group,
Inc.
.................................................
12,203
108
Alpha
Metallurgical
Resources,
Inc.
..........................................
1,406
415
Alto
Ingredients,
Inc.
(a)
..................................................
9,410
15
American
Vanguard
Corp.
.................................................
3,353
32
AptarGroup,
Inc.
.......................................................
8,475
1,246
Arcadium
Lithium
PLC
(a)
................................................
138,330
440
Arch
Resources,
Inc.
....................................................
2,222
326
Ardagh
Metal
Packaging
SA
...............................................
17,799
66
Arras
Minerals
Corp.
(a)
..................................................
4,451
1
Ashland,
Inc.
..........................................................
6,434
622
ASP
Isotopes,
Inc.
(a)
(b)
..................................................
3,604
10
Aspen
Aerogels,
Inc.
(a)
..................................................
9,643
197
ATI,
Inc.
(a)
...........................................................
15,835
1,072
Atlas
Lithium
Corp.
(a)
...................................................
906
10
Avient
Corp.
..........................................................
11,552
523
Axalta
Coating
Systems
Ltd.
(a)
.............................................
28,395
1,012
Balchem
Corp.
.........................................................
4,171
740
Berry
Global
Group,
Inc.
.................................................
14,721
967
Cabot
Corp.
...........................................................
7,031
705
Carpenter
Technology
Corp.
...............................................
6,090
888
Century
Aluminum
Co.
(a)
.................................................
6,645
100
Clearwater
Paper
Corp.
(a)
.................................................
2,082
116
Cleveland-Cliffs,
Inc.
(a)
..................................................
60,176
924
Coeur
Mining,
Inc.
(a)
....................................................
50,768
330
Commercial
Metals
Co.
..................................................
14,800
890
Compass
Minerals
International,
Inc.
.........................................
5,281
70
Contango
ORE,
Inc.
(a)
...................................................
649
15
Core
Molding
Technologies,
Inc.
(a)
..........................................
1,030
19
Crown
Holdings,
Inc.
....................................................
15,448
1,370
Dakota
Gold
Corp.
(a)
....................................................
8,829
21
Eagle
Materials,
Inc.
.....................................................
4,314
1,175
Eastman
Chemical
Co.
...................................................
15,092
1,559
Ecovyst,
Inc.
(a)
........................................................
13,714
131
Element
Solutions,
Inc.
...................................................
28,663
772
Flotek
Industries,
Inc.
(a)
..................................................
3,680
16
FMC
Corp.
...........................................................
16,003
934
Friedman
Industries,
Inc.
.................................................
860
15
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Gatos
Silver,
Inc.
(a)
.....................................................
6,005
$
76
Ginkgo
Bioworks
Holdings,
Inc.
(a)
..........................................
181,203
69
Graphic
Packaging
Holding
Co.
............................................
39,149
1,178
Greif,
Inc.
,
Class
A
......................................................
3,257
217
H.B.
Fuller
Co.
........................................................
7,009
604
Hawkins,
Inc.
.........................................................
2,468
256
Haynes
International,
Inc.
.................................................
1,604
96
Hecla
Mining
Co.
.......................................................
75,650
437
Huntsman
Corp.
........................................................
21,012
503
Idaho
Strategic
Resources,
Inc.
(a)
...........................................
1,389
15
Ingevity
Corp.
(a)
.......................................................
4,650
213
Innospec,
Inc.
.........................................................
3,179
417
Intrepid
Potash,
Inc.
(a)
...................................................
1,274
33
Kaiser
Aluminum
Corp.
..................................................
2,033
160
Knife
River
Corp.
(a)
....................................................
7,254
577
Koppers
Holdings,
Inc.
...................................................
2,618
107
Loop
Industries,
Inc.
(a)
...................................................
2,625
5
Louisiana-Pacific
Corp.
..................................................
9,092
892
LSB
Industries,
Inc.
(a)
...................................................
5,966
54
Materion
Corp.
........................................................
2,633
317
Mativ
Holdings,
Inc.
.....................................................
6,848
131
McEwen
Mining,
Inc.
(a)
..................................................
5,465
52
Mercer
International,
Inc.
.................................................
4,936
38
Metallus,
Inc.
(a)
........................................................
4,886
110
Minerals
Technologies,
Inc.
................................................
4,110
322
MP
Materials
Corp.
(a)
(b)
.................................................
15,833
214
Myers
Industries,
Inc.
....................................................
4,723
70
NewMarket
Corp.
......................................................
877
492
Northern
Technologies
International
Corp.
.....................................
1,004
13
Novusterra,
Inc.
(a)
(c)
....................................................
579
—
O-I
Glass,
Inc.
(a)
.......................................................
19,773
264
Olin
Corp.
............................................................
15,353
700
Olympic
Steel,
Inc.
......................................................
1,264
64
Origin
Materials,
Inc.
(a)
..................................................
15,875
14
Orion
SA
.............................................................
7,285
179
Pactiv
Evergreen,
Inc.
....................................................
5,115
67
Perpetua
Resources
Corp.
(a)
(b)
.............................................
8,282
56
Piedmont
Lithium,
Inc.
(a)
(b)
...............................................
2,314
23
PureCycle
Technologies,
Inc.
(a)
(b)
..........................................
18,034
139
Quaker
Chemical
Corp.
..................................................
1,784
324
Radius
Recycling,
Inc.
...................................................
3,294
60
Ramaco
Resources,
Inc.
,
Class
A
............................................
3,980
54
Ranpak
Holdings
Corp.
(a)
................................................
9,454
68
Rayonier
Advanced
Materials,
Inc.
(a)
........................................
8,074
54
Royal
Gold,
Inc.
........................................................
8,460
1,169
RPM
International,
Inc.
..................................................
16,422
1,995
Ryerson
Holding
Corp.
...................................................
3,763
90
Sealed
Air
Corp.
.......................................................
18,614
708
Sensient
Technologies
Corp.
...............................................
4,578
357
Silgan
Holdings,
Inc.
....................................................
10,664
548
Smith-Midland
Corp.
(a)
..................................................
578
20
Smurfit
WestRock
PLC
(a)
.................................................
33,107
1,485
Sonoco
Products
Co.
....................................................
12,567
678
Stepan
Co.
............................................................
2,764
234
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
15,420
644
SunCoke
Energy,
Inc.
....................................................
10,738
126
Sylvamo
Corp.
.........................................................
4,431
327
The
Chemours
Co.
......................................................
18,989
459
The
Mosaic
Co.
........................................................
41,127
1,224
The
Scotts
Miracle-Gro
Co.
...............................................
5,474
430
TMC
the
metals
Co.,
Inc.
(a)
(b)
.............................................
15,217
16
Tredegar
Corp.
(a)
.......................................................
3,877
22
TriMas
Corp.
..........................................................
4,913
121
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Trinseo
PLC
..........................................................
4,452
$
13
Tronox
Holdings
PLC
...................................................
15,140
245
United
States
Lime
&
Minerals,
Inc.
.........................................
1,340
114
United
States
Steel
Corp.
.................................................
28,670
1,178
Universal
Stainless
&
Alloy
Products,
Inc.
(a)
...................................
1,099
41
Warrior
Met
Coal,
Inc.
...................................................
6,631
458
Worthington
Steel,
Inc.
...................................................
4,196
167
41,307
Real
Estate
(7.1%):
Acadia
Realty
Trust
.....................................................
13,225
286
Agree
Realty
Corp.
.....................................................
12,759
880
Alexander
&
Baldwin,
Inc.
................................................
9,236
182
Alexander's,
Inc.
.......................................................
274
66
Alpine
Income
Property
Trust,
Inc.
..........................................
1,600
28
American
Assets
Trust,
Inc.
................................................
5,953
158
American
Healthcare
REIT,
Inc.
............................................
8,312
133
American
Homes
4
Rent
,
Class
A
...........................................
43,511
1,570
Americold
Realty
Trust,
Inc.
...............................................
36,594
1,094
Anywhere
Real
Estate,
Inc.
(a)
..............................................
13,548
64
Apartment
Investment
and
Management
Co.
(a)
..................................
17,036
151
Apple
Hospitality
REIT,
Inc.
...............................................
29,212
432
Armada
Hoffler
Properties,
Inc.
.............................................
8,491
101
Braemar
Hotels
&
Resorts,
Inc.
.............................................
7,539
27
Brandywine
Realty
Trust
.................................................
21,619
109
Brixmor
Property
Group,
Inc.
..............................................
38,614
984
Broadstone
Net
Lease,
Inc.
................................................
24,065
419
BRT
Apartments
Corp.
...................................................
1,370
26
BXP,
Inc.
.............................................................
20,231
1,443
Camden
Property
Trust
...................................................
13,556
1,501
CareTrust
REIT,
Inc.
....................................................
18,246
492
CBL
&
Associates
Properties,
Inc.
...........................................
3,239
83
Centerspace
...........................................................
1,905
133
Chatham
Lodging
Trust
..................................................
6,152
54
City
Office
REIT,
Inc.
....................................................
4,975
30
Community
Healthcare
Trust,
Inc.
...........................................
3,428
75
Compass,
Inc.
,
Class
A
(a)
.................................................
50,158
220
COPT
Defense
Properties
.................................................
14,484
420
Cousins
Properties,
Inc.
..................................................
19,475
536
CTO
Realty
Growth,
Inc.
.................................................
2,607
52
CubeSmart
...........................................................
28,800
1,370
Cushman
&
Wakefield
PLC
(a)
.............................................
29,259
384
DiamondRock
Hospitality
Co.
..............................................
26,441
218
DigitalBridge
Group,
Inc.
.................................................
22,165
313
Diversified
Healthcare
Trust
...............................................
27,798
93
Douglas
Emmett,
Inc.
....................................................
20,767
334
Easterly
Government
Properties,
Inc.
.........................................
12,422
173
EastGroup
Properties,
Inc.
................................................
6,154
1,151
Elme
Communities
......................................................
11,207
184
Empire
State
Realty
Trust,
Inc.
.............................................
17,313
186
EPR
Properties
........................................................
9,565
430
Equity
Commonwealth
(a)
.................................................
13,575
277
Equity
LifeStyle
Properties,
Inc.
............................................
23,004
1,580
Essential
Properties
Realty
Trust,
Inc.
........................................
22,469
665
eXp
World
Holdings,
Inc.
(b)
...............................................
10,128
145
Farmland
Partners,
Inc.
...................................................
5,597
59
Federal
Realty
Investment
Trust
............................................
10,596
1,183
First
Industrial
Realty
Trust,
Inc.
............................................
17,016
931
Five
Point
Holdings
LLC
,
Class
A
(a)
.........................................
7,609
26
Forestar
Group,
Inc.
(a)
...................................................
2,400
76
Four
Corners
Property
Trust,
Inc.
............................................
11,715
318
Franklin
Street
Properties
Corp.
.............................................
10,478
18
FRP
Holdings,
Inc.
(a)
....................................................
1,622
49
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Getty
Realty
Corp.
......................................................
6,393
$
189
Gladstone
Commercial
Corp.
..............................................
5,093
77
Gladstone
Land
Corp.
....................................................
4,299
64
Global
Medical
REIT,
Inc.
................................................
7,983
76
Global
Net
Lease,
Inc.
...................................................
25,568
222
Healthcare
Realty
Trust,
Inc.
...............................................
48,603
860
Healthpeak
Properties,
Inc.
................................................
90,608
1,977
Highwoods
Properties,
Inc.
................................................
13,455
417
Host
Hotels
&
Resorts,
Inc.
................................................
89,882
1,574
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
6,411
476
Hudson
Pacific
Properties,
Inc.
.............................................
17,704
106
Independence
Realty
Trust,
Inc.
.............................................
28,843
538
Industrial
Logistics
Properties
Trust
..........................................
8,327
43
Innovative
Industrial
Properties,
Inc.
.........................................
3,604
443
InvenTrust
Properties
Corp.
...............................................
8,719
246
JBG
SMITH
Properties
...................................................
11,851
194
Jones
Lang
LaSalle,
Inc.
(a)
................................................
6,083
1,526
Kennedy-Wilson
Holdings,
Inc.
.............................................
14,976
156
Kilroy
Realty
Corp.
.....................................................
14,828
548
Kimco
Realty
Corp.
.....................................................
85,190
1,851
Kite
Realty
Group
Trust
..................................................
28,112
693
Lamar
Advertising
Co.
,
Class
A
.............................................
11,242
1,347
LTC
Properties,
Inc.
.....................................................
5,494
196
LXP
Industrial
Trust
.....................................................
37,045
382
Marcus
&
Millichap,
Inc.
.................................................
3,112
123
Maui
Land
&
Pineapple
Co.,
Inc.
(a)
..........................................
890
21
Medical
Properties
Trust,
Inc.
(b)
............................................
75,998
366
Modiv
Industrial,
Inc.
(b)
..................................................
1,093
16
National
Health
Investors,
Inc.
.............................................
5,349
400
National
Storage
Affiliates
Trust
............................................
8,799
375
NET
Lease
Office
Properties
(a)
.............................................
1,898
56
NETSTREIT
Corp.
.....................................................
9,430
155
Newmark
Group,
Inc.
,
Class
A
.............................................
18,017
234
NexPoint
Diversified
Real
Estate
Trust
(a)
......................................
4,270
27
NexPoint
Residential
Trust,
Inc.
............................................
2,917
127
NNN
REIT,
Inc.
........................................................
23,487
1,054
Offerpad
Solutions,
Inc.
(a)
(b)
..............................................
2,034
9
Omega
Healthcare
Investors,
Inc.
...........................................
31,817
1,158
One
Liberty
Properties,
Inc.
...............................................
1,981
52
Opendoor
Technologies,
Inc.
(a)
.............................................
72,337
168
Orion
Office
REIT,
Inc.
...................................................
6,878
28
Outfront
Media,
Inc.
.....................................................
17,083
277
Paramount
Group,
Inc.
...................................................
23,003
121
Park
Hotels
&
Resorts,
Inc.
................................................
26,526
400
Pebblebrook
Hotel
Trust
..................................................
15,263
209
Phillips
Edison
&
Co.,
Inc.
................................................
15,717
552
Piedmont
Office
Realty
Trust,
Inc.
,
Class
A
....................................
15,751
136
Plymouth
Industrial
REIT,
Inc.
.............................................
5,780
138
Postal
Realty
Trust,
Inc.
,
Class
A
............................................
2,745
41
PotlatchDeltic
Corp.
.....................................................
10,015
444
Rayonier,
Inc.
.........................................................
19,048
578
RE/MAX
Holdings,
Inc.
..................................................
2,184
21
Redfin
Corp.
(a)
........................................................
14,763
120
Regency
Centers
Corp.
...................................................
23,673
1,594
Retail
Opportunity
Investments
Corp.
........................................
15,922
238
Rexford
Industrial
Realty,
Inc.
..............................................
28,075
1,407
RLJ
Lodging
Trust
......................................................
19,560
185
Ryman
Hospitality
Properties,
Inc.
...........................................
7,497
754
Sabra
Health
Care
REIT,
Inc.
..............................................
29,417
477
Safehold,
Inc.
.........................................................
6,375
148
Saul
Centers,
Inc.
.......................................................
1,667
66
Seritage
Growth
Properties
,
Class
A
(a)
........................................
4,679
24
Service
Properties
Trust
..................................................
20,881
118
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
SITE
Centers
Corp.
.....................................................
24,220
$
374
SL
Green
Realty
Corp.
...................................................
8,360
557
STAG
Industrial,
Inc.
....................................................
23,480
958
Star
Holdings
(a)
........................................................
1,485
20
Summit
Hotel
Properties,
Inc.
..............................................
13,549
86
Sunstone
Hotel
Investors,
Inc.
..............................................
26,007
269
Tanger,
Inc.
...........................................................
13,780
398
Tejon
Ranch
Co.
(a)
.....................................................
3,172
60
Terreno
Realty
Corp.
....................................................
12,236
837
The
Macerich
Co.
......................................................
27,643
443
The
RMR
Group,
Inc.
,
Class
A
.............................................
1,843
48
The
St.
Joe
Co.
........................................................
7,442
459
UMH
Properties,
Inc.
....................................................
8,412
149
Uniti
Group,
Inc.
.......................................................
29,289
113
Universal
Health
Realty
Income
Trust
........................................
1,644
70
Urban
Edge
Properties
...................................................
15,327
311
Veris
Residential,
Inc.
....................................................
10,824
170
Vornado
Realty
Trust
....................................................
21,456
643
Whitestone
REIT
.......................................................
5,930
82
Xenia
Hotels
&
Resorts,
Inc.
...............................................
13,077
182
Zillow
Group,
Inc.
,
Class
C
(a)
..............................................
26,943
1,312
56,071
Utilities
(2.3%):
ALLETE,
Inc.
.........................................................
7,416
478
Altus
Power,
Inc.
(a)
.....................................................
11,582
49
American
States
Water
Co.
................................................
4,764
393
Artesian
Resources
Corp.
,
Class
A
...........................................
1,168
46
Avista
Corp.
..........................................................
9,993
391
Black
Hills
Corp.
.......................................................
8,847
522
Brookfield
Renewable
Corp.
,
Class
A
.........................................
23,195
652
Cadiz,
Inc.
(a)
..........................................................
5,478
20
California
Water
Service
Group
.............................................
7,399
396
Chesapeake
Utilities
Corp.
................................................
2,809
332
Clearway
Energy,
Inc.
,
Class
C
.............................................
14,396
384
Consolidated
Water
Co.
Ltd.
...............................................
1,915
56
Essential
Utilities,
Inc.
...................................................
35,249
1,433
Genie
Energy
Ltd.
,
Class
B
................................................
1,704
29
Global
Water
Resources,
Inc.
..............................................
1,469
19
Hawaiian
Electric
Industries,
Inc.
...........................................
14,194
235
IDACORP,
Inc.
........................................................
6,515
637
MGE
Energy,
Inc.
......................................................
4,659
409
Middlesex
Water
Co.
....................................................
2,239
149
Montauk
Renewables,
Inc.
(a)
..............................................
5,830
35
National
Fuel
Gas
Co.
...................................................
11,702
686
New
Jersey
Resources
Corp.
...............................................
12,699
594
NiSource,
Inc.
.........................................................
57,676
1,802
Northwest
Natural
Holding
Co.
.............................................
4,847
194
Northwestern
Energy
Group,
Inc.
...........................................
7,850
422
OGE
Energy
Corp.
......................................................
25,780
999
ONE
Gas,
Inc.
.........................................................
7,205
502
Ormat
Technologies,
Inc.
.................................................
7,784
604
Otter
Tail
Corp.
........................................................
5,278
511
Pinnacle
West
Capital
Corp.
...............................................
14,636
1,253
Portland
General
Electric
Co.
..............................................
13,240
627
Pure
Cycle
Corp.
(a)
.....................................................
2,995
33
ReNew
Energy
Global
PLC
(a)
.............................................
16,960
99
RGC
Resources,
Inc.
....................................................
1,051
24
SJW
Group
...........................................................
3,784
229
Southwest
Gas
Holdings,
Inc.
..............................................
8,610
638
Spire,
Inc.
............................................................
7,249
483
Sunnova
Energy
International,
Inc.
(a)
(b)
......................................
13,110
93
The
York
Water
Co.
.....................................................
1,826
75
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
TXNM
Energy,
Inc.
.....................................................
11,497
$
478
UGI
Corp.
............................................................
26,947
668
Unitil
Corp.
...........................................................
2,043
125
17,804
Total
Common
Stocks
(Cost
$495,881)
a
a
a
784,737
Preferred
Stocks
(0.0%)
Communication
Services
(0.0%):
SRAX,
Inc.
(a)
(c)
.......................................................
3,374
—
Total
Preferred
Stocks
(Cost
$—(d))
a
a
a
–
Rights
(0.0%)(h)
Consumer
Staples
(0.0%):(h)
Spectrum
Pharmaceuticals,
Inc.,
CVR
(a)
(c)
....................................
20,024
—
(d)
Health
Care
(0.0%):(h)
Akouos,
Inc.,
CVR
(a)
(c)
..................................................
2,413
2
Albireo
Pharma,
Inc.,
CVR
(a)
(c)
............................................
2,070
5
Applied
Genetics,
CVR
(a)
(c)
..............................................
7,439
—
(d)
AstraZeneca
PLC,
CVR
(a)
(c)
..............................................
4,321
1
Carisma
Therapeutics,
Inc.,
CVR
(a)
(c)
........................................
22,411
—
Cartesian
Therapeutics,
Inc.,
CVR
(a)
(c)
.......................................
14,929
3
Chinook
Therapeutics,
Inc.,
CVR
(a)
(c)
.......................................
5,192
2
Chinook
Therapeutics,
Inc.,
CVR
(a)
(c)
.......................................
1,625
—
(d)
Cincor
Pharma,
Inc.,
CVR
(a)
(c)
............................................
1,987
6
Coherus
Biosciences,
Inc.,
CVR
(a)
(c)
........................................
5,561
1
Concentra
Biosciences
LLC,
CVR
(a)
(c)
.......................................
2,062
—
(d)
Concert
Pharmaceuticals,
Inc.,
CVR
(a)
(c)
.....................................
5,168
2
Epizyme,
Inc.,
CVR
(a)
(c)
.................................................
15,309
—
(d)
Flexion
Therapeutics,
Inc.,
CVR
(a)
(b)
(c)
......................................
6,526
—
(d)
F-star
Therapeutics,
Inc.,
CVR
(a)
(c)
.........................................
1,298
—
(d)
Imara,
Inc.,
CVR
(a)
(c)
...................................................
1,789
1
Inhibrx,
Inc.,
CVR
(a)
(c)
..................................................
4,624
3
Jounce
Therapeutics,
Inc.,
CVR
(a)
(c)
.........................................
4,884
—
(d)
Magenta
Therapeutics,
Inc.,
CVR
(a)
(c)
.......................................
4,843
—
(d)
MediPacific,
Inc.,
CVR
(a)
(c)
...............................................
5,536
—
(d)
Miragen
Therapeutics,
Inc.,
CVR
(a)
(c)
.......................................
7,890
—
(d)
Ocuphire
Pharma,
Inc.,
CVR
(a)
(c)
...........................................
168
—
(d)
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
(a)
(c)
(f)
(g)
.........................
698
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
(a)
(c)
(f)
(g)
.........................
698
—
Opiant
Pharma,
Inc.,
CVR
(a)
(c)
............................................
533
—
(d)
Palisade
Bio,
Inc.,
CVR
(a)
(c)
..............................................
2,758
1
Paratek
Pharmaceuticals,
Inc.,
CVR
(a)
(b)
(c)
....................................
5,165
1
Prevail
Therapeutics,
Inc.,
CVR
(a)
(c)
........................................
4,938
2
Satsuma
Pharmaceuticals,
Inc.,
CVR
(a)
(c)
.....................................
3,019
1
Tetraphase
Pharmaceuticals,
Inc.,
CVR
(a)
(c)
...................................
1,178
—
(d)
Xeris
Biopharma
Holdings,
Inc.,
CVR
(a)
(c)
....................................
8,140
—
Zynerba
Pharmaceuticals,
Inc.,
CVR
(a)
(b)
(c)
...................................
5,691
1
32
Total
Rights
(Cost
$7)
a
a
a
32
Warrants
(0.0%)(h)
Health
Care
(0.0%):(h)
Galectin
Therapeutics,
Inc.
(a)
(c)
............................................
7,552
—
(d)
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
110
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Name
Acquisition
Date
Cost
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
......................
11/3/2022
$
–
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
......................
11/3/2022
–
Scilex
Holding
Co.
...........................................
1/27/2023
33
Security
Description
Shares
Value
(000)
Salarius
Pharmaceuticals,
Inc.
(a)
............................................
2,486
$
—
—
Total
Warrants
(Cost
$—)
a
a
a
—
(d)
Collateral
for
Securities
Loaned
(2.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(i)
........
5,685,469
5,686
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(i)
............
5,685,469
5,686
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.21
%
(i)
................
5,685,469
5,685
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(i)
.
5,685,469
5,685
Total
Collateral
for
Securities
Loaned
(Cost
$22,742)
a
a
a
22,742
Total
Investments
(Cost
$518,630)
—
102.3%
807,511
Liabilities
in
excess
of
other
assets
—
(2.3)%
(
18,401
)
NET
ASSETS
-
100.00%
$
789,110
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2024.
(d)
Rounds
to
less
than
$1
thousand.
(e)
Affiliated
security.
(f)
Restricted
security
that
is
not
registered
under
the
Securities
Act
of
1933.
(g)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
at
July
31,
2024.
(amounts
in
thousands):
(h)
Amount
represents
less
than
0.05%
of
net
assets.
(i)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
CVR
—
Contingent
Value
Right
LLC
—
Limited
Liability
Company
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
38
9/20/24
$
3,899,706
$
4,318,700
$
418,994
Total
unrealized
appreciation
$
418,994
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
418,994
Affiliated
Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2024
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
7/31/2024
Dividend
Income
Victory
Capital
Holdings,
Inc.
,
Class
A
...............
$
296
$
—
$
(
7
)
$
1
$
—
$
8
$
298
$
2
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
111
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.8%)
Australia
(2.1%):
Consumer
Discretionary
(0.1%):
The
Lottery
Corp
Ltd.
....................................................
242,623
$
791
Consumer
Staples
(0.6%):
Coles
Group
Ltd.
.......................................................
105,822
1,254
Woolworths
Group
Ltd.
..................................................
80,070
1,806
3,060
Financials
(0.5%):
Medibank
Private
Ltd.
...................................................
947,410
2,466
Information
Technology
(0.1%):
Atlassian
Corp.
,
Class
A
(a)
................................................
2,974
525
Materials
(0.8%):
BHP
Group
Ltd.
........................................................
108,665
3,017
BlueScope
Steel
Ltd.
....................................................
7,640
111
Fortescue
Ltd.
.........................................................
74,173
923
4,051
10,893
Bermuda
(0.3%):
Financials
(0.3%):
Everest
Group
Ltd.
......................................................
4,243
1,667
Brazil
(0.7%):
Energy
(0.3%):
Petroleo
Brasileiro
SA
,
Preference
Shares
.....................................
225,600
1,492
Financials
(0.4%):
BB
Seguridade
Participacoes
SA
............................................
226,300
1,407
Itau
Unibanco
Holding
SA
,
Preference
Shares
..................................
50,745
304
1,711
Materials
(0.0%):(b)
Vale
SA
..............................................................
11,597
127
3,330
Canada
(3.2%):
Consumer
Discretionary
(0.8%):
Dollarama,
Inc.
........................................................
31,032
2,909
Lululemon
Athletica,
Inc.
(a)
...............................................
4,445
1,150
4,059
Consumer
Staples
(0.4%):
Alimentation
Couche-Tard,
Inc.
.............................................
31,251
1,927
Loblaw
Cos.
Ltd.
.......................................................
2,363
291
2,218
Energy
(0.7%):
Canadian
Natural
Resources
Ltd.
............................................
39,302
1,396
Cenovus
Energy,
Inc.
....................................................
28,998
584
MEG
Energy
Corp.
(a)
...................................................
31,488
653
Suncor
Energy,
Inc.
.....................................................
28,452
1,136
3,769
Financials
(0.5%):
Canadian
Imperial
Bank
of
Commerce
........................................
8,040
416
iA
Financial
Corp.,
Inc.
...................................................
1,781
120
Sun
Life
Financial,
Inc.
..................................................
6,758
336
The
Toronto-Dominion
Bank
...............................................
25,615
1,513
2,385
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Industrials
(0.2%):
TFI
International,
Inc.
....................................................
6,316
$
983
Information
Technology
(0.6%):
CGI,
Inc.
(a)
...........................................................
5,942
678
Constellation
Software,
Inc.
...............................................
669
2,111
2,789
16,203
China
(1.8%):
Communication
Services
(0.1%):
NetEase,
Inc.
..........................................................
5,900
109
Tencent
Holdings
Ltd.
...................................................
11,400
526
635
Consumer
Discretionary
(0.6%):
ANTA
Sports
Products
Ltd.
................................................
86,000
770
BYD
Co.
Ltd.
.........................................................
33,500
992
Haidilao
International
Holding
Ltd.
(c)
........................................
231,000
375
Topsports
International
Holdings
Ltd.
(c)
......................................
1,066,000
475
Vipshop
Holdings
Ltd.
,
ADR
..............................................
42,245
576
Yadea
Group
Holdings
Ltd.
(a)
(c)
............................................
136,000
183
3,371
Consumer
Staples
(0.2%):
Nongfu
Spring
Co.
Ltd.
,
Class
H
(c)
..........................................
208,200
809
Energy
(0.4%):
China
Coal
Energy
Co.
Ltd.
,
Class
H
.........................................
462,000
468
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
......................................
41,000
171
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
Class
B
....................................
395,000
716
PetroChina
Co.
Ltd.
,
Class
H
..............................................
826,000
717
2,072
Financials
(0.2%):
Bank
of
China
Ltd.
,
Class
H
...............................................
557,000
248
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.............................
349,000
193
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
....................................
260,800
509
950
Industrials
(0.2%):
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.................................
563,000
804
Information
Technology
(0.1%):
Lenovo
Group
Ltd.
......................................................
486,000
629
9,270
Denmark
(0.8%):
Consumer
Discretionary
(0.2%):
Pandora
A/S
..........................................................
7,429
1,165
Health
Care
(0.6%):
Novo
Nordisk
A/S
,
Class
B
................................................
23,791
3,152
4,317
Finland
(1.1%):
Communication
Services
(0.2%):
Elisa
Oyj
.............................................................
22,600
1,052
Health
Care
(0.4%):
Orion
Oyj
,
Class
B
......................................................
39,411
1,810
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Industrials
(0.5%):
Kone
Oyj
,
Class
B
......................................................
49,734
$
2,539
5,401
France
(1.8%):
Communication
Services
(0.1%):
Publicis
Groupe
SA
.....................................................
1,724
180
Consumer
Discretionary
(0.7%):
Hermes
International
SCA
................................................
691
1,510
La
Francaise
des
Jeux
SAEM
(c)
............................................
32,254
1,251
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
932
657
3,418
Consumer
Staples
(0.4%):
L'Oreal
SA
...........................................................
4,973
2,150
Energy
(0.4%):
TotalEnergies
SE
.......................................................
32,631
2,201
Financials
(0.0%):(b)
Eurazeo
SE
...........................................................
1,881
148
Health
Care
(0.1%):
Ipsen
SA
.............................................................
3,714
417
Sanofi
SA
............................................................
1,183
122
539
Industrials
(0.1%):
Cie
de
Saint-Gobain
SA
..................................................
3,641
312
Rexel
SA
.............................................................
3,116
79
Schneider
Electric
SE
....................................................
1,048
253
644
Utilities
(0.0%):(b)
Engie
SA
.............................................................
10,398
164
9,444
Germany
(0.9%):
Communication
Services
(0.0%):(b)
Deutsche
Telekom
AG
...................................................
5,321
139
Consumer
Discretionary
(0.0%):(b)
Mercedes-Benz
Group
AG
................................................
2,378
157
Financials
(0.3%):
Commerzbank
AG
......................................................
8,404
137
Deutsche
Bank
AG
,
Registered
Shares
........................................
6,620
103
Talanx
AG
............................................................
14,101
1,071
1,311
Industrials
(0.6%):
Deutsche
Post
AG
......................................................
52,425
2,338
GEA
Group
AG
........................................................
13,543
598
2,936
Materials
(0.0%):(b)
Heidelberg
Materials
AG
.................................................
1,426
149
4,692
Hong
Kong
(0.4%):
Consumer
Discretionary
(0.3%):
Bosideng
International
Holdings
Ltd.
.........................................
1,218,000
609
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Chow
Tai
Fook
Jewellery
Group
Ltd.
.........................................
677,000
$
615
1,224
Consumer
Staples
(0.0%):(b)
WH
Group
Ltd.
(c)
......................................................
278,000
181
Industrials
(0.1%):
Orient
Overseas
International
Ltd.
...........................................
23,500
331
Techtronic
Industries
Co.
Ltd.
..............................................
28,000
358
689
2,094
India
(2.7%):
Communication
Services
(0.2%):
Bharti
Airtel
Ltd.
.......................................................
10,030
179
Tata
Communications
Ltd.
................................................
35,790
853
1,032
Consumer
Discretionary
(0.2%):
Bajaj
Auto
Ltd.
........................................................
5,815
672
Tata
Motors
Ltd.
.......................................................
11,987
166
838
Consumer
Staples
(0.4%):
Britannia
Industries
Ltd.
(a)
................................................
13,547
937
ITC
Ltd.
.............................................................
196,842
1,167
2,104
Financials
(0.5%):
ICICI
Bank
Ltd.
........................................................
176,102
2,567
State
Bank
of
India
......................................................
11,866
124
2,691
Health
Care
(0.0%):(b)
Sun
Pharmaceutical
Industries
Ltd.
..........................................
7,924
163
Industrials
(0.2%):
Bharat
Electronics
Ltd.
...................................................
55,034
208
Havells
India
Ltd.
......................................................
40,575
898
1,106
Information
Technology
(0.8%):
HCL
Technologies
Ltd.
...................................................
15,364
302
Infosys
Ltd.
...........................................................
85,022
1,886
Tata
Consultancy
Services
Ltd.
.............................................
35,674
1,873
4,061
Materials
(0.3%):
Pidilite
Industries
Ltd.
...................................................
23,960
912
Tata
Steel
Ltd.
.........................................................
76,614
152
Vedanta
Ltd.
..........................................................
123,401
666
1,730
Utilities
(0.1%):
NTPC
Ltd.
............................................................
18,971
94
Power
Grid
Corp.
of
India
Ltd.
.............................................
36,246
151
245
13,970
Indonesia
(1.0%):
Communication
Services
(0.2%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
5,072,200
901
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Energy
(0.2%):
PT
Adaro
Energy
Indonesia
Tbk
............................................
4,932,600
$
978
Financials
(0.6%):
PT
Bank
Central
Asia
Tbk
.................................................
3,559,900
2,255
PT
Bank
Mandiri
Persero
Tbk
..............................................
2,229,900
879
3,134
5,013
Ireland
(0.6%):
Industrials
(0.0%):(b)
Trane
Technologies
PLC
..................................................
564
189
Information
Technology
(0.6%):
Accenture
PLC
,
Class
A
..................................................
9,169
3,031
3,220
Israel
(0.3%):
Health
Care
(0.0%):(b)
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(a)
...................................
5,852
102
Information
Technology
(0.3%):
Check
Point
Software
Technologies
Ltd.
(a)
....................................
8,819
1,618
1,720
Italy
(0.2%):
Consumer
Discretionary
(0.2%):
Ferrari
NV
............................................................
1,851
762
Financials
(0.0%):(b)
Banco
BPM
SpA
.......................................................
13,468
93
Industrials
(0.0%):(b)
Leonardo
SpA
.........................................................
4,640
110
Prysmian
SpA
.........................................................
1,623
112
222
1,077
Japan
(4.4%):
Communication
Services
(0.3%):
KDDI
Corp.
...........................................................
12,100
364
Nintendo
Co.
Ltd.
......................................................
17,500
967
Nippon
Telegraph
&
Telephone
Corp.
........................................
202,500
216
SoftBank
Corp.
........................................................
11,600
152
1,699
Consumer
Discretionary
(0.5%):
Aisin
Corp.
...........................................................
3,200
108
Honda
Motor
Co.
Ltd.
...................................................
31,600
338
Mazda
Motor
Corp.
.....................................................
17,300
149
Subaru
Corp.
..........................................................
51,600
992
USS
Co.
Ltd.
..........................................................
95,200
859
2,446
Consumer
Staples
(0.0%):(b)
Japan
Tobacco,
Inc.
.....................................................
3,500
103
Financials
(0.6%):
Mizuho
Financial
Group,
Inc.
..............................................
6,600
151
Sompo
Holdings,
Inc.
....................................................
42,200
962
Tokio
Marine
Holdings,
Inc.
...............................................
56,200
2,205
3,318
Health
Care
(0.6%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
21,500
938
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Hoya
Corp.
...........................................................
13,300
$
1,667
Otsuka
Holdings
Co.
Ltd.
.................................................
3,200
163
Shionogi
&
Co.
Ltd.
.....................................................
2,000
88
2,856
Industrials
(0.7%):
Hitachi
Ltd.
...........................................................
14,365
310
MISUMI
Group,
Inc.
....................................................
15,900
293
Mitsubishi
Corp.
.......................................................
7,800
161
Mitsui
&
Co.
Ltd.
.......................................................
5,400
125
Nippon
Yusen
KK
......................................................
3,200
103
Recruit
Holdings
Co.
Ltd.
.................................................
45,100
2,587
Toyota
Tsusho
Corp.
.....................................................
5,700
114
3,693
Information
Technology
(1.2%):
Disco
Corp.
...........................................................
1,900
635
NEC
Corp.
...........................................................
1,700
147
Nomura
Research
Institute
Ltd.
.............................................
45,600
1,408
Oracle
Corp.
..........................................................
26,000
2,122
SCREEN
Holdings
Co.
Ltd.
...............................................
1,300
110
SCSK
Corp.
...........................................................
4,400
87
Tokyo
Electron
Ltd.
.....................................................
4,300
900
Trend
Micro,
Inc.
.......................................................
15,200
729
6,138
Materials
(0.4%):
JFE
Holdings,
Inc.
......................................................
7,300
107
Nissan
Chemical
Corp.
...................................................
22,300
719
Nitto
Denko
Corp.
......................................................
6,100
530
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
13,300
591
1,947
Utilities
(0.1%):
Chubu
Electric
Power
Co.,
Inc.
.............................................
8,600
109
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
14,500
248
Tokyo
Gas
Co.
Ltd.
.....................................................
4,400
96
453
22,653
Mexico
(0.6%):
Communication
Services
(0.2%):
America
Movil
SAB
de
CV
,
Class
B
.........................................
1,109,044
926
Consumer
Staples
(0.2%):
Fomento
Economico
Mexicano
SAB
de
CV
....................................
9,996
110
Wal-Mart
de
Mexico
SAB
de
CV
...........................................
304,993
1,015
1,125
Financials
(0.2%):
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.................................
146,742
1,100
3,151
Netherlands
(2.1%):
Communication
Services
(0.2%):
Koninklijke
KPN
NV
....................................................
239,868
945
Consumer
Discretionary
(0.2%):
Stellantis
NV
..........................................................
59,686
995
Consumer
Staples
(0.4%):
Koninklijke
Ahold
Delhaize
NV
............................................
62,240
2,005
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Financials
(0.0%):(b)
ING
Groep
NV
........................................................
6,863
$
125
Industrials
(0.7%):
Wolters
Kluwer
NV
.....................................................
21,462
3,592
Information
Technology
(0.6%):
ASML
Holding
NV
.....................................................
2,861
2,664
NXP
Semiconductors
NV
.................................................
865
227
2,891
10,553
Norway
(0.2%):
Communication
Services
(0.1%):
Telenor
ASA
..........................................................
8,393
100
Industrials
(0.1%):
Kongsberg
Gruppen
ASA
.................................................
5,757
579
Materials
(0.0%):(b)
Norsk
Hydro
ASA
......................................................
16,110
89
768
Philippines
(0.1%):
Industrials
(0.1%):
International
Container
Terminal
Services,
Inc.
..................................
105,060
642
Portugal
(0.0%):(b)
Energy
(0.0%):(b)
Galp
Energia
SGPS
SA
...................................................
5,578
117
Russian
Federation
(0.0%):(b)
Consumer
Staples
(0.0%):(b)
X5
Retail
Group
NV
,
GDR
(a)
(d)
(e)
..........................................
18,705
2
Energy
(0.0%):(b)
LUKOIL
PJSC
(a)
(d)
(e)
..................................................
34,009
4
Tatneft
PJSC
(a)
(d)
(e)
....................................................
90,761
4
8
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(a)
(d)
.............................................
409,312
—
Materials
(0.0%):(b)
MMC
Norilsk
Nickel
PJSC
(a)
(d)
(e)
..........................................
524,900
13
23
Singapore
(0.6%):
Financials
(0.6%):
Oversea-Chinese
Banking
Corp.
Ltd.
.........................................
132,500
1,475
Singapore
Exchange
Ltd.
.................................................
236,100
1,741
3,216
South
Africa
(0.4%):
Consumer
Staples
(0.1%):
Clicks
Group
Ltd.
......................................................
25,227
491
Financials
(0.3%):
Capitec
Bank
Holdings
Ltd.
...............................................
7,539
1,176
FirstRand
Ltd.
.........................................................
40,216
181
Standard
Bank
Group
Ltd.
................................................
17,591
215
1,572
2,063
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
South
Korea
(0.3%):
Consumer
Discretionary
(0.2%):
Kia
Corp.
............................................................
11,773
$
966
Financials
(0.0%):(b)
KB
Financial
Group,
Inc.
.................................................
2,140
139
Information
Technology
(0.1%):
Samsung
Electronics
Co.
Ltd.
..............................................
3,800
234
1,339
Spain
(1.1%):
Consumer
Discretionary
(0.6%):
Industria
de
Diseno
Textil
SA
..............................................
65,672
3,190
Financials
(0.5%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
245,440
2,572
Banco
Santander
SA
.....................................................
26,313
127
2,699
5,889
Sweden
(0.1%):
Industrials
(0.1%):
Atlas
Copco
AB
,
Class
A
.................................................
12,168
217
Volvo
AB
,
Class
B
......................................................
9,051
231
448
Switzerland
(3.5%):
Consumer
Staples
(0.5%):
Nestle
SA
,
Registered
Shares
..............................................
27,332
2,769
Financials
(0.1%):
Partners
Group
Holding
AG
...............................................
68
92
UBS
Group
AG
........................................................
4,131
125
217
Health
Care
(1.8%):
Novartis
AG
,
Registered
Shares
.............................................
41,798
4,667
Roche
Holding
AG
,
Class
BR
..............................................
14,310
4,664
9,331
Industrials
(1.0%):
ABB
Ltd.
,
Registered
Shares
...............................................
23,960
1,330
Geberit
AG
,
Registered
Shares
.............................................
4,271
2,720
SGS
SA
,
Registered
Shares
(a)
..............................................
8,473
926
4,976
Information
Technology
(0.1%):
Logitech
International
SA
,
Class
R
..........................................
5,282
476
Materials
(0.0%):(b)
Glencore
PLC
.........................................................
18,305
101
17,870
Taiwan
(2.0%):
Consumer
Discretionary
(0.2%):
Eclat
Textile
Co.
Ltd.
....................................................
20,000
325
Nien
Made
Enterprise
Co.
Ltd.
.............................................
51,000
620
945
Consumer
Staples
(0.2%):
Uni-President
Enterprises
Corp.
............................................
337,730
868
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Industrials
(0.1%):
Voltronic
Power
Technology
Corp.
..........................................
12,000
$
683
Information
Technology
(1.5%):
Advantech
Co.
Ltd.
.....................................................
96,295
1,025
MediaTek,
Inc.
.........................................................
16,000
610
Micro-Star
International
Co.
Ltd.
............................................
78,000
407
Quanta
Computer,
Inc.
...................................................
9,000
77
Realtek
Semiconductor
Corp.
..............................................
89,000
1,404
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
14,000
408
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.............................
21,917
3,634
7,565
10,061
Thailand
(0.2%):
Communication
Services
(0.2%):
Advanced
Info
Service
PCL
...............................................
151,000
993
United
Kingdom
(3.8%):
Consumer
Discretionary
(0.7%):
Burberry
Group
PLC
....................................................
24,272
243
InterContinental
Hotels
Group
PLC
..........................................
12,827
1,292
JD
Sports
Fashion
PLC
...................................................
65,499
110
Next
PLC
............................................................
16,053
1,876
3,521
Consumer
Staples
(0.8%):
Imperial
Brands
PLC
....................................................
76,359
2,104
Unilever
PLC
.........................................................
34,413
2,115
4,219
Energy
(0.3%):
BP
PLC
..............................................................
177,294
1,048
Shell
PLC
(a)
..........................................................
12,349
450
1,498
Financials
(0.0%):(b)
HSBC
Holdings
PLC
....................................................
18,006
164
Health
Care
(0.5%):
GSK
PLC
............................................................
129,129
2,507
Industrials
(1.2%):
BAE
Systems
PLC
......................................................
9,167
153
Ferguson
PLC
.........................................................
4,394
978
Intertek
Group
PLC
.....................................................
11,935
775
RELX
PLC
...........................................................
79,810
3,766
Rolls-Royce
Holdings
PLC
(a)
..............................................
33,315
193
5,865
Materials
(0.3%):
Rio
Tinto
PLC
.........................................................
23,013
1,496
Utilities
(0.0%):(b)
Centrica
PLC
..........................................................
71,008
121
19,391
United
States
(62.1%):
Communication
Services
(5.0%):
Alphabet,
Inc.
,
Class
A
...................................................
84,101
14,540
AT&T,
Inc.
...........................................................
13,723
264
Comcast
Corp.
,
Class
A
..................................................
7,896
326
Meta
Platforms,
Inc.
,
Class
A
..............................................
20,700
9,829
Omnicom
Group,
Inc.
....................................................
2,908
285
T-Mobile
US,
Inc.
......................................................
825
150
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Verizon
Communications,
Inc.
..............................................
7,438
$
302
25,696
Consumer
Discretionary
(5.0%):
AutoZone,
Inc.
(a)
.......................................................
622
1,949
Bath
&
Body
Works,
Inc.
.................................................
2,695
99
Booking
Holdings,
Inc.
...................................................
1,213
4,506
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
23,600
1,282
D.R.
Horton,
Inc.
.......................................................
914
165
Deckers
Outdoor
Corp.
(a)
.................................................
1,817
1,676
Dick's
Sporting
Goods,
Inc.
................................................
815
176
Domino's
Pizza,
Inc.
.....................................................
3,160
1,355
eBay,
Inc.
............................................................
2,255
125
Lennar
Corp.
,
Class
A
....................................................
1,673
296
Lowe's
Cos.,
Inc.
.......................................................
13,610
3,341
Marriott
International,
Inc.
,
Class
A
..........................................
552
126
NIKE,
Inc.
,
Class
B
.....................................................
8,654
648
NVR,
Inc.
(a)
..........................................................
47
405
O'Reilly
Automotive,
Inc.
(a)
...............................................
4,389
4,944
PulteGroup,
Inc.
........................................................
1,249
165
The
Home
Depot,
Inc.
...................................................
5,582
2,055
The
TJX
Cos.,
Inc.
......................................................
8,762
990
Ulta
Beauty,
Inc.
(a)
.....................................................
4,134
1,508
25,811
Consumer
Staples
(6.7%):
Altria
Group,
Inc.
.......................................................
116,323
5,701
Colgate-Palmolive
Co.
...................................................
65,146
6,462
Costco
Wholesale
Corp.
..................................................
3,792
3,117
Kimberly-Clark
Corp.
....................................................
13,131
1,773
PepsiCo,
Inc.
..........................................................
4,525
781
Philip
Morris
International,
Inc.
.............................................
64,982
7,483
Target
Corp.
..........................................................
13,767
2,071
The
Kroger
Co.
........................................................
3,286
179
The
Procter
&
Gamble
Co.
................................................
38,895
6,253
Walmart,
Inc.
..........................................................
6,438
442
34,262
Energy
(2.6%):
APA
Corp.
............................................................
28,426
887
ConocoPhillips
Co.
.....................................................
17,951
1,996
Devon
Energy
Corp.
.....................................................
57,371
2,698
Diamondback
Energy,
Inc.
................................................
976
197
EOG
Resources,
Inc.
....................................................
37,261
4,725
Exxon
Mobil
Corp.
.....................................................
4,643
551
Marathon
Petroleum
Corp.
................................................
7,911
1,400
Valero
Energy
Corp.
.....................................................
5,608
907
13,361
Financials
(4.8%):
American
Express
Co.
...................................................
12,144
3,073
American
International
Group,
Inc.
..........................................
2,029
161
Ameriprise
Financial,
Inc.
.................................................
10,120
4,352
Apollo
Global
Management,
Inc.
............................................
1,615
202
Fidelity
National
Financial,
Inc.
............................................
3,858
214
Fifth
Third
Bancorp
.....................................................
4,122
175
Jack
Henry
&
Associates,
Inc.
..............................................
6,551
1,123
JPMorgan
Chase
&
Co.
..................................................
3,831
815
LPL
Financial
Holdings,
Inc.
...............................................
912
202
Mastercard,
Inc.
,
Class
A
.................................................
17,761
8,236
SEI
Investments
Co.
.....................................................
10,076
684
Synchrony
Financial
.....................................................
6,579
334
The
Allstate
Corp.
......................................................
888
152
The
Goldman
Sachs
Group,
Inc.
............................................
292
149
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Visa,
Inc.
,
Class
A
......................................................
9,857
$
2,619
W.R.
Berkley
Corp.
.....................................................
31,584
1,741
Wells
Fargo
&
Co.
......................................................
5,093
302
24,534
Health
Care
(7.9%):
AbbVie,
Inc.
..........................................................
32,420
6,008
Cardinal
Health,
Inc.
....................................................
9,146
922
Cencora,
Inc.
..........................................................
810
193
Centene
Corp.
(a)
.......................................................
2,260
174
CVS
Health
Corp.
......................................................
2,964
179
DaVita,
Inc.
(a)
.........................................................
1,063
145
Elevance
Health,
Inc.
....................................................
482
256
Eli
Lilly
&
Co.
.........................................................
3,317
2,668
Gilead
Sciences,
Inc.
....................................................
41,610
3,165
HCA
Healthcare,
Inc.
....................................................
812
295
Hologic,
Inc.
(a)
........................................................
16,086
1,313
IDEXX
Laboratories,
Inc.
(a)
...............................................
3,339
1,590
Johnson
&
Johnson
.....................................................
32,664
5,156
McKesson
Corp.
.......................................................
9,158
5,651
Merck
&
Co.,
Inc.
......................................................
41,910
4,741
Mettler-Toledo
International,
Inc.
(a)
.........................................
1,897
2,885
Molina
Healthcare,
Inc.
(a)
................................................
4,416
1,507
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
260
281
The
Cigna
Group
.......................................................
862
300
UnitedHealth
Group,
Inc.
.................................................
5,242
3,020
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
472
234
40,683
Industrials
(8.0%):
3M
Co.
..............................................................
16,330
2,083
A.O.
Smith
Corp.
.......................................................
1,680
143
Automatic
Data
Processing,
Inc.
............................................
13,807
3,626
Builders
FirstSource,
Inc.
(a)
...............................................
7,496
1,255
Carlisle
Cos.,
Inc.
.......................................................
406
170
Caterpillar,
Inc.
........................................................
1,056
366
Cintas
Corp.
..........................................................
6,029
4,606
Cummins,
Inc.
.........................................................
593
173
Dover
Corp.
...........................................................
928
171
Expeditors
International
of
Washington,
Inc.
....................................
1,083
135
FedEx
Corp.
..........................................................
752
227
Illinois
Tool
Works,
Inc.
..................................................
18,661
4,615
Leidos
Holdings,
Inc.
....................................................
1,006
145
Lennox
International,
Inc.
.................................................
347
202
Lockheed
Martin
Corp.
...................................................
12,877
6,978
Masco
Corp.
..........................................................
2,534
197
Old
Dominion
Freight
Line,
Inc.
............................................
17,800
3,741
Otis
Worldwide
Corp.
....................................................
36,678
3,466
Owens
Corning
........................................................
1,353
252
PACCAR,
Inc.
.........................................................
1,935
191
Robert
Half,
Inc.
.......................................................
9,383
602
Rollins,
Inc.
...........................................................
26,014
1,246
Snap-on,
Inc.
..........................................................
283
81
Textron,
Inc.
..........................................................
1,514
141
United
Parcel
Service,
Inc.
,
Class
B
..........................................
4,768
622
United
Rentals,
Inc.
.....................................................
450
341
Verisk
Analytics,
Inc.
....................................................
6,499
1,701
W.W.
Grainger,
Inc.
.....................................................
3,421
3,342
40,818
Information
Technology
(19.9%):
Adobe,
Inc.
(a)
.........................................................
9,006
4,968
Apple,
Inc.
...........................................................
100,123
22,235
Applied
Materials,
Inc.
...................................................
16,469
3,495
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Autodesk,
Inc.
(a)
.......................................................
8,639
$
2,138
Broadcom,
Inc.
........................................................
23,110
3,713
Cadence
Design
Systems,
Inc.
(a)
............................................
16,847
4,509
CDW
Corp.
...........................................................
561
122
Cisco
Systems,
Inc.
.....................................................
62,422
3,024
Corpay,
Inc.
(a)
.........................................................
804
235
Dell
Technologies,
Inc.
,
Class
C
............................................
1,202
137
Dropbox,
Inc.
,
Class
A
(a)
.................................................
5,882
141
Fair
Isaac
Corp.
(a)
......................................................
2,278
3,645
Fortinet,
Inc.
(a)
........................................................
34,029
1,975
Gartner,
Inc.
(a)
........................................................
4,712
2,362
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
7,456
1,084
HP,
Inc.
..............................................................
27,199
982
International
Business
Machines
Corp.
........................................
1,491
287
Jabil,
Inc.
............................................................
1,329
150
KLA
Corp.
...........................................................
3,653
3,007
Lam
Research
Corp.
.....................................................
3,032
2,793
Manhattan
Associates,
Inc.
(a)
..............................................
5,594
1,429
Microsoft
Corp.
........................................................
41,770
17,474
Motorola
Solutions,
Inc.
..................................................
376
150
NetApp,
Inc.
..........................................................
11,087
1,408
NVIDIA
Corp.
.........................................................
135,630
15,871
QUALCOMM,
Inc.
.....................................................
17,518
3,170
Synopsys,
Inc.
(a)
.......................................................
312
174
TE
Connectivity
Ltd.
....................................................
1,052
162
VeriSign,
Inc.
(a)
........................................................
8,198
1,533
102,373
Materials
(1.4%):
CF
Industries
Holdings,
Inc.
...............................................
18,695
1,428
LyondellBasell
Industries
NV
,
Class
A
........................................
2,151
214
Nucor
Corp.
...........................................................
6,186
1,008
Packaging
Corp.
of
America
...............................................
947
189
Reliance,
Inc.
..........................................................
513
156
Steel
Dynamics,
Inc.
.....................................................
1,155
154
The
Sherwin-Williams
Co.
................................................
11,373
3,990
7,139
Real
Estate
(0.7%):
American
Tower
Corp.
...................................................
2,695
594
Camden
Property
Trust
...................................................
5,205
576
Equinix,
Inc.
..........................................................
317
250
Healthpeak
Properties,
Inc.
................................................
45,881
1,001
Prologis,
Inc.
..........................................................
4,193
529
Realty
Income
Corp.
....................................................
15,123
869
3,819
Utilities
(0.1%):
FirstEnergy
Corp.
.......................................................
2,931
123
NRG
Energy,
Inc.
.......................................................
3,068
231
354
318,850
Uruguay
(0.4%):
Consumer
Discretionary
(0.4%):
MercadoLibre,
Inc.
(a)
....................................................
1,190
1,986
Total
Common
Stocks
(Cost
$393,774)
512,324
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
123
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Name
Acquisition
Date
Cost
LUKOIL
PJSC
..............................................
4/22/2020
$
2,312
MMC
Norilsk
Nickel
PJSC
.....................................
9/30/2019
1,604
Sberbank
of
Russia
PJSC
......................................
4/22/2020
1,393
Tatneft
PJSC
...............................................
12/21/2020
608
X5
Retail
Group
NV
,
GDR
.....................................
11/11/2021
637
Security
Description
Shares
Value
(000)
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.
(a)
(e)
...........................................
1,403
$
—
Total
Warrants
(Cost
$–)
—
Total
Investments
(Cost
$393,774)
—
99.8%
512,324
Other
assets
in
excess
of
liabilities
—
0.2%
1,095
NET
ASSETS
-
100.00%
$
513,419
(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
July
31,
2024,
the
fair
value
of
these
securities
was
$3,274
(thousands)
and
amounted
to
0.6%
of
net
assets.
(d)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
July
31,
2024
(amounts
in
thousands):
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2024.
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Growth
Fund
124
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.9%)
Communication
Services
(16.6%):
Alphabet,
Inc.,
Class
A
...................................................
320,380
$
54,958
Alphabet,
Inc.,
Class
C
...................................................
580,190
100,460
Meta
Platforms,
Inc.,
Class
A
..............................................
283,047
134,399
Netflix,
Inc.(a)
.........................................................
141,175
88,707
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
115,331
10,366
The
Walt
Disney
Co.
....................................................
355,869
33,342
422,232
Communications
Equipment
(0.7%):
Arista
Networks,
Inc.(a)
..................................................
52,836
18,310
Consumer
Discretionary
(12.8%):
Alibaba
Group
Holding
Ltd.,
ADR
..........................................
115,980
9,145
Amazon.com,
Inc.(a)
....................................................
756,860
141,518
Burlington
Stores,
Inc.(a)
.................................................
76,097
19,809
Domino's
Pizza,
Inc.
.....................................................
49,608
21,267
DraftKings,
Inc.(a)
......................................................
69,858
2,581
NIKE,
Inc.,
Class
B
.....................................................
165,916
12,420
Starbucks
Corp.
........................................................
229,606
17,898
Tesla,
Inc.(a)
..........................................................
371,414
86,194
Yum
China
Holdings,
Inc.
.................................................
113,390
3,429
Yum!
Brands,
Inc.
......................................................
96,903
12,872
327,133
Consumer
Staples
(3.3%):
Costco
Wholesale
Corp.
..................................................
20,668
16,989
Freshpet,
Inc.(a)
........................................................
32,977
4,013
Monster
Beverage
Corp.(a)
................................................
583,724
30,033
Target
Corp.
..........................................................
225,282
33,885
84,920
Energy
(0.3%):
Diamondback
Energy,
Inc.
................................................
32,845
6,645
Financials
(7.4%):
Block,
Inc.(a)
..........................................................
178,011
11,015
FactSet
Research
Systems,
Inc.
.............................................
36,896
15,241
PayPal
Holdings,
Inc.(a)
..................................................
161,438
10,619
SEI
Investments
Co.
.....................................................
210,165
14,258
The
Progressive
Corp.
...................................................
82,101
17,580
Tradeweb
Markets,
Inc.,
Class
A
............................................
166,831
18,632
Visa,
Inc.,
Class
A
......................................................
381,478
101,347
188,692
Health
Care
(11.1%):
Dexcom,
Inc.(a)
........................................................
99,034
6,716
Eli
Lilly
&
Co.
.........................................................
74,482
59,904
GRAIL,
Inc.(a)(b)
......................................................
17,451
268
Illumina,
Inc.(a)
........................................................
104,048
12,756
Intuitive
Surgical,
Inc.(a)
.................................................
81,780
36,360
Natera,
Inc.(a)
.........................................................
71,396
7,310
Novartis
AG,
ADR
......................................................
140,033
15,611
Novo
Nordisk
A/S,
ADR
..................................................
210,506
27,919
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
27,628
29,816
Roche
Holding
AG,
ADR(b)
...............................................
318,529
12,904
Thermo
Fisher
Scientific,
Inc.
..............................................
32,386
19,864
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
109,305
54,185
283,613
Industrials
(6.4%):
Builders
FirstSource,
Inc.(a)
...............................................
71,724
12,004
Clean
Harbors,
Inc.(a)
...................................................
59,346
14,168
Victory
Portfolios
III
Victory
Growth
Fund
125
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Deere
&
Co.
..........................................................
17,268
$
6,423
Expeditors
International
of
Washington,
Inc.
....................................
140,024
17,478
HEICO
Corp.,
Class
A
...................................................
65,758
12,501
Quanta
Services,
Inc.
....................................................
60,493
16,054
Saia,
Inc.(a)
...........................................................
32,479
13,571
The
Boeing
Co.(a)
......................................................
342,626
65,305
United
Rentals,
Inc.
.....................................................
6,670
5,050
162,554
IT
Services
(1.4%):
Shopify,
Inc.,
Class
A(a)
..................................................
340,930
20,865
Snowflake,
Inc.,
Class
A(a)
................................................
106,299
13,859
34,724
Semiconductors
&
Semiconductor
Equipment
(14.4%):
Advanced
Micro
Devices,
Inc.(a)
............................................
63,764
9,213
Applied
Materials,
Inc.
...................................................
45,855
9,730
Broadcom,
Inc.
........................................................
172,900
27,781
Lam
Research
Corp.
.....................................................
19,309
17,788
Monolithic
Power
Systems,
Inc.
............................................
17,252
14,890
NVIDIA
Corp.
.........................................................
2,245,120
262,724
QUALCOMM,
Inc.
.....................................................
135,549
24,528
366,654
Software
(18.7%):
Autodesk,
Inc.(a)
.......................................................
141,214
34,953
Fair
Isaac
Corp.(a)
......................................................
9,325
14,920
Intuit,
Inc.
............................................................
37,032
23,973
Microsoft
Corp.
........................................................
512,409
214,366
Oracle
Corp.
..........................................................
517,625
72,183
Palo
Alto
Networks,
Inc.(a)
................................................
59,741
19,400
Salesforce,
Inc.
........................................................
141,772
36,691
ServiceNow,
Inc.(a)
.....................................................
35,341
28,781
Synopsys,
Inc.(a)
.......................................................
36,372
20,307
Workday,
Inc.,
Class
A(a)
.................................................
49,203
11,175
476,749
Technology
Hardware,
Storage
&
Peripherals
(5.8%):
Apple,
Inc.
...........................................................
661,093
146,816
Total
Common
Stocks
(Cost
$1,006,856)
a
a
a
2,519,042
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(c)
........
754,754
754
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(c)
............
754,754
755
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.21%(c)
...............
754,754
755
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(c)
.
754,754
755
Total
Collateral
for
Securities
Loaned
(Cost
$3,019)
a
a
a
3,019
Total
Investments
(Cost
$1,009,875)
—
99.0%
2,522,061
Other
assets
in
excess
of
liabilities
—
1.0%
25,352
NET
ASSETS
-
100.00%
$
2,547,413
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
126
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(8.2%):
Alphabet,
Inc.
,
Class
A
...................................................
37,666
$
6,461
Alphabet,
Inc.
,
Class
C
...................................................
316,755
54,846
AT&T,
Inc.
...........................................................
123,972
2,386
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
1,712
650
Comcast
Corp.
,
Class
A
..................................................
416,110
17,173
Electronic
Arts,
Inc.
.....................................................
4,182
631
Endeavor
Group
Holdings,
Inc.
,
Class
A
(b)
....................................
3,370
92
Fox
Corp.
,
Class
A
......................................................
73,802
2,807
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(a)
............................
3,849
311
Live
Nation
Entertainment,
Inc.
(a)
...........................................
2,553
246
Meta
Platforms,
Inc.
,
Class
A
..............................................
89,988
42,729
Netflix,
Inc.
(a)
.........................................................
22,984
14,442
News
Corp.
,
Class
A
.....................................................
7,019
194
News
Corp.
,
Class
B
....................................................
1,217
35
Omnicom
Group,
Inc.
....................................................
52,899
5,186
Pinterest,
Inc.
,
Class
A
(a)
.................................................
10,156
325
ROBLOX
Corp.
,
Class
A
(a)
...............................................
8,116
337
Sirius
XM
Holdings,
Inc.
(b)
...............................................
10,952
38
Snap,
Inc.
,
Class
A
(a)
....................................................
17,701
236
Take-Two
Interactive
Software,
Inc.
(a)
........................................
2,722
410
The
New
York
Times
Co.
,
Class
A
...........................................
20,588
1,103
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
50,421
4,532
The
Walt
Disney
Co.
....................................................
31,514
2,953
T-Mobile
US,
Inc.
......................................................
7,649
1,394
Verizon
Communications,
Inc.
..............................................
72,543
2,939
Warner
Bros
Discovery,
Inc.
(a)
.............................................
37,220
322
Warner
Music
Group
Corp.
,
Class
A
.........................................
2,364
71
162,849
Consumer
Discretionary
(8.3%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
4,484
626
Amazon.com,
Inc.
(a)
....................................................
229,383
42,890
AutoZone,
Inc.
(a)
.......................................................
187
586
Best
Buy
Co.,
Inc.
......................................................
59,910
5,183
Booking
Holdings,
Inc.
...................................................
362
1,345
Burlington
Stores,
Inc.
(a)
.................................................
28,538
7,429
Carnival
Corp.
(a)
.......................................................
10,350
172
Carvana
Co.
(a)
.........................................................
1,026
137
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
14,450
785
Coupang,
Inc.
(a)
.......................................................
12,565
261
D.R.
Horton,
Inc.
.......................................................
3,100
558
Darden
Restaurants,
Inc.
..................................................
1,162
170
Deckers
Outdoor
Corp.
(a)
.................................................
275
254
Dick's
Sporting
Goods,
Inc.
................................................
620
134
Domino's
Pizza,
Inc.
.....................................................
18,915
8,109
DoorDash,
Inc.
,
Class
A
(a)
................................................
3,116
345
DraftKings,
Inc.
(a)
......................................................
31,144
1,151
eBay,
Inc.
............................................................
95,229
5,296
Expedia
Group,
Inc.
(a)
...................................................
1,431
183
Ford
Motor
Co.
........................................................
42,221
457
Garmin
Ltd.
...........................................................
19,123
3,275
General
Motors
Co.
.....................................................
12,491
554
Genuine
Parts
Co.
......................................................
1,474
217
H&R
Block,
Inc.
.......................................................
71,834
4,162
Hilton
Worldwide
Holdings,
Inc.
............................................
2,468
530
Hyatt
Hotels
Corp.
,
Class
A
................................................
477
70
Las
Vegas
Sands
Corp.
...................................................
4,396
174
Lennar
Corp.
,
Class
A
....................................................
51,534
9,118
Lowe's
Cos.,
Inc.
.......................................................
34,444
8,456
Lululemon
Athletica,
Inc.
(a)
...............................................
1,190
308
Marriott
International,
Inc.
,
Class
A
..........................................
2,627
597
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
McDonald's
Corp.
......................................................
7,705
$
2,045
NIKE,
Inc.
,
Class
B
.....................................................
12,612
944
NVR,
Inc.
(a)
..........................................................
33
284
O'Reilly
Automotive,
Inc.
(a)
...............................................
578
651
Pool
Corp.
............................................................
410
153
PulteGroup,
Inc.
........................................................
37,705
4,977
Ross
Stores,
Inc.
.......................................................
3,463
496
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
2,538
398
Starbucks
Corp.
........................................................
11,798
920
Tapestry,
Inc.
..........................................................
61,293
2,457
Tesla,
Inc.
(a)
..........................................................
77,703
18,032
The
Home
Depot,
Inc.
...................................................
42,875
15,785
The
TJX
Cos.,
Inc.
......................................................
11,932
1,348
Toll
Brothers,
Inc.
......................................................
43,711
6,238
Tractor
Supply
Co.
......................................................
1,185
312
Ulta
Beauty,
Inc.
(a)
.....................................................
533
194
Williams-Sonoma,
Inc.
...................................................
44,564
6,893
Yum!
Brands,
Inc.
......................................................
3,005
399
166,058
Consumer
Staples
(8.2%):
Altria
Group,
Inc.
.......................................................
380,653
18,656
Archer-Daniels-Midland
Co.
...............................................
103,500
6,418
Brown-Forman
Corp.
,
Class
B
.............................................
4,343
196
Celsius
Holdings,
Inc.
(a)
..................................................
1,944
91
Church
&
Dwight
Co.,
Inc.
................................................
2,795
274
Colgate-Palmolive
Co.
...................................................
151,032
14,981
Constellation
Brands,
Inc.
