USAA Mutual Funds Trust - USAA 500 Index Fund (USSPX) NPORT-P Victory Cornerstone Aggressive Fund (Nov 2024 report)

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

California

Bond

Fund

1

(Unaudited)

Security

Description

Principal

Amount

(000)

a

Value

(000)

Municipal

Bonds

(99.4%)

California

(97.5%):

Adelanto

Public

Utility

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

7/1/39

,

Continuously

Callable

@100

.............................

$

2,000

$

2,089

Alameda

Corridor

Transportation

Authority

Revenue

,

Series

A

,

0.00%

,

10/1/50

,

Continuously

Callable

@100

(a)

...................................................

1,250

761

Albany

Unified

School

District,

GO

Series

B

,

5

.00

%

,

8/1/43

,

Continuously

Callable

@100

.........................

2,000

2,067

Series

B

,

4

.00

%

,

8/1/46

,

Continuously

Callable

@100

.........................

1,500

1,506

Bay

Area

Toll

Authority

Revenue

,

Series

A

,

4

.43

%

(

MUNIPSA

+

125

bps

)

,

4/1/36

,

(Put

Date

4/1/27)

(b)

(c)

......................................................

15,000

15,174

Burbank

Unified

School

District,

GO

4

.30

%

,

8/1/33

,

Continuously

Callable

@100

(a)

.............................

3,085

3,247

4

.35

%

,

8/1/34

,

Continuously

Callable

@100

(a)

.............................

3,000

3,160

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

AMT

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

4

.50

%

,

7/1/54

,

Continuously

Callable

@100

....

1,000

1,017

California

Community

Housing

Agency

Revenue

,

Series

A

,

5

.00

%

,

8/1/50

,

Continuously

Callable

@100

(d)

...................................................

1,900

1,837

California

County

Tobacco

Securitization

Agency

Revenue

4

.00

%

,

6/1/49

,

Continuously

Callable

@100

...............................

500

489

Series

A

,

4

.00

%

,

6/1/49

,

Continuously

Callable

@100

.........................

500

475

Series

A

,

4

.00

%

,

6/1/49

,

Continuously

Callable

@100

.........................

1,000

968

California

Educational

Facilities

Authority

Revenue

5

.00

%

,

10/1/43

,

Continuously

Callable

@100

...............................

2,000

2,115

5

.00

%

,

10/1/48

,

Continuously

Callable

@100

...............................

2,000

2,094

Series

A

,

5

.00

%

,

10/1/37

,

Continuously

Callable

@100

........................

1,000

1,012

Series

A

,

5

.00

%

,

10/1/52

,

Continuously

Callable

@100

........................

5,500

5,675

Series

A

,

5

.50

%

,

10/1/53

,

Continuously

Callable

@100

........................

500

540

California

Enterprise

Development

Authority

Revenue

5

.00

%

,

6/1/44

,

Continuously

Callable

@100

(d)

.............................

750

782

4

.00

%

,

11/1/49

,

Continuously

Callable

@100

...............................

1,900

1,870

4

.00

%

,

11/1/50

,

Continuously

Callable

@100

...............................

680

677

4

.00

%

,

6/1/54

,

Continuously

Callable

@100

...............................

2,000

2,005

5

.00

%

,

6/1/54

,

Continuously

Callable

@100

(d)

.............................

1,985

2,053

California

Health

Facilities

Financing

Authority

Revenue

Series

A

,

4

.00

%

,

3/1/39

,

Continuously

Callable

@100

.........................

7,375

7,321

Series

A

,

5

.00

%

,

11/15/39

,

Continuously

Callable

@100

.......................

2,100

2,102

Series

A

,

5

.25

%

,

12/1/44

,

Continuously

Callable

@100

........................

1,300

1,432

Series

A

,

4

.00

%

,

4/1/45

,

Continuously

Callable

@100

.........................

1,800

1,795

Series

A

,

5

.00

%

,

8/15/47

,

Continuously

Callable

@100

........................

2,900

2,944

Series

A

,

4

.00

%

,

10/1/47

,

Continuously

Callable

@100

........................

10,000

9,704

Series

A

,

4

.00

%

,

4/1/49

,

Continuously

Callable

@100

.........................

1,700

1,683

Series

A

,

4

.00

%

,

8/15/50

,

Continuously

Callable

@100

........................

2,000

2,012

Series

B

,

4

.00

%

,

11/15/41

,

Continuously

Callable

@100

.......................

14,000

14,085

Series

B

,

5

.25

%

,

11/15/53

,

Continuously

Callable

@100

.......................

1,000

1,075

California

Infrastructure

&

Economic

Development

Bank

Revenue

4

.00

%

,

7/1/50

,

Continuously

Callable

@100

...............................

4,000

4,025

Series

A

,

5

.25

%

,

7/1/54

,

Continuously

Callable

@100

.........................

1,000

1,078

Series

B

,

5

.00

%

,

11/1/57

,

Continuously

Callable

@100

........................

1,300

1,389

California

Municipal

Finance

Authority

Certificate

of

Participation

(INS

-

Assured

Guaranty

Corp.)

Series

A

,

5

.25

%

,

11/1/36

,

Continuously

Callable

@100

........................

1,000

1,115

Series

A

,

5

.25

%

,

11/1/52

,

Continuously

Callable

@100

........................

500

538

California

Municipal

Finance

Authority

Revenue

5

.00

%

,

6/1/43

,

Continuously

Callable

@100

...............................

2,500

2,661

4

.00

%

,

10/1/46

,

Continuously

Callable

@100

...............................

6,500

6,206

4

.00

%

,

10/1/46

,

Continuously

Callable

@100

...............................

965

916

Series

A

,

5

.00

%

,

2/1/37

,

Continuously

Callable

@100

.........................

750

761

Series

A

,

5

.50

%

,

5/1/44

,

Continuously

Callable

@100

(d)

......................

290

302

Series

A

,

4

.00

%

,

10/1/44

,

Continuously

Callable

@100

........................

2,000

1,855

Series

A

,

5

.00

%

,

2/1/47

,

Continuously

Callable

@100

.........................

2,000

2,018

Series

A

,

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

1,000

1,009

Series

A

,

5

.00

%

,

6/1/50

,

Continuously

Callable

@100

.........................

1,000

1,002

Victory

Portfolios

III

Victory

California

Bond

Fund

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

A

,

4

.00

%

,

11/15/52

,

Continuously

Callable

@103

.......................

$

750

$

668

Series

A

,

5

.00

%

,

4/1/54

,

Continuously

Callable

@103

.........................

1,540

1,667

Series

A

,

5

.75

%

,

5/1/54

,

Continuously

Callable

@100

(d)

......................

710

740

Series

A

,

4

.00

%

,

11/15/56

,

Continuously

Callable

@103

.......................

1,100

961

Series

A

,

5

.88

%

,

5/1/59

,

Continuously

Callable

@100

(d)

......................

305

323

California

Municipal

Finance

Authority

Revenue

(NBGA

-

California

Health

Insurance

Construction

Loan

Insurance

Program)

4

.13

%

,

5/15/39

,

Continuously

Callable

@100

...............................

1,900

1,936

4

.13

%

,

5/15/46

,

Continuously

Callable

@100

...............................

2,100

2,125

Series

B

,

5

.00

%

,

5/15/47

,

Continuously

Callable

@102

........................

2,500

2,565

California

Pollution

Control

Financing

Authority

Revenue

,

5

.00

%

,

11/21/45

,

Continuously

Callable

@100

(d)

...................................................

7,470

7,750

California

Public

Finance

Authority

Revenue

5

.00

%

,

10/15/37

,

Continuously

Callable

@100

..............................

1,000

1,010

5

.00

%

,

10/15/47

,

Continuously

Callable

@100

..............................

3,000

3,011

California

School

Finance

Authority

Revenue

5

.00

%

,

8/1/41

,

Continuously

Callable

@100

(d)

.............................

1,600

1,612

5

.00

%

,

8/1/41

,

Pre-refunded

8/1/25

@

100

(d)

...............................

150

152

5

.00

%

,

8/1/42

,

Continuously

Callable

@100

(d)

.............................

1,000

1,031

5

.00

%

,

8/1/46

,

Continuously

Callable

@100

(d)

.............................

2,050

2,061

5

.00

%

,

8/1/46

,

Pre-refunded

8/1/25

@

100

(d)

...............................

200

203

5

.00

%

,

7/1/49

,

Continuously

Callable

@103

(d)

.............................

1,000

1,058

5

.00

%

,

8/1/52

,

Continuously

Callable

@100

(d)

.............................

1,000

1,018

Series

A

,

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

(d)

......................

1,370

1,389

Series

A

,

5

.00

%

,

6/1/54

,

Continuously

Callable

@100

(d)

......................

650

657

Series

A

,

5

.00

%

,

6/1/54

,

Continuously

Callable

@100

(d)

......................

900

915

Series

A

,

5

.00

%

,

7/1/54

,

Continuously

Callable

@100

(d)

......................

1,050

1,089

Series

A

,

5

.00

%

,

7/1/54

,

Continuously

Callable

@100

(d)

......................

3,150

3,223

California

Statewide

Communities

Development

Authority

Revenue

5

.00

%

,

5/15/40

,

Continuously

Callable

@100

...............................

2,750

2,788

5

.00

%

,

10/1/46

,

Continuously

Callable

@100

...............................

2,750

2,769

5

.00

%

,

1/1/48

,

Continuously

Callable

@100

...............................

1,995

2,054

5

.00

%

,

7/1/48

,

Continuously

Callable

@100

...............................

4,000

4,167

Series

A

,

5

.00

%

,

5/15/25

.............................................

2,180

2,194

Series

A

,

4

.00

%

,

4/1/45

,

Continuously

Callable

@100

.........................

1,500

1,494

Series

A

,

5

.00

%

,

5/15/47

,

Continuously

Callable

@100

........................

2,000

2,035

Series

A

,

4

.00

%

,

8/15/51

,

Continuously

Callable

@100

........................

3,000

2,977

Series

A

,

5

.00

%

,

12/1/53

,

Continuously

Callable

@100

........................

1,000

1,026

Series

A

,

5

.00

%

,

12/1/57

,

Continuously

Callable

@100

........................

2,500

2,562

California

Statewide

Communities

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

Series

A

,

5

.25

%

,

8/15/52

,

Continuously

Callable

@100

..................

1,000

1,087

California

Statewide

Communities

Development

Authority

Revenue

(NBGA

-

California

Health

Insurance

Construction

Loan

Insurance

Program)

,

4

.00

%

,

11/1/46

,

Continuously

Callable

@100

.....................................................

4,000

4,036

Centinela

Valley

Union

High

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

4

.00

%

,

8/1/50

,

Continuously

Callable

@100

.........................

9,500

9,511

Chino

Valley

Unified

School

District,

GO

,

Series

B

,

4

.00

%

,

8/1/45

,

Continuously

Callable

@100

...........................................................

1,000

1,022

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2014-1

Special

Tax

,

Series

A

,

5

.00

%

,

9/1/52

,

Continuously

Callable

@100

.............................

750

811

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

,

4

.00

%

,

9/1/52

,

Callable

9/1/28

@

103

(d)

........................................

1,750

1,562

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Financing

District

No.

1

Tax

Allocation

Series

A

,

5

.00

%

,

9/1/52

,

Continuously

Callable

@100

(d)

......................

1,250

1,265

Series

B

,

5

.00

%

,

9/1/52

,

Continuously

Callable

@100

(d)

......................

640

648

City

of

Atwater

Wastewater

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

5/1/43

,

Continuously

Callable

@100

...............................

1,300

1,339

City

of

Fillmore

Wastewater

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

5/1/47

,

Continuously

Callable

@100

.....................................

2,000

2,065

City

of

Sacramento

Special

Tax

,

5

.38

%

,

9/1/52

,

Continuously

Callable

@103

(d)

..........

