USAA Mutual Funds Trust - USAA 500 Index Fund (USSPX) NPORT-P Victory Nasdaq-100 Index Fund (Jul 2024 report)

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