,
Class
A
..........................................
2,375
582
Costco
Wholesale
Corp.
..................................................
13,768
11,317
Dollar
General
Corp.
....................................................
3,105
374
Dollar
Tree,
Inc.
(a)
......................................................
3,078
321
Freshpet,
Inc.
(a)
........................................................
12,325
1,500
General
Mills,
Inc.
......................................................
7,414
498
Hormel
Foods
Corp.
.....................................................
4,165
134
Kellanova
............................................................
3,943
229
Kenvue,
Inc.
..........................................................
22,080
408
Keurig
Dr.
Pepper,
Inc.
...................................................
13,890
476
Kimberly-Clark
Corp.
....................................................
85,646
11,567
Lamb
Weston
Holdings,
Inc.
...............................................
2,038
122
McCormick
&
Co.,
Inc.
..................................................
3,617
279
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
35,327
1,867
Mondelez
International,
Inc.
,
Class
A
.........................................
18,828
1,287
Monster
Beverage
Corp.
(a)
................................................
10,809
556
PepsiCo,
Inc.
..........................................................
65,412
11,295
Philip
Morris
International,
Inc.
.............................................
133,208
15,340
Sysco
Corp.
...........................................................
7,056
541
Target
Corp.
..........................................................
158,680
23,867
The
Clorox
Co.
........................................................
1,785
236
The
Coca-Cola
Co.
......................................................
59,801
3,991
The
Estee
Lauder
Cos.,
Inc.
...............................................
3,080
307
The
Hershey
Co.
.......................................................
2,144
423
The
Kraft
Heinz
Co.
.....................................................
16,469
580
The
Kroger
Co.
........................................................
157,806
8,600
The
Procter
&
Gamble
Co.
................................................
139,102
22,362
Tyson
Foods,
Inc.
,
Class
A
................................................
4,021
245
Walgreens
Boots
Alliance,
Inc.
.............................................
9,352
111
Walmart,
Inc.
..........................................................
60,088
4,124
164,155
Energy
(3.0%):
ConocoPhillips
Co.
.....................................................
64,273
7,147
Devon
Energy
Corp.
.....................................................
139,065
6,540
Diamondback
Energy,
Inc.
................................................
44,344
8,971
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
EOG
Resources,
Inc.
....................................................
36,615
$
4,643
Exxon
Mobil
Corp.
.....................................................
50,324
5,968
Marathon
Petroleum
Corp.
................................................
39,425
6,979
Phillips
66
Co.
.........................................................
24,759
3,602
Valero
Energy
Corp.
.....................................................
101,639
16,437
60,287
Financials
(15.2%):
Aflac,
Inc.
............................................................
4,309
411
American
Express
Co.
...................................................
41,121
10,405
American
Financial
Group,
Inc.
.............................................
18,931
2,479
American
International
Group,
Inc.
..........................................
108,995
8,636
Ameriprise
Financial,
Inc.
.................................................
24,114
10,371
Annaly
Capital
Management,
Inc.
...........................................
88,063
1,753
Aon
PLC
,
Class
A
......................................................
1,622
533
Apollo
Global
Management,
Inc.
............................................
43,092
5,400
Arch
Capital
Group
Ltd.
(a)
................................................
3,004
288
Ares
Management
Corp.
,
Class
A
...........................................
3,887
595
Arthur
J.
Gallagher
&
Co.
.................................................
1,704
483
Bank
of
America
Corp.
...................................................
63,028
2,541
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
14,659
6,428
BlackRock,
Inc.
........................................................
3,631
3,183
Blackstone,
Inc.
........................................................
17,303
2,460
Block,
Inc.
(a)
..........................................................
3,839
238
Blue
Owl
Capital,
Inc.
...................................................
11,419
218
Brown
&
Brown,
Inc.
....................................................
1,964
195
Capital
One
Financial
Corp.
...............................................
55,974
8,474
Cboe
Global
Markets,
Inc.
................................................
2,445
449
Cincinnati
Financial
Corp.
................................................
1,272
166
Citigroup,
Inc.
.........................................................
15,337
995
Citizens
Financial
Group,
Inc.
..............................................
2,977
127
CME
Group,
Inc.
.......................................................
8,925
1,729
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
4,111
922
Corebridge
Financial,
Inc.
.................................................
1,940
57
Discover
Financial
Services
...............................................
2,010
289
East
West
Bancorp,
Inc.
..................................................
55,820
4,906
Erie
Indemnity
Co.
,
Class
A
...............................................
117
52
Evercore,
Inc.
.........................................................
6,625
1,659
Everest
Group
Ltd.
......................................................
25,905
10,177
FactSet
Research
Systems,
Inc.
.............................................
970
401
Fidelity
National
Financial,
Inc.
............................................
118,680
6,576
Fidelity
National
Information
Services,
Inc.
....................................
4,762
366
Fifth
Third
Bancorp
.....................................................
124,563
5,274
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
93
194
First
Horizon
Corp.
.....................................................
121,841
2,038
Fiserv,
Inc.
(a)
..........................................................
4,744
776
Franklin
Resources,
Inc.
..................................................
6,758
155
Global
Payments,
Inc.
....................................................
2,113
215
Huntington
Bancshares,
Inc.
...............................................
10,890
163
Interactive
Brokers
Group,
Inc.
.............................................
2,627
313
Intercontinental
Exchange,
Inc.
.............................................
14,159
2,146
JPMorgan
Chase
&
Co.
..................................................
222,534
47,355
KKR
&
Co.,
Inc.
.......................................................
16,576
2,046
Loews
Corp.
..........................................................
938
75
LPL
Financial
Holdings,
Inc.
...............................................
1,868
414
M&T
Bank
Corp.
.......................................................
1,373
236
Markel
Group,
Inc.
(a)
....................................................
79
129
Marsh
&
McLennan
Cos.,
Inc.
.............................................
4,068
905
Mastercard,
Inc.
,
Class
A
.................................................
6,663
3,090
MetLife,
Inc.
..........................................................
5,005
385
Moody's
Corp.
.........................................................
4,542
2,073
Morgan
Stanley
........................................................
31,022
3,202
MSCI,
Inc.
...........................................................
1,906
1,031
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Nasdaq,
Inc.
..........................................................
8,820
$
597
Northern
Trust
Corp.
....................................................
4,988
442
NU
Holdings
Ltd.
,
Class
A
(a)
..............................................
21,905
266
PayPal
Holdings,
Inc.
(a)
..................................................
8,514
560
Popular,
Inc.
..........................................................
48,479
4,975
Principal
Financial
Group,
Inc.
.............................................
1,944
158
Prudential
Financial,
Inc.
.................................................
2,969
372
Raymond
James
Financial,
Inc.
.............................................
4,727
548
Regions
Financial
Corp.
..................................................
384,312
8,597
S&P
Global,
Inc.
.......................................................
7,779
3,771
State
Street
Corp.
.......................................................
7,483
636
Synchrony
Financial
.....................................................
232,662
11,817
T.
Rowe
Price
Group,
Inc.
.................................................
32,243
3,682
The
Allstate
Corp.
......................................................
54,758
9,370
The
Bank
of
New
York
Mellon
Corp.
.........................................
148,487
9,662
The
Carlyle
Group,
Inc.
..................................................
4,586
228
The
Charles
Schwab
Corp.
................................................
41,399
2,699
The
Goldman
Sachs
Group,
Inc.
............................................
31,326
15,946
The
Hartford
Financial
Services
Group,
Inc.
....................................
31,825
3,530
The
PNC
Financial
Services
Group,
Inc.
......................................
31,128
5,637
The
Progressive
Corp.
...................................................
35,278
7,554
The
Travelers
Cos.,
Inc.
..................................................
1,890
409
TPG,
Inc.
............................................................
1,857
95
Tradeweb
Markets,
Inc.
,
Class
A
............................................
64,957
7,254
Truist
Financial
Corp.
....................................................
10,671
477
U.S.
Bancorp
..........................................................
12,603
566
Visa,
Inc.
,
Class
A
......................................................
72,858
19,356
W.R.
Berkley
Corp.
.....................................................
31,879
1,758
Wells
Fargo
&
Co.
......................................................
253,145
15,022
Zions
Bancorp
NA
......................................................
31,463
1,626
303,787
Health
Care
(15.9%):
Abbott
Laboratories
.....................................................
34,712
3,677
AbbVie,
Inc.
..........................................................
126,790
23,497
Agilent
Technologies,
Inc.
.................................................
29,435
4,162
Align
Technology,
Inc.
(a)
.................................................
1,301
302
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
2,548
605
Amgen,
Inc.
...........................................................
20,513
6,820
Avantor,
Inc.
(a)
........................................................
13,376
358
Baxter
International,
Inc.
.................................................
10,351
371
Becton
Dickinson
&
Co.
..................................................
5,841
1,408
Biogen,
Inc.
(a)
.........................................................
2,927
624
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
3,774
318
Boston
Scientific
Corp.
(a)
.................................................
29,487
2,178
Bristol-Myers
Squibb
Co.
.................................................
491,628
23,382
Cardinal
Health,
Inc.
....................................................
148,295
14,953
Cencora,
Inc.
..........................................................
3,261
776
Centene
Corp.
(a)
.......................................................
10,858
835
Chemed
Corp.
.........................................................
3,474
1,981
CVS
Health
Corp.
......................................................
154,209
9,303
Danaher
Corp.
.........................................................
13,599
3,768
Dexcom,
Inc.
(a)
........................................................
42,074
2,853
Edwards
Lifesciences
Corp.
(a)
.............................................
12,016
758
Elevance
Health,
Inc.
....................................................
11,369
6,049
Eli
Lilly
&
Co.
.........................................................
43,702
35,148
GE
HealthCare
Technologies,
Inc.
...........................................
8,275
700
Gilead
Sciences,
Inc.
....................................................
296,648
22,563
GRAIL,
Inc.
(a)
........................................................
482
7
HCA
Healthcare,
Inc.
....................................................
3,888
1,411
Hologic,
Inc.
(a)
........................................................
4,701
384
Humana,
Inc.
..........................................................
2,447
885
ICON
PLC
(a)
.........................................................
1,616
531
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
IDEXX
Laboratories,
Inc.
(a)
...............................................
1,632
$
777
Illumina,
Inc.
(a)
........................................................
2,892
355
Intuitive
Surgical,
Inc.
(a)
.................................................
18,118
8,055
IQVIA
Holdings,
Inc.
(a)
..................................................
3,592
884
Johnson
&
Johnson
.....................................................
198,966
31,407
Labcorp
Holdings,
Inc.
...................................................
1,744
376
Legend
Biotech
Corp.
,
ADR
(a)
.............................................
3,696
208
McKesson
Corp.
.......................................................
2,555
1,576
Medtronic
PLC
........................................................
26,784
2,151
Merck
&
Co.,
Inc.
......................................................
233,120
26,373
Mettler-Toledo
International,
Inc.
(a)
.........................................
422
642
Moderna,
Inc.
(a)
.......................................................
6,682
797
Molina
Healthcare,
Inc.
(a)
................................................
1,201
410
Natera,
Inc.
(a)
.........................................................
26,742
2,738
Pfizer,
Inc.
............................................................
513,061
15,669
Quest
Diagnostics,
Inc.
...................................................
31,772
4,521
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
2,125
2,293
ResMed,
Inc.
..........................................................
2,956
630
Royalty
Pharma
PLC
,
Class
A
..............................................
109,717
3,091
STERIS
PLC
..........................................................
1,996
477
Stryker
Corp.
..........................................................
7,195
2,356
The
Cigna
Group
.......................................................
35,419
12,350
The
Cooper
Cos.,
Inc.
(a)
..................................................
4,060
379
Thermo
Fisher
Scientific,
Inc.
..............................................
7,707
4,727
UnitedHealth
Group,
Inc.
.................................................
18,576
10,703
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
2,945
565
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
18,277
9,060
Viatris,
Inc.
...........................................................
23,689
286
Waters
Corp.
(a)
........................................................
1,141
384
West
Pharmaceutical
Services,
Inc.
..........................................
1,491
456
Zimmer
Biomet
Holdings,
Inc.
.............................................
4,163
464
Zoetis,
Inc.
...........................................................
9,248
1,665
317,432
Industrials
(9.0%):
AGCO
Corp.
..........................................................
24,499
2,313
Automatic
Data
Processing,
Inc.
............................................
42,888
11,263
Builders
FirstSource,
Inc.
(a)
...............................................
26,702
4,469
Caterpillar,
Inc.
........................................................
48,918
16,935
Cintas
Corp.
..........................................................
2,660
2,032
Clean
Harbors,
Inc.
(a)
...................................................
21,692
5,179
Cummins,
Inc.
.........................................................
17,601
5,136
Expeditors
International
of
Washington,
Inc.
....................................
44,242
5,522
Fastenal
Co.
...........................................................
105,070
7,434
FedEx
Corp.
..........................................................
37,899
11,455
Ferguson
PLC
.........................................................
21,664
4,823
Flowserve
Corp.
........................................................
22,630
1,144
General
Dynamics
Corp.
..................................................
15,597
4,659
HEICO
Corp.
,
Class
A
...................................................
24,184
4,598
Illinois
Tool
Works,
Inc.
..................................................
43,043
10,644
Lennox
International,
Inc.
.................................................
11,863
6,922
Lincoln
Electric
Holdings,
Inc.
.............................................
5,069
1,041
Lockheed
Martin
Corp.
...................................................
12,709
6,887
ManpowerGroup,
Inc.
...................................................
33,559
2,570
Masco
Corp.
..........................................................
125,750
9,790
Otis
Worldwide
Corp.
....................................................
33,344
3,151
Owens
Corning
........................................................
37,547
6,998
PACCAR,
Inc.
.........................................................
51,415
5,073
Parker-Hannifin
Corp.
...................................................
8,625
4,840
Paychex,
Inc.
..........................................................
70,182
8,985
Quanta
Services,
Inc.
....................................................
22,247
5,904
Robert
Half,
Inc.
.......................................................
20,746
1,332
Saia,
Inc.
(a)
...........................................................
12,138
5,072
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Snap-on,
Inc.
..........................................................
15,619
$
4,483
SS&C
Technologies
Holdings,
Inc.
..........................................
18,213
1,329
United
Parcel
Service,
Inc.
,
Class
B
..........................................
21,832
2,846
United
Rentals,
Inc.
.....................................................
7,146
5,410
180,239
Information
Technology
(23.4%):
Accenture
PLC
,
Class
A
..................................................
17,546
5,801
Adobe,
Inc.
(a)
.........................................................
3,989
2,201
Advanced
Micro
Devices,
Inc.
(a)
............................................
38,131
5,509
Akamai
Technologies,
Inc.
(a)
..............................................
1,003
99
Amphenol
Corp.
,
Class
A
.................................................
10,764
692
Analog
Devices,
Inc.
....................................................
4,414
1,021
ANSYS,
Inc.
(a)
........................................................
777
244
Apple,
Inc.
...........................................................
382,877
85,029
Applied
Materials,
Inc.
...................................................
37,229
7,900
AppLovin
Corp.
,
Class
A
(a)
...............................................
1,430
110
Arista
Networks,
Inc.
(a)
..................................................
21,486
7,446
Atlassian
Corp.
,
Class
A
(a)
................................................
1,395
246
Autodesk,
Inc.
(a)
.......................................................
1,891
468
Bentley
Systems,
Inc.
,
Class
B
.............................................
1,921
94
Broadcom,
Inc.
........................................................
126,299
20,294
Cadence
Design
Systems,
Inc.
(a)
............................................
2,402
643
CDW
Corp.
...........................................................
1,162
253
Cisco
Systems,
Inc.
.....................................................
333,285
16,148
Cloudflare,
Inc.
,
Class
A
(a)
................................................
2,561
199
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
72,876
5,515
Corning,
Inc.
..........................................................
7,073
283
Corpay,
Inc.
(a)
.........................................................
561
164
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
1,993
462
Datadog,
Inc.
,
Class
A
(a)
.................................................
2,464
287
Dell
Technologies,
Inc.
,
Class
C
............................................
2,159
245
Dynatrace,
Inc.
(a)
......................................................
2,520
111
Enphase
Energy,
Inc.
(a)
..................................................
1,072
123
Entegris,
Inc.
..........................................................
1,372
162
EPAM
Systems,
Inc.
(a)
...................................................
517
111
Fair
Isaac
Corp.
(a)
......................................................
3,697
5,915
First
Solar,
Inc.
(a)
......................................................
903
195
Fortinet,
Inc.
(a)
........................................................
5,670
329
Gartner,
Inc.
(a)
........................................................
694
348
GLOBALFOUNDRIES,
Inc.
(a)
............................................
718
37
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
1,285
187
Hewlett
Packard
Enterprise
Co.
.............................................
195,717
3,897
HP,
Inc.
..............................................................
286,804
10,351
HubSpot,
Inc.
(a)
.......................................................
434
216
Intel
Corp.
............................................................
37,513
1,153
International
Business
Machines
Corp.
........................................
30,695
5,898
Intuit,
Inc.
............................................................
16,073
10,405
Jabil,
Inc.
............................................................
1,130
127
Keysight
Technologies,
Inc.
(a)
.............................................
1,589
222
KLA
Corp.
...........................................................
4,486
3,692
Lam
Research
Corp.
.....................................................
7,707
7,100
Manhattan
Associates,
Inc.
(a)
..............................................
557
142
Marvell
Technology,
Inc.
.................................................
7,641
512
Microchip
Technology,
Inc.
................................................
4,755
422
Micron
Technology,
Inc.
..................................................
9,765
1,072
Microsoft
Corp.
........................................................
202,252
84,612
MicroStrategy,
Inc.
(a)
....................................................
134
216
MongoDB,
Inc.
(a)
......................................................
616
156
Monolithic
Power
Systems,
Inc.
............................................
6,624
5,717
Motorola
Solutions,
Inc.
..................................................
1,464
584
NetApp,
Inc.
..........................................................
40,091
5,091
Nutanix,
Inc.
,
Class
A
(a)
..................................................
2,218
112
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
132
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
NVIDIA
Corp.
.........................................................
678,254
$
79,369
Okta,
Inc.
(a)
..........................................................
1,425
134
ON
Semiconductor
Corp.
(a)
...............................................
3,758
294
Oracle
Corp.
..........................................................
49,014
6,835
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
16,389
441
Palo
Alto
Networks,
Inc.
(a)
................................................
24,893
8,084
PTC,
Inc.
(a)
...........................................................
1,002
178
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
2,717
163
QUALCOMM,
Inc.
.....................................................
123,822
22,406
Roper
Technologies,
Inc.
..................................................
906
494
Salesforce,
Inc.
........................................................
8,328
2,155
Samsara,
Inc.
,
Class
A
(a)
.................................................
1,351
52
Seagate
Technology
Holdings
PLC
..........................................
1,912
195
ServiceNow,
Inc.
(a)
.....................................................
15,066
12,270
Skyworks
Solutions,
Inc.
.................................................
47,028
5,343
Snowflake,
Inc.
,
Class
A
(a)
................................................
41,835
5,455
Super
Micro
Computer,
Inc.
(a)
.............................................
412
289
Synopsys,
Inc.
(a)
.......................................................
14,943
8,343
TD
SYNNEX
Corp.
.....................................................
16,501
1,966
Teledyne
Technologies,
Inc.
(a)
.............................................
393
166
Teradyne,
Inc.
.........................................................
1,389
182
Texas
Instruments,
Inc.
...................................................
8,083
1,647
Trimble,
Inc.
(a)
........................................................
2,243
122
Tyler
Technologies,
Inc.
(a)
................................................
385
219
VeriSign,
Inc.
(a)
........................................................
852
159
Western
Digital
Corp.
(a)
..................................................
2,942
197
Workday,
Inc.
,
Class
A
(a)
.................................................
1,836
417
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
2,109
127
Zscaler,
Inc.
(a)
.........................................................
805
144
468,414
Materials
(3.1%):
Avery
Dennison
Corp.
...................................................
7,771
1,685
Celanese
Corp.
.........................................................
14,074
1,987
CF
Industries
Holdings,
Inc.
...............................................
141,939
10,843
Dow,
Inc.
............................................................
77,972
4,247
LyondellBasell
Industries
NV
,
Class
A
........................................
90,661
9,017
Nucor
Corp.
...........................................................
36,866
6,007
Olin
Corp.
............................................................
38,442
1,753
Packaging
Corp.
of
America
...............................................
62,610
12,514
Reliance,
Inc.
..........................................................
5,066
1,543
Steel
Dynamics,
Inc.
.....................................................
13,845
1,844
The
Mosaic
Co.
........................................................
216,663
6,450
Westlake
Corp.
........................................................
28,092
4,154
62,044
Real
Estate
(2.5%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
28,991
3,400
AvalonBay
Communities,
Inc.
..............................................
20,340
4,168
Crown
Castle,
Inc.
......................................................
36,644
4,034
CubeSmart
...........................................................
50,706
2,413
Extra
Space
Storage,
Inc.
.................................................
17,680
2,822
Healthpeak
Properties,
Inc.
................................................
264,165
5,764
Host
Hotels
&
Resorts,
Inc.
................................................
112,978
1,978
Kilroy
Realty
Corp.
.....................................................
19,906
736
Kimco
Realty
Corp.
.....................................................
95,947
2,085
Lamar
Advertising
Co.
,
Class
A
.............................................
6,596
791
Prologis,
Inc.
..........................................................
48,088
6,062
Public
Storage
.........................................................
9,051
2,678
Realty
Income
Corp.
....................................................
72,321
4,153
Regency
Centers
Corp.
...................................................
19,757
1,330
Simon
Property
Group,
Inc.
...............................................
20,295
3,114
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
VICI
Properties,
Inc.
....................................................
126,799
$
3,964
49,492
Utilities
(2.9%):
Ameren
Corp.
.........................................................
6,871
545
American
Electric
Power
Co.,
Inc.
...........................................
13,670
1,341
American
Water
Works
Co.,
Inc.
............................................
5,002
712
Atmos
Energy
Corp.
.....................................................
3,789
485
CenterPoint
Energy,
Inc.
..................................................
16,296
452
CMS
Energy
Corp.
......................................................
7,596
492
Consolidated
Edison,
Inc.
.................................................
8,756
854
Constellation
Energy
Corp.
................................................
8,195
1,555
Dominion
Energy,
Inc.
...................................................
21,609
1,155
DTE
Energy
Co.
.......................................................
5,406
652
Duke
Energy
Corp.
......................................................
118,950
12,998
Edison
International
.....................................................
10,017
801
Entergy
Corp.
.........................................................
61,611
7,145
Eversource
Energy
......................................................
8,960
582
Exelon
Corp.
..........................................................
25,652
954
FirstEnergy
Corp.
.......................................................
14,918
625
NextEra
Energy,
Inc.
....................................................
52,799
4,033
NiSource,
Inc.
.........................................................
105,857
3,308
NRG
Energy,
Inc.
.......................................................
54,012
4,060
OGE
Energy
Corp.
......................................................
44,650
1,731
PG&E
Corp.
..........................................................
52,400
956
PPL
Corp.
............................................................
19,122
568
Public
Service
Enterprise
Group,
Inc.
.........................................
12,908
1,030
Sempra
..............................................................
16,446
1,317
The
AES
Corp.
........................................................
267,050
4,751
The
Southern
Co.
.......................................................
28,051
2,343
UGI
Corp.
............................................................
42,613
1,056
Vistra
Corp.
...........................................................
9,186
728
WEC
Energy
Group,
Inc.
.................................................
8,204
706
Xcel
Energy,
Inc.
.......................................................
14,448
842
58,777
Total
Common
Stocks
(Cost
$1,399,700)
a
a
a
1,993,534
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(d)
........
11,144
12
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(d)
............
11,144
11
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.21
%
(d)
...............
11,144
11
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(d)
.
11,144
11
Total
Collateral
for
Securities
Loaned
(Cost
$45)
a
a
a
45
Total
Investments
(Cost
$1,399,745)
—
99.7%
1,993,579
Other
assets
in
excess
of
liabilities
—
0.3%
5,827
NET
ASSETS
-
100.00%
$
1,999,406
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
High
Income
Fund
134
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(4.6%)
ABS
Auto
(2.4%):
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A,
Class
D,
3.04%,
9/22/25,
Callable
10/20/24
@
100(a)
.............
$
375
$
373
Series
2023-5A,
Class
C,
6.85%,
4/20/28(a)
................................
2,000
2,035
Chesapeake
Funding
II
LLC,
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
6/15/26
@
100(a)
...........................................................
375
380
FCCU
Auto
Receivables
Trust,
Series
2024-1A,
Class
D,
6.78%,
7/15/32,
Callable
8/15/28
@
100(a)
...........................................................
1,136
1,158
Flagship
Credit
Auto
Trust,
Series
2019-3,
Class
E,
3.84%,
12/15/26,
Callable
2/15/25
@
100(a)
...........................................................
1,250
1,237
Ford
Credit
Auto
Owner
Trust,
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...........................................................
1,966
1,994
Foursight
Capital
Automobile
Receivables
Trust,
Series
2021-2,
Class
E,
3.35%,
10/15/27,
Callable
3/15/25
@
100(a)
............................................
825
808
Hertz
Vehicle
Financing
III
LLC,
Series
2023-3A,
Class
D,
9.43%,
2/25/28(a)
...........
3,000
3,031
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A,
Class
D,
3.98%,
12/26/25(a)
...............................
5,833
5,781
Series
2022-4A,
Class
B,
4.12%,
9/25/26,
Callable
9/25/25
@
100(a)
..............
1,070
1,048
LAD
Auto
Receivables
Trust,
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
6/15/27
@
100(a)
...........................................................
2,263
2,335
Merchants
Fleet
Funding
LLC,
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
9/20/27
@
100(a)
...........................................................
1,673
1,715
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-B,
Class
E,
8.68%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
433
434
Series
2023-A,
Class
C,
6.74%,
6/15/33,
Callable
8/15/27
@
100(a)
...............
236
237
United
Auto
Credit
Securitization
Trust,
Series
2023-1,
Class
C,
6.28%,
7/10/28,
Callable
1/10/27
@
100(a)
...................................................
2,500
2,500
25,066
ABS
Card
(0.3%):
Evergreen
Credit
Card
Trust,
Series
2022-CRT2,
Class
C,
7.44%,
11/15/26(a)
............
3,000
3,008
ABS
Other
(1.9%):
Dext
ABS
LLC,
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
3/15/28
@
100(a)
.......
667
678
Frontier
Issuer
LLC
.....................................................
Series
2023-1,
Class
C,
11.50%,
8/20/53,
Callable
7/20/26
@
100(a)
..............
10,300
10,509
Series
2024-1,
Class
C,
11.16%,
6/20/54,
Callable
5/20/28
@
100(a)
..............
1,250
1,265
NP
SPE
II
LLC,
Series
2019-2A,
Class
C1,
6.44%,
11/19/49,
Callable
8/19/24
@
100(a)
....
1,518
1,458
Post
Road
Equipment
Finance
LLC,
Series
2024-1A,
Class
D,
6.77%,
10/15/30,
Callable
4/15/27
@
100(a)
...................................................
333
334
SCF
Equipment
Leasing
LLC,
Series
2022-2A,
Class
D,
6.50%,
10/20/32,
Callable
8/20/29
@
100(a)
...........................................................
989
992
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A,
Class
F,
5.27%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
3,000
2,770
Series
2024-1A,
Class
F,
8.87%,
5/15/54,
Callable
5/15/27
@
100(a)
..............
875
901
18,907
Total
Asset-Backed
Securities
(Cost
$45,993)
a
a
a
46,981
Collateralized
Loan
Obligations
(3.2%)
Cash
Flow
CLO
(3.2%):
720
East
CLO
I
Ltd.
.....................................................
Series
2022-1A,
Class
D,
11.43%
(TSFR3M+615bps),
1/20/36,
Callable
1/20/25
@
100(a)(b)
.........................................................
9,500
9,655
Series
2023-IA,
Class
E,
13.95%
(TSFR3M+865bps),
4/15/36,
Callable
4/15/25
@
100(a)(b)
.........................................................
12,750
13,180
720
East
CLO
II
Ltd.,
Series
2023-2A,
Class
E,
13.87%
(TSFR3M+857bps),
10/15/36,
Callable
10/15/25
@
100(a)(b)
.........................................
1,500
1,577
Barrow
Hanley
CLO
I
Ltd.,
Series
2023-1A,
Class
D,
11.44%
(TSFR3M+616bps),
4/20/35,
Callable
10/20/24
@
100(a)(b)
.........................................
3,700
3,740
Victory
Portfolios
III
Victory
High
Income
Fund
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Barrow
Hanley
CLO
II
Ltd.,
Series
2023-2A,
Class
E,
13.65%
(TSFR3M+837bps),
10/20/35,
Callable
10/20/24
@
100(a)(b)
.........................................
$
3,000
$
3,043
Oaktree
CLO
Ltd.,
Series
2023-2A,
Class
E,
13.93%
(TSFR3M+865bps),
7/20/36,
Callable
7/20/25
@
100(a)(b)
.................................................
1,500
1,526
32,721
Total
Collateralized
Loan
Obligations
(Cost
$31,444)
a
a
a
32,721
Collateralized
Mortgage
Obligations
(1.1%)
Commercial
MBS
(1.1%):
Aventura
Mall
Trust,
Series
2018-AVM,
Class
C,
4.11%,
7/5/40(a)(c)(d)
................
3,000
2,799
BPR
Trust,
Series
2022-STAR,
Class
A,
8.56%
(TSFR1M+323bps),
8/15/39(a)(b)(d)
......
2,536
2,532
BXP
Trust,
Series
2021-601L,
Class
D,
2.78%,
1/15/44(a)(c)(d)
......................
2,000
1,408
COMM
Mortgage
Trust,
Series
2024-277P,
Class
B,
7.23%,
8/10/44(a)(c)(d)
............
1,500
1,524
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
D,
2.33%,
9/10/39(a)(c)(d)
......
1,155
1,009
ONE
Mortgage
Trust,
Series
2021-PARK,
Class
D,
6.94%
(TSFR1M+161bps),
3/15/36(a)(b)
(d)
.............................................................
1,775
1,674
10,946
Private
CMO
Floating
(0.0%):(e)
CHL
Mortgage
Pass
Through
Trust,
Series
2004-25,
Class
1A6,
6.42%
(TSFR1M+107bps),
2/25/35,
Callable
8/25/24
@
100(b)
......................................
487
196
Total
Collateralized
Mortgage
Obligations
(Cost
$10,970)
a
a
a
11,142
Shares
Common
Stocks
(0.2%)
Communication
Services
(0.1%):
AT&T,
Inc.
...........................................................
39,101
753
Energy
(0.0%):(e)
GenOn
Energy,
Inc.(f)
...................................................
16,168
283
Sabine
Oil
&
Gas
Holdings,
Inc.(f)(g)
........................................
2,824
—(h)
283
Real
Estate
(0.1%):
Crown
Castle,
Inc.
......................................................
6,253
688
Total
Common
Stocks
(Cost
$3,955)
a
a
a
1,724
Preferred
Stocks
(0.4%)
Consumer
Staples
(0.4%):
CHS,
Inc.,
Series
1,
7.88%(i)
..............................................
87,180
2,293
CHS,
Inc.,
Series
2,
7.10%(i)
..............................................
76,204
1,931
4,224
Real
Estate
(0.0%):(e)
Prologis,
Inc.,
Series
Q,
8.54%(i)
............................................
5,310
300
Total
Preferred
Stocks
(Cost
$4,430)
a
a
a
4,524
Principal
Amount
(000)
Senior
Secured
Loans
(6.2%)
Communication
Services
(0.4%):
Gray
Television
Inc.,
Term
Loan
B,
First
Lien,
10.59%
(SOFR01M+525bps),
5/23/29(b)
....
1,000
969
United
Talent
Agency
LLC,
Term
B
Loan,
First
Lein,
9.08%
(SOFR01M+375bps),
7/7/28(b)
.
998
1,001
Windstream
Services
LLC,
Initial
Term
Loan,
First
Lien,
11.59%
(SOFR01M+625bps),
9/21/27(b)
........................................................
2,215
2,224
4,194
Victory
Portfolios
III
Victory
High
Income
Fund
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Consumer
Discretionary
(1.2%):
Alterra
Mountain
Co.,
Term
Loan,
First
Lien,
8.84%
(SOFR01M+350bps),
5/31/30(b)
.....
$
493
$
495
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien,
9.08%
(SOFR01M+375bps),
1/29/29(b)
........................................................
208
209
Great
Outdoors
Group
LLC,
Term
B1,
First
Lien,
9.09%
(SOFR01M+375bps),
3/6/28(b)
...
476
475
Life
Time,
Inc.,
Term
Loan
B,
First
Lien,
9.25%
(SOFR03M+400bps),
1/15/26(b)
.........
3,040
3,050
Ontario
Gaming
GTA
Ltd.
Partnership,
Term
B
Loans,
First
Lien,
9.58%
(SOFR03M+425bps),
8/1/30(b)
.........................................................
995
998
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien,
8.58%
(SOFR03M+325bps),
3/3/28(b)
.........................................................
7,474
6,893
Polaris
Newco
LLC,
Dollar
Term
Loan,
First
Lien,
9.25%
(SOFR03M+400bps),
6/2/28(b)
..
1,216
1,217
Trident
TPI
Holdings,
Inc.,
Tranche
B-6
Initial
Term
Loans,
First
Lien,
9.33%
(SOFR03M+400bps),
9/15/28(b)
........................................
496
499
13,836
Financials
(2.5%):
Acrisure
LLC,
Term
Loan
B-
6,
First
Lien,
8.59%
(SOFR03M+325bps),
11/6/30(b)
.......
1,000
999
AmWINS
Group,
Inc.,
Term
Loan,
First
Lien,
7.59%
(SOFR01M+225bps),
2/21/28(b)
.....
499
499
Amynta
Agency
Borrower,
Inc.,
1st
LienTerm
Loan
B,
First
Lein,
9.09%
(SOFR01M+375bps),
2/28/28(b)
........................................................
5
5
Amynta
Agency
Borrower,
Inc.,
1st
LienTerm
Loan
B,
First
Lein,
9.09%
(SOFR03M+375bps),
2/28/28(b)
........................................................
1,985
1,988
Ardonagh
Group
Finco
Pty
Ltd.,
Term
Loan
B,
First
Lien,
2/18/31(j)
..................
1,500
1,498
Arsenal
AIC
Parent
LLC,
2024
Term
B
Loans,
First
Lien,
9.09%
(SOFR01M+375bps),
8/19/30(b)
........................................................
994
997
Blackhawk
Network
Holdings,
Inc.,
Term
Loan,
First
Lien,
10.34%
(SOFR01M+500bps),
3/12/29(b)
........................................................
1,500
1,506
CCI
Buyer,
Inc.,
Initial
Term
Loans,
First
Lien,
9.33%
(SOFR03M+400bps),
12/17/27(b)
...
995
995
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan,
First
Lien,
9.09%
(SOFR01M+375bps),
1/31/30(b)
........................................
998
1,000
Directv
Financing
LLC,
2024
REFINANCING
TERM
B
LOAN,
First
Lien,
10.59%
(SOFR01M+525bps),
8/2/29(b)
.........................................
1,560
1,556
Howden
Group
Holdings
Limited,
2023
Term
Loans,
First
Lien,
9.25%
(SOFR03M+400bps),
4/18/30(b)
........................................................
2,977
2,979
LC
Ahab
US
Bidco
LLC,
Initial
Term
Loan,
First
Lien,
8.84%
(SOFR01M+350bps),
5/1/31(b)
500
502
Lealand
Finance
Co.
BV,
Make
Whole
Term
Loan,
First
Lien,
8.34%
(SOFR01M+300bps),
6/30/27(b)
........................................................
39
21
Lealand
Finance
Co.
BV,
Make
Whole
Term
Loan,
First
Lien,
6.34%
(SOFR01M+100bps),
12/31/27(b)
.......................................................
363
128
Moneygram
International,
Inc.,
2024
Repricing
Term
Loans,
First
Lien,
6/3/30(j)
.........
993
980
Neptune
BidCo
US,
Inc.,
Dollar
Term
B
Loan,
First
Lien,
10.05%
(SOFR03M+475bps),
10/11/28(b)
.......................................................
2,938
2,755
OneDigital
Borrower
LLC,
Initial
Loan,
Second
Lien,
10.59%
(SOFR01M+525bps),
7/2/32(b)
3,000
2,985
Radar
Bidco
SARL,
Facility
B
(USD)
Loan,
First
Lien,
9.57%
(SOFR03M+425bps),
3/27/31(b)
........................................................
1,000
1,003
StubHub
Holdco
Sub
LLC,
Term
B,
First
Lien,
10.09%
(SOFR01M+475bps),
3/15/30(b)
...
985
984
Touchdown
Acquirer,
Inc.,
Initial
Dollar
Term
Loan,
First
Lien,
9.33%
(SOFR03M+400bps),
2/7/31(b)
.........................................................
410
410
Truist
Insurance
Holdings,
Inc.,
Initial
Term
Loan,
Second
Lien,
10.08%
(SOFR03M+475bps),
5/6/32(b)
.........................................................
1,000
1,026
WestJet
Loyalty
LP,
Initial
Term
Loan,
First
Lien,
9.08%
(SOFR03M+375bps),
2/14/31(b)
..
998
998
25,814
Health
Care
(0.1%):
Bausch
+
Lomb
Corp.,
New
Term
Loans,
First
Lien,
9.34%
(SOFR01M+400bps),
9/14/28(b)
1,489
1,478
Bausch
Health
Co.,
Inc.,
Second
Amendment
Term
Loan,
First
Lien,
10.59%
(SOFR01M+525bps),
2/1/27(b)
.........................................
1
1
1,479
Industrials
(0.6%):
AAdvantage
Loyalty
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
10.03%
(SOFR03M+475bps),
4/20/28(b)
........................................................
563
581
Victory
Portfolios
III
Victory
High
Income
Fund
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Fortress
Intermediate
3,
Inc.,
Initial
Term
Loan,
First
Lien,
9.10%
(SOFR01M+375bps),
6/27/31(b)
........................................................
$
1,750
$
1,750
Roper
Industrial
Products
Investment
Co.
LLC,
Tranche
C
Term
Loan,
First
Lien,
8.58%
(SOFR03M+325bps),
11/22/29(b)
.......................................
2,958
2,963
5,294
Information
Technology
(1.2%):
Central
Parent
LLC,
2024
Refinancing
Term
Loan,
First
Lien,
8.58%
(SOFR03M+325bps),
7/6/29(b)
.........................................................
1,985
1,964
Cloud
Software
Group,
Inc.,
Third
Amendment
Term
Loans,
First
Lien,
9.83%
(SOFR03M+450bps),
3/20/31(b)
........................................
1,000
1,003
Dye
&
Durham
Corp.,
Term
B
Loans,
First
Lien,
9.58%
(SOFR03M+425bps),
4/11/31(b)
...
2,000
2,011
Marcel
Bidco
LLC,
Facility
B5,
First
Lien,
9.31%
(SOFR
Daily+400bps),
11/8/30(b)
......
998
1,003
Neptune
BidCo
US,
Inc.,
Term
A
Loan,
First
Lien,
10.30%
(SOFR03M+500bps),
4/11/29(b)
.
2,963
2,785
Rocket
Software,
Inc.,
Term
Loan,
First
Lien,
10.09%
(SOFR01M+475bps),
11/28/28(b)
....
2,992
3,001
Touchdown
Acquirer,
Inc.,
Delayed
Draw
Term
Loan,
First
Lien,
9.30%
(SOFR01M+400bps),
2/7/31(b)
.........................................................
90
90
11,857
Materials
(0.2%):
LABL,
Inc.,
TLB,
First
Lien,
10.35%
(SOFR01M+500bps),
10/30/28(b)
...............
995
962
Nouryon
Finance
BV,
Term
Loan
B,
First
Lien,
8.83%
(SOFR03M+350bps),
4/3/28(b)
.....
993
997
1,959
Total
Senior
Secured
Loans
(Cost
$63,951)
a
a
a
64,433
Corporate
Bonds
(52.6%)
Communication
Services
(11.6%):
AMC
Networks,
Inc.
10.25%,
1/15/29,
Callable
1/15/26
@
105.13(a)
.............................
200
198
4.25%,
2/15/29,
Callable
8/19/24
@
102.13(k)
..............................
1,500
1,033
Cable
One,
Inc.,
4.00%,
11/15/30,
Callable
11/15/25
@
102(a)
.......................
81
62
Cablevision
Lightpath
LLC,
5.63%,
9/15/28,
Callable
8/19/24
@
102.81(a)
.............
1,997
1,694
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.75%,
3/1/30,
Callable
9/9/24
@
102.38(a)
................................
1,500
1,343
4.50%,
8/15/30,
Callable
2/15/25
@
102.25(a)
..............................
2,500
2,188
4.50%,
6/1/33,
Callable
6/1/27
@
102.25(a)
................................
5,000
4,109
4.25%,
1/15/34,
Callable
1/15/28
@
102.13(a)
..............................
7,023
5,547
Clear
Channel
Outdoor
Holdings,
Inc.
9.00%,
9/15/28,
Callable
9/15/25
@
104.5(a)
...............................
1,500
1,594
7.50%,
6/1/29,
Callable
9/9/24
@
103.75(a)
................................
1,000
859
7.88%,
4/1/30,
Callable
10/1/26
@
103.94(a)
...............................
1,000
1,018
Consolidated
Communications,
Inc.,
6.50%,
10/1/28,
Callable
8/19/24
@
104.88(a)
.......
2,000
1,807
CSC
Holdings
LLC
7.50%,
4/1/28,
Callable
8/19/24
@
101.88(a)(k)
.............................
1,500
839
11.25%,
5/15/28,
Callable
5/15/25
@
105.63(a)
.............................
4,500
4,072
11.75%,
1/31/29,
Callable
1/31/26
@
105.88(a)
.............................
3,000
2,710
6.50%,
2/1/29,
Callable
8/19/24
@
103.25(a)
...............................
2,000
1,540
5.75%,
1/15/30,
Callable
1/15/25
@
102.88(a)
..............................
3,000
1,208
4.13%,
12/1/30,
Callable
12/1/25
@
102.06(a)
..............................
3,000
2,077
5.00%,
11/15/31,
Callable
11/15/26
@
102.5(a)
.............................
2,500
1,001
Cumulus
Media
New
Holdings,
Inc.,
8.00%,
7/1/29,
Callable
9/9/24
@
100(a)
...........
7,151
2,825
Directv
Financing
LLC/Directv
Financing
Co.-Obligor,
Inc.,
5.88%,
8/15/27,
Callable
9/9/24
@
102.94(a)
......................................................
2,000
1,927
DISH
DBS
Corp.
7.75%,
7/1/26
.....................................................
3,000
1,929
5.25%,
12/1/26,
Callable
6/1/26
@
100(a)
.................................
2,500
2,079
DISH
Network
Corp.,
11.75%,
11/15/27,
Callable
5/15/25
@
105.88(a)
................
10,500
10,499
Frontier
Communications
Holdings
LLC,
6.75%,
5/1/29,
Callable
9/9/24
@
103.38(a)
......
2,000
1,890
Victory
Portfolios
III
Victory
High
Income
Fund
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Gray
Television,
Inc.
10.50%,
7/15/29,
Callable
7/15/26
@
105.25(a)
.............................
$
7,500
$
7,827
4.75%,
10/15/30,
Callable
10/15/25
@
102.38(a)
............................
5,500
3,657
5.38%,
11/15/31,
Callable
11/15/26
@
102.69(a)
............................
14,500
9,365
iHeartCommunications,
Inc.
6.38%,
5/1/26,
Callable
8/23/24
@
100(k)
.................................
5,000
4,242
8.38%,
5/1/27,
Callable
8/23/24
@
100(k)
.................................
2,000
814
Match
Group
Holdings
II
LLC,
4.63%,
6/1/28,
Callable
9/9/24
@
101.16(a)
.............
2,000
1,907
News
Corp.,
5.13%,
2/15/32,
Callable
2/15/27
@
102.56(a)
.........................
1,000
950
Nexstar
Media,
Inc.,
5.63%,
7/15/27,
Callable
8/19/24
@
101.41(a)
...................
1,500
1,456
Scripps
Escrow
II,
Inc.
3.88%,
1/15/29,
Callable
9/9/24
@
101.94(a)
...............................
3,000
1,951
5.38%,
1/15/31,
Callable
1/15/26
@
102.69(a)(k)
............................
15,473
7,481
Scripps
Escrow,
Inc.,
5.88%,
7/15/27,
Callable
9/9/24
@
101.47(a)
...................
1,325
920
Sinclair
Television
Group,
Inc.
5.50%,
3/1/30,
Callable
12/1/24
@
102.75(a)(k)
.............................
3,601
2,192
4.13%,
12/1/30,
Callable
12/1/25
@
102.06(a)(k)
............................
2,000
1,394
Sirius
XM
Radio,
Inc.
4.13%,
7/1/30,
Callable
7/1/25
@
102.06(a)
................................
1,000
870
3.88%,
9/1/31,
Callable
9/1/26
@
101.94(a)
................................
2,000
1,670
TEGNA,
Inc.,
5.00%,
9/15/29,
Callable
9/15/24
@
102.5
..........................
1,500
1,368
Townsquare
Media,
Inc.,
6.88%,
2/1/26,
Callable
9/9/24
@
101.72(a)(k)
...............
2,000
1,972
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC,
6.50%,
2/15/29,
Callable
8/19/24
@
103.25(a)
......................................................
1,000
759
Univision
Communications,
Inc.,
7.38%,
6/30/30,
Callable
6/30/25
@
103.69(a)
..........
2,000
1,925
Urban
One,
Inc.,
7.38%,
2/1/28,
Callable
9/9/24
@
103.69(a)
.......................
3,616
2,761
Windstream
Escrow
LLC/Windstream
Escrow
Finance
Corp.,
7.75%,
8/15/28,
Callable
9/9/24
@
101.94(a)
......................................................
3,000
2,896
Zayo
Group
Holdings,
Inc.
4.00%,
3/1/27,
Callable
9/9/24
@
100(a)(k)
................................
5,000
4,255
6.13%,
3/1/28,
Callable
9/9/24
@
101.53(a)(k)
..............................
2,000
1,365
120,045
Consumer
Discretionary
(7.4%):
Asbury
Automotive
Group,
Inc.,
5.00%,
2/15/32,
Callable
11/15/26
@
102.5(a)
..........
2,000
1,843
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.,
4.63%,
4/1/30,
Callable
4/1/25
@
102.31(a)
.........................................................
2,000
1,828
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.,
5.38%,
3/1/29,
Callable
9/9/24
@
102.69(a)(k)
......................................................
2,000
1,832
Beazer
Homes
USA,
Inc.,
7.25%,
10/15/29,
Callable
10/15/24
@
103.63
...............
1,250
1,266
Boyd
Gaming
Corp.,
4.75%,
6/15/31,
Callable
6/15/26
@
102.38(a)
...................
1,000
921
Boyne
USA,
Inc.,
4.75%,
5/15/29,
Callable
9/9/24
@
102.38(a)
......................
2,015
1,912
Caesars
Entertainment,
Inc.
7.00%,
2/15/30,
Callable
2/15/26
@
103.5(a)
...............................
2,750
2,836
6.50%,
2/15/32,
Callable
2/15/27
@
103.25(a)
..............................
1,200
1,216
Choice
Hotels
International,
Inc.,
5.85%,
8/1/34,
Callable
5/1/34
@
100
................
813
816
Churchill
Downs,
Inc.
5.75%,
4/1/30,
Callable
4/1/25
@
102.88(a)
................................
1,000
980
6.75%,
5/1/31,
Callable
5/1/26
@
103.38(a)
................................
2,500
2,537
Evergreen
Acqco
1
LP/TVI,
Inc.,
9.75%,
4/26/28,
Callable
2/15/25
@
104.88(a)
..........
810
854
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.,
6.75%,
1/15/30,
Callable
1/15/25
@
103.38(a)
................................................
1,500
1,329
Ford
Motor
Co.,
4.75%,
1/15/43
............................................
2,000
1,628
Garrett
Motion
Holdings,
Inc./Garrett
LX
I
SARL,
7.75%,
5/31/32,
Callable
5/31/27
@
103.88(a)
.........................................................
1,000
1,017
Graham
Packaging
Co.,
Inc.,
7.13%,
8/15/28,
Callable
9/9/24
@
101.78(a)
..............
1,500
1,461
Group
1
Automotive,
Inc.,
6.38%,
1/15/30,
Callable
7/15/26
@
103.19(a)
...............
1,000
1,010
Hanesbrands,
Inc.,
9.00%,
2/15/31,
Callable
2/15/26
@
104.5(a)(k)
...................
1,500
1,586
Hilton
Domestic
Operating
Co.,
Inc.,
4.00%,
5/1/31,
Callable
5/1/26
@
102(a)
...........
2,000
1,813
LCM
Investments
Holdings
II
LLC,
8.25%,
8/1/31,
Callable
8/1/26
@
104.13(a)
.........
1,000
1,048
LGI
Homes,
Inc.,
8.75%,
12/15/28,
Callable
12/15/25
@
104.38(a)
...................
500
531
Light
&
Wonder
International,
Inc.,
7.25%,
11/15/29,
Callable
11/15/24
@
103.63(a)
......
2,000
2,056
Victory
Portfolios
III
Victory
High
Income
Fund
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Lithia
Motors,
Inc.
3.88%,
6/1/29,
Callable
9/9/24
@
101.94(a)
................................
$
8,739
$
7,955
4.38%,
1/15/31,
Callable
10/15/25
@
102.19(a)
.............................
3,000
2,703
M/I
Homes,
Inc.,
4.95%,
2/1/28,
Callable
8/23/24
@
102.48
........................
3,000
2,924
Macy's
Retail
Holdings
LLC,
5.88%,
3/15/30,
Callable
3/15/25
@
102.94(a)(k)
..........
2,000
1,920
Newell
Brands,
Inc.,
6.88%,
4/1/36,
Callable
10/1/35
@
100
........................
500
479
Nordstrom,
Inc.,
4.38%,
4/1/30,
Callable
1/1/30
@
100
............................
2,000
1,817
PetSmart,
Inc./PetSmart
Finance
Corp.,
7.75%,
2/15/29,
Callable
9/9/24
@
103.88(a)
......
1,000
971
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
1,600
1,399
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.,
6.63%,
3/1/30,
Callable
3/1/25
@
103.31(a)
.................................................
2,000
1,960
Sotheby's,
7.38%,
10/15/27,
Callable
8/19/24
@
101.84(a)(k)
.......................
3,524
2,933
Staples,
Inc.
10.75%,
9/1/29,
Callable
9/1/26
@
105.38(a)
...............................
2,500
2,423
12.75%,
1/15/30,
Callable
6/15/27
@
106.38(a)
.............................
1,325
1,030
Tapestry,
Inc.,
7.85%,
11/27/33,
Callable
8/27/33
@
100
...........................
3,000
3,198
Taylor
Morrison
Communities,
Inc.,
5.75%,
1/15/28,
Callable
10/15/27
@
100(a)
.........
1,000
1,001
The
Gap,
Inc.,
3.63%,
10/1/29,
Callable
10/1/24
@
101.81(a)
.......................
2,000
1,747
The
Hertz
Corp.,
5.00%,
12/1/29,
Callable
12/1/24
@
102.5(a)(k)
....................
1,750
1,154
The
Michaels
Cos.,
Inc.,
5.25%,
5/1/28,
Callable
8/19/24
@
102.63(a)
.................
1,500
1,110
Vail
Resorts,
Inc.,
6.50%,
5/15/32,
Callable
5/15/27
@
103.25(a)(k)
...................
1,415
1,448
VT
Topco,
Inc.,
8.50%,
8/15/30,
Callable
8/15/26
@
104.25(a)
......................
500
529
Wand
NewCo.
3,
Inc.,
7.63%,
1/30/32,
Callable
1/30/27
@
103.81(a)
..................
300
313
Weekley
Homes
LLC/Weekley
Finance
Corp.,
4.88%,
9/15/28,
Callable
9/9/24
@
102.44(a)
.
2,085
1,987
WW
International,
Inc.,
4.50%,
4/15/29,
Callable
9/9/24
@
102.25(a)
.................
3,500
1,287
ZF
North
America
Capital,
Inc.,
6.88%,
4/23/32,
Callable
2/23/32
@
100(a)
.............
2,000
2,067
76,675
Consumer
Staples
(2.5%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
6.50%,
2/15/28,
Callable
2/15/25
@
103.25(a)
..............................
3,500
3,549
4.88%,
2/15/30,
Callable
2/15/25
@
103.66(a)
..............................
7,500
7,168
Edgewell
Personal
Care
Co.,
4.13%,
4/1/29,
Callable
8/19/24
@
102.06(a)
..............
1,500
1,395
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.,
8.50%,
6/1/26,
Callable
8/19/24
@
100(a)
2,000
158
NBM
US
Holdings,
Inc.,
6.63%,
8/6/29,
Callable
9/9/24
@
103.31(a)
..................
3,000
2,981
Performance
Food
Group,
Inc.,
4.25%,
8/1/29,
Callable
9/9/24
@
102.13(a)
.............
3,500
3,242
Post
Holdings,
Inc.
4.63%,
4/15/30,
Callable
4/15/25
@
102.31(a)
..............................
1,000
932
6.25%,
2/15/32,
Callable
2/15/27
@
103.13(a)
..............................
2,500
2,535
U.S.
Foods,
Inc.,
4.75%,
2/15/29,
Callable
9/9/24
@
102.38(a)
......................
3,000
2,873
Walgreens
Boots
Alliance,
Inc.,
4.50%,
11/18/34,
Callable
5/18/34
@
100
..............
1,000
796
25,629
Energy
(3.2%):
California
Resources
Corp.,
8.25%,
6/15/29,
Callable
6/15/26
@
104.13(a)
..............
2,000
2,047
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC,
5.50%,
6/15/31,
Callable
6/15/26
@
102.75(a)
2,500
2,402
Energy
Transfer
LP,
7.13%
(H15T5Y+531bps),
Callable
5/15/30
@
100(b)(i)
............
1,000
997
Harvest
Midstream
I
LP,
7.50%,
5/15/32,
Callable
5/15/27
@
103.75(a)
................
4,000
4,124
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6.25%,
11/1/28,
Callable
9/9/24
@
103.13(a)
...............................
1,500
1,500
6.25%,
4/15/32,
Callable
5/15/27
@
103.13(a)
..............................
1,000
972
6.88%,
5/15/34,
Callable
5/15/29
@
103.44(a)
..............................
1,000
998
Hunt
Cos.,
Inc.,
5.25%,
4/15/29,
Callable
9/9/24
@
102.63(a)
.......................
1,928
1,818
Murphy
Oil
USA,
Inc.,
3.75%,
2/15/31,
Callable
2/15/26
@
101.88(a)
.................
2,000
1,778
Permian
Resources
Operating
LLC,
6.25%,
2/1/33,
Callable
8/1/27
@
103.13(a)
..........
500
504
Prairie
Acquiror
LP,
9.00%,
8/1/29,
Callable
2/1/26
@
104.5(a)
......................
500
515
SM
Energy
Co.,
7.00%,
8/1/32,
Callable
8/1/27
@
103.5(a)
.........................
1,000
1,011
Sunoco
LP,
7.25%,
5/1/32,
Callable
5/1/27
@
103.63(a)
...........................
1,500
1,560
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.
6.00%,
3/1/27,
Callable
9/9/24
@
101.5(a)
.................................
3,000
2,979
7.38%,
2/15/29,
Callable
2/15/26
@
103.69(a)
..............................
1,000
1,012
Victory
Portfolios
III
Victory
High
Income
Fund
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Venture
Global
LNG,
Inc.
8.38%,
6/1/31,
Callable
6/1/26
@
104.19(a)
................................
$
4,000
$
4,202
9.88%,
2/1/32,
Callable
2/1/27
@
104.94(a)
................................
4,000
4,439
32,858
Financials
(3.8%):
Acrisure
LLC/Acrisure
Finance,
Inc.
8.25%,
2/1/29,
Callable
2/1/26
@
104.13(a)
................................
1,500
1,527
7.50%,
11/6/30,
Callable
5/15/26
@
103.75(a)
..............................
2,000
2,030
Aretec
Group,
Inc.,
10.00%,
8/15/30,
Callable
10/15/26
@
105(a)
....................
3,000
3,202
AssuredPartners,
Inc.,
7.50%,
2/15/32,
Callable
2/15/27
@
103.75(a)
..................
500
510
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance,
7.13%,
5/15/31,
Callable
5/15/27
@
103.56(a)
....................................
1,000
1,031
Blackstone
Private
Credit
Fund,
2.63%,
12/15/26,
Callable
11/15/26
@
100
.............
2,000
1,857
Block,
Inc.,
6.50%,
5/15/32,
Callable
5/15/27
@
103.25(a)
.........................
2,100
2,137
Boost
Newco
Borrower
LLC,
7.50%,
1/15/31,
Callable
1/15/27
@
103.75(a)
............
1,450
1,525
Citizens
Financial
Group,
Inc.,
5.65%
(H15T5Y+531bps),
Callable
10/6/25
@
100(b)(i)(k)
..
2,000
1,964
EMRLD
Borrower
LP/Emerald
Co-Issuer,
Inc.,
6.63%,
12/15/30,
Callable
6/15/26
@
103.31(a)
.........................................................
3,000
3,055
Enstar
Finance
LLC,
5.75%
(H15T5Y+547bps),
9/1/40,
Callable
9/1/25
@
100(b)
........
1,509
1,450
Ford
Motor
Credit
Co.
LLC,
5.11%,
5/3/29,
Callable
2/3/29
@
100
...................
5,500
5,386
Hightower
Holding
LLC,
9.13%,
1/31/30,
Callable
7/31/26
@
104.56(a)
...............
750
763
LABL,
Inc.,
10.50%,
7/15/27,
Callable
8/19/24
@
100(a)
..........................
2,000
1,952
Lehman
Brothers
Holdings,
Inc.,
5.75%,
4/25/11,
MTN
............................
1,000
1
Level
3
Financing,
Inc.
4.25%,
7/1/28,
Callable
9/9/24
@
101.06(a)
................................
3,500
1,907
10.75%,
12/15/30,
Callable
3/22/27
@
105.38(a)
............................
1,500
1,549
MetLife,
Inc.,
10.75%,
8/1/39,
Callable
8/1/34
@
100
.............................
1,000
1,350
Mobius
Merger
Sub,
Inc.,
9.00%,
6/1/30,
Callable
6/1/26
@
104.5(a)
..................
500
496
NCR
Atleos
Corp.,
9.50%,
4/1/29,
Callable
10/1/26
@
104.75(a)
.....................
500
546
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co.-Issuer,
4.88%,
5/15/29,
Callable
9/9/24
@
102.44(a)
.....................................
500
472
PRA
Group,
Inc.,
8.88%,
1/31/30,
Callable
6/1/26
@
104.44(a)
......................
1,700
1,731
Regions
Financial
Corp.,
5.75%
(H15T5Y+543bps),
Callable
6/15/25
@
100(b)(i)
........
1,000
990
Starwood
Property
Trust,
Inc.
4.38%,
1/15/27,
Callable
7/15/26
@
100(a)
................................
500
481
7.25%,
4/1/29,
Callable
10/1/28
@
100(a)
.................................
500
515
Watco
Cos.
LLC/Watco
Finance
Corp.,
7.13%,
8/1/32,
Callable
8/1/27
@
103.56(a)
.......
1,000
1,024
39,451
Health
Care
(2.2%):
CHS/Community
Health
Systems,
Inc.
4.75%,
2/15/31,
Callable
2/15/26
@
102.38(a)
..............................
1,500
1,234
10.88%,
1/15/32,
Callable
2/15/27
@
105.44(a)
.............................
500
537
Eastern
Maine
Healthcare
Systems,
5.02%,
7/1/36
...............................
3,000
2,718
Embecta
Corp.,
6.75%,
2/15/30,
Callable
2/15/27
@
101.69(a)
......................
1,000
892
Encompass
Health
Corp.,
4.63%,
4/1/31,
Callable
4/1/26
@
102.31
...................
500
466
Medline
Borrower
LP,
3.88%,
4/1/29,
Callable
10/1/24
@
101.94(a)
..................
2,250
2,100
Medline
Borrower
LP/Medline
Co.-Issuer,
Inc.,
6.25%,
4/1/29,
Callable
4/1/26
@
103.13(a)
.
1,100
1,123
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV,
5.13%,
4/30/31,
Callable
4/30/26
@
102.56(a)
.........................................................
3,000
2,756
Pediatrix
Medical
Group,
Inc.,
5.38%,
2/15/30,
Callable
2/15/25
@
102.69(a)
............
3,500
3,208
Prestige
Brands,
Inc.,
3.75%,
4/1/31,
Callable
4/1/26
@
101.88(a)
....................
3,500
3,087
Tenet
Healthcare
Corp.,
6.13%,
10/1/28,
Callable
9/9/24
@
103.06
...................
2,000
2,005
U.S.
Acute
Care
Solutions
LLC,
9.75%,
5/15/29,
Callable
5/15/26
@
104.88(a)
..........
2,000
1,984
22,110
Industrials
(11.4%):
Alta
Equipment
Group,
Inc.,
9.00%,
6/1/29,
Callable
6/1/26
@
104.5(a)
................
1,000
947
American
Airlines
Pass
Through
Trust,
3.70%,
10/15/25
...........................
1,120
1,086
American
Airlines,
Inc.
7.25%,
2/15/28,
Callable
2/15/25
@
103.63(a)
..............................
500
500
8.50%,
5/15/29,
Callable
11/15/25
@
104.25(a)
.............................
1,000
1,029
Victory
Portfolios
III
Victory
High
Income
Fund
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75%,
4/20/29(a)
................
$
11,432
$
11,171
APX
Group,
Inc.,
5.75%,
7/15/29,
Callable
9/9/24
@
102.88(a)
......................
2,000
1,946
Brightline
East
LLC,
11.00%,
1/31/30,
Callable
5/9/27
@
105.5(a)
....................
2,750
2,503
Builders
FirstSource,
Inc.,
6.38%,
3/1/34,
Callable
3/1/29
@
103.19(a)
.................
4,000
4,036
BWX
Technologies,
Inc.,
4.13%,
4/15/29,
Callable
8/23/24
@
102.06(a)
...............
1,000
942
Concentrix
Corp.,
6.85%,
8/2/33,
Callable
5/2/33
@
100(k)
.........................
2,988
3,050
Cornerstone
Building
Brands,
Inc.,
9.50%,
8/15/29,
Callable
8/15/26
@
104.75(a)
.........
2,000
2,002
Cougar
JV
Subsidiary
LLC,
8.00%,
5/15/32,
Callable
5/15/27
@
104(a)
................
1,000
1,046
EMRLD
Borrower
LP/Emerald
Co-Issuer,
Inc.,
6.75%,
7/15/31,
Callable
7/15/27
@
103.38(a)
1,000
1,020
Esab
Corp.,
6.25%,
4/15/29,
Callable
4/15/26
@
103.13(a)
.........................
500
507
Fortress
Intermediate
3,
Inc.,
7.50%,
6/1/31,
Callable
6/1/27
@
103.75(a)
...............
1,000
1,025
Gates
Corp.,
6.88%,
7/1/29,
Callable
7/1/26
@
103.44(a)
..........................
1,000
1,019
Genesee
&
Wyoming,
Inc.,
6.25%,
4/15/32,
Callable
4/15/27
@
103.13(a)
..............
2,000
2,026
Griffon
Corp.,
5.75%,
3/1/28,
Callable
9/9/24
@
101.92
...........................
1,500
1,471
GXO
Logistics,
Inc.,
6.50%,
5/6/34,
Callable
2/6/34
@
100
.........................
5,083
5,278
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28,
Callable
9/9/24
@
101.94(a)
...........
2,000
1,828
Herc
Holdings,
Inc.,
6.63%,
6/15/29,
Callable
6/15/26
@
103.31(a)
...................
2,000
2,042
Howmet
Aerospace,
Inc.,
5.95%,
2/1/37
.......................................
1,000
1,056
JB
Poindexter
&
Co.,
Inc.,
8.75%,
12/15/31,
Callable
12/15/26
@
104.38(a)
.............
2,000
2,105
Masterbrand,
Inc.,
7.00%,
7/15/32,
Callable
7/15/27
@
103.5(a)
.....................
1,500
1,541
Rand
Parent
LLC,
8.50%,
2/15/30,
Callable
2/15/26
@
104.25(a)(k)
..................
500
494
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100
......................
2,779
2,900
Resideo
Funding,
Inc.,
6.50%,
7/15/32,
Callable
7/15/27
@
103.25(a)
.................
2,000
2,001
Ritchie
Bros
Holdings,
Inc.,
7.75%,
3/15/31,
Callable
3/15/26
@
103.88(a)
..............
2,000
2,105
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29,
Callable
10/15/24
@
102.19(a)
......
1,000
934
RXO,
Inc.,
7.50%,
11/15/27,
Callable
11/15/24
@
103.75(a)
........................
1,640
1,693
Sensata
Technologies,
Inc.,
6.63%,
7/15/32,
Callable
7/15/27
@
103.31(a)
..............
1,000
1,017
Spirit
AeroSystems,
Inc.
9.38%,
11/30/29,
Callable
11/30/25
@
104.69(a)
............................
4,000
4,329
9.75%,
11/15/30,
Callable
11/15/26
@
104.88(a)
............................
5,639
6,288
Spirit
Airlines
Pass
Through
Trust,
4.10%,
4/1/28
................................
1,617
1,503
Standard
Industries,
Inc.
4.38%,
7/15/30,
Callable
7/15/25
@
102.19(a)
..............................
3,000
2,733
3.38%,
1/15/31,
Callable
7/15/25
@
101.69(a)
..............................
5,000
4,275
The
ADT
Security
Corp.,
4.88%,
7/15/32(a)
....................................
1,000
929
The
Boeing
Co.,
6.86%,
5/1/54,
Callable
11/1/53
@
100(a)
.........................
2,500
2,648
The
GEO
Group,
Inc.,
8.63%,
4/15/29,
Callable
4/15/26
@
104.31
....................
2,000
2,075
TK
Elevator
US
Newco,
Inc.,
5.25%,
7/15/27,
Callable
9/9/24
@
101.31(a)
.............
1,000
980
TKC
Holdings,
Inc.,
10.50%,
5/15/29,
Callable
9/9/24
@
105.25(a)
...................
3,000
2,932
TransDigm,
Inc.
5.50%,
11/15/27,
Callable
9/9/24
@
101.38
................................
2,000
1,975
6.75%,
8/15/28,
Callable
2/15/25
@
103.38(a)
..............................
1,000
1,020
4.88%,
5/1/29,
Callable
9/9/24
@
102.44
..................................
1,500
1,427
TriNet
Group,
Inc.,
7.13%,
8/15/31,
Callable
8/15/26
@
103.56(a)
....................
2,000
2,061
United
Airlines
Pass
Through
Trust,
4.88%,
1/15/26
..............................
13
12
United
Rentals
North
America,
Inc.
4.00%,
7/15/30,
Callable
7/15/25
@
102
..................................
1,500
1,375
6.13%,
3/15/34,
Callable
3/15/29
@
103.06(a)
..............................
6,000
6,028
US
Airways
Pass
Through
Trust,
3.95%,
11/15/25
................................
1,489
1,455
Verde
Purchaser
LLC,
10.50%,
11/30/30,
Callable
11/30/26
@
105.25(a)
...............
250
266
Waste
Pro
USA,
Inc.,
5.50%,
2/15/26,
Callable
9/9/24
@
100(a)
.....................