2,000

2,154

City

of

San

Mateo

Special

Tax

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

2008-1

,

5

.25

%

,

9/1/44

,

Continuously

Callable

@100

...............................

4,000

4,406

Victory

Portfolios

III

Victory

California

Bond

Fund

3

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

City

of

Tulare

Sewer

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

4

.00

%

,

11/15/41

,

Continuously

Callable

@100

..............................

$

5,710

$

5,734

4

.00

%

,

11/15/44

,

Continuously

Callable

@100

..............................

5,000

5,014

City

of

Upland

Certificate

of

Participation

4

.00

%

,

1/1/42

,

Continuously

Callable

@100

...............................

3,000

2,916

5

.00

%

,

1/1/47

,

Continuously

Callable

@100

...............................

2,000

2,046

County

of

Sacramento

Airport

System

Revenue

,

Series

B

,

5

.00

%

,

7/1/41

,

Continuously

Callable

@100

.....................................................

1,100

1,125

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

,

Series

B-2

,

3

.50

%

,

1/15/53

,

Continuously

Callable

@100

...........................................

1,500

1,333

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

1/15/34

(e)

........................................................

15,000

10,843

1/15/35

(e)

........................................................

7,500

5,209

Fresno

Joint

Powers

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

4

.00

%

,

4/1/46

,

Continuously

Callable

@100

.........................

1,225

1,234

Golden

State

Tobacco

Securitization

Corp.

Revenue

,

Series

B

,

5

.00

%

,

6/1/51

,

Continuously

Callable

@100

.....................................................

1,000

1,072

Grass

Valley

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.00

%

,

8/1/45

,

Continuously

Callable

@100

...........................................

2,400

2,470

Hayward

Unified

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

5

.00

%

,

8/1/44

,

Continuously

Callable

@100

...............................

3,000

3,183

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

,

Series

A

,

5

.25

%

,

8/15/31

,

Continuously

Callable

@100

...........................................

2,940

2,944

Inglewood

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

4

.00

%

,

8/1/46

,

Continuously

Callable

@100

...............................

3,550

3,596

Inglewood

Unified

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

B

,

5

.00

%

,

8/1/38

,

Continuously

Callable

@100

.........................

750

769

Series

C

,

4

.00

%

,

8/1/37

,

Continuously

Callable

@100

.........................

450

455

Series

C

,

4

.00

%

,

8/1/39

,

Continuously

Callable

@100

.........................

450

454

Irvine

Unified

School

District

Special

Tax

Series

A

,

4

.00

%

,

9/1/39

,

Continuously

Callable

@100

.........................

1,015

1,033

Series

A

,

5

.00

%

,

9/1/45

,

Continuously

Callable

@100

.........................

2,990

3,102

Series

B

,

5

.00

%

,

9/1/42

,

Continuously

Callable

@100

.........................

995

1,041

Series

B

,

5

.00

%

,

9/1/47

,

Continuously

Callable

@100

.........................

995

1,028

Series

C

,

5

.00

%

,

9/1/42

,

Continuously

Callable

@100

.........................

995

1,018

Series

C

,

5

.00

%

,

9/1/47

,

Continuously

Callable

@100

.........................

520

529

Series

D

,

5

.00

%

,

9/1/49

,

Continuously

Callable

@100

........................

995

1,023

Irvine

Unified

School

District

Special

Tax

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

4

.00

%

,

9/1/50

,

Continuously

Callable

@100

.........................

1,790

1,801

Series

A

,

5

.00

%

,

9/1/56

,

Continuously

Callable

@100

.........................

5,970

6,133

Local

Public

Schools

Funding

Authority

School

Improvement

District

No.

2016-1,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

4

.00

%

,

8/1/52

,

Continuously

Callable

@100

...........................................................

1,500

1,506

Long

Beach

Bond

Finance

Authority

Revenue

,

Series

A

,

5

.00

%

,

11/15/35

..............

3,875

4,313

Los

Angeles

County

Public

Works

Financing

Authority

Revenue

Series

A

,

5

.00

%

,

12/1/44

,

Continuously

Callable

@100

........................

2,000

2,000

Series

D

,

5

.00

%

,

12/1/45

,

Continuously

Callable

@100

........................

6,000

6,102

Manteca

Unified

School

District

Special

Tax

,

Series

A

,

5

.00

%

,

9/1/54

,

Continuously

Callable

@100

...........................................................

2,000

2,114

March

Joint

Powers

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

4

.00

%

,

8/1/41

,

Continuously

Callable

@100

5,790

5,815

Middle

Fork

Project

Finance

Authority

Revenue

,

5

.00

%

,

4/1/33

,

Continuously

Callable

@100

2,205

2,319

Monrovia

Financing

Authority

Revenue

,

5

.00

%

,

12/1/45

,

Continuously

Callable

@100

.....

3,435

3,507

Monrovia

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

12/1/45

,

Continuously

Callable

@100

....................................

2,345

2,384

Moreno

Valley

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

5

.00

%

,

8/1/47

,

Continuously

Callable

@100

.............................

6,500

6,864

Mountain

View

School

District/Los

Angeles

County,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

5

.00

%

,

8/1/48

,

Continuously

Callable

@100

.............

3,315

3,410

Norwalk

Redevelopment

Agency

Tax

Allocation

(INS

-

National

Public

Finance

Guarantee

Corp.)

Series

A

,

5

.00

%

,

10/1/30

,

Continuously

Callable

@100

........................

5,000

5,006

Victory

Portfolios

III

Victory

California

Bond

Fund

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

A

,

5

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

$

3,500

$

3,504

Norwalk-La

Mirada

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

8/1/30

(e)

..................................................

7,500

6,335

Palomar

Health,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

8/1/31

(e)

.......

12,230

9,470

Palomar

Health,

GO

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

A

,

8/1/26

(e)

...

5,500

5,164

Perris

Union

High

School

District,

GO

(INS

-

Assured

Guaranty

Corp.)

,

Series

A

,

4

.00

%

,

9/1/48

,

Continuously

Callable

@100

.....................................

5,000

5,046

Poway

Unified

School

District

Special

Tax

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

4

.00

%

,

9/1/50

,

Continuously

Callable

@100

.....................................

4,750

4,784

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

(NBGA

-

University

of

California

Medical

Center)

,

Series

O-1

,

0

.50

%

,

5/15/45

,

Callable

1/2/25

@

100

(f)

...

5,940

5,940

Rio

Elementary

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

4

.00

%

,

8/1/45

,

Continuously

Callable

@100

...............................

2,800

2,811

River

Islands

Public

Financing

Authority

Special

Tax

(INS

-

Assured

Guaranty

Corp.)

,

Series

A-1

,

5

.25

%

,

9/1/52

,

Continuously

Callable

@103

............................

1,500

1,633

River

Islands

Public

Financing

Authority

Special

Tax

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

2016-1

,

5

.25

%

,

9/1/52

,

Continuously

Callable

@103

...............

2,000

2,178

Riverside

County

Public

Financing

Authority

Tax

Allocation

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

4

.00

%

,

10/1/36

,

Continuously

Callable

@100

........................

1,250

1,257

Series

A

,

4

.00

%

,

10/1/37

,

Continuously

Callable

@100

........................

1,625

1,633

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

4

.00

%

,

10/1/37

,

Continuously

Callable

@100

......

2,000

2,009

Riverside

County

Transportation

Commission

Revenue

,

Series

B1

,

4

.00

%

,

6/1/46

,

Continuously

Callable

@100

...........................................

3,000

3,036

RNR

School

Financing

Authority

Special

Tax

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

5

.00

%

,

9/1/41

,

Continuously

Callable

@100

.........................

2,000

2,049

Sacramento

Area

Flood

Control

Agency

Special

Assessment

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.00

%

,

10/1/44

,

Continuously

Callable

@100

...................

2,000

2,002

San

Bruno

Park

School

District,

GO

,

Series

A

,

5

.00

%

,

8/1/48

,

Continuously

Callable

@100

..

3,000

3,087

San

Diego

County

Regional

Airport

Authority

Revenue

,

Series

A

,

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

.....................................................

1,500

1,554

San

Diego

County

Regional

Airport

Authority

Revenue

AMT

,

Series

B

,

4

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........................................

3,000

2,954

San

Diego

Public

Facilities

Financing

Authority

Revenue

,

Series

A

,

5

.00

%

,

10/15/44

,

Continuously

Callable

@100

...........................................

2,500

2,534

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

AMT

,

Series

A

,

5

.25

%

,

5/1/49

,

Continuously

Callable

@100

....................

1,000

1,081

San

Leandro

Unified

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

5

.00

%

,

8/1/43

,

Continuously

Callable

@100

.............................

2,750

2,928

San

Ramon

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

5

.00

%

,

2/1/38

,

Continuously

Callable

@100

.......

5,000

5,010

Santa

Clarita

Community

College

District,

GO

,

4

.00

%

,

8/1/46

,

Continuously

Callable

@100

.

5,250

5,275

Santa

Rosa

High

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

5

.00

%

,

8/1/43

,

Continuously

Callable

@100

...............................

1,000

1,027

State

of

California,

GO

,

5

.00

%

,

10/1/47

,

Continuously

Callable

@100

.................

4,000

4,092

Stockton

Public

Financing

Authority

Revenue

4

.00

%

,

3/1/40

,

Continuously

Callable

@100

...............................

920

882

5

.00

%

,

3/1/47

,

Continuously

Callable

@100

...............................

4,385

4,507

Sweetwater

Union

High

School

District,

GO

,

Series

2018-A1

,

5

.00

%

,

8/1/52

,

Continuously

Callable

@100

.....................................................

1,000

1,081

Tahoe-Truckee

Unified

School

District

Certificate

of

Participation

(INS

-

Build

America

Mutual

Assurance

Co.)

,

4

.00

%

,

6/1/43

,

Continuously

Callable

@100

..............

1,000

1,008

Temecula

Valley

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

4

.00

%

,

8/1/45

,

Continuously

Callable

@100

.........................

7,500

7,518

Tobacco

Securitization

Authority

of

Southern

California

Revenue

5

.00

%

,

6/1/48

,

Continuously

Callable

@100

...............................

720

738

5

.00

%

,

6/1/48

,

Continuously

Callable

@100

...............................

2,175

2,267

Transbay

Joint

Powers

Authority

Tax

Allocation

,

Series

A

,

5

.00

%

,

10/1/49

,

Continuously

Callable

@100

.....................................................

800

817

University

of

California

Revenue

,

Series

AL-2

,

0

.35

%

,

5/15/48

,

Callable

1/2/25

@

100

(f)

...

7,800

7,800

Vacaville

Unified

School

District,

GO

,

Series

D

,

4

.00

%

,

8/1/45

,

Continuously

Callable

@100

1,850

1,871

Victory

Portfolios

III

Victory

California

Bond

Fund

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Val

Verde

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

4

.00

%

,

8/1/45

,

Continuously

Callable

@100

...............................

$

4,475

$

4,491

Washington

Township

Health

Care

District

Revenue

Series

A

,

5

.00

%

,

7/1/42

,

Continuously

Callable

@100

.........................

1,000

1,013

Series

A

,

5

.75

%

,

7/1/53

,

Continuously

Callable

@100

.........................

1,500

1,629

Washington

Township

Health

Care

District,

GO

Series

A

,

4

.00

%

,

8/1/51

,

Continuously

Callable

@100

.........................

3,280

3,145

Series

B

,

4

.50

%

,

8/1/53

,

Continuously

Callable

@100

.........................

750

787

West

Contra

Costa

Unified

School

District,

GO

,

Series

B

,

5

.00

%

,

8/1/54

,

Continuously

Callable

@100

.....................................................

1,000

1,106

Western

Placer

Unified

School

District

Certificate

of

Participation

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

4

.00

%

,

8/1/41

,

Continuously

Callable

@100

..................

6,000

6,039

459,314

Guam

(1.2%):

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

AMT

,

Series

A

,

5

.25

%

,

10/1/41

,

Continuously

Callable

@100

...........................................

100

108

Guam

Power

Authority

Revenue

Series

A

,

5

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

2,800

2,874

Series

A

,

5

.00

%

,

10/1/41

,

Continuously

Callable

@100

........................

2,635

2,834

5,816

Virgin

Islands

(0.7%):

Virgin

Islands

Public

Finance

Authority

Revenue

,

5

.00

%

,

9/1/33

,

Continuously

Callable

@100

(d)

.........................................................

3,000

3,019

Total

Municipal

Bonds

(Cost

$466,482)

a

a

a

468,149

Total

Investments

(Cost

$466,482)

—

99.4%

468,149

Other

assets

in

excess

of

liabilities

—  0.6%

2,922

NET

ASSETS

-

100.00%

$

471,071

(a)

Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

November

30,

2024.

(c)

Put

Bond.

(d)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$36,843

(thousands)

and

amounted

to

7.8%

of

net

assets.

(e)

Zero-coupon

bond.

(f)

Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

AMT

—

Alternative

Minimum

Tax

bps

—

Basis

points

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

MUNIPSA

—

SIFMA

Municipal

Swap

Index

Yield

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

November

30,

2024

Victory

Portfolios

III

Victory

Cornerstone

Aggressive

Fund

6

(Unaudited)

Security

Description

Shares

a

Value

(000)

Common

Stocks

(40.0%)

Communication

Services

(3.4%):

Alphabet,

Inc.

,

Class

C

...................................................

37,700

$

6,428

Cargurus,

Inc.

(a)

.......................................................

2,098

79

Comcast

Corp.

,

Class

A

..................................................

16,786

725

IDT

Corp.

,

Class

B

......................................................

1,782

92

Meta

Platforms,

Inc.

,

Class

A

..............................................

8,323

4,780

Shutterstock,

Inc.

.......................................................

1,142

36

TEGNA,

Inc.

..........................................................

6,052

114

Verizon

Communications,

Inc.

..............................................

25,516

1,131

Yelp,

Inc.

(a)

...........................................................

2,348

90

Ziff

Davis,

Inc.

(a)

.......................................................

1,959

115

13,590

Consumer

Discretionary

(3.8%):

Academy

Sports

&

Outdoors,

Inc.

...........................................

1,788

88

Asbury

Automotive

Group,

Inc.

(a)

...........................................

250

65

AutoNation,

Inc.

(a)

.....................................................

75

13

AutoZone,

Inc.

(a)

.......................................................

46

146

Best

Buy

Co.,

Inc.

......................................................

4,001

360

Booking

Holdings,

Inc.

...................................................

204

1,061

Caleres,

Inc.

..........................................................

1,845

57

D.R.

Horton,

Inc.

.......................................................

7,703

1,300

Deckers

Outdoor

Corp.

(a)

.................................................

988

194

Dick's

Sporting

Goods,

Inc.

................................................

3,121

647

Expedia

Group,

Inc.

(a)

...................................................

4,332

800

General

Motors

Co.

.....................................................

30,483

1,694

G-III

Apparel

Group

Ltd.

(a)

...............................................

2,765

82

H&R

Block,

Inc.

.......................................................

4,993

296

Installed

Building

Products,

Inc.

............................................

446

102

KB

Home

............................................................

1,083

90

Kontoor

Brands,

Inc.

....................................................

1,348

124

LCI

Industries

.........................................................

541

65

Lennar

Corp.

,

Class

A

....................................................

7,082

1,235

Murphy

USA,

Inc.

......................................................

844

462

NVR,

Inc.

(a)

..........................................................

130

1,201

O'Reilly

Automotive,

Inc.

(a)

...............................................

117

145

Oxford

Industries,

Inc.

...................................................

721

60

Perdoceo

Education

Corp.

.................................................

1,276

35

Phinia,

Inc.

...........................................................

1,926

108

PulteGroup,

Inc.

........................................................

10,680

1,445

Ralph

Lauren

Corp.

.....................................................

3,473

804

Signet

Jewelers

Ltd.

.....................................................

988

99

Steven

Madden

Ltd.

.....................................................

2,126

97

Taylor

Morrison

Home

Corp.

(a)

............................................

2,127

157

The

Buckle,

Inc.

........................................................

2,002

104

The

ODP

Corp.

(a)

......................................................

1,294

33

Toll

Brothers,

Inc.

......................................................

9,733

1,608

TopBuild

Corp.

(a)

......................................................

217

85

Tri

Pointe

Homes,

Inc.

(a)

.................................................

2,569

112

Winmark

Corp.

........................................................

208

86

Winnebago

Industries,

Inc.

................................................

1,364

80

Worthington

Enterprises,

Inc.

..............................................

738

30

15,170

Consumer

Staples

(3.2%):

Altria

Group,

Inc.

.......................................................

22,202

1,282

Cal-Maine

Foods,

Inc.

...................................................

1,225

120

Coca-Cola

Consolidated,

Inc.

..............................................

202

263

Colgate-Palmolive

Co.

...................................................

14,416

1,393

Costco

Wholesale

Corp.

..................................................

1,483

1,441

Dole

PLC

............................................................

1,708

26

Ingles

Markets,

Inc.

,

Class

A

...............................................

1,010

75

Victory

Portfolios

III

Victory

Cornerstone

Aggressive

Fund

7

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Kimberly-Clark

Corp.

....................................................

9,649

$

1,345

Philip

Morris

International,

Inc.

.............................................

8,623

1,147

Sysco

Corp.

...........................................................

7,594

586

Target

Corp.

..........................................................

6,905

914

The

Andersons,

Inc.

.....................................................

1,763

84

The

Kroger

Co.

........................................................

26,032

1,590

The

Procter

&

Gamble

Co.

................................................

6,191

1,110

USANA

Health

Sciences,

Inc.

(a)

............................................

922

35

Vital

Farms,

Inc.

(a)

.....................................................

2,901

96

Walmart,

Inc.

..........................................................

17,130

1,584

13,091

Energy

(1.4%):

Ardmore

Shipping

Corp.

..................................................

2,348

26

Berry

Corp.

...........................................................

5,356

22

California

Resources

Corp.

................................................

576

34

Chord

Energy

Corp.

.....................................................

453

58

ConocoPhillips

Co.

.....................................................

9,112

987

CONSOL

Energy,

Inc.

...................................................

877

115

Devon

Energy

Corp.

.....................................................

6,031

229

Diamondback

Energy,

Inc.

................................................

4,063

721

EOG

Resources,

Inc.

....................................................

11,614

1,548

HF

Sinclair

Corp.

.......................................................

3,086

126

Liberty

Energy,

Inc.

.....................................................

2,620

48

Magnolia

Oil

&

Gas

Corp.

,

Class

A

..........................................

2,655

74

Matador

Resources

Co.

...................................................

806

48

Murphy

Oil

Corp.

......................................................

2,644

86

Ovintiv,

Inc.

..........................................................

9,227

419

Phillips

66

Co.

.........................................................

4,658

624

REX

American

Resources

Corp.

(a)

..........................................

920

40

RPC,

Inc.

............................................................

5,248

34

Scorpio

Tankers,

Inc.

....................................................

1,056

53

SM

Energy

Co.

........................................................

1,427

64

Teekay

Tankers

Ltd.

,

Class

A

...............................................

2,153

87

Valero

Energy

Corp.

.....................................................

867

121

5,564

Financials

(5.3%):

Amalgamated

Financial

Corp.

..............................................

684

24

American

Express

Co.

...................................................

2,674

815

Ameriprise

Financial,

Inc.

.................................................

3,107

1,783

Ameris

Bancorp

........................................................

1,171

82

Apollo

Commercial

Real

Estate

Finance,

Inc.

...................................

3,314

31

Apollo

Global

Management,

Inc.

............................................

1,389

243

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

1,933

94

Associated

Banc-Corp.

...................................................

4,542

121

Bread

Financial

Holdings,

Inc.

.............................................

1,751

103

Capital

One

Financial

Corp.

...............................................

3,059

587

Cathay

General

Bancorp

..................................................

1,405

73

CNO

Financial

Group,

Inc.

................................................

3,119

125

Corebridge

Financial,

Inc.

.................................................

20,088

650

Donnelley

Financial

Solutions,

Inc.

(a)

........................................

1,257

76

East

West

Bancorp,

Inc.

..................................................

5,113

561

Enova

International,

Inc.

(a)

................................................

606

64

Enterprise

Financial

Services

Corp.

..........................................

547

33

Essent

Group

Ltd.

......................................................

1,168

68

Evercore,

Inc.

.........................................................

1,116

344

Everest

Group

Ltd.

......................................................

1,949

755

Fidelity

National

Financial,

Inc.

............................................

6,117

388

Fifth

Third

Bancorp

.....................................................

11,074

532

First

Bancorp

..........................................................

6,442

133

First

Financial

Bancorp

...................................................

1,462

43

Genworth

Financial,

Inc.

(a)

................................................

11,909

93

Victory

Portfolios

III

Victory

Cornerstone

Aggressive

Fund

8

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Hancock

Whitney

Corp.

..................................................

1,359

$

81

Hope

Bancorp,

Inc.

.....................................................

9,165

125

Horace

Mann

Educators

Corp.

..............................................

870

36

Interactive

Brokers

Group,

Inc.

.............................................

2,972

568

International

Bancshares

Corp.

.............................................

1,917

140

Jackson

Financial,

Inc.

,

Class

A

.............................................

1,355

136

JPMorgan

Chase

&

Co.

..................................................

12,638

3,156

Live

Oak

Bancshares,

Inc.

................................................

1,589

75

Moelis

&

Co.

,

Class

A

...................................................

1,364

105

Mr.

Cooper

Group,

Inc.

(a)

.................................................

645

64

OFG

Bancorp

.........................................................

2,917

133

Pathward

Financial,

Inc.

..................................................

1,388

116

PennyMac

Financial

Services,

Inc.

..........................................

651

70

Piper

Sandler

Cos.

......................................................

205

70

PROG

Holdings,

Inc.

....................................................

826

40

Prudential

Financial,

Inc.

.................................................

5,369

695

Regions

Financial

Corp.

..................................................

5,698

155

Simmons

First

National

Corp.

,

Class

A

.......................................

2,236

55

Skyward

Specialty

Insurance

Group,

Inc.

(a)

....................................

2,108

114

Synchrony

Financial

.....................................................

27,873

1,882

T.

Rowe

Price

Group,

Inc.

.................................................

3,406

422

The

Allstate

Corp.

......................................................

2,443

507

The

Bank

of

New

York

Mellon

Corp.

.........................................

5,750

471

The

Bank

of

NT

Butterfield

&

Son

Ltd.

.......................................

2,784

106

The

Hartford

Financial

Services

Group,

Inc.

....................................

10,058

1,240

The

Progressive

Corp.

...................................................

331

89

Veritex

Holdings,

Inc.

....................................................

3,432

104

Visa,

Inc.

,

Class

A

......................................................

1,301

410

W.R.

Berkley

Corp.

.....................................................

11,591

748

Wells

Fargo

&

Co.

......................................................

20,843

1,588

Westamerica

Bancorp

....................................................

1,457

83

21,405

Health

Care

(4.7%):

AbbVie,

Inc.

..........................................................

9,803

1,793

ACADIA

Pharmaceuticals,

Inc.

(a)

...........................................

3,309

54

AdaptHealth

Corp.

(a)

....................................................

5,817

58

ADMA

Biologics,

Inc.

(a)

.................................................

1,593

32

Alkermes

PLC

(a)

.......................................................

2,743

80

Arcellx,

Inc.

(a)

........................................................