2,000
1,985
Werner
FinCo
LP/Werner
FinCo,
Inc.,
11.50%,
6/15/28,
Callable
6/15/25
@
108.63(a)
.....
1,500
1,629
Windsor
Holdings
III
LLC,
8.50%,
6/15/30,
Callable
6/15/26
@
104.25(a)
..............
2,000
2,108
XPO,
Inc.
7.13%,
6/1/31,
Callable
6/1/26
@
103.56(a)
................................
4,225
4,359
7.13%,
2/1/32,
Callable
2/1/27
@
103.56(a)
................................
1,250
1,291
118,003
Information
Technology
(3.2%):
AthenaHealth
Group,
Inc.,
6.50%,
2/15/30,
Callable
2/15/25
@
103.25(a)
...............
500
472
Capstone
Borrower,
Inc.,
8.00%,
6/15/30,
Callable
6/15/26
@
104(a)
..................
2,500
2,592
Central
Parent,
Inc./CDK
Global,
Inc.,
7.25%,
6/15/29,
Callable
6/15/25
@
103.63(a)
......
3,500
3,531
Victory
Portfolios
III
Victory
High
Income
Fund
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Cloud
Software
Group,
Inc.
6.50%,
3/31/29,
Callable
9/30/25
@
103.25(a)
..............................
$
1,000
$
975
9.00%,
9/30/29,
Callable
9/30/25
@
104.5(a)
...............................
1,250
1,242
EquipmentShare.com,
Inc.
9.00%,
5/15/28,
Callable
5/15/25
@
106.75(a)
..............................
4,000
4,121
8.63%,
5/15/32,
Callable
5/15/27
@
104.31(a)
..............................
500
519
Gen
Digital,
Inc.,
7.13%,
9/30/30,
Callable
9/30/25
@
103.56(a)
.....................
500
517
NCR
Voyix
Corp.,
5.13%,
4/15/29,
Callable
9/9/24
@
102.56(a)
.....................
2,500
2,388
Neptune
BidCo
US,
Inc.,
9.29%,
4/15/29,
Callable
10/15/25
@
104.65(a)
...............
4,500
4,404
Open
Text
Holdings,
Inc.,
4.13%,
12/1/31,
Callable
12/1/26
@
102.06(a)
...............
3,000
2,674
Rocket
Software,
Inc.
9.00%,
11/28/28,
Callable
5/1/25
@
103(a)
................................
2,000
2,059
6.50%,
2/15/29,
Callable
2/15/25
@
101.63(a)
..............................
500
452
UKG,
Inc.,
6.88%,
2/1/31,
Callable
2/1/27
@
103.44(a)
............................
1,000
1,027
Western
Digital
Corp.,
3.10%,
2/1/32,
Callable
11/1/31
@
100
.......................
3,000
2,471
Xerox
Holdings
Corp.,
8.88%,
11/30/29,
Callable
11/30/26
@
104.44(a)
................
500
465
Zebra
Technologies
Corp.,
6.50%,
6/1/32,
Callable
6/1/27
@
103.25(a)
................
1,500
1,541
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.,
3.88%,
2/1/29,
Callable
8/19/24
@
101.94(a)
.........................................................
2,000
1,825
33,275
Materials
(3.1%):
AAR
Escrow
Issuer
LLC,
6.75%,
3/15/29,
Callable
3/15/26
@
103.38(a)
...............
3,000
3,067
Axalta
Coating
Systems
LLC,
3.38%,
2/15/29,
Callable
9/9/24
@
101.69(a)
.............
2,000
1,819
Cleveland-Cliffs,
Inc.,
7.00%,
3/15/32,
Callable
3/15/27
@
103.5(a)
...................
1,000
1,005
Clydesdale
Acquisition
Holdings,
Inc.,
6.88%,
1/15/30,
Callable
7/15/26
@
103.44(a)
......
1,000
998
Knife
River
Corp.,
7.75%,
5/1/31,
Callable
5/1/26
@
103.88(a)
......................
4,000
4,205
LABL,
Inc.,
9.50%,
11/1/28,
Callable
11/1/25
@
104.75(a)
.........................
750
760
Louisiana-Pacific
Corp.,
3.63%,
3/15/29,
Callable
9/9/24
@
101.81(a)(k)
...............
1,000
924
Pactiv
Evergreen
Group
Issuer
LLC/Pactiv
Evergreen
Group
Issuer,
Inc.,
4.38%,
10/15/28,
Callable
10/15/24
@
102.19(a)
.........................................
2,000
1,880
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC,
4.00%,
10/15/27,
Callable
9/9/24
@
102(a)
.............................................
1,000
945
Panther
Escrow
Issuer
LLC,
7.13%,
6/1/31,
Callable
6/1/27
@
103.56(a)
...............
1,500
1,539
Sasol
Financing
USA
LLC,
8.75%,
5/3/29,
Callable
3/3/29
@
100(a)
..................
1,500
1,552
SCIH
Salt
Holdings,
Inc.,
4.88%,
5/1/28,
Callable
9/9/24
@
102.44(a)
.................
250
233
Sealed
Air
Corp.,
6.50%,
7/15/32,
Callable
7/15/27
@
103.25(a)
.....................
4,500
4,554
Smyrna
Ready
Mix
Concrete
LLC,
8.88%,
11/15/31,
Callable
11/15/26
@
104.44(a)
.......
1,500
1,616
The
Chemours
Co.
5.75%,
11/15/28,
Callable
8/19/24
@
102.88(a)
.............................
2,000
1,872
4.63%,
11/15/29,
Callable
11/15/24
@
102.31(a)
............................
4,000
3,505
Tronox,
Inc.,
4.63%,
3/15/29,
Callable
9/9/24
@
102.31(a)
.........................
1,100
1,002
United
States
Steel
Corp.,
6.88%,
3/1/29,
Callable
9/9/24
@
103.44
...................
903
909
32,385
Real
Estate
(2.5%):
Cushman
&
Wakefield
U.S.
Borrower
LLC,
8.88%,
9/1/31,
Callable
9/1/26
@
104.44(a)
....
2,000
2,153
GLP
Capital
LP/GLP
Financing
II,
Inc.,
5.63%,
9/15/34,
Callable
6/15/34
@
100
.........
2,500
2,494
RHP
Hotel
Properties
LP/RHP
Finance
Corp.
4.50%,
2/15/29,
Callable
9/9/24
@
102.25(a)
...............................
2,000
1,895
6.50%,
4/1/32,
Callable
4/1/27
@
103.25(a)
................................
1,000
1,011
SBA
Tower
Trust,
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
.......................
1,053
1,079
Service
Properties
Trust
4.38%,
2/15/30,
Callable
8/15/29
@
100
..................................
3,000
2,243
8.63%,
11/15/31,
Callable
11/15/26
@
104.31(a)
............................
1,000
1,064
8.88%,
6/15/32,
Callable
6/15/27
@
104.44
................................
5,500
5,238
The
Howard
Hughes
Corp.,
4.38%,
2/1/31,
Callable
2/1/26
@
102.19(a)
................
5,161
4,612
VICI
Properties
LP/VICI
Note
Co.,
Inc.,
4.13%,
8/15/30,
Callable
2/15/25
@
102.06(a)
....
3,939
3,663
25,452
Utilities
(1.7%):
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer,
6.75%,
4/15/28,
Callable
4/15/25
@
103.38(a)
................................................
1,000
1,005
Victory
Portfolios
III
Victory
High
Income
Fund
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Calpine
Corp.,
4.63%,
2/1/29,
Callable
9/9/24
@
102.31(a)
.........................
$
5,600
$
5,289
Entergy
Corp.,
7.13%
(H15T5Y+267bps),
12/1/54,
Callable
9/1/29
@
100(b)
............
10,000
10,017
Vistra
Operations
Co.
LLC,
6.88%,
4/15/32,
Callable
4/15/27
@
103.44(a)
..............
1,000
1,030
17,341
Total
Corporate
Bonds
(Cost
$560,676)
a
a
a
543,224
Yankee
Dollars
(16.4%)
Communication
Services
(2.6%):
Altice
France
Holding
SA,
6.00%,
2/15/28,
Callable
9/9/24
@
101.5(a)
................
11,000
3,432
Altice
France
SA
5.50%,
1/15/28,
Callable
8/19/24
@
101.38(a)
..............................
7,500
5,488
5.50%,
10/15/29,
Callable
10/15/24
@
102.75(a)
............................
7,500
5,275
LCPR
Senior
Secured
Financing
DAC,
5.13%,
7/15/29,
Callable
9/9/24
@
102.56(a)(k)
....
2,000
1,665
Telecom
Italia
Capital
SA,
7.20%,
7/18/36
.....................................
753
751
Virgin
Media
Finance
PLC,
5.00%,
7/15/30,
Callable
7/15/25
@
102.5(a)
...............
3,500
2,950
Vmed
O2
UK
Financing
I
PLC
4.25%,
1/31/31,
Callable
1/31/26
@
102.13(a)
..............................
3,000
2,542
7.75%,
4/15/32,
Callable
4/15/27
@
103.88(a)
..............................
2,000
2,002
Zegona
Finance
PLC,
8.63%,
7/15/29,
Callable
7/15/26
@
104.31(a)
..................
2,500
2,552
26,657
Consumer
Discretionary
(2.6%):
Carnival
Corp.
5.75%,
3/1/27,
Callable
12/1/26
@
100(a)
.................................
3,000
2,985
6.00%,
5/1/29,
Callable
11/1/24
@
103(a)
.................................
3,500
3,490
IHO
Verwaltungs
GmbH,
6.38%,
5/15/29,
Callable
9/9/24
@
103.19(a)(l)
..............
1,024
1,024
International
Game
Technology
PLC,
6.25%,
1/15/27,
Callable
7/15/26
@
100(a)
.........
2,000
2,017
Mattamy
Group
Corp.,
4.63%,
3/1/30,
Callable
3/1/25
@
102.31(a)
...................
500
469
Melco
Resorts
Finance
Ltd.,
5.38%,
12/4/29,
Callable
12/4/24
@
102.69(a)
.............
1,000
901
NCL
Corp.
Ltd.
5.88%,
3/15/26,
Callable
12/15/25
@
100(a)
...............................
15,805
15,731
7.75%,
2/15/29,
Callable
11/15/28
@
100(a)(k)
.............................
95
100
Viking
Cruises
Ltd.,
9.13%,
7/15/31,
Callable
7/15/26
@
104.56(a)
...................
500
545
27,262
Energy
(1.4%):
Baytex
Energy
Corp.,
7.38%,
3/15/32,
Callable
3/15/27
@
103.69(a)
..................
1,500
1,532
Consolidated
Energy
Finance
SA,
12.00%,
2/15/31,
Callable
2/15/27
@
106(a)
...........
500
500
Harbour
Energy
PLC,
5.50%,
10/15/26,
Callable
9/9/24
@
102.75(a)
..................
2,000
1,972
Ithaca
Energy
North
Sea
PLC,
9.00%,
7/15/26,
Callable
9/9/24
@
102.25(a)
.............
1,000
1,013
Northriver
Midstream
Finance
LP,
6.75%,
7/15/32,
Callable
7/15/27
@
103.38(a)
.........
2,000
2,011
Petrobras
Global
Finance
BV,
5.50%,
6/10/51,
Callable
12/10/50
@
100
................
2,000
1,638
Petroleos
Mexicanos
6.84%,
1/23/30,
Callable
10/23/29
@
100(k)
...............................
3,000
2,685
6.63%,
6/15/35
....................................................
2,000
1,558
Tullow
Oil
PLC,
10.25%,
5/15/26,
Callable
8/19/24
@
102.56
.......................
1,600
1,541
Vallourec
SACA,
7.50%,
4/15/32,
Callable
4/15/27
@
103.75(a)
.....................
250
262
14,712
Financials
(3.6%):
1375209
BC
Ltd.,
9.00%,
1/30/28,
Callable
8/19/24
@
100(a)(k)
.....................
16,356
15,575
Ardonagh
Finco
Ltd.,
7.75%,
2/15/31,
Callable
2/15/27
@
103.88(a)
..................
2,566
2,603
Ardonagh
Group
Finance
Ltd.,
8.88%,
2/15/32,
Callable
2/15/27
@
104.44(a)
...........
5,000
5,046
Deutsche
Bank
AG
4.88%
(USISOA05+255bps),
12/1/32,
Callable
12/1/27
@
100(b)
................
2,000
1,911
3.74%
(SOFR+226bps),
1/7/33,
Callable
10/7/31
@
100(b)
.....................
2,351
1,980
GGAM
Finance
Ltd.,
6.88%,
4/15/29,
Callable
4/15/26
@
103.44(a)
..................
1,000
1,025
Howden
UK
Refinance
PLC/Howden
UK
Refinance
2
PLC/Howden
U.S.
Refinance
LLC,
8.13%,
2/15/32,
Callable
2/15/27
@
104.06(a)
..............................
500
498
Victory
Portfolios
III
Victory
High
Income
Fund
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
3/15/30,
Callable
3/15/26
@
104.25(a)
..............................
$
500
$
524
10.50%,
12/15/30,
Callable
12/15/25
@
105.25(a)
...........................
1,000
1,073
Lehman
Brothers
Treasury
Co.
BV,
MTN(i)(m)
.................................
1,447
—(h)
Macquarie
Airfinance
Holdings
Ltd.,
8.13%,
3/30/29,
Callable
9/30/25
@
104.06(a)
.......
500
529
QBE
Insurance
Group
Ltd.,
5.88%
(H15T5Y+551bps),
Callable
5/12/25
@
100(a)(b)(i)(k)
..
1,300
1,289
UniCredit
SpA,
5.86%
(USISOA05+370bps),
6/19/32,
Callable
6/19/27
@
100(a)(b)
......
5,000
4,949
37,002
Health
Care
(0.1%):
Bausch
+
Lomb
Corp.,
8.38%,
10/1/28,
Callable
10/1/25
@
104.19(a)
.................
500
514
Industrials
(2.9%):
Air
Canada
Pass
Through
Trust,
4.13%,
5/15/25(a)
...............................
3,969
3,894
ATS
Corp.,
4.13%,
12/15/28,
Callable
9/9/24
@
102.06(a)
..........................
1,000
926
Bombardier,
Inc.
6.00%,
2/15/28,
Callable
9/9/24
@
103(a)
.................................
2,500
2,496
7.25%,
7/1/31,
Callable
7/1/27
@
103.63(a)
................................
3,000
3,090
Hawaiian
Brand
Intellectual
Property
Ltd./HawaiianMiles
Loyalty
Ltd.,
11.00%,
4/15/29,
Callable
1/15/27
@
105.5(a)
...........................................
3,795
3,613
Latam
Airlines
Group
SA
13.38%,
10/15/27,
Callable
10/15/24
@
110.03(a)
...........................
3,000
3,320
13.38%,
10/15/29,
Callable
10/15/25
@
110.03(a)
...........................
1,000
1,157
Optics
Bidco
SpA,
7.20%,
7/18/36,
Callable
4/18/36
@
100(a)
......................
2,247
2,309
Seaspan
Corp.,
5.50%,
8/1/29,
Callable
9/9/24
@
102.75(a)
.........................
1,500
1,348
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
9.50%,
6/1/28,
Callable
6/1/25
@
104.75(a)(k)
..............................
4,500
4,034
6.38%,
2/1/30,
Callable
2/1/25
@
103.19(a)(k)
..............................
5,000
3,985
30,172
Information
Technology
(0.8%):
Dye
&
Durham
Ltd.,
8.63%,
4/15/29,
Callable
4/15/26
@
104.31(a)
...................
1,000
1,023
Iliad
Holding
SASU,
8.50%,
4/15/31,
Callable
4/15/27
@
104.25(a)
...................
2,000
2,079
Seagate
HDD
Cayman
8.50%,
7/15/31,
Callable
7/15/26
@
104.25
................................
2,000
2,168
9.63%,
12/1/32,
Callable
12/1/27
@
104.81
................................
2,090
2,393
7,663
Materials
(1.7%):
Alcoa
Nederland
Holding
BV,
7.13%,
3/15/31,
Callable
3/15/27
@
103.56(a)
............
300
310
Algoma
Steel,
Inc.,
9.13%,
4/15/29,
Callable
4/15/26
@
104.56(a)
....................
1,000
998
ARD
Finance
SA,
6.50%,
6/30/27,
Callable
9/9/24
@
101.63(a)(n)
...................
2,000
508
Eldorado
Gold
Corp.,
6.25%,
9/1/29,
Callable
9/9/24
@
103.13(a)
....................
2,000
1,956
Endeavour
Mining
PLC,
5.00%,
10/14/26,
Callable
9/9/24
@
102.5(a)
.................
5,320
5,079
First
Quantum
Minerals
Ltd.,
8.63%,
6/1/31,
Callable
6/1/26
@
104.31(a)
..............
1,000
995
Methanex
Corp.,
5.25%,
12/15/29,
Callable
9/15/29
@
100
.........................
2,431
2,366
Mineral
Resources
Ltd.,
9.25%,
10/1/28,
Callable
10/1/25
@
104.63(a)
................
2,000
2,123
NOVA
Chemicals
Corp.,
4.25%,
5/15/29,
Callable
9/9/24
@
102.13(a)(k)
...............
2,215
2,001
Trivium
Packaging
Finance
BV,
8.50%,
8/15/27,
Callable
8/19/24
@
100(a)
.............
1,000
980
17,316
Real
Estate
(0.1%):
TK
Elevator
Holdco
GmbH,
7.63%,
7/15/28,
Callable
9/9/24
@
101.91(a)(k)
............
1,000
998
Sovereign
Bond
(0.1%):
Bahamas
Government
International
Bond,
6.00%,
11/21/28,
Callable
8/21/28
@
100(a)
.....
1,500
1,385
Utilities
(0.5%):
NES
Fircroft
Bondco
AS,
11.75%,
9/29/26,
Callable
9/29/24
@
105.88(a)
..............
5,000
5,275
Total
Yankee
Dollars
(Cost
$170,137)
a
a
a
168,956
Victory
Portfolios
III
Victory
High
Income
Fund
145
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
U.S.
Government
Agency
Mortgages
(0.2%)
Farm
Credit
Bank
of
Texas
Series
4,
5.70%
(H15T5Y+542bps)(a)(b)(i)
................................
$
2,000
$
1,972
Total
U.S.
Government
Agency
Mortgages
(Cost
$1,984)
a
a
a
1,972
U.S.
Treasury
Obligations
(0.5%)
U.S.
Treasury
Bonds,
5.00%,
5/15/37
.........................................
4,500
4,906
Total
U.S.
Treasury
Obligations
(Cost
$4,823)
a
a
a
4,906
Commercial
Paper
(13.6%)
Consumer
Discretionary
(1.5%):
AutoNation,
Inc.,
5.92%,
8/2/24(a)(o)
........................................
5,000
4,998
Whirlpool
Corp.
5.83%,
8/8/24(a)(o)
.................................................
9,600
9,588
5.87%,
8/12/24(a)(o)
................................................
500
499
15,085
Consumer
Staples
(1.3%):
Bacardi
USA,
Inc.
5.74%,
8/8/24(a)(o)
.................................................
5,000
4,994
5.77%,
8/15/24(a)(o)
................................................
3,900
3,891
ConAgra
Brands,
Inc.,
5.70%,
8/12/24(a)(o)
....................................
5,000
4,990
13,875
Energy
(3.8%):
APA
Corp.,
6.02%,
8/1/24(a)(o)
.............................................
9,700
9,698
Canadian
Natural
Resources
Ltd.,
5.65%,
8/26/24(a)(o)
............................
10,000
9,960
Ovintiv,
Inc.,
6.08%,
8/6/24(a)(o)
...........................................
10,000
9,990
Targa
Resources
Corp.,
5.79%,
8/1/24(a)(o)
....................................
10,000
9,999
39,647
Financials
(1.0%):
Syngenta
Wilmington,
Inc.,
5.86%,
8/7/24(a)(o)
.................................
10,000
9,989
Industrials
(1.0%):
Huntington
Ingalls
Industries,
Inc.,
5.71%,
8/1/24(a)(o)
............................
5,000
4,999
Stanley
Black
&
Decker,
Inc.,
5.53%,
8/2/24(a)(o)
...............................
5,500
5,498
10,497
Information
Technology
(1.9%):
Flex
Ltd.
5.97%,
8/5/24(a)(o)
.................................................
5,000
4,996
5.97%,
8/6/24(a)(o)
.................................................
5,100
5,095
Jabil,
Inc.
6.07%,
8/1/24(a)(o)
.................................................
1,000
1,000
6.07%,
8/2/24(a)(o)
.................................................
9,000
8,997
20,088
Materials
(0.6%):
International
Flavors
&
Fragrances,
Inc.,
5.51%,
8/26/24(a)(o)
.......................
6,300
6,275
Real
Estate
(0.5%):
Crown
Castle
International
Corp.,
5.74%,
8/9/24(a)(o)
............................
5,000
4,993
Utilities
(2.0%):
Guadalupe
Valley
Electric
Cooperative,
Inc.
6.05%,
8/7/24(a)(o)
.................................................
6,700
6,692
6.05%,
8/8/24(a)(o)
.................................................
3,300
3,296
The
AES
Corp.
5.87%,
8/6/24(o)
...................................................
3,750
3,746
Victory
Portfolios
III
Victory
High
Income
Fund
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5.96%,
8/14/24(o)
..................................................
$
6,400
$
6,385
20,119
Total
Commercial
Paper
(Cost
$140,586)
a
a
a
140,568
Shares
Exchange-Traded
Funds
(0.5%)
iShares
BB
Rated
Corporate
Bond
ETF(k)
.....................................
10,000
466
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF(k)
..............................
599
47
SPDR
Bloomberg
High
Yield
Bond
ETF(k)
....................................
40,315
3,864
SPDR
Portfolio
High
Yield
Bond
ETF
........................................
20,000
472
Total
Exchange-Traded
Funds
(Cost
$4,654)
a
a
a
4,849
Collateral
for
Securities
Loaned
(3.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(p)
........
8,348,782
8,348
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(p)
............
8,348,782
8,349
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.21%(p)
...............
8,348,782
8,349
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(p)
.
8,348,782
8,349
Total
Collateral
for
Securities
Loaned
(Cost
$33,395)
a
a
a
33,395
Total
Investments
(Cost
$1,076,998)
—
102.7%
1,059,395
Liabilities
in
excess
of
other
assets
—
(2.7)%
(27,442)
NET
ASSETS
-
100.00%
$
1,031,953
At
July
31,
2024,
the
Fund's
investments
in
foreign
securities
were
22.8%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2024,
the
fair
value
of
these
securities
was
$826,717
(thousands)
and
amounted
to
80.1%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2024.
(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
July
31,
2024.
(d)
Security
is
interest
only.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Non-income
producing
security.
(g)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2024.
(h)
Rounds
to
less
than
$1
thousand.
(i)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(j)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(k)
All
or
a
portion
of
this
security
is
on
loan.
(l)
Up
to
7.13%
of
the
coupon
may
be
PIK.
(m)
Zero-coupon
bond.
(n)
Up
to
7.25%
of
the
coupon
may
be
PIK.
(o)
Rate
represents
the
effective
yield
at
July
31,
2024.
(p)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
ETF
—
Exchange-Traded
Fund
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PIK
—
Payment-in-Kind
Victory
Portfolios
III
Victory
High
Income
Fund
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2024.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
87
9/19/24
$
9,681,000
$
9,727,687
$
46,687
30-Year
U.S.
Treasury
Bond
Futures
.....
23
9/19/24
2,700,567
2,777,969
77,402
5-Year
U.S.
Treasury
Note
Futures
.......
90
9/30/24
9,678,116
9,710,156
32,040
$
156,129
Total
unrealized
appreciation
$
156,129
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
156,129
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Income
Fund
148
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(9.7%)
ABS
Auto
(4.9%):
Ally
Auto
Receivables
Trust
,
Series
2024-1
,
Class
C
,
5
.41
%
,
11/15/29
,
Callable
4/15/27
@
100
$
1,500
$
1,518
American
Credit
Acceptance
Receivables
Trust
,
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
8/13/25
@
100
(a)
............................................
174
174
AmeriCredit
Automobile
Receivables
Trust
,
Series
2021-1
,
Class
D
,
1
.21
%
,
12/18/26
,
Callable
6/18/25
@
100
.....................................................
2,000
1,923
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A
,
Class
A3
,
3
.43
%
,
1/15/31
,
Callable
5/15/25
@
100
(a)
..............
2,286
2,253
Series
2022-A
,
Class
B
,
3
.79
%
,
1/15/31
,
Callable
5/15/25
@
100
(a)
...............
1,400
1,361
Series
2024-B
,
Class
B
,
5
.39
%
,
4/15/33
,
Callable
10/15/27
@
100
(a)
..............
1,100
1,099
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
2,500
2,494
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
3,500
3,567
Series
2023-6A
,
Class
C
,
7
.03
%
,
12/20/29
(a)
...............................
4,000
4,129
BofA
Auto
Trust
,
Series
2024-1A
,
Class
A4
,
5
.31
%
,
6/17/30
,
Callable
8/15/27
@
100
(a)
....
1,350
1,375
CarMax
Auto
Owner
Trust
................................................
Series
2022-3
,
Class
D
,
6
.20
%
,
1/16/29
,
Callable
9/15/26
@
100
.................
2,930
2,967
Series
2023-2
,
Class
B
,
5
.18
%
,
11/15/28
,
Callable
3/15/27
@
100
................
5,000
5,016
CarMax
Select
Receivables
Trust
,
Series
2024-A
,
Class
B
,
5
.35
%
,
1/15/30
,
Callable
11/15/28
@
100
...........................................................
2,000
2,010
Carvana
Auto
Receivables
Trust
,
Series
2021-N4
,
Class
A2
,
1
.80
%
,
9/11/28
,
Callable
9/10/27
@
100
...........................................................
2,648
2,545
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA
,
Class
C
,
6
.24
%
,
9/25/29
,
Callable
3/25/28
@
100
(a)
.............
2,750
2,879
Series
2024-1A
,
Class
A4
,
5
.05
%
,
10/25/29
,
Callable
2/25/28
@
100
(a)
............
3,500
3,550
Series
2024-1A
,
Class
B
,
5
.16
%
,
11/26/29
,
Callable
2/25/28
@
100
(a)
.............
964
972
Series
2024-2A
,
Class
B
,
5
.55
%
,
1/25/30
,
Callable
4/25/28
@
100
(a)
..............
2,500
2,557
Series
2024-3A
,
Class
A4
,
5
.08
%
,
12/25/29
,
Callable
5/25/28
@
100
(a)
............
2,000
2,032
Series
2024-4A
,
Class
B
,
5
.23
%
,
4/25/30
,
Callable
7/25/28
@
100
(a)
..............
1,500
1,503
Chesapeake
Funding
II
LLC
,
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
6/15/26
@
100
(a)
...........................................................
1,000
1,005
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1
,
Class
A3
,
5
.84
%
,
1/18/28
,
Callable
4/15/27
@
100
(a)
..............
3,000
3,028
Series
2023-1
,
Class
A4
,
5
.78
%
,
10/15/30
,
Callable
4/15/27
@
100
(a)
.............
2,000
2,047
CPS
Auto
Receivables
Trust
,
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
5/15/27
@
100
(a)
...........................................................
2,360
2,370
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2022-3A
,
Class
B
,
7
.52
%
,
12/15/32
,
Callable
11/15/26
@
100
(a)
............
3,500
3,563
Series
2023-2A
,
Class
B
,
6
.61
%
,
7/15/33
,
Callable
10/15/26
@
100
(a)
.............
2,000
2,025
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
2,842
2,914
Drive
Auto
Receivables
Trust
,
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
8/15/25
@
100
2,225
2,162
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
9/15/28
@
100
(a)
...........................................................
1,750
1,802
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4
,
Class
A3
,
5
.65
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
4,000
4,050
Series
2023-1
,
Class
A3
,
5
.42
%
,
10/22/29
,
Callable
11/20/26
@
100
(a)
............
2,222
2,245
Series
2023-2
,
Class
A2
,
5
.56
%
,
4/22/30
,
Callable
4/20/27
@
100
(a)
..............
3,315
3,327
Series
2024-1
,
Class
A3
,
5
.16
%
,
9/20/30
,
Callable
8/20/27
@
100
(a)
..............
3,000
3,039
Exeter
Automobile
Receivables
Trust
,
Series
2020-2A
,
Class
E
,
7
.19
%
,
9/15/27
,
Callable
2/15/25
@
100
(a)
...................................................
5,000
5,033
FCCU
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
8/15/28
@
100
(a)
...........................................................
3,232
3,288
Flagship
Credit
Auto
Trust
,
Series
2020-2
,
Class
D
,
5
.75
%
,
4/15/26
,
Callable
7/15/25
@
100
(a)
1,623
1,621
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2020-1
,
Class
A
,
2
.04
%
,
8/15/31
,
Callable
2/15/25
@
100
(a)
...............
5,333
5,237
Series
2020-1
,
Class
C
,
2
.54
%
,
8/15/31
,
Callable
2/15/25
@
100
(a)
...............
4,200
4,126
Series
2023-1
,
Class
B
,
5
.29
%
,
8/15/35
,
Callable
2/15/28
@
100
(a)
...............
2,467
2,486
Series
2023-2
,
Class
B
,
5
.92
%
,
2/15/36
,
Callable
8/15/28
@
100
(a)
...............
5,000
5,152
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2024-1
,
Class
B
,
5
.55
%
,
5/15/29
,
Callable
6/15/27
@
100
(a)
............................................
2,143
2,129
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A
,
Class
B
,
5
.87
%
,
1/15/30
,
Callable
7/15/28
@
100
(a)
..............
1,660
1,701
Victory
Portfolios
III
Victory
Income
Fund
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-1A
,
Class
C
,
6
.33
%
,
4/15/30
,
Callable
7/15/28
@
100
(a)
..............
$
998
$
1,027
GLS
Auto
Select
Receivables
Trust
,
Series
2023-2A
,
Class
B
,
6
.67
%
,
12/17/29
,
Callable
8/15/28
@
100
(a)
...................................................
3,000
3,114
GreenState
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.17
%
,
1/15/30
,
Callable
12/15/27
@
100
(a)
..................................................
4,000
4,028
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A4
,
5
.12
%
,
4/16/29
,
Callable
2/15/27
@
100
(a)
...........................................................
7,000
7,013
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2023-1A
,
Class
B
,
6
.22
%
,
6/25/27
(a)
................................
1,000
1,002
Series
2023-3A
,
Class
C
,
7
.26
%
,
2/25/28
(a)
................................
2,000
2,028
Hertz
Vehicle
Financing
III
LP
,
Series
2021-2A
,
Class
C
,
2
.52
%
,
12/27/27
(a)
............
3,667
3,353
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A
,
Class
C
,
2
.05
%
,
12/26/25
(a)
...............................
1,667
1,646
Series
2022-2A
,
Class
C
,
2
.95
%
,
6/26/28
,
Callable
6/25/27
@
100
(a)
..............
3,500
3,182
Series
2022-4A
,
Class
B
,
4
.12
%
,
9/25/26
,
Callable
9/25/25
@
100
(a)
..............
2,000
1,960
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1
,
Class
B
,
0
.88
%
,
9/25/28
,
Callable
6/25/25
@
100
(a)
...............
36
36
Series
2021-3
,
Class
C
,
0
.86
%
,
2/26/29
,
Callable
6/25/25
@
100
(a)
...............
701
687
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
12/15/25
@
100
(a)
.............
1,500
1,461
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
6/15/27
@
100
(a)
..............
2,400
2,409
Series
2023-2A
,
Class
A3
,
5
.42
%
,
2/15/28
,
Callable
8/15/27
@
100
(a)
.............
3,000
3,002
Series
2023-2A
,
Class
B
,
5
.45
%
,
4/15/28
,
Callable
8/15/27
@
100
(a)
..............
2,719
2,726
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
9/15/27
@
100
(a)
..............
2,307
2,347
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
1/15/28
@
100
(a)
.............
1,450
1,485
Merchants
Fleet
Funding
LLC
,
Series
2024-1A
,
Class
B
,
5
.95
%
,
4/20/37
,
Callable
8/20/27
@
100
(a)
...........................................................
2,759
2,799
OCCU
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
B
,
6
.51
%
,
9/17/29
,
Callable
1/15/28
@
100
(a)
...........................................................
1,500
1,558
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
B
,
5
.55
%
,
4/15/27
,
Callable
4/15/27
@
100
(a)
..............
5,000
4,993
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
,
Callable
12/15/27
@
100
(a)
............
5,000
5,069
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
2/15/26
@
100
(a)
...............
883
879
Series
2022-B
,
Class
C
,
5
.92
%
,
8/16/32
,
Callable
5/15/26
@
100
(a)
...............
400
399
Santander
Drive
Auto
Receivables
Trust
,
Series
2022-3
,
Class
B
,
4
.13
%
,
8/16/27
,
Callable
4/15/26
@
100
.....................................................
3,188
3,165
SBNA
Auto
Lease
Trust
,
Series
2024-B
,
Class
A4
,
5
.55
%
,
12/20/28
,
Callable
4/20/27
@
100
(a)
...........................................................
1,182
1,200
SBNA
Auto
Receivables
Trust
..............................................
Series
2024-A
,
Class
A4
,
5
.21
%
,
4/16/29
,
Callable
12/15/27
@
100
(a)
.............
3,450
3,469
Series
2024-A
,
Class
B
,
5
.29
%
,
9/17/29
,
Callable
12/15/27
@
100
(a)
..............
3,450
3,462
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A
,
Class
A4
,
5
.70
%
,
8/15/29
,
Callable
1/15/28
@
100
(a)
.............
900
919
Series
2023-1A
,
Class
B
,
6
.08
%
,
11/15/29
,
Callable
1/15/28
@
100
(a)
.............
3,000
3,088
Series
2024-1A
,
Class
B
,
5
.33
%
,
7/15/30
,
Callable
9/15/28
@
100
(a)
..............
3,980
4,002
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A
,
Class
B
,
5
.71
%
,
1/22/30
,
Callable
8/20/27
@
100
(a)
..............
1,500
1,526
Series
2024-1A
,
Class
B
,
5
.38
%
,
1/21/31
,
Callable
1/20/28
@
100
(a)
..............
1,218
1,235
Series
2024-2A
,
Class
B
,
5
.41
%
,
8/20/30
,
Callable
11/20/27
@
100
(a)
.............
3,714
3,776
Tesla
Auto
Lease
Trust
...................................................
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
10/20/25
@
100
(a)
.............
1,337
1,357
Series
2024-A
,
Class
A4
,
5
.31
%
,
12/20/27
,
Callable
6/20/26
@
100
(a)
.............
3,000
3,021
Toyota
Auto
Loan
Extended
Note
Trust
,
Series
2021-1A
,
Class
A
,
1
.07
%
,
2/27/34
,
Callable
2/25/26
@
100
(a)
(b)
.................................................
5,500
5,180
Toyota
Lease
Owner
Trust
,
Series
2023-A
,
Class
A4
,
5
.05
%
,
8/20/27
,
Callable
8/20/25
@
100
(a)
...........................................................
3,333
3,330
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A
,
Class
A4
,
5
.59
%
,
12/15/28
,
Callable
7/15/27
@
100
(a)
............
3,000
3,035
Series
2023-1A
,
Class
B
,
5
.86
%
,
4/16/29
,
Callable
7/15/27
@
100
(a)
..............
1,600
1,624
Series
2023-1A
,
Class
C
,
6
.37
%
,
7/16/29
,
Callable
7/15/27
@
100
(a)
..............
3,500
3,576
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A
,
Class
A
,
5
.80
%
,
4/18/38
(a)
................................
2,829
2,835
Victory
Portfolios
III
Victory
Income
Fund
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2024-1A
,
Class
B
,
5
.50
%
,
2/18/39
(a)
................................
$
3,167
$
3,168
221,445
ABS
Card
(0.8%):
BA
Credit
Card
Trust
,
Series
2024-A1
,
Class
A
,
4
.93
%
,
5/15/29
......................
2,280
2,307
CARDS
II
Trust
,
Series
2024-1A
,
Class
C
,
5
.84
%
,
7/16/29
(a)
.......................
1,575
1,579
Citibank
Credit
Card
Issuance
Trust
,
Series
2018-A7
,
Class
A7
,
3
.96
%
,
10/13/30
.........
5,000
4,901
Evergreen
Credit
Card
Trust
...............................................
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
3,750
3,760
Series
2023-CRT3
,
Class
C
,
7
.31
%
,
2/15/27
(a)
..............................
2,118
2,129
Golden
Credit
Card
Trust
.................................................
Series
2021-1A
,
Class
B
,
1
.44
%
,
8/15/28
(a)
................................
9,000
8,352
Series
2021-1A
,
Class
C
,
1
.74
%
,
8/15/28
(a)
................................
4,467
4,124
Master
Credit
Card
Trust
,
Series
2022-2A
,
Class
C
,
2
.73
%
,
7/21/28
(a)
.................
2,344
2,182
Master
Credit
Card
Trust
II
................................................
Series
2022-1A
,
Class
C
,
2
.27
%
,
7/21/26
(a)
................................
3,000
2,943
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
...............................
1,273
1,342
Trillium
Credit
Card
Trust
II
,
Series
2023-2A
,
Class
C
,
6
.32
%
,
3/26/33
(a)
..............
3,603
3,712
37,331
ABS
Other
(3.1%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/24
@
100
(a)
.........................................................
8,500
7,923
Amur
Equipment
Finance
Receivables
IX
LLC
,
Series
2021-1A
,
Class
B
,
1
.38
%
,
2/22/27
,
Callable
12/20/24
@
100
(a)
...........................................
1,103
1,097
Amur
Equipment
Finance
Receivables
X
LLC
,
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
............................................
3,500
3,391
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
B
,
6
.03
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
............................................
1,875
1,913
Atalaya
Equipment
Leasing
Trust
...........................................
Series
2021-1A
,
Class
B
,
2
.08
%
,
2/15/27
,
Callable
10/15/24
@
100
(a)
.............
4,235
4,178
Series
2021-1A
,
Class
C
,
2
.69
%
,
6/15/28
,
Callable
10/15/24
@
100
(a)
.............
1,500
1,434
CCG
Receivables
Trust
,
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
7/14/26
@
100
(a)
1,906
1,915
CF
Hippolyta
Issuer
LLC
,
Series
2021-1A
,
Class
A1
,
1
.53
%
,
3/15/61
,
Callable
8/15/24
@
100
(a)
...........................................................
2,827
2,609
Crossroads
Asset
Trust
,
Series
2024-A
,
Class
B
,
5
.94
%
,
8/20/30
,
Callable
7/20/28
@
100
(a)
.
2,518
2,557
CyrusOne
Data
Centers
Issuer
I
LLC
,
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
(a)
.......
3,256
3,088
Dell
Equipment
Finance
Trust
..............................................
Series
2023-1
,
Class
A3
,
5
.65
%
,
9/22/28
,
Callable
10/22/25
@
100
(a)
.............
2,000
2,004
Series
2023-3
,
Class
A3
,
5
.93
%
,
4/23/29
,
Callable
5/22/26
@
100
(a)
..............
1,312
1,323
Dext
ABS
LLC
,
Series
2023-2
,
Class
D
,
8
.30
%
,
5/15/34
,
Callable
3/15/28
@
100
(a)
.......
2,333
2,370
Diamond
Infrastructure
Funding
LLC
,
Series
2021-1A
,
Class
A
,
1
.76
%
,
4/15/49
,
Callable
9/20/25
@
100
(a)
...................................................
5,667
5,179
Diamond
Issuer
LLC
,
Series
2021-1A
,
Class
A
,
2
.31
%
,
11/20/51
,
Callable
11/20/25
@
100
(a)
4,875
4,460
DLLAD
LLC
,
Series
2024-1A
,
Class
A4
,
5
.38
%
,
9/22/31
,
Callable
12/20/28
@
100
(a)
.....
2,257
2,306
DLLMT
LLC
..........................................................
Series
2023-1A
,
Class
A3
,
5
.34
%
,
3/22/27
,
Callable
3/20/27
@
100
(a)
.............
1,000
1,002
Series
2023-1A
,
Class
A4
,
5
.35
%
,
3/20/31
,
Callable
3/20/27
@
100
(a)
.............
2,286
2,309
FirstKey
Homes
Trust
,
Series
2021-SFR2
,
Class
B
,
1
.61
%
,
9/17/38
(a)
(c)
...............
6,538
6,039
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
Series
2023-1
,
Class
C
,
5
.75
%
,
5/15/28
(a)
....
1,597
1,605
Frontier
Issuer
LLC
,
Series
2023-1
,
Class
B
,
8
.30
%
,
8/20/53
,
Callable
7/20/26
@
100
(a)
....
4,667
4,957
HPEFS
Equipment
Trust
..................................................
Series
2022-1A
,
Class
C
,
1
.96
%
,
5/21/29
,
Callable
7/20/25
@
100
(a)
..............
1,000
986
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
11/20/26
@
100
(a)
.............
2,550
2,589
John
Deere
Owner
Trust
,
Series
2024-B
,
Class
A4
,
5
.19
%
,
5/15/31
,
Callable
1/15/28
@
100
.
1,100
1,120
Kubota
Credit
Owner
Trust
,
Series
2024-2A
,
Class
A4
,
5
.19
%
,
5/15/30
,
Callable
5/15/28
@
100
(a)
...........................................................
1,300
1,317
MMAF
Equipment
Finance
LLC
............................................
Series
2022-A
,
Class
A4
,
3
.32
%
,
6/13/44
(a)
................................
1,500
1,460
Series
2023-A
,
Class
A4
,
5
.50
%
,
12/13/38
(a)
...............................
1,750
1,787
MVW
LLC
,
Series
2021-1WA
,
Class
A
,
1
.14
%
,
1/22/41
,
Callable
12/20/26
@
100
(a)
......
564
530
NP
SPE
II
LLC
........................................................
Series
2017-1A
,
Class
A2
,
4
.22
%
,
10/21/47
,
Callable
8/20/24
@
100
(a)
............
15,625
14,618
Victory
Portfolios
III
Victory
Income
Fund
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
,
Callable
8/19/24
@
100
(a)
............
$
4,286
$
4,117
Pawnee
Equipment
Receivables
LLC
,
Series
2022-1
,
Class
B
,
5
.40
%
,
7/17/28
,
Callable
6/15/26
@
100
(a)
...................................................
1,000
1,000
PEAC
Solutions
Receivables
LLC
,
Series
2024-1A
,
Class
A3
,
5
.64
%
,
11/20/30
,
Callable
2/20/28
@
100
(a)
...................................................
3,500
3,536
Progress
Residential
Trust
.................................................
Series
2021-SFR6
,
Class
A
,
1
.52
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(c)
..........
4,375
4,082
Series
2021-SFR6
,
Class
B
,
1
.75
%
,
7/17/38
,
Callable
7/17/26
@
100
(a)
(c)
..........
3,938
3,666
PSNH
Funding
LLC
,
Series
2018-1
,
Class
A3
,
3
.81
%
,
2/1/35
.......................
18,545
17,758
SCF
Equipment
Leasing
LLC
..............................................
Series
2020-1A
,
Class
B
,
2
.02
%
,
3/20/28
,
Callable
2/20/25
@
100
(a)
..............
278
277
Series
2021-1A
,
Class
D
,
1
.93
%
,
9/20/30
,
Callable
1/20/26
@
100
(a)
..............
867
818
Series
2022-2A
,
Class
B
,
6
.50
%
,
2/20/32
,
Callable
8/20/29
@
100
(a)
..............
1,071
1,101
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
8/20/30
@
100
(a)
..............
3,000
3,142
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A
,
Class
C2I
,
3
.16
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
............
4,000
3,758
Series
2022-1A
,
Class
D
,
4
.29
%
,
2/15/52
,
Callable
2/15/26
@
100
(a)
..............
2,438
2,303
Verdant
Receivables
LLC
.................................................
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
11/12/27
@
100
(a)
............
1,065
1,075
Series
2024-1A
,
Class
A2
,
5
.68
%
,
12/12/31
,
Callable
10/12/28
@
100
(a)
...........
1,984
1,997
WEPCO
Environmental
Trust
Finance
I
LLC
,
Series
2021-1
,
Class
A
,
1
.58
%
,
12/15/35
.....
7,010
6,072
142,768
Agency
ABS
Other
(0.9%):
CIT
Education
Loan
Trust
,
Series
2007-1
,
Class
B
,
5
.92
%
(
SOFR90A
+
56
bps
)
,
6/25/42
,
Callable
9/25/28
@
100
(a)
(d)
..........................................
1,992
1,764
Navient
Student
Loan
Trust
................................................
Series
2015-2
,
Class
B
,
6
.96
%
(
SOFR30A
+
161
bps
)
,
8/25/50
,
Callable
11/25/32
@
100
(d)
...........................................................
3,000
2,947
Series
2018-2A
,
Class
B
,
6
.61
%
(
SOFR30A
+
126
bps
)
,
3/25/67
,
Callable
6/25/36
@
100
(a)
(d)
.........................................................
3,500
3,185
Nelnet
Student
Loan
Trust
,
Series
2005-4
,
Class
B
,
5
.89
%
(
SOFR90A
+
54
bps
)
,
9/22/35
,
Callable
9/22/24
@
100
(d)
............................................
873
815
SLM
Student
Loan
Trust
..................................................
Series
2003-14
,
Class
B
,
6
.17
%
(
SOFR90A
+
81
bps
)
,
10/25/65
,
Callable
1/25/26
@
100
(d)
...........................................................
801
761
Series
2005-9
,
Class
B
,
5
.92
%
(
SOFR90A
+
56
bps
)
,
1/25/41
,
Callable
1/25/30
@
100
(d)
1,078
1,021
Series
2006-10
,
Class
B
,
5
.84
%
(
SOFR90A
+
48
bps
)
,
3/25/44
,
Callable
4/25/31
@
100
(d)
997
941
Series
2007-1
,
Class
B
,
5
.84
%
(
SOFR90A
+
48
bps
)
,
1/27/42
,
Callable
4/25/29
@
100
(d)
3,591
3,314
Series
2007-7
,
Class
B
,
6
.37
%
(
SOFR90A
+
101
bps
)
,
10/27/70
,
Callable
10/25/24
@
100
(d)
...........................................................
5,740
5,729
Series
2012-6
,
Class
B
,
6
.46
%
(
SOFR30A
+
111
bps
)
,
4/27/43
,
Callable
10/25/29
@
100
(d)
...........................................................
20,862
19,718
40,195
Total
Asset-Backed
Securities
(Cost
$446,787)
a
a
a
441,739
Collateralized
Mortgage
Obligations
(5.1%)
Agency
CMO
Other
(0.0%):(e)
Federal
Home
Loan
Mortgage
Corporation
,
Series
5270
,
Class
AB
,
5
.50
%
,
1/25/49
........
1,819
1,836
Agency
Commercial
MBS
(1.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K097
,
Class
A2
,
2
.51
%
,
7/25/29
...................................
8,000
7,348
Series
K100
,
Class
A2
,
2
.67
%
,
9/25/29
...................................
5,455
5,037
Series
KG02
,
Class
A2
,
2
.41
%
,
8/25/29
,
Callable
8/25/29
@
100
.................
9,091
8,326
Series
KIR1
,
Class
A2
,
2
.85
%
,
3/25/26
,
Callable
3/25/26
@
100
.................
12,000
11,627
Series
S8FX
,
Class
A1
,
3
.02
%
,
3/25/27
,
Callable
3/25/27
@
100
.................
8,120
7,915
Federal
National
Mortgage
Association
.......................................
Series
2017-M15
,
Class
AV2
,
2
.49
%
,
11/25/24
(b)
............................
1,776
1,765
Series
2017-M2
,
Class
A2
,
2
.83
%
,
2/25/27
(b)
...............................
2,079
2,000
Series
2017-M7
,
Class
A2
,
2
.96
%
,
2/25/27
(b)
...............................
2,044
1,968
Victory
Portfolios
III
Victory
Income
Fund
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2018-M4
,
Class
A2
,
3
.06
%
,
3/25/28
(b)
...............................
$
5,101
$
4,887
Series
2022-M12
,
Class
A
,
3
.10
%
,
12/25/28
(b)
..............................
2,491
2,372
53,245
Commercial
MBS
(3.9%):
Aventura
Mall
Trust
.....................................................
Series
2018-AVM
,
Class
A
,
4
.11
%
,
7/5/40
(a)
(b)
(c)
...........................
5,000
4,794
Series
2018-AVM
,
Class
D
,
4
.11
%
,
7/5/40
(a)
(b)
(c)
...........................
4,000
3,652
BAMLL
Commercial
Mortgage
Securities
Trust
,
Series
2015-200P
,
Class
B
,
3
.49
%
,
4/14/33
,
Callable
4/14/25
@
100
(a)
(c)
..........................................
9,027
8,744
BANK
..............................................................
Series
2017-BNK4
,
Class
B
,
4
.00
%
,
5/15/50
,
Callable
4/15/27
@
100
.............
5,600
5,214
Series
2019-BN24
,
Class
ASB
,
2
.93
%
,
11/15/62
,
Callable
12/15/29
@
100
..........
7,123
6,774
BBCMS
Mortgage
Trust
,
Series
2022-C16
,
Class
AS
,
4
.60
%
,
6/15/55
,
Callable
6/15/32
@
100
(b)
...........................................................
2,703
2,517
BPR
Trust
............................................................
Series
2021-TY
,
Class
A
,
6
.49
%
(
TSFR1M
+
116
bps
)
,
9/15/38
(a)
(c)
(d)
.............
4,904
4,862
Series
2021-TY
,
Class
C
,
7
.14
%
(
TSFR1M
+
181
bps
)
,
9/15/38
(a)
(c)
(d)
.............
1,538
1,510
Series
2022-OANA
,
Class
B
,
7
.78
%
(
TSFR1M
+
245
bps
)
,
4/15/37
(a)
(c)
(d)
..........
6,000
5,987
Series
2022-OANA
,
Class
D
,
9
.02
%
(
TSFR1M
+
370
bps
)
,
4/15/37
(a)
(c)
(d)
..........
5,000
5,004
Series
2022-STAR
,
Class
A
,
8
.56
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(c)
(d)
...........
7,726
7,712
BX
Commercial
Mortgage
Trust
............................................
Series
2020-VIV4
,
Class
A
,
2
.84
%
,
3/9/44
,
Callable
3/9/30
@
100
(a)
(c)
............
1,875
1,656
Series
2022-CSMO
,
Class
B
,
8
.47
%
(
TSFR1M
+
314
bps
)
,
6/15/27
(a)
(c)
(d)
..........
5,000
5,015
BX
Trust
.............................................................
Series
2019-OC11
,
Class
A
,
3
.20
%
,
12/9/41
,
Callable
12/9/29
@
100
(a)
(c)
..........
9,231
8,378
Series
2022-CLS
,
Class
B
,
6
.30
%
,
10/13/27
(a)
(c)
............................
4,000
3,710
BXP
Trust
............................................................
Series
2021-601L
,
Class
C
,
2
.78
%
,
1/15/44
(a)
(b)
(c)
..........................
6,500
4,955
Series
2021-601L
,
Class
D
,
2
.78
%
,
1/15/44
(a)
(b)
(c)
..........................
3,500
2,465
Cantor
Commercial
Real
Estate
Lending
,
Series
2019-CF3
,
Class
ASB
,
2
.94
%
,
1/15/53
,
Callable
12/15/29
@
100
.............................................
6,000
5,698
COMM
Mortgage
Trust
..................................................
Series
2012-CR4
,
Class
AM
,
3
.25
%
,
10/15/45
,
Callable
10/15/24
@
100
(c)
.........
8,600
7,548
Series
2012-CR4
,
Class
XA
,
1
.14
%
,
10/15/45
,
Callable
8/15/24
@
100
(b)
(c)
........
10,719
72
Series
2014-277P
,
Class
A
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(b)
(c)
........
11,500
11,516
Series
2015-LC23
,
Class
AM
,
4
.16
%
,
10/10/48
,
Callable
11/10/25
@
100
(b)
........
6,300
6,121
Series
2015-PC1
,
Class
AM
,
4
.29
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
...........
3,500
3,411
Series
2015-PC1
,
Class
B
,
4
.28
%
,
7/10/50
,
Callable
6/10/25
@
100
(b)
.............
2,500
2,422
Series
2020-CX
,
Class
A
,
2
.17
%
,
11/10/46
,
Callable
11/10/30
@
100
(a)
(c)
..........
3,500
2,894
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(c)
.............................
4,000
4,074
CSMC
Trust
,
Series
2020-WEST
,
Class
A
,
3
.04
%
,
2/15/35
,
Callable
2/15/30
@
100
(a)
(c)
...
2,500
2,045
DBJPM
Mortgage
Trust
..................................................
Series
2016-SFC
,
Class
A
,
2
.83
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
(c)
...........
6,250
2,823
Series
2016-SFC
,
Class
B
,
3
.24
%
,
8/10/36
,
Callable
8/10/26
@
100
(a)
(c)
...........
2,500
344
DBWF
Mortgage
Trust
,
Series
2024-LCRS
,
Class
A
,
7
.07
%
(
TSFR1M
+
174
bps
)
,
4/15/37
(a)
(c)
(d)
.............................................................
2,000
1,993
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
6
.82
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(c)
(d)
....................................................
4,582
4,554
GS
Mortgage
Securities
Corp.
II
,
Series
2005-ROCK
,
Class
X1
,
0
.39
%
,
5/3/32
(a)
(b)
(c)
.....
190,667
250
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(c)
...........................
1,697
1,404
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(b)
(c)
..........................
1,920
1,886
GS
Mortgage
Securities
Trust
,
Series
2020-GC45
,
Class
A5
,
2
.91
%
,
2/13/53
,
Callable
1/13/30
@
100
...........................................................
4,231
3,789
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
(c)
........
2,730
2,671
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY
,
Class
A
,
2
.84
%
,
8/10/38
,
Callable
8/10/26
@
100
(a)
(c)
..........
1,650
1,558
Series
2019-55HY
,
Class
A
,
2
.94
%
,
12/10/41
(a)
(b)
(c)
.........................
2,000
1,769
ILPT
Commercial
Mortgage
Trust
,
Series
2022-LPFX
,
Class
A
,
3
.38
%
,
3/15/32
(a)
(c)
......
6,000
5,264
Manhattan
West
Mortgage
Trust
,
Series
2020-1MW
,
Class
C
,
2
.33
%
,
9/10/39
(a)
(b)
(c)
......
1,000
887
Morgan
Stanley
Capital
I
Trust
,
Series
2015-MS1
,
Class
AS
,
4
.02
%
,
5/15/48
,
Callable
7/15/25
@
100
(b)
.........................................................
7,000
6,798
Victory
Portfolios
III
Victory
Income
Fund
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
NRTH
Mortgage
Trust
,
Series
2024-PARK
,
Class
A
,
6
.97
%
(
TSFR1M
+
164
bps
)
,
3/15/39
(a)
(c)
(d)
.............................................................
$
2,089
$
2,081
SCOTT
Trust
,
Series
2023-SFS
,
Class
A
,
5
.91
%
,
3/10/40
(a)
(c)
......................
4,000
4,057
SLG
Office
Trust
,
Series
2021-OVA
,
Class
A
,
2
.59
%
,
7/15/41
(a)
(c)
...................
5,200
4,343
175,221
Total
Collateralized
Mortgage
Obligations
(Cost
$249,841)
a
a
a
230,302
Shares
Preferred
Stocks
(0.7%)
Consumer
Staples
(0.1%):
CHS,
Inc.
,
Series
1
,
7
.88
%
(f)
(g)
............................................
190,818
5,018
Financials
(0.0%):(e)
Citigroup
Capital
XIII
,
11
.89
%
(
TSFR3M
+
663
bps
)
,
10/30/40
(d)
.....................
40,000
1,167
Real
Estate
(0.6%):
Mid-America
Apartment
Communities,
Inc.,
cumulative
redeemable
,
Series
I
,
8
.50
%
(g)
....
219,731
11,969
Prologis,
Inc.
,
Series
Q
,
8
.54
%
(g)
...........................................
283,503
16,032
28,001
Total
Preferred
Stocks
(Cost
$29,485)
a
a
a
34,186
Principal
Amount
(000)
Corporate
Bonds
(38.9%)
Communication
Services
(1.5%):
AT&T,
Inc.
4
.50
%
,
5/15/35
,
Callable
11/15/34
@
100
..................................
3,000
2,828
3
.10
%
,
2/1/43
,
Callable
8/1/42
@
100
....................................
8,000
5,936
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
3
.50
%
,
6/1/41
,
Callable
12/1/40
@
100
.........................................
5,000
3,459
Comcast
Corp.
3
.90
%
,
3/1/38
,
Callable
9/1/37
@
100
....................................
3,000
2,613
2
.89
%
,
11/1/51
,
Callable
5/1/51
@
100
...................................
3,500
2,242
CSC
Holdings
LLC
,
5
.50
%
,
4/15/27
,
Callable
9/9/24
@
100.92
(a)
....................
3,000
2,506
Discovery
Communications
LLC
,
3
.95
%
,
3/20/28
,
Callable
12/20/27
@
100
.............
10,000
9,406
Paramount
Global
3
.38
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
3,111
2,861
4
.20
%
,
6/1/29
,
Callable
3/1/29
@
100
....................................
8,000
7,362
T-Mobile
US,
Inc.
4
.75
%
,
2/1/28
,
Callable
8/19/24
@
101.58
.................................
2,857
2,846
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
7,500
7,153
2
.55
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
5,000
4,341
Verizon
Communications,
Inc.
4
.13
%
,
8/15/46
....................................................
5,000
4,151
2
.88
%
,
11/20/50
,
Callable
5/20/50
@
100
..................................
3,000
1,937
Warnermedia
Holdings,
Inc.
3
.76
%
,
3/15/27
,
Callable
2/15/27
@
100
..................................
5,000
4,763
5
.05
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
3,759
2,965
67,369
Consumer
Discretionary
(2.2%):
Advance
Auto
Parts,
Inc.
,
3
.50
%
,
3/15/32
,
Callable
12/15/31
@
100
(f)
.................
7,750
6,711
AutoNation,
Inc.
2
.40
%
,
8/1/31
,
Callable
5/1/31
@
100
....................................
3,750
3,091
3
.85
%
,
3/1/32
,
Callable
12/1/31
@
100
...................................
4,500
4,078
Brunswick
Corp.
,
2
.40
%
,
8/18/31
,
Callable
5/18/31
@
100
.........................
6,500
5,302
Daimler
Truck
Finance
North
America
LLC
,
2
.38
%
,
12/14/28
(a)
.....................
5,600
5,078
Genuine
Parts
Co.
,
2
.75
%
,
2/1/32
,
Callable
11/1/31
@
100
.........................
6,166
5,243
Hasbro,
Inc.
3
.55
%
,
11/19/26
,
Callable
9/19/26
@
100
..................................
4,500
4,346
3
.90
%
,
11/19/29
,
Callable
8/19/29
@
100
..................................
7,500
7,076
Kohl's
Corp.
,
4
.63
%
,
5/1/31
,
Callable
2/1/31
@
100
..............................
6,250
5,102
Victory
Portfolios
III
Victory
Income
Fund
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Marriott
International,
Inc.
4
.63
%
,
6/15/30
,
Callable
3/15/30
@
100
..................................
$
2,333
$
2,314
3
.50
%
,
10/15/32
,
Callable
7/15/32
@
100
.................................
2,750
2,450
Mattel,
Inc.
3
.38
%
,
4/1/26
,
Callable
8/19/24
@
100.84
(a)
...............................
500
484
3
.75
%
,
4/1/29
,
Callable
8/19/24
@
101.88
(a)
...............................
3,000
2,816
Nordstrom,
Inc.
4
.38
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
2,000
1,818
4
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
....................................
4,250
3,789
Novant
Health,
Inc.
,
2
.64
%
,
11/1/36
,
Callable
8/1/36
@
100
........................
5,000
3,897
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.
,
4
.63
%
,
4/6/31
,
Callable
1/6/31
@
100
(a)
.
5,367
4,693
Smithsonian
Institution
,
2
.65
%
,
9/1/39
........................................
2,000
1,567
Tapestry,
Inc.
,
7
.85
%
,
11/27/33
,
Callable
8/27/33
@
100
...........................
3,900
4,157
Tractor
Supply
Co.
,
5
.25
%
,
5/15/33
,
Callable
2/15/33
@
100
........................
4,000
4,049
University
of
Notre
Dame
du
Lac
,
3
.44
%
,
2/15/45
...............................
5,000
4,037
Vanderbilt
University
Medical
Center
,
4
.17
%
,
7/1/37
,
Callable
1/1/37
@
100
............
1,000
885
Volkswagen
Group
of
America
Finance
LLC
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(a)
..................................
6,000
5,923
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
3,940
4,222
Worthington
Enterprises,
Inc.
,
4
.30
%
,
8/1/32
,
Callable
5/1/32
@
100
..................
5,890
5,187
98,315
Consumer
Staples
(2.6%):
7-Eleven,
Inc.
1
.80
%
,
2/10/31
,
Callable
11/10/30
@
100
(a)
................................
6,500
5,326
2
.80
%
,
2/10/51
,
Callable
8/2/50
@
100
(a)
.................................
2,000
1,223
Altria
Group,
Inc.
,
2
.45
%
,
2/4/32
,
Callable
11/4/31
@
100
..........................
6,500
5,394
Anheuser-Busch
Cos.
LLC/Anheuser-Busch
InBev
Worldwide,
Inc.
,
4
.70
%
,
2/1/36
,
Callable
8/1/35
@
100
......................................................
6,000
5,869
Anheuser-Busch
InBev
Worldwide,
Inc.
,
4
.38
%
,
4/15/38
,
Callable
10/15/37
@
100
........
6,500
6,071
BAT
Capital
Corp.
7
.75
%
,
10/19/32
,
Callable
7/19/32
@
100
.................................
2,000
2,302
4
.39
%
,
8/15/37
,
Callable
2/15/37
@
100
..................................
15,000
13,191
Bimbo
Bakeries
USA,
Inc.
,
5
.38
%
,
1/9/36
,
Callable
10/9/35
@
100
(a)
.................
3,400
3,411
Bunge
Ltd.
Finance
Corp.
,
2
.75
%
,
5/14/31
,
Callable
2/14/31
@
100
...................
12,000
10,528
Campbell
Soup
Co.
,
5
.20
%
,
3/21/29
,
Callable
2/21/29
@
100
.......................
3,860
3,934
Cargill,
Inc.
,
2
.13
%
,
11/10/31
,
Callable
8/10/31
@
100
(a)
..........................
6,000
5,017
Constellation
Brands,
Inc.
,
2
.25
%
,
8/1/31
,
Callable
5/1/31
@
100
.....................
5,645
4,749
General
Mills,
Inc.
,
4
.55
%
,
4/17/38
,
Callable
10/17/37
@
100
.......................
4,667
4,279
Keurig
Dr.
Pepper,
Inc.
,
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
....................
5,000
4,265
Kraft
Heinz
Foods
Co.
,
5
.00
%
,
6/4/42
........................................
6,000
5,567
McCormick
&
Co.,
Inc.
2
.50
%
,
4/15/30
,
Callable
1/15/30
@
100
..................................
2,000
1,771
1
.85
%
,
2/15/31
,
Callable
11/15/30
@
100
..................................
2,000
1,663
Philip
Morris
International,
Inc.
,
5
.38
%
,
2/15/33
,
Callable
11/15/32
@
100
..............
8,000
8,157
SC
Johnson
&
Son,
Inc.
,
4
.35
%
,
9/30/44
,
Callable
3/30/44
@
100
(a)
..................
7,000
5,779
Smithfield
Foods,
Inc.
,
4
.25
%
,
2/1/27
,
Callable
11/1/26
@
100
(a)
....................
5,000
4,866
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
10,750
9,348
Sysco
Corp.
,
2
.45
%
,
12/14/31
,
Callable
9/14/31
@
100
............................
5,000
4,229
The
J.M.
Smucker
Co.
,
2
.75
%
,
9/15/41
,
Callable
3/15/41
@
100
.....................
3,000
2,045
118,984
Energy
(2.8%):
Apache
Corp.
,
4
.25
%
,
1/15/44
,
Callable
7/15/43
@
100
............................
5,404
4,008
Berkshire
Hathaway
Energy
Co.
,
4
.50
%
,
2/1/45
,
Callable
8/1/44
@
100
................
12,000
10,822
Boardwalk
Pipelines
LP
,
4
.45
%
,
7/15/27
,
Callable
4/15/27
@
100
....................
8,000
7,896
Buckeye
Partners
LP
,
5
.60
%
,
10/15/44
,
Callable
4/15/44
@
100
......................
10,000
8,291
Cameron
LNG
LLC
,
3
.30
%
,
1/15/35
,
Callable
9/15/34
@
100
(a)
.....................
6,364
5,364
ConocoPhillips
Co.
4
.15
%
,
11/15/34
,
Callable
5/15/34
@
100
..................................
4,500
4,201
5
.55
%
,
3/15/54
,
Callable
9/15/53
@
100
..................................
3,485
3,510
Victory
Portfolios
III
Victory
Income
Fund
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Energy
Transfer
LP
4
.15
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
$
6,000
$
5,796
8
.53
%
(
TSFR3M
+
328
bps
)
,
11/1/66
,
Callable
9/9/24
@
100
(d)
...................
4,510
4,375
Enterprise
TE
Partners
LP
,
8
.39
%
(
US0003M
+
278
bps
)
,
6/1/67
,
Callable
9/9/24
@
100
(d)
...
3,000
2,204
EQM
Midstream
Partners
LP
4
.00
%
,
8/1/24
.....................................................
1,286
1,286
4
.13
%
,
12/1/26
,
Callable
9/1/26
@
100
...................................
8,000
7,811
EQT
Corp.
,
7
.00
%
,
2/1/30
,
Callable
11/1/29
@
100
..............................
2,594
2,809
Evergy
Missouri
West,
Inc.
,
5
.65
%
,
6/1/34
,
Callable
3/1/34
@
100
(a)
..................
3,450
3,546
Florida
Gas
Transmission
Co.
LLC
,
2
.55
%
,
7/1/30
,
Callable
4/1/30
@
100
(a)
............
6,500
5,731
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6
.25
%
,
11/1/28
,
Callable
9/9/24
@
103.13
(a)
...............................
4,000
4,000
6
.00
%
,
2/1/31
,
Callable
2/1/26
@
103
(a)
..................................
3,000
2,916
Marathon
Petroleum
Corp.
,
4
.75
%
,
9/15/44
,
Callable
3/15/44
@
100
..................
5,000
4,376
Murphy
Oil
USA,
Inc.
4
.75
%
,
9/15/29
,
Callable
9/15/24
@
102.38
................................
2,000
1,913
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
..............................
1,332
1,184
Occidental
Petroleum
Corp.
,
4
.40
%
,
8/15/49
,
Callable
2/15/49
@
100
.................
10,235
7,766
Phillips
66
Co.
4
.65
%
,
11/15/34
,
Callable
5/15/34
@
100
..................................
1,000
955
4
.90
%
,
10/1/46
,
Callable
4/1/46
@
100
...................................
750
671
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
,
3
.55
%
,
12/15/29
,
Callable
9/15/29
@
100
.............................................................
6,250
5,834
Rockies
Express
Pipeline
LLC
4
.95
%
,
7/15/29
,
Callable
4/15/29
@
100
(a)
................................
6,500
6,216
4
.80
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
................................