955

84

Arcus

Biosciences,

Inc.

(a)

.................................................

2,287

35

Avanos

Medical,

Inc.

(a)

..................................................

2,567

49

Avidity

Biosciences,

Inc.

(a)

...............................................

801

35

Biohaven

Ltd.

(a)

.......................................................

896

41

Blueprint

Medicines

Corp.

(a)

..............................................

515

50

Cardinal

Health,

Inc.

....................................................

12,109

1,480

Catalyst

Pharmaceuticals,

Inc.

(a)

............................................

3,903

86

Cencora,

Inc.

..........................................................

446

112

Centene

Corp.

(a)

.......................................................

11,691

701

Collegium

Pharmaceutical,

Inc.

(a)

...........................................

1,602

49

Corcept

Therapeutics,

Inc.

(a)

..............................................

1,856

107

CorVel

Corp.

(a)

........................................................

373

136

Crinetics

Pharmaceuticals,

Inc.

(a)

...........................................

887

51

Cross

Country

Healthcare,

Inc.

(a)

...........................................

3,647

39

DaVita,

Inc.

(a)

.........................................................

134

22

Denali

Therapeutics,

Inc.

(a)

...............................................

1,457

36

Dynavax

Technologies

Corp.

(a)

.............................................

5,124

66

Dyne

Therapeutics,

Inc.

(a)

................................................

748

23

Elevance

Health,

Inc.

....................................................

1,680

684

Eli

Lilly

&

Co.

.........................................................

2,533

2,015

Geron

Corp.

(a)

.........................................................

6,299

26

Gilead

Sciences,

Inc.

....................................................

12,849

1,190

Halozyme

Therapeutics,

Inc.

(a)

.............................................

693

33

Victory

Portfolios

III

Victory

Cornerstone

Aggressive

Fund

9

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Harmony

Biosciences

Holdings,

Inc.

(a)

.......................................

3,672

$

127

HCA

Healthcare,

Inc.

....................................................

1,883

616

Innoviva,

Inc.

(a)

.......................................................

3,710

70

Insmed,

Inc.

(a)

.........................................................

1,046

79

Ironwood

Pharmaceuticals,

Inc.

(a)

...........................................

9,200

32

iTeos

Therapeutics,

Inc.

(a)

................................................

5,996

51

Johnson

&

Johnson

.....................................................

4,846

751

McKesson

Corp.

.......................................................

2,652

1,667

Medpace

Holdings,

Inc.

(a)

................................................

889

303

Merck

&

Co.,

Inc.

......................................................

16,149

1,641

Molina

Healthcare,

Inc.

(a)

................................................

1,601

477

Myriad

Genetics,

Inc.

(a)

..................................................

2,720

44

Option

Care

Health,

Inc.

(a)

................................................

4,386

104

Owens

&

Minor,

Inc.

(a)

..................................................

2,730

37

Pediatrix

Medical

Group,

Inc.

(a)

............................................

2,380

36

Progyny,

Inc.

(a)

........................................................

2,629

41

Regeneron

Pharmaceuticals,

Inc.

(a)

..........................................

629

472

REVOLUTION

Medicines,

Inc.

(a)

..........................................

1,159

67

Rhythm

Pharmaceuticals,

Inc.

(a)

............................................

663

41

SIGA

Technologies,

Inc.

..................................................

11,076

81

Tenet

Healthcare

Corp.

(a)

.................................................

6,445

920

The

Cigna

Group

.......................................................

2,664

900

Twist

Bioscience

Corp.

(a)

.................................................

727

36

U.S.

Physical

Therapy,

Inc.

................................................

563

56

United

Therapeutics

Corp.

(a)

..............................................

1,989

737

Universal

Health

Services,

Inc.

,

Class

B

.......................................

1,570

322

Vaxcyte,

Inc.

(a)

........................................................

803

76

Veracyte,

Inc.

(a)

........................................................

2,322

100

Vericel

Corp.

(a)

........................................................

1,383

80

19,131

Industrials

(4.3%):

ACCO

Brands

Corp.

....................................................

14,408

84

Acuity

Brands,

Inc.

.....................................................

1,672

536

Allison

Transmission

Holdings,

Inc.

.........................................

4,954

587

American

Woodmark

Corp.

(a)

..............................................

419

38

Apogee

Enterprises,

Inc.

..................................................

1,165

98

Applied

Industrial

Technologies,

Inc.

.........................................

577

159

Argan,

Inc.

...........................................................

543

85

ASGN,

Inc.

(a)

.........................................................

775

71

BlueLinx

Holdings,

Inc.

(a)

................................................

990

124

Boise

Cascade

Co.

......................................................

996

147

Builders

FirstSource,

Inc.

(a)

...............................................

7,900

1,473

Carlisle

Cos.,

Inc.

.......................................................

1,201

548

Caterpillar,

Inc.

........................................................

2,810

1,141

Cintas

Corp.

..........................................................

3,272

739

Comfort

Systems

USA,

Inc.

...............................................

692

341

Core

&

Main,

Inc.

,

Class

A

(a)

..............................................

11,610

564

CRA

International,

Inc.

...................................................

334

65

Cummins,

Inc.

.........................................................

1,554

583

Deluxe

Corp.

..........................................................

3,887

90

EMCOR

Group,

Inc.

....................................................

1,808

922

ExlService

Holdings,

Inc.

(a)

...............................................

1,683

78

Exponent,

Inc.

.........................................................

928

92

Ferguson

Enterprises,

Inc.

.................................................

2,674

577

Genco

Shipping

&

Trading

Ltd.

.............................................

4,331

69

GMS,

Inc.

(a)

..........................................................

743

75

Griffon

Corp.

..........................................................

1,066

90

Illinois

Tool

Works,

Inc.

..................................................

1,571

436

JELD-WEN

Holding,

Inc.

(a)

...............................................

5,486

60

Kforce,

Inc.

...........................................................

1,195

72

Korn

Ferry

...........................................................

1,011

79

Leidos

Holdings,

Inc.

....................................................

2,049

339

Victory

Portfolios

III

Victory

Cornerstone

Aggressive

Fund

10

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Lennox

International,

Inc.

.................................................

1,362

$

909

Limbach

Holdings,

Inc.

(a)

................................................

206

20

Lockheed

Martin

Corp.

...................................................

1,241

657

Masco

Corp.

..........................................................

6,529

526

Masterbrand,

Inc.

(a)

.....................................................

4,743

82

Matson,

Inc.

..........................................................

932

143

MillerKnoll,

Inc.

.......................................................

1,663

42

Mueller

Industries,

Inc.

...................................................

1,785

144

Otis

Worldwide

Corp.

....................................................

3,182

328

Owens

Corning

........................................................

3,632

747

PACCAR,

Inc.

.........................................................

9,184

1,075

Quanex

Building

Products

Corp.

............................................

1,186

35

Resideo

Technologies,

Inc.

(a)

..............................................

4,138

112

SkyWest,

Inc.

(a)

........................................................

703

81

Sterling

Infrastructure,

Inc.

(a)

..............................................

612

119

Sun

Country

Airlines

Holdings,

Inc.

(a)

........................................

3,306

48

Terex

Corp.

...........................................................

1,600

88

Textron,

Inc.

..........................................................

1,965

168

Trane

Technologies

PLC

..................................................

217

90

UFP

Industries,

Inc.

.....................................................

1,002

136

United

Rentals,

Inc.

.....................................................

176

152

W.W.

Grainger,

Inc.

.....................................................

1,096

1,321

Wabash

National

Corp.

...................................................

3,196

63

17,448

Information

Technology

(11.5%):

A10

Networks,

Inc.

.....................................................

5,618

96

Adeia,

Inc.

............................................................

6,865

83

Apple,

Inc.

...........................................................

42,682

10,130

Applied

Materials,

Inc.

...................................................

5,250

917

Arista

Networks,

Inc.

(a)

..................................................

1,598

648

Badger

Meter,

Inc.

......................................................

290

63

Belden,

Inc.

...........................................................

506

62

Box,

Inc.

,

Class

A

(a)

....................................................

3,556

125

Broadcom,

Inc.

........................................................

12,590

2,041

CDW

Corp.

...........................................................

1,453

256

Cisco

Systems,

Inc.

.....................................................

12,334

730

Clear

Secure,

Inc.

,

Class

A

................................................

3,028

78

CommVault

Systems,

Inc.

(a)

...............................................

696

119

Dell

Technologies,

Inc.

,

Class

C

............................................

10,273

1,311

Diodes,

Inc.

(a)

.........................................................

1,226

80

Dropbox,

Inc.

,

Class

A

(a)

.................................................

21,801

603

Extreme

Networks,

Inc.

(a)

................................................

3,917

65

F5,

Inc.

(a)

............................................................

2,753

689

Fair

Isaac

Corp.

(a)

......................................................

277

658

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

8,099

1,600

Hewlett

Packard

Enterprise

Co.

.............................................

36,240

769

Insight

Enterprises,

Inc.

(a)

................................................

921

144

Jabil,

Inc.

............................................................

5,549

754

KLA

Corp.

...........................................................

869

562

Knowles

Corp.

(a)

.......................................................

4,038

79

Kulicke

&

Soffa

Industries,

Inc.

.............................................

855

41

Microsoft

Corp.

........................................................

21,534

9,119

Motorola

Solutions,

Inc.

..................................................

2,277

1,138

Napco

Security

Technologies,

Inc.

...........................................

1,530

60

NetScout

Systems,

Inc.

(a)

.................................................

1,319

29

NVIDIA

Corp.

.........................................................

78,600

10,866

PC

Connection,

Inc.

.....................................................

528

38

Photronics,

Inc.

(a)

......................................................

3,527

88

Qorvo,

Inc.

(a)

.........................................................

5,098

352

QUALCOMM,

Inc.

.....................................................

6,343

1,006

Qualys,

Inc.

(a)

.........................................................

260

40

Sanmina

Corp.

(a)

.......................................................

1,483

118

Victory

Portfolios

III

Victory

Cornerstone

Aggressive

Fund

11

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

ScanSource,

Inc.

(a)

.....................................................

1,636

$

82

SolarWinds

Corp.

.......................................................

3,817

51

TD

SYNNEX

Corp.

.....................................................

2,758

328

TTM

Technologies,

Inc.

(a)

................................................

1,802

44

Verint

Systems,

Inc.

(a)

...................................................

2,342

59

VeriSign,

Inc.

(a)

........................................................

1,274

238

Vishay

Intertechnology,

Inc.

...............................................

3,880

74

Xerox

Holdings

Corp.

...................................................

3,918

36

46,469

Materials

(1.1%):

Alpha

Metallurgical

Resources,

Inc.

(a)

........................................

537

132

Cabot

Corp.

...........................................................

609

67

CF

Industries

Holdings,

Inc.

...............................................

2,657

238

Commercial

Metals

Co.

..................................................

920

57

Hawkins,

Inc.

.........................................................

705

95

LyondellBasell

Industries

NV

,

Class

A

........................................

9,024

752

Metallus,

Inc.

(a)

........................................................

3,663

61

Nucor

Corp.

...........................................................

4,817

745

O-I

Glass,

Inc.

(a)

.......................................................

6,746

85

Packaging

Corp.

of

America

...............................................

237

59

Reliance,

Inc.

..........................................................

1,198

385

Ryerson

Holding

Corp.

...................................................

1,428

37

Steel

Dynamics,

Inc.

.....................................................

11,123

1,616

Sylvamo

Corp.

.........................................................

938

86

Warrior

Met

Coal,

Inc.

...................................................

477

33

4,448

Real

Estate

(0.4%):

Acadia

Realty

Trust

.....................................................

3,659

95

Alexander

&

Baldwin,

Inc.

................................................

4,026

79

COPT

Defense

Properties

.................................................

1,548

51

DiamondRock

Hospitality

Co.