3,000
2,801
Sabal
Trail
Transmission
LLC
,
4
.68
%
,
5/1/38
,
Callable
11/1/37
@
100
(a)
...............
5,000
4,672
Southwestern
Energy
Co.
,
5
.70
%
,
1/23/25
,
Callable
10/23/24
@
100
..................
2,000
1,993
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.
,
5
.50
%
,
3/1/30
,
Callable
3/1/25
@
102.75
...................................................
3,500
3,509
Western
Midstream
Operating
LP
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
...................................
1,000
951
5
.25
%
,
2/1/50
,
Callable
8/1/49
@
100
....................................
500
444
127,851
Financials
(11.7%):
Ally
Financial,
Inc.
,
7
.10
%
,
11/15/27
,
Callable
10/15/27
@
100
(f)
....................
2,222
2,345
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(d)
.......
6,000
5,943
American
International
Group,
Inc.
,
3
.88
%
,
1/15/35
,
Callable
7/15/34
@
100
............
7,000
6,406
Ashtead
Capital,
Inc.
,
4
.00
%
,
5/1/28
,
Callable
8/19/24
@
101.33
(a)
...................
2,500
2,391
Assurant,
Inc.
,
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
...........................
4,412
4,456
Bank
of
America
Corp.
4
.38
%
(
H15T5Y
+
276
bps
)
,
Callable
1/27/27
@
100
(d)
(g)
......................
3,500
3,304
6
.10
%
(
TSFR3M
+
416
bps
)
,
Callable
3/17/25
@
100
(d)
(g)
......................
3,000
2,993
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(d)
..................
3,000
2,551
2
.48
%
(
H15T5Y
+
120
bps
)
,
9/21/36
,
Callable
9/21/31
@
100
(d)
..................
2,500
2,043
BankUnited,
Inc.
,
4
.88
%
,
11/17/25
,
Callable
8/17/25
@
100
........................
5,000
4,944
Blackstone
Private
Credit
Fund
,
2
.63
%
,
12/15/26
,
Callable
11/15/26
@
100
.............
10,248
9,513
Blue
Owl
Credit
Income
Corp.
5
.50
%
,
3/21/25
....................................................
1,500
1,495
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
..................................
500
469
4
.70
%
,
2/8/27
,
Callable
1/8/27
@
100
....................................
4,500
4,354
7
.75
%
,
9/16/27
,
Callable
8/16/27
@
100
..................................
1,818
1,899
Brown
&
Brown,
Inc.
,
4
.20
%
,
3/17/32
,
Callable
12/17/31
@
100
.....................
5,000
4,651
Cadence
Bank
,
4
.13
%
(
US0003M
+
247
bps
)
,
11/20/29
,
Callable
11/20/24
@
100
(d)
........
3,000
2,942
Capital
One
Financial
Corp.
,
5
.82
%
(
SOFR
+
260
bps
)
,
2/1/34
,
Callable
2/1/33
@
100
(d)
.....
3,500
3,540
Citizens
Bank
NA
,
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(d)
........
2,250
2,242
Citizens
Financial
Group,
Inc.
5
.65
%
(
H15T5Y
+
531
bps
)
,
Callable
10/6/25
@
100
(d)
(g)
......................
1,000
982
2
.64
%
,
9/30/32
,
Callable
7/2/32
@
100
...................................
5,500
4,352
5
.64
%
(
H15T5Y
+
275
bps
)
,
5/21/37
,
Callable
5/21/32
@
100
(d)
..................
5,000
4,775
Compeer
Financial
FLCA/Compeer
Financial
PCA
,
3
.38
%
(
SOFR
+
197
bps
)
,
6/1/36
,
Callable
6/1/31
@
100
(a)
(d)
..................................................
4,000
3,013
Victory
Portfolios
III
Victory
Income
Fund
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Credit
Acceptance
Corp.
,
6
.63
%
,
3/15/26
,
Callable
8/19/24
@
100
(f)
..................
$
4,875
$
4,877
Cullen/Frost
Bankers,
Inc.
,
4
.50
%
,
3/17/27
,
Callable
2/17/27
@
100
...................
3,000
2,942
Cullen/Frost
Capital
Trust
II
,
7
.16
%
(
TSFR3M
+
181
bps
)
,
3/1/34
,
Callable
9/9/24
@
100
(d)
..
5,000
4,434
Enstar
Finance
LLC
,
5
.75
%
(
H15T5Y
+
547
bps
)
,
9/1/40
,
Callable
9/1/25
@
100
(d)
........
3,310
3,181
Equitable
Holdings,
Inc.
4
.35
%
,
4/20/28
,
Callable
1/20/28
@
100
..................................
2,000
1,964
4
.57
%
,
2/15/29
,
Callable
11/15/28
@
100
(a)
................................
10,000
9,823
EverBank
Financial
Corp.
,
5
.75
%
,
7/2/25
,
Callable
6/2/25
@
100
....................
10,000
9,801
F&G
Global
Funding
,
2
.00
%
,
9/20/28
(a)
......................................
7,250
6,289
Fells
Point
Funding
Trust
,
3
.05
%
,
1/31/27
,
Callable
12/31/26
@
100
(a)
................
6,500
6,199
Fifth
Third
Bancorp
4
.50
%
(
H15T5Y
+
422
bps
)
,
Callable
9/30/25
@
100
(d)
(g)
......................
1,750
1,698
4
.34
%
(
SOFR
+
166
bps
)
,
4/25/33
,
Callable
4/25/32
@
100
(d)
....................
6,957
6,479
Fifth
Third
Bank
NA
,
3
.85
%
,
3/15/26
,
Callable
2/15/26
@
100
......................
5,000
4,886
First
American
Financial
Corp.
,
2
.40
%
,
8/15/31
,
Callable
5/15/31
@
100
...............
9,225
7,515
First
Citizens
Bancshares,
Inc.
,
3
.38
%
(
TSFR3M
+
247
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(d)
12,097
11,614
First
Horizon
Bank
,
5
.75
%
,
5/1/30
,
Callable
2/1/30
@
100
(f)
........................
8,850
8,687
First-Citizens
Bank
&
Trust
Co.
,
4
.13
%
(
H15T5Y
+
237
bps
)
,
11/13/29
,
Callable
11/13/24
@
100
(d)
...........................................................
14,000
13,704
Fiserv,
Inc.
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
...................................
5,000
5,177
5
.63
%
,
8/21/33
,
Callable
5/21/33
@
100
..................................
1,550
1,605
Ford
Motor
Credit
Co.
LLC
4
.06
%
,
11/1/24
,
Callable
10/1/24
@
100
..................................
5,000
4,972
6
.95
%
,
6/10/26
,
Callable
5/10/26
@
100
..................................
2,000
2,055
4
.54
%
,
8/1/26
,
Callable
6/1/26
@
100
....................................
3,400
3,345
Fulton
Financial
Corp.
,
3
.25
%
(
TSFR3M
+
230
bps
)
,
3/15/30
,
Callable
3/15/25
@
100
(d)
....
2,932
2,513
Glencore
Funding
LLC
1
.63
%
,
4/27/26
,
Callable
3/27/26
@
100
(a)
................................
1,500
1,416
2
.50
%
,
9/1/30
,
Callable
6/1/30
@
100
(a)
..................................
6,500
5,635
Global
Payments,
Inc.
2
.90
%
,
11/15/31
,
Callable
8/15/31
@
100
..................................
6,500
5,569
5
.40
%
,
8/15/32
,
Callable
5/15/32
@
100
..................................
1,750
1,750
Huntington
Bancshares,
Inc.
4
.44
%
(
SOFR
+
197
bps
)
,
8/4/28
,
Callable
8/4/27
@
100
(d)
......................
2,750
2,705
2
.49
%
(
H15T5Y
+
117
bps
)
,
8/15/36
,
Callable
8/15/31
@
100
(d)
..................
15,676
12,266
Huntington
Capital
Trust
I
,
6
.21
%
(
TSFR3M
+
96
bps
)
,
2/1/27
,
Callable
9/9/24
@
100
(d)
....
2,300
2,129
ILFC
E-Capital
Trust
I
,
7
.16
%
(
TSFR3M
+
181
bps
)
,
12/21/65
,
Callable
9/9/24
@
100
(a)
(d)
..
10,000
8,303
JPMorgan
Chase
&
Co.
4
.60
%
(
TSFR3M
+
313
bps
)
,
Callable
2/1/25
@
100
(d)
(g)
.......................
5,000
4,969
6
.01
%
(
TSFR3M
+
76
bps
)
,
2/1/27
,
Callable
9/9/24
@
100
(d)
....................
4,000
3,895
2
.95
%
(
SOFR
+
117
bps
)
,
2/24/28
,
Callable
2/24/27
@
100
(d)
....................
5,000
4,770
1
.95
%
(
SOFR
+
107
bps
)
,
2/4/32
,
Callable
2/4/31
@
100
(d)
......................
10,000
8,342
5
.60
%
,
7/15/41
....................................................
1,500
1,573
KeyBank
NA
3
.40
%
,
5/20/26
,
MTN
................................................
2,500
2,404
3
.90
%
,
4/13/29
....................................................
3,000
2,763
4
.90
%
,
8/8/32
(f)
....................................................
1,000
925
KeyCorp.
6
.62
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
2/23/25
@
100
(d)
...............
2,500
2,503
2
.25
%
,
4/6/27
,
MTN
................................................
2,000
1,848
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
Callable
6/1/32
@
100
,
MTN
(d)
............
3,784
3,543
Lincoln
National
Corp.
,
7
.95
%
(
TSFR3M
+
262
bps
)
,
5/17/66
,
Callable
8/11/26
@
100
(d)
....
7,500
6,075
Loews
Corp.
,
3
.20
%
,
5/15/30
,
Callable
2/15/30
@
100
............................
5,000
4,617
Manufacturers
&
Traders
Trust
Co.
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
.................................
5,625
5,568
3
.40
%
,
8/17/27
....................................................
4,380
4,153
Mercury
General
Corp.
,
4
.40
%
,
3/15/27
,
Callable
12/15/26
@
100
....................
5,000
4,885
MetLife,
Inc.
,
4
.13
%
,
8/13/42
..............................................
5,000
4,261
Midwest
Connector
Capital
Co.
LLC
,
4
.63
%
,
4/1/29
,
Callable
1/1/29
@
100
(a)
...........
5,000
4,921
Victory
Portfolios
III
Victory
Income
Fund
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Morgan
Stanley
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(d)
.............
$
7,000
$
5,908
5
.32
%
(
SOFR
+
156
bps
)
,
7/19/35
,
Callable
7/19/34
@
100
(d)
....................
1,500
1,512
2
.48
%
(
SOFR
+
136
bps
)
,
9/16/36
,
Callable
9/16/31
@
100
(d)
....................
8,000
6,489
National
Rural
Utilities
Cooperative
Finance
Corp.
,
8
.43
%
(
TSFR3M
+
317
bps
)
,
4/30/43
,
Callable
9/9/24
@
100
(d)
.............................................
7,125
7,125
Nationwide
Mutual
Insurance
Co.
,
7
.89
%
(
US0003M
+
229
bps
)
,
12/15/24
,
Callable
9/9/24
@
100
(a)
(d)
.........................................................
20,000
20,069
Northern
Trust
Corp.
,
6
.13
%
,
11/2/32
,
Callable
8/2/32
@
100
(f)
......................
3,500
3,770
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
4
.00
%
,
7/15/25
,
Callable
6/15/25
@
100
(a)
(f)
.........................................................
5,000
4,934
PNC
Bank
NA
,
2
.70
%
,
10/22/29
............................................
6,000
5,363
PPL
Capital
Funding,
Inc.
,
8
.26
%
(
TSFR3M
+
293
bps
)
,
3/30/67
,
Callable
9/9/24
@
100
(d)
...
6,130
6,101
Primerica,
Inc.
,
2
.80
%
,
11/19/31
,
Callable
8/19/31
@
100
..........................
4,000
3,424
Prudential
Financial,
Inc.
3
.94
%
,
12/7/49
,
Callable
6/7/49
@
100
...................................
2,500
1,958
6
.00
%
(
H15T5Y
+
323
bps
)
,
9/1/52
,
Callable
6/1/32
@
100
(d)
....................
6,000
6,011
Raymond
James
Financial,
Inc.
,
4
.95
%
,
7/15/46
.................................
4,000
3,716
Regions
Bank
,
6
.45
%
,
6/26/37
.............................................
6,909
7,247
Regions
Financial
Corp.
,
5
.75
%
(
H15T5Y
+
543
bps
)
,
Callable
6/15/25
@
100
(d)
(f)
(g)
......
5,989
5,930
Santander
Holdings
USA,
Inc.
4
.40
%
,
7/13/27
,
Callable
4/14/27
@
100
..................................
5,818
5,702
6
.57
%
(
SOFR
+
270
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(d)
....................
2,500
2,594
Simon
Property
Group
LP
,
5
.85
%
,
3/8/53
,
Callable
9/8/52
@
100
.....................
3,400
3,471
State
Street
Corp.
5
.16
%
(
SOFR
+
189
bps
)
,
5/18/34
,
Callable
5/18/33
@
100
(d)
(f)
..................
3,000
3,034
6
.12
%
(
SOFR
+
196
bps
)
,
11/21/34
,
Callable
11/21/33
@
100
(d)
..................
1,250
1,326
Stellantis
Finance
US,
Inc.
,
2
.69
%
,
9/15/31
,
Callable
6/15/31
@
100
(a)
................
13,800
11,558
Stewart
Information
Services
Corp.
,
3
.60
%
,
11/15/31
,
Callable
8/15/31
@
100
...........
8,500
7,216
Synchrony
Bank
,
5
.63
%
,
8/23/27
,
Callable
7/23/27
@
100
.........................
4,500
4,511
Synovus
Bank
,
4
.00
%
(
H15T5Y
+
363
bps
)
,
10/29/30
,
Callable
10/29/25
@
100
(d)
.........
4,500
4,018
Synovus
Financial
Corp.
,
7
.54
%
(
USISOA05
+
338
bps
)
,
2/7/29
(d)
....................
10,000
9,755
Teachers
Insurance
&
Annuity
Association
of
America
,
4
.90
%
,
9/15/44
(a)
..............
5,000
4,565
The
Allstate
Corp.
,
8
.52
%
(
TSFR3M
+
320
bps
)
,
8/15/53
,
Callable
9/9/24
@
100
(d)
........
5,000
5,002
The
Bank
of
New
York
Mellon
Corp.
3
.75
%
(
H15T5Y
+
263
bps
)
,
Callable
12/20/26
@
100
(d)
(g)
.....................
7,000
6,467
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(d)
(g)
......................
3,250
3,199
5
.61
%
(
SOFR
+
177
bps
)
,
7/21/39
,
Callable
7/21/34
@
100
(d)
....................
3,030
3,067
The
Charles
Schwab
Corp.
5
.38
%
(
H15T5Y
+
497
bps
)
,
Callable
6/1/25
@
100
(d)
(g)
.......................
9,250
9,163
6
.14
%
(
SOFR
+
201
bps
)
,
8/24/34
,
Callable
8/24/33
@
100
(d)
....................
1,385
1,467
The
Hartford
Financial
Services
Group,
Inc.
,
7
.71
%
(
TSFR3M
+
239
bps
)
,
2/12/47
,
Callable
9/9/24
@
100
(a)
(d)
..................................................
8,000
7,215
The
PNC
Financial
Services
Group,
Inc.
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(d)
.................
1,382
1,318
5
.68
%
(
SOFR
+
190
bps
)
,
1/22/35
,
Callable
1/22/34
@
100
(d)
....................
1,408
1,452
Truist
Bank
,
2
.25
%
,
3/11/30
,
Callable
12/11/29
@
100
............................
2,450
2,094
Truist
Financial
Corp.
4
.95
%
(
H15T5Y
+
461
bps
)
,
Callable
9/1/25
@
100
(d)
(g)
.......................
3,950
3,867
5
.10
%
(
H15T10Y
+
435
bps
)
,
Callable
3/1/30
@
100
(d)
(g)
......................
2,000
1,874
1
.89
%
(
SOFR
+
86
bps
)
,
6/7/29
,
Callable
6/7/28
@
100
,
MTN
(d)
..................
5,000
4,469
U.S.
Bancorp
,
4
.97
%
(
SOFR
+
211
bps
)
,
7/22/33
,
Callable
7/22/32
@
100
(d)
.............
4,000
3,850
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
4,550
4,816
W.R.
Berkley
Corp.
,
3
.55
%
,
3/30/52
,
Callable
9/30/51
@
100
.......................
5,588
3,959
Webster
Financial
Corp.
,
4
.00
%
(
TSFR3M
+
253
bps
)
,
12/30/29
,
Callable
12/30/24
@
100
(d)
.
4,750
4,262
531,999
Health
Care
(2.9%):
AbbVie,
Inc.
,
4
.25
%
,
11/21/49
,
Callable
5/21/49
@
100
...........................
2,500
2,136
Amgen,
Inc.
3
.00
%
,
1/15/52
,
Callable
7/15/51
@
100
..................................
4,500
3,030
4
.20
%
,
2/22/52
,
Callable
8/22/51
@
100
..................................
3,500
2,839
Baxter
International,
Inc.
,
3
.13
%
,
12/1/51
,
Callable
6/1/51
@
100
....................
10,000
6,478
Victory
Portfolios
III
Victory
Income
Fund
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Bio-Rad
Laboratories,
Inc.
,
3
.30
%
,
3/15/27
,
Callable
2/15/27
@
100
..................
$
3,500
$
3,352
Bon
Secours
Charity
Health
System,
Inc.
,
5
.25
%
,
11/1/25
..........................
3,000
2,979
Bristol-Myers
Squibb
Co.
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................................
4,100
4,406
5
.50
%
,
2/22/44
,
Callable
8/22/43
@
100
..................................
4,913
4,993
Centene
Corp.
,
2
.50
%
,
3/1/31
,
Callable
12/1/30
@
100
............................
4,000
3,354
CVS
Health
Corp.
1
.75
%
,
8/21/30
,
Callable
5/21/30
@
100
..................................
3,000
2,501
5
.63
%
,
2/21/53
,
Callable
8/21/52
@
100
..................................
4,500
4,285
CVS
Pass
Through
Trust
,
6
.04
%
,
12/10/28
.....................................
3,101
3,112
DENTSPLY
SIRONA,
Inc.
,
3
.25
%
,
6/1/30
,
Callable
3/1/30
@
100
....................
15,750
14,059
Eastern
Maine
Healthcare
Systems
,
5
.02
%
,
7/1/36
...............................
17,000
15,400
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
2
.38
%
,
2/16/31
,
Callable
11/16/30
@
100
(a)
...
13,000
10,564
HCA,
Inc.
4
.38
%
,
3/15/42
,
Callable
9/15/41
@
100
..................................
2,156
1,817
5
.25
%
,
6/15/49
,
Callable
12/15/48
@
100
.................................
3,500
3,192
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
(a)
...........................................................
3,450
3,488
Northwell
Healthcare,
Inc.
,
3
.39
%
,
11/1/27
,
Callable
8/1/27
@
100
...................
3,900
3,696
Orlando
Health
Obligated
Group
,
2
.89
%
,
10/1/35
................................
1,660
1,398
Revvity,
Inc.
2
.55
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
8,500
7,261
2
.25
%
,
9/15/31
,
Callable
6/15/31
@
100
..................................
4,500
3,743
Solventum
Corp.
5
.40
%
,
3/1/29
,
Callable
2/1/29
@
100
(a)
..................................
1,300
1,316
5
.45
%
,
3/13/31
,
Callable
1/13/31
@
100
(a)
................................
1,300
1,312
5
.60
%
,
3/23/34
,
Callable
12/23/33
@
100
(a)
...............................
1,300
1,308
5
.90
%
,
4/30/54
,
Callable
10/30/53
@
100
(a)
...............................
1,300
1,277
Southern
Illinois
Healthcare
Enterprises,
Inc.
,
3
.97
%
,
5/15/50
,
Callable
11/15/49
@
100
....
4,000
3,084
Tenet
Healthcare
Corp.
,
6
.13
%
,
6/15/30
,
Callable
6/15/25
@
103.06
...................
1,500
1,506
The
Cigna
Group
,
3
.40
%
,
3/1/27
,
Callable
12/1/26
@
100
..........................
5,000
4,840
Trinity
Health
Corp.
,
2
.63
%
,
12/1/40
,
Callable
6/1/40
@
100
........................
3,000
2,180
Universal
Health
Services,
Inc.
,
2
.65
%
,
1/15/32
,
Callable
10/15/31
@
100
..............
9,827
8,287
133,193
Industrials
(5.1%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
10,000
8,463
AGCO
Corp.
,
5
.80
%
,
3/21/34
,
Callable
12/21/33
@
100
(f)
.........................
4,000
4,073
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/1/26
....................................................
5,051
4,846
4
.00
%
,
9/22/27
....................................................
6,210
5,861
4
.00
%
,
2/15/29
....................................................
3,313
2,921
3
.60
%
,
10/15/29
....................................................
6,753
6,190
Aon
North
America,
Inc.
5
.45
%
,
3/1/34
,
Callable
12/1/33
@
100
...................................
2,000
2,040
5
.75
%
,
3/1/54
,
Callable
9/1/53
@
100
....................................
2,000
2,015
Ashtead
Capital,
Inc.
4
.25
%
,
11/1/29
,
Callable
11/1/24
@
102.13
(a)
..............................
3,937
3,751
2
.45
%
,
8/12/31
,
Callable
5/12/31
@
100
(a)
................................
6,000
4,990
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
4,500
4,626
BNSF
Funding
Trust
I
,
6
.61
%
(
US0003M
+
235
bps
)
,
12/15/55
,
Callable
1/15/26
@
100
(d)
...
6,325
6,327
British
Airways
Pass
Through
Trust
3
.35
%
,
6/15/29
(a)
..................................................
3,918
3,655
3
.80
%
,
9/20/31
(a)
..................................................
2,465
2,331
Builders
FirstSource,
Inc.
,
6
.38
%
,
6/15/32
,
Callable
6/15/27
@
103.19
(a)
...............
2,500
2,537
Burlington
Northern
Santa
Fe
LLC
,
3
.90
%
,
8/1/46
,
Callable
2/1/46
@
100
..............
5,000
4,062
Carrier
Global
Corp.
,
3
.38
%
,
4/5/40
,
Callable
10/5/39
@
100
.......................
4,000
3,192
Concentrix
Corp.
,
6
.85
%
,
8/2/33
,
Callable
5/2/33
@
100
(f)
.........................
3,400
3,470
Continental
Airlines
Pass
Through
Trust
,
4
.00
%
,
10/29/24
(f)
........................
2,389
2,374
Delta
Air
Lines
Pass
Through
Trust
,
3
.88
%
,
7/30/27
..............................
5,469
5,184
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
,
4
.75
%
,
10/20/28
(a)
.........................
2,000
1,977
Fluor
Corp.
,
4
.25
%
,
9/15/28
,
Callable
6/15/28
@
100
.............................
4,000
3,846
GXO
Logistics,
Inc.
,
2
.65
%
,
7/15/31
,
Callable
4/15/31
@
100
.......................
13,000
10,768
Victory
Portfolios
III
Victory
Income
Fund
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Hawaiian
Airlines
Pass
Through
Certificates
,
3
.90
%
,
1/15/26
........................
$
7,665
$
7,251
Hillenbrand,
Inc.
,
3
.75
%
,
3/1/31
,
Callable
3/1/26
@
101.88
.........................
3,150
2,762
Hubbell,
Inc.
3
.50
%
,
2/15/28
,
Callable
11/15/27
@
100
..................................
1,500
1,438
2
.30
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
8,500
7,245
JetBlue
Pass
Through
Trust
,
2
.95
%
,
5/15/28
....................................
7,734
6,976
Kennametal,
Inc.
,
4
.63
%
,
6/15/28
,
Callable
3/15/28
@
100
.........................
5,295
5,239
Leidos,
Inc.
,
2
.30
%
,
2/15/31
,
Callable
11/15/30
@
100
............................
15,000
12,696
Lincoln
Center
for
the
Performing
Arts,
Inc.
,
3
.71
%
,
12/1/35
,
Callable
9/1/35
@
100
.......
3,935
3,457
Molex
Electronic
Technologies
LLC
,
3
.90
%
,
4/15/25
,
Callable
1/15/25
@
100
(a)
.........
10,000
9,897
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
4,000
3,057
Regal
Rexnord
Corp.
,
6
.40
%
,
4/15/33
,
Callable
1/15/33
@
100
......................
1,465
1,529
RTX
Corp.
,
4
.20
%
,
12/15/44
,
Callable
6/15/44
@
100
.............................
10,000
8,133
Ryder
System,
Inc.
,
5
.25
%
,
6/1/28
,
MTN
,
Callable
5/1/28
@
100
.....................
5,000
5,077
Spirit
Airlines
Pass
Through
Trust
4
.10
%
,
4/1/28
.....................................................
8,086
7,518
3
.38
%
,
2/15/30
....................................................
6,728
5,965
The
Boeing
Co.
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
4,000
3,591
6
.53
%
,
5/1/34
,
Callable
2/1/34
@
100
(a)
..................................
2,250
2,362
5
.71
%
,
5/1/40
,
Callable
11/1/39
@
100
...................................
6,000
5,707
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,250
2,096
The
Conservation
Fund
A
Nonprofit
Corp.
,
3
.47
%
,
12/15/29
,
Callable
9/15/29
@
100
......
7,000
6,470
The
Timken
Co.
,
4
.13
%
,
4/1/32
,
Callable
1/1/32
@
100
............................
6,400
5,959
Union
Pacific
Corp.
3
.38
%
,
2/1/35
,
Callable
8/1/34
@
100
....................................
2,000
1,760
4
.25
%
,
4/15/43
,
Callable
10/15/42
@
100
.................................
5,000
4,204
United
Airlines
Pass
Through
Trust
4
.30
%
,
8/15/25
....................................................
2,642
2,601
2
.90
%
,
5/1/28
.....................................................
4,010
3,633
US
Airways
Pass
Through
Trust
,
3
.95
%
,
11/15/25
................................
3,484
3,404
Verisk
Analytics,
Inc.
,
5
.25
%
,
6/5/34
,
Callable
3/5/34
@
100
........................
3,500
3,533
233,059
Information
Technology
(1.6%):
Amphenol
Corp.
,
2
.20
%
,
9/15/31
,
Callable
6/15/31
@
100
.........................
4,875
4,107
Broadcom,
Inc.
2
.60
%
,
2/15/33
,
Callable
11/15/32
@
100
(a)
................................
5,000
4,142
3
.47
%
,
4/15/34
,
Callable
1/15/34
@
100
(a)
................................
2,000
1,747
Dell
International
LLC/EMC
Corp.
,
5
.75
%
,
2/1/33
,
Callable
11/1/32
@
100
.............
700
733
HP,
Inc.
,
5
.50
%
,
1/15/33
,
Callable
10/15/32
@
100
(f)
.............................
3,000
3,084
Jabil,
Inc.
,
3
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
..............................
4,776
4,151
Marvell
Technology,
Inc.
,
2
.45
%
,
4/15/28
,
Callable
2/15/28
@
100
...................
5,950
5,455
Microsoft
Corp.
,
2
.53
%
,
6/1/50
,
Callable
12/1/49
@
100
...........................
4,250
2,763
Motorola
Solutions,
Inc.
,
5
.60
%
,
6/1/32
,
Callable
3/1/32
@
100
......................
4,000
4,121
Oracle
Corp.
3
.85
%
,
7/15/36
,
Callable
1/15/36
@
100
..................................
9,250
8,000
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
4,750
3,409
Qorvo,
Inc.
,
3
.38
%
,
4/1/31
,
Callable
4/1/26
@
101.69
(a)
...........................
15,985
14,038
Skyworks
Solutions,
Inc.
,
3
.00
%
,
6/1/31
,
Callable
3/1/31
@
100
.....................
8,800
7,660
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
6,400
5,546
Workday,
Inc.
,
3
.70
%
,
4/1/29
,
Callable
2/1/29
@
100
.............................
3,000
2,872
71,828
Materials
(2.0%):
AptarGroup,
Inc.
,
3
.60
%
,
3/15/32
,
Callable
12/15/31
@
100
........................
7,071
6,304
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
11,500
9,526
Ball
Corp.
,
3
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
..............................
8,500
7,266
Bayport
Polymers
LLC
,
4
.74
%
,
4/14/27
,
Callable
3/14/27
@
100
(a)
...................
6,000
5,845
Colonial
Enterprises,
Inc.
,
3
.25
%
,
5/15/30
,
Callable
2/15/30
@
100
(a)
.................
4,000
3,664
Commercial
Metals
Co.
,
3
.88
%
,
2/15/31
,
Callable
2/15/26
@
101.94
..................
4,500
4,039
Victory
Portfolios
III
Victory
Income
Fund
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Ecolab,
Inc.
2
.13
%
,
8/15/50
,
Callable
2/15/50
@
100
..................................
$
5,000
$
2,874
2
.70
%
,
12/15/51
,
Callable
6/15/51
@
100
.................................
500
320
Freeport-McMoRan,
Inc.
4
.38
%
,
8/1/28
,
Callable
9/9/24
@
101.46
..................................
3,500
3,420
4
.63
%
,
8/1/30
,
Callable
8/1/25
@
102.31
..................................
2,000
1,953
LYB
International
Finance
III
LLC
3
.38
%
,
10/1/40
,
Callable
4/1/40
@
100
...................................
1,500
1,132
4
.20
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
2,500
1,949
Martin
Marietta
Materials,
Inc.
,
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
...............
5,000
4,256
Monsanto
Co.
,
3
.95
%
,
4/15/45
,
Callable
10/15/44
@
100
..........................
5,000
3,260
NewMarket
Corp.
,
2
.70
%
,
3/18/31
,
Callable
12/18/30
@
100
........................
7,500
6,410
Packaging
Corp.
of
America
,
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
..................
10,875
7,337
Reliance,
Inc.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
............................
4,694
4,027
Solvay
Finance
America
LLC
,
5
.85
%
,
6/4/34
,
Callable
3/4/34
@
100
(a)
................
4,000
4,102
The
Dow
Chemical
Co.
6
.30
%
,
3/15/33
,
Callable
12/15/32
@
100
.................................
4,000
4,308
4
.25
%
,
10/1/34
,
Callable
4/1/34
@
100
...................................
4,750
4,437
Vulcan
Materials
Co.
,
3
.50
%
,
6/1/30
,
Callable
3/1/30
@
100
........................
5,000
4,675
91,104
Real
Estate
(2.1%):
Alexandria
Real
Estate
Equities,
Inc.
,
3
.55
%
,
3/15/52
,
Callable
9/15/51
@
100
...........
5,000
3,453
AvalonBay
Communities,
Inc.
3
.20
%
,
1/15/28
,
Callable
10/15/27
@
100
,
MTN
.............................
2,679
2,554
2
.45
%
,
1/15/31
,
Callable
10/17/30
@
100
,
MTN
.............................
2,000
1,741
Boston
Properties
LP
2
.55
%
,
4/1/32
,
Callable
1/1/32
@
100
....................................
4,000
3,209
2
.45
%
,
10/1/33
,
Callable
7/1/33
@
100
(f)
.................................
7,878
6,036
CBRE
Services,
Inc.
,
5
.95
%
,
8/15/34
,
Callable
5/15/34
@
100
.......................
8,000
8,398
CoStar
Group,
Inc.
,
2
.80
%
,
7/15/30
,
Callable
4/15/30
@
100
(a)
......................
10,354
8,994
Crown
Castle,
Inc.
,
2
.25
%
,
1/15/31
,
Callable
10/15/30
@
100
.......................
1,250
1,055
DOC
DR
LLC
,
4
.30
%
,
3/15/27
,
Callable
12/15/26
@
100
..........................
5,000
4,932
ERP
Operating
LP
,
2
.85
%
,
11/1/26
,
Callable
8/1/26
@
100
.........................
9,000
8,649
Essex
Portfolio
LP
,
2
.65
%
,
3/15/32
,
Callable
12/15/31
@
100
.......................
5,000
4,235
GLP
Capital
LP/GLP
Financing
II,
Inc.
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
.................................
4,000
3,661
3
.25
%
,
1/15/32
,
Callable
10/15/31
@
100
.................................
3,617
3,106
5
.63
%
,
9/15/34
,
Callable
6/15/34
@
100
..................................
2,450
2,444
Highwoods
Realty
LP
,
2
.60
%
,
2/1/31
,
Callable
11/1/30
@
100
.......................
3,502
2,871
Host
Hotels
&
Resorts
LP
,
3
.38
%
,
12/15/29
,
Callable
9/15/29
@
100
..................
3,500
3,195
Hudson
Pacific
Properties
LP
3
.95
%
,
11/1/27
,
Callable
8/1/27
@
100
...................................
5,000
4,412
4
.65
%
,
4/1/29
,
Callable
1/1/29
@
100
....................................
1,979
1,668
3
.25
%
,
1/15/30
,
Callable
10/15/29
@
100
.................................
9,629
7,353
Kilroy
Realty
LP
,
2
.65
%
,
11/15/33
,
Callable
8/15/33
@
100
........................
7,350
5,557
SBA
Tower
Trust
2
.84
%
,
1/15/25
,
Callable
9/9/24
@
100
(a)
.................................
2,000
1,972
6
.60
%
,
1/15/28
,
Callable
1/15/27
@
100
(a)
................................
1,158
1,187
VICI
Properties
LP/VICI
Note
Co.,
Inc.
,
4
.13
%
,
8/15/30
,
Callable
2/15/25
@
102.06
(a)
....
8,000
7,440
98,122
Utilities
(4.4%):
AEP
Texas,
Inc.
4
.70
%
,
5/15/32
,
Callable
2/15/32
@
100
..................................
6,000
5,816
5
.70
%
,
5/15/34
,
Callable
2/15/34
@
100
..................................
1,500
1,529
Alabama
Power
Co.
,
3
.85
%
,
12/1/42
.........................................
3,000
2,466
Ameren
Corp.
,
3
.50
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
4,250
3,916
Black
Hills
Corp.
,
3
.88
%
,
10/15/49
,
Callable
4/15/49
@
100
........................
10,000
7,532
CenterPoint
Energy,
Inc.
,
2
.65
%
,
6/1/31
,
Callable
3/1/31
@
100
......................
8,500
7,314
CMS
Energy
Corp.
,
4
.75
%
(
H15T5Y
+
412
bps
)
,
6/1/50
,
Callable
3/1/30
@
100
(d)
.........
2,000
1,844
Delmarva
Power
&
Light
Co.
,
4
.15
%
,
5/15/45
,
Callable
11/15/44
@
100
...............
5,000
4,104
Dominion
Energy
South
Carolina,
Inc.
,
4
.10
%
,
6/15/46
,
Callable
12/15/45
@
100
.........
5,000
3,901
Victory
Portfolios
III
Victory
Income
Fund
161
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
DTE
Energy
Co.
,
5
.85
%
,
6/1/34
,
Callable
3/1/34
@
100
...........................
$
1,094
$
1,139
Duke
Energy
Carolinas
LLC
,
3
.88
%
,
3/15/46
,
Callable
9/15/45
@
100
.................
5,000
3,972
Duke
Energy
Corp.
,
5
.45
%
,
6/15/34
,
Callable
3/15/34
@
100
.......................
2,000
2,030
Duke
Energy
Progress
LLC
,
4
.15
%
,
12/1/44
,
Callable
6/1/44
@
100
..................
7,000
5,801
Duquesne
Light
Holdings,
Inc.
,
2
.78
%
,
1/7/32
,
Callable
10/7/31
@
100
(a)
..............
3,967
3,319
Entergy
Louisiana
LLC
,
4
.95
%
,
1/15/45
,
Callable
1/15/25
@
100
....................
7,000
6,228
Entergy
Mississippi
LLC
,
3
.25
%
,
12/1/27
,
Callable
9/1/27
@
100
....................
5,000
4,742
Entergy
Texas,
Inc.
3
.45
%
,
12/1/27
,
Callable
9/1/27
@
100
...................................
9,420
8,963
3
.55
%
,
9/30/49
,
Callable
3/30/49
@
100
..................................
5,000
3,635
Florida
Power
&
Light
Co.
3
.15
%
,
10/1/49
,
Callable
4/1/49
@
100
...................................
8,750
6,145
2
.88
%
,
12/4/51
,
Callable
6/4/51
@
100
...................................
4,500
2,956
Georgia
Power
Co.
,
5
.25
%
,
3/15/34
,
Callable
9/15/33
@
100
........................
5,000
5,108
IPALCO
Enterprises,
Inc.
,
4
.25
%
,
5/1/30
,
Callable
2/1/30
@
100
.....................
5,475
5,195
ITC
Holdings
Corp.
4
.95
%
,
9/22/27
,
Callable
8/22/27
@
100
(a)
................................
4,000
4,016
3
.35
%
,
11/15/27
,
Callable
8/15/27
@
100
..................................
2,000
1,913
MidAmerican
Energy
Co.
3
.15
%
,
4/15/50
,
Callable
10/15/49
@
100
.................................
7,000
4,840
2
.70
%
,
8/1/52
,
Callable
2/1/52
@
100
....................................
2,500
1,552
Mississippi
Power
Co.
,
4
.25
%
,
3/15/42
.......................................
3,168
2,656
Niagara
Mohawk
Power
Corp.
,
5
.29
%
,
1/17/34
,
Callable
10/17/33
@
100
(a)
.............
3,550
3,527
Oglethorpe
Power
Corp.
4
.20
%
,
12/1/42
....................................................
3,392
2,696
4
.50
%
,
4/1/47
,
Callable
10/1/46
@
100
...................................
3,750
3,125
5
.80
%
,
6/1/54
,
Callable
12/1/53
@
100
(a)
.................................
1,000
1,008
Oncor
Electric
Delivery
Co.
LLC
,
3
.75
%
,
4/1/45
,
Callable
10/1/44
@
100
..............
5,000
3,957
PECO
Energy
Co.
,
3
.00
%
,
9/15/49
,
Callable
3/15/49
@
100
........................
7,000
4,808
Potomac
Electric
Power
Co.
,
4
.15
%
,
3/15/43
,
Callable
9/15/42
@
100
.................
5,000
4,244
Public
Service
Co.
of
Colorado
,
2
.70
%
,
1/15/51
,
Callable
7/15/50
@
100
...............
7,000
4,238
Public
Service
Electric
and
Gas
Co.
,
3
.80
%
,
3/1/46
,
MTN
,
Callable
9/1/45
@
100
.........
8,000
6,446
Rayburn
Country
Securitization
LLC
,
2
.31
%
,
12/1/30
(a)
...........................
4,736
4,350
South
Jersey
Industries,
Inc.
,
5
.02
%
,
4/15/31
...................................
9,000
7,182
Southwestern
Public
Service
Co.
,
3
.15
%
,
5/1/50
,
Callable
11/1/49
@
100
...............
10,000
6,582
The
AES
Corp.
,
2
.45
%
,
1/15/31
,
Callable
10/15/30
@
100
..........................
9,000
7,575
Tri-State
Generation
and
Transmission
Association,
Inc.
4
.70
%
,
11/1/44
,
Callable
5/1/44
@
100
...................................
5,000
3,956
4
.25
%
,
6/1/46
,
Callable
12/1/45
@
100
...................................
10,000
7,420
Union
Electric
Co.
,
5
.20
%
,
4/1/34
,
Callable
1/1/34
@
100
..........................
2,500
2,540
WEC
Energy
Group,
Inc.
,
7
.70
%
(
TSFR3M
+
237
bps
)
,
5/15/67
,
Callable
9/9/24
@
100
(d)
...
13,000
12,860
199,146
Total
Corporate
Bonds
(Cost
$1,938,395)
a
a
a
1,770,970
Yankee
Dollars
(10.6%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.
,
4
.50
%
,
3/15/42
,
Callable
9/15/41
@
100
................
5,500
4,782
Consumer
Discretionary
(0.3%):
Flutter
Treasury
Designated
Activity
Co.
,
6
.38
%
,
4/29/29
,
Callable
4/15/26
@
103.19
(a)
....
1,250
1,271
International
Game
Technology
PLC
,
5
.25
%
,
1/15/29
,
Callable
9/9/24
@
102.63
(a)
........
5,500
5,386
Nemak
SAB
de
CV
,
3
.63
%
,
6/28/31
,
Callable
3/28/31
@
100
(a)
.....................
7,192
5,698
12,355
Consumer
Staples
(0.7%):
Alimentation
Couche-Tard,
Inc.
,
2
.95
%
,
1/25/30
,
Callable
10/25/29
@
100
(a)
............
5,000
4,566
Bacardi
Ltd.
,
4
.70
%
,
5/15/28
,
Callable
2/15/28
@
100
(a)
...........................
12,000
11,835
Victory
Portfolios
III
Victory
Income
Fund
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
LUX
Co.
SARL
2
.50
%
,
1/15/27
,
Callable
12/15/26
@
100
.................................
$
6,500
$
6,115
3
.00
%
,
2/2/29
,
Callable
12/2/28
@
100
...................................
3,250
2,951
5
.75
%
,
4/1/33
,
Callable
1/1/33
@
100
....................................
2,179
2,197
6
.75
%
,
3/15/34
,
Callable
12/15/33
@
100
(a)
...............................
2,786
2,995
30,659
Energy
(0.7%):
Aker
BP
ASA
,
4
.00
%
,
1/15/31
,
Callable
10/15/30
@
100
(a)
........................
9,250
8,551
Korea
National
Oil
Corp.
,
2
.63
%
,
4/18/32
(a)
...................................
6,000
5,137
Petroleos
Mexicanos
5
.95
%
,
1/28/31
,
Callable
10/28/30
@
100
.................................
6,667
5,500
6
.70
%
,
2/16/32
,
Callable
11/16/31
@
100
..................................
1,500
1,282
TransCanada
PipeLines
Ltd.
,
7
.79
%
(
TSFR3M
+
247
bps
)
,
5/15/67
,
Callable
9/9/24
@
100
(d)
.
10,124
9,239
Var
Energi
ASA
,
8
.00
%
,
11/15/32
,
Callable
8/15/32
@
100
(a)
.......................
3,750
4,289
33,998
Financials
(5.0%):
ABN
AMRO
Bank
NV
,
4
.75
%
,
7/28/25
(a)
.....................................
6,000
5,947
Allianz
SE
,
6
.35
%
(
H15T5Y
+
323
bps
)
,
9/6/53
,
Callable
3/6/33
@
100
(a)
(d)
.............
2,000
2,091
Amcor
Group
Finance
PLC
,
5
.45
%
,
5/23/29
,
Callable
4/23/29
@
100
..................
4,000
4,081
Ascot
Group
Ltd.
,
4
.25
%
,
12/15/30
,
Callable
12/15/25
@
100
(a)
.....................
7,802
6,690
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
7
.53
%
(
H15T5Y
+
300
bps
)
,
10/1/28
(a)
(d)
.......................................
1,000
1,045
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
4,000
4,282
Bank
of
Montreal
,
3
.09
%
(
H15T5Y
+
140
bps
)
,
1/10/37
,
Callable
1/10/32
@
100
(d)
........
6,500
5,432
Barclays
PLC
7
.39
%
(
H15T1Y
+
330
bps
)
,
11/2/28
,
Callable
11/2/27
@
100
(d)
..................
5,000
5,330
2
.89
%
(
H15T1Y
+
130
bps
)
,
11/24/32
,
Callable
11/24/31
@
100
(d)
................
5,000
4,254
6
.22
%
(
SOFR
+
298
bps
)
,
5/9/34
,
Callable
5/9/33
@
100
(d)
......................
3,000
3,156
BBVA
Bancomer
SA
8
.45
%
(
H15T5Y
+
466
bps
)
,
6/29/38
,
Callable
6/29/33
@
100
(a)
..................
3,125
3,305
8
.13
%
(
H15T5Y
+
421
bps
)
,
1/8/39
,
Callable
1/8/34
@
100
(a)
(d)
..................
5,000
5,152
BNP
Paribas
SA
,
4
.63
%
,
3/13/27
(a)
..........................................
4,500
4,445
BP
Capital
Markets
PLC
4
.38
%
(
H15T5Y
+
404
bps
)
,
Callable
6/22/25
@
100
(d)
(g)
......................
1,966
1,932
4
.88
%
(
H15T5Y
+
440
bps
)
,
Callable
3/22/30
@
100
(d)
(g)
......................
4,000
3,795
BPCE
SA
3
.50
%
,
10/23/27
(a)
..................................................
5,000
4,754
3
.25
%
,
1/11/28
(a)
...................................................
3,000
2,836
6
.51
%
(
H15T1Y
+
279
bps
)
,
1/18/35
,
Callable
1/18/34
@
100
(a)
(d)
................
7,000
7,198
Brookfield
Finance,
Inc.
,
4
.85
%
,
3/29/29
,
Callable
12/29/28
@
100
...................
7,000
7,020
Canadian
Imperial
Bank
of
Commerce
7
.26
%
,
4/10/32
(a)
..................................................
5,142
5,344
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...................................
1,500
1,593
Commonwealth
Bank
of
Australia
2
.69
%
,
3/11/31
(a)
...................................................
9,000
7,650
3
.78
%
,
3/14/32
(a)
..................................................
3,000
2,690
Deutsche
Bank
AG
4
.88
%
(
USISOA05
+
255
bps
)
,
12/1/32
,
Callable
12/1/27
@
100
(d)
................
10,000
9,555
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(d)
.....................
5,000
4,210
HSBC
Holdings
PLC
,
2
.21
%
(
SOFR
+
129
bps
)
,
8/17/29
,
Callable
8/17/28
@
100
(d)
........
8,500
7,629
Imperial
Brands
Finance
PLC
,
3
.88
%
,
7/26/29
,
Callable
4/26/29
@
100
(a)
..............
5,000
4,726
Lloyds
Banking
Group
PLC
3
.57
%
(
US0003M
+
121
bps
)
,
11/7/28
,
Callable
11/7/27
@
100
(d)
.................
5,000
4,783
7
.95
%
(
H15T1Y
+
375
bps
)
,
11/15/33
,
Callable
8/15/32
@
100
(d)
.................
2,121
2,424
Macquarie
Bank
Ltd.
,
3
.05
%
(
H15T5Y
+
170
bps
)
,
3/3/36
,
Callable
3/3/31
@
100
(a)
(d)
......
8,750
7,459
Mitsubishi
UFJ
Financial
Group,
Inc.
,
5
.02
%
(
H15T1Y
+
195
bps
)
,
7/20/28
,
Callable
7/20/27
@
100
(d)
...........................................................
5,000
5,034
Mizuho
Financial
Group,
Inc.
2
.56
%
,
9/13/31
....................................................
5,000
4,162
2
.17
%
(
H15T1Y
+
87
bps
)
,
5/22/32
,
Callable
5/22/31
@
100
(d)
...................
5,000
4,138
NatWest
Group
PLC
,
5
.08
%
(
US0003M
+
191
bps
)
,
1/27/30
,
Callable
1/27/29
@
100
(d)
.....
6,000
6,003
Victory
Portfolios
III
Victory
Income
Fund
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
QBE
Insurance
Group
Ltd.
,
5
.88
%
(
H15T5Y
+
551
bps
)
,
Callable
5/12/25
@
100
(a)
(d)
(f)
(g)
..
$
5,000
$
4,958
Societe
Generale
SA
1
.49
%
(
H15T1Y
+
110
bps
)
,
12/14/26
,
Callable
12/14/25
@
100
(a)
(d)
..............
8,500
8,047
6
.22
%
(
H15T1Y
+
320
bps
)
,
6/15/33
,
Callable
6/15/32
@
100
(a)
(d)
(f)
..............
9,000
9,099
Standard
Chartered
PLC
,
4
.87
%
(
USISOA05
+
197
bps
)
,
3/15/33
,
Callable
3/15/28
@
100
(a)
(d)
(f)
.......................................................
3,750
3,638
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2
.22
%
,
9/17/31
...........................
8,500
7,067
The
Bank
of
Nova
Scotia
,
4
.90
%
(
H15T5Y
+
455
bps
)
,
Callable
6/4/25
@
100
(d)
(g)
........
6,742
6,618
The
Toronto-Dominion
Bank
,
3
.63
%
(
USSW5
+
221
bps
)
,
9/15/31
,
Callable
9/15/26
@
100
(d)
.
10,000
9,647
UBS
Group
AG
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..................................
3,250
3,168
3
.87
%
(
US0003M
+
141
bps
)
,
1/12/29
,
Callable
1/12/28
@
100
(a)
(d)
...............
4,445
4,273
Washington
Aircraft
1
Co.
DAC
(NBGA
-
United
States
Government)
,
2
.64
%
,
9/15/26
.....
1,421
1,369
Westpac
Banking
Corp.
4
.32
%
(
USISOA05
+
224
bps
)
,
11/23/31
,
Callable
11/23/26
@
100
(d)
..............
5,000
4,893
2
.67
%
(
H15T5Y
+
175
bps
)
,
11/15/35
,
Callable
11/15/30
@
100
(d)
................
4,000
3,373
3
.02
%
(
H15T5Y
+
153
bps
)
,
11/18/36
,
Callable
11/18/31
@
100
(d)
................
2,000
1,684
227,979
Health
Care
(1.0%):
Olympus
Corp.
,
2
.14
%
,
12/8/26
,
Callable
11/8/26
@
100
(a)
........................
3,939
3,687
Royalty
Pharma
PLC
2
.15
%
,
9/2/31
,
Callable
6/2/31
@
100
....................................
8,500
7,027
3
.30
%
,
9/2/40
,
Callable
3/2/40
@
100
....................................
10,167
7,560
3
.55
%
,
9/2/50
,
Callable
3/2/50
@
100
....................................
2,500
1,731
Smith
&
Nephew
PLC
2
.03
%
,
10/14/30
,
Callable
7/14/30
@
100
.................................
10,240
8,682
5
.40
%
,
3/20/34
,
Callable
12/20/33
@
100
.................................
3,864
3,907
STERIS
Irish
FinCo
Unlimited
Co.
2
.70
%
,
3/15/31
,
Callable
12/15/30
@
100
.................................
3,000
2,588
3
.75
%
,
3/15/51
,
Callable
9/15/50
@
100
..................................
8,000
5,922
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
3
.15
%
,
10/1/26
....................
5,000
4,732
45,836
Industrials
(1.6%):
Air
Canada
Pass
Through
Trust
4
.13
%
,
5/15/25
(a)
..................................................
12,737
12,498
3
.60
%
,
3/15/27
(a)
(f)
.................................................
5,984
5,735
3
.75
%
,
12/15/27
(a)
..................................................
3,685
3,508
Aircastle
Ltd.
,
6
.50
%
,
7/18/28
,
Callable
6/18/28
@
100
(a)
..........................
3,000
3,107
BAE
Systems
PLC
,
3
.40
%
,
4/15/30
,
Callable
1/15/30
@
100
(a)
......................
3,500
3,240
Ferguson
Finance
PLC
3
.25
%
,
6/2/30
,
Callable
3/2/30
@
100
(a)
..................................
6,000
5,490
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
................................
3,000
2,897
LG
Energy
Solution
Ltd.
,
5
.50
%
,
7/2/34
(a)
(f)
...................................
3,000
3,014
nVent
Finance
SARL
,
5
.65
%
,
5/15/33
,
Callable
2/15/33
@
100
......................
5,500
5,593
Pentair
Finance
SARL
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.....................
7,500
7,897
Port
of
Newcastle
Investments
Financing
Pty
Ltd.
,
5
.90
%
,
11/24/31
,
Callable
8/24/31
@
100
(a)
(f)
.........................................................
6,000
5,598
Rolls-Royce
PLC
,
3
.63
%
,
10/14/25
,
Callable
7/14/25
@
100
(a)
......................
5,000
4,882
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
4,000
4,104
Turkish
Airlines
Pass
Through
Trust
,
4
.20
%
,
3/15/27
(a)
............................
3,896
3,685
71,248
Information
Technology
(0.2%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.
,
2
.65
%
,
2/15/32
,
Callable
11/15/31
@
100
....
7,000
5,947
Open
Text
Corp.
,
6
.90
%
,
12/1/27
,
Callable
11/1/27
@
100
(a)
........................
1,765
1,831
SK
Hynix,
Inc.
,
2
.38
%
,
1/19/31
(a)
...........................................
5,000
4,226
12,004
Materials
(0.5%):
Alcoa
Nederland
Holding
BV
,
7
.13
%
,
3/15/31
,
Callable
3/15/27
@
103.56
(a)
............
675
696
Victory
Portfolios
III
Victory
Income
Fund
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
ArcelorMittal
SA
6
.80
%
,
11/29/32
,
Callable
8/29/32
@
100
..................................
$
3,250
$
3,508
7
.00
%
,
10/15/39
....................................................
4,000
4,408
Braskem
Netherlands
Finance
BV
,
4
.50
%
,
1/31/30
,
Callable
10/31/29
@
100
(a)
..........
4,000
3,458
CCL
Industries,
Inc.
,
3
.05
%
,
6/1/30
,
Callable
3/1/30
@
100
(a)
.......................
7,235
6,533
Endeavour
Mining
PLC
,
5
.00
%
,
10/14/26
,
Callable
9/9/24
@
102.5
(a)
.................
3,500
3,342
21,945
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
,
2
.50
%
,
10/15/31
,
Callable
7/15/31
@
100
(a)
...........................................................
5,500
4,629
Utilities
(0.4%):
Enel
Chile
SA
,
4
.88
%
,
6/12/28
,
Callable
3/12/28
@
100
...........................
5,000
4,903
Enel
Finance
International
NV
,
2
.50
%
,
7/12/31
,
Callable
4/12/31
@
100
(a)
..............
5,000
4,197
GENM
Capital
Labuan
Ltd.
,
3
.88
%
,
4/19/31
,
Callable
1/19/31
@
100
(a)
...............
8,500
7,535
16,635
Total
Yankee
Dollars
(Cost
$508,224)
a
a
a
482,070
Municipal
Bonds
(2.9%)
Arizona
(0.1%):
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
1
.16
%
,
7/1/26
.....................................................
910
854
1
.59
%
,
7/1/29
.....................................................
1,000
877
1
.84
%
,
7/1/31
,
Continuously
Callable
@100
...............................
2,000
1,684
3,415
California
(0.3%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
,
6
.03
%
,
7/1/38
........
3,340
3,383
City
of
El
Cajon
Revenue
Series
A
,
2
.09
%
,
4/1/29
..............................................
425
380
Series
A
,
2
.19
%
,
4/1/30
..............................................
425
373
Series
A
,
2
.29
%
,
4/1/31
,
Continuously
Callable
@100
.........................
550
474
City
of
Riverside
Revenue
Series
A
,
2
.49
%
,
6/1/26
..............................................
1,800
1,725
Series
A
,
2
.64
%
,
6/1/27
..............................................
1,400
1,323
San
Jose
Financing
Authority
Revenue
,
1
.71
%
,
6/1/28
.............................
2,000
1,806
Vista
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
A
,
4
.13
%
,
9/1/30
,
Continuously
Callable
@100
...........
2,590
2,574
12,038
Connecticut
(0.1%):
State
of
Connecticut,
GO
,
Series
A
,
3
.43
%
,
4/15/28
..............................
1,500
1,451
Town
of
Hamden,
GO
,
4
.93
%
,
8/15/30
,
Continuously
Callable
@100
..................
3,845
3,846
5,297
Florida
(0.4%):
Florida
Development
Finance
Corp.
Revenue
,
Series
B
,
3
.22
%
,
2/1/32
,
Continuously
Callable
@100
...........................................................
4,080
3,485
Hillsborough
County
IDA
Revenue
,
3
.58
%
,
8/1/35
,
Continuously
Callable
@100
.........
8,500
7,471
Hillsborough
County
School
Board
Certificate
of
Participation
,
Series
B
,
1
.92
%
,
7/1/25
....
4,250
4,136
St.
Johns
County
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.)
,
Series
B
,
2
.54
%
,
10/1/30
,
Continuously
Callable
@100
....................................
2,500
2,161
17,253
Georgia
(0.1%):
Savannah
Hospital
Authority
Revenue
,
Series
B
,
3
.99
%
,
7/1/38
......................
5,000
4,436
Hawaii
(0.2%):
State
of
Hawaii
Department
of
Business
Economic
Development
&
Tourism
Revenue
,
Series
A-2
,
3
.24
%
,
1/1/31
..................................................
8,235
7,989
Illinois
(0.1%):
State
of
Illinois
Sales
Tax
Revenue
Series
B
,
2
.51
%
,
6/15/32
,
Continuously
Callable
@100
........................
2,000
1,701
Victory
Portfolios
III
Victory
Income
Fund
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
B
,
2
.66
%
,
6/15/33
,
Continuously
Callable
@100
........................
$
1,500
$
1,263
2,964
Indiana
(0.0%):(e)
Indiana
Finance
Authority
Revenue
,
Series
A
,
3
.62
%
,
7/1/36
........................
1,500
1,370
Kansas
(0.0%):(e)
Wyandotte
County-Kansas
City
Unified
Government
Utility
System
Revenue
,
Series
B
,
1
.66
%
,
9/1/27
...........................................................
2,000
1,832
Louisiana
(0.1%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
,
Series
A
,
4
.48
%
,
8/1/39
.......................................
3,775
3,640
Maryland
(0.1%):
Maryland
Economic
Development
Corp.
Revenue
Series
B
,
4
.25
%
,
6/1/29
..............................................
2,495
2,380
Series
B
,
4
.35
%
,
6/1/30
..............................................
1,325
1,259
Series
B
,
4
.40
%
,
6/1/31
..............................................
1,385
1,306
4,945
New
Jersey
(0.1%):
New
Jersey
Educational
Facilities
Authority
Revenue
,
Series
E
,
4
.02
%
,
7/1/39
...........
3,000
2,570
South
Jersey
Transportation
Authority
Revenue
,
Series
B
,
2
.38
%
,
11/1/27
...............
1,030
960
3,530
New
York
(0.1%):
New
York
State
Urban
Development
Corp.
Revenue
1
.88
%
,
3/15/30
....................................................
2,600
2,274
2
.03
%
,
3/15/31
,
Continuously
Callable
@100
...............................
3,500
3,010
5,284
Ohio
(0.1%):
Cleveland
Department
of
Public
Utilities
Division
of
Public
Power
Revenue
,
5
.50
%
,
11/15/38
,
Pre-refunded
11/15/24
@
100
..........................................
5,000
5,000
Oklahoma
(0.2%):
Oklahoma
Development
Finance
Authority
Revenue
,
Series
C
,
5
.45
%
,
8/15/28
...........
9,750
9,265
Pennsylvania
(0.3%):
Pennsylvania
Economic
Development
Financing
Authority
Revenue
,
Series
B
,
3
.20
%
,
11/15/27
.........................................................
1,375
1,311
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
,
3
.73
%
,
7/15/43
..........
3,000
2,356
Public
Parking
Authority
of
Pittsburgh
Revenue
2
.33
%
,
12/1/29
....................................................
895
804
2
.58
%
,
12/1/31
,
Continuously
Callable
@100
...............................
825
722
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
3
.05
%
,
4/1/29
.....................................................
800
754
3
.10
%
,
4/1/30
.....................................................
950
886
3
.15
%
,
4/1/31
.....................................................
250
231
State
Public
School
Building
Authority
Revenue
3
.05
%
,
4/1/28
.....................................................
2,000
1,889
3
.15
%
,
4/1/30
.....................................................
4,460
4,146
13,099
Texas
(0.5%):
County
of
Bexar
Revenue
,
2
.53
%
,
8/15/34
,
Continuously
Callable
@100
...............
2,800
2,196
Dallas
Fort
Worth
International
Airport
Revenue
Series
C
,
1
.95
%
,
11/1/28
..............................................
1,000
901
Series
C
,
2
.05
%
,
11/1/29
..............................................
1,250
1,105
Series
C
,
2
.10
%
,
11/1/30
..............................................
1,000
866
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
3
.34
%
,
11/15/37
....................................................
2,000
1,724
Series
B
,
2
.57
%
,
5/15/26
.............................................
1,000
959
Series
D
,
2
.28
%
,
7/1/34
..............................................
6,785
5,468
McLennan
County
Public
Facility
Corp.
Revenue
,
3
.90
%
,
6/1/29
,
Continuously
Callable
@100
2,000
1,960
Port
of
Corpus
Christi
Authority
of
Nueces
County
Revenue
,
3
.49
%
,
12/1/25
............
1,000
983
San
Antonio
Education
Facilities
Corp.
Revenue
2
.38
%
,
4/1/28
.....................................................
1,500
1,329
Victory
Portfolios
III
Victory
Income
Fund
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
2
.65
%
,
4/1/30
.....................................................
$
1,150
$
972
2
.73
%
,
4/1/31
.....................................................
750
619
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
2
.08
%
,
9/1/28
.....................................................
600
541
2
.57
%
,
9/1/32
,
Continuously
Callable
@100
...............................
1,000
840
2
.69
%
,
9/1/33
,
Continuously
Callable
@100
...............................
1,000
830
Waco
Educational
Finance
Corp.
Revenue
1
.53
%
,
3/1/27
.....................................................
1,340
1,243
1
.69
%
,
3/1/28
.....................................................
1,500
1,362
2
.06
%
,
3/1/31
,
Continuously
Callable
@100
...............................
1,500
1,287
25,185
Wisconsin
(0.1%):
Public
Finance
Authority
Revenue
,
3
.63
%
,
6/1/51
................................
6,575
4,371
Total
Municipal
Bonds
(Cost
$145,799)
a
a
a
130,913
U.S.
Government
Agency
Mortgages
(6.5%)
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
(a)
(d)
(g)
................................
6,000
5,915
Federal
Farm
Credit
Banks
Funding
Corporation
6
.00
%
,
6/5/34
.....................................................
4,000
4,007
5
.60
%
,
8/5/39
.....................................................
4,000
4,009
8,016
Federal
Home
Loan
Banks
5
.65
%
,
7/30/31
....................................................
2,385
2,382
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
12/1/35
-
5/1/53
..............................................
15,153
15,260
1
.50
%
,
4/1/37
.....................................................
4,756
4,149
5
.00
%
,
3/1/38
-
6/1/53
...............................................
31,341
31,009
3
.50
%
,
5/1/42
-
7/1/52
...............................................
10,633
9,798
4
.50
%
,
11/1/42
-
10/1/52
..............................................
9,030
8,757
4
.00
%
,
1/1/43
-
12/1/52
..............................................
8,435
8,025
3
.00
%
,
1/1/52
-
5/1/52
...............................................
8,517
7,484
6
.00
%
,
8/1/53
.....................................................
3,745
3,801
88,283
Federal
National
Mortgage
Association
2
.50
%
,
2/1/28
-
3/1/52
...............................................
11,606
10,098
6
.50
%
,
4/1/31
-
3/1/32
...............................................
175
182
5
.00
%
,
6/1/33
-
4/1/53
...............................................
8,097
8,057
5
.50
%
,
9/1/35
-
5/1/38
...............................................
2,255
2,326
6
.00
%
,
5/1/36
-
3/1/54
...............................................
9,547
9,728
4
.00
%
,
4/1/38
-
7/1/53
...............................................
14,317
13,668
3
.50
%
,
12/1/42
-
6/1/52
..............................................
16,367
15,074
3
.00
%
,
2/1/50
-
12/1/51
..............................................
8,356
7,346
66,479
Government
National
Mortgage
Association
7
.00
%
,
1/15/26
-
7/15/32
.............................................
216
223
6
.50
%
,
4/15/26
-
10/15/31
.............................................
268
278
7
.50
%
,
6/15/26
-
8/15/29
.............................................
80
81
6
.00
%
,
9/15/28
-
9/20/53
.............................................
16,283
16,532
5
.50
%
,
4/20/33
-
9/20/53
.............................................
32,852
33,029
5
.00
%
,
8/15/33
-
4/20/54
.............................................
22,697
22,504
3
.50
%
,
4/20/52
....................................................
6,271
5,710
4
.50
%
,
8/20/52
-
9/20/53
.............................................
22,137
21,388
3
.00
%
,
1/20/53
....................................................
4,489
4,005
2
.50
%
,
6/20/53
-
7/20/53
.............................................
11,712
10,093
Victory
Portfolios
III
Victory
Income
Fund
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
6
.50
%
,
1/20/54
....................................................
$
12,228
$
12,457
126,300
Total
U.S.
Government
Agency
Mortgages
(Cost
$299,418)
a
a
a
297,375
U.S.
Treasury
Obligations
(23.6%)
U.S.
Treasury
Bonds
1
.13
%
,
5/15/40
....................................................
10,000
6,386
3
.88
%
,
8/15/40
....................................................
32,000
30,620
1
.38
%
,
11/15/40
....................................................
30,000
19,650
1
.88
%
,
2/15/41
....................................................
9,000
6,379
2
.25
%
,
5/15/41
....................................................
70,000
52,413
1
.75
%
,
8/15/41
....................................................
25,000
17,121
2
.75
%
,
8/15/42
....................................................
55,000
43,673
2
.75
%
,
11/15/42
....................................................
10,000
7,908
3
.13
%
,
2/15/43
....................................................
45,000
37,582
2
.88
%
,
5/15/43
....................................................
10,000
8,009
4
.38
%
,
8/15/43
....................................................
25,000
24,879
3
.38
%
,
5/15/44
....................................................
5,000
4,291
3
.00
%
,
11/15/44
....................................................
25,000
20,148
2
.50
%
,
2/15/45
....................................................
55,000
40,563
3
.00
%
,
11/15/45
....................................................
21,000
16,800
2
.50
%
,
2/15/46
....................................................
15,000
10,929
2
.25
%
,
8/15/46
....................................................
42,950
29,615
2
.88
%
,
11/15/46
....................................................
10,000
7,753
3
.00
%
,
2/15/47
....................................................
23,000
18,195
2
.75
%
,
11/15/47
....................................................
12,000
9,015
3
.00
%
,
2/15/48
....................................................
25,000
19,633
3
.13
%
,
5/15/48
....................................................
30,000
24,070
3
.38
%
,
11/15/48
....................................................
25,000
20,941
3
.00
%
,
2/15/49
....................................................
10,000
7,816
1
.25
%
,
5/15/50
....................................................
30,000
15,408
1
.63
%
,
11/15/50
....................................................
35,000
19,819
2
.88
%
,
5/15/52
....................................................
10,000
7,572
4
.00
%
,
11/15/52
....................................................
10,000
9,406
4
.13
%
,
8/15/53
....................................................
17,000
16,349
4
.75
%
,
11/15/53
....................................................
10,000
10,675
4
.25
%
,
2/15/54
....................................................
10,000
9,836
U.S.
Treasury
Inflation
Indexed
Bonds
,
2
.38
%
,
1/15/25
............................
66,644
65,866
U.S.
Treasury
Inflation
Indexed
Notes
,
0
.88
%
,
1/15/29
............................
12,438
11,957
U.S.
Treasury
Notes
2
.00
%
,
2/15/25
....................................................
10,000
9,839
4
.25
%
,
10/15/25
....................................................
6,000
5,975
0
.38
%
,
1/31/26
....................................................
10,000
9,409
4
.63
%
,
9/15/26
....................................................
10,000
10,077
4
.38
%
,
12/15/26
....................................................
25,000
25,109
2
.38
%
,
5/15/27
....................................................
5,000
4,774
0
.50
%
,
10/31/27
....................................................
11,000
9,826
4
.13
%
,
10/31/27
....................................................
10,000
10,026
1
.25
%
,
3/31/28
....................................................
7,000
6,348
2
.88
%
,
8/15/28
....................................................