..............................................

8,497

79

Easterly

Government

Properties,

Inc.

.........................................

5,477

67

Empire

State

Realty

Trust,

Inc.

.............................................

6,434

71

Innovative

Industrial

Properties,

Inc.

.........................................

709

77

Kite

Realty

Group

Trust

..................................................

3,758

104

PotlatchDeltic

Corp.

.....................................................

1,291

58

Terreno

Realty

Corp.

....................................................

584

35

The

St.

Joe

Co.

........................................................

1,200

61

VICI

Properties,

Inc.

....................................................

21,816

711

Xenia

Hotels

&

Resorts,

Inc.

...............................................

5,171

80

1,568

Utilities

(0.9%):

Black

Hills

Corp.

.......................................................

2,088

134

Consolidated

Edison,

Inc.

.................................................

1,466

148

DTE

Energy

Co.

.......................................................

5,403

680

Entergy

Corp.

.........................................................

6,534

1,020

New

Jersey

Resources

Corp.

...............................................

1,340

69

NiSource,

Inc.

.........................................................

16,413

625

Northwestern

Energy

Group,

Inc.

...........................................

2,416

133

NRG

Energy,

Inc.

.......................................................

6,737

685

ONE

Gas,

Inc.

.........................................................

1,027

80

Spire,

Inc.

............................................................

1,274

93

3,667

Total

Common

Stocks

(Cost

$113,461)

a

a

a

161,551

Victory

Portfolios

III

Victory

Cornerstone

Aggressive

Fund

12

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

U.S.

Treasury

Obligations

(0.4%)

U.S.

Treasury

Notes

,

3

.88

%

,

3/31/25

(b)

.......................................

$

1,494

$

1,491

Total

U.S.

Treasury

Obligations

(Cost

$1,495)

a

a

a

1,491

Shares

Exchange-Traded

Funds

(46.5%)

Invesco

DB

Commodity

Index

Tracking

Fund

(c)

................................

45,600

1,010

Invesco

FTSE

RAFI

Developed

Markets

ex-US

ETF

.............................

43,991

2,180

Invesco

FTSE

RAFI

Emerging

Markets

ETF

...................................

240,641

5,001

iShares

0-5

Year

TIPS

Bond

ETF

............................................

15,974

1,615

iShares

1-3

Year

Treasury

Bond

ETF

.........................................

18,823

1,550

iShares

20+

Year

Treasury

Bond

ETF

.........................................

12,772

1,200

iShares

7-10

Year

Treasury

Bond

ETF

........................................

25,252

2,404

iShares

Core

MSCI

EAFE

ETF

.............................................

103,179

7,599

iShares

Core

S&P

500

ETF

................................................

9,551

5,779

iShares

Core

U.S.

Aggregate

Bond

ETF

.......................................

10,663

1,058

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(c)

.........................

8,329

768

iShares

MSCI

International

Momentum

Factor

ETF

(c)

............................

146,564

5,751

iShares

MSCI

International

Quality

Factor

ETF

.................................

165,207

6,433

iShares

Russell

2000

ETF

(c)

...............................................

31,919

7,720

Schwab

Fundamental

Emerging

Markets

Equity

ETF

.............................

430,014

13,128

Schwab

Fundamental

International

Equity

ETF

(c)

...............................

829,619

29,377

Schwab

Fundamental

International

Small

Equity

ETF

.............................

91,800

3,320

SPDR

Gold

Shares

(a)

....................................................

25,212

6,192

SPDR

S&P

Emerging

Markets

SmallCap

ETF

..................................

14,790

904

VanEck

Gold

Miners

ETF

.................................................

20,300

764

Vanguard

FTSE

All-World

ex-US

ETF

........................................

28,182

1,688

Vanguard

FTSE

Developed

Markets

ETF

......................................

593,223

29,839

Vanguard

FTSE

Emerging

Markets

ETF

......................................

257,587

11,738

Vanguard

Mortgage-Backed

Securities

ETF

(c)

..................................

21,540

999

Vanguard

Real

Estate

ETF

................................................

99,703

9,787

Vanguard

S&P

500

ETF

..................................................

37,008

20,482

Vanguard

Total

Bond

Market

ETF

...........................................

72,980

5,371

Vanguard

Total

Stock

Market

ETF

...........................................

4,415

1,324

Wisdom

Tree

Trust

-

WisdomTree

Emerging

Markets

SmallCap

Dividend

Fund

..........

16,645

843

Xtrackers

USD

High

Yield

Corporate

Bond

ETF

.................................

42,134

1,549

Total

Exchange-Traded

Funds

(Cost

$151,263)

a

a

a

187,373

Affiliated

Exchange-Traded

Funds

(12.1%)

VictoryShares

Core

Intermediate

Bond

ETF

....................................

688,471

32,344

VictoryShares

Core

Plus

Intermediate

Bond

ETF

................................

392,170

8,569

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

16,000

755

VictoryShares

Short-Term

Bond

ETF

.........................................

103,145

5,202

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

..............................

80,000

2,024

Total

Affiliated

Exchange-Traded

Funds

(Cost

$52,594)

a

a

a

48,894

Collateral

for

Securities

Loaned

(1.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

4

.55

%

(d)

........

1,218,838

1,219

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

4

.57

%

(d)

............

1,218,838

1,219

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

4

.57

%

(d)

...............

1,218,838

1,219

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

4

.58

%

(d)

.

1,218,838

1,218

Total

Collateral

for

Securities

Loaned

(Cost

$4,875)

a

a

a

4,875

Total

Investments

(Cost

$323,688)

—

100.2%

404,184

Liabilities

in

excess

of

other

assets

—  (0.2)%

(990)

NET

ASSETS

-

100.00%

$

403,194

At

November

30,

2024,

the

Fund's

investments

in

foreign

securities

were

30.2%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

Victory

Portfolios

III

Victory

Cornerstone

Aggressive

Fund

13

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

has

been

segregated

as

collateral

for

derivative

instruments.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Rate

disclosed

is

the

daily

yield

on

November

30,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Euro

Stoxx

50

Futures

...............

110

12/20/24

$

5,659,393

$

5,598,617

$

(

60,776

)

FTSE

100

Index

Futures

..............

49

12/20/24

5,217,722

5,179,336

(

38,386

)

Swiss

Market

Index

Futures

...........

15

12/20/24

2,035,397

2,001,873

(

33,524

)

Tokyo

Price

Index

Futures

............

20

12/12/24

3,577,765

3,581,551

3,786

$

(

128,900

)

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

ASX

SPI

200

Index

Futures

...........

15

12/19/24

$

1,996,553

$

2,068,295

$

(

71,742

)

E-Mini

Russell

2000

Index

Futures

......

61

12/20/24

6,729,493

7,456,030

(

726,537

)

Hang

Seng

Index

Futures

.............

9

12/30/24

1,101,439

1,128,210

(

26,771

)

S&P/Toronto

Stock

Exchange

60

Index

Futures

..........................

19

12/19/24

3,947,924

4,179,213

(

231,289

)

$

(

1,056,339

)

Total

unrealized

appreciation

$

3,786

Total

unrealized

depreciation

(

1,189,025

)

Total

net

unrealized

appreciation

(depreciation)

$

(

1,185,239

)

Affiliated

Holdings

(Amounts

in

thousands)

Fair

Value

2/29/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

11/30/2024

Dividend

Income

VictoryShares

Core

Intermediate

Bond

ETF

.........................

$

34,381

$

—

$

(

2,647

)

$

(

465

)

$

—

$

1,075

$

32,344

$

943

VictoryShares

Core

Plus

Intermediate

Bond

ETF

....................

7,437

979

—

—

—

153

8,569

255

VictoryShares

Emerging

Markets

Value

Momentum

ETF

................

725

—

—

—

—

30

755

41

VictoryShares

Short-Term

Bond

ETF

...

5,121

—

—

—

—

81

5,202

194

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

....................

—

2,007

—

—

—

17

2,024

30

$

47,664

$

2,986

$

(

2,647

)

$

(

465

)

$

—

$

1,356

$

48,894

$

1,463

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Cornerstone

Conservative

Fund

14

(Unaudited)

Security

Description

Shares

a

Value

(000)

Affiliated

Exchange-Traded

Funds

(32.4%)

VictoryShares

Core

Intermediate

Bond

ETF

....................................

438,782

$

20,614

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

55,618

2,624

VictoryShares

Free

Cash

Flow

ETF(a)

........................................

90,000

3,295

VictoryShares

International

Value

Momentum

ETF

...............................

93,597

4,471

VictoryShares

Short-Term

Bond

ETF

.........................................

579,469

29,223

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

..........................

18,550

1,703

VictoryShares

US

Value

Momentum

ETF

......................................

25,995

2,267

VictoryShares

WestEnd

U.S.

Sector

ETF(a)

....................................

82,587

3,409

Total

Affiliated

Exchange-Traded

Funds

(Cost

$64,969)

a

a

a

67,606

Affiliated

Mutual

Funds

(67.3%)

Victory

500

Index

Fund,

Reward

Shares

.......................................

95,380

7,366

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

......................

5,279,774

48,839

Victory

Emerging

Markets

Fund,

Institutional

Shares

.............................

105,073

2,186

Victory

Government

Securities

Fund,

Institutional

Shares

..........................

2,859,873

25,338

Victory

High

Income

Fund,

Institutional

Shares

.................................

1,387,406

9,601

Victory

Income

Fund,

Institutional

Shares

.....................................

1,499,269

17,436

Victory

Income

Stock

Fund,

Institutional

Shares

.................................

106,051

2,333

Victory

International

Fund,

Institutional

Shares

..................................

254,571

7,128

Victory

Market

Neutral

Income

Fund,

Class

I

...................................

1,161,670

9,723

Victory

Nasdaq-100

Index

Fund,

Class

R6

.....................................

61,247

3,223

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

.....................

63,955

1,350

Victory

Short-Term

Bond

Fund,

Institutional

Shares

..............................

868

8

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

...............................

36,945

577

Victory

Target

Managed

Allocation

Fund

......................................

475,327

5,267

Total

Affiliated

Mutual

Funds

(Cost

$140,749)

a

a

a

140,375

Collateral

for

Securities

Loaned

(0.5%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.55%(b)

........

278,919

279

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.57%(b)

............

278,919

279

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.57%(b)

...............

303,131

303

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.58%(b)

.

254,706

255

Total

Collateral

for

Securities

Loaned

(Cost

$1,116)

a

a

a

1,116

Total

Investments

(Cost

$206,834)

—

100.2%

209,097

Liabilities

in

excess

of

other

assets

—  (0.2)%

(507)

NET

ASSETS

-

100.00%

$

208,590

At

November

30,

2024,

the

foreign

securities

held

by

the

underlying

Funds

were

13.2%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Rate

disclosed

is

the

daily

yield

on

November

30,

2024.

ETF

—

Exchange-Traded

Fund

Affiliated

Holdings

(Amounts

in

thousands)

Fair

Value

2/29/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

11/30/2024

Dividend

Income

Victory

500

Index

Fund,

Reward

Shares

.

$

8,886

$

74

$

(2,967)

$

1,670

$

—

$

(297)

$

7,366

$

74

Victory

Core

Plus

Intermediate

Bond

Fund,

Institutional

Shares

.........

48,423

1,474

(1,919)

(378)

—

1,239

48,839

1,654

Victory

Emerging

Markets

Fund,

Institutional

Shares

..............

2,510

—

(415)

9

—

82

2,186

—

Victory

Portfolios

III

Victory

Cornerstone

Conservative

Fund

15

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Affiliated

Holdings

(Amounts

in

thousands)

Fair

Value

2/29/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

11/30/2024

Dividend

Income

Victory

Government

Securities

Fund,

Institutional

Shares

..............