6,000
5,753
1
.25
%
,
9/30/28
....................................................
7,000
6,275
3
.75
%
,
12/31/28
....................................................
10,000
9,919
2
.63
%
,
2/15/29
....................................................
13,000
12,284
4
.25
%
,
2/28/29
....................................................
10,000
10,133
2
.38
%
,
3/31/29
....................................................
20,000
18,659
3
.25
%
,
6/30/29
....................................................
20,000
19,381
4
.25
%
,
6/30/29
....................................................
15,000
15,210
3
.88
%
,
9/30/29
....................................................
10,000
9,966
4
.13
%
,
8/31/30
....................................................
25,000
25,219
4
.38
%
,
11/30/30
....................................................
6,000
6,137
4
.00
%
,
1/31/31
....................................................
15,000
15,031
Victory
Portfolios
III
Victory
Income
Fund
168
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
4
.25
%
,
2/28/31
....................................................
$
10,000
$
10,167
4
.63
%
,
4/30/31
....................................................
10,000
10,389
4
.25
%
,
6/30/31
....................................................
5,000
5,087
4
.13
%
,
11/15/32
....................................................
20,000
20,156
3
.88
%
,
8/15/33
....................................................
54,000
53,300
4
.50
%
,
11/15/33
....................................................
30,000
31,036
4
.00
%
,
2/15/34
....................................................
45,000
44,817
4
.38
%
,
5/15/34
....................................................
5,000
5,129
Total
U.S.
Treasury
Obligations
(Cost
$1,184,984)
a
a
a
1,076,708
Commercial
Paper
(1.3%)
Financials
(1.1%):
Brookfield
Corporate
Treasury
Ltd.
5
.67
%
,
8/2/24
(a)
(h)
.................................................
10,000
9,997
5
.68
%
,
8/6/24
(a)
(h)
.................................................
5,000
4,995
5
.69
%
,
8/7/24
(a)
(h)
.................................................
6,800
6,793
5
.69
%
,
8/12/24
(a)
(h)
................................................
3,200
3,194
Hannover
Funding
Co.
LLC
5
.48
%
,
8/1/24
(a)
(h)
.................................................
3,800
3,799
4
.43
%
,
8/5/24
(a)
(h)
.................................................
10,000
9,992
5
.49
%
,
8/6/24
(a)
(h)
.................................................
5,000
4,995
5
.50
%
,
8/8/24
(a)
(h)
.................................................
5,000
4,994
48,759
Industrials
(0.1%):
Lennox
International,
Inc.
,
5
.58
%
,
8/1/24
(h)
....................................
5,000
4,999
Ryder
System,
Inc.
,
5
.42
%
,
8/2/24
(h)
.........................................
1,500
1,500
6,499
Utilities
(0.1%):
Eversource
Energy
,
5
.44
%
,
8/7/24
(a)
(h)
.......................................
5,000
4,995
Total
Commercial
Paper
(Cost
$60,262)
a
a
a
60,253
Shares
Collateral
for
Securities
Loaned
(0.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(i)
........
8,379,499
8,380
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(i)
............
8,379,499
8,380
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.21
%
(i)
................
8,379,499
8,379
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(i)
.
8,379,499
8,379
Total
Collateral
for
Securities
Loaned
(Cost
$33,518)
a
a
a
33,518
Total
Investments
(Cost
$4,896,713)
—
100.0%
4,558,034
Liabilities
in
excess
of
other
assets
—
0.0%(e)
(
1,122
)
NET
ASSETS
-
100.00%
$
4,556,912
At
July
31,
2024,
the
Fund's
investments
in
foreign
securities
were
11.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2024,
the
fair
value
of
these
securities
was
$1,108,597
(thousands)
and
amounted
to
24.3%
of
net
assets.
(b)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
July
31,
2024.
(c)
Security
is
interest
only.
(d)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2024.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
Rate
represents
the
effective
yield
at
July
31,
2024.
(i)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
Victory
Portfolios
III
Victory
Income
Fund
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
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.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2024.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2024.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
July
31,
2024,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
2024.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
July
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.
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
July
31,
2024
Victory
Portfolios
III
Victory
Income
Stock
Fund
170
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.8%)
Communication
Services
(2.3%):
Comcast
Corp.,
Class
A
..................................................
961,600
$
39,685
Fox
Corp.,
Class
A
......................................................
208,384
7,927
Omnicom
Group,
Inc.
....................................................
138,549
13,584
The
New
York
Times
Co.,
Class
A
...........................................
58,132
3,115
64,311
Consumer
Discretionary
(6.3%):
Best
Buy
Co.,
Inc.
......................................................
168,974
14,620
eBay,
Inc.
............................................................
253,261
14,084
Garmin
Ltd.
...........................................................
53,994
9,246
H&R
Block,
Inc.
.......................................................
202,826
11,752
Lennar
Corp.,
Class
A
....................................................
133,681
23,652
Lowe's
Cos.,
Inc.
.......................................................
79,854
19,605
PulteGroup,
Inc.
........................................................
96,611
12,753
Tapestry,
Inc.
..........................................................
179,884
7,212
The
Home
Depot,
Inc.
...................................................
87,349
32,158
Toll
Brothers,
Inc.
......................................................
123,421
17,613
Williams-Sonoma,
Inc.
...................................................
69,727
10,785
173,480
Consumer
Staples
(10.7%):
Altria
Group,
Inc.
.......................................................
981,035
48,080
Archer-Daniels-Midland
Co.
...............................................
270,927
16,800
Colgate-Palmolive
Co.
...................................................
386,033
38,291
Kimberly-Clark
Corp.
....................................................
223,248
30,150
Molson
Coors
Beverage
Co.,
Class
B
.........................................
99,749
5,272
PepsiCo,
Inc.
..........................................................
130,601
22,551
Philip
Morris
International,
Inc.
.............................................
307,609
35,424
Target
Corp.
..........................................................
192,294
28,923
The
Kroger
Co.
........................................................
422,058
23,002
The
Procter
&
Gamble
Co.
................................................
292,931
47,092
295,585
Energy
(5.9%):
ConocoPhillips
Co.
.....................................................
181,703
20,205
Devon
Energy
Corp.
.....................................................
392,655
18,467
Diamondback
Energy,
Inc.
................................................
89,175
18,041
EOG
Resources,
Inc.
....................................................
103,384
13,109
Exxon
Mobil
Corp.
.....................................................
142,091
16,851
Marathon
Petroleum
Corp.
................................................
111,320
19,706
Phillips
66
Co.
.........................................................
69,992
10,182
Valero
Energy
Corp.
.....................................................
280,175
45,310
161,871
Financials
(20.3%):
American
Express
Co.
...................................................
99,589
25,200
American
Financial
Group,
Inc.
.............................................
53,454
7,000
American
International
Group,
Inc.
..........................................
296,436
23,487
Ameriprise
Financial,
Inc.
.................................................
60,817
26,156
Annaly
Capital
Management,
Inc.
...........................................
261,696
5,210
Apollo
Global
Management,
Inc.
............................................
109,684
13,745
Capital
One
Financial
Corp.
...............................................
148,477
22,479
East
West
Bancorp,
Inc.
..................................................
157,609
13,852
Evercore,
Inc.
.........................................................
18,706
4,684
Everest
Group
Ltd.
......................................................
72,371
28,432
Fidelity
National
Financial,
Inc.
............................................
335,096
18,568
Fifth
Third
Bancorp
.....................................................
335,861
14,220
First
Horizon
Corp.
.....................................................
361,057
6,041
JPMorgan
Chase
&
Co.
..................................................
550,397
117,125
Popular,
Inc.
..........................................................
139,367
14,303
Regions
Financial
Corp.
..................................................
1,064,967
23,823
Synchrony
Financial
.....................................................
641,537
32,584
Victory
Portfolios
III
Victory
Income
Stock
Fund
171
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
T.
Rowe
Price
Group,
Inc.
.................................................
75,652
$
8,640
The
Allstate
Corp.
......................................................
150,930
25,827
The
Bank
of
New
York
Mellon
Corp.
.........................................
366,406
23,842
The
Goldman
Sachs
Group,
Inc.
............................................
64,288
32,725
The
Hartford
Financial
Services
Group,
Inc.
....................................
87,186
9,671
The
PNC
Financial
Services
Group,
Inc.
......................................
78,876
14,284
W.R.
Berkley
Corp.
.....................................................
89,107
4,912
Wells
Fargo
&
Co.
......................................................
618,548
36,705
Zions
Bancorp
NA
......................................................
88,838
4,590
558,105
Health
Care
(15.7%):
AbbVie,
Inc.
..........................................................
251,532
46,614
Agilent
Technologies,
Inc.
.................................................
66,283
9,372
Amgen,
Inc.
...........................................................
27,464
9,131
Bristol-Myers
Squibb
Co.
.................................................
1,272,840
60,536
Cardinal
Health,
Inc.
....................................................
395,462
39,875
Chemed
Corp.
.........................................................
10,224
5,829
CVS
Health
Corp.
......................................................
365,658
22,060
Elevance
Health,
Inc.
....................................................
18,837
10,022
Gilead
Sciences,
Inc.
....................................................
730,159
55,536
Johnson
&
Johnson
.....................................................
334,333
52,775
Merck
&
Co.,
Inc.
......................................................
335,131
37,913
Pfizer,
Inc.
............................................................
1,091,848
33,345
Quest
Diagnostics,
Inc.
...................................................
89,228
12,697
Royalty
Pharma
PLC,
Class
A
..............................................
287,572
8,101
The
Cigna
Group
.......................................................
83,563
29,136
432,942
Industrials
(15.5%):
AGCO
Corp.
..........................................................
69,174
6,531
Automatic
Data
Processing,
Inc.
............................................
118,967
31,243
Caterpillar,
Inc.
........................................................
134,901
46,703
Cintas
Corp.
..........................................................
7,829
5,981
Cummins,
Inc.
.........................................................
48,332
14,103
Expeditors
International
of
Washington,
Inc.
....................................
124,919
15,592
Fastenal
Co.
...........................................................
296,669
20,989
FedEx
Corp.
..........................................................
89,257
26,978
Ferguson
PLC
.........................................................
61,170
13,620
Flowserve
Corp.
........................................................
63,898
3,230
General
Dynamics
Corp.
..................................................
44,109
13,176
Illinois
Tool
Works,
Inc.
..................................................
121,532
30,052
Lennox
International,
Inc.
.................................................
33,072
19,298
Lincoln
Electric
Holdings,
Inc.
.............................................
14,314
2,940
Lockheed
Martin
Corp.
...................................................
35,886
19,447
ManpowerGroup,
Inc.
...................................................
100,528
7,698
Masco
Corp.
..........................................................
355,058
27,641
Otis
Worldwide
Corp.
....................................................
94,150
8,897
Owens
Corning
........................................................
106,017
19,759
PACCAR,
Inc.
.........................................................
144,818
14,288
Parker-Hannifin
Corp.
...................................................
24,355
13,667
Paychex,
Inc.
..........................................................
198,162
25,369
Robert
Half,
Inc.
.......................................................
58,577
3,760
Snap-on,
Inc.
..........................................................
44,102
12,659
SS&C
Technologies
Holdings,
Inc.
..........................................
51,425
3,752
United
Parcel
Service,
Inc.,
Class
B
..........................................
61,453
8,012
United
Rentals,
Inc.
.....................................................
13,139
9,948
425,333
Information
Technology
(8.5%):
Accenture
PLC,
Class
A
..................................................
33,846
11,190
Applied
Materials,
Inc.
...................................................
39,510
8,384
Broadcom,
Inc.
........................................................
64,280
10,329
Cisco
Systems,
Inc.
.....................................................
820,142
39,736
Victory
Portfolios
III
Victory
Income
Stock
Fund
172
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
193,644
$
14,655
Hewlett
Packard
Enterprise
Co.
.............................................
517,225
10,298
HP,
Inc.
..............................................................
776,814
28,035
International
Business
Machines
Corp.
........................................
63,606
12,221
KLA
Corp.
...........................................................
9,268
7,628
NetApp,
Inc.
..........................................................
109,572
13,914
QUALCOMM,
Inc.
.....................................................
321,670
58,206
Skyworks
Solutions,
Inc.
.................................................
128,650
14,617
TD
SYNNEX
Corp.
.....................................................
46,592
5,552
234,765
Materials
(6.4%):
Avery
Dennison
Corp.
...................................................
21,942
4,758
Celanese
Corp.
.........................................................
41,517
5,860
CF
Industries
Holdings,
Inc.
...............................................
400,768
30,615
Dow,
Inc.
............................................................
232,246
12,650
LyondellBasell
Industries
NV,
Class
A
........................................
255,986
25,460
Nucor
Corp.
...........................................................
103,104
16,800
Olin
Corp.
............................................................
101,257
4,618
Packaging
Corp.
of
America
...............................................
172,660
34,510
Reliance,
Inc.
..........................................................
14,997
4,568
Steel
Dynamics,
Inc.
.....................................................
40,745
5,428
The
Mosaic
Co.
........................................................
589,497
17,549
Westlake
Corp.
........................................................
80,072
11,839
174,655
Real
Estate
(5.2%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
85,319
10,007
AvalonBay
Communities,
Inc.
..............................................
59,254
12,142
Crown
Castle,
Inc.
......................................................
107,841
11,871
CubeSmart
...........................................................
143,170
6,812
Extra
Space
Storage,
Inc.
.................................................
52,031
8,305
Healthpeak
Properties,
Inc.
................................................
745,877
16,275
Host
Hotels
&
Resorts,
Inc.
................................................
332,487
5,822
Kilroy
Realty
Corp.
.....................................................
58,582
2,166
Kimco
Realty
Corp.
.....................................................
282,365
6,136
Lamar
Advertising
Co.,
Class
A
.............................................
19,414
2,327
Prologis,
Inc.
..........................................................
135,777
17,115
Public
Storage
.........................................................
25,557
7,563
Realty
Income
Corp.
....................................................
211,273
12,133
Regency
Centers
Corp.
...................................................
58,145
3,916
Simon
Property
Group,
Inc.
...............................................
59,738
9,166
VICI
Properties,
Inc.
....................................................
358,021
11,192
142,948
Utilities
(3.0%):
Duke
Energy
Corp.
......................................................
280,555
30,656
Entergy
Corp.
.........................................................
158,506
18,382
NiSource,
Inc.
.........................................................
296,371
9,262
NRG
Energy,
Inc.
.......................................................
152,505
11,464
OGE
Energy
Corp.
......................................................
126,070
4,888
The
AES
Corp.
........................................................
314,586
5,596
UGI
Corp.
............................................................
120,320
2,981
83,229
Total
Common
Stocks
(Cost
$2,172,130)
a
a
a
2,747,224
Total
Investments
(Cost
$2,172,130)
—
99.8%
2,747,224
Other
assets
in
excess
of
liabilities
—
0.2%
6,494
NET
ASSETS
-
100.00%
$
2,753,718
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
173
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.7%)
Communication
Services
(15.2%):
Alphabet,
Inc.,
Class
A
...................................................
1,026,646
$
176,111
Alphabet,
Inc.,
Class
C
...................................................
981,728
169,986
Charter
Communications,
Inc.,
Class
A(a)
.....................................
65,019
24,689
Comcast
Corp.,
Class
A
..................................................
1,766,971
72,923
Electronic
Arts,
Inc.
.....................................................
120,251
18,151
Meta
Platforms,
Inc.,
Class
A
..............................................
609,339
289,332
Netflix,
Inc.(a)
.........................................................
194,521
122,227
Take-Two
Interactive
Software,
Inc.(a)
........................................
77,368
11,646
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
200,979
18,064
T-Mobile
US,
Inc.
......................................................
529,008
96,428
Warner
Bros
Discovery,
Inc.(a)
.............................................
1,106,140
9,568
1,009,125
Communications
Equipment
(1.3%):
Cisco
Systems,
Inc.
.....................................................
1,818,719
88,117
Consumer
Discretionary
(12.8%):
Airbnb,
Inc.,
Class
A(a)
..................................................
199,306
27,815
Amazon.com,
Inc.(a)
....................................................
1,818,850
340,089
Booking
Holdings,
Inc.
...................................................
15,316
56,899
DoorDash,
Inc.,
Class
A(a)
................................................
172,304
19,078
Lululemon
Athletica,
Inc.(a)
...............................................
54,531
14,105
Marriott
International,
Inc.,
Class
A
..........................................
128,938
29,308
MercadoLibre,
Inc.(a)
....................................................
22,886
38,194
O'Reilly
Automotive,
Inc.(a)
...............................................
26,586
29,945
PDD
Holdings,
Inc.,
ADR(a)
...............................................
301,521
38,863
Ross
Stores,
Inc.
.......................................................
151,367
21,680
Starbucks
Corp.
........................................................
511,332
39,858
Tesla,
Inc.(a)
..........................................................
843,717
195,801
851,635
Consumer
Staples
(6.1%):
Coca-Cola
Europacific
Partners
PLC
.........................................
207,296
15,292
Costco
Wholesale
Corp.
..................................................
200,210
164,573
Dollar
Tree,
Inc.(a)
......................................................
98,474
10,275
Keurig
Dr.
Pepper,
Inc.
...................................................
611,944
20,977
Mondelez
International,
Inc.,
Class
A
.........................................
605,527
41,388
Monster
Beverage
Corp.(a)
................................................
470,265
24,195
PepsiCo,
Inc.
..........................................................
620,617
107,162
The
Kraft
Heinz
Co.
.....................................................
548,168
19,301
403,163
Electronic
Equipment,
Instruments
&
Components
(0.2%):
CDW
Corp.
...........................................................
60,671
13,233
Energy
(0.5%):
Baker
Hughes
Co.
......................................................
450,524
17,444
Diamondback
Energy,
Inc.
................................................
80,509
16,288
33,732
Financials
(0.5%):
PayPal
Holdings,
Inc.(a)
..................................................
472,214
31,062
Health
Care
(6.3%):
Amgen,
Inc.
...........................................................
242,162
80,512
AstraZeneca
PLC,
ADR
..................................................
262,868
20,806
Biogen,
Inc.(a)
.........................................................
65,726
14,013
Dexcom,
Inc.(a)
........................................................
179,526
12,175
GE
HealthCare
Technologies,
Inc.
...........................................
206,061
17,439
Gilead
Sciences,
Inc.
....................................................
562,413
42,777
IDEXX
Laboratories,
Inc.(a)
...............................................
37,282
17,751
Illumina,
Inc.(a)
........................................................
71,912
8,816
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Intuitive
Surgical,
Inc.(a)
.................................................
160,124
$
71,193
Moderna,
Inc.(a)
.......................................................
173,005
20,626
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
48,920
52,794
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
116,492
57,747
416,649
Industrials
(4.5%):
Automatic
Data
Processing,
Inc.
............................................
184,766
48,523
Cintas
Corp.
..........................................................
45,803
34,991
Copart,
Inc.(a)
.........................................................
434,408
22,733
CSX
Corp.
............................................................
882,509
30,976
Fastenal
Co.
...........................................................
258,464
18,286
Honeywell
International,
Inc.
..............................................
293,963
60,189
Old
Dominion
Freight
Line,
Inc.
............................................
98,089
20,616
PACCAR,
Inc.
.........................................................
236,614
23,344
Paychex,
Inc.
..........................................................
162,497
20,803
Verisk
Analytics,
Inc.
....................................................
64,408
16,859
297,320
IT
Services
(0.4%):
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
224,449
16,986
MongoDB,
Inc.(a)
......................................................
33,113
8,357
25,343
Materials
(1.5%):
Linde
PLC
............................................................
217,009
98,413
Real
Estate
(0.2%):
CoStar
Group,
Inc.(a)
....................................................
184,402
14,387
Semiconductors
&
Semiconductor
Equipment
(24.4%):
Advanced
Micro
Devices,
Inc.(a)
............................................
729,649
105,420
Analog
Devices,
Inc.
....................................................
224,006
51,831
Applied
Materials,
Inc.
...................................................
373,771
79,314
ARM
Holdings
PLC,
ADR(a)
..............................................
53,359
7,693
ASML
Holding
NV,
NYS
.................................................
41,083
38,482
Broadcom,
Inc.
........................................................
2,092,012
336,144
GLOBALFOUNDRIES,
Inc.(a)(b)
..........................................
248,992
12,701
Intel
Corp.
............................................................
1,921,728
59,074
KLA
Corp.
...........................................................
60,780
50,026
Lam
Research
Corp.
.....................................................
59,020
54,372
Marvell
Technology,
Inc.
.................................................
390,756
26,173
Microchip
Technology,
Inc.
................................................
242,365
21,517
Micron
Technology,
Inc.
..................................................
499,897
54,899
NVIDIA
Corp.
.........................................................
4,299,250
503,098
NXP
Semiconductors
NV
.................................................
115,423
30,375
ON
Semiconductor
Corp.(a)
...............................................
194,219
15,198
QUALCOMM,
Inc.
.....................................................
503,793
91,161
Texas
Instruments,
Inc.
...................................................
411,017
83,769
1,621,247
Software
(15.4%):
Adobe,
Inc.(a)
.........................................................
202,240
111,566
ANSYS,
Inc.(a)
........................................................
39,410
12,360
Atlassian
Corp.,
Class
A(a)
................................................
71,906
12,697
Autodesk,
Inc.(a)
.......................................................
97,272
24,077
Cadence
Design
Systems,
Inc.(a)
............................................
122,849
32,882
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
104,131
24,154
Datadog,
Inc.,
Class
A(a)
.................................................
139,246
16,214
Fortinet,
Inc.(a)
........................................................
344,863
20,016
Intuit,
Inc.
............................................................
126,195
81,692
Microsoft
Corp.
........................................................
1,299,004
543,438
Palo
Alto
Networks,
Inc.(a)
................................................
146,172
47,466
Roper
Technologies,
Inc.
..................................................
48,323
26,324
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
175
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Synopsys,
Inc.(a)
.......................................................
69,166
$
38,617
Workday,
Inc.,
Class
A(a)
.................................................
95,703
21,736
Zscaler,
Inc.(a)
.........................................................
67,650
12,133
1,025,372
Technology
Hardware,
Storage
&
Peripherals
(9.2%):
Apple,
Inc.
...........................................................
2,680,061
595,188
Super
Micro
Computer,
Inc.(a)
.............................................
26,434
18,547
613,735
Utilities
(1.2%):
American
Electric
Power
Co.,
Inc.
...........................................
237,957
23,348
Constellation
Energy
Corp.
................................................
142,306
27,010
Exelon
Corp.
..........................................................
451,439
16,794
Xcel
Energy,
Inc.
.......................................................
250,831
14,618
81,770
Total
Common
Stocks
(Cost
$2,476,554)
a
a
a
6,624,303
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(c)
........
2,188,886
2,189
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(c)
............
2,188,886
2,189
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.21%(c)
...............
2,188,886
2,189
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(c)
.
2,188,886
2,189
Total
Collateral
for
Securities
Loaned
(Cost
$8,756)
a
a
a
8,756
Total
Investments
(Cost
$2,485,310)
—
99.8%
6,633,059
Other
assets
in
excess
of
liabilities
—
0.2%
12,607
NET
ASSETS
-
100.00%
$
6,645,666
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ADR
—
American
Depositary
Receipt
NYS
—
New
York
Registered
Shares
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
50
9/20/24
$
19,582,784
$
19,505,250
$
(77,534)
Total
unrealized
appreciation
$
—
Total
unrealized
depreciation
(77,534)
Total
net
unrealized
appreciation
(depreciation)
$
(77,534)
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
176
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.5%)
Australia
(0.4%):
Health
Care
(0.1%):
Opthea
Ltd.
,
ADR
(a)
....................................................
247,678
$
562
Information
Technology
(0.3%):
Atlassian
Corp.
,
Class
A
(a)
................................................
23,024
4,066
4,628
Belgium
(0.0%):(b)
Health
Care
(0.0%):(b)
UCB
SA
.............................................................
549
92
Canada
(0.0%):(b)
Health
Care
(0.0%):(b)
Xenon
Pharmaceuticals,
Inc.
(a)
.............................................
1,148
49
China
(0.0%):(b)
Health
Care
(0.0%):(b)
Sichuan
Kelun-Biotech
Biopharmaceutical
Co.
Ltd.
(a)
............................
1,600
33
Zai
Lab
Ltd.
,
ADR
(a)
(c)
..................................................
1,218
23
56
Denmark
(0.0%):(b)
Health
Care
(0.0%):(b)
Ascendis
Pharma
A/S
,
ADR
(a)
.............................................
467
62
Genmab
A/S
(a)
........................................................
121
34
Novo
Nordisk
A/S
,
Class
B
................................................
897
119
215
Germany
(0.0%):(b)
Health
Care
(0.0%):(b)
Immatics
NV
(a)
........................................................
3,735
45
Ireland
(0.5%):
Health
Care
(0.0%):(b)
Alkermes
PLC
(a)
.......................................................
1,715
47
ICON
PLC
(a)
.........................................................
497
163
210
Information
Technology
(0.5%):
Accenture
PLC
,
Class
A
..................................................
16,590
5,485
5,695
Israel
(1.4%):
Information
Technology
(1.4%):
CyberArk
Software
Ltd.
(a)
................................................
20,594
5,280
Monday.com
Ltd.
(a)
.....................................................
16,527
3,798
Sapiens
International
Corp.
................................................
9,669
376
Wix.com
Ltd.
(a)
........................................................
47,125
7,348
16,802
Italy
(0.0%):(b)
Health
Care
(0.0%):(b)
DiaSorin
SpA
.........................................................
482
52
Japan
(0.3%):
Health
Care
(0.3%):
Astellas
Pharma,
Inc.
....................................................
7,965
92
Chugai
Pharmaceutical
Co.
Ltd.
............................................
2,300
101
Daiichi
Sankyo
Co.
Ltd.
..................................................
3,811
155
Eisai
Co.
Ltd.
..........................................................
1,865
71
Hoya
Corp.
...........................................................
25,230
3,162
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
177
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Otsuka
Holdings
Co.
Ltd.
.................................................
2,000
$
102
3,683
Netherlands
(0.1%):
Health
Care
(0.1%):
Argenx
SE
,
ADR
(a)
.....................................................
304
157
Merus
NV
(a)
..........................................................
27,033
1,434
QIAGEN
NV
(a)
........................................................
1,478
65
1,656
Switzerland
(0.3%):
Health
Care
(0.3%):
Galderma
Group
AG
(a)
..................................................
1,609
126
MoonLake
Immunotherapeutics
(a)
(c)
........................................
83,620
3,483
Novartis
AG
,
Registered
Shares
.............................................
561
63
Tecan
Group
AG
,
Class
R
.................................................
115
43
3,715
Taiwan
(0.9%):
Information
Technology
(0.9%):
Accton
Technology
Corp.
.................................................
118,200
1,853
ASPEED
Technology,
Inc.
................................................
30,900
3,895
Chroma
ATE,
Inc.
......................................................
468,000
4,359
10,107
Thailand
(0.1%):
Information
Technology
(0.1%):
Fabrinet
(a)
............................................................
4,157
917
United
Kingdom
(0.2%):
Health
Care
(0.2%):
AstraZeneca
PLC
,
ADR
..................................................
3,273
259
Autolus
Therapeutics
PLC
,
ADR
(a)
(c)
........................................
348,610
1,635
Genus
PLC
...........................................................
1,204
28
GSK
PLC
............................................................
4,962
96
Immunocore
Holdings
PLC
,
ADR
(a)
.........................................
1,008
40
Verona
Pharma
PLC
,
ADR
(a)
..............................................
2,236
51
2,109
United
States
(95.3%):
Communication
Services
(12.8%):
Alphabet,
Inc.
,
Class
A
...................................................
243,318
41,739
Cargurus,
Inc.
(a)
.......................................................
32,394
804
EverQuote,
Inc.
,
Class
A
(a)
................................................
11,501
300
MediaAlpha,
Inc.
,
Class
A
(a)
..............................................
32,620
478
Meta
Platforms,
Inc.
,
Class
A
..............................................
144,380
68,556
Netflix,
Inc.
(a)
.........................................................
25,548
16,053
Pinterest,
Inc.
,
Class
A
(a)
.................................................
122,390
3,910
Reddit,
Inc.
,
Class
A
(a)
(c)
.................................................
100,851
6,137
Take-Two
Interactive
Software,
Inc.
(a)
........................................
62,134
9,353
TripAdvisor,
Inc.
(a)
.....................................................
129,320
2,280
Yelp,
Inc.
(a)
...........................................................
62,001
2,259
ZipRecruiter,
Inc.
(a)
.....................................................
19,513
179
152,048
Consumer
Discretionary
(3.6%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
10,872
1,517
Amazon.com,
Inc.
(a)
....................................................
218,706
40,894
42,411
Financials
(2.6%):
Block,
Inc.
(a)
..........................................................
28,355
1,755
Global
Payments,
Inc.
....................................................
18,551
1,885
Shift4
Payments,
Inc.
,
Class
A
(a)
(c)
..........................................
103,539
7,122
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
178
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Visa,
Inc.
,
Class
A
......................................................
64,358
$
17,098
WEX,
Inc.
(a)
..........................................................
13,833
2,538
30,398
Health
Care
(17.6%):
4D
Molecular
Therapeutics,
Inc.
(a)
..........................................
71,678
1,271
Abbott
Laboratories
.....................................................
734
78
AbbVie,
Inc.
..........................................................
1,345
249
Absci
Corp.
(a)
(c)
.......................................................
350,398
1,542
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
2,473
160
Addus
HomeCare
Corp.
(a)
................................................
620
75
Agilent
Technologies,
Inc.
.................................................
1,161
164
agilon
health,
Inc.
(a)
.....................................................
9,591
66
Akero
Therapeutics,
Inc.
(a)
................................................
1,480
40
Align
Technology,
Inc.
(a)
.................................................
265
61
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
406
96
Amgen,
Inc.
...........................................................
160
53
Amicus
Therapeutics,
Inc.
(a)
...............................................
681,897
7,030
AnaptysBio,
Inc.
(a)
.....................................................
116,973
4,075
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
151,121
5,984
Apogee
Therapeutics,
Inc.
(a)
(c)
.............................................
115,943
5,646
Arcellx,
Inc.
(a)
........................................................
95,131
5,880
Ardent
Health
Partners
LLC
(a)
.............................................
3,695
66
Arvinas,
Inc.
(a)
........................................................
123,742
3,404
Avidity
Biosciences,
Inc.
(a)
...............................................
1,300
59
Biogen,
Inc.
(a)
.........................................................
456
97
Biohaven
Ltd.
(a)
.......................................................
58,520
2,302
Bio-Techne
Corp.
.......................................................
559
46
Blueprint
Medicines
Corp.
(a)
..............................................
31,218
3,381
Boston
Scientific
Corp.
(a)
.................................................
5,554
410
Bridgebio
Pharma,
Inc.
(a)
.................................................
129,727
3,366
Cabaletta
Bio,
Inc.
(a)
....................................................
230,429
1,636
Celldex
Therapeutics,
Inc.
(a)
...............................................
1,550
59
Cencora,
Inc.
..........................................................
1,095
261
Centene
Corp.
(a)
.......................................................
2,520
194
Corbus
Pharmaceuticals
Holdings,
Inc.
(a)
(c)
...................................
51,278
3,050
Crinetics
Pharmaceuticals,
Inc.
(a)
...........................................
139,160
7,392
Cytokinetics,
Inc.
(a)
.....................................................
975
58
Danaher
Corp.
.........................................................
1,788
495
Dexcom,
Inc.
(a)
........................................................
1,689
115
Disc
Medicine,
Inc.
(a)
...................................................
101,991
4,402
Edwards
Lifesciences
Corp.
(a)
.............................................
2,906
183
Elanco
Animal
Health,
Inc.
(a)
..............................................
5,175
68
Elevance
Health,
Inc.
....................................................
185
98
Eli
Lilly
&
Co.
.........................................................
30,536
24,559
Encompass
Health
Corp.
..................................................
1,064
99
Evolent
Health,
Inc.
,
Class
A
(a)
.............................................
3,387
79
Exact
Sciences
Corp.
(a)
..................................................
133,316
6,090
Glaukos
Corp.
(a)
.......................................................
642
75
Gossamer
Bio,
Inc.
(a)
....................................................
583,616
527
Gritstone
bio,
Inc.
(a)
(c)
..................................................
1,419,055
853
HCA
Healthcare,
Inc.
....................................................
788
286
Hologic,
Inc.
(a)
........................................................
1,282
105
Humana,
Inc.
..........................................................
532
192
Ideaya
Biosciences,
Inc.
(a)
................................................
125,958
5,423
Immunome,
Inc.
(a)
(c)
....................................................
164,619
2,537
Immunovant,
Inc.
(a)
.....................................................
126,660
3,682
Insmed,
Inc.
(a)
.........................................................
159,147
11,578
Inspire
Medical
Systems,
Inc.
(a)
............................................
219
31
Insulet
Corp.
(a)
........................................................
450
87
Intuitive
Surgical,
Inc.
(a)
.................................................
387
172
Janux
Therapeutics,
Inc.
(a)
(c)
..............................................
31,836
1,293
Krystal
Biotech,
Inc.
(a)
...................................................
22,796
4,752
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
179
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Kymera
Therapeutics,
Inc.
(a)
..............................................
875
$
40
Labcorp
Holdings,
Inc.
...................................................
529
114
Legend
Biotech
Corp.
,
ADR
(a)
.............................................
472
27
LifeStance
Health
Group,
Inc.
(a)
............................................
10,730
59
Longboard
Pharmaceuticals,
Inc.
(a)
..........................................
1,215
40
Merck
&
Co.,
Inc.
......................................................
4,259
482
Moderna,
Inc.
(a)
.......................................................
344
41
Molina
Healthcare,
Inc.
(a)
................................................
359
123
Natera,
Inc.
(a)
.........................................................
46,534
4,765
Nurix
Therapeutics,
Inc.
(a)
................................................
34,649
758
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
67,234
5,375
Olema
Pharmaceuticals,
Inc.
(a)
.............................................
311,776
5,038
Option
Care
Health,
Inc.
(a)
................................................
2,616
78
ORIC
Pharmaceuticals,
Inc.
(a)
(c)
...........................................
249,218
2,791
PACS
Group,
Inc.
(a)
.....................................................
2,935
105
Perspective
Therapeutics,
Inc.
(a)
............................................
102,488
1,394
Pfizer,
Inc.
............................................................
4,493
137
Privia
Health
Group,
Inc.
(a)
...............................................
2,386
50
PTC
Therapeutics,
Inc.
(a)
.................................................
929
31
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
230
248
Regulus
Therapeutics,
Inc.
(a)
(c)
............................................
937,813
1,688
Repligen
Corp.
(a)
.......................................................
407
68
REVOLUTION
Medicines,
Inc.
(a)
..........................................
170,389
7,777
Rocket
Pharmaceuticals,
Inc.
(a)
.............................................
1,954
47
Sarepta
Therapeutics,
Inc.
(a)
...............................................
19,952
2,838
Savara,
Inc.
(a)
.........................................................
358,713
1,650
Soleno
Therapeutics,
Inc.
(a)
...............................................
860
41
SpringWorks
Therapeutics,
Inc.
(a)
...........................................
173,871
6,244
Structure
Therapeutics,
Inc.
,
ADR
(a)
.........................................
1,318
49
Stryker
Corp.
..........................................................
927
304
Surgery
Partners,
Inc.
(a)
..................................................
1,993
61
Syndax
Pharmaceuticals,
Inc.
(a)
............................................
1,663
38
Thermo
Fisher
Scientific,
Inc.
..............................................
666
409
Twist
Bioscience
Corp.
(a)
.................................................
42,906
2,395
Tyra
Biosciences,
Inc.
(a)
(c)
................................................
113,950
2,525
Ultragenyx
Pharmaceutical,
Inc.
(a)
..........................................
1,073
48
United
Therapeutics
Corp.
(a)
..............................................
292
92
UnitedHealth
Group,
Inc.
.................................................
2,085
1,201
Vaxcyte,
Inc.
(a)
........................................................
140,399
11,076
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
16,705
3,206
Vera
Therapeutics,
Inc.
(a)
.................................................
51,197
1,873
Veracyte,
Inc.
(a)
........................................................
1,661
40
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
29,839
14,792
Zoetis,
Inc.
...........................................................
1,355
244
Zymeworks,
Inc.
(a)
.....................................................
151,614
1,586
208,020
Industrials
(0.3%):
Dayforce,
Inc.
(a)
(c)
.....................................................
30,094
1,784
Uber
Technologies,
Inc.
(a)
................................................
35,709
2,302
4,086
Information
Technology
(58.4%):
A10
Networks,
Inc.
.....................................................
35,890
470
Adobe,
Inc.
(a)
.........................................................
25,332
13,974
Advanced
Micro
Devices,
Inc.
(a)
............................................
24,992
3,611
Agilysys,
Inc.
(a)
.......................................................
10,675
1,197
Altair
Engineering,
Inc.
,
Class
A
(a)
..........................................
2,468
218
Amkor
Technology,
Inc.
..................................................
23,815
778
Amphenol
Corp.
,
Class
A
.................................................
42,246
2,715
Appfolio,
Inc.
,
Class
A
(a)
.................................................
8,417
1,864
Apple,
Inc.
...........................................................
164,416
36,513
Applied
Materials,
Inc.
...................................................
95,465
20,258
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
180
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
AppLovin
Corp.
,
Class
A
(a)
...............................................
250,622
$
19,323
Arista
Networks,
Inc.
(a)
..................................................
24,671
8,550
Arlo
Technologies,
Inc.
(a)
.................................................
48,087
729
Autodesk,
Inc.
(a)
.......................................................
17,598
4,356
Axcelis
Technologies,
Inc.
(a)
..............................................
6,551
828
Badger
Meter,
Inc.
......................................................
4,097
845
Bel
Fuse,
Inc.
,
Class
B
...................................................
11,639
864
Box,
Inc.
,
Class
A
(a)
....................................................
64,477
1,813
Broadcom,
Inc.
........................................................
129,028
20,732
Cadence
Design
Systems,
Inc.
(a)
............................................
5,234
1,401
CDW
Corp.
...........................................................
19,554
4,265
Cirrus
Logic,
Inc.
(a)
.....................................................
1,351
176
Clear
Secure,
Inc.
,
Class
A
................................................
35,604
760
Coherent
Corp.
(a)
......................................................
76,003
5,296
CommVault
Systems,
Inc.
(a)
...............................................
21,366
3,266
Confluent,
Inc.
,
Class
A
(a)
................................................
327,551
8,195
Credo
Technology
Group
Holding
Ltd.
(a)
.....................................
333,501
9,255
Daktronics,
Inc.
(a)
......................................................
54,450
816
DocuSign,
Inc.
(a)
.......................................................
61,807
3,429
Dropbox,
Inc.
,
Class
A
(a)
.................................................
213,554
5,108
Dynatrace,
Inc.
(a)
......................................................
136,132
5,979
Enfusion,
Inc.
,
Class
A
(a)
.................................................
15,178
144
EPAM
Systems,
Inc.
(a)
...................................................
1,497
322
ePlus,
Inc.
(a)
..........................................................
5,805
534
Extreme
Networks,
Inc.
(a)
................................................
54,208
775
F5,
Inc.
(a)
............................................................
8,595
1,750
Fair
Isaac
Corp.
(a)
......................................................
12,315
19,704
First
Solar,
Inc.
(a)
......................................................
7,654
1,653
Flex
Ltd.
(a)
...........................................................
141,028
4,534
Fortinet,
Inc.
(a)
........................................................
80,134
4,651
Freshworks,
Inc.
,
Class
A
(a)
...............................................
147,325
1,842
Gartner,
Inc.
(a)
........................................................
13,367
6,699
Gitlab,
Inc.
,
Class
A
(a)
...................................................
75,044
3,844
GoDaddy,
Inc.
,
Class
A
(a)
.................................................
30,573
4,447
HubSpot,
Inc.
(a)
.......................................................
2,971
1,477
Immersion
Corp.
.......................................................
12,885
164
Impinj,
Inc.
(a)
.........................................................
30,455
4,851
Insight
Enterprises,
Inc.
(a)
................................................
4,013
901
InterDigital,
Inc.
(c)
.....................................................
6,729
826
Intuit,
Inc.
............................................................
14,418
9,333
Jabil,
Inc.
............................................................
33,330
3,755
KLA
Corp.
...........................................................
16,192
13,327
Lam
Research
Corp.
.....................................................
19,723
18,170
LiveRamp
Holdings,
Inc.
(a)
...............................................
3,198
97
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
................................
186,775
18,849
Manhattan
Associates,
Inc.
(a)
..............................................
24,249
6,193
Marvell
Technology,
Inc.
.................................................
99,818
6,686
MaxLinear,
Inc.
(a)
......................................................
545,102
7,708
Microchip
Technology,
Inc.
................................................
4,019
357
Micron
Technology,
Inc.
..................................................
28,920
3,176
Microsoft
Corp.
........................................................
207,859
86,958
MKS
Instruments,
Inc.
...................................................
26,521
3,339
MongoDB,
Inc.
(a)
......................................................
20,620
5,204
Monolithic
Power
Systems,
Inc.
............................................
18,660
16,105
Motorola
Solutions,
Inc.
..................................................
17,000
6,782
Napco
Security
Technologies,
Inc.
...........................................
20,363
1,136
Nutanix,
Inc.
,
Class
A
(a)
..................................................
64,989
3,283
NVE
Corp.
...........................................................
1,654
148
NVIDIA
Corp.
.........................................................
788,601
92,282
ON
Semiconductor
Corp.
(a)
...............................................
10,754
841
Oracle
Corp.
..........................................................
37,310
5,203
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
100,173
2,694
PC
Connection,
Inc.
.....................................................
3,871
277
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
181
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Pegasystems,
Inc.
.......................................................
50,786
$
3,541
Photronics,
Inc.
(a)
......................................................
36,871
937
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
79,778
4,781
QUALCOMM,
Inc.
.....................................................
35,731
6,465
Qualys,
Inc.
(a)
.........................................................
16,606
2,477
Rambus,
Inc.
(a)
........................................................
18,991
977
Rapid7,
Inc.
(a)
.........................................................
9,959
392
RingCentral,
Inc.
,
Class
A
(a)
...............................................
83,896
2,940
Salesforce,
Inc.
........................................................
29,102
7,532
Samsara,
Inc.
,
Class
A
(a)
.................................................
129,130
4,943
Semtech
Corp.
(a)
.......................................................
231,490
7,343
ServiceNow,
Inc.
(a)
.....................................................
36,992
30,126
Smartsheet,
Inc.
,
Class
A
(a)
...............................................
3,515
169
Snowflake,
Inc.
,
Class
A
(a)
................................................
34,144
4,452
Sprout
Social,
Inc.
,
Class
A
(a)
..............................................
142,905
5,583
SPS
Commerce,
Inc.
(a)
...................................................
4,656
1,003
Squarespace,
Inc.
,
Class
A
(a)
..............................................
59,712
2,639
Synopsys,
Inc.
(a)
.......................................................
7,835
4,374
Teradyne,
Inc.
.........................................................
11,915
1,563
Texas
Instruments,
Inc.
...................................................
29,097
5,930
The
Hackett
Group,
Inc.
..................................................
9,402
256
Trimble,
Inc.
(a)
........................................................
128,478
7,007
Varonis
Systems,
Inc.
(a)
..................................................
435,435
24,006
Workday,
Inc.
,
Class
A
(a)
.................................................
3,407
774
Yext,
Inc.
(a)
...........................................................
36,521
210
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
6,685
404
Zscaler,
Inc.
(a)
.........................................................
7,856
1,409
690,838
1,127,801
Total
Common
Stocks
(Cost
$697,157)
1,177,622
Rights
(0.0%)(b)
United
States
(0.0%):(b)
Health
Care
(0.0%):(b)
ABIOMED,
Inc.,
CVR
(a)
(d)
...............................................
145
—
(e)
Total
Rights
(Cost
$–)
—
(e)
Warrants
(0.0%)(b)
United
States
(0.0%):(b)
Health
Care
(0.0%):(b)
Athenex,
Inc.
(a)
(d)
......................................................
5,153,482
—
(e)
Nuvation
Bio,
Inc.
(a)
....................................................
151,022
42
Regulus
Therapeutics,
Inc.
(a)
(f)
(g)
..........................................
470,257
—
(e)
42
Total
Warrants
(Cost
$639)
42
Collateral
for
Securities
Loaned
(1.4%)^
United
States
(1.4%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(h)
........
4,167,034
4,167
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(h)
............
4,167,034
4,167
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.21
%
(h)
...............
4,167,034
4,167
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(h)
.
4,167,034
4,167
Total
Collateral
for
Securities
Loaned
(Cost
$16,668)
16,668
Total
Investments
(Cost
$714,464)
—
100.9%
1,194,332
Liabilities
in
excess
of
other
assets
—
(0.9)%
(
10,448
)
NET
ASSETS
-
100.00%
$
1,183,884
^
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.
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
182
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Name
Acquisition
Date
Cost
Regulus
Therapeutics,
Inc.
.....................................
12/1/2020
$
588
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2024.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Restricted
security
that
is
not
registered
under
the
Securities
Act
of
1933.
(g)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
at
July
31,
2024.
(amounts
in
thousands):
(h)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
LLC
—
Limited
Liability
Company
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
183
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(32.7%)
ABS
Auto
(20.3%):
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
B,
5.76%,
1/15/29,
Callable
5/15/27
@
100(a)
...............
$
2,000
$
2,036
Series
2023-1,
Class
D,
6.74%,
4/15/34,
Callable
5/15/27
@
100(a)
...............
1,268
1,306
Series
2023-A,
Class
C,
6.08%,
1/17/34,
Callable
7/15/27
@
100(a)
...............
2,826
2,869
Series
2023-A,
Class
D,
7.33%,
1/17/34,
Callable
7/15/27
@
100(a)
...............
1,333
1,397
Series
2024-1,
Class
B,
5.16%,
10/15/29,
Callable
4/15/27
@
100
................
1,263
1,271
Series
2024-1,
Class
C,
5.41%,
11/15/29,
Callable
4/15/27
@
100
................
1,500
1,518
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2021-4,
Class
E,
3.12%,
2/14/28,
Callable
5/13/25
@
100(a)
...............
500
487
Series
2022-1,
Class
C,
2.12%,
3/13/28,
Callable
8/13/25
@
100(a)
...............
199
199
Series
2023-2,
Class
C,
5.96%,
8/13/29,
Callable
8/12/26
@
100(a)
...............
1,000
1,000
AmeriCredit
Automobile
Receivables
Trust
....................................
Series
2020-3,
Class
D,
1.49%,
9/18/26,
Callable
4/18/25
@
100
.................
625
608
Series
2021-1,
Class
D,
1.21%,
12/18/26,
Callable
6/18/25
@
100
................
2,135
2,053
ARI
Fleet
Lease
Trust
....................................................
Series
2021-A,
Class
A3,
0.68%,
3/15/30,
Callable
8/15/24
@
100(a)
..............
1,178
1,163
Series
2021-A,
Class
B,
1.13%,
3/15/30,
Callable
8/15/24
@
100(a)
...............
2,650
2,537
Series
2022-A,
Class
A2,
3.12%,
1/15/31,
Callable
5/15/25
@
100(a)
..............
226
226
Series
2022-A,
Class
A3,
3.43%,
1/15/31,
Callable
5/15/25
@
100(a)
..............
1,524
1,502
Series
2024-A,
Class
C,
5.38%,
11/15/32,
Callable
10/15/27
@
100(a)
.............
813
824
Series
2024-B,
Class
A3,
5.26%,
4/15/33,
Callable
10/15/27
@
100(a)
.............
3,150
3,198
Series
2024-B,
Class
B,
5.39%,
4/15/33,
Callable
10/15/27
@
100(a)
..............
550
549
Series
2024-B,
Class
C,
5.55%,
4/15/33,
Callable
10/15/27
@
100(a)
..............
1,031
1,035
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A,
Class
A,
3.35%,
9/22/25,
Callable
10/20/24
@
100(a)
.............
1,100
1,097
Series
2019-2A,
Class
D,
3.04%,
9/22/25,
Callable
10/20/24
@
100(a)
.............
242
240
Series
2019-3A,
Class
A,
2.36%,
3/20/26,
Callable
4/20/25
@
100(a)
..............
5,000
4,929
Series
2020-1A,
Class
B,
2.68%,
8/20/26,
Callable
9/20/25
@
100(a)
..............
4,000
3,894
Series
2021-2A,
Class
C,
2.35%,
2/20/28,
Callable
2/20/27
@
100(a)
..............
800
734
Series
2022-5A,
Class
B,
7.09%,
4/20/27(a)
................................
2,500
2,548
Series
2023-5A,
Class
B,
6.12%,
4/20/28(a)
................................
2,000
2,026
Canadian
Pacer
Auto
Receivables
Trust,
Series
2021-1A,
Class
C,
1.46%,
12/20/27,
Callable
3/19/25
@
100(a)
...................................................
5,594
5,429
CarMax
Auto
Owner
Trust
................................................
Series
2021-3,
Class
D,
1.50%,
1/18/28,
Callable
10/15/25
@
100
................
1,800
1,713
Series
2021-4,
Class
D,
1.48%,
3/15/28,
Callable
12/15/25
@
100
................
6,894
6,516
Series
2022-2,
Class
A3,
3.49%,
2/16/27,
Callable
6/15/26
@
100
................
1,271
1,256
Series
2023-2,
Class
C,
5.57%,
11/15/28,
Callable
3/15/27
@
100
................
1,000
1,010
Series
2023-3,
Class
D,
6.44%,
12/16/30,
Callable
6/15/27
@
100
................
1,000
1,024
Series
2023-4,
Class
D,
7.16%,
4/15/30,
Callable
7/15/27
@
100
.................
1,000
1,044
Series
2024-1,
Class
C,
5.47%,
8/15/29,
Callable
8/15/27
@
100
.................
1,000
1,009
Series
2024-2,
Class
D,
6.42%,
10/15/30,
Callable
10/15/27
@
100
...............
3,000
3,078
Series
2024-3,
Class
D,
5.67%,
1/15/31,
Callable
6/15/28
@
100
.................
1,238
1,241
CarMax
Select
Receivables
Trust,
Series
2024-A,
Class
B,
5.35%,
1/15/30,
Callable
11/15/28
@
100
...........................................................
1,500
1,508
Carvana
Auto
Receivables
Trust
............................................
Series
2020-P1,
Class
D,
1.82%,
9/8/27,
Callable
1/8/26
@
100
..................
2,068
1,957
Series
2021-N1,
Class
A,
0.70%,
1/10/28,
Callable
7/10/26
@
100
................
361
346
Series
2021-N1,
Class
B,
1.09%,
1/10/28,
Callable
7/10/26
@
100
................
480
457
Series
2021-N1,
Class
C,
1.30%,
1/10/28,
Callable
7/10/26
@
100
................
367
349
Series
2021-N1,
Class
D,
1.50%,
1/10/28,
Callable
7/10/26
@
100
................
426
405
Series
2021-N2,
Class
A2,
0.97%,
3/10/28,
Callable
2/10/27
@
100
...............
813
782
Series
2021-N2,
Class
B,
0.75%,
3/10/28,
Callable
2/10/27
@
100
................
332
316
Series
2021-N2,
Class
C,
1.07%,
3/10/28,
Callable
2/10/27
@
100
................
326
310
Series
2021-N2,
Class
D,
1.27%,
3/10/28,
Callable
2/10/27
@
100
................
583
551
Series
2021-N3,
Class
A2,
1.11%,
6/12/28,
Callable
5/10/27
@
100
...............
2,879
2,751
Series
2021-N3,
Class
B,
0.66%,
6/12/28,
Callable
5/10/27
@
100
................
599
564
Series
2021-N3,
Class
C,
1.02%,
6/12/28,
Callable
5/10/27
@
100
................
303
286
Chase
Auto
Owner
Trust
..................................................
Series
2023-AA,
Class
D,
6.85%,
6/25/31,
Callable
3/25/28
@
100(a)
.............
5,000
5,225
Series
2024-1A,
Class
B,
5.16%,
11/26/29,
Callable
2/25/28
@
100(a)
.............
643
649
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
184
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2024-1A,
Class
C,
5.36%,
1/25/30,
Callable
2/25/28
@
100(a)
..............
$
2,000
$
2,021
Series
2024-1A,
Class
D,
5.87%,
6/25/31,
Callable
2/25/28
@
100(a)
..............
1,340
1,356
Series
2024-2A,
Class
D,
6.15%,
8/25/31,
Callable
4/25/28
@
100(a)
..............
4,028
4,111
Series
2024-3A,
Class
D,
5.87%,
9/25/31,
Callable
5/25/28
@
100(a)
..............
2,000
2,020
Series
2024-4A,
Class
D,
5.79%,
11/25/31,
Callable
7/25/28
@
100(a)
.............
700
701
Chesapeake
Funding
II
LLC
...............................................
Series
2021-1A,
Class
A1,
0.47%,
4/15/33,
Callable
8/15/24
@
100(a)
.............
357
353
Series
2023-1A,
Class
B,
5.59%,
5/15/35,
Callable
6/15/26
@
100(a)
..............
1,192
1,190
Series
2023-1A,
Class
C,
6.07%,
5/15/35,
Callable
6/15/26
@
100(a)
..............
800
804
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
6/15/26
@
100(a)
..............
1,500
1,522
Series
2023-2A,
Class
A1,
6.16%,
10/15/35,
Callable
11/15/26
@
100(a)
...........
329
334
Series
2023-2A,
Class
B,
5.97%,
10/15/35,
Callable
11/15/26
@
100(a)
............
1,582
1,602
Series
2023-2A,
Class
C,
6.15%,
10/15/35,
Callable
11/15/26
@
100(a)
............
2,294
2,333
Series
2024-1A,
Class
C,
5.60%,
5/15/36,
Callable
11/15/26
@
100(a)
.............
1,800
1,805
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1,
Class
A4,
5.78%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
3,000
3,070
Series
2023-2,
Class
A4,
5.74%,
10/15/30,
Callable
7/15/27
@
100(a)
.............
3,000
3,068
Series
2024-1,
Class
A4,
5.03%,
10/15/30,
Callable
10/15/27
@
100(a)
............
2,000
2,010
CPS
Auto
Receivables
Trust
...............................................
Series
2022-B,
Class
B,
3.88%,
8/15/28,
Callable
10/15/26
@
100(a)
..............
1,106
1,103
Series
2022-D,
Class
B,
6.84%,
1/16/29,
Callable
5/15/27
@
100(a)
...............
2,000
2,008
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-3A,
Class
B,
1.38%,
7/15/30,
Callable
11/15/24
@
100(a)
.............
1,179
1,175
Series
2021-3A,
Class
C,
1.63%,
9/16/30,
Callable
11/15/24
@
100(a)
.............
3,000
2,968
Series
2021-4,
Class
A,
1.26%,
10/15/30,
Callable
3/15/25
@
100(a)
..............
184
183
Series
2021-4,
Class
B,
1.74%,
12/16/30,
Callable
3/15/25
@
100(a)
..............
640
629
Series
2021-4,
Class
C,
1.94%,
2/18/31,
Callable
3/15/25
@
100(a)
...............
1,000
975
Series
2022-1A,
Class
B,
4.95%,
8/16/32,
Callable
1/15/26
@
100(a)
..............
1,000
990
Series
2022-3A,
Class
C,
8.45%,
2/15/33,
Callable
11/15/26
@
100(a)
.............
1,100
1,142
Series
2023-1A,
Class
B,
7.02%,
5/16/33,
Callable
11/15/26
@
100(a)
.............
2,000
2,038
Series
2023-1A,
Class
C,
7.71%,
7/15/33,
Callable
11/15/26
@
100(a)
.............
100
103
Series
2023-2A,
Class
C,
7.15%,
9/15/33,
Callable
10/15/26
@
100(a)
.............
4,000
4,092
Series
2023-3A,
Class
B,
7.09%,
10/17/33,
Callable
3/15/27
@
100(a)
.............
1,895
1,943
Series
2023-3A,
Class
C,
7.62%,
12/15/33,
Callable
3/15/27
@
100(a)
.............
4,886
5,070
Series
2023-5A,
Class
C,
7.30%,
4/17/34,
Callable
6/15/27
@
100(a)
..............
1,000
1,033
Series
2024-2A,
Class
C,
6.70%,
10/16/34,
Callable
4/15/28
@
100(a)
.............
1,000
1,020
Drive
Auto
Receivables
Trust,
Series
2021-2,
Class
D,
1.39%,
3/15/29,
Callable
8/15/25
@
100
3,000
2,914
DT
Auto
Owner
Trust
....................................................
Series
2020-1A,
Class
E,
3.48%,
2/16/27,
Callable
8/15/24
@
100(a)
..............
2,000
1,998
Series
2020-2A,
Class
D,
4.73%,
3/16/26,
Callable
10/15/24
@
100(a)
.............
447
446
Series
2020-3A,
Class
E,
3.62%,
10/15/27,
Callable
2/15/25
@
100(a)
.............
1,000
985
Series
2021-3A,
Class
C,
0.87%,
5/17/27,
Callable
12/15/25
@
100(a)
.............
941
933
Series
2022-2A,
Class
B,
4.22%,
1/15/27,
Callable
6/15/26
@
100(a)
..............
629
628
Series
2022-2A,
Class
D,
5.46%,
3/15/28,
Callable
6/15/26
@
100(a)
..............
2,000
1,988
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
9/15/28
@
100(a)
............
1,500
1,545
Series
2023-1A,
Class
B,
6.45%,
1/15/30,
Callable
9/15/28
@
100(a)
..............
2,445
2,531
Series
2023-1A,
Class
C,
6.77%,
4/15/30,
Callable
9/15/28
@
100(a)
..............
1,310
1,359
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-2,
Class
A2,
4.65%,
5/21/29,
Callable
1/20/26
@
100(a)
..............
828
823
Series
2022-3,
Class
A3,
4.29%,
7/20/29,
Callable
3/20/26
@
100(a)
..............
500
494
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
7/20/26
@
100(a)
.............
2,000
2,025
Series
2023-1,
Class
A3,
5.42%,
10/22/29,
Callable
11/20/26
@
100(a)
............
1,778
1,796
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
4/20/27
@
100(a)
..............
829
832
Series
2023-3,
Class
A3,
6.41%,
6/20/30,
Callable
8/20/27
@
100(a)
..............
4,000
4,196
Series
2024-1,
Class
A3,
5.16%,
9/20/30,
Callable
8/20/27
@
100(a)
..............
2,000
2,026
Series
2024-2,
Class
A4,
5.69%,
12/20/30,
Callable
1/20/28
@
100(a)
.............
2,528
2,604
Exeter
Automobile
Receivables
Trust
.........................................
Series
2020-1A,
Class
E,
3.74%,
1/15/27,
Callable
10/15/24
@
100(a)
.............
1,000
994
Series
2020-2A,
Class
E,
7.19%,
9/15/27,
Callable
2/15/25
@
100(a)
..............
6,750
6,794
Series
2020-3A,
Class
F,
5.56%,
6/15/27,
Callable
6/15/25
@
100(a)
..............
1,440
1,430
Series
2022-2A,
Class
B,
3.65%,
10/15/26
.................................
118
118
Series
2022-5A,
Class
C,
6.51%,
12/15/27,
Callable
10/15/27
@
100
..............
1,000
1,005
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
185
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
FCCU
Auto
Receivables
Trust
..............................................
Series
2024-1A,
Class
A4,
5.46%,
4/15/30,
Callable
8/15/28
@
100(a)
.............
$
2,828
$
2,877
Series
2024-1A,
Class
B,
5.71%,
7/15/30,
Callable
8/15/28
@
100(a)
..............
1,713
1,748
Series
2024-1A,
Class
C,
6.00%,
10/15/30,
Callable
8/15/28
@
100(a)
.............
551
560
Series
2024-1A,
Class
D,
6.78%,
7/15/32,
Callable
8/15/28
@
100(a)
..............
852
868
First
Investors
Auto
Owner
Trust,
Series
2023-1A,
Class
C,
6.81%,
12/17/29,
Callable
10/15/27
@
100(a)
..................................................
3,000
3,112
Flagship
Credit
Auto
Trust
................................................
Series
2019-2,
Class
D,
3.53%,
5/15/25,
Callable
11/15/24
@
100(a)
..............
39
39
Series
2019-3,
Class
E,
3.84%,
12/15/26,
Callable
2/15/25
@
100(a)
..............
900
891
Series
2019-4,
Class
E,
4.11%,
3/15/27,
Callable
4/15/25
@
100(a)
...............
4,265
4,169
Series
2020-2,
Class
D,
5.75%,
4/15/26,
Callable
7/15/25
@
100(a)
...............
2,352
2,349
Series
2021-1,
Class
C,
0.91%,
3/15/27,
Callable
5/15/26
@
100(a)
...............
1,390
1,362
Series
2021-2,
Class
D,
1.59%,
6/15/27,
Callable
8/15/26
@
100(a)
...............
2,430
2,285
Series
2021-3,
Class
B,
0.95%,
7/15/27,
Callable
9/15/26
@
100(a)
...............
2,726
2,695
Series
2022-2,
Class
B,
4.76%,
5/17/27(a)
.................................
2,000
1,987
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2022-A,
Class
B,
3.81%,
8/15/25,
Callable
10/15/24
@
100
................
742
742
Series
2023-A,
Class
C,
5.54%,
12/15/26,
Callable
9/15/25
@
100
................
720
721
Series
2023-B,
Class
C,
6.43%,
4/15/27,
Callable
2/15/26
@
100
.................
1,571
1,598
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2020-1,
Class
A,
2.04%,
8/15/31,
Callable
2/15/25
@
100(a)
...............
2,667
2,619
Series
2020-1,
Class
B,
2.29%,
8/15/31,
Callable
2/15/25
@
100(a)
...............
5,000
4,912
Series
2020-1,
Class
C,
2.54%,
8/15/31,
Callable
2/15/25
@
100(a)
...............
5,000
4,912
Series
2021-2,
Class
D,
2.60%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
850
790
Series
2023-1,
Class
B,
5.29%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
822
828
Series
2023-1,
Class
C,
5.58%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
3,000
3,027
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
7,400
7,504
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2021-2,
Class
B,
1.31%,
7/15/27,
Callable
3/15/25
@
100(a)
...............
1,879
1,866
Series
2021-2,
Class
E,
3.35%,
10/15/27,
Callable
3/15/25
@
100(a)
..............
750
735
Series
2022-1,
Class
A3,
1.83%,
12/15/26,
Callable
9/15/25
@
100(a)
.............
299
298
Series
2022-1,
Class
B,
2.15%,
5/17/27,
Callable
9/15/25
@
100(a)
...............
2,000
1,971
Series
2022-2,
Class
B,
5.19%,
10/15/27,
Callable
1/15/26
@
100(a)
..............
2,500
2,485
Series
2023-1,
Class
B,
5.35%,
3/15/28,
Callable
10/15/26
@
100(a)
..............
1,253
1,244
Series
2023-1,
Class
C,
5.72%,
8/15/28,
Callable
10/15/26
@
100(a)
..............
2,000
1,990
Series
2024-1,
Class
B,
5.55%,
5/15/29,
Callable
6/15/27
@
100(a)
...............
714
709
Series
2024-1,
Class
C,
5.77%,
11/15/29,
Callable
6/15/27
@
100(a)
..............
1,000
993
Series
2024-1,
Class
D,
6.83%,
3/15/30,
Callable
6/15/27
@
100(a)
...............
1,000
1,004
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A,
Class
A4,
5.79%,
10/15/29,
Callable
7/15/28
@
100(a)
............
3,000
3,073
Series
2023-1A,
Class
B,
5.87%,
1/15/30,
Callable
7/15/28
@
100(a)
..............
1,660
1,701
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
7/15/28
@
100(a)
..............
998
1,027
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2020-2A,
Class
C,
4.57%,
4/15/26,
Callable
12/15/24
@
100(a)
.............
60
60
Series
2020-2A,
Class
D,
7.48%,
4/15/27,
Callable
12/15/24
@
100(a)
.............
1,560
1,568
Series
2021-2A,
Class
C,
1.08%,
6/15/26,
Callable
2/15/26
@
100(a)
..............
237
236
Series
2021-3A,
Class
C,
1.11%,
9/15/26,
Callable
4/15/26
@
100(a)
..............
1,482
1,466
Series
2022-2A,
Class
B,
4.70%,
9/15/26(a)
................................
1,151
1,149
Series
2023-1A,
Class
D,
7.01%,
1/16/29,
Callable
6/15/27
@
100(a)
..............
1,750
1,781
Series
2024-2A,
Class
B,
5.77%,
11/15/28(a)
...............................
1,333
1,346
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A,
Class
D,
8.22%,
2/18/31,
Callable
8/15/28
@
100(a)
..............
2,000
2,174
Series
2024-1A,
Class
B,
5.32%,
3/15/30,
Callable
10/15/28
@
100(a)
.............
875
878
Series
2024-1A,
Class
C,
5.69%,
3/15/30,
Callable
10/15/28
@
100(a)
.............
1,000
1,010
Series
2024-2A,
Class
C,
5.93%,
6/17/30,
Callable
11/15/29
@
100(a)
.............
2,000
2,035
GM
Financial
Automobile
Leasing
Trust
......................................
Series
2022-2,
Class
B,
4.02%,
5/20/26,
Callable
9/20/24
@
100
.................
1,250
1,246
Series
2023-2,
Class
B,
5.54%,
5/20/27,
Callable
11/20/25
@
100
................
833
836
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2024-1A,
Class
B,
5.33%,
3/15/29(a)
................................
2,000
2,019
Series
2024-2A,
Class
B,
5.35%,
3/15/31(a)
................................
1,409
1,430
GreenState
Auto
Receivables
Trust
..........................................
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
186
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2024-1A,
Class
A4,
5.17%,
1/15/30,
Callable
12/15/27
@
100(a)
............
$
4,500
$
4,531
Series
2024-1A,
Class
B,
5.42%,
1/15/30,
Callable
12/15/27
@
100(a)
.............
1,200
1,209
Series
2024-1A,
Class
C,
5.77%,
2/15/30,
Callable
12/15/27
@
100(a)
.............
1,929
1,944
Series
2024-1A,
Class
D,
6.50%,
6/15/32,
Callable
12/15/27
@
100(a)
.............
1,641
1,653
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
A3,
5.18%,
3/15/28,
Callable
2/15/27
@
100(a)
..............
1,000
999
Series
2023-1,
Class
A4,
5.12%,
4/16/29,
Callable
2/15/27
@
100(a)
..............
4,000
4,007
Series
2023-1,
Class
B,
5.39%,
8/15/29,
Callable
2/15/27
@
100(a)
...............
3,000
3,009
Series
2023-1,
Class
C,
5.88%,
11/15/29,
Callable
2/15/27
@
100(a)
..............
2,625
2,642
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A,
Class
B,
2.19%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
4,250
4,129
Series
2022-1A,
Class
C,
2.63%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
4,175
4,050
Series
2023-1A,
Class
B,
6.22%,
6/25/27(a)
................................
1,000
1,002
Series
2023-1A,
Class
C,
6.91%,
6/25/27(a)
................................
4,000
4,006
Hertz
Vehicle
Financing
LLC,
Series
2021-1A,
Class
D,
3.98%,
12/26/25(a)
.............
3,750
3,716
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1,
Class
B,
0.88%,
9/25/28,
Callable
6/25/25
@
100(a)
...............
32
32
Series
2021-1,
Class
C,
1.02%,
9/25/28,
Callable
6/25/25
@
100(a)
...............
12
12
Series
2021-1,
Class
D,
1.17%,
9/25/28,
Callable
6/25/25
@
100(a)
...............
16
16
Series
2021-2,
Class
B,
0.89%,
12/26/28,
Callable
11/25/25
@
100(a)
.............
113
112
Series
2021-2,
Class
D,
1.14%,
12/26/28,
Callable
11/25/25
@
100(a)
.............
58
57
Series
2021-2,
Class
E,
2.28%,
12/26/28,
Callable
11/25/25
@
100(a)
.............
31
30
Series
2021-3,
Class
B,
0.76%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
404
396
Series
2021-3,
Class
D,
1.01%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
553
542
Series
2021-3,
Class
E,
2.10%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
34
33
Series
2021-3,
Class
F,
3.69%,
2/26/29,
Callable
6/25/25
@
100(a)
...............
1,150
1,131
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A,
Class
A,
1.30%,
8/17/26,
Callable
12/15/25
@
100(a)
.............
34
34
Series
2021-1A,
Class
B,
1.94%,
11/16/26,
Callable
12/15/25
@
100(a)
............
5,600
5,554
Series
2021-1A,
Class
C,
2.35%,
4/15/27,
Callable
12/15/25
@
100(a)
.............
5,000
4,869
Series
2022-1A,
Class
A,
5.21%,
6/15/27,
Callable
7/15/26
@
100(a)
..............
531
530
Series
2022-1A,
Class
B,
5.87%,
9/15/27,
Callable
7/15/26
@
100(a)
..............
1,600
1,603
Series
2022-1A,
Class
C,
6.85%,
4/15/30,
Callable
7/15/26
@
100(a)
..............
2,000
2,038
Series
2023-1A,
Class
B,
5.59%,
8/16/27,
Callable
6/15/27
@
100(a)
..............
1,200
1,204
Series
2023-1A,
Class
C,
6.18%,
12/15/27,
Callable
6/15/27
@
100(a)
.............
2,000
2,019
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
6/15/27
@
100(a)
..............
1,811
1,869
Series
2023-2A,
Class
D,
6.30%,
2/15/31,
Callable
8/15/27
@
100(a)
..............
1,400
1,419
Series
2023-3A,
Class
D,
6.92%,
12/16/30,
Callable
9/15/27
@
100(a)
.............
1,820
1,880
Series
2024-1A,
Class
C,
5.64%,
6/15/29,
Callable
1/15/28
@
100(a)
..............
614
620
Lobel
Automobile
Receivables
Trust
.........................................
Series
2023-1,
Class
A,
6.97%,
7/15/26,
Callable
4/15/26
@
100(a)
...............
1,069
1,070
Series
2023-2,
Class
A,
7.59%,
4/16/29,
Callable
6/15/26
@
100(a)
...............
1,042
1,050
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A,
Class
A,
7.21%,
5/20/36,
Callable
5/20/26
@
100(a)
..............
3,497
3,527
Series
2023-1A,
Class
B,
7.25%,
5/20/36,
Callable
5/20/26
@
100(a)
..............
4,000
4,086
Series
2024-1A,
Class
A,
5.82%,
4/20/37,
Callable
8/20/27
@
100(a)
..............
2,000
2,020
Series
2024-1A,
Class
B,
5.95%,
4/20/37,
Callable
8/20/27
@
100(a)
..............
2,638
2,676
Series
2024-1A,
Class
C,
6.18%,
4/20/37,
Callable
8/20/27
@
100(a)
..............
4,107
4,187
Series
2024-1A,
Class
D,
6.85%,
4/20/37,
Callable
9/20/27
@
100(a)
..............
3,800
3,896
Navistar
Financial
Dealer
Note
Master
Owner
Trust
..............................
Series
2024-1,
Class
A,
5.59%,
4/25/29(a)
.................................
2,000
2,020
Series
2024-1,
Class
B,
5.79%,
4/25/29(a)
.................................
650
656
Series
2024-1,
Class
C,
6.13%,
4/25/29(a)
.................................
950
958
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2023-1,
Class
A,
6.18%,
8/25/28(a)
........................................................
828
835
OCCU
Auto
Receivables
Trust
.............................................
Series
2022-1A,
Class
C,
6.52%,
11/15/29,
Callable
6/15/27
@
100(a)
.............
1,690
1,738
Series
2023-1A,
Class
A4,
6.29%,
9/17/29,
Callable
1/15/28
@
100(a)
.............
2,775
2,863
Series
2023-1A,
Class
B,
6.51%,
9/17/29,
Callable
1/15/28
@
100(a)
..............
2,000
2,078
Series
2023-1A,
Class
C,
6.82%,
9/17/29,
Callable
1/15/28
@
100(a)
..............
2,250
2,341
Series
2023-1A,
Class
D,
7.88%,
12/15/31,
Callable
1/15/28
@
100(a)
.............
4,500
4,724
Oscar
US
Funding
XII
LLC,
Series
2021-1A,
Class
A4,
1.00%,
4/10/28,
Callable
2/10/25
@
100(a)
...........................................................
5,584
5,427
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
187
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Oscar
US
Funding
XIII
LLC
...............................................
Series
2021-2A,
Class
A3,
0.86%,
9/10/25,
Callable
6/10/25
@
100(a)
.............
$
192
$
192
Series
2021-2A,
Class
A4,
1.27%,
9/11/28,
Callable
6/10/25
@
100(a)
.............
8,100
7,877
Oscar
US
Funding
XIV
LLC
...............................................
Series
2022-1A,
Class
A3,
2.30%,
4/10/26,
Callable
4/10/26
@
100(a)
.............
1,250
1,238
Series
2022-1A,
Class
A4,
2.82%,
4/10/29,
Callable
4/10/26
@
100(a)
.............
1,400
1,352
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A,
Class
A4,
4.18%,
12/15/28,
Callable
4/15/26
@
100(a)
.............
1,000
991
Series
2022-A,
Class
B,
4.60%,
12/15/28,
Callable
4/15/26
@
100(a)
..............
2,299
2,275
Series
2022-A,
Class
C,
4.83%,
12/15/28,
Callable
4/15/26
@
100(a)
..............
1,833
1,820
Series
2022-A,
Class
D,
5.85%,
6/17/30,
Callable
4/15/26
@
100(a)
...............
1,412
1,418
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
C,
5.65%,
2/15/28,
Callable
4/15/27
@
100(a)
..............
2,000
1,999
Series
2023-2A,
Class
C,
7.12%,
8/15/29,
Callable
12/15/27
@
100(a)
.............
4,000
4,118
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A,
Class
B,
5.28%,
5/15/32,
Callable
2/15/26
@
100(a)
...............
706
703
Series
2022-A,
Class
C,
7.38%,
5/15/32,
Callable
2/15/26
@
100(a)
...............
883
884
Series
2022-A,
Class
D,
9.97%,
5/15/32,
Callable
2/15/26
@
100(a)
...............
835
867
Series
2022-B,
Class
C,
5.92%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
267
266
Series
2022-B,
Class
D,
6.79%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
289
289
Series
2022-B,
Class
E,
8.68%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
267
268
Series
2022-C,
Class
B,
6.45%,
12/15/32,
Callable
1/15/27
@
100(a)
..............
592
593
Series
2022-C,
Class
C,
6.99%,
12/15/32,
Callable
1/15/27
@
100(a)
..............
1,604
1,610
Series
2022-C,
Class
D,
8.20%,
12/15/32,
Callable
1/15/27
@
100(a)
..............
2,007
2,024
Series
2022-C,
Class
E,
11.37%,
12/15/32,
Callable
1/15/27
@
100(a)
.............
593
606
Series
2023-A,
Class
B,
6.49%,
6/15/33,
Callable
8/15/27
@
100(a)
...............
850
853
Series
2023-A,
Class
C,
6.74%,
6/15/33,
Callable
8/15/27
@
100(a)
...............
846
850
Series
2023-A,
Class
D,
7.08%,
6/15/33,
Callable
8/15/27
@
100(a)
...............
1,984
1,994
Series
2023-B,
Class
C,
5.93%,
12/15/33,
Callable
7/15/27
@
100(a)
..............
875
878
Series
2023-B,
Class
D,
6.66%,
12/15/33,
Callable
7/15/27
@
100(a)
..............
3,975
4,002
Series
2024-A,
Class
D,
6.11%,
6/15/32,
Callable
4/15/28
@
100(a)
...............
2,000
2,009
Series
2024-A,
Class
E,
7.76%,
6/15/32,
Callable
4/15/28
@
100(a)
...............
2,000
2,005
Santander
Bank
NA
.....................................................
Series
2021-1A,
Class
B,
1.83%,
12/15/31,
Callable
10/15/25
@
100(a)
............
328
325
Series
2021-1A,
Class
C,
3.27%,
12/15/31,
Callable
10/15/25
@
100(a)
............
60
60
Santander
Consumer
Auto
Receivables
Trust,
Series
2020-BA,
Class
E,
4.13%,
1/15/27,
Callable
8/15/25
@
100(a)
............................................
1,000
989
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
A4,
5.70%,
8/15/29,
Callable
1/15/28
@
100(a)
.............
2,700
2,758
Series
2023-1A,
Class
B,
6.08%,
11/15/29,
Callable
1/15/28
@
100(a)
.............
2,000
2,059
Series
2023-1A,
Class
C,
6.61%,
3/15/30,
Callable
1/15/28
@
100(a)
..............
5,635
5,834
Series
2023-1A,
Class
D,
7.34%,
11/17/31,
Callable
1/15/28
@
100(a)
.............
2,730
2,825
Series
2024-1A,
Class
B,
5.33%,
7/15/30,
Callable
9/15/28
@
100(a)
..............
1,990
2,001
Series
2024-1A,
Class
C,
5.62%,
12/16/30,
Callable
9/15/28
@
100(a)
.............
2,000
2,007
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
C,
5.97%,
2/20/31,
Callable
8/20/27
@
100(a)
..............
2,709
2,773
Series
2024-1A,
Class
B,
5.38%,
1/21/31,
Callable
1/20/28
@
100(a)
..............
1,260
1,277
Series
2024-1A,
Class
C,
5.51%,
1/20/32,
Callable
1/20/28
@
100(a)
..............
1,500
1,523
Series
2024-2A,
Class
B,
5.41%,
8/20/30,
Callable
11/20/27
@
100(a)
.............
1,857
1,888
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A,
Class
B,
6.41%,
7/20/27,
Callable
7/20/25
@
100(a)
...............
3,450
3,477
Series
2023-B,
Class
B,
6.57%,
8/20/27,
Callable
10/20/25
@
100(a)
..............
2,025
2,051
Series
2024-A,
Class
A4,
5.31%,
12/20/27,
Callable
6/20/26
@
100(a)
.............
1,000
1,007
Series
2024-A,
Class
B,
5.55%,
5/22/28,
Callable
6/20/26
@
100(a)
...............
1,000
999
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1,
Class
A4,
5.38%,
2/20/29,
Callable
9/20/27
@
100(a)
..............
1,500
1,519
Series
2023-1,
Class
B,
5.82%,
5/20/31,
Callable
9/20/27
@
100(a)
...............
1,950
1,987
Toyota
Lease
Owner
Trust,
Series
2023-A,
Class
A4,
5.05%,
8/20/27,
Callable
8/20/25
@
100(a)
...........................................................
3,000
2,997
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
11/25/26
@
100(a)
.......
4,914
4,960
UNIFY
Auto
Receivables
Trust
.............................................
Series
2021-1A,
Class
A4,
0.98%,
7/15/26,
Callable
3/15/25
@
100(a)
.............
940
936
Series
2021-1A,
Class
B,
1.29%,
11/16/26,
Callable
3/15/25
@
100(a)
.............
3,000
2,952
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
188
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
United
Auto
Credit
Securitization
Trust
.......................................
Series
2023-1,
Class
C,
6.28%,
7/10/28,
Callable
1/10/27
@
100(a)
...............
$
4,000
$
4,000
Series
2024-1,
Class
B,
6.57%,
6/10/27,
Callable
6/10/27
@
100(a)
...............
2,500
2,514
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
A3,
5.56%,
3/15/28,
Callable
7/15/27
@
100(a)
.............
2,320
2,327
Series
2023-1A,
Class
A4,
5.59%,
12/15/28,
Callable
7/15/27
@
100(a)
............
2,000
2,023
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
7/15/27
@
100(a)
..............
2,133
2,166
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
7/15/27
@
100(a)
..............
2,500
2,554
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A,
Class
A3,
6.87%,
11/15/27(a)
...............................
500
506
Series
2023-A,
Class
B,
7.11%,
2/15/30,
Callable
7/15/28
@
100(a)
...............
3,000
3,069
Series
2024-A,
Class
A3,
5.62%,
12/15/28(a)
...............................
1,250
1,255
Series
2024-A,
Class
B,
5.77%,
7/15/30,
Callable
7/15/29
@
100(a)
...............
750
749
Series
2024-A,
Class
C,
6.44%,
7/15/30,
Callable
7/15/29
@
100(a)
...............
1,000
1,011
Westlake
Automobile
Receivables
Trust
.......................................
Series
2021-3A,
Class
D,
2.12%,
1/15/27,
Callable
10/15/25
@
100(a)
.............
1,000
968
Series
2022-2A,
Class
B,
4.31%,
9/15/27,
Callable
5/15/26
@
100(a)
..............
800
797
Series
2022-2A,
Class
C,
4.85%,
9/15/27,
Callable
5/15/26
@
100(a)
..............
1,429
1,417
Series
2022-3A,
Class
C,
6.44%,
12/15/27,
Callable
7/15/26
@
100(a)
.............
2,000
2,013
Series
2023-1A,
Class
B,
5.41%,
1/18/28,
Callable
11/15/26
@
100(a)
.............
1,000
998
Series
2023-P1,
Class
C,
6.44%,
6/15/27,
Callable
6/15/26
@
100(a)
..............
1,200
1,214
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2022-1A,
Class
A,
2.47%,
10/18/36,
Callable
9/18/24
@
100(a)
.............
351
349
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
................................
988
990
Series
2023-1A,
Class
B,
5.80%,
4/18/38(a)
................................
1,345
1,347
Series
2023-1A,
Class
C,
6.18%,
4/18/38(a)
................................
3,333
3,357
Series
2023-2A,
Class
C,
6.94%,
8/18/38(a)
................................
2,769
2,858
Series
2023-2A,
Class
D,
7.38%,
8/18/38(a)
................................
3,644
3,800
Series
2024-1A,
Class
C,
5.69%,
2/18/39(a)
................................
2,625
2,637
World
Omni
Automobile
Lease
Securitization
Trust,
Series
2022-A,
Class
A4,
3.34%,
6/15/27
379
379
World
Omni
Select
Auto
Trust
..............................................
Series
2021-A,
Class
D,
1.44%,
11/15/27,
Callable
11/15/25
@
100
...............
4,250
4,052
Series
2023-A,
Class
C,
6.00%,
1/16/29,
Callable
1/15/27
@
100
.................
2,750
2,780
521,547
ABS
Card
(1.5%):
American
Express
Credit
Account
Master
Trust,
Series
2024-2,
Class
A,
5.24%,
4/15/31
....
2,000
2,071
CARDS
II
Trust,
Series
2024-1A,
Class
C,
5.84%,
7/16/29(a)
.......................
1,890
1,895
Evergreen
Credit
Card
Trust
...............................................
Series
2021-1,
Class
A,
0.90%,
10/15/26(a)
................................
3,500
3,467
Series
2022-CRT2,
Class
C,
7.44%,
11/15/26(a)
.............................
3,750
3,760
Series
2023-CRT3,
Class
B,
6.58%,
2/15/27(a)
..............................
2,285
2,293
Series
2023-CRT3,
Class
C,
7.31%,
2/15/27(a)
..............................
2,118
2,129
Golden
Credit
Card
Trust,
Series
2021-1A,
Class
A,
1.14%,
8/15/28(a)
.................
5,000
4,646
Master
Credit
Card
Trust
II
................................................
Series
2023-1A,
Class
C,
5.87%,
6/21/27(a)
................................
2,200
2,199
Series
2023-2A,
Class
B,
6.26%,
1/21/27(a)
................................
821
827
Series
2023-2A,
Class
C,
6.89%,
1/21/27(a)
................................
953
961
Series
2023-3A,
Class
C,
7.08%,
10/21/30(a)
...............................
1,500
1,545
Series
2024-1A,
Class
B,
5.53%,
1/21/28(a)
................................
919
920
Series
2024-1A,
Class
C,
6.02%,
1/21/28(a)
................................
1,680
1,683
Synchrony
Card
Funding
LLC,
Series
2022-A1,
Class
A,
3.37%,
4/15/28,
Callable
4/15/25
@
100
.............................................................
880
868
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A,
Class
B,
5.23%,
3/26/31(a)
................................
1,000
1,003
Series
2023-1A,
Class
C,
6.06%,
3/26/31(a)
................................
1,500
1,517
Series
2023-3A,
Class
C,
6.94%,
8/26/28(a)
................................
3,033
3,062
Series
2024-1A,
Class
B,
5.50%,
12/26/28(a)
...............................
1,000
1,001
Series
2024-1A,
Class
C,
5.99%,
12/26/28(a)
...............................
1,120
1,121
36,968
ABS
Other
(10.9%):
AFG
ABS
I
LLC
.......................................................
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
189
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-1,
Class
A2,
6.30%,
9/16/30,
Callable
3/15/27
@
100(a)
..............
$
311
$
312
Series
2023-1,
Class
B,
7.51%,
9/16/30,
Callable
3/15/27
@
100(a)
...............
1,667
1,682
Aligned
Data
Centers
Issuer
LLC,
Series
2021-1A,
Class
A2,
1.94%,
8/15/46,
Callable
8/15/24
@
100(a)
.........................................................
5,500
5,127
AMSR
Trust
..........................................................
Series
2021-SFR1,
Class
A,
1.95%,
6/17/38(a)(b)
............................
2,000
1,787
Series
2021-SFR1,
Class
B,
2.15%,
6/17/38(a)(b)
............................
2,000
1,785
Series
2021-SFR1,
Class
C,
2.35%,
6/17/38(a)(b)
............................
1,200
1,066
Amur
Equipment
Finance
Receivables
IX
LLC
..................................
Series
2021-1A,
Class
B,
1.38%,
2/22/27,
Callable
12/20/24
@
100(a)
.............
781
777
Series
2021-1A,
Class
C,
1.75%,
6/21/27,
Callable
12/20/24
@
100(a)
.............
1,000
986
Amur
Equipment
Finance
Receivables
X
LLC
..................................
Series
2022-1A,
Class
A2,
1.64%,
10/20/27,
Callable
9/20/25
@
100(a)
............
580
570
Series
2022-1A,
Class
B,
2.20%,
1/20/28,
Callable
9/20/25
@
100(a)
..............
4,162
4,033
Amur
Equipment
Finance
Receivables
XI
LLC
..................................
Series
2022-2A,
Class
A2,
5.30%,
6/21/28,
Callable
6/20/26
@
100(a)
.............
751
750
Series
2022-2A,
Class
B,
5.65%,
10/20/28,
Callable
6/20/26
@
100(a)
.............
2,000
2,014
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A,
Class
B,
6.03%,
12/20/29,
Callable
6/20/27
@
100(a)
.............
750
765
Series
2023-1A,
Class
C,
6.36%,
12/20/29,
Callable
6/20/27
@
100(a)
.............
1,966
2,024
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
6/20/27
@
100(a)
..............
500
525
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A,
Class
B,
5.37%,
1/21/31,
Callable
4/20/28
@
100(a)
..............
1,912
1,928
Series
2024-1A,
Class
C,
5.55%,
1/21/31,
Callable
4/20/28
@
100(a)
..............
2,722
2,750
Amur
Equipment
Finance
Receivables
XIV
LLC
................................
Series
2024-2A,
Class
B,
5.20%,
7/21/31,
Callable
8/20/28
@
100(a)
..............
1,000
1,007
Series
2024-2A,
Class
C,
5.38%,
7/21/31,
Callable
8/20/28
@
100(a)
..............
1,000
1,007
Atalaya
Equipment
Leasing
Trust
...........................................
Series
2021-1A,
Class
B,
2.08%,
2/15/27,
Callable
10/15/24
@
100(a)
.............
2,089
2,061
Series
2021-1A,
Class
C,
2.69%,
6/15/28,
Callable
10/15/24
@
100(a)
.............
2,000
1,912
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A,
Class
A3,
5.70%,
2/15/30,
Callable
2/15/28
@
100(a)
.............
3,000
3,041
Series
2023-1A,
Class
B,
6.05%,
6/17/30,
Callable
2/15/28
@
100(a)
..............
1,239
1,273
Series
2023-1A,
Class
C,
6.50%,
11/15/30,
Callable
2/15/28
@
100(a)
.............
1,200
1,248
Series
2023-1A,
Class
D,
7.27%,
12/16/30,
Callable
2/15/28
@
100(a)
.............
1,000
1,050
Series
2024-1A,
Class
A3,
5.49%,
7/15/31,
Callable
3/15/29
@
100(a)
.............
2,000
2,024
Series
2024-1A,
Class
B,
5.69%,
7/15/31,
Callable
3/15/29
@
100(a)
..............
614
629
Series
2024-1A,
Class
C,
6.01%,
7/15/31,
Callable
3/15/29
@
100(a)
..............
750
773
Series
2024-1A,
Class
D,
6.79%,
7/15/31,
Callable
3/15/29
@
100(a)
..............
3,000
3,103
Blue
Bridge
Funding
LLC,
Series
2023-1A,
Class
A,
7.37%,
11/15/30,
Callable
1/15/27
@
100(a)
...........................................................
1,197
1,207
Capital
Automotive
REIT,
Series
2024-2A,
Class
A1,
4.90%,
5/15/54,
Callable
5/15/27
@
100(a)
...........................................................
695
698
Capteris
Equipment
Finance
LLC,
Series
2024-1A,
Class
A2,
5.58%,
7/20/32,
Callable
1/20/29
@
100(a)
.........................................................
2,800
2,816
CARS-DB4
LP,
Series
2020-1A,
Class
A1,
2.69%,
2/15/50,
Callable
8/15/24
@
100(a)
.....
3,851
3,780
CARS-DB5
LP,
Series
2021-1A,
Class
A1,
1.44%,
8/15/51,
Callable
8/15/24
@
100(a)
.....
1,858
1,712
CARS-DB7
LP,
Series
2023-1A,
Class
A1,
5.75%,
9/15/53,
Callable
9/15/28
@
100(a)
.....
2,900
2,971
CCG
Receivables
Trust
...................................................
Series
2021-2,
Class
C,
1.50%,
3/14/29,
Callable
5/14/25
@
100(a)
...............
1,487
1,444
Series
2023-1,
Class
B,
5.99%,
9/16/30,
Callable
7/14/26
@
100(a)
...............
2,010
2,043
Series
2023-1,
Class
C,
6.28%,
9/16/30,
Callable
7/14/26
@
100(a)
...............
3,556
3,632
Series
2023-2,
Class
C,
6.45%,
4/14/32,
Callable
8/14/27
@
100(a)
...............
2,250
2,331
Series
2023-2,
Class
D,
7.18%,
4/14/32,
Callable
8/14/27
@
100(a)
...............
1,300
1,352
CF
Hippolyta
Issuer
LLC,
Series
2021-1A,
Class
A1,
1.53%,
3/15/61,
Callable
8/15/24
@
100(a)
...........................................................
2,827
2,609
CNH
Equipment
Trust,
Series
2022-A,
Class
A3,
2.94%,
7/15/27,
Callable
12/15/26
@
100
..
850
833
Conn's
Receivables
Funding
LLC
...........................................
Series
2023-A,
Class
B,
10.00%,
1/17/28,
Callable
12/15/24
@
100(a)
.............
1,227
1,161
Series
2024-A,
Class
A,
7.05%,
1/16/29,
Callable
10/15/25
@
100(a)
..............
2,553
2,554
CP
EF
Asset
Securitization
I
LLC,
Series
2022-1A,
Class
A,
5.96%,
4/15/30,
Callable
11/15/25
@
100(a)
.........................................................
1,779
1,778
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
190
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
CP
EF
Asset
Securitization
II
LLC,
Series
2023-1A,
Class
A,
7.48%,
3/15/32,
Callable
6/15/27
@
100(a)
.........................................................
$
2,143
$
2,170
Crossroads
Asset
Trust
...................................................
Series
2024-A,
Class
A2,
5.90%,
8/20/30,
Callable
7/20/28
@
100(a)
..............
2,000
2,009
Series
2024-A,
Class
B,
5.94%,
8/20/30,
Callable
7/20/28
@
100(a)
...............
2,518
2,557
Series
2024-A,
Class
C,
6.52%,
8/20/30,
Callable
7/20/28
@
100(a)
...............
1,500
1,501
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2024-2A,
Class
A2,
4.50%,
5/20/49(a)
.......
2,790
2,646
Dell
Equipment
Finance
Trust
..............................................
Series
2022-1,
Class
B,
2.72%,
8/23/27,
Callable
8/22/24
@
100(a)
...............
1,550
1,547
Series
2023-1,
Class
D,
6.80%,
3/22/29,
Callable
10/22/25
@
100(a)
..............
1,818
1,841
Series
2023-2,
Class
C,
6.06%,
1/22/29,
Callable
2/22/26
@
100(a)
...............
1,100
1,110
Series
2023-2,
Class
D,
6.74%,
7/23/29,
Callable
2/22/26
@
100(a)
...............
2,283
2,317
Series
2023-3,
Class
D,
6.75%,
10/22/29,
Callable
5/22/26
@
100(a)
..............
1,060
1,080
Series
2024-1,
Class
C,
5.73%,
3/22/30,
Callable
12/22/26
@
100(a)
..............
1,350
1,366
Series
2024-1,
Class
D,
6.12%,
9/23/30,
Callable
12/22/26
@
100(a)
..............
1,364
1,380
Dext
ABS
LLC
........................................................
Series
2021-1,
Class
C,
2.29%,
9/15/28,
Callable
2/15/26
@
100(a)
...............
5,000
4,877
Series
2023-1,
Class
A2,
5.99%,
3/15/32,
Callable
12/15/26
@
100(a)
.............
778
781
Series
2023-1,
Class
B,
6.55%,
3/15/32,
Callable
12/15/26
@
100(a)
..............
5,430
5,567
Series
2023-2,
Class
B,
6.41%,
5/15/34,
Callable
3/15/28
@
100(a)
...............
3,000
3,064
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
3/15/28
@
100(a)
...............
1,666
1,693
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A,
Class
A,
1.76%,
4/15/49,
Callable
9/20/25
@
100(a)
..............
3,333
3,046
Series
2021-1A,
Class
B,
2.36%,
4/15/49,
Callable
9/20/25
@
100(a)
..............
3,000
2,746
Diamond
Issuer
LLC,
Series
2021-1A,
Class
B,
2.70%,
11/20/51,
Callable
11/20/25
@
100(a)
3,273
2,858
Diamond
Resorts
Owner
Trust
.............................................
Series
2021-1A,
Class
A,
1.51%,
11/21/33,
Callable
9/20/25
@
100(a)
.............
729
699
Series
2021-1A,
Class
B,
2.05%,
11/21/33,
Callable
9/20/25
@
100(a)
.............
420
404
DLLAA
LLC,
Series
2023-1A,
Class
A3,
5.64%,
2/22/28,
Callable
12/20/27
@
100(a)
.....
2,000
2,026
DLLAD
LLC
..........................................................
Series
2024-1A,
Class
A3,
5.30%,
7/20/29,
Callable
12/20/28
@
100(a)
............
1,000
1,015
Series
2024-1A,
Class
A4,
5.38%,
9/22/31,
Callable
12/20/28
@
100(a)
............
1,290
1,318
DLLMT
LLC
..........................................................
Series
2023-1A,
Class
A3,
5.34%,
3/22/27,
Callable
3/20/27
@
100(a)
.............
2,000
2,003
Series
2023-1A,
Class
A4,
5.35%,
3/20/31,
Callable
3/20/27
@
100(a)
.............
1,143
1,154
DLLST
LLC,
Series
2022-1A,
Class
A4,
3.69%,
9/20/28,
Callable
7/20/25
@
100(a)
.......
3,000
2,981
FirstKey
Homes
Trust
....................................................
Series
2021-SFR1,
Class
B,
1.79%,
8/17/38(a)(b)
............................
3,000
2,789
Series
2021-SFR1,
Class
C,
1.89%,
8/17/38(a)(b)
............................
3,000
2,783
Series
2021-SFR2,
Class
B,
1.61%,
9/17/38(a)(b)
............................
2,308
2,131
Series
2021-SFR3,
Class
B,
2.44%,
12/17/38(a)(b)
...........................
1,000
935
Series
2021-SFR3,
Class
C,
2.54%,
12/17/38(a)(b)
...........................
1,750
1,632
Flexential
Issuer,
Series
2021-1A,
Class
A2,
3.25%,
11/27/51,
Callable
11/25/25
@
100(a)
..
5,000
4,672
Ford
Credit
Floorplan
Master
Owner
Trust
A,
Series
2023-1,
Class
C,
5.75%,
5/15/28(a)
....
1,597
1,605
Frontier
Issuer
LLC,
Series
2023-1,
Class
B,
8.30%,
8/20/53,
Callable
7/20/26
@
100(a)
....
1,867
1,983
FRTKL,
Series
2021-SFR1,
Class
B,
1.72%,
9/17/38(a)(b)
.........................
1,500
1,391
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A,
Class
B,
6.62%,
4/20/33,
Callable
8/20/30
@
100(a)
..............
654
693
Series
2023-1A,
Class
C,
6.97%,
8/22/33,
Callable
8/20/30
@
100(a)
..............
1,200
1,296
Series
2023-1A,
Class
D,
7.00%,
8/22/33,
Callable
8/20/30
@
100(a)
..............
800
822
GreatAmerica
Leasing
Receivables
Funding
LLC
................................
Series
2023-1,
Class
B,
5.21%,
3/15/30,
Callable
7/15/27
@
100(a)
...............
1,500
1,505
Series
2024-1,
Class
B,
5.18%,
12/16/30,
Callable
2/15/28
@
100(a)
..............
1,480
1,484
Series
2024-1,
Class
C,
5.43%,
12/15/31,
Callable
2/15/28
@
100(a)
..............
650
656
Series
2024-2,
Class
B,
5.23%,
5/15/31,
Callable
10/15/28
@
100(a)
..............
1,000
1,006
HPEFS
Equipment
Trust
..................................................
Series
2021-2A,
Class
D,
1.29%,
3/20/29,
Callable
10/20/24
@
100(a)
.............
2,679
2,655
Series
2022-2A,
Class
D,
4.94%,
3/20/30,
Callable
12/20/25
@
100(a)
.............
1,200
1,192
Series
2022-3A,
Class
C,
6.13%,
8/20/29,
Callable
5/20/26
@
100(a)
..............
735
738
Series
2023-2A,
Class
D,
6.97%,
7/21/31,
Callable
11/20/26
@
100(a)
.............
1,500
1,542
Series
2024-1A,
Class
D,
5.82%,
11/20/31,
Callable
8/20/27
@
100(a)
.............
3,638
3,682
Series
2024-2A,
Class
D,
5.82%,
4/20/32,
Callable
1/20/28
@
100(a)
..............
2,143
2,178
John
Deere
Owner
Trust,
Series
2024-B,
Class
A4,
5.19%,
5/15/31,
Callable
1/15/28
@
100
.
1,100
1,120
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
191
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Kubota
Credit
Owner
Trust
................................................
Series
2022-1A,
Class
A3,
2.67%,
10/15/26,
Callable
1/15/26
@
100(a)
............
$
1,573
$
1,544
Series
2023-2A,
Class
A4,
5.23%,
6/15/28,
Callable
5/15/27
@
100(a)
.............
1,500
1,516
Series
2024-2A,
Class
A4,
5.19%,
5/15/30,
Callable
5/15/28
@
100(a)
.............
1,300
1,317
M&T
Equipment
LEAF
Notes,
Series
2023-1A,
Class
A4,
5.75%,
7/15/30,
Callable
7/15/27
@
100(a)
...........................................................
2,596
2,614
MMAF
Equipment
Finance
LLC
............................................
Series
2020-BA,
Class
A5,
0.85%,
4/14/42,
Callable
6/14/25
@
100(a)
.............
5,000
4,809
Series
2021-A,
Class
A4,
1.04%,
11/13/30(a)
...............................
2,000
1,877
Series
2022-A,
Class
A3,
3.20%,
1/13/28(a)
................................
1,597
1,570
Series
2023-A,
Class
A3,
5.54%,
12/13/29(a)
...............................
1,000
1,015
Series
2023-A,
Class
A4,
5.50%,
12/13/38(a)
...............................
1,500
1,531
Series
2024-A,
Class
A4,
5.10%,
7/13/49,
Callable
8/13/30
@
100(a)
..............
1,100
1,117
MVW
LLC
...........................................................
Series
2021-1WA,
Class
A,
1.14%,
1/22/41,
Callable
12/20/26
@
100(a)
...........
607
571
Series
2021-1WA,
Class
B,
1.44%,
1/22/41,
Callable
12/20/26
@
100(a)
...........
635
597
MVW
Owner
Trust,
Series
2018-1A,
Class
A,
3.45%,
1/21/36,
Callable
8/20/24
@
100(a)
...
1,767
1,765
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1,
Class
A1,
1.91%,
10/20/61,
Callable
10/20/24
@
100(a)
............
4,516
4,089
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
10/20/24
@
100(a)
............
1,466
1,282
NMEF
Funding
LLC
....................................................
Series
2022-B,
Class
A2,
6.07%,
6/15/29,
Callable
8/15/26
@
100(a)
..............
458
459
Series
2022-B,
Class
B,
7.12%,
6/15/29,
Callable
8/15/26
@
100(a)
...............
1,000
1,008
Series
2023-A,
Class
B,
6.83%,
6/17/30,
Callable
8/15/27
@
100(a)
...............
1,500
1,548
NP
SPE
II
LLC
........................................................
Series
2017-1A,
Class
A1,
3.37%,
10/21/47,
Callable
8/20/24
@
100(a)
............
1,045
1,007
Series
2019-2A,
Class
C1,
6.44%,
11/19/49,
Callable
8/19/24
@
100(a)
............
2,261
2,172
Pawnee
Equipment
Receivables
LLC
.........................................
Series
2021-1,
Class
A2,
1.10%,
7/15/27,
Callable
8/15/25
@
100(a)
..............
221
219
Series
2021-1,
Class
B,
1.82%,
7/15/27,
Callable
8/15/25
@
100(a)
...............
1,637
1,602
Series
2022-1,
Class
A3,
5.17%,
2/15/28,
Callable
6/15/26
@
100(a)
..............
716
715
Series
2022-1,
Class
B,
5.40%,
7/17/28,
Callable
6/15/26
@
100(a)
...............
2,375
2,375
PEAC
Solutions
Receivables
LLC
...........................................
Series
2024-1A,
Class
A3,
5.64%,
11/20/30,
Callable
2/20/28
@
100(a)
............
2,500
2,525
Series
2024-1A,
Class
B,
5.79%,
11/20/30,
Callable
2/20/28
@
100(a)
.............
2,500
2,535
Post
Road
Equipment
Finance,
Series
2022-1A,
Class
B,
5.15%,
1/16/29,
Callable
4/15/26
@
100(a)
...........................................................
1,000
993
Post
Road
Equipment
Finance
LLC
..........................................
Series
2024-1A,
Class
B,
5.58%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
1,254
1,259
Series
2024-1A,
Class
C,
5.81%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
1,994
2,009
Series
2024-1A,
Class
D,
6.77%,
10/15/30,
Callable
4/15/27
@
100(a)
.............
500
502
Progress
Residential
Trust
.................................................
Series
2021-SFR2,
Class
B,
1.80%,
4/19/38(a)(b)
............................
6,850
6,448
Series
2021-SFR4,
Class
B,
1.81%,
5/17/38(a)(b)
............................
4,500
4,224
Series
2021-SFR5,
Class
B,
1.66%,
7/17/38(a)(b)
............................
2,400
2,235
Series
2021-SFR5,
Class
C,
1.81%,
7/17/38(a)(b)
............................
1,500
1,397
Series
2021-SFR6,
Class
B,
1.75%,
7/17/38,
Callable
7/17/26
@
100(a)(b)
..........
2,813
2,619
SCF
Equipment
Leasing
LLC
..............................................
Series
2020-1A,
Class
B,
2.02%,
3/20/28,
Callable
2/20/25
@
100(a)
..............
319
318
Series
2020-1A,
Class
C,
2.60%,
8/21/28,
Callable
2/20/25
@
100(a)
..............
2,900
2,859
Series
2021-1A,
Class
B,
1.37%,
8/20/29,
Callable
1/20/26
@
100(a)
..............
500
485
Series
2021-1A,
Class
D,
1.93%,
9/20/30,
Callable
1/20/26
@
100(a)
..............
616
581
Series
2022-2A,
Class
B,
6.50%,
2/20/32,
Callable
8/20/29
@
100(a)
..............
429
440
Series
2022-2A,
Class
C,
6.50%,
8/20/32,
Callable
8/20/29
@
100(a)
..............
785
812
Series
2022-2A,
Class
D,
6.50%,
10/20/32,
Callable
8/20/29
@
100(a)
.............
1,319
1,322
Series
2023-1A,
Class
B,
6.37%,
5/20/32,
Callable
8/20/30
@
100(a)
..............
857
898
Series
2023-1A,
Class
C,
6.77%,
8/22/33,
Callable
8/20/30
@
100(a)
..............
4,863
5,205
Sierra
Timeshare
Receivables
Funding
LLC,
Series
2019-3A,
Class
A,
2.34%,
8/20/36,
Callable
8/20/24
@
100(a)
............................................
1,196
1,194
Tricon
Residential
Trust,
Series
2022-SFR1,
Class
B,
4.20%,
4/17/39(a)(b)
..............
1,000
970
Trinity
Rail
Leasing
LLC,
Series
2019-2A,
Class
A1,
2.39%,
10/18/49,
Callable
8/17/24
@
100(a)
...........................................................
813
781
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
192
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Vantage
Data
Centers
Issuer
LLC,
Series
2020-1A,
Class
A2,
1.65%,
9/15/45,
Callable
8/15/24
@
100(a)
.........................................................
$
6,500
$
6,214
VB-S1
Issuer
LLC
-
VBTEL
...............................................
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
1,000
945
Series
2024-1A,
Class
C2,
5.59%,
5/15/54,
Callable
5/15/27
@
100(a)
.............
909
922
Series
2024-1A,
Class
D,
6.64%,
5/15/54,
Callable
5/15/27
@
100(a)
..............
167
171
Verdant
Receivables
LLC
.................................................
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
11/12/27
@
100(a)
............
1,703
1,720
Series
2023-1A,
Class
B,
6.05%,
1/13/31,
Callable
11/12/27
@
100(a)
.............
2,000
2,042
Series
2023-1A,
Class
C,
6.73%,
1/13/31,
Callable
11/12/27
@
100(a)
.............
749
776
Series
2024-1A,
Class
A2,
5.68%,
12/12/31,
Callable
10/12/28
@
100(a)
...........
1,700
1,712
Series
2024-1A,
Class
B,
5.72%,
12/12/31,
Callable
10/12/28
@
100(a)
............
525
535
Series
2024-1A,
Class
C,
6.25%,
12/12/31,
Callable
10/12/28
@
100(a)
............
437
452
Series
2024-1A,
Class
D,
7.23%,
12/12/31,
Callable
10/12/28
@
100(a)
............
388
398
Verizon
Master
Trust
....................................................
Series
2024-2,
Class
B,
5.08%,
12/22/31,
Callable
12/20/28
@
100(a)
.............
2,000
2,021
Series
2024-3,
Class
C,
5.73%,
4/22/30,
Callable
4/20/27
@
100
.................
833
849
278,863
Agency
ABS
Other
(0.0%):(c)
Nelnet
Student
Loan
Trust,
Series
2005-3,
Class
B,
5.89%
(SOFR90A+54bps),
9/22/37,
Callable
9/22/24
@
100(d)
............................................
1,048
1,025
Total
Asset-Backed
Securities
(Cost
$837,713)
a
a
a
838,403
Collateralized
Loan
Obligations
(0.3%)
Cash
Flow
CLO
(0.3%):
Barrow
Hanley
CLO
I
Ltd.,
Series
2023-1A,
Class
A1,
7.58%
(TSFR3M+230bps),
4/20/35,
Callable
10/20/24
@
100(a)(d)
.........................................
2,000
2,014
Columbia
Cent
CLO
Ltd.,
Series
2022-32A,
Class
BF,
5.20%,
7/24/34,
Callable
4/24/25
@
100(a)
...........................................................
1,000
990
Palmer
Square
Loan
Funding
Ltd.,
Series
2024-3A,
Class
A2,
6.99%
(TSFR3M+165bps),
8/8/32,
Callable
8/8/25
@
100(a)(d)
......................................
1,000
1,001
Race
Point
X
CLO
Ltd.,
Series
2016-10A,
Class
A1R,
6.65%
(TSFR3M+136bps),
7/25/31,
Callable
10/25/24
@
100(a)(d)
.........................................
2,433
2,435
6,440
Total
Collateralized
Loan
Obligations
(Cost
$6,427)
a
a
a
6,440
Collateralized
Mortgage
Obligations
(4.8%)
Agency
CMO
Other
(0.4%):
Federal
Home
Loan
Mortgage
Corporation,
Series
5270,
Class
AB,
5.50%,
1/25/49
........
2,667
2,692
Federal
National
Mortgage
Association
.......................................
Series
2012-104,
Class
HC,
1.25%,
9/25/27
................................
284
273
Series
2022-88,
Class
BA,
5.50%,
7/25/47
.................................
1,601
1,607
Government
National
Mortgage
Association
....................................
Series
2023-107,
Class
PA,
5.50%,
1/20/46
................................
1,887
1,901
Series
2023-128,
Class
KA,
6.00%,
6/20/47
................................
1,807
1,821
Series
2023-131,
Class
P,
5.50%,
6/20/48
..................................
1,929
1,922
10,216
Commercial
MBS
(4.4%):
Aventura
Mall
Trust,
Series
2018-AVM,
Class
C,
4.11%,
7/5/40(a)(b)(e)
................
2,000
1,866
BBCMS
Mortgage
Trust,
Series
2020-BID,
Class
C,
9.08%
(TSFR1M+375bps),
10/15/37(a)
(b)(d)
...........................................................
2,000
1,980
BPR
Trust
............................................................
Series
2021-TY,
Class
A,
6.49%
(TSFR1M+116bps),
9/15/38(a)(b)(d)
.............
3,731
3,699
Series
2021-TY,
Class
B,
6.59%
(TSFR1M+126bps),
9/15/38(a)(b)(d)
.............
750
738
Series
2021-TY,
Class
C,
7.14%
(TSFR1M+181bps),
9/15/38(a)(b)(d)
.............
2,712
2,662
Series
2021-TY,
Class
D,
7.79%
(TSFR1M+246bps),
9/15/38(a)(b)(d)
.............
1,313
1,288
Series
2022-OANA,
Class
B,
7.78%
(TSFR1M+245bps),
4/15/37(a)(b)(d)
..........
3,000
2,993
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
193
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2022-STAR,
Class
A,
8.56%
(TSFR1M+323bps),
8/15/39(a)(b)(d)
...........
$
4,000
$
3,992
BX
Commercial
Mortgage
Trust,
Series
2021-VOLT,
Class
B,
6.39%
(TSFR1M+106bps),
9/15/36(a)(b)(d)
....................................................
2,500
2,456
BX
Trust,
Series
2022-CLS,
Class
B,
6.30%,
10/13/27(a)(b)
........................
2,750
2,550
COMM
Mortgage
Trust
..................................................
Series
2012-CR4,
Class
XA,
1.14%,
10/15/45,
Callable
8/15/24
@
100(b)(e)
........
10,719
72
Series
2014-277P,
Class
A,
3.61%,
8/10/49,
Callable
8/10/24
@
100(a)(b)(e)
........
14,610
14,630
Series
2015-PC1,
Class
AM,
4.29%,
7/10/50,
Callable
6/10/25
@
100(e)
...........
6,550
6,383
Series
2015-PC1,
Class
B,
4.28%,
7/10/50,
Callable
6/10/25
@
100(e)
.............
3,366
3,261
Series
2020-CBM,
Class
A2,
2.90%,
2/10/37,
Callable
2/10/25
@
100(a)(b)
.........
5,620
5,487
Series
2020-CBM,
Class
B,
3.10%,
2/10/37,
Callable
2/10/25
@
100(a)(b)
..........
5,000
4,879
Series
2020-CBM,
Class
C,
3.40%,
2/10/37,
Callable
2/10/25
@
100(a)(b)
..........
6,875
6,707
DBWF
Mortgage
Trust,
Series
2024-LCRS,
Class
A,
7.07%
(TSFR1M+174bps),
4/15/37(a)(b)
(d)
.............................................................
2,000
1,993
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX,
Class
A,
2.86%,
5/10/34(a)(b)
...........................
11,481
9,498
Series
2020-UPTN,
Class
A,
2.75%,
2/10/37,
Callable
2/10/25
@
100(a)(b)
.........
2,000
1,943
Series
2023-SHIP,
Class
B,
4.94%,
9/10/38(a)(b)(e)
..........................
2,400
2,357
Houston
Galleria
Mall
Trust,
Series
2015-HGLR,
Class
A1A2,
3.09%,
3/5/37(a)(b)
........
11,824
11,568
Hudson
Yards
Mortgage
Trust,
Series
2016-10HY,
Class
A,
2.84%,
8/10/38,
Callable
8/10/26
@
100(a)(b)
.......................................................
3,000
2,833
Life
Mortgage
Trust,
Series
2021-BMR,
Class
B,
6.32%
(TSFR1M+99bps),
3/15/38(a)(b)(d)
.
2,949
2,881
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
B,
2.33%,
9/10/39(a)(b)(e)
......
1,500
1,345
Morgan
Stanley
Capital
I
Trust,
Series
2019-NUGS,
Class
B,
6.74%
(TSFR1M+141bps),
12/15/36(a)(b)(d)
...................................................
3,846
2,423
SCOTT
Trust,
Series
2023-SFS,
Class
AS,
6.20%,
3/10/40(a)(b)
.....................
2,357
2,336
SREIT
Trust,
Series
2021-MFP2,
Class
C,
6.81%
(TSFR1M+149bps),
11/15/36(a)(b)(d)
....
2,000
1,958
TTAN
...............................................................
Series
2021-MHC,
Class
B,
6.54%
(TSFR1M+121bps),
3/15/38(a)(b)(d)
...........
1,720
1,700
Series
2021-MHC,
Class
C,
6.79%
(TSFR1M+146bps),
3/15/38(a)(b)(d)
...........
2,315
2,282
Series
2021-MHC,
Class
D,
7.19%
(TSFR1M+186bps),
3/15/38(a)(b)(d)
...........
974
959
111,719
Private
CMO
Other
(0.0%):(c)
Sequoia
Mortgage
Trust,
Series
2013-5,
Class
A2,
3.00%,
5/25/43,
Callable
3/25/25
@
100(a)
(e)
.............................................................
516
462
Total
Collateralized
Mortgage
Obligations
(Cost
$128,263)
a
a
a
122,397
Shares
Preferred
Stocks
(0.2%)
Financials
(0.2%):
Citigroup
Capital
XIII,
11.89%
(TSFR3M+663bps),
10/30/40(d)
.....................
200,000
5,834
Total
Preferred
Stocks
(Cost
$5,470)
a
a
a
5,834
Principal
Amount
(000)
Senior
Secured
Loans
(0.0%)(c)
Consumer
Discretionary
(0.0%):(c)
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
9.03%
(SOFR03M+375bps),
10/20/27(d)
.......................................
598
611
Total
Senior
Secured
Loans
(Cost
$609)
a
a
a
611
Corporate
Bonds
(33.1%)
Communication
Services
(0.4%):
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital,
6.10%,
6/1/29,
Callable
5/1/29
@
100
..........................................
2,000
2,043
Paramount
Global,
2.90%,
1/15/27,
Callable
10/15/26
@
100(f)
......................
1,750
1,644
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC,
4.74%,
3/20/25,
Callable
9/9/24
@
100(a)
.......................................
1,940
1,933
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
194
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
T-Mobile
US,
Inc.,
4.75%,
2/1/28,
Callable
8/19/24
@
101.58
.......................
$
2,641
$
2,631
Warnermedia
Holdings,
Inc.,
3.76%,
3/15/27,
Callable
2/15/27
@
100
.................
3,000
2,857
11,108
Consumer
Discretionary
(1.9%):
Advance
Auto
Parts,
Inc.,
5.95%,
3/9/28,
Callable
2/9/28
@
100(f)
...................
2,500
2,516
Association
of
American
Medical
Colleges
2.27%,
10/1/25
....................................................
4,145
3,942
2.39%,
10/1/26
....................................................
4,275
3,954
Brunswick
Corp.,
5.85%,
3/18/29,
Callable
2/18/29
@
100
.........................
2,000
2,031
Daimler
Truck
Finance
North
America
LLC
5.00%,
1/15/27(a)
..................................................
2,000
2,006
5.13%,
9/25/27,
Callable
8/25/27
@
100(a)
................................
2,000
2,017
Duke
University
Health
System,
Inc.,
2.26%,
6/1/26
..............................
700
664
General
Motors
Financial
Co.,
Inc.,
5.35%,
7/15/27
..............................
2,000
2,021
Howard
University,
2.42%,
10/1/24
..........................................
1,350
1,342
LKQ
Corp.,
5.75%,
6/15/28,
Callable
5/15/28
@
100
.............................
1,000
1,023
Mattel,
Inc.,
3.75%,
4/1/29,
Callable
8/19/24
@
101.88(a)
..........................
2,000
1,878
Nissan
Motor
Acceptance
Co.
LLC
2.00%,
3/9/26,
Callable
2/9/26
@
100(a)
..................................
4,216
3,978
1.85%,
9/16/26,
Callable
8/16/26
@
100(a)
................................
3,296
3,050
QVC,
Inc.,
4.45%,
2/15/25,
Callable
11/15/24
@
100
.............................
8,450
8,350
Tapestry,
Inc.
7.00%,
11/27/26
....................................................
2,000
2,068
7.35%,
11/27/28,
Callable
10/27/28
@
100
.................................
1,500
1,574
The
Home
Depot,
Inc.,
5.15%,
6/25/26
.......................................
1,875
1,894
Volkswagen
Group
of
America
Finance
LLC
6.20%,
11/16/28,
Callable
10/16/28
@
100(a)
...............................
2,000
2,096
5.25%,
3/22/29,
Callable
2/22/29
@
100(a)
................................
2,000
2,023
48,427
Consumer
Staples
(0.9%):
Bimbo
Bakeries
USA,
Inc.,
6.05%,
1/15/29,
Callable
12/15/28
@
100(a)
...............
4,000
4,175
Campbell
Soup
Co.,
5.20%,
3/19/27
.........................................
2,000
2,028
Coca-Cola
Consolidated,
Inc.,
5.25%,
6/1/29,
Callable
5/1/29
@
100
..................
2,000
2,045
Keurig
Dr.
Pepper,
Inc.,
5.05%,
3/15/29,
Callable
2/15/29
@
100
.....................
3,000
3,048
Philip
Morris
International,
Inc.
4.88%,
2/15/28,
Callable
1/15/28
@
100
..................................
5,000
5,036
5.25%,
9/7/28,
Callable
8/7/28
@
100
....................................
3,000
3,062
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
..........................
3,000
2,609
The
J.M.
Smucker
Co.,
5.90%,
11/15/28,
Callable
10/15/28
@
100(f)
..................
2,000
2,093
24,096
Energy
(2.3%):
Antero
Resources
Corp.,
7.63%,
2/1/29,
Callable
9/9/24
@
103.81(a)
..................
1,500
1,551
Apache
Corp.,
7.75%,
12/15/29
.............................................
2,250
2,489
Buckeye
Partners
LP,
4.35%,
10/15/24,
Callable
9/9/24
@
100
.......................
621
619
Devon
Energy
Corp.,
5.25%,
10/15/27,
Callable
8/19/24
@
101.75
...................
13,330
13,387
Endeavor
Energy
Resources
LP/EER
Finance,
Inc.,
5.75%,
1/30/28,
Callable
9/9/24
@
101.92(a)
.........................................................
7,609
7,681
Energy
Transfer
LP
6.50%
(H15T5Y+569bps),
Callable
11/15/26
@
100(d)(g)
.....................
2,567
2,553
6.75%
(H15T5Y+513bps),
Callable
5/15/25
@
100(d)(g)
......................
333
331
7.13%
(H15T5Y+531bps),
Callable
5/15/30
@
100(d)(g)
......................
2,300
2,292
Gray
Oak
Pipeline
LLC,
2.60%,
10/15/25,
Callable
9/15/25
@
100(a)
.................
1,171
1,132
HF
Sinclair
Corp.,
6.38%,
4/15/27,
Callable
8/19/24
@
103.19(a)
....................
2,200
2,223
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
6.00%,
4/15/30,
Callable
4/15/25
@
103(a)
......
1,333
1,305
Murphy
Oil
Corp.,
5.88%,
12/1/27,
Callable
8/23/24
@
101.96
......................
3,208
3,207
Parsley
Energy
LLC/Parsley
Finance
Corp.,
4.13%,
2/15/28,
Callable
9/9/24
@
101.03(a)
...
8,699
8,383
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.,
6.50%,
7/15/27,
Callable
9/9/24
@
101.63
.............................................
7,772
7,857
Viper
Energy,
Inc.,
5.38%,
11/1/27,
Callable
8/23/24
@
101.79(a)
....................
5,350
5,268
60,278
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
195
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Financials
(16.5%):
Ally
Financial,
Inc.
5.75%,
11/20/25,
Callable
10/21/25
@
100
.................................
$
3,750
$
3,757
6.99%
(SOFR+326bps),
6/13/29,
Callable
6/13/28
@
100(d)
....................
4,611
4,848
American
Express
Co.,
5.04%
(SOFR+93bps),
7/26/28,
Callable
7/26/27
@
100(d)
........
4,000
4,022
Antares
Holdings
LP,
8.50%,
5/18/25,
Callable
4/18/25
@
100(a)
.....................
2,515
2,548
Ares
Capital
Corp.,
3.25%,
7/15/25,
Callable
6/15/25
@
100
........................
5,000
4,893
Ashtead
Capital,
Inc.,
4.38%,
8/15/27,
Callable
8/23/24
@
100.73(a)
..................
8,245
8,041
Assurant,
Inc.,
6.10%,
2/27/26,
Callable
1/27/26
@
100
...........................
7,059
7,129
Bank
of
America
Corp.
6.10%
(TSFR3M+416bps),
Callable
3/17/25
@
100(d)(g)
......................
2,000
1,995
6.50%
(TSFR3M+444bps),
Callable
10/23/24
@
100(d)(f)(g)
...................
1,265
1,264
Blackstone
Private
Credit
Fund
1.75%,
9/15/24
....................................................
3,500
3,478
2.35%,
11/22/24
....................................................
5,000
4,941
4.70%,
3/24/25
....................................................
2,000
1,982
7.05%,
9/29/25
....................................................
2,500
2,536
2.63%,
12/15/26,
Callable
11/15/26
@
100
.................................
3,808
3,535
Blue
Owl
Credit
Income
Corp.
5.50%,
3/21/25
....................................................
6,500
6,480
7.75%,
9/16/27,
Callable
8/16/27
@
100
..................................
2,677
2,796
Cadence
Bank,
4.13%
(US0003M+247bps),
11/20/29,
Callable
11/20/24
@
100(d)
........
9,196
9,019
Capital
One
Financial
Corp.
5.47%
(SOFR+208bps),
2/1/29,
Callable
2/1/28
@
100(d)
......................
2,000
2,020
6.31%
(SOFR+264bps),
6/8/29,
Callable
6/8/28
@
100(d)
......................
1,000
1,037
CDW
LLC/CDW
Finance
Corp.,
2.67%,
12/1/26,
Callable
11/1/26
@
100
..............
1,000
947
Citigroup,
Inc.,
9.01%
(TSFR3M+368bps),
Callable
8/15/24
@
100(d)(g)
..............
5,948
5,951
Citizens
Bank
NA
6.06%
(SOFR+145bps),
10/24/25,
Callable
10/24/24
@
100(d)
..................
6,640
6,618
4.58%
(SOFR+200bps),
8/9/28,
Callable
8/9/27
@
100(d)
......................
1,000
980
Citizens
Financial
Group,
Inc.,
5.65%
(H15T5Y+531bps),
Callable
10/6/25
@
100(d)(g)
....
1,850
1,817
CNO
Global
Funding,
5.88%,
6/4/27(a)
.......................................
2,000
2,032
DAE
Funding
LLC,
1.55%,
8/1/24(a)
........................................
3,250
3,250
Enact
Holdings,
Inc.,
6.25%,
5/28/29,
Callable
4/28/29
@
100
.......................
4,000
4,072
Enstar
Finance
LLC,
5.75%
(H15T5Y+547bps),
9/1/40,
Callable
9/1/25
@
100(d)
........
4,235
4,070
Entergy
Texas
Restoration
Funding
II
LLC,
3.05%,
12/15/27
........................
811
783
EverBank
Financial
Corp.,
10.30%
(TSFR3M+497bps),
3/15/26,
Callable
9/9/24
@
100(d)
..
5,718
5,726
F&G
Global
Funding
5.15%,
7/7/25(a)
...................................................
2,000
1,992
5.88%,
6/10/27(a)
..................................................
2,000
2,019
Fifth
Third
Bancorp,
4.50%
(H15T5Y+422bps),
Callable
9/30/25
@
100(d)(g)
...........
7,793
7,563
First
American
Financial
Corp.,
4.60%,
11/15/24
................................
6,000
5,976
First
Citizens
Bancshares,
Inc.,
3.38%
(TSFR3M+247bps),
3/15/30,
Callable
3/15/25
@
100(d)
10,871
10,437
First
Financial
Bancorp,
5.13%,
8/25/25
.......................................
9,000
8,758
First
Horizon
Bank,
5.75%,
5/1/30,
Callable
2/1/30
@
100(f)
........................
900
883
First-Citizens
Bank
&
Trust
Co.,
4.13%
(H15T5Y+237bps),
11/13/29,
Callable
11/13/24
@
100(d)
...........................................................
1,000
979
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/25,
Callable
10/13/25
@
100
.................................
3,000
2,925
4.95%,
5/28/27,
Callable
4/28/27
@
100
..................................
1,000
987
2.90%,
2/10/29,
Callable
12/10/28
@
100
.................................
2,000
1,793
FS
KKR
Capital
Corp.
1.65%,
10/12/24
....................................................
2,119
2,099
4.25%,
2/14/25,
Callable
1/14/25
@
100(a)
................................
5,600
5,538
3.40%,
1/15/26,
Callable
12/15/25
@
100
.................................
4,000
3,849
Fulton
Financial
Corp.,
3.25%
(TSFR3M+230bps),
3/15/30,
Callable
3/15/25
@
100(d)
....
9,318
7,987
GA
Global
Funding
Trust,
1.63%,
1/15/26(a)
...................................
2,500
2,373
Glencore
Funding
LLC
1.63%,
4/27/26,
Callable
3/27/26
@
100(a)
................................
5,000
4,721
5.34%,
4/4/27(a)
...................................................
3,000
3,028
Global
Payments,
Inc.,
1.50%,
11/15/24,
Callable
10/15/24
@
100
....................
3,000
2,961
Goodman
US
Finance
Three
LLC,
3.70%,
3/15/28,
Callable
12/15/27
@
100(a)(f)
........
1,500
1,425
Hikma
Finance
USA
LLC,
3.25%,
7/9/25
......................................
10,000
9,746
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
196
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Hilltop
Holdings,
Inc.
5.00%,
4/15/25,
Callable
1/15/25
@
100
..................................
$
5,000
$
4,763
5.75%
(TSFR3M+568bps),
5/15/30,
Callable
5/15/25
@
100(d)
..................
5,000
4,671
Horace
Mann
Educators
Corp.,
7.25%,
9/15/28,
Callable
8/15/28
@
100
................
5,000
5,374
HSB
Group,
Inc.,
6.47%
(TSFR3M+117bps),
7/15/27,
Callable
9/9/24
@
100(d)
..........
2,750
2,613
Huntington
Bancshares,
Inc.,
4.45%
(H15T7Y+405bps),
Callable
10/15/27
@
100(d)(g)
....
750
690
Hyundai
Capital
America,
Inc.
5.68%,
6/26/28,
Callable
5/26/28
@
100(a)
................................
2,000
2,048
5.30%,
1/8/29,
Callable
12/8/28
@
100(a)
.................................
5,000
5,062
Kemper
Corp.
4.35%,
2/15/25,
Callable
11/15/24
@
100
..................................
2,684
2,661
2.40%,
9/30/30,
Callable
6/30/30
@
100
..................................
2,020
1,692
3.80%,
2/23/32,
Callable
11/23/31
@
100
..................................
6,501
5,692
KeyCorp.,
6.62%
(SOFRINDX+125bps),
5/23/25,
Callable
2/23/25
@
100(d)
...........
6,715
6,724
LPL
Holdings,
Inc.,
5.70%,
5/20/27,
Callable
4/20/27
@
100
........................
700
708
Luther
Burbank
Corp.,
6.50%,
9/30/24,
Callable
9/9/24
@
100(a)
....................
2,500
2,483
M&T
Bank
Corp.
9.19%
(TSFR3M+387bps),
Callable
8/15/24
@
100(d)(g)
......................
802
803
5.75%,
10/1/24
....................................................
8,120
8,061
Main
Street
Capital
Corp.,
3.00%,
7/14/26,
Callable
6/14/26
@
100
...................
3,500
3,310
Manufacturers
&
Traders
Trust
Co.,
4.65%,
1/27/26,
Callable
12/27/25
@
100
...........
3,000
2,970
Markel
Group,
Inc.,
6.00%
(H15T5Y+566bps),
Callable
6/1/25
@
100(d)(g)
............
2,650
2,632
Mobr-04
LLC
(LOC
-
Compass
Bank),
6.43%,
9/1/24(h)
...........................
2,750
2,750
Morgan
Stanley
Bank
NA,
4.97%
(SOFR+93bps),
7/14/28,
Callable
7/14/27
@
100(d)
.....
3,500
3,513
MPT
Operating
Partnership
LP/MPT
Finance
Corp.,
5.00%,
10/15/27,
Callable
9/9/24
@
101.67(f)
.........................................................
10,901
8,946
New
York
Community
Bancorp,
Inc.,
8.27%
(TSFR3M+304bps),
11/6/28,
Callable
11/6/24
@
100(d)
...........................................................
2,242
2,023
NMI
Holdings,
Inc.,
6.00%,
8/15/29,
Callable
7/15/29
@
100
.......................
4,000
4,048
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
5.75%,
5/24/26,
Callable
4/24/26
@
100(a)
................................
3,000
3,029
5.35%,
3/30/29,
Callable
2/28/29
@
100(a)
................................
2,000
2,030
PRA
Group,
Inc.,
8.38%,
2/1/28,
Callable
2/1/25
@
104.19(a)
.......................
3,898
3,946
Radian
Group,
Inc.
4.50%,
10/1/24,
Callable
9/27/24
@
100
..................................
6,349
6,331
6.20%,
5/15/29,
Callable
4/15/29
@
100
..................................
3,000
3,093
Regions
Financial
Corp.,
5.75%
(H15T5Y+543bps),
Callable
6/15/25
@
100(d)(g)
........
9,786
9,690
SCE
Recovery
Funding
LLC,
0.86%,
11/15/31
..................................
7,210
6,265
Signature
Bank,
4.13%
(US0003M+256bps),
11/1/29,
Callable
11/1/24
@
100(d)(i)
.......
2,000
1,138
Starwood
Property
Trust,
Inc.,
3.63%,
7/15/26,
Callable
1/15/26
@
100(a)
..............
1,622
1,545
Stewart
Information
Services
Corp.,
3.60%,
11/15/31,
Callable
8/15/31
@
100
...........
5,000
4,245
Synchrony
Bank,
5.40%,
8/22/25,
Callable
7/22/25
@
100
.........................
3,000
2,990
Synchrony
Financial
4.88%,
6/13/25,
Callable
5/13/25
@
100
..................................
2,000
1,986
3.95%,
12/1/27,
Callable
9/1/27
@
100
...................................
2,816
2,674
5.94%
(SOFRINDX+213bps),
8/2/30,
Callable
8/2/29
@
100(d)
.................
1,000
1,006
Synovus
Bank,
5.63%,
2/15/28,
Callable
1/15/28
@
100
...........................
4,000
3,950
Synovus
Financial
Corp.,
7.54%
(USISOA05+338bps),
2/7/29(d)
....................
6,188
6,036
Texas
Capital
Bancshares,
Inc.,
4.00%
(H15T5Y+315bps),
5/6/31,
Callable
5/6/26
@
100(d)
.
6,000
5,572
Texas
Capital
Bank
NA,
5.25%,
1/31/26
......................................
1,530
1,482
The
Bank
of
New
York
Mellon
Corp.
4.70%
(H15T5Y+436bps),
Callable
9/20/25
@
100(d)(g)
......................
7,500
7,382
4.98%
(SOFR+109bps),
3/14/30,
Callable
3/14/29
@
100(d)
....................
2,000
2,023
The
Charles
Schwab
Corp.,
5.38%
(H15T5Y+497bps),
Callable
6/1/25
@
100(d)(g)
.......
10,936
10,834
The
Huntington
National
Bank,
5.50%
(TSFR3M+535bps),
5/6/30,
Callable
5/6/25
@
100(d)
13,590
13,257
Toyota
Motor
Credit
Corp.,
5.25%,
9/11/28
....................................
2,000
2,053
Truist
Financial
Corp.
4.95%
(H15T5Y+461bps),
Callable
9/1/25
@
100(d)(g)
.......................
9,000
8,810
2.50%,
8/1/24,
MTN
................................................
578
578
4.25%,
9/30/24
....................................................
1,955
1,945
U.S.
Bancorp
3.10%,
4/27/26,
Callable
3/27/26
@
100,
MTN
.............................
4,250
4,120
5.78%
(SOFR+202bps),
6/12/29,
Callable
6/12/28
@
100(d)
....................
4,500
4,628
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
197
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
UL
Solutions,
Inc.,
6.50%,
10/20/28,
Callable
9/20/28
@
100(a)
.....................
$
3,000
$
3,176
Webster
Financial
Corp.,
4.00%
(TSFR3M+253bps),
12/30/29,
Callable
12/30/24
@
100(d)
.
8,750
7,850
Wells
Fargo
&
Co.,
3.90%
(H15T5Y+345bps),
Callable
3/15/26
@
100(d)(g)
............
4,400
4,199
422,706
Health
Care
(1.0%):
Blue
Cross
and
Blue
Shield
of
Minnesota,
3.79%,
5/1/25,
Callable
2/1/25
@
100(a)
.......
5,720
5,634
DENTSPLY
SIRONA,
Inc.,
3.25%,
6/1/30,
Callable
3/1/30
@
100
....................
2,731
2,438
Elevance
Health,
Inc.,
5.15%,
6/15/29,
Callable
5/15/29
@
100
......................
2,000
2,040
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
1.50%,
6/1/25,
Callable
5/1/25
@
100(a)
..................................
2,450
2,372
5.20%,
6/15/29,
Callable
5/15/29
@
100(a)
................................
3,000
3,044
2.20%,
6/1/30,
Callable
3/1/30
@
100(a)
..................................
2,504
2,166
Humana,
Inc.,
5.38%,
4/15/31,
Callable
2/15/31
@
100
............................