$

25,849

$

640

$

(1,530)

$

(182)

$

—

$

561

$

25,338

$

719

Victory

High

Income

Fund,

Institutional

Shares

.......................

10,445

567

(1,495)

(256)

—

340

9,601

567

Victory

Income

Fund,

Institutional

Shares

17,197

522

(714)

(99)

—

530

17,436

522

Victory

Income

Stock

Fund,

Institutional

Shares

.......................

2,475

33

(497)

58

—

264

2,333

33

Victory

International

Fund,

Institutional

Shares

.......................

7,133

—

(416)

12

—

399

7,128

—

Victory

Market

Neutral

Income

Fund,

Class

I

.......................

9,519

343

—

—

—

(139)

9,723

343

Victory

Nasdaq-100

Index

Fund,

Class

R6

3,798

—

(1,105)

250

—

280

3,223

—

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

.........

948

—

—

—

—

402

1,350

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

..............

7

1

—

—

—

—*

8

–*

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

..............

1,482

—

(1,008)

20

—

83

577

—

Victory

Target

Managed

Allocation

Fund

5,728

—

(997)

(55)

—

591

5,267

—

VictoryShares

Core

Intermediate

Bond

ETF

.........................

16,425

3,872

—

—

—

317

20,614

517

VictoryShares

Emerging

Markets

Value

Momentum

ETF

................

2,520

—

—

—

—

104

2,624

142

VictoryShares

Free

Cash

Flow

ETF

....

1,787

932

—

—

—

576

3,295

19

VictoryShares

International

Value

Momentum

ETF

................

4,868

—

(472)

(30)

—

105

4,471

195

VictoryShares

Short-Term

Bond

ETF

...

31,240

—

(2,508)

(72)

—

563

29,223

1,149

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

................

1,419

—

—

—

—

284

1,703

19

VictoryShares

US

Value

Momentum

ETF

2,224

—

(420)

181

—

282

2,267

29

VictoryShares

WestEnd

U.S.

Sector

ETF

2,880

—

—

—

—

529

3,409

20

$

207,763

$

8,458

$

(16,463)

$

1,128

$

—

$

7,095

$

207,981

$

6,002

*

Rounds

to

less

than

$1

thousand.

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Cornerstone

Equity

Fund

16

(Unaudited)

Security

Description

Shares

a

Value

(000)

Affiliated

Exchange-Traded

Funds

(40.7%)

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

299,573

$

14,131

VictoryShares

Free

Cash

Flow

ETF

(a)

........................................

422,092

15,453

VictoryShares

International

Value

Momentum

ETF

...............................

487,611

23,293

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

..................................

161,062

4,553

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

..........................

104,594

9,605

VictoryShares

US

Value

Momentum

ETF

(a)

....................................

169,156

14,755

VictoryShares

WestEnd

U.S.

Sector

ETF

(a)

....................................

537,787

22,200

Total

Affiliated

Exchange-Traded

Funds

(Cost

$83,989)

a

a

a

103,990

Affiliated

Mutual

Funds

(59.0%)

Victory

500

Index

Fund,

Reward

Shares

.......................................

697,945

53,902

Victory

Emerging

Markets

Fund,

Institutional

Shares

.............................

593,340

12,341

Victory

Income

Stock

Fund,

Institutional

Shares

.................................

538,826

11,854

Victory

International

Fund,

Institutional

Shares

..................................

1,418,890

39,729

Victory

Nasdaq-100

Index

Fund,

Class

R6

.....................................

378,484

19,916

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

.....................

45,942

970

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

...............................

–

(b)

–

(c)

Victory

Target

Managed

Allocation

Fund

......................................

1,061,627

11,763

Total

Affiliated

Mutual

Funds

(Cost

$100,722)

a

a

a

150,475

Collateral

for

Securities

Loaned

(0.7%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

4

.55

%

(d)

........

434,044

434

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

4

.57

%

(d)

............

434,044

434

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

4

.57

%

(d)

...............

434,044

434

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

4

.58

%

(d)

.

434,044

434

Total

Collateral

for

Securities

Loaned

(Cost

$1,736)

a

a

a

1,736

Total

Investments

(Cost

$186,447)

—

100.4%

256,201

Liabilities

in

excess

of

other

assets

—  (0.4)%

(1,091)

NET

ASSETS

-

100.00%

$

255,110

At

November

30,

2024,

the

foreign

securities

held

by

the

underlying

Funds

were

35.5%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Rounds

to

less

than

1

share.

(c)

Rounds

to

less

than

$1

thousand.

(d)

Rate

disclosed

is

the

daily

yield

on

November

30,

2024.

ETF

—

Exchange-Traded

Fund

Affiliated

Holdings

(Amounts

in

thousands)

Fair

Value

2/29/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

11/30/2024

Dividend

Income

Victory

500

Index

Fund,

Reward

Shares

.

$

46,754

$

436

$

(

1,888

)

$

275

$

—

$

8,325

$

53,902

$

436

Victory

Emerging

Markets

Fund,

Institutional

Shares

..............

11,214

918

(

211

)

(

16

)

—

436

12,341

—

Victory

Income

Stock

Fund,

Institutional

Shares

.......................

10,157

170

—

—

—

1,527

11,854

170

Victory

International

Fund,

Institutional

Shares

.......................

36,719

835

—

—

—

2,175

39,729

—

Victory

Nasdaq-100

Index

Fund,

Class

R6

17,982

—

(

954

)

154

—

2,734

19,916

—

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

.........

681

—

—

—

—

289

970

—

Victory

Portfolios

III

Victory

Cornerstone

Equity

Fund

17

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Affiliated

Holdings

(Amounts

in

thousands)

Fair

Value

2/29/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

11/30/2024

Dividend

Income

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

..............

$

5,202

$

—

$

(

5,697

)

$

449

$

—

$

46

$

—

*

$

—

Victory

Target

Managed

Allocation

Fund

14,145

—

(

3,731

)

82

—

1,267

11,763

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

................

12,091

1,615

—

—

—

425

14,131

688

VictoryShares

Free

Cash

Flow

ETF

....

11,674

1,009

—

—

—

2,770

15,453

104

VictoryShares

International

Value

Momentum

ETF

................

23,446

—

(

528

)

(

58

)

—

433

23,293

1,000

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........................

1,804

2,518

—

—

—

231

4,553

23

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

................

5,858

2,507

—

—

—

1,240

9,605

81

VictoryShares

US

Value

Momentum

ETF

12,853

—

(

750

)

248

—

2,404

14,755

158

VictoryShares

WestEnd

U.S.

Sector

ETF

17,633

1,258

—

—

—

3,309

22,200

125

$

228,213

$

11,266

$

(

13,759

)

$

1,134

$

—

$

27,611

$

254,465

$

2,785

*

Rounds

to

less

than

$1

thousand.

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Cornerstone

Moderate

Fund

18

(Unaudited)

Security

Description

Shares

a

Value

(000)

Common

Stocks

(22.0%)

Communication

Services

(2.0%):

Alphabet,

Inc.

,

Class

C

...................................................

65,521

$

11,170

Comcast

Corp.

,

Class

A

..................................................

29,169

1,260

Meta

Platforms,

Inc.

,

Class

A

..............................................

14,467

8,309

Verizon

Communications,

Inc.

..............................................

44,345

1,966

22,705

Consumer

Discretionary

(2.0%):

AutoNation,

Inc.

(a)

.....................................................

131

23

AutoZone,

Inc.

(a)

.......................................................

80

254

Best

Buy

Co.,

Inc.

......................................................

6,941

625

Booking

Holdings,

Inc.

...................................................

357

1,857

D.R.

Horton,

Inc.

.......................................................

13,388

2,260

Deckers

Outdoor

Corp.

(a)

.................................................

1,717

336

Dick's

Sporting

Goods,

Inc.

................................................

5,424

1,124

Expedia

Group,

Inc.

(a)

...................................................

7,513

1,387

General

Motors

Co.

.....................................................

52,978

2,945

H&R

Block,

Inc.

.......................................................

8,676

514

Lennar

Corp.

,

Class

A

....................................................

12,310

2,147

Murphy

USA,

Inc.

......................................................

1,467

804

NVR,

Inc.

(a)

..........................................................

226

2,087

O'Reilly

Automotive,

Inc.

(a)

...............................................

204

254

PulteGroup,

Inc.

........................................................

18,561

2,511

Ralph

Lauren

Corp.

.....................................................

6,035

1,396

Toll

Brothers,

Inc.

......................................................

16,916

2,794

TopBuild

Corp.

(a)

......................................................

376

147

23,465

Consumer

Staples

(1.9%):

Altria

Group,

Inc.

.......................................................

38,502

2,223

Coca-Cola

Consolidated,

Inc.

..............................................

289

377

Colgate-Palmolive

Co.

...................................................

25,055

2,421

Costco

Wholesale

Corp.

..................................................

2,578

2,506

Kimberly-Clark

Corp.

....................................................

16,770

2,337

Philip

Morris

International,

Inc.

.............................................

14,954

1,990

Sysco

Corp.

...........................................................

13,192

1,017

Target

Corp.

..........................................................

11,999

1,588

The

Kroger

Co.

........................................................

45,240

2,763

The

Procter

&

Gamble

Co.

................................................

10,755

1,928

Walmart,

Inc.

..........................................................

29,767

2,753

21,903

Energy

(0.7%):

ConocoPhillips

Co.

.....................................................

15,806

1,712

Devon

Energy

Corp.

.....................................................

10,463

397

Diamondback

Energy,

Inc.

................................................

7,062

1,254

EOG

Resources,

Inc.

....................................................

20,183

2,690

Ovintiv,

Inc.

..........................................................

16,033

728

Phillips

66

Co.

.........................................................

8,095

1,084

Valero

Energy

Corp.

.....................................................

1,507

210

8,075

Financials

(2.8%):

American

Express

Co.

...................................................

4,645

1,415

Ameriprise

Financial,

Inc.

.................................................

5,401

3,100

Apollo

Global

Management,

Inc.

............................................

2,413

422

Capital

One

Financial

Corp.

...............................................

5,316

1,021

Corebridge

Financial,

Inc.

.................................................

34,900

1,130

East

West

Bancorp,

Inc.

..................................................

8,886

975

Evercore,

Inc.

.........................................................

1,939

597

Everest

Group

Ltd.

......................................................

3,386

1,312

Fidelity

National

Financial,

Inc.

............................................

10,628

674

Fifth

Third

Bancorp

.....................................................

19,240

925

Victory

Portfolios

III

Victory

Cornerstone

Moderate

Fund

19

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Interactive

Brokers

Group,

Inc.

.............................................

5,166

$

987

JPMorgan

Chase

&

Co.

..................................................

21,897

5,468

Prudential

Financial,

Inc.

.................................................

9,331

1,207

Regions

Financial

Corp.

..................................................

9,901

270

Synchrony

Financial

.....................................................

48,440

3,271

T.

Rowe

Price

Group,

Inc.

.................................................

5,917

733

The

Allstate

Corp.

......................................................

4,248

881

The

Bank

of

New

York

Mellon

Corp.

.........................................

9,979

817

The

Hartford

Financial

Services

Group,

Inc.

....................................

17,479

2,155

The

Progressive

Corp.

...................................................

576

155

Visa,

Inc.

,

Class

A

......................................................

2,261

712

W.R.

Berkley

Corp.

.....................................................

20,142

1,300

Wells

Fargo

&

Co.

......................................................

36,217

2,759

32,286

Health

Care

(2.5%):

AbbVie,

Inc.

..........................................................

17,000

3,110

Cardinal

Health,

Inc.

....................................................

21,044

2,572

Cencora,

Inc.

..........................................................

776

195

Centene

Corp.

(a)

.......................................................

20,274

1,216

DaVita,

Inc.

(a)

.........................................................

232

39

Elevance

Health,

Inc.

....................................................

2,913

1,185

Eli

Lilly

&

Co.

.........................................................

4,401

3,500

Gilead

Sciences,

Inc.

....................................................

22,285

2,063

HCA

Healthcare,

Inc.

....................................................

3,273

1,071

Johnson

&

Johnson

.....................................................

8,425

1,306

McKesson

Corp.

.......................................................

4,609

2,897

Medpace

Holdings,

Inc.

(a)

................................................

1,546

527

Merck

&

Co.,

Inc.

......................................................

28,065

2,853

Molina

Healthcare,

Inc.

(a)

................................................

2,784

829

Regeneron

Pharmaceuticals,

Inc.

(a)

..........................................

1,094

821

Tenet

Healthcare

Corp.

(a)

.................................................

11,202

1,598

The

Cigna

Group

.......................................................

4,619

1,560

United

Therapeutics

Corp.

(a)

..............................................

3,459

1,282

Universal

Health

Services,

Inc.

,

Class

B

.......................................

2,730

560

29,184

Industrials

(2.2%):

Acuity

Brands,

Inc.

.....................................................

2,906

932

Allison

Transmission

Holdings,

Inc.

.........................................

8,610

1,020

Builders

FirstSource,

Inc.

(a)

...............................................

13,731

2,560

Carlisle

Cos.,

Inc.

.......................................................

2,087

953

Caterpillar,

Inc.

........................................................

4,882

1,983

Cintas

Corp.

..........................................................

5,690

1,285

Comfort

Systems

USA,

Inc.

...............................................

1,203

593

Core

&

Main,

Inc.

,

Class

A

(a)

..............................................

20,177

980

Cummins,

Inc.

.........................................................

2,699

1,012

EMCOR

Group,

Inc.

....................................................

3,141

1,602

Ferguson

Enterprises,

Inc.

.................................................

4,637

1,001

Illinois

Tool

Works,

Inc.

..................................................

2,731

758

Leidos

Holdings,

Inc.

....................................................

3,562

589

Lennox

International,

Inc.

.................................................

2,365

1,578

Lockheed

Martin

Corp.

...................................................

2,157

1,142

Masco

Corp.

..........................................................

11,346

914

Otis

Worldwide

Corp.

....................................................

5,522

569

Owens

Corning

........................................................

6,310

1,297

PACCAR,

Inc.

.........................................................

15,935

1,864

Textron,

Inc.

..........................................................

3,414

292

Trane

Technologies

PLC

..................................................

376

157

United

Rentals,

Inc.

.....................................................

307

266

W.W.

Grainger,

Inc.

.....................................................

1,900

2,290

25,637

Victory

Portfolios

III

Victory

Cornerstone

Moderate

Fund

20

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Information

Technology

(6.7%):

Apple,

Inc.

...........................................................

74,179

$

17,605

Applied

Materials,

Inc.

...................................................

9,125

1,594

Arista

Networks,

Inc.

(a)

..................................................

2,778

1,127

Broadcom,

Inc.

........................................................

21,885

3,547

Cisco

Systems,

Inc.

.....................................................

21,435

1,269

Dell

Technologies,

Inc.

,

Class

C

............................................

17,854

2,278

Dropbox,

Inc.

,

Class

A

(a)

.................................................

37,884

1,048

F5,

Inc.

(a)

............................................................

4,784

1,198

Fair

Isaac

Corp.

(a)

......................................................

481

1,142

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

14,075

2,781

Hewlett

Packard

Enterprise

Co.

.............................................

62,982

1,337

Jabil,

Inc.

............................................................

9,642

1,310

KLA

Corp.

...........................................................

1,512

978

Microsoft

Corp.

........................................................

37,424

15,848

Motorola

Solutions,

Inc.

..................................................

3,957

1,977

NVIDIA

Corp.

.........................................................

136,601

18,885

Qorvo,

Inc.

(a)

.........................................................

8,859

612

QUALCOMM,

Inc.

.....................................................

11,025

1,748

TD

SYNNEX

Corp.

.....................................................

4,792

570

VeriSign,

Inc.

(a)

........................................................

2,212

414

77,268

Materials

(0.6%):

CF

Industries

Holdings,

Inc.

...............................................

4,618

414

LyondellBasell

Industries

NV

,

Class

A

........................................

15,648

1,304

Nucor

Corp.

...........................................................

8,372

1,295

Packaging

Corp.

of

America

...............................................

412

103

Reliance,

Inc.

..........................................................

2,083

669

Steel

Dynamics,

Inc.

.....................................................

19,331

2,808

6,593

Real

Estate

(0.1%):

VICI

Properties,

Inc.

....................................................

38,552

1,257

Utilities

(0.5%):

Consolidated

Edison,

Inc.

.................................................

2,548

256

DTE

Energy

Co.

.......................................................

9,388

1,181

Entergy

Corp.

.........................................................

11,354

1,773

NiSource,

Inc.

.........................................................

28,522

1,086

NRG

Energy,

Inc.

.......................................................

11,706

1,190

5,486

Total

Common

Stocks

(Cost

$172,795)

a

a

a

253,859

Principal

Amount

(000)

U.S.

Treasury

Obligations

(0.9%)

U.S.

Treasury

Notes

,

3

.88

%

,

3/31/25

(b)

.......................................

$

9,963

9,943

Total

U.S.

Treasury

Obligations

(Cost

$9,969)

a

a

a

9,943

Shares

Exchange-Traded

Funds

(43.2%)

Invesco

DB

Commodity

Index

Tracking

Fund

..................................

114,500

2,535

Invesco

FTSE

RAFI

Developed

Markets

ex-US

ETF

.............................

335,920

16,648

Invesco

FTSE

RAFI

Emerging

Markets

ETF

...................................

686,690

14,269

iShares

0-5

Year

TIPS

Bond

ETF

............................................

104,795

10,593

iShares

1-3

Year

Treasury

Bond

ETF

.........................................

156,318

12,868

iShares

20+

Year

Treasury

Bond

ETF

.........................................

188,374

17,701

iShares

7-10

Year

Treasury

Bond

ETF

........................................

202,123

19,240

iShares

Core

MSCI

EAFE

ETF

.............................................

123,049

9,063

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

159,225

8,647

iShares

Core

S&P

500

ETF

................................................

10,288

6,225

Victory

Portfolios

III

Victory

Cornerstone

Moderate

Fund

21

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

iShares

Core

S&P

Small-Cap

ETF

...........................................

104,912

$

13,274

iShares

Core

U.S.

Aggregate

Bond

ETF

.......................................

276,972

27,476

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(c)

.........................

86,803

7,999

iShares

MSCI

Canada

ETF

................................................

57,930

2,505

iShares

MSCI

International

Momentum

Factor

ETF

(c)

............................

401,271

15,746

iShares

MSCI

International

Quality

Factor

ETF

.................................

457,001

17,796

iShares

Russell

2000

ETF

(c)

...............................................

68,837

16,650

Schwab

Fundamental

Emerging

Markets

Equity

ETF

.............................

920,892

28,115

Schwab

Fundamental

International

Equity

ETF

.................................

1,549,839

54,880

Schwab

Fundamental

International

Small

Equity

ETF

.............................

266,700

9,647

SPDR

Gold

Shares

(a)

(c)

..................................................

75,362

18,508

SPDR

S&P

Emerging

Markets

SmallCap

ETF

..................................

34,497

2,109

VanEck

Gold

Miners

ETF

.................................................

50,213

1,891

Vanguard

FTSE

All-World

ex-US

ETF

........................................

182,796

10,951

Vanguard

FTSE

Developed

Markets

ETF

......................................

728,719

36,655

Vanguard

Mortgage-Backed

Securities

ETF

(c)

..................................

280,927

13,024

Vanguard

Real

Estate

ETF

(c)

..............................................

221,156

21,709

Vanguard

S&P

500

ETF

..................................................

59,656

33,017

Vanguard

Short-Term

Corporate

Bond

ETF

(c)

..................................

138,426

10,887

Vanguard

Total

Bond

Market

ETF

...........................................

104,751

7,710

Vanguard

Total

Stock

Market

ETF

...........................................

47,516

14,248

Wisdom

Tree

Trust

-

WisdomTree

Emerging

Markets

SmallCap

Dividend

Fund

..........

59,797

3,027

Xtrackers

USD

High

Yield

Corporate

Bond

ETF

.................................

317,331

11,665

Total

Exchange-Traded

Funds

(Cost

$424,052)

a

a

a

497,278

Affiliated

Exchange-Traded

Funds

(32.5%)

VictoryShares

Core

Intermediate

Bond

ETF

....................................

5,559,400

261,181

VictoryShares

Core

Plus

Intermediate

Bond

ETF

................................

3,356,796

73,346

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

51,500

2,429

VictoryShares

Short-Term

Bond

ETF

.........................................

402,475

20,297

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

..............................

700,000

17,710

Total

Affiliated

Exchange-Traded

Funds

(Cost

$417,787)

a

a

a

374,963

Collateral

for

Securities

Loaned

(5.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

4

.55

%

(d)

........

14,574,430

14,574

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

4

.57

%

(d)

............

14,574,430

14,575

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

4

.57

%

(d)

...............

14,574,430

14,575

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

4

.58

%

(d)

.

14,574,430

14,574

Total

Collateral

for

Securities

Loaned

(Cost

$58,298)

a

a

a

58,298

Total

Investments

(Cost

$1,082,901)

—

103.7%

1,194,341

Liabilities

in

excess

of

other

assets

—  (3.7)%

(42,714)

NET

ASSETS

-

100.00%

$

1,151,627

At

November

30,

2024,

the

Fund's

investments

in

foreign

securities

were

21.2%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

has

been

segregated

as

collateral

for

derivative

instruments.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Rate

disclosed

is

the

daily

yield

on

November

30,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Victory

Portfolios

III

Victory

Cornerstone

Moderate

Fund

22

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Euro

Stoxx

50

Futures

...............

355

12/20/24

$

18,264,405

$

18,068,267

$

(

196,138

)

FTSE

100

Index

Futures

..............

141

12/20/24

15,014,261

14,903,803

(

110,458

)

Swiss

Market

Index

Futures

...........

38

12/20/24

5,147,125

5,071,412

(

75,713

)

Tokyo

Price

Index

Futures

............

81

12/12/24

14,495,743

14,505,281

9,538

$

(

372,771

)

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

ASX

SPI

200

Index

Futures

...........

57

12/19/24

$

7,587,880

$

7,859,518

$

(

271,638

)

E-Mini

S&P

500

Futures

..............

21

12/20/24

6,111,412

6,354,075

(

242,663

)

Hang

Seng

Index

Futures

.............

31

12/30/24

3,793,846

3,886,057

(

92,211

)

S&P/Toronto

Stock

Exchange

60

Index

Futures

..........................

91

12/19/24

18,874,736

20,016,230

(

1,141,494

)

$

(

1,748,006

)

Total

unrealized

appreciation

$

9,538

Total

unrealized

depreciation

(

2,130,315

)

Total

net

unrealized

appreciation

(depreciation)

$

(

2,120,777

)

Affiliated

Holdings

(Amounts

in

thousands)

Fair

Value

2/29/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

11/30/2024

Dividend

Income

VictoryShares

Core

Intermediate

Bond

ETF

.........................

$

276,232

$

—

$

(

19,927

)

$

(

3,422

)

$

—

$

8,298

$

261,181

$

7,590

VictoryShares

Core

Plus

Intermediate

Bond

ETF

....................

70,390

1,541

—

—

—

1,415

73,346

2,389

VictoryShares

Emerging

Markets

Value

Momentum

ETF

................

2,333

—

—

—

—

96

2,429

132

VictoryShares

Short-Term

Bond

ETF

...

19,983

—

—

—

—

314

20,297

758

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

....................

—

17,563

—

—

—

147

17,710

259

$

368,938

$

19,104

$

(

19,927

)

$

(

3,422

)

$

—

$

10,270

$

374,963

$

11,128

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Aggressive

Fund

23

(Unaudited)

Security

Description

Shares

a

Value

(000)

Common

Stocks

(29.4%)

Communication

Services

(2.5%):

Alphabet,

Inc.

,

Class

C

...................................................

197,876

$

33,736

Cargurus,

Inc.

(a)

.......................................................

6,857

259

Comcast

Corp.

,

Class

A

..................................................

88,100

3,805

IDT

Corp.

,

Class

B

......................................................

4,928

254

John

Wiley

&

Sons,

Inc.

,

Class

A

............................................

4,471

233

Meta

Platforms,

Inc.

,

Class

A

..............................................

43,693

25,094

TEGNA,

Inc.

..........................................................

20,660

388

Verizon

Communications,

Inc.

..............................................

133,931

5,939

Yelp,

Inc.

(a)

...........................................................

7,595

290

Ziff

Davis,

Inc.

(a)

.......................................................

8,097

477

70,475

Consumer

Discretionary

(2.7%):

Asbury

Automotive

Group,

Inc.

(a)

...........................................

1,027

267

AutoNation,

Inc.

(a)

.....................................................

399

71

AutoZone,

Inc.

(a)

.......................................................

242

767

Best

Buy

Co.,

Inc.

......................................................

20,959

1,886

Booking

Holdings,

Inc.

...................................................

1,072

5,577

Build-A-Bear

Workshop,

Inc.

..............................................

6,041

230

Caleres,

Inc.

..........................................................

7,900

245

D.R.

Horton,

Inc.

.......................................................

40,435

6,825

Deckers

Outdoor

Corp.

(a)

.................................................

5,196

1,018

Dick's

Sporting

Goods,

Inc.

................................................

16,387

3,396

Expedia

Group,

Inc.

(a)

...................................................

22,674

4,186

General

Motors

Co.

.....................................................

160,001

8,894

G-III

Apparel

Group

Ltd.

(a)

...............................................

8,820

261

H&R

Block,

Inc.

.......................................................

26,208

1,554

KB

Home

............................................................

5,198

430

Kontoor

Brands,

Inc.

....................................................

2,431

223

Lennar

Corp.

,

Class

A

....................................................

37,177

6,483

M/I

Homes,

Inc.

(a)

......................................................

2,517

415

Movado

Group,

Inc.

.....................................................

9,416

192

Murphy

USA,

Inc.

......................................................

4,434

2,429

NVR,

Inc.

(a)

..........................................................

680

6,280

O'Reilly

Automotive,

Inc.

(a)

...............................................

617

767

Perdoceo

Education

Corp.

.................................................

7,597

209

Phinia,

Inc.

...........................................................

5,750

322

PulteGroup,

Inc.

........................................................

56,057

7,583

Ralph

Lauren

Corp.

.....................................................

18,232

4,219

Signet

Jewelers

Ltd.

.....................................................

3,897

390

Taylor

Morrison

Home

Corp.

(a)

............................................

6,675

493

The

Buckle,

Inc.

........................................................

5,081

265

The

ODP

Corp.

(a)

......................................................

5,435

140

Toll

Brothers,

Inc.

......................................................

51,089

8,438

TopBuild

Corp.

(a)

......................................................

1,143

447

Tri

Pointe

Homes,

Inc.

(a)

.................................................

9,298

405

Winmark

Corp.

........................................................

562

232

Winnebago

Industries,

Inc.

................................................

4,027

236

75,775

Consumer

Staples

(2.5%):

Altria

Group,

Inc.

.......................................................

116,192

6,709

Cal-Maine

Foods,

Inc.

...................................................

3,437

335

Coca-Cola

Consolidated,

Inc.

..............................................

876

1,143

Colgate-Palmolive

Co.

...................................................

75,671

7,312

Costco

Wholesale

Corp.

..................................................

7,789

7,570

Dole

PLC

............................................................

15,759

238

Ingles

Markets,

Inc.

,

Class

A

...............................................

2,940

217

John

B

Sanfilippo

&

Son,

Inc.

..............................................

3,409

294

Kimberly-Clark

Corp.

....................................................

50,650

7,058

Philip

Morris

International,

Inc.

.............................................

45,126

6,004

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Aggressive

Fund

24

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

SpartanNash

Co.

.......................................................

10,502

$

199

Sysco

Corp.

...........................................................

39,794

3,069

Target

Corp.

..........................................................

36,242

4,795

The

Andersons,

Inc.

.....................................................

4,893

234

The

Kroger

Co.

........................................................

136,634

8,346

The

Procter

&

Gamble

Co.

................................................

32,442

5,816

Vital

Farms,

Inc.

(a)

.....................................................

9,252

307

Walmart,

Inc.

..........................................................

89,907

8,316

67,962

Energy

(1.0%):

Ardmore

Shipping

Corp.

..................................................

17,871

199

Berry

Corp.

...........................................................

35,653

146

Chord

Energy

Corp.

.....................................................

1,261

161

ConocoPhillips

Co.

.....................................................

47,704

5,168

CONSOL

Energy,

Inc.

...................................................

3,556

465

Devon

Energy

Corp.

.....................................................

31,588

1,199

Diamondback

Energy,

Inc.

................................................

21,326

3,787

EOG

Resources,

Inc.

....................................................

60,959

8,123

Liberty

Energy,

Inc.

.....................................................

14,883

274

Matador

Resources

Co.

...................................................

2,642

159

Murphy

Oil

Corp.

......................................................

6,808

221

Ovintiv,

Inc.

..........................................................

48,430

2,200

Peabody

Energy

Corp.

...................................................

8,403

200

Phillips

66

Co.

.........................................................

24,452

3,276

REX

American

Resources

Corp.

(a)

..........................................

6,771

293

Scorpio

Tankers,

Inc.

....................................................

3,561

180

Teekay

Tankers

Ltd.

,

Class

A

...............................................

9,293

374

Valero

Energy

Corp.

.....................................................

4,555

634

27,059

Financials

(4.0%):

1st

Source

Corp.

.......................................................

6,326

410

Amalgamated

Financial

Corp.

..............................................

10,523

375

American

Express

Co.

...................................................

14,033

4,276

Ameriprise

Financial,

Inc.

.................................................

16,313

9,363

Ameris

Bancorp

........................................................

5,946

418

Apollo

Commercial

Real

Estate

Finance,

Inc.

...................................

22,350

207

Apollo

Global

Management,

Inc.

............................................

7,291

1,276

Bread

Financial

Holdings,

Inc.

.............................................

7,808

459

Capital

One

Financial

Corp.

...............................................

16,056

3,083

Cathay

General

Bancorp

..................................................

7,575

394

CNO

Financial

Group,

Inc.

................................................

10,608

423

Community

Trust

Bancorp,

Inc.

.............................................

5,099

301

Corebridge

Financial,

Inc.

.................................................

105,261

3,407

East

West

Bancorp,

Inc.

..................................................

26,841

2,944

Essent

Group

Ltd.

......................................................

6,075

351

Evercore,

Inc.

.........................................................

5,858

1,804

Everest

Group

Ltd.

......................................................

10,217

3,960

Fidelity

National

Financial,

Inc.

............................................

32,105

2,035

Fifth

Third

Bancorp

.....................................................

58,029

2,789

First

Bancorp

..........................................................

22,623

468

First

Financial

Bancorp

...................................................

13,737

406

Genworth

Financial,

Inc.

(a)

................................................

42,078

328

Hancock

Whitney

Corp.

..................................................

7,318

434

Hanmi

Financial

Corp.

...................................................

11,310

299

Hope

Bancorp,

Inc.

.....................................................

28,019

382

Interactive

Brokers

Group,

Inc.

.............................................

15,605

2,982

International

Bancshares

Corp.

.............................................

6,249

457

Jackson

Financial,

Inc.

,

Class

A

.............................................

4,435

444

JPMorgan

Chase

&

Co.

..................................................

66,135

16,515

Ladder

Capital

Corp.

....................................................

22,816

271

Live

Oak

Bancshares,

Inc.

................................................

7,831

371

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Aggressive

Fund

25

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Moelis

&

Co.

,

Class

A

...................................................

3,734

$

287

OFG

Bancorp

.........................................................

9,991

454

Old

Second

BanCorp.,

Inc.

................................................

21,504

400

Pathward

Financial,

Inc.

..................................................

5,241

440

PennyMac

Financial

Services,

Inc.

..........................................

3,342

358

Piper

Sandler

Cos.

......................................................

1,085

372

PROG

Holdings,

Inc.

....................................................

6,281

306

Prudential

Financial,

Inc.

.................................................

28,185

3,647

QCR

Holdings,

Inc.

.....................................................

3,690

340

Regions

Financial

Corp.

..................................................

29,909

815

Selective

Insurance

Group,

Inc.

.............................................

2,226

227

Simmons

First

National

Corp.

,

Class

A

.......................................

14,849

363

Skyward

Specialty

Insurance

Group,

Inc.

(a)

....................................

6,723

364

Synchrony

Financial

.....................................................

146,295

9,878

T.

Rowe

Price

Group,

Inc.

.................................................

17,878

2,214

The

Allstate

Corp.

......................................................

12,830

2,661

The

Bank

of

New

York

Mellon

Corp.

.........................................

30,151

2,468

The

Bank

of

NT

Butterfield

&

Son

Ltd.

.......................................

11,347

430

The

Hartford

Financial

Services

Group,

Inc.

....................................

52,793

6,510

The

Progressive

Corp.

...................................................

1,744

469

Universal

Insurance

Holdings,

Inc.

..........................................

8,246

187

Veritex

Holdings,

Inc.

....................................................

11,342

345

Visa,

Inc.

,

Class

A

......................................................

6,832

2,153

W.R.

Berkley

Corp.

.....................................................

60,837

3,927

Wells

Fargo

&

Co.

......................................................

109,387

8,332

Westamerica

Bancorp

....................................................

5,177

296

109,875

Health

Care

(3.4%):

AbbVie,

Inc.

..........................................................

51,302

9,385

ACADIA

Pharmaceuticals,

Inc.

(a)

...........................................

16,038

262

AdaptHealth

Corp.

(a)

....................................................

33,934

340

Addus

HomeCare

Corp.

(a)

................................................

1,955

240

Cardinal

Health,

Inc.

....................................................

63,558

7,769

Catalyst

Pharmaceuticals,

Inc.

(a)

............................................

15,959

352

Cencora,

Inc.

..........................................................

2,348

591

Centene

Corp.

(a)

.......................................................

61,183

3,671

Collegium

Pharmaceutical,

Inc.

(a)

...........................................

9,674

295

Concentra

Group

Holdings

Parent,

Inc.

.......................................

4,801

105

Corcept

Therapeutics,

Inc.

(a)

..............................................

5,414

312

CorVel

Corp.

(a)

........................................................

925

338

DaVita,

Inc.

(a)

.........................................................

703

117

Elevance

Health,

Inc.

....................................................

8,792

3,578

Eli

Lilly

&

Co.

.........................................................

13,297

10,576

Enhabit,

Inc.

(a)

........................................................

21,789

168

Gilead

Sciences,

Inc.

....................................................

67,258

6,227

Harmony

Biosciences

Holdings,

Inc.

(a)

.......................................

8,728

303

HCA

Healthcare,

Inc.

....................................................

9,886

3,235

Innoviva,

Inc.

(a)

.......................................................

17,318

329

Ironwood

Pharmaceuticals,

Inc.

(a)

...........................................

32,104

113

Johnson

&

Johnson

.....................................................

25,442

3,944

McKesson

Corp.

.......................................................

13,919

8,748

Medpace

Holdings,

Inc.

(a)

................................................

4,670

1,591

Merck

&

Co.,

Inc.

......................................................

84,762

8,615

Molina