3,448
3,500
Solventum
Corp.
5.45%,
2/25/27,
Callable
1/25/27
@
100(a)
................................
2,000
2,019
5.40%,
3/1/29,
Callable
2/1/29
@
100(a)
..................................
3,000
3,037
26,250
Industrials
(3.2%):
AGCO
Corp.,
5.45%,
3/21/27,
Callable
2/21/27
@
100
............................
3,000
3,040
American
Airlines
Pass
Through
Trust,
4.00%,
9/22/27
............................
1,397
1,319
Aon
North
America,
Inc.,
5.15%,
3/1/29,
Callable
2/1/29
@
100
.....................
2,000
2,031
Aviation
Capital
Group
LLC,
5.50%,
12/15/24,
Callable
11/15/24
@
100(a)
.............
7,495
7,474
CNH
Industrial
Capital
LLC,
5.10%,
4/20/29,
Callable
3/20/29
@
100
.................
2,000
2,023
Concentrix
Corp.
6.65%,
8/2/26,
Callable
7/2/26
@
100
....................................
2,000
2,046
6.60%,
8/2/28,
Callable
7/2/28
@
100
....................................
4,000
4,123
Continental
Airlines
Pass
Through
Trust,
4.00%,
10/29/24(f)
........................
7,590
7,541
Daimler
Truck
Finance
North
America
LLC,
3.50%,
4/7/25(a)
.......................
3,000
2,960
Delta
Air
Lines
Pass
Through
Trust,
2.00%,
6/10/28
..............................
3,804
3,501
GXO
Logistics,
Inc.,
6.25%,
5/6/29,
Callable
4/6/29
@
100
.........................
3,000
3,108
HEICO
Corp.,
5.25%,
8/1/28,
Callable
7/1/28
@
100
.............................
3,300
3,352
Hexcel
Corp.,
4.95%,
8/15/25,
Callable
5/15/25
@
100
............................
3,000
2,978
MasTec,
Inc.,
5.90%,
6/15/29,
Callable
5/15/29
@
100
............................
1,905
1,948
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.50%,
6/20/27,
Callable
9/9/24
@
101.63(a)
...........................................
6,000
6,053
Molex
Electronic
Technologies
LLC,
3.90%,
4/15/25,
Callable
1/15/25
@
100(a)
.........
2,478
2,452
Otis
Worldwide
Corp.,
5.25%,
8/16/28,
Callable
7/16/28
@
100
......................
3,000
3,059
Owens
Corning,
5.50%,
6/15/27,
Callable
5/15/27
@
100
..........................
2,000
2,038
Republic
Services,
Inc.,
5.00%,
11/15/29,
Callable
10/15/29
@
100
...................
3,000
3,049
RXO,
Inc.,
7.50%,
11/15/27,
Callable
11/15/24
@
103.75(a)
........................
1,100
1,135
Ryder
System,
Inc.
5.25%,
6/1/28,
Callable
5/1/28
@
100,
MTN
...............................
3,000
3,046
5.38%,
3/15/29,
Callable
2/15/29
@
100,
MTN
.............................
3,000
3,064
Stanley
Black
&
Decker,
Inc.,
6.27%,
3/6/26,
Callable
8/19/24
@
100
.................
2,000
2,000
United
Airlines
Pass
Through
Trust,
4.88%,
1/15/26
..............................
465
459
US
Airways
Pass
Through
Trust,
3.95%,
11/15/25
................................
5,095
4,978
XPO,
Inc.,
6.25%,
6/1/28,
Callable
6/1/25
@
103.13(a)
............................
2,289
2,315
81,092
Information
Technology
(0.4%):
Atlassian
Corp.,
5.25%,
5/15/29,
Callable
4/15/29
@
100
..........................
4,000
4,054
Skyworks
Solutions,
Inc.,
1.80%,
6/1/26,
Callable
5/1/26
@
100
.....................
5,000
4,705
VMware
LLC,
1.00%,
8/15/24
.............................................
700
698
9,457
Materials
(1.1%):
Bayport
Polymers
LLC,
4.74%,
4/14/27,
Callable
3/14/27
@
100(a)
...................
5,000
4,871
Berry
Global,
Inc.,
4.88%,
7/15/26,
Callable
9/9/24
@
100(a)
.......................
3,226
3,187
Celanese
US
Holdings
LLC
1.40%,
8/5/26,
Callable
7/5/26
@
100
....................................
2,000
1,858
6.17%,
7/15/27,
Callable
6/15/27
@
100
..................................
2,000
2,055
Freeport-McMoRan,
Inc.,
4.38%,
8/1/28,
Callable
9/9/24
@
101.46
...................
11,000
10,750
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
198
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Nucor
Corp.,
3.95%,
5/23/25
...............................................
$
2,000
$
1,980
Solvay
Finance
America
LLC,
5.65%,
6/4/29,
Callable
5/4/29
@
100(a)
................
2,000
2,049
Steel
Dynamics,
Inc.,
5.00%,
12/15/26,
Callable
9/9/24
@
100.83
....................
1,000
998
27,748
Real
Estate
(3.7%):
Boston
Properties
LP,
6.75%,
12/1/27,
Callable
11/1/27
@
100
......................
3,500
3,641
CBRE
Services,
Inc.,
4.88%,
3/1/26,
Callable
12/1/25
@
100
........................
2,000
1,995
CubeSmart
LP,
4.38%,
2/15/29,
Callable
11/15/28
@
100
..........................
4,033
3,943
DOC
DR
LLC
4.30%,
3/15/27,
Callable
12/15/26
@
100
.................................
1,700
1,677
3.95%,
1/15/28,
Callable
10/15/27
@
100
.................................
2,531
2,455
Essex
Portfolio
LP,
1.70%,
3/1/28,
Callable
1/1/28
@
100
..........................
1,149
1,029
Extra
Space
Storage
LP,
5.90%,
1/15/31,
Callable
11/15/30
@
100
....................
3,000
3,125
Federal
Realty
OP
LP,
5.38%,
5/1/28,
Callable
4/1/28
@
100
........................
4,000
4,059
GLP
Capital
LP/GLP
Financing
II,
Inc.,
5.25%,
6/1/25,
Callable
3/1/25
@
100
...........
857
853
Healthcare
Realty
Holdings
LP,
3.75%,
7/1/27,
Callable
4/1/27
@
100
.................
896
865
Highwoods
Realty
LP
4.13%,
3/15/28,
Callable
12/15/27
@
100
.................................
950
905
4.20%,
4/15/29,
Callable
1/15/29
@
100
..................................
1,534
1,440
Jones
Lang
LaSalle,
Inc.,
6.88%,
12/1/28,
Callable
11/1/28
@
100
....................
1,500
1,609
Kilroy
Realty
LP,
4.38%,
10/1/25,
Callable
7/1/25
@
100
..........................
3,833
3,779
Kimco
Realty
OP
LLC,
3.80%,
4/1/27,
Callable
1/1/27
@
100
.......................
2,699
2,625
Kite
Realty
Group
LP,
4.00%,
10/1/26,
Callable
7/1/26
@
100
.......................
3,894
3,797
Kite
Realty
Group
Trust,
4.00%,
3/15/25,
Callable
12/15/24
@
100
...................
5,000
4,945
LXP
Industrial
Trust,
6.75%,
11/15/28,
Callable
10/15/28
@
100
.....................
2,000
2,103
Mid-America
Apartments
LP,
5.30%,
2/15/32,
Callable
12/15/31
@
100
................
2,000
2,035
Nationwide
Health
Properties,
Inc.,
6.90%,
10/1/37,
MTN
..........................
2,950
3,157
NNN
REIT,
Inc.,
2.50%,
4/15/30,
Callable
1/15/30
@
100
..........................
2,000
1,754
Realty
Income
Corp.,
5.05%,
1/13/26,
Callable
8/19/24
@
100
......................
2,000
2,000
Retail
Opportunity
Investments
Partnership
LP
4.00%,
12/15/24,
Callable
9/15/24
@
100
.................................
2,500
2,479
6.75%,
10/15/28,
Callable
9/15/28
@
100
.................................
4,649
4,884
SBA
Tower
Trust
2.84%,
1/15/25,
Callable
9/9/24
@
100(a)
.................................
9,423
9,291
1.88%,
1/15/26,
Callable
1/15/25
@
100(a)
................................
3,500
3,332
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
................................
842
863
SITE
Centers
Corp.,
3.63%,
2/1/25,
Callable
11/1/24
@
100
........................
2,250
2,226
The
NHP
Foundation,
5.85%,
12/1/28,
Callable
6/1/28
@
100
.......................
3,000
3,118
UDR,
Inc.
2.95%,
9/1/26,
Callable
6/1/26
@
100,
MTN
...............................
1,580
1,512
3.50%,
7/1/27,
Callable
4/1/27
@
100,
MTN
...............................
4,620
4,438
3.20%,
1/15/30,
Callable
10/15/29
@
100
.................................
1,178
1,084
VICI
Properties
LP/VICI
Note
Co.,
Inc.,
3.50%,
2/15/25,
Callable
8/19/24
@
100(a)
.......
4,136
4,083
WEA
Finance
LLC/Westfield
UK
&
Europe
Finance
PLC,
3.75%,
9/17/24,
Callable
8/23/24
@
100(a)
...........................................................
4,808
4,787
95,888
Utilities
(1.7%):
AEP
Texas,
Inc.,
5.45%,
5/15/29,
Callable
4/15/29
@
100
..........................
2,000
2,044
Alliant
Energy
Finance
LLC,
5.40%,
6/6/27,
Callable
5/6/27
@
100(a)
.................
2,000
2,028
Black
Hills
Corp.,
5.95%,
3/15/28,
Callable
2/15/28
@
100
.........................
3,000
3,100
CenterPoint
Energy,
Inc.,
5.40%,
6/1/29,
Callable
5/1/29
@
100
......................
2,000
2,039
CMS
Energy
Corp.,
4.75%
(H15T5Y+412bps),
6/1/50,
Callable
3/1/30
@
100(d)
.........
2,843
2,622
DTE
Energy
Co.
4.95%,
7/1/27,
Callable
6/1/27
@
100
....................................
3,000
3,014
4.88%,
6/1/28,
Callable
5/1/28
@
100
....................................
2,000
2,002
Florida
Power
&
Light
Co.
5.05%,
4/1/28,
Callable
3/1/28
@
100
....................................
3,000
3,053
4.40%,
5/15/28,
Callable
3/15/28
@
100
..................................
2,800
2,788
National
Fuel
Gas
Co.
5.50%,
1/15/26,
Callable
12/15/25
@
100
.................................
5,000
5,012
5.50%,
10/1/26
....................................................
2,750
2,772
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
199
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
NiSource,
Inc.,
5.20%,
7/1/29,
Callable
6/1/29
@
100
.............................
$
2,000
$
2,029
Public
Service
Enterprise
Group,
Inc.,
5.20%,
4/1/29,
Callable
3/1/29
@
100
............
3,000
3,050
The
Southern
Co.,
4.48%,
8/1/24
............................................
4,419
4,419
Wisconsin
Electric
Power
Co.,
5.00%,
5/15/29,
Callable
4/15/29
@
100
................
3,000
3,048
43,020
Total
Corporate
Bonds
(Cost
$851,598)
a
a
a
850,070
Yankee
Dollars
(6.7%)
Consumer
Discretionary
(0.1%):
Flutter
Treasury
Designated
Activity
Co.,
6.38%,
4/29/29,
Callable
4/15/26
@
103.19(a)
....
750
762
Phinia
Holdings
Jersey
Ltd.,
5.00%,
10/1/25(a)
..................................
2,087
2,063
2,825
Consumer
Staples
(0.3%):
BAT
International
Finance
PLC
4.45%,
3/16/28,
Callable
2/16/28
@
100
..................................
4,000
3,936
5.93%,
2/2/29,
Callable
1/2/29
@
100
....................................
2,000
2,079
JBS
USA
Holding
LUX
SARL/JBS
USA
Food
Co./JBS
LUX
Co.
SARL
5.50%,
1/15/30,
Callable
1/15/25
@
102.75
................................
1,669
1,670
3.75%,
12/1/31,
Callable
12/1/26
@
101.88
................................
1,419
1,265
8,950
Energy
(1.1%):
Enbridge,
Inc.
5.30%,
4/5/29,
Callable
3/5/29
@
100
....................................
2,000
2,038
5.75%
(H15T5Y+531bps),
7/15/80,
Callable
4/15/30
@
100(d)
..................
4,400
4,173
Harbour
Energy
PLC,
5.50%,
10/15/26,
Callable
9/9/24
@
102.75(a)
..................
5,396
5,321
TransCanada
PipeLines
Ltd.,
6.20%,
3/9/26,
Callable
8/23/24
@
100
..................
4,441
4,443
Vallourec
SACA,
7.50%,
4/15/32,
Callable
4/15/27
@
103.75(a)
.....................
500
523
Var
Energi
ASA
5.00%,
5/18/27,
Callable
4/18/27
@
100(a)
................................
3,000
2,978
7.50%,
1/15/28,
Callable
12/15/27
@
100(a)
...............................
7,333
7,808
27,284
Financials
(2.9%):
Amcor
Group
Finance
PLC,
5.45%,
5/23/29,
Callable
4/23/29
@
100
..................
2,000
2,040
Avolon
Holdings
Funding
Ltd.,
2.88%,
2/15/25,
Callable
1/15/25
@
100(a)
.............
10,000
9,836
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
7.53%
(H15T5Y+300bps),
10/1/28(a)(d)
.......................................
7,630
7,971
Barclays
PLC,
7.33%
(H15T1Y+305bps),
11/2/26,
Callable
11/2/25
@
100(d)
...........
2,000
2,044
BBVA
Bancomer
SA,
5.35%
(H15T5Y+300bps),
11/12/29,
Callable
11/12/24
@
100(a)(d)
..
5,930
5,870
Beazley
Insurance
DAC
5.88%,
11/4/26
.....................................................
900
887
5.50%,
9/10/29
....................................................
4,099
3,917
BP
Capital
Markets
PLC,
4.38%
(H15T5Y+404bps),
Callable
6/22/25
@
100(d)(g)
........
3,734
3,670
Essent
Group
Ltd.,
6.25%,
7/1/29,
Callable
6/1/29
@
100
..........................
4,000
4,082
Lloyds
Banking
Group
PLC
4.58%,
12/10/25
....................................................
1,000
989
5.99%
(H15T1Y+148bps),
8/7/27,
Callable
8/7/26
@
100(d)
....................
2,000
2,034
Nationwide
Building
Society,
4.00%,
9/14/26(a)
.................................
2,000
1,943
NatWest
Group
PLC,
7.47%
(H15T1Y+285bps),
11/10/26,
Callable
11/10/25
@
100(d)
.....
1,500
1,539
Phoenix
Group
Holdings
PLC,
4.75%
(H15T5Y+428bps),
9/4/31,
Callable
6/4/26
@
100(d)
.
4,285
4,165
QBE
Insurance
Group
Ltd.,
5.88%
(H15T5Y+551bps),
Callable
5/12/25
@
100(a)(d)(g)
....
10,500
10,412
Santander
UK
Group
Holdings
PLC,
6.53%
(SOFR+260bps),
1/10/29,
Callable
1/10/28
@
100(d)
...........................................................
2,000
2,079
Standard
Chartered
PLC
6.19%
(H15T1Y+185bps),
7/6/27,
Callable
7/6/26
@
100(a)(d)
..................
2,000
2,034
5.69%
(H15T1Y+105bps),
5/14/28,
Callable
5/14/27
@
100(a)(d)
................
1,000
1,012
The
Bank
of
Nova
Scotia,
4.90%
(H15T5Y+455bps),
Callable
6/4/25
@
100(d)(g)
........
8,273
8,120
74,644
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
200
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Health
Care
(0.1%):
Galaxy
Pipeline
Assets
Bidco
Ltd.,
1.75%,
9/30/27(a)
.............................
$
1,403
$
1,322
Smith
&
Nephew
PLC,
5.15%,
3/20/27,
Callable
2/20/27
@
100
.....................
1,500
1,513
2,835
Industrials
(1.0%):
Air
Canada
Pass
Through
Trust,
4.13%,
5/15/25(a)
...............................
11,955
11,731
Element
Fleet
Management
Corp.
5.64%,
3/13/27,
Callable
2/13/27
@
100(a)
................................
3,000
3,040
6.32%,
12/4/28,
Callable
11/4/28
@
100(a)
................................
1,000
1,049
LG
Energy
Solution
Ltd.,
5.38%,
7/2/27(a)
.....................................
2,857
2,868
Rolls-Royce
PLC,
3.63%,
10/14/25,
Callable
7/14/25
@
100(a)
......................
1,528
1,492
The
Weir
Group
PLC,
2.20%,
5/13/26,
Callable
4/13/26
@
100(a)
....................
5,000
4,734
24,914
Information
Technology
(0.1%):
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(a)
........................
2,677
2,778
Materials
(0.8%):
Braskem
Netherlands
Finance
BV,
4.50%,
1/10/28,
Callable
10/10/27
@
100(a)
..........
3,500
3,232
Endeavour
Mining
PLC,
5.00%,
10/14/26,
Callable
9/9/24
@
102.5(a)
.................
1,500
1,432
OCI
NV,
4.63%,
10/15/25,
Callable
9/9/24
@
101.16(a)
...........................
6,540
6,467
Syngenta
Finance
NV,
4.89%,
4/24/25,
Callable
2/24/25
@
100(a)
....................
5,839
5,804
West
Fraser
Timber
Co.
Ltd.,
4.35%,
10/15/24,
Callable
9/9/24
@
100(a)
...............
3,200
3,184
20,119
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
3.88%,
3/20/27,
Callable
12/20/26
@
100(a)
...........................................................
4,390
4,292
Utilities
(0.1%):
Algonquin
Power
&
Utilities
Corp.,
5.37%,
6/15/26(j)
.............................
3,000
3,007
Total
Yankee
Dollars
(Cost
$169,542)
a
a
a
171,648
Municipal
Bonds
(2.2%)
Alabama
(0.1%):
Black
Belt
Energy
Gas
District
Revenue,
Series
D-2,
6.00%,
2/1/29,
Continuously
Callable
@100
...........................................................
2,000
2,106
California
(0.3%):
California
Infrastructure
&
Economic
Development
Bank
Revenue
5.71%,
7/1/30
.....................................................
2,780
2,817
5.76%,
7/1/31
.....................................................
2,560
2,597
California
Statewide
Communities
Development
Authority
Revenue,
1.31%,
4/1/25
.......
915
889
California
Statewide
Communities
Development
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program),
2.05%,
8/1/30
............
2,215
2,010
8,313
Colorado
(0.1%):
City
of
Loveland
Co.
Electric
&
Communications
Enterprise
Revenue,
Series
B,
2.97%,
12/1/24
..........................................................
2,280
2,261
Colorado
Health
Facilities
Authority
Revenue
Series
B,
2.50%,
11/1/24
..............................................
1,250
1,240
Series
B,
2.80%,
12/1/26
.............................................
515
491
3,992
Florida
(0.3%):
Hillsborough
County
IDA
Revenue
2.01%,
8/1/24
.....................................................
5,000
5,000
2.16%,
8/1/25
.....................................................
2,910
2,813
7,813
Georgia
(0.2%):
Athens
Housing
Authority
Revenue
2.13%,
12/1/24
....................................................
1,850
1,829
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
201
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
2.32%,
12/1/25
....................................................
$
3,215
$
3,104
4,933
Illinois
(0.1%):
State
of
Illinois
Sales
Tax
Revenue,
Series
B,
1.25%,
6/15/25
.......................
2,500
2,418
Indiana
(0.0%):(c)
Indiana
Finance
Authority
Revenue
Series
B,
1.99%,
11/15/24
.............................................
350
346
Series
B,
2.45%,
11/15/25
.............................................
360
347
693
Maryland
(0.3%):
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
1.81%,
1/1/25
.....................................................
2,780
2,727
1.89%,
1/1/26
.....................................................
4,135
3,906
6,633
Michigan
(0.0%):(c)
Michigan
Finance
Authority
Revenue
2.31%,
12/1/24
....................................................
895
886
Series
A-1,
2.33%,
6/1/30
.............................................
171
167
1,053
New
Jersey
(0.2%):
North
Hudson
Sewerage
Authority
Revenue
2.59%,
6/1/25
.....................................................
925
909
2.59%,
6/1/25
.....................................................
75
73
South
Jersey
Transportation
Authority
Revenue,
Series
B,
2.20%,
11/1/25
...............
3,515
3,392
4,374
New
York
(0.1%):
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue,
Series
B,
3.35%,
11/1/25
635
620
New
York
State
Thruway
Authority
Revenue,
Series
M,
2.26%,
1/1/25
.................
1,000
988
1,608
Ohio
(0.1%):
Columbus
Metropolitan
Housing
Authority
Revenue,
5.38%,
9/1/28,
Continuously
Callable
@100
...........................................................
1,410
1,432
Oregon
(0.1%):
Medford
Hospital
Facilities
Authority
Revenue,
Series
B,
1.83%,
8/15/24
...............
1,700
1,697
Pennsylvania
(0.2%):
Montgomery
County
IDA
Revenue,
Series
D,
2.60%,
11/15/24
......................
4,050
4,014
Texas
(0.1%):
Central
Texas
Regional
Mobility
Authority
Revenue
Series
C,
1.45%,
1/1/25
..............................................
400
394
Series
D,
1.80%,
1/1/25
..............................................
750
738
Dallas
Fort
Worth
International
Airport
Revenue,
Series
C,
1.23%,
11/1/24
..............
750
742
San
Antonio
Education
Facilities
Corp.
Revenue
1.74%,
4/1/25
.....................................................
505
489
1.99%,
4/1/26
.....................................................
860
804
2.19%,
4/1/27
.....................................................
525
477
3,644
Wisconsin
(0.0%):(c)
Public
Finance
Authority
Revenue,
Series
S,
1.48%,
2/1/25
.........................
820
781
Total
Municipal
Bonds
(Cost
$56,601)
a
a
a
55,504
U.S.
Government
Agency
Mortgages
(0.6%)
Farm
Credit
Bank
of
Texas
Series
4,
5.70%
(H15T5Y+542bps)(a)(d)(g)
................................
9,400
9,267
Federal
Home
Loan
Banks
5.65%,
7/30/31
....................................................
2,000
1,998
Federal
Home
Loan
Mortgage
Corporation
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
202
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
6.19%
(RFUCCT1Y+163bps),
4/1/35(d)
..................................
$
90
$
90
5.50%,
10/1/38
....................................................
1,632
1,649
1,739
Federal
National
Mortgage
Association
2.50%,
4/1/27
-
8/1/27
...............................................
2,844
2,758
2,758
Total
U.S.
Government
Agency
Mortgages
(Cost
$15,662)
a
a
a
15,762
U.S.
Treasury
Obligations
(11.5%)
U.S.
Treasury
Notes
0.38%,
8/15/24
....................................................
12,000
11,977
4.50%,
11/30/24
....................................................
8,000
7,981
3.00%,
7/15/25
....................................................
5,000
4,919
4.25%,
10/15/25
....................................................
6,000
5,975
3.88%,
1/15/26
....................................................
7,000
6,938
4.50%,
3/31/26
....................................................
11,000
11,017
4.63%,
9/15/26
....................................................
19,000
19,146
0.50%,
8/31/27
....................................................
50,000
44,891
4.00%,
6/30/28
....................................................
50,000
50,031
1.63%,
8/15/29
....................................................
47,000
42,098
4.13%,
8/31/30
....................................................
49,000
49,429
4.00%,
1/31/31
....................................................
41,000
41,083
Total
U.S.
Treasury
Obligations
(Cost
$290,258)
a
a
a
295,485
Commercial
Paper
(7.8%)
Consumer
Discretionary
(0.6%):
AutoNation,
Inc.,
5.92%,
8/2/24(a)(k)
........................................
4,900
4,898
Whirlpool
Corp.
5.88%,
8/13/24(a)(k)
................................................
5,000
4,990
5.91%,
8/16/24(a)(k)
................................................
5,000
4,987
14,875
Consumer
Staples
(0.4%):
ConAgra
Brands,
Inc.,
5.70%,
8/12/24(a)(k)
....................................
10,000
9,981
Energy
(2.5%):
APA
Corp.,
6.02%,
8/1/24(a)(k)
.............................................
12,000
11,998
Canadian
Natural
Resources
Ltd.,
5.65%,
8/26/24(a)(k)
............................
5,000
4,980
Marathon
Oil
Corp.,
5.74%,
8/5/24(a)(k)
......................................
3,500
3,497
Ovintiv,
Inc.
6.08%,
8/6/24(a)(k)
.................................................
14,000
13,986
6.16%,
8/20/24(a)(k)
................................................
10,900
10,863
6.25%,
9/17/24(a)(k)
................................................
500
496
Targa
Resources
Corp.
5.85%,
8/14/24(a)(k)
................................................
1,900
1,896
5.86%,
8/15/24(a)(k)
................................................
10,000
9,976
5.92%,
8/26/24(a)(k)
................................................
5,800
5,775
63,467
Financials
(0.7%):
Syngenta
Wilmington,
Inc.
5.85%,
8/5/24(a)(k)
.................................................
9,000
8,993
5.86%,
8/7/24(a)(k)
.................................................
10,000
9,988
18,981
Industrials
(0.2%):
Huntington
Ingalls
Industries,
Inc.,
5.72%,
8/2/24(a)(k)
............................
6,000
5,998
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
203
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Information
Technology
(1.5%):
Flex
Ltd.
5.97%,
8/6/24(a)(k)
.................................................
$
5,000
$
4,995
5.98%,
8/7/24(a)(k)
.................................................
9,500
9,489
Jabil,
Inc.
6.07%,
8/2/24(a)(k)
.................................................
15,000
14,995
6.07%,
8/9/24(a)(k)
.................................................
10,000
9,985
39,464
Materials
(1.0%):
FMC
Corp.
6.11%,
8/21/24(a)(k)
................................................
10,000
9,965
6.12%,
8/27/24(a)(k)
................................................
7,200
7,167
International
Flavors
&
Fragrances,
Inc.,
5.51%,
8/26/24(a)(k)
.......................
8,000
7,968
25,100
Real
Estate
(0.2%):
Crown
Castle,
Inc.,
5.70%,
8/1/24(a)(k)
.......................................
5,000
4,999
Utilities
(0.7%):
Guadalupe
Valley
Electric
Cooperative,
Inc.
6.05%,
8/7/24(a)(k)
.................................................
10,550
10,537
6.05%,
8/8/24(a)(k)
.................................................
7,700
7,690
18,227
Total
Commercial
Paper
(Cost
$201,121)
a
a
a
201,092
Shares
Collateral
for
Securities
Loaned
(0.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.21%(l)
........
4,386,837
4,387
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.23%(l)
............
4,386,837
4,387
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.21%(l)
................
4,386,837
4,387
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(l)
.
4,386,837
4,386
Total
Collateral
for
Securities
Loaned
(Cost
$17,547)
a
a
a
17,547
Total
Investments
(Cost
$2,580,811)
—
100.6%
2,580,793
Liabilities
in
excess
of
other
assets
—
(0.6)%
(15,551)
NET
ASSETS
-
100.00%
$
2,565,242
At
July
31,
2024,
the
Fund's
investments
in
foreign
securities
were
9.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2024,
the
fair
value
of
these
securities
was
$1,401,291
(thousands)
and
amounted
to
54.6%
of
net
assets.
(b)
Security
is
interest
only.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2024.
(e)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
July
31,
2024.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
Variable
Rate
Demand
Notes
that
provide
the
rights
to
sell
the
security
at
face
value
on
either
that
day
or
within
the
rate-reset
period.
The
interest
rate
is
reset
on
the
put
date
at
a
stipulated
daily,
weekly,
monthly,
quarterly,
or
other
specified
time
interval
to
reflect
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
(i)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(j)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(k)
Rate
represents
the
effective
yield
at
July
31,
2024.
(l)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
204
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2024.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
July
31,
2024,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
July
31,
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.
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
July
31,
2024
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
205
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.1%)
Communication
Services
(2.4%):
AMC
Networks,
Inc.
,
Class
A
(a)
(b)
..........................................
21,402
$
238
Cinemark
Holdings,
Inc.
(a)
................................................
66,500
1,568
Cogent
Communications
Holdings,
Inc.
.......................................
24,171
1,706
IDT
Corp.
,
Class
B
......................................................
27,252
1,042
Iridium
Communications,
Inc.
..............................................
45,064
1,293
Lions
Gate
Entertainment
Corp.
,
Class
B
(a)
....................................
120,359
992
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
8,030
1,609
Magnite,
Inc.
(a)
........................................................
411,226
5,979
Reddit,
Inc.
,
Class
A
(a)
(b)
.................................................
2,253
137
Shutterstock,
Inc.
.......................................................
20,839
921
TEGNA,
Inc.
..........................................................
93,215
1,485
Thryv
Holdings,
Inc.
(a)
..................................................
32,780
639
Vivid
Seats,
Inc.
,
Class
A
(a)
(b)
.............................................
419,835
2,049
Yelp,
Inc.
(a)
...........................................................
36,173
1,318
Ziff
Davis,
Inc.
(a)
.......................................................
13,884
665
ZipRecruiter,
Inc.
(a)
.....................................................
70,503
646
22,287
Consumer
Discretionary
(11.3%):
Abercrombie
&
Fitch
Co.
(a)
...............................................
11,902
1,755
Academy
Sports
&
Outdoors,
Inc.
...........................................
15,431
834
Acushnet
Holdings
Corp.
.................................................
33,180
2,408
American
Eagle
Outfitters,
Inc.
.............................................
64,068
1,413
Asbury
Automotive
Group,
Inc.
(a)
...........................................
6,816
1,835
Atmus
Filtration
Technologies,
Inc.
..........................................
169,522
5,228
Beazer
Homes
USA,
Inc.
(a)
...............................................
21,870
736
Bloomin'
Brands,
Inc.
....................................................
68,015
1,418
Boot
Barn
Holdings,
Inc.
(a)
...............................................
4,599
614
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....................................
13,931
1,675
Brunswick
Corp.
.......................................................
62,149
5,062
Cavco
Industries,
Inc.
(a)
..................................................
3,639
1,509
Century
Communities,
Inc.
................................................
15,383
1,611
Chegg,
Inc.
(a)
.........................................................
152,029
518
Designer
Brands,
Inc.
,
Class
A
.............................................
52,506
428
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
29,902
487
Fox
Factory
Holding
Corp.
(a)
..............................................
27,405
1,463
Garrett
Motion,
Inc.
(a)
...................................................
137,420
1,204
Genius
Sports
Ltd.
(a)
....................................................
207,732
1,419
Gentherm,
Inc.
(a)
.......................................................
53,630
2,959
G-III
Apparel
Group
Ltd.
(a)
...............................................
42,596
1,174
Group
1
Automotive,
Inc.
.................................................
3,350
1,225
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
.......................................
6,832
1,434
Installed
Building
Products,
Inc.
............................................
17,805
4,814
Jack
in
the
Box,
Inc.
.....................................................
25,628
1,523
KB
Home
............................................................
23,542
2,026
Kontoor
Brands,
Inc.
....................................................
20,769
1,457
Kura
Sushi
USA,
Inc.
,
Class
A
(a)
(b)
.........................................
4,588
264
Latham
Group,
Inc.
(a)
...................................................
955,883
3,479
LCI
Industries
.........................................................
25,694
2,998
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
41,273
857
M/I
Homes,
Inc.
(a)
......................................................
27,479
4,584
Marriott
Vacations
Worldwide
Corp.
.........................................
20,345
1,721
Modine
Manufacturing
Co.
(a)
..............................................
10,714
1,261
Newell
Brands,
Inc.
.....................................................
82,751
711
Nordstrom,
Inc.
........................................................
68,735
1,569
Papa
John's
International,
Inc.
..............................................
23,775
1,052
Perdoceo
Education
Corp.
.................................................
20,035
497
Portillo's,
Inc.
,
Class
A
(a)
.................................................
194,754
2,018
PVH
Corp.
...........................................................
25,740
2,625
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
114,400
1,310
SharkNinja,
Inc.
........................................................
3,804
292
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
206
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Signet
Jewelers
Ltd.
.....................................................
15,222
$
1,281
Skechers
USA,
Inc.
,
Class
A
(a)
.............................................
14,104
919
Smith
&
Wesson
Brands,
Inc.
..............................................
42,707
707
Steven
Madden
Ltd.
.....................................................
55,653
2,523
Sweetgreen,
Inc.
,
Class
A
(a)
...............................................
27,295
750
Taylor
Morrison
Home
Corp.
(a)
............................................
54,518
3,657
The
Buckle,
Inc.
........................................................
51,003
2,203
The
Goodyear
Tire
&
Rubber
Co.
(a)
.........................................
153,250
1,793
The
Lovesac
Co.
(a)
(b)
...................................................
10,405
285
The
ODP
Corp.
(a)
......................................................
15,505
655
Thor
Industries,
Inc.
.....................................................
27,163
2,883
Topgolf
Callaway
Brands
Corp.
(a)
...........................................
127,076
2,097
Tri
Pointe
Homes,
Inc.
(a)
.................................................
117,625
5,323
Under
Armour,
Inc.
,
Class
C
(a)
.............................................
164,750
1,119
Universal
Technical
Institute,
Inc.
(a)
.........................................
14,116
267
Victoria's
Secret
&
Co.
(a)
.................................................
55,524
986
Visteon
Corp.
(a)
........................................................
14,447
1,669
Winmark
Corp.
........................................................
2,580
1,021
Winnebago
Industries,
Inc.
................................................
19,841
1,240
104,845
Consumer
Staples
(2.3%):
Coca-Cola
Consolidated,
Inc.
..............................................
1,373
1,573
Edgewell
Personal
Care
Co.
...............................................
24,600
963
Grocery
Outlet
Holding
Corp.
(a)
............................................
44,966
880
Ingles
Markets,
Inc.
,
Class
A
...............................................
15,875
1,287
Nomad
Foods
Ltd.
......................................................
106,880
2,043
Oddity
Tech
Ltd.
(a)
(b)
...................................................
20,677
836
SunOpta,
Inc.
(a)
........................................................
224,778
1,191
The
Andersons,
Inc.
.....................................................
39,634
2,161
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
99,758
4,149
The
Honest
Co.,
Inc.
(a)
...................................................
48,081
179
The
Vita
Coco
Co.,
Inc.
(a)
................................................
73,702
1,905
U.S.
Foods
Holding
Corp.
(a)
...............................................
30,620
1,665
USANA
Health
Sciences,
Inc.
(a)
............................................
14,459
645
Vector
Group
Ltd.
......................................................
52,937
677
WD-40
Co.
...........................................................
6,036
1,579
21,733
Energy
(5.7%):
Atlas
Energy
Solutions,
Inc.
...............................................
61,485
1,306
Berry
Corp.
...........................................................
46,315
318
Cactus,
Inc.
,
Class
A
.....................................................
46,663
2,945
California
Resources
Corp.
................................................
72,935
3,752
Chord
Energy
Corp.
.....................................................
9,649
1,656
Civitas
Resources,
Inc.
...................................................
26,700
1,863
CONSOL
Energy,
Inc.
(a)
.................................................
15,966
1,594
Crescent
Energy
Co.
,
Class
A
..............................................
63,305
774
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
123,660
2,030
Dorian
LPG
Ltd.
.......................................................
20,680
845
Expro
Group
Holdings
NV
(a)
..............................................
183,831
4,269
Gulfport
Energy
Corp.
(a)
.................................................
7,750
1,141
International
Seaways,
Inc.
................................................
9,242
518
Liberty
Energy,
Inc.
.....................................................
123,997
2,995
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
41,658
1,135
Matador
Resources
Co.
...................................................
15,444
949
Murphy
Oil
Corp.
......................................................
82,481
3,413
Newpark
Resources,
Inc.
(a)
...............................................
44,630
369
Northern
Oil
&
Gas,
Inc.
..................................................
60,790
2,626
Oceaneering
International,
Inc.
(a)
...........................................
81,590
2,449
Par
Pacific
Holdings,
Inc.
(a)
...............................................
39,373
1,045
PBF
Energy,
Inc.
,
Class
A
.................................................
30,438
1,240
Peabody
Energy
Corp.
...................................................
59,253
1,316
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
207
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Plains
GP
Holdings
LP
,
Class
A
.............................................
92,000
$
1,757
REX
American
Resources
Corp.
(a)
..........................................
10,023
509
RPC,
Inc.
............................................................
450,976
3,369
Scorpio
Tankers,
Inc.
....................................................
18,000
1,380
SM
Energy
Co.
........................................................
17,557
811
Talos
Energy,
Inc.
(a)
.....................................................
107,136
1,268
Teekay
Corp.
(a)
........................................................
52,483
455
Uranium
Energy
Corp.
(a)
.................................................
217,758
1,291
Vital
Energy,
Inc.
(a)
.....................................................
45,804
1,998
53,386
Financials
(17.3%):
AGNC
Investment
Corp.
.................................................
123,000
1,231
Ameris
Bancorp
........................................................
86,720
5,280
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
80,328
876
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
50,884
2,247
Atlantic
Union
Bankshares
Corp.
............................................
48,200
1,990
Bank
of
Hawaii
Corp.
....................................................
30,900
2,119
Bank
OZK
............................................................
32,149
1,507
Banner
Corp.
..........................................................
35,600
2,108
Bread
Financial
Holdings,
Inc.
.............................................
68,555
3,742
Brightsphere
Investment
Group,
Inc.
.........................................
216,838
5,679
Cathay
General
Bancorp
..................................................
29,329
1,300
CNO
Financial
Group,
Inc.
................................................
87,199
3,040
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
15,019
1,014
Dynex
Capital,
Inc.
.....................................................
117,000
1,424
Enova
International,
Inc.
(a)
................................................
27,945
2,416
Essent
Group
Ltd.
......................................................
30,619
1,924
Euronet
Worldwide,
Inc.
(a)
................................................
20,303
2,071
EVERTEC,
Inc.
........................................................
98,755
3,404
Fidelis
Insurance
Holdings
Ltd.
.............................................
111,960
1,992
First
Bancorp
..........................................................
36,265
1,516
First
Bancorp
..........................................................
197,687
4,240
First
Busey
Corp.
.......................................................
131,079
3,597
First
Merchants
Corp.
....................................................
49,400
1,993
Genworth
Financial,
Inc.
(a)
................................................
237,843
1,610
Glacier
Bancorp,
Inc.
....................................................
52,500
2,347
Globe
Life,
Inc.
........................................................
23,300
2,161
Hancock
Whitney
Corp.
..................................................
55,414
3,033
Home
Bancshares,
Inc.
...................................................
116,007
3,287
Hope
Bancorp,
Inc.
.....................................................
71,260
938
Houlihan
Lokey,
Inc.
....................................................
14,199
2,133
Independent
Bank
Corp.
..................................................
28,783
1,846
International
Bancshares
Corp.
.............................................
32,123
2,166
Jackson
Financial,
Inc.
,
Class
A
.............................................
22,338
1,967
Kemper
Corp.
.........................................................
31,280
2,004
Ladder
Capital
Corp.
....................................................
100,705
1,208
Lakeland
Financial
Corp.
.................................................
14,814
1,015
Marex
Group
PLC
(a)
....................................................
20,623
441
MGIC
Investment
Corp.
..................................................
80,000
1,987
Moelis
&
Co.
,
Class
A
...................................................
26,003
1,768
Mr.
Cooper
Group,
Inc.
(a)
.................................................
18,579
1,670
NBT
Bancorp,
Inc.
......................................................
32,813
1,609
New
York
Community
Bancorp,
Inc.
(a)
(b)
.....................................
69,567
732
Northwest
Bancshares,
Inc.
................................................
139,400
1,957
OFG
Bancorp
.........................................................
90,619
4,116
Old
National
Bancorp
....................................................
108,910
2,180
Pacific
Premier
Bancorp,
Inc.
..............................................
75,900
2,054
PennyMac
Financial
Services,
Inc.
..........................................
14,165
1,390
Pinnacle
Financial
Partners,
Inc.
............................................
20,190
1,945
Piper
Sandler
Cos.
......................................................
5,190
1,418
PJT
Partners,
Inc.
,
Class
A
................................................
11,250
1,496
Preferred
Bank
.........................................................
16,307
1,403
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
208
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Primerica,
Inc.
.........................................................
3,810
$
959
PROG
Holdings,
Inc.
....................................................
31,202
1,406
Prosperity
Bancshares,
Inc.
................................................
53,490
3,879
RLI
Corp.
............................................................
7,053
1,062
Sandy
Spring
Bancorp,
Inc.
................................................
49,000
1,501
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
.........................................
37,471
2,578
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
65,467
2,591
SouthState
Corp.
.......................................................
52,144
5,161
Stewart
Information
Services
Corp.
..........................................
50,310
3,557
Stifel
Financial
Corp.
....................................................
41,344
3,666
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
92,235
6,097
The
Bancorp,
Inc.
(a)
.....................................................
37,832
1,961
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
65,949
2,529
Toast,
Inc.
,
Class
A
(a)
....................................................
68,013
1,779
UMB
Financial
Corp.
....................................................
40,788
4,161
Valley
National
Bancorp
..................................................
353,321
2,968
Veritex
Holdings,
Inc.
....................................................
105,283
2,639
Virtus
Investment
Partners,
Inc.
.............................................
5,955
1,346
Walker
&
Dunlop,
Inc.
...................................................
9,270
991
Westamerica
Bancorp
....................................................
15,281
825
White
Mountains
Insurance
Group
Ltd.
.......................................
520
929
161,176
Health
Care
(17.5%):
10X
Genomics,
Inc.
,
Class
A
(a)
.............................................
87,301
1,805
Acadia
Healthcare
Co.,
Inc.
(a)
..............................................
5,230
339
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
50,976
970
Agios
Pharmaceuticals,
Inc.
(a)
.............................................
30,611
1,420
Alector,
Inc.
(a)
.........................................................
134,137
805
Alkermes
PLC
(a)
.......................................................
43,034
1,176
AMN
Healthcare
Services,
Inc.
(a)
...........................................
23,249
1,572
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
28,133
1,114
Apogee
Therapeutics,
Inc.
(a)
...............................................
13,654
665
Arcellx,
Inc.
(a)
........................................................
19,949
1,233
Arcturus
Therapeutics
Holdings,
Inc.
(a)
(b)
.....................................
27,133
637
Arcus
Biosciences,
Inc.
(a)
(b)
..............................................
102,423
1,681
Arrowhead
Pharmaceuticals,
Inc.
(a)
..........................................
14,766
422
Avanos
Medical,
Inc.
(a)
..................................................
39,820
952
Avidity
Biosciences,
Inc.
(a)
...............................................
9,705
442
Biohaven
Ltd.
(a)
.......................................................
14,174
557
BioLife
Solutions,
Inc.
(a)
(b)
...............................................
121,638
2,922
Biomerica,
Inc.
(a)
......................................................
81,174
27
Blueprint
Medicines
Corp.
(a)
..............................................
27,999
3,032
Bridgebio
Pharma,
Inc.
(a)
.................................................
64,133
1,664
Brookdale
Senior
Living,
Inc.
(a)
............................................
150,000
1,160
Castle
Biosciences,
Inc.
(a)
................................................
89,817
2,167
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
60,122
1,037
Certara,
Inc.
(a)
.........................................................
65,125
1,017
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
34,070
1,314
CorVel
Corp.
(a)
........................................................
27,507
8,439
Cross
Country
Healthcare,
Inc.
(a)
...........................................
67,514
1,231
Cytokinetics,
Inc.
(a)
.....................................................
36,255
2,139
CytoSorbents
Corp.
(a)
...................................................
357,220
429
Definitive
Healthcare
Corp.
(a)
..............................................
293,310
1,144
Dynavax
Technologies
Corp.
(a)
.............................................
78,926
883
Edgewise
Therapeutics,
Inc.
(a)
.............................................
101,570
1,730
Encompass
Health
Corp.
..................................................
19,080
1,773
Evolent
Health,
Inc.
,
Class
A
(a)
.............................................
129,032
3,009
Exact
Sciences
Corp.
(a)
..................................................
46,679
2,132
EyePoint
Pharmaceuticals,
Inc.
(a)
...........................................
68,337
675
Fate
Therapeutics,
Inc.
(a)
.................................................
83,544
445
Fortrea
Holdings,
Inc.
(a)
..................................................
134,223
3,703
Guardant
Health,
Inc.
(a)
..................................................
34,816
1,223
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
209
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Haemonetics
Corp.
(a)
....................................................
16,250
$
1,463
Halozyme
Therapeutics,
Inc.
(a)
.............................................
87,203
4,819
Harmony
Biosciences
Holdings,
Inc.
(a)
.......................................
36,441
1,234
Harvard
Bioscience,
Inc.
(a)
................................................
242,785
777
Health
Catalyst,
Inc.
(a)
...................................................
130,936
965
ICU
Medical,
Inc.
(a)
....................................................
8,685
1,103
Inmode
Ltd.
(a)
.........................................................
39,613
718
Innoviva,
Inc.
(a)
.......................................................
29,438
555
Insmed,
Inc.
(a)
.........................................................
47,691
3,470
Integer
Holdings
Corp.
(a)
.................................................
30,089
3,573
Intellia
Therapeutics,
Inc.
(a)
...............................................
52,906
1,387
Intra-Cellular
Therapies,
Inc.
(a)
.............................................
17,796
1,401
iRhythm
Technologies,
Inc.
(a)
..............................................
5,405
466
Ironwood
Pharmaceuticals,
Inc.
(a)
...........................................
144,286
985
iTeos
Therapeutics,
Inc.
(a)
................................................
83,672
1,472
Keros
Therapeutics,
Inc.
(a)
................................................
27,738
1,391
Kiniksa
Pharmaceuticals
International
PLC
(a)
..................................
69,200
1,841
Legend
Biotech
Corp.
,
ADR
(a)
.............................................
23,590
1,330
LivaNova
PLC
(a)
.......................................................
27,804
1,374
Merit
Medical
Systems,
Inc.
(a)
.............................................
23,522
2,006
Merus
NV
(a)
..........................................................
16,572
879
Mesa
Laboratories,
Inc.
..................................................
9,716
1,113
MoonLake
Immunotherapeutics
(a)
(b)
........................................
32,426
1,351
Myriad
Genetics,
Inc.
(a)
..................................................
37,764
1,056
Natera,
Inc.
(a)
.........................................................
16,251
1,664
Neogen
Corp.
(a)
.......................................................
281,675
4,797
OrthoPediatrics
Corp.
(a)
..................................................
109,405
3,367
Owens
&
Minor,
Inc.
(a)
..................................................
66,352
1,090
Perrigo
Co.
PLC
.......................................................
33,500
947
Phreesia,
Inc.
(a)
........................................................
20,561
513
Pliant
Therapeutics,
Inc.
(a)
................................................
177,322
2,537
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
20,350
1,441
Privia
Health
Group,
Inc.
(a)
...............................................
76,664
1,590
Progyny,
Inc.
(a)
........................................................
32,414
914
Prothena
Corp.
PLC
(a)
...................................................
45,357
1,056
Quanterix
Corp.
(a)
......................................................
143,827
2,123
Relay
Therapeutics,
Inc.
(a)
................................................
55,640
457
Repligen
Corp.
(a)
.......................................................
14,090
2,358
REVOLUTION
Medicines,
Inc.
(a)
..........................................
41,474
1,893
RxSight,
Inc.
(a)
........................................................
22,583
1,034
Sage
Therapeutics,
Inc.
(a)
.................................................
72,972
799
Select
Medical
Holdings
Corp.
.............................................
35,214
1,400
SI-BONE,
Inc.
(a)
.......................................................
189,333
2,878
SIGA
Technologies,
Inc.
..................................................
146,275
1,460
SpringWorks
Therapeutics,
Inc.
(a)
...........................................
14,081
506
STAAR
Surgical
Co.
(a)
..................................................
75,124
3,099
Stevanato
Group
SpA
(b)
..................................................
17,458
361
Stoke
Therapeutics,
Inc.
(a)
................................................
92,626
1,387
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
44,545
1,328
Surgery
Partners,
Inc.
(a)
..................................................
52,104
1,582
Syndax
Pharmaceuticals,
Inc.
(a)
............................................
100,500
2,281
Taysha
Gene
Therapies,
Inc.
(a)
.............................................
138,949
307
The
Ensign
Group,
Inc.
...................................................
12,770
1,797
TransMedics
Group,
Inc.
(a)
................................................
10,501
1,494
U.S.
Physical
Therapy,
Inc.
................................................
8,833
861
UFP
Technologies,
Inc.
(a)
.................................................
15,105
4,858
Vaxcyte,
Inc.
(a)
........................................................
6,444
508
Veracyte,
Inc.
(a)
........................................................
85,872
2,061
Vericel
Corp.
(a)
........................................................
95,929
4,846
Viking
Therapeutics,
Inc.
(a)
...............................................
44,830
2,555
Xenon
Pharmaceuticals,
Inc.
(a)
.............................................
27,889
1,203
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
210
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Zymeworks,
Inc.
(a)
.....................................................
129,464
$
1,354
162,520
Industrials
(16.1%):
AAON,
Inc.
...........................................................
42,730
3,783
ABM
Industries,
Inc.
....................................................
45,240
2,513
ACCO
Brands
Corp.
....................................................
223,612
1,143
ACV
Auctions,
Inc.
,
Class
A
(a)
.............................................
13,451
230
Alamo
Group,
Inc.
......................................................
12,364
2,383
Alight,
Inc.
,
Class
A
(a)
...................................................
351,407
2,660
Ameresco,
Inc.
,
Class
A
(a)
................................................
18,491
584
Apogee
Enterprises,
Inc.
..................................................
7,861
540
Applied
Industrial
Technologies,
Inc.
.........................................
8,889
1,939
ArcBest
Corp.
.........................................................
17,790
2,242
Array
Technologies,
Inc.
(a)
................................................
83,551
879
Atkore,
Inc.
...........................................................
12,880
1,739
Axon
Enterprise,
Inc.
(a)
..................................................
7,565
2,270
Blue
Bird
Corp.
(a)
......................................................
13,278
692
BlueLinx
Holdings,
Inc.
(a)
................................................
23,614
2,848
Boise
Cascade
Co.
......................................................
33,989
4,829
Casella
Waste
Systems,
Inc.
(a)
.............................................
58,296
6,037
Chart
Industries,
Inc.
(a)
..................................................
15,944
2,568
Columbus
McKinnon
Corp.
...............................................
55,451
2,116
Comfort
Systems
USA,
Inc.
...............................................
6,212
2,065
CRA
International,
Inc.
...................................................
5,930
1,037
Deluxe
Corp.
..........................................................
59,870
1,460
Enovix
Corp.
(a)
(b)
......................................................
37,385
539
ESCO
Technologies,
Inc.
.................................................
31,609
3,887
ExlService
Holdings,
Inc.
(a)
...............................................
43,042
1,518
Exponent,
Inc.
.........................................................
17,784
1,886
Fluor
Corp.
(a)
.........................................................
28,310
1,362
Gates
Industrial
Corp.
PLC
(a)
..............................................
208,636
3,878
Genco
Shipping
&
Trading
Ltd.
.............................................
52,217
1,013
Gibraltar
Industries,
Inc.
(a)
................................................
20,226
1,502
GMS,
Inc.
(a)
..........................................................
35,838
3,449
Granite
Construction,
Inc.
.................................................
32,180
2,203
Hayward
Holdings,
Inc.
(a)
................................................
64,450
953
Hub
Group,
Inc.
,
Class
A
.................................................
62,560
2,926
Janus
International
Group,
Inc.
(a)
...........................................
80,000
1,154
JELD-WEN
Holding,
Inc.
(a)
...............................................
204,131
3,407
Kforce,
Inc.
...........................................................
18,771
1,304
Korn
Ferry
...........................................................
40,116
2,957
Kornit
Digital
Ltd.
(a)
....................................................
41,619
651
Landstar
System,
Inc.
....................................................
18,048
3,434
Limbach
Holdings,
Inc.
(a)
................................................
7,273
463
ManpowerGroup,
Inc.
...................................................
11,695
896
Masterbrand,
Inc.
(a)
.....................................................
67,342
1,215
Matson,
Inc.
..........................................................
13,861
1,839
Mayville
Engineering
Co.,
Inc.
(a)
...........................................
52,623
1,006
Montrose
Environmental
Group,
Inc.
(a)
.......................................
24,318
775
MRC
Global,
Inc.
(a)
.....................................................
83,517
1,209
Mueller
Industries,
Inc.
...................................................
34,934
2,478
Mueller
Water
Products,
Inc.
,
Class
A
........................................
114,690
2,372
NV5
Global,
Inc.
(a)
.....................................................
2,399
247
Orion
Group
Holdings,
Inc.
(a)
..............................................
60,003
493
Parsons
Corp.
(a)
.......................................................
14,049
1,284
Paylocity
Holding
Corp.
(a)
................................................
6,048
908
RBC
Bearings,
Inc.
(a)
...................................................
22,500
6,544
Resideo
Technologies,
Inc.
(a)
..............................................
63,734
1,448
Rush
Enterprises,
Inc.
,
Class
A
.............................................
54,415
2,776
Ryder
System,
Inc.
......................................................
9,330
1,308
SkyWest,
Inc.
(a)
........................................................
15,814
1,264
SPX
Technologies,
Inc.
(a)
.................................................
20,440
3,016
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
211
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Standex
International
Corp.
................................................
14,220
$
2,656
Sterling
Infrastructure,
Inc.
(a)
..............................................
27,003
3,142
Tecnoglass,
Inc.
........................................................
19,940
1,073
Terex
Corp.
...........................................................
45,125
2,855
The
AZEK
Co.,
Inc.
(a)
...................................................
37,382
1,678
The
Brink's
Co.
........................................................
12,998
1,430
The
GEO
Group,
Inc.
(a)
..................................................
91,322
1,324
The
Greenbrier
Cos.,
Inc.
.................................................
25,363
1,294
The
Manitowoc
Co.,
Inc.
(a)
...............................................
48,298
610
The
Timken
Co.
........................................................
11,290
982
Titan
International,
Inc.
(a)
.................................................
73,786
629
Titan
Machinery,
Inc.
(a)
..................................................
38,297
683
TriNet
Group,
Inc.
......................................................
13,543
1,412
UFP
Industries,
Inc.
.....................................................
45,021
5,940
Viad
Corp.
(a)
..........................................................
9,364
311
Vicor
Corp.
(a)
.........................................................
9,630
405
Wabash
National
Corp.
...................................................
84,754
1,821
WillScot
Holdings
Corp.
(a)
................................................
107,486
4,407
WNS
Holdings
Ltd.
(a)
...................................................
24,662
1,469
150,242
Information
Technology
(14.9%):
908
Devices,
Inc.
(a)
.....................................................
132,968
757
A10
Networks,
Inc.
.....................................................
55,536
727
ACI
Worldwide,
Inc.
(a)
..................................................
52,112
2,253
Adeia,
Inc.
............................................................
107,341
1,261
Advanced
Energy
Industries,
Inc.
...........................................
36,961
4,301
Alarm.com
Holdings,
Inc.
(a)
...............................................
27,850
1,965
Allegro
MicroSystems,
Inc.
(a)
..............................................
41,509
998
Ambarella,
Inc.
(a)
......................................................
37,173
1,957
Amkor
Technology,
Inc.
..................................................
44,921
1,467
Arteris,
Inc.
(a)
.........................................................
76,596
627
AvePoint,
Inc.
(a)
.......................................................
18,652
203
Axcelis
Technologies,
Inc.
(a)
..............................................
12,743
1,610
Badger
Meter,
Inc.
......................................................
24,797
5,112
Bel
Fuse,
Inc.
,
Class
B
...................................................
20,822
1,546
Belden,
Inc.
...........................................................
38,876
3,603
Box,
Inc.
,
Class
A
(a)
....................................................
54,775
1,540
Celestica,
Inc.
(a)
.......................................................
2,472
130
Cellebrite
DI
Ltd.
(a)
.....................................................
14,042
192
CEVA,
Inc.
(a)
.........................................................
26,271
527
Ciena
Corp.
(a)
.........................................................
25,044
1,321
CommVault
Systems,
Inc.
(a)
...............................................
22,855
3,493
Confluent,
Inc.
,
Class
A
(a)
................................................
95,528
2,390
Crane
NXT
Co.
........................................................
15,660
985
CyberArk
Software
Ltd.
(a)
................................................
11,496
2,947
Diodes,
Inc.
(a)
.........................................................
63,312
4,951
DoubleVerify
Holdings,
Inc.
(a)
.............................................
38,446
812
ePlus,
Inc.
(a)
..........................................................
54,044
4,968
Extreme
Networks,
Inc.
(a)
................................................
109,172
1,561
Fabrinet
(a)
............................................................
11,762
2,594
Five9,
Inc.
(a)
..........................................................
51,581
2,298
Globant
SA
(a)
.........................................................
4,084
795
Guidewire
Software,
Inc.
(a)
...............................................
13,703
2,056
Harmonic,
Inc.
(a)
.......................................................
73,880
1,083
indie
Semiconductor,
Inc.
,
Class
A
(a)
.........................................
791,640
4,734
Insight
Enterprises,
Inc.
(a)
................................................
26,902
6,040
JFrog
Ltd.
(a)
..........................................................
56,458
2,177
Knowles
Corp.
(a)
.......................................................
114,204
2,087
Kulicke
&
Soffa
Industries,
Inc.
.............................................
51,431
2,426
NetScout
Systems,
Inc.
(a)
.................................................
30,526
621
Nova
Ltd.
(a)
..........................................................
3,945
815
Novanta,
Inc.
(a)
........................................................
4,573
829
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
212
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Nutanix,
Inc.
,
Class
A
(a)
..................................................
31,372
$
1,585
Okta,
Inc.
(a)
..........................................................
8,942
840
Onto
Innovation,
Inc.
(a)
..................................................
5,163
988
OSI
Systems,
Inc.
(a)
.....................................................
10,101
1,495
PAR
Technology
Corp.
(a)
.................................................
3,070
156
PDF
Solutions,
Inc.
(a)
...................................................
35,788
1,256
Photronics,
Inc.
(a)
......................................................
110,707
2,813
Plexus
Corp.
(a)
........................................................
11,100
1,423
Porch
Group,
Inc.
(a)
.....................................................
435,575
893
Power
Integrations,
Inc.
..................................................
13,603
994
Progress
Software
Corp.
..................................................
16,911
988
PROS
Holdings,
Inc.
(a)
..................................................
82,045
1,977
PTC,
Inc.
(a)
...........................................................
12,884
2,291
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
22,499
1,348
Qualys,
Inc.
(a)
.........................................................
26,453
3,945
Radware
Ltd.
(a)
........................................................
16,023
363
Rambus,
Inc.
(a)
........................................................
18,580
956
Rapid7,
Inc.
(a)
.........................................................
14,153
557
Riskified
Ltd.
,
Class
A
(a)
.................................................
34,305
215
Rogers
Corp.
(a)
........................................................
5,702
697
Sanmina
Corp.
(a)
.......................................................
44,941
3,385
ScanSource,
Inc.
(a)
.....................................................
18,378
957
Silicon
Laboratories,
Inc.
(a)
...............................................
7,569
909
Silicon
Motion
Technology
Corp.
,
ADR
.......................................
12,694
882
Smartsheet,
Inc.
,
Class
A
(a)
...............................................
55,637
2,668
SolarWinds
Corp.
.......................................................
59,867
714
Sprout
Social,
Inc.
,
Class
A
(a)
..............................................
32,651
1,276
SPS
Commerce,
Inc.
(a)
...................................................
6,078
1,309
Synaptics,
Inc.
(a)
.......................................................
18,568
1,621
The
Descartes
Systems
Group,
Inc.
(a)
........................................
14,100
1,433
TTM
Technologies,
Inc.
(a)
................................................
79,898
1,548
Varonis
Systems,
Inc.
(a)
..................................................
41,574
2,292
Veeco
Instruments,
Inc.
(a)
.................................................
55,235
2,287
Verint
Systems,
Inc.
(a)
...................................................
76,460
2,763
Vertex,
Inc.
,
Class
A
(a)
...................................................
48,688
1,931
Vishay
Intertechnology,
Inc.
...............................................
60,858
1,480
Workiva,
Inc.
(a)
........................................................
5,081
375
Xerox
Holdings
Corp.
...................................................
91,055
980
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
.......................................
87,228
1,868
139,217
Materials
(4.8%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
4,693
1,386
Arch
Resources,
Inc.
....................................................
8,334
1,221
Avient
Corp.
..........................................................
29,817
1,349
Axalta
Coating
Systems
Ltd.
(a)
.............................................
29,800
1,062
Balchem
Corp.
.........................................................
18,238
3,237
Carpenter
Technology
Corp.
...............................................
19,827
2,892
Commercial
Metals
Co.
..................................................
31,075
1,868
Constellium
SE
(a)
......................................................
83,560
1,488
Ecovyst,
Inc.
(a)
........................................................
128,810
1,229
Graphic
Packaging
Holding
Co.
............................................
47,850
1,440
H.B.
Fuller
Co.
........................................................
28,442
2,452
Hawkins,
Inc.
.........................................................
36,293
3,771
Huntsman
Corp.
........................................................
54,720
1,309
Ingevity
Corp.
(a)
.......................................................
30,815
1,414
Knife
River
Corp.
(a)
....................................................
12,011
955
Materion
Corp.
........................................................
19,050
2,294
Metallus,
Inc.
(a)
........................................................
57,136
1,281
Minerals
Technologies,
Inc.
................................................
17,875
1,401
Myers
Industries,
Inc.
....................................................
60,595
903
NewMarket
Corp.
......................................................
4,161
2,334
O-I
Glass,
Inc.
(a)
.......................................................
64,251
858
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
213
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Orion
SA
.............................................................
59,842
$
1,473
Ramaco
Resources,
Inc.
,
Class
A
............................................
30,625
417
Ryerson
Holding
Corp.
...................................................
109,545
2,606
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
47,450
1,983
Tronox
Holdings
PLC
...................................................
61,564
995
Warrior
Met
Coal,
Inc.
...................................................
13,914
962
44,580
Real
Estate
(4.8%):
Acadia
Realty
Trust
.....................................................
66,875
1,447
Alexander
&
Baldwin,
Inc.
................................................
87,603
1,727
Broadstone
Net
Lease,
Inc.
................................................
64,850
1,129
CareTrust
REIT,
Inc.
....................................................
47,000
1,267
Compass,
Inc.
,
Class
A
(a)
.................................................
99,951
439
COPT
Defense
Properties
.................................................
68,850
1,995
CTO
Realty
Growth,
Inc.
.................................................
7,771
156
Cushman
&
Wakefield
PLC
(a)
.............................................
135,000
1,770
DiamondRock
Hospitality
Co.
..............................................
281,678
2,318
Douglas
Emmett,
Inc.
....................................................
92,115
1,482
Easterly
Government
Properties,
Inc.
.........................................
153,045
2,132
Empire
State
Realty
Trust,
Inc.
.............................................
109,370
1,178
Equity
Commonwealth
(a)
.................................................
67,590
1,377
Essential
Properties
Realty
Trust,
Inc.
........................................
111,310
3,294
Four
Corners
Property
Trust,
Inc.
............................................
72,480
1,967
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
33,350
2,473
Independence
Realty
Trust,
Inc.
.............................................
76,880
1,434
Innovative
Industrial
Properties,
Inc.
.........................................
11,839
1,454
Kite
Realty
Group
Trust
..................................................
64,860
1,599
LXP
Industrial
Trust
.....................................................
177,000
1,823
Retail
Opportunity
Investments
Corp.
........................................
89,545
1,339
Sabra
Health
Care
REIT,
Inc.
..............................................
93,170
1,512
SITE
Centers
Corp.
.....................................................
188,546
2,913
STAG
Industrial,
Inc.
....................................................
23,018
939
Summit
Hotel
Properties,
Inc.
..............................................
151,000
957
Terreno
Realty
Corp.
....................................................
25,470
1,742
The
Real
Brokerage,
Inc.
(a)
...............................................
88,770
528
The
St.
Joe
Co.
........................................................
9,656
596
Veris
Residential,
Inc.
....................................................
74,450
1,170
Xenia
Hotels
&
Resorts,
Inc.
...............................................
38,156
530
44,687
Utilities
(2.0%):
Black
Hills
Corp.
.......................................................
49,411
2,918
National
Fuel
Gas
Co.
...................................................
26,000
1,523
Northwestern
Energy
Group,
Inc.
...........................................
62,509
3,361
ONE
Gas,
Inc.
.........................................................
48,020
3,343
Otter
Tail
Corp.
........................................................
15,611
1,513
Portland
General
Electric
Co.
..............................................
44,505
2,109
Spire,
Inc.
............................................................
26,700
1,778
TXNM
Energy,
Inc.
.....................................................
43,675
1,816
18,361
Total
Common
Stocks
(Cost
$731,711)
a
a
a
923,034
Rights
(0.0%)(c)
Health
Care
(0.0%):(c)
Flexion
Therapeutics,
Inc.,
CVR
(a)
(d)
........................................
58,207
1
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
(a)
(d)
(e)
(f)
.........................
7,105
—
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
214
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Name
Acquisition
Date
Cost
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares
......................
11/3/2022
$
–
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
......................
11/3/2022
–
Security
Description
Shares
Value
(000)
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
(a)
(d)
(e)
(f)
.........................
7,105
$
—
1
Total
Rights
(Cost
$36)
a
a
a
1
Exchange-Traded
Funds
(0.3%)
iShares
Russell
2000
ETF
(b)
...............................................
11,603
2,597
Total
Exchange-Traded
Funds
(Cost
$2,528)
a
a
a
2,597
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(g)
........
924,745
924
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(g)
............
924,745
925
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.21
%
(g)
...............
924,745
925
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(g)
.
924,745
925
Total
Collateral
for
Securities
Loaned
(Cost
$3,699)
a
a
a
3,699
Total
Investments
(Cost
$737,974)
—
99.8%
929,331
Other
assets
in
excess
of
liabilities
—
0.2%
2,042
NET
ASSETS
-
100.00%
$
931,373
At
July
31,
2024,
the
Fund's
investments
in
foreign
securities
were
5.6%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
July
31,
2024.
(e)
Restricted
security
that
is
not
registered
under
the
Securities
Act
of
1933.
(f)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
at
July
31,
2024.
(amounts
in
thousands):
(g)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
ETF
—
Exchange-Traded
Fund
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
215
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(21.6%)
ABS
Auto
(13.1%):
American
Credit
Acceptance
Receivables
Trust
,
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
8/13/25
@
100
(a)
............................................
$
25
$
25
ARI
Fleet
Lease
Trust
,
Series
2022-A
,
Class
A2
,
3
.12
%
,
1/15/31
,
Callable
5/15/25
@
100
(a)
.
57
56
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
167
166
Series
2019-2A
,
Class
D
,
3
.04
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
83
83
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
750
764
CarMax
Auto
Owner
Trust
,
Series
2023-1
,
Class
D
,
6
.27
%
,
11/15/29
,
Callable
1/15/27
@
100
500
508
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
7/10/26
@
100
................
137
131
Series
2021-N2
,
Class
C
,
1
.07
%
,
3/10/28
,
Callable
2/10/27
@
100
................
82
77
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A
,
Class
A1
,
5
.65
%
,
5/15/35
,
Callable
6/15/26
@
100
(a)
.............
347
348
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
6/15/26
@
100
(a)
..............
132
132
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
6/15/26
@
100
(a)
..............
150
151
Series
2023-2A
,
Class
A2
,
6
.44
%
(
SOFR30A
+
110
bps
)
,
10/15/35
,
Callable
11/15/26
@
100
(a)
(b)
.........................................................
809
816
CPS
Auto
Receivables
Trust
...............................................
Series
2022-D
,
Class
A
,
6
.09
%
,
1/15/27
(a)
.................................
117
117
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
5/15/27
@
100
(a)
...............
500
502
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2023-1A
,
Class
A
,
6
.48
%
,
3/15/33
,
Callable
11/15/26
@
100
(a)
.............
1,000
1,010
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
500
509
Series
2023-3A
,
Class
A
,
6
.39
%
,
8/15/33
,
Callable
3/15/27
@
100
(a)
..............
750
761
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
474
486
Drive
Auto
Receivables
Trust
,
Series
2021-3
,
Class
C
,
1
.47
%
,
1/15/27
,
Callable
12/15/25
@
100
.............................................................
205
203
DT
Auto
Owner
Trust
....................................................
Series
2020-2A
,
Class
D
,
4
.73
%
,
3/16/26
,
Callable
10/15/24
@
100
(a)
.............
205
204
Series
2020-3A
,
Class
E
,
3
.62
%
,
10/15/27
,
Callable
2/15/25
@
100
(a)
.............
300
296
Series
2021-4A
,
Class
C
,
1
.50
%
,
9/15/27
,
Callable
2/15/26
@
100
(a)
..............
192
189
Series
2022-1A
,
Class
C
,
2
.96
%
,
11/15/27
,
Callable
3/15/26
@
100
(a)
.............
321
318
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A
,
Class
A3
,
6
.24
%
,
1/16/29
,
Callable
9/15/28
@
100
(a)
.............
750
762
Series
2023-1A
,
Class
B
,
6
.45
%
,
1/15/30
,
Callable
9/15/28
@
100
(a)
..............
250
259
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-2
,
Class
A2
,
4
.65
%
,
5/21/29
,
Callable
1/20/26
@
100
(a)
..............
99
99
Series
2022-4
,
Class
A2
,
5
.76
%
,
10/22/29
,
Callable
7/20/26
@
100
(a)
.............
477
478
Exeter
Automobile
Receivables
Trust
.........................................
Series
2020-1A
,
Class
E
,
3
.74
%
,
1/15/27
,
Callable
10/15/24
@
100
(a)
.............
500
497
Series
2020-3A
,
Class
F
,
5
.56
%
,
6/15/27
,
Callable
6/15/25
@
100
(a)
..............
750
745
Series
2021-4A
,
Class
C
,
1
.46
%
,
10/15/27
,
Callable
6/15/26
@
100
...............
189
187
Series
2023-4A
,
Class
B
,
6
.31
%
,
10/15/27
,
Callable
10/15/27
@
100
..............
1,000
1,006
FCCU
Auto
Receivables
Trust
,
Series
2024-1A
,
Class
A4
,
5
.46
%
,
4/15/30
,
Callable
8/15/28
@
100
(a)
...........................................................
646
658
Flagship
Credit
Auto
Trust
................................................
Series
2019-4
,
Class
E
,
4
.11
%
,
3/15/27
,
Callable
4/15/25
@
100
(a)
...............
750
733
Series
2020-2
,
Class
D
,
5
.75
%
,
4/15/26
,
Callable
7/15/25
@
100
(a)
...............
109
109
Ford
Credit
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
5
.29
%
,
6/15/26
,
Callable
9/15/25
@
100
.............................................................
300
299
Ford
Credit
Auto
Owner
Trust
,
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
...........................................................
250
233
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2021-2
,
Class
B
,
1
.31
%
,
7/15/27
,
Callable
3/15/25
@
100
(a)
...............
268
266
Series
2021-2
,
Class
E
,
3
.35
%
,
10/15/27
,
Callable
3/15/25
@
100
(a)
..............
250
245
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2021-2A
,
Class
C
,
1
.08
%
,
6/15/26
,
Callable
2/15/26
@
100
(a)
..............
36
35
Series
2021-3A
,
Class
C
,
1
.11
%
,
9/15/26
,
Callable
4/15/26
@
100
(a)
..............
296
293
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A2
,
5
.65
%
,
8/17/26
(a)
...............
187
187
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A
,
Class
A
,
1
.21
%
,
12/26/25
(a)
...............................
417
412
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
216
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-1A
,
Class
B
,
1
.56
%
,
12/26/25
(a)
...............................
$
417
$
412
Series
2021-1A
,
Class
D
,
3
.98
%
,
12/26/25
(a)
...............................
833
826
Huntington
Bank
Auto
Credit-Linked
Notes
,
Series
2024-1
,
Class
B2
,
6
.74
%
(
SOFR30A
+
140
bps
)
,
5/20/32
,
Callable
2/20/28
@
100
(a)
(b)
....................
1,163
1,162
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1
,
Class
B
,
0
.88
%
,
9/25/28
,
Callable
6/25/25
@
100
(a)
...............
2
2
Series
2021-1
,
Class
C
,
1
.02
%
,
9/25/28
,
Callable
6/25/25
@
100
(a)
...............
4
4
Series
2021-1
,
Class
D
,
1
.17
%
,
9/25/28
,
Callable
6/25/25
@
100
(a)
...............
2
2
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
11/25/25
@
100
(a)
.............
12
12
Series
2021-2
,
Class
C
,
0
.97
%
,
12/26/28
,
Callable
11/25/25
@
100
(a)
.............
42
42
Series
2021-3
,
Class
C
,
0
.86
%
,
2/26/29
,
Callable
6/25/25
@
100
(a)
...............
64
63
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
B
,
1
.94
%
,
11/16/26
,
Callable
12/15/25
@
100
(a)
............
750
744
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
12/15/25
@
100
(a)
.............
594
578
Series
2022-1A
,
Class
A
,
5
.21
%
,
6/15/27
,
Callable
7/15/26
@
100
(a)
..............
199
199
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
6/15/27
@
100
(a)
..............
300
301
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
6/15/27
@
100
(a)
.............
1,000
1,009
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
8/15/27
@
100
(a)
..............
750
751
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
9/15/27
@
100
(a)
..............
1,000
1,017
Lobel
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A
,
6
.97
%
,
7/15/26
,
Callable
4/15/26
@
100
(a)
.........................................................
214
214
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
,
Callable
5/20/26
@
100
(a)
..............
656
661
Series
2024-1A
,
Class
A
,
5
.82
%
,
4/20/37
,
Callable
8/20/27
@
100
(a)
..............
400
404
Series
2024-1A
,
Class
C
,
6
.18
%
,
4/20/37
,
Callable
8/20/27
@
100
(a)
..............
500
510
Navistar
Financial
Dealer
Note
Master
Owner
Trust
,
Series
2024-1
,
Class
B
,
5
.79
%
,
4/25/29
(a)
260
263
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
414
418
Prestige
Auto
Receivables
Trust
,
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
,
Callable
12/15/27
@
100
(a)
.........................................................
1,500
1,521
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
2/15/26
@
100
(a)
...............
132
132
Series
2022-A
,
Class
D
,
9
.97
%
,
5/15/32
,
Callable
2/15/26
@
100
(a)
...............
500
519
Series
2022-B
,
Class
B
,
5
.72
%
,
8/16/32
,
Callable
5/15/26
@
100
(a)
...............
108
108
Series
2022-B
,
Class
C
,
5
.92
%
,
8/16/32
,
Callable
5/15/26
@
100
(a)
...............
67
67
Series
2022-B
,
Class
D
,
6
.79
%
,
8/16/32
,
Callable
5/15/26
@
100
(a)
...............
72
72
Series
2022-C
,
Class
B
,
6
.45
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
722
723
Series
2022-C
,
Class
C
,
6
.99
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
321
322
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
..............
160
162
Series
2022-C
,
Class
E
,
11
.37
%
,
12/15/32
,
Callable
1/15/27
@
100
(a)
.............
176
180
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
8/15/27
@
100
(a)
...............
449
451
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
7/15/27
@
100
(a)
..............
500
502
Series
2023-B
,
Class
D
,
6
.66
%
,
12/15/33
,
Callable
7/15/27
@
100
(a)
..............
250
252
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
10/15/25
@
100
(a)
.
38
38
Santander
Consumer
Auto
Receivables
Trust
,
Series
2020-BA
,
Class
E
,
4
.13
%
,
1/15/27
,
Callable
8/15/25
@
100
(a)
............................................
600
593
Santander
Drive
Auto
Receivables
Trust
,
Series
2021-4
,
Class
C
,
1
.26
%
,
2/16/27
,
Callable
12/15/25
@
100
....................................................
162
161
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
A3
,
6
.13
%
,
9/21/26
,
Callable
10/20/25
@
100
(a)
1,000
1,007
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
11/25/26
@
100
(a)
.......
832
840
Westlake
Automobile
Receivables
Trust
.......................................
Series
2020-3A
,
Class
E
,
3
.34
%
,
6/15/26
,
Callable
9/15/24
@
100
(a)
..............
275
274
Series
2021-3A
,
Class
C
,
1
.58
%
,
1/15/27
,
Callable
10/15/25
@
100
(a)
.............
552
545
Series
2022-2A
,
Class
A3
,
3
.75
%
,
4/15/26
(a)
...............................
74
74
Series
2022-2A
,
Class
B
,
4
.31
%
,
9/15/27
,
Callable
5/15/26
@
100
(a)
..............
400
398
Series
2023-2A
,
Class
B
,
6
.14
%
,
3/15/28
,
Callable
12/15/26
@
100
(a)
.............
500
503
Series
2023-2A
,
Class
C
,
6
.29
%
,
3/15/28
,
Callable
12/15/26
@
100
(a)
.............
500
503
Wheels
Fleet
Lease
Funding
1
LLC
,
Series
2024-1A
,
Class
A2
,
6
.16
%
(
TSFR1M
+
83
bps
)
,
2/18/39
(a)
(b)
......................................................
750
754
35,650
ABS
Card
(1.8%):
Evergreen
Credit
Card
Trust
...............................................
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
217
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2022-CRT2
,
Class
B
,
6
.56
%
,
11/15/26
(a)
.............................
$
1,000
$
1,002
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
500
501
Series
2023-CRT3
,
Class
B
,
6
.58
%
,
2/15/27
(a)
..............................
762
765
Series
2023-CRT3
,
Class
C
,
7
.31
%
,
2/15/27
(a)
..............................
318
320
Master
Credit
Card
Trust
II
................................................
Series
2022-1A
,
Class
C
,
2
.27
%
,
7/21/26
(a)
................................
500
490
Series
2023-1A
,
Class
C
,
5
.87
%
,
6/21/27
(a)
................................
500
500
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
................................
308
310
Trillium
Credit
Card
Trust
II
,
Series
2023-3A
,
Class
B
,
6
.26
%
,
8/26/28
(a)
..............
1,000
1,007
4,895
ABS
Other
(6.7%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/24
@
100
(a)
.........................................................
1,500
1,398
Amur
Equipment
Finance
Receivables
X
LLC
..................................
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............
145
143
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
..............
405
392
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
322
321
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
A2
,
6
.09
%
,
12/20/29
,
Callable
6/20/27
@
100
(a)
............................................
391
395
Auxilior
Term
Funding
LLC
,
Series
2024-1A
,
Class
A2
,
5
.84
%
,
3/15/27
(a)
..............
750
755
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
1/15/27
@
100
(a)
...........................................................
449
453
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
7/14/26
@
100
(a)
..............
693
696
Series
2023-2
,
Class
A2
,
6
.28
%
,
4/14/32
,
Callable
8/14/27
@
100
(a)
..............
500
506
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
8/14/27
@
100
(a)
...............
500
515
Conn's
Receivables
Funding
LLC
,
Series
2023-A
,
Class
B
,
10
.00
%
,
1/17/28
,
Callable
12/15/24
@
100
(a)
.........................................................
111
105
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
6/15/27
@
100
(a)
.........................................................
750
760
Crossroads
Asset
Trust
,
Series
2024-A
,
Class
A2
,
5
.90
%
,
8/20/30
,
Callable
7/20/28
@
100
(a)
1,000
1,004
CyrusOne
Data
Centers
Issuer
I
LLC
,
Series
2024-2A
,
Class
A2
,
4
.50
%
,
5/20/49
(a)
.......
233
221
Dell
Equipment
Finance
Trust
,
Series
2023-1
,
Class
C
,
6
.22
%
,
9/22/28
,
Callable
10/22/25
@
100
(a)
...........................................................
1,000
1,008
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
12/15/26
@
100
(a)
.............
778
781
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
3/15/28
@
100
(a)
...............
750
766
DLLAA
LLC
,
Series
2023-1A
,
Class
A2
,
5
.93
%
,
7/20/26
(a)
........................
522
524
Granite
Park
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
A2
,
6
.51
%
,
5/20/30
(a)
.......
953
963
HPEFS
Equipment
Trust
..................................................
Series
2022-3A
,
Class
A2
,
5
.26
%
,
8/20/29
,
Callable
5/20/26
@
100
(a)
.............
91
91
Series
2022-3A
,
Class
C
,
6
.13
%
,
8/20/29
,
Callable
5/20/26
@
100
(a)
..............
735
738
Series
2023-2A
,
Class
B
,
6
.25
%
,
1/21/31
,
Callable
11/20/26
@
100
(a)
.............
1,000
1,011
Series
2024-1A
,
Class
D
,
5
.82
%
,
11/20/31
,
Callable
8/20/27
@
100
(a)
.............
520
526
M&T
Equipment
Notes
,
Series
2023-1A
,
Class
A2
,
6
.09
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
495
496
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
...........................................
293
256
NMEF
Funding
LLC
....................................................
Series
2022-B
,
Class
A2
,
6
.07
%
,
6/15/29
,
Callable
8/15/26
@
100
(a)
..............
458
459
Series
2023-A
,
Class
A2
,
6
.57
%
,
6/17/30
,
Callable
8/15/27
@
100
(a)
..............
587
593
NP
SPE
II
LLC
........................................................
Series
2017-1A
,
Class
A1
,
3
.37
%
,
10/21/47
,
Callable
8/20/24
@
100
(a)
............
104
101
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
,
Callable
8/19/24
@
100
(a)
............
371
356
Pawnee
Equipment
Receivables
LLC
.........................................
Series
2021-1
,
Class
A2
,
1
.10
%
,
7/15/27
,
Callable
8/15/25
@
100
(a)
..............
28
27
Series
2022-1
,
Class
B
,
5
.40
%
,
7/17/28
,
Callable
6/15/26
@
100
(a)
...............
725
725
Progress
Residential
Trust
,
Series
2021-SFR5
,
Class
B
,
1
.66
%
,
7/17/38
(a)
(c)
............
600
559
SCF
Equipment
Leasing
LLC
,
Series
2021-1A
,
Class
A3
,
0
.83
%
,
8/21/28
,
Callable
1/20/26
@
100
(a)
...........................................................
78
77
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
218
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
11/12/27
@
100
(a)
...........................................................
$
639
$
645
18,366
Total
Asset-Backed
Securities
(Cost
$58,702)
a
a
a
58,911
Collateralized
Loan
Obligations
(3.2%)
Cash
Flow
CLO
(3.2%):
CIFC
Funding
Ltd.
,
Series
2017-4A
,
Class
A1R
,
6
.49
%
(
TSFR3M
+
121
bps
)
,
10/24/30
,
Callable
10/24/24
@
100
(a)
(b)
.........................................
362
363
Golub
Capital
Partners
CLO
Ltd.
,
Series
2019-40A
,
Class
AR
,
6
.64
%
(
TSFR3M
+
135
bps
)
,
1/25/32
,
Callable
10/25/24
@
100
(a)
(b)
...................................
794
795
Octagon
Investment
Partners
XXI
Ltd.
,
Series
2014-1A
,
Class
AAR3
,
6
.58
%
(
TSFR3M
+
126
bps
)
,
2/14/31
,
Callable
8/14/24
@
100
(a)
(b)
.....................
1,577
1,578
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2021-2A
,
Class
A1
,
6
.39
%
(
TSFR3M
+
106
bps
)
,
5/20/29
,
Callable
8/20/24
@
100
(a)
(b)
.........................................................
219
219
Series
2021-2A
,
Class
A2
,
6
.84
%
(
TSFR3M
+
151
bps
)
,
5/20/29
,
Callable
8/20/24
@
100
(a)
(b)
.........................................................
500
500
Series
2021-3A
,
Class
A2
,
6
.94
%
(
TSFR3M
+
166
bps
)
,
7/20/29
,
Callable
10/20/24
@
100
(a)
(b)
.........................................................
1,000
1,001
Series
2022-1A
,
Class
A2
,
6
.90
%
(
TSFR3M
+
160
bps
)
,
4/15/30
,
Callable
10/15/24
@
100
(a)
(b)
.........................................................
1,000
1,001
Series
2022-3A
,
Class
A1BR
,
6
.70
%
(
TSFR3M
+
140
bps
)
,
4/15/31
,
Callable
10/15/24
@
100
(a)
(b)
.........................................................
500
500
Series
2022-3A
,
Class
BR
,
7
.30
%
(
TSFR3M
+
200
bps
)
,
4/15/31
,
Callable
10/15/24
@
100
(a)
(b)
.........................................................
500
500
Series
2024-3A
,
Class
A2
,
6
.99
%
(
TSFR3M
+
165
bps
)
,
8/8/32
,
Callable
8/8/25
@
100
(a)
(b)
.........................................................
750
750
SOUND
POINT
CLO
VIII-R
Ltd.
,
Series
2015-1RA
,
Class
AR
,
6
.64
%
(
TSFR3M
+
134
bps
)
,
4/15/30
,
Callable
10/15/24
@
100
(a)
(b)
...................................
293
294
Venture
CLO
Ltd.
,
Series
2024-49A
,
Class
X
,
6
.68
%
(
TSFR3M
+
135
bps
)
,
4/20/37
,
Callable
4/20/26
@
100
(a)
(b)
.................................................
750
750
Voya
CLO
Ltd.
,
Series
2019-2A
,
Class
AR
,
6
.48
%
(
TSFR3M
+
120
bps
)
,
7/20/32
,
Callable
10/20/24
@
100
(a)
(b)
................................................
500
500
8,751
Total
Collateralized
Loan
Obligations
(Cost
$8,748)
a
a
a
8,751
Collateralized
Mortgage
Obligations
(10.5%)
Agency
CMO
Other
(0.8%):
Government
National
Mortgage
Association
....................................
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
452
455
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
482
481
Series
2023-149
,
Class
D
,
5
.50
%
,
9/20/47
.................................
455
455
Series
2023-168
,
Class
GB
,
6
.00
%
,
2/20/50
................................
717
722
2,113
Commercial
MBS
(9.7%):
BBCMS
Mortgage
Trust
..................................................
Series
2019-BWAY
,
Class
B
,
6
.75
%
(
TSFR1M
+
142
bps
)
,
11/15/34
(a)
(b)
(c)
..........
1,000
178
Series
2020-BID
,
Class
C
,
9
.08
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
(c)
...........
1,470
1,455
BPR
Trust
............................................................
Series
2022-OANA
,
Class
B
,
7
.78
%
(
TSFR1M
+
245
bps
)
,
4/15/37
(a)
(b)
(c)
..........
1,000
998
Series
2022-STAR
,
Class
A
,
8
.56
%
(
TSFR1M
+
323
bps
)
,
8/15/39
(a)
(b)
(c)
...........
1,250
1,248
BX
Commercial
Mortgage
Trust
............................................
Series
2021-CIP
,
Class
B
,
6
.71
%
(
TSFR1M
+
139
bps
)
,
12/15/38
(a)
(b)
(c)
............
496
488
Series
2021-CIP
,
Class
C
,
6
.91
%
(
TSFR1M
+
159
bps
)
,
12/15/38
(a)
(b)
(c)
............
992
973
Series
2021-SOAR
,
Class
B
,
6
.31
%
(
TSFR1M
+
98
bps
)
,
6/15/38
(a)
(b)
(c)
...........
438
430
Series
2021-SOAR
,
Class
C
,
6
.54
%
(
TSFR1M
+
121
bps
)
,
6/15/38
(a)
(b)
(c)
...........
438
432
Series
2021-VINO
,
Class
B
,
6
.30
%
(
TSFR1M
+
97
bps
)
,
5/15/38
(a)
(b)
(c)
............
721
708
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
219
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-VOLT
,
Class
C
,
6
.54
%
(
TSFR1M
+
121
bps
)
,
9/15/36
(a)
(b)
(c)
...........
$
750
$
736
Series
2021-XL2
,
Class
C
,
6
.64
%
(
TSFR1M
+
131
bps
)
,
10/15/38
(a)
(b)
(c)
...........
704
691
BX
Mortgage
Trust
,
Series
2021-PAC
,
Class
C
,
6
.54
%
(
TSFR1M
+
121
bps
)
,
10/15/36
(a)
(b)
(c)
1,000
976
BX
Trust
.............................................................
Series
2021-RISE
,
Class
B
,
6
.69
%
(
TSFR1M
+
136
bps
)
,
11/15/36
(a)
(b)
(c)
...........
459
450
Series
2022-LBA6
,
Class
B
,
6
.63
%
(
TSFR1M
+
130
bps
)
,
1/15/39
(a)
(b)
(c)
...........
500
490
Series
2022-LBA6
,
Class
C
,
6
.93
%
(
TSFR1M
+
160
bps
)
,
1/15/39
(a)
(b)
(c)
...........
1,000
980
CEDR
Commercial
Mortgage
Trust
,
Series
2022-SNAI
,
Class
B
,
6
.66
%
(
TSFR1M
+
134
bps
)
,
2/15/39
(a)
(b)
(c)
....................................................
1,000
937
COMM
Mortgage
Trust
..................................................
Series
2014-277P
,
Class
A
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
(d)
........
1,000
1,001
Series
2014-277P
,
Class
C
,
3
.61
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
(d)
........
334
334
Series
2019-521F
,
Class
B
,
6
.58
%
(
TSFR1M
+
125
bps
)
,
6/15/34
(a)
(b)
(c)
............
1,500
1,339
Series
2020-CBM
,
Class
C
,
3
.40
%
,
2/10/37
,
Callable
2/10/25
@
100
(a)
(c)
..........
1,000
976
Series
2024-277P
,
Class
A
,
6
.34
%
,
8/10/44
(a)
(c)
.............................
300
306
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
6
.82
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(b)
(c)
....................................................
352
350
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
(c)
...........................
849
702
Series
2023-SHIP
,
Class
B
,
4
.94
%
,
9/10/38
(a)
(c)
(d)
..........................
600
589
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
(c)
........
750
734
HPLY
Trust
...........................................................
Series
2019-HIT
,
Class
A
,
6
.45
%
(
TSFR1M
+
111
bps
)
,
11/15/36
(a)
(b)
(c)
............
289
289
Series
2019-HIT
,
Class
B
,
6
.80
%
(
TSFR1M
+
146
bps
)
,
11/15/36
(a)
(b)
(c)
............
1,125
1,115
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2021-MHC
,
Class
A
,
6
.49
%
(
TSFR1M
+
116
bps
)
,
4/15/38
(a)
(b)
(c)
.....................................
945
940
Life
Mortgage
Trust
,
Series
2021-BMR
,
Class
B
,
6
.32
%
(
TSFR1M
+
99
bps
)
,
3/15/38
(a)
(b)
(c)
.
983
960
MHC
Commercial
Mortgage
Trust
,
Series
2021-MHC
,
Class
B
,
6
.54
%
(
TSFR1M
+
122
bps
)
,
4/15/38
(a)
(b)
(c)
....................................................
839
830
Morgan
Stanley
Capital
I
Trust
,
Series
2019-NUGS
,
Class
B
,
6
.74
%
(
TSFR1M
+
141
bps
)
,
12/15/36
(a)
(b)
(c)
...................................................
1,154
727
ONE
Mortgage
Trust
,
Series
2021-PARK
,
Class
B
,
6
.39
%
(
TSFR1M
+
106
bps
)
,
3/15/36
(a)
(b)
(c)
.............................................................
1,000
957
One
New
York
Plaza
Trust
,
Series
2020-1NYP
,
Class
A
,
6
.39
%
(
TSFR1M
+
106
bps
)
,
1/15/36
(a)
(b)
(c)
...........................................................
875
831
SMRT
,
Series
2022-MINI
,
Class
B
,
6
.68
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(b)
(c)
..........
1,000
983
TTAN
,
Series
2021-MHC
,
Class
B
,
6
.54
%
(
TSFR1M
+
121
bps
)
,
3/15/38
(a)
(b)
(c)
..........
287
283
26,416
Total
Collateralized
Mortgage
Obligations
(Cost
$30,321)
a
a
a
28,529
Senior
Secured
Loans
(1.9%)
Consumer
Discretionary
(0.4%):
Charter
Communications
Operating
LLC,
Term
B2,
First
Lien
,
7
.08
%
(
SOFR03M
+
175
bps
)
,
2/1/27
(b)
.........................................................
997
996
Financials
(0.3%):
Delos
Finance
SARL,
Term,
First
Lien
,
7
.08
%
(
SOFR03M
+
175
bps
)
,
11/1/27
(b)
..........
857
862
Health
Care
(0.2%):
DaVita,
Inc.,
Tranche
B-1
Term
Facility,
First
Lien
,
7
.09
%
(
SOFR01M
+
175
bps
)
,
8/12/26
(b)
.
584
584
Industrials
(0.4%):
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
First
Lien
,
7
.09
%
(
SOFR01M
+
175
bps
)
,
8/6/27
(b)
997
994
Materials
(0.6%):
Berry
Global,
Inc.,
Term
Z
Loans,
First
Lien
,
7
.05
%
(
SOFR03M
+
175
bps
)
,
7/1/26
(b)
.......
291
291
The
Chemours
Co.,
TLB,
First
Lien
,
8
.84
%
(
SOFR01M
+
350
bps
)
,
8/18/28
(b)
............
1,476
1,472
1,763
Total
Senior
Secured
Loans
(Cost
$5,178)
a
a
a
5,199
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
220
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Corporate
Bonds
(26.8%)
Communication
Services
(0.4%):
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
,
4
.74
%
,
3/20/25
,
Callable
9/9/24
@
100
(a)
.......................................
$
518
$
516
TEGNA,
Inc.
,
4
.63
%
,
3/15/28
,
Callable
9/9/24
@
101.16
..........................
750
692
1,208
Consumer
Discretionary
(1.1%):
Association
of
American
Medical
Colleges
,
2
.12
%
,
10/1/24
.........................
1,000
993
Daimler
Truck
Finance
North
America
LLC
,
6
.34
%
(
SOFR
+
96
bps
)
,
9/25/27
(a)
(b)
........
750
750
Nissan
Motor
Acceptance
Co.
LLC
,
2
.00
%
,
3/9/26
,
Callable
2/9/26
@
100
(a)
............
500
472
Tapestry,
Inc.
,
7
.05
%
,
11/27/25
.............................................
750
765
2,980
Consumer
Staples
(0.3%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
,
5
.88
%
,
2/15/28
,
Callable
9/9/24
@
101.47
(a)
...........................................
750
744
Energy
(0.7%):
Gray
Oak
Pipeline
LLC
,
2
.60
%
,
10/15/25
,
Callable
9/15/25
@
100
(a)
.................
1,000
967
Hess
Midstream
Operations
LP
,
5
.63
%
,
2/15/26
,
Callable
9/9/24
@
100
(a)
..............
1,000
995
1,962
Financials
(18.1%):
Antares
Holdings
LP
,
3
.95
%
,
7/15/26
,
Callable
6/15/26
@
100
(a)
.....................
1,500
1,437
Ares
Capital
Corp.
3
.25
%
,
7/15/25
,
Callable
6/15/25
@
100
..................................
500
489
3
.88
%
,
1/15/26
,
Callable
12/15/25
@
100
.................................
1,000
975
Assurant,
Inc.
,
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
...........................
882
891
Athene
Global
Funding
5
.52
%
,
3/25/27
(a)
..................................................
500
506
6
.59
%
(
SOFRINDX
+
121
bps
)
,
3/25/27
(a)
(b)
...............................
1,000
1,004
Aviation
Capital
Group
LLC
,
4
.88
%
,
10/1/25
,
Callable
7/1/25
@
100
(a)
................
1,000
992
Bank
of
America
NA
,
6
.39
%
(
SOFR
+
102
bps
)
,
8/18/26
,
Callable
7/17/26
@
100
(b)
........
500
504
Blackstone
Private
Credit
Fund
,
7
.05
%
,
9/29/25
.................................
1,500
1,522
Blackstone
Secured
Lending
Fund
,
3
.63
%
,
1/15/26
,
Callable
12/15/25
@
100
............
1,000
969
Blue
Owl
Capital
Corp.
,
3
.75
%
,
7/22/25
,
Callable
6/22/25
@
100
....................
1,000
982
Blue
Owl
Credit
Income
Corp.
,
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
...............
1,500
1,407
Citigroup,
Inc.
,
6
.08
%
(
SOFR
+
69
bps
)
,
1/25/26
,
Callable
1/25/25
@
100
(b)
.............
1,000
1,001
Citizens
Bank
NA
,
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(b)
........
1,700
1,694
Corebridge
Global
Funding
,
6
.68
%
(
SOFR
+
130
bps
)
,
9/25/26
(a)
(b)
...................
295
298
Credit
Acceptance
Corp.
6
.63
%
,
3/15/26
,
Callable
8/19/24
@
100
(e)
................................
500
500
9
.25
%
,
12/15/28
,
Callable
12/15/25
@
104.63
(a)
............................
429
459
DAE
Funding
LLC
,
1
.55
%
,
8/1/24
(a)
........................................
1,500
1,500
F&G
Global
Funding
,
5
.88
%
,
6/10/27
(a)
......................................
500
505
Fidelity
&
Guaranty
Life
Holdings,
Inc.
,
5
.50
%
,
5/1/25
,
Callable
2/1/25
@
100
(a)
.........
395
393
Fifth
Third
Bank
NA
,
5
.85
%
(
SOFRINDX
+
123
bps
)
,
10/27/25
,
Callable
10/27/24
@
100
(b)
..
1,000
1,000
Ford
Motor
Credit
Co.
LLC
2
.30
%
,
2/10/25
,
Callable
1/10/25
@
100
..................................
1,000
981
8
.32
%
(
SOFR
+
295
bps
)
,
3/6/26
(b)
.......................................
500
514
FS
KKR
Capital
Corp.
1
.65
%
,
10/12/24
....................................................
857
849
4
.13
%
,
2/1/25
,
Callable
1/1/25
@
100
....................................
1,000
990
Fulton
Financial
Corp.
,
4
.50
%
,
11/15/24
......................................
885
879
GA
Global
Funding
Trust
5
.88
%
(
SOFR
+
50
bps
)
,
9/13/24
(a)
(b)
.....................................
1,000
1,000
6
.74
%
(
SOFR
+
136
bps
)
,
4/11/25
(a)
(b)
....................................
380
382
Glencore
Funding
LLC
,
6
.44
%
(
SOFRINDX
+
106
bps
)
,
4/4/27
(a)
(b)
...................
1,000
1,001
Hikma
Finance
USA
LLC
,
3
.25
%
,
7/9/25
......................................
500
487
Hyundai
Capital
America,
Inc.
,
6
.42
%
(
SOFR
+
104
bps
)
,
3/19/27
(a)
(b)
.................
1,000
1,002
JPMorgan
Chase
&
Co.
,
6
.14
%
(
SOFR
+
77
bps
)
,
9/22/27
,
Callable
9/22/26
@
100
(b)
(e)
.....
1,000
1,001
Kemper
Corp.
,
4
.35
%
,
2/15/25
,
Callable
11/15/24
@
100
(e)
........................
1,450
1,438
KeyCorp.
,
6
.62
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
Callable
2/23/25
@
100
(b)
...........
1,650
1,652
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
221
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
M&T
Bank
Corp.
,
5
.75
%
,
10/1/24
...........................................
$
1,000
$
993
Manufacturers
&
Traders
Trust
Co.
5
.40
%
,
11/21/25
,
Callable
10/21/25
@
100
.................................
300
301
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
.................................
500
495
MassMutual
Global
Funding
II
,
6
.12
%
(
SOFR
+
74
bps
)
,
4/9/27
(a)
(b)
..................
750
751
Morgan
Stanley
,
6
.40
%
(
SOFR
+
102
bps
)
,
4/13/28
,
Callable
4/13/27
@
100
(b)
............
1,000
1,003
National
Securities
Clearing
Corp.
,
5
.15
%
,
5/30/25
(a)
.............................
750
749
New
York
Life
Global
Funding
,
6
.31
%
(
SOFRINDX
+
93
bps
)
,
4/2/26
(a)
(b)
..............
750
757
NMI
Holdings,
Inc.
,
6
.00
%
,
8/15/29
,
Callable
7/15/29
@
100
.......................
250
253
Pacific
Life
Global
Funding
II
,
5
.99
%
(
SOFR
+
62
bps
)
,
6/4/26
(a)
(b)
...................
100
100
Protective
Life
Global
Funding
,
5
.21
%
,
4/14/26
(a)
...............................
1,000
1,005
Reliance
Standard
Life
Global
Funding
II
,
5
.24
%
,
2/2/26
(a)
........................
1,000
997
Sammons
Financial
Group,
Inc.
,
4
.45
%
,
5/12/27
,
Callable
2/12/27
@
100
(a)
.............
500
487
Santander
Holdings
USA,
Inc.
,
5
.81
%
(
SOFR
+
233
bps
)
,
9/9/26
,
Callable
9/9/25
@
100
(b)
...
1,000
1,005
Sixth
Street
Specialty
Lending,
Inc.
,
2
.50
%
,
8/1/26
,
Callable
7/1/26
@
100
..............
1,000
939
SLM
Corp.
,
4
.20
%
,
10/29/25
,
Callable
9/29/25
@
100
............................
1,152
1,131
Starwood
Property
Trust,
Inc.
3
.75
%
,
12/31/24
,
Callable
9/30/24
@
100
(a)
...............................
1,050
1,037
3
.63
%
,
7/15/26
,
Callable
1/15/26
@
100
(a)
................................
500
476
State
Street
Corp.
,
5
.10
%
(
SOFR
+
113
bps
)
,
5/18/26
,
Callable
5/18/25
@
100
(b)
..........
1,000
1,000
Synchrony
Bank
,
5
.40
%
,
8/22/25
,
Callable
7/22/25
@
100
.........................
752
750
The
Charles
Schwab
Corp.
,
5
.89
%
(
SOFRINDX
+
52
bps
)
,
5/13/26
,
Callable
4/13/26
@
100
(b)
1,500
1,500
The
Goldman
Sachs
Group,
Inc.
,
5
.87
%
(
SOFR
+
49
bps
)
,
10/21/24
,
Callable
9/21/24
@
100
(b)
1,000
1,000
The
Huntington
National
Bank
,
5
.70
%
(
SOFR
+
122
bps
)
,
11/18/25
,
Callable
11/18/24
@
100
(b)
1,350
1,348
49,281
Health
Care
(0.2%):
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.
,
1
.97
%
,
11/1/25
........................
670
643
Industrials
(2.4%):
American
Airlines
Pass
Through
Trust
4
.95
%
,
2/15/25
....................................................
760
753
3
.70
%
,
10/15/25
....................................................
295
286
Concentrix
Corp.
,
6
.65
%
,
8/2/26
,
Callable
7/2/26
@
100
...........................
1,500
1,535
Hexcel
Corp.
,
4
.95
%
,
8/15/25
,
Callable
5/15/25
@
100
............................
1,500
1,489
Regal
Rexnord
Corp.
,
6
.05
%
,
2/15/26
........................................
1,000
1,008
United
Airlines
Pass
Through
Trust
4
.30
%
,
8/15/25
....................................................
660
650
4
.88
%
,
1/15/26
....................................................
783
773
6,494
Real
Estate
(2.7%):
Brixmor
Operating
Partnership
LP
,
3
.85
%
,
2/1/25
,
Callable
11/1/24
@
100
..............
1,000
990
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.38
%
,
4/15/26
,
Callable
1/15/26
@
100
.........
1,500
1,498
Retail
Opportunity
Investments
Partnership
LP
,
4
.00
%
,
12/15/24
,
Callable
9/15/24
@
100
...
1,250
1,240
SBA
Tower
Trust
,
2
.84
%
,
1/15/25
,
Callable
9/9/24
@
100
(a)
........................
1,000
986
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3
.50
%
,
2/15/25
,
Callable
8/19/24
@
100
(a)
................................
1,000
987
4
.63
%
,
6/15/25
,
Callable
3/15/25
@
100
(a)
................................
500
495
WEA
Finance
LLC/Westfield
UK
&
Europe
Finance
PLC
,
3
.75
%
,
9/17/24
,
Callable
8/23/24
@
100
(a)
...........................................................
1,250
1,244
7,440
Utilities
(0.9%):
FirstEnergy
Pennsylvania
Electric
Co.
,
4
.00
%
,
4/15/25
(a)
..........................
1,500
1,481
Vistra
Operations
Co.
LLC
,
5
.63
%
,
2/15/27
,
Callable
8/19/24
@
100
(a)
................
1,000
992
2,473
Total
Corporate
Bonds
(Cost
$72,926)
a
a
a
73,225
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
222
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Yankee
Dollars
(20.2%)
Consumer
Discretionary
(0.8%):
International
Game
Technology
PLC
,
4
.13
%
,
4/15/26
,
Callable
9/9/24
@
101.03
(a)
........
$
1,030
$
1,009
Melco
Resorts
Finance
Ltd.
,
5
.25
%
,
4/26/26
,
Callable
9/9/24
@
100
(a)
................
750
726
Nissan
Motor
Co.
Ltd.
,
3
.52
%
,
9/17/25
,
Callable
8/17/25
@
100
(a)
...................
416
406
2,141
Energy
(0.5%):
Petroleos
Mexicanos
,
4
.25
%
,
1/15/25
.........................................
1,000
991
TransCanada
PipeLines
Ltd.
,
6
.89
%
(
SOFRINDX
+
152
bps
)
,
3/9/26
,
Callable
8/23/24
@
100
(b)
500
500
1,491
Financials
(15.5%):
ABN
AMRO
Bank
NV
6
.34
%
(
H15T1Y
+
165
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
................
480
491
7
.16
%
(
SOFRINDX
+
178
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
.............
1,000
1,016
Avolon
Holdings
Funding
Ltd.
,
2
.88
%
,
2/15/25
,
Callable
1/15/25
@
100
(a)
.............
1,000
984
Banco
Santander
SA
,
6
.76
%
(
SOFR
+
138
bps
)
,
3/14/28
,
Callable
3/14/27
@
100
(b)
........
1,500
1,509
Bank
of
Montreal
,
6
.00
%
(
SOFRINDX
+
62
bps
)
,
9/15/26
(b)
.........................
1,500
1,500
Barclays
PLC
7
.33
%
(
H15T1Y
+
305
bps
)
,
11/2/26
,
Callable
11/2/25
@
100
(b)
..................
500
511
5
.83
%
(
SOFR
+
221
bps
)
,
5/9/27
,
Callable
5/9/26
@
100
(b)
......................
1,000
1,010
BBVA
Bancomer
SA
,
5
.35
%
(
H15T5Y
+
300
bps
)
,
11/12/29
,
Callable
11/12/24
@
100
(a)
(b)
..
500
495
BPCE
SA
6
.61
%
(
SOFR
+
198
bps
)
,
10/19/27
,
Callable
10/19/26
@
100
(a)
(b)
................
500
513
7
.36
%
(
SOFRINDX
+
198
bps
)
,
10/19/27
,
Callable
10/19/26
@
100
(a)
(b)
............
500
510
Canadian
Imperial
Bank
of
Commerce
,
6
.60
%
(
SOFR
+
122
bps
)
,
10/2/26
(b)
.............
1,000
1,010
Commonwealth
Bank
of
Australia
,
5
.90
%
(
SOFR
+
52
bps
)
,
6/15/26
(a)
(b)
...............
1,500
1,500
Credit
Agricole
SA
,
6
.67
%
(
SOFR
+
129
bps
)
,
7/5/26
(a)
(b)
..........................
750
759
Danske
Bank
A/S
0
.98
%
,
9/10/25
,
Callable
9/10/24
@
100
(a)
................................
1,000
995
6
.26
%
(
H15T1Y
+
118
bps
)
,
9/22/26
,
Callable
9/22/25
@
100
(a)
(b)
................
500
506
Deutsche
Bank
AG
4
.50
%
,
4/1/25
.....................................................
1,000
991
3
.96
%
(
SOFR
+
258
bps
)
,
11/26/25
,
Callable
11/26/24
@
100
(b)
..................
603
599
6
.59
%
(
SOFR
+
122
bps
)
,
11/16/27
,
Callable
11/16/26
@
100
(b)
..................
331
331
Element
Fleet
Management
Corp.
,
6
.27
%
,
6/26/26
,
Callable
5/26/26
@
100
(a)
...........
1,000
1,018
Enel
Finance
International
NV
,
6
.80
%
,
10/14/25
(a)
...............................
500
511
Essent
Group
Ltd.
,
6
.25
%
,
7/1/29
,
Callable
6/1/29
@
100
..........................
500
510
Federation
des
Caisses
Desjardins
du
Quebec
,
5
.28
%
(
SOFRINDX
+
109
bps
)
,
1/23/26
,
Callable
1/23/25
@
100
(a)
(b)
.................................................
1,000
1,000
HSBC
Holdings
PLC
6
.80
%
(
SOFR
+
143
bps
)
,
3/10/26
,
Callable
3/10/25
@
100
(b)
....................
1,000
1,005
6
.94
%
(
SOFR
+
157
bps
)
,
8/14/27
,
Callable
8/14/26
@
100
(b)
....................
600
609
ING
Groep
NV
7
.02
%
(
SOFRINDX
+
164
bps
)
,
3/28/26
,
Callable
3/28/25
@
100
(b)
...............
500
503
6
.39
%
(
SOFRINDX
+
101
bps
)
,
4/1/27
,
Callable
4/1/26
@
100
(b)
.................
500
501
6
.94
%
(
SOFR
+
156
bps
)
,
9/11/27
,
Callable
9/11/26
@
100
(b)
....................
500
507
Lloyds
Banking
Group
PLC
3
.51
%
(
H15T1Y
+
160
bps
)
,
3/18/26
,
Callable
3/18/25
@
100
(b)
..................
750
741
5
.99
%
(
H15T1Y
+
148
bps
)
,
8/7/27
,
Callable
8/7/26
@
100
(b)
....................
500
509
6
.92
%
(
SOFRINDX
+
156
bps
)
,
8/7/27
,
Callable
8/7/26
@
100
(b)
.................
500
506
Macquarie
Group
Ltd.
,
6
.09
%
(
SOFR
+
71
bps
)
,
10/14/25
,
Callable
10/14/24
@
100
(a)
(b)
....
1,500
1,500
Mitsubishi
UFJ
Financial
Group,
Inc.
,
6
.31
%
(
SOFR
+
94
bps
)
,
2/20/26
,
Callable
2/20/25
@
100
(b)
...........................................................
1,185
1,188
Mizuho
Financial
Group,
Inc.
,
6
.33
%
(
SOFR
+
96
bps
)
,
5/22/26
,
Callable
5/22/25
@
100
(b)
...
1,000
1,003
National
Australia
Bank
Ltd.
,
6
.03
%
(
SOFR
+
65
bps
)
,
1/12/27
(a)
(b)
...................
1,250
1,252
Nationwide
Building
Society
,
6
.66
%
(
SOFR
+
129
bps
)
,
2/16/28
,
Callable
2/16/27
@
100
(a)
(b)
1,400
1,408
NatWest
Markets
PLC
6
.83
%
(
SOFR
+
145
bps
)
,
3/22/25
(a)
(b)
....................................
500
503
6
.14
%
(
SOFR
+
76
bps
)
,
9/29/26
(a)
(b)
.....................................
1,000
998
Nordea
Bank
Abp
,
6
.33
%
(
SOFR
+
96
bps
)
,
6/6/25
(a)
(b)
............................
500
502
Phoenix
Group
Holdings
PLC
,
5
.38
%
,
7/6/27
,
MTN
..............................
1,000
981
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
223
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
QBE
Insurance
Group
Ltd.
,
5
.88
%
(
H15T5Y
+
551
bps
)
,
Callable
5/12/25
@
100
(a)
(b)
(f)
....
$
250
$
248
Royal
Bank
of
Canada
,
5
.98
%
(
SOFRINDX
+
59
bps
)
,
11/2/26
,
MTN
(b)
................
500
499
Santander
UK
Group
Holdings
PLC
,
6
.83
%
(
SOFR
+
275
bps
)
,
11/21/26
,
Callable
11/21/25
@
100
(b)
...........................................................
500
509
Societe
Generale
SA
,
6
.43
%
(
SOFR
+
105
bps
)
,
1/21/26
,
Callable
1/21/25
@
100
(a)
(b)
......
1,700
1,701
Standard
Chartered
PLC
7
.78
%
(
H15T1Y
+
310
bps
)
,
11/16/25
,
Callable
11/16/24
@
100
(a)
(b)
..............
750
755
7
.31
%
(
SOFR
+
193
bps
)
,
7/6/27
,
Callable
7/6/26
@
100
(a)
(b)
....................
500
509
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5
.82
%
(
SOFR
+
44
bps
)
,
9/16/24
(a)
(b)
................
1,000
1,000
The
Bank
of
Nova
Scotia
4
.90
%
(
H15T5Y
+
455
bps
)
,
Callable
6/4/25
@
100
(b)
(f)
.......................
250
245
5
.92
%
(
SOFRINDX
+
55
bps
)
,
3/2/26
(b)
...................................
1,250
1,249
The
Toronto-Dominion
Bank
,
5
.97
%
(
SOFR
+
59
bps
)
,
9/10/26
(b)
.....................
1,500
1,498
Westpac
Banking
Corp.
,
5
.89
%
(
SOFR
+
52
bps
)
,
6/3/26
(b)
..........................
1,500
1,501
42,199
Industrials
(1.0%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
990
971
Avolon
Holdings
Funding
Ltd.
,
5
.50
%
,
1/15/26
,
Callable
12/15/25
@
100
(a)
............
500
500
Element
Fleet
Management
Corp.
,
5
.64
%
,
3/13/27
,
Callable
2/13/27
@
100
(a)
...........
500
507
The
Weir
Group
PLC
,
2
.20
%
,
5/13/26
,
Callable
4/13/26
@
100
(a)
....................
900
852
2,830
Information
Technology
(0.3%):
SK
Hynix,
Inc.
,
6
.25
%
,
1/17/26
(a)
...........................................
750
761
Materials
(1.7%):
Endeavour
Mining
PLC
,
5
.00
%
,
10/14/26
,
Callable
9/9/24
@
102.5
(a)
.................
500
477
OCI
NV
,
4
.63
%
,
10/15/25
,
Callable
9/9/24
@
101.16
(a)
...........................
1,504
1,487
POSCO
,
2
.50
%
,
1/17/25
(a)
................................................
510
504
Syngenta
Finance
NV
,
4
.89
%
,
4/24/25
,
Callable
2/24/25
@
100
(a)
....................
1,000
994
West
Fraser
Timber
Co.
Ltd.
,
4
.35
%
,
10/15/24
,
Callable
9/9/24
@
100
(a)
...............
1,143
1,138
4,600
Utilities
(0.4%):
Algonquin
Power
&
Utilities
Corp.
,
5
.37
%
,
6/15/26
(g)
............................
1,000
1,002
Total
Yankee
Dollars
(Cost
$54,804)
a
a
a
55,024
Municipal
Bonds
(0.5%)
California
(0.2%):
California
Statewide
Communities
Development
Authority
Revenue
,
1
.31
%
,
4/1/25
.......
500
486
Guam
(0.1%):
Antonio
B
Won
Pat
International
Airport
Authority
Revenue
,
Series
A
,
2
.50
%
,
10/1/25
.....
300
289
Ohio
(0.1%):
Columbus
Metropolitan
Housing
Authority
Revenue
,
5
.38
%
,
9/1/28
,
Continuously
Callable
@100
...........................................................
425
432
Texas
(0.1%):
San
Antonio
Education
Facilities
Corp.
Revenue
,
1
.74
%
,
4/1/25
......................
255
247
Total
Municipal
Bonds
(Cost
$1,480)
a
a
a
1,454
U.S.
Government
Agency
Mortgages
(3.0%)
Farm
Credit
Bank
of
Texas
Series
4
,
5
.70
%
(
H15T5Y
+
542
bps
)
(a)
(b)
(f)
................................
250
246
Federal
Home
Loan
Banks
5
.50
%
,
8/21/25
....................................................
1,000
993
5
.60
%
,
7/17/26
....................................................
575
574
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
224
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5
.55
%
,
8/28/26
....................................................
$
500
$
500
5
.00
%
,
4/2/27
.....................................................
1,000
1,001
3,068
Federal
Home
Loan
Mortgage
Corporation
5
.50
%
,
3/25/27
-
10/12/27
.............................................
3,000
2,997
5
.30
%
,
7/15/27
....................................................
1,000
1,000
6
.00
%
,
5/2/29
.....................................................
1,000
1,000
4,997
Total
U.S.
Government
Agency
Mortgages
(Cost
$8,318)
a
a
a
8,311
U.S.
Treasury
Obligations
(1.1%)
U.S.
Treasury
Notes
4
.63
%
,
9/15/26
....................................................
750
756
4
.00
%
,
1/15/27
....................................................
1,000
996
4
.13
%
,
9/30/27
....................................................
1,250
1,253
Total
U.S.
Treasury
Obligations
(Cost
$2,990)
a
a
a
3,005
Commercial
Paper
(11.4%)
Consumer
Discretionary
(1.4%):
AutoNation,
Inc.
,
5
.92
%
,
8/2/24
(a)
(h)
........................................
2,650
2,649
Whirlpool
Corp.
5
.84
%
,
8/9/24
(a)
(h)
.................................................
750
749
5
.87
%
,
8/12/24
(a)
(h)
................................................
500
499
3,897
Consumer
Staples
(0.4%):
Bacardi
USA,
Inc.
,
5
.77
%
,
8/15/24
(a)
(h)
......................................
1,000
997
Energy
(3.1%):
APA
Corp.
,
6
.02
%
,
8/1/24
(a)
(h)
.............................................
2,700
2,699
Marathon
Oil
Corp.
,
5
.72
%
,
8/1/24
(a)
(h)
......................................
500
500
Ovintiv,
Inc.
6
.06
%
,
8/1/24
(a)
(h)
.................................................
500
500
6
.08
%
,
8/6/24
(a)
(h)
.................................................
1,000
999
6
.16
%
,
8/20/24
(a)
(h)
................................................
500
498
6
.24
%
,
9/16/24
(a)
(h)
................................................
500
496
Targa
Resources
Corp.
5
.79
%
,
8/1/24
(a)
(h)
.................................................
1,000
1,000
5
.79
%
,
8/2/24
(a)
(h)
.................................................
500
500
5
.86
%
,
8/15/24
(a)
(h)
................................................
1,000
998
5
.93
%
,
8/27/24
(a)
(h)
................................................
250
249
8,439
Financials
(1.3%):
Brookfield
Corporate
Treasury
Ltd.
5
.70
%
,
8/20/24
(a)
(h)
................................................
1,000
997
5
.79
%
,
9/25/24
(a)
(h)
................................................
1,500
1,487
Syngenta
Wilmington,
Inc.
,
5
.85
%
,
8/5/24
(a)
(h)
.................................
1,000
999
3,483
Industrials
(0.5%):
Huntington
Ingalls
Industries,
Inc.
,
5
.71
%
,
8/1/24
(a)
(h)
............................
1,300
1,300
Information
Technology
(1.9%):
Flex
Ltd.
5
.97
%
,
8/6/24
(a)
(h)
.................................................
1,000
999
5
.98
%
,
8/7/24
(a)
(h)
.................................................
1,700
1,698
Jabil,
Inc.
6
.07
%
,
8/1/24
(a)
(h)
.................................................
1,500
1,500
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
225
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
6
.07
%
,
8/2/24
(a)
(h)
.................................................
$
1,000
$
999
5,196
Materials
(1.3%):
FMC
Corp.
6
.11
%
,
8/19/24
(a)
(h)
................................................
500
498
6
.11
%
,
8/21/24
(a)
(h)
................................................
1,500
1,495
6
.11
%
,
8/22/24
(a)
(h)
................................................
500
498
International
Flavors
&
Fragrances,
Inc.
,
5
.52
%
,
8/28/24
(a)
(h)
.......................
1,000
996
3,487
Real
Estate
(0.5%):
Crown
Castle,
Inc.
,
5
.70
%
,
8/1/24
(a)
(h)
.......................................
1,500
1,500
Utilities
(1.0%):
Guadalupe
Valley
Electric
Cooperative,
Inc.
6
.05
%
,
8/7/24
(a)
(h)
.................................................
750
749
6
.05
%
,
8/8/24
(a)
(h)
.................................................
1,000
999
6
.09
%
,
9/4/24
(a)
(h)
.................................................
1,000
994
2,742
Total
Commercial
Paper
(Cost
$31,046)
a
a
a
31,041
Shares
Collateral
for
Securities
Loaned
(0.2%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.21
%
(i)
........
141,431
142
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.23
%
(i)
............
141,431
142
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.21
%
(i)
................
141,431
141
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(i)
.
141,431
141
Total
Collateral
for
Securities
Loaned
(Cost
$566)
a
a
a
566
Total
Investments
(Cost
$275,079)
—
100.4%
274,016
Liabilities
in
excess
of
other
assets
—
(0.4)%
(
1,023
)
NET
ASSETS
-
100.00%
$
272,993
At
July
31,
2024,
the
Fund's
investments
in
foreign
securities
were
27.4%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
July
31,
2024,
the
fair
value
of
these
securities
was
$181,266
(thousands)
and
amounted
to
66.4%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
July
31,
2024.
(c)
Security
is
interest
only.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
July
31,
2024.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(g)
Stepped
coupon
security
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
(h)
Rate
represents
the
effective
yield
at
July
31,
2024.
(i)
Rate
disclosed
is
the
daily
yield
on
July
31,
2024.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
July
31,
2024.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
226
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of
July
31,
2024.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
July
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
July
31,
2024.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
July
31,
2024.
Schedule
of
Portfolio
Investments
July
31,
2024
Victory
Portfolios
III
Victory
Value
Fund
227
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.3%)
Communication
Services
(6.3%):
Alphabet,
Inc.,
Class
A
...................................................
130,501
$
22,386
AT&T,
Inc.
...........................................................
259,303
4,992
Comcast
Corp.,
Class
A
..................................................
179,127
7,393
Electronic
Arts,
Inc.
.....................................................
42,617
6,433
Fox
Corp.,
Class
A
......................................................
68,942
2,622
Match
Group,
Inc.(a)
....................................................
114,321
4,360
Meta
Platforms,
Inc.,
Class
A
..............................................
7,250
3,442
Omnicom
Group,
Inc.
....................................................
43,589
4,273
Take-Two
Interactive
Software,
Inc.(a)
........................................
43,500
6,548
TKO
Group
Holdings,
Inc.
................................................
137,100
14,992
Verizon
Communications,
Inc.
..............................................
148,215
6,006
83,447
Consumer
Discretionary
(3.9%):
LKQ
Corp.
...........................................................
331,895
13,774
Lowe's
Cos.,
Inc.
.......................................................
24,637
6,048
Mattel,
Inc.(a)
.........................................................
377,500
7,282
PulteGroup,
Inc.
........................................................
52,438
6,922
PVH
Corp.
...........................................................
29,793
3,038
Tapestry,
Inc.
..........................................................
80,461
3,226
The
Home
Depot,
Inc.
...................................................
17,585
6,474
Ulta
Beauty,
Inc.(a)
.....................................................
7,640
2,788
Yum!
Brands,
Inc.
......................................................
17,502
2,325
51,877
Consumer
Staples
(7.1%):
Altria
Group,
Inc.
.......................................................
142,258
6,972
Archer-Daniels-Midland
Co.
...............................................
64,259
3,985
Colgate-Palmolive
Co.
...................................................
75,178
7,457
Keurig
Dr.
Pepper,
Inc.
...................................................
554,292
19,001
Mondelez
International,
Inc.,
Class
A
.........................................
167,200
11,428
Philip
Morris
International,
Inc.
.............................................
77,050
8,873
Sysco
Corp.
...........................................................
41,114
3,151
Target
Corp.
..........................................................
36,820
5,538
The
Kroger
Co.
........................................................
88,311
4,813
The
Procter
&
Gamble
Co.
................................................
49,886
8,020
U.S.
Foods
Holding
Corp.(a)
...............................................
271,500
14,767
94,005
Energy
(6.6%):
APA
Corp.
............................................................
108,996
3,400
Chevron
Corp.
.........................................................
54,400
8,730
ConocoPhillips
Co.
.....................................................
19,003
2,113
Devon
Energy
Corp.
.....................................................
143,705
6,758
Enterprise
Products
Partners
LP
.............................................
393,424
11,354
EOG
Resources,
Inc.
....................................................
61,488
7,797
Exxon
Mobil
Corp.
.....................................................
165,131
19,583
Marathon
Oil
Corp.
.....................................................
469,200
13,161
Marathon
Petroleum
Corp.
................................................
37,743
6,681
Valero
Energy
Corp.
.....................................................
43,222
6,990
86,567
Financials
(20.3%):
Affiliated
Managers
Group,
Inc.
............................................
29,526
5,481
American
Express
Co.
...................................................
31,209
7,897
American
Financial
Group,
Inc.
.............................................
18,691
2,448
American
International
Group,
Inc.
..........................................
80,411
6,371
Ameriprise
Financial,
Inc.
.................................................
10,286
4,424
Bank
OZK
............................................................
98,614
4,624
Capital
One
Financial
Corp.
...............................................
43,012
6,512
Cboe
Global
Markets,
Inc.
................................................
45,900
8,423
Cincinnati
Financial
Corp.
................................................
32,269
4,215
Victory
Portfolios
III
Victory
Value
Fund
228
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Citigroup,
Inc.
.........................................................
314,200
$
20,385
East
West
Bancorp,
Inc.
..................................................
80,441
7,070
Evercore,
Inc.
.........................................................
23,447
5,871
Everest
Group
Ltd.
......................................................
39,421
15,487
Fairfax
Financial
Holdings
Ltd.
.............................................
15,900
18,753
Fidelity
National
Financial,
Inc.
............................................
140,789
7,801
Franklin
Resources,
Inc.
..................................................
48,804
1,116
JPMorgan
Chase
&
Co.
..................................................
160,005
34,049
Mastercard,
Inc.,
Class
A
.................................................
10,045
4,658
MGIC
Investment
Corp.
..................................................
170,796
4,243
Popular,
Inc.
..........................................................
55,794
5,726
Primerica,
Inc.
.........................................................
10,343
2,604
Regions
Financial
Corp.
..................................................
308,232
6,895
SEI
Investments
Co.
.....................................................
69,434
4,710
Synchrony
Financial
.....................................................
114,048
5,793
T.
Rowe
Price
Group,
Inc.
.................................................
45,339
5,178
The
Goldman
Sachs
Group,
Inc.
............................................
61,337
31,222
The
PNC
Financial
Services
Group,
Inc.
......................................
90,500
16,390
The
Progressive
Corp.
...................................................
71,100
15,224
W.R.
Berkley
Corp.
.....................................................
84,576
4,663
268,233
Health
Care
(14.9%):
AbbVie,
Inc.
..........................................................
100,431
18,612
Agilent
Technologies,
Inc.
.................................................
32,250
4,560
Biogen,
Inc.(a)
.........................................................
10,469
2,232
Bristol-Myers
Squibb
Co.
.................................................
97,561
4,640
Centene
Corp.(a)
.......................................................
52,943
4,072
CVS
Health
Corp.
......................................................
66,686
4,023
Elevance
Health,
Inc.
....................................................
12,000
6,384
GE
HealthCare
Technologies,
Inc.
...........................................
65,800
5,569
Gilead
Sciences,
Inc.
....................................................
136,847
10,409
Hologic,
Inc.(a)
........................................................
43,408
3,543
Humana,
Inc.
..........................................................
20,148
7,286
Johnson
&
Johnson
.....................................................
112,472
17,754
McKesson
Corp.
.......................................................
16,000
9,872
Medtronic
PLC
........................................................
178,544
14,341
Merck
&
Co.,
Inc.
......................................................
217,504
24,606
Molina
Healthcare,
Inc.(a)
................................................
11,377
3,883
Pfizer,
Inc.
............................................................
195,104
5,958
Royalty
Pharma
PLC,
Class
A
..............................................
165,859
4,672
Teva
Pharmaceutical
Industries
Ltd.,
ADR(a)
...................................
448,300
7,814
The
Cigna
Group
.......................................................
58,436
20,375
United
Therapeutics
Corp.(a)
..............................................
12,159
3,809
UnitedHealth
Group,
Inc.
.................................................
21,100
12,157
196,571
Industrials
(16.2%):
3M
Co.
..............................................................
43,077
5,494
Advanced
Drainage
Systems,
Inc.
...........................................
25,481
4,511
Builders
FirstSource,
Inc.(a)
...............................................
42,730
7,152
Caterpillar,
Inc.
........................................................
14,520
5,027
Cintas
Corp.
..........................................................
7,407
5,659
Cummins,
Inc.
.........................................................
20,295
5,922
Delta
Air
Lines,
Inc.
.....................................................
73,788
3,174
Expeditors
International
of
Washington,
Inc.
....................................
34,514
4,308
Fastenal
Co.
...........................................................
46,635
3,299
FedEx
Corp.
..........................................................
53,059
16,037
Ferguson
PLC
.........................................................
21,396
4,764
General
Dynamics
Corp.
..................................................
38,000
11,351
Genpact
Ltd.
..........................................................
78,351
2,716
Honeywell
International,
Inc.
..............................................
12,669
2,594
Johnson
Controls
International
PLC
..........................................
101,400
7,254
Victory
Portfolios
III
Victory
Value
Fund
229
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
Leidos
Holdings,
Inc.
....................................................
71,300
$
10,296
Lockheed
Martin
Corp.
...................................................
6,609
3,582
ManpowerGroup,
Inc.
...................................................
49,276
3,774
Masco
Corp.
..........................................................
77,463
6,031
MSC
Industrial
Direct
Co.,
Inc.
.............................................
24,548
2,184
Oshkosh
Corp.
.........................................................
32,586
3,540
Otis
Worldwide
Corp.
....................................................
69,621
6,579
Owens
Corning
........................................................
27,300
5,088
PACCAR,
Inc.
.........................................................
113,014
11,150
Parker-Hannifin
Corp.
...................................................
11,600
6,509
Paychex,
Inc.
..........................................................
17,571
2,249
Robert
Half,
Inc.
.......................................................
60,802
3,903
RTX
Corp.
............................................................
103,567
12,168
Sensata
Technologies
Holding
PLC
..........................................
307,700
11,997
SS&C
Technologies
Holdings,
Inc.
..........................................
249,181
18,178
The
Middleby
Corp.(a)
...................................................
22,360
3,032
The
Timken
Co.
........................................................
24,166
2,101
United
Parcel
Service,
Inc.,
Class
B
..........................................
35,948
4,687
United
Rentals,
Inc.
.....................................................
6,157
4,661
W.W.
Grainger,
Inc.
.....................................................
3,624
3,540
214,511
Information
Technology
(11.0%):
Accenture
PLC,
Class
A
..................................................
10,886
3,599
Adobe,
Inc.(a)
.........................................................
7,586
4,185
Amdocs
Ltd.
..........................................................
48,750
4,264
Amphenol
Corp.,
Class
A
.................................................
125,800
8,084
Analog
Devices,
Inc.
....................................................
53,400
12,356
Applied
Materials,
Inc.
...................................................
63,828
13,544
Cisco
Systems,
Inc.
.....................................................
170,566
8,264
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
59,077
4,471
Corpay,
Inc.(a)
.........................................................
35,100
10,243
Dropbox,
Inc.,
Class
A(a)
.................................................
151,897
3,633
Fortinet,
Inc.(a)
........................................................
47,586
2,762
Gen
Digital,
Inc.
.......................................................
134,452
3,495
International
Business
Machines
Corp.
........................................
19,702
3,786
Jabil,
Inc.
............................................................
38,318
4,317
Lam
Research
Corp.
.....................................................
4,491
4,137
Microchip
Technology,
Inc.
................................................
55,049
4,887
NetApp,
Inc.
..........................................................
41,148
5,225
Qorvo,
Inc.(a)
.........................................................
29,023
3,477
QUALCOMM,
Inc.
.....................................................
38,106
6,895
Salesforce,
Inc.
........................................................
28,200
7,298
Skyworks
Solutions,
Inc.
.................................................
24,487
2,782
Teradata
Corp.(a)
.......................................................
111,512
3,615
VeriSign,
Inc.(a)
........................................................
30,167
5,642
Zebra
Technologies
Corp.(a)
...............................................
31,500
11,063
Zoom
Video
Communications,
Inc.,
Class
A(a)
..................................
64,074
3,870
145,894
Materials
(5.1%):
Berry
Global
Group,
Inc.
.................................................
46,254
3,040
CF
Industries
Holdings,
Inc.
...............................................
68,756
5,252
Cleveland-Cliffs,
Inc.(a)
..................................................
151,693
2,328
Dow,
Inc.
............................................................
90,058
4,905
Eagle
Materials,
Inc.
.....................................................
14,586
3,972
Louisiana-Pacific
Corp.
..................................................
48,227
4,734
LyondellBasell
Industries
NV,
Class
A
........................................
46,875
4,662
Nucor
Corp.
...........................................................
36,984
6,026
Olin
Corp.
............................................................
112,663
5,139
PPG
Industries,
Inc.
.....................................................
61,700
7,835
Sealed
Air
Corp.
.......................................................
285,329
10,857
Steel
Dynamics,
Inc.
.....................................................
44,966
5,990
Victory
Portfolios
III
Victory
Value
Fund
230
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
July
31,
2024
Security
Description
Shares
Value
(000)
The
Mosaic
Co.
........................................................
99,384
$
2,959
67,699
Real
Estate
(3.4%):
AvalonBay
Communities,
Inc.
..............................................
23,227
4,760
Brixmor
Property
Group,
Inc.
..............................................
125,478
3,196
Equity
LifeStyle
Properties,
Inc.
............................................
129,300
8,880
Healthpeak
Properties,
Inc.
................................................
200,190
4,368
Invitation
Homes,
Inc.
...................................................
365,121
12,878
Prologis,
Inc.
..........................................................
52,543
6,623
Realty
Income
Corp.
....................................................
74,455
4,276
44,981
Utilities
(3.5%):
DTE
Energy
Co.
.......................................................
38,718
4,667
Duke
Energy
Corp.
......................................................
24,705
2,699
Evergy,
Inc.
...........................................................
82,428
4,781
Exelon
Corp.
..........................................................
293,300
10,911
National
Fuel
Gas
Co.
...................................................
80,972
4,744
NRG
Energy,
Inc.
.......................................................
67,373
5,064
OGE
Energy
Corp.
......................................................
71,180
2,760
Vistra
Corp.
...........................................................
133,433
10,570
46,196
Total
Common
Stocks
(Cost
$1,025,148)
a
a
a
1,299,981
Total
Investments
(Cost
$1,025,148)
—
98.3%
1,299,981
Other
assets
in
excess
of
liabilities
—
1.7%
21,967
NET
ASSETS
-
100.00%
$
1,321,948
At
July
31,
2024,
the
Fund's
investments
in
foreign
securities
were
5.3%
of
net
assets.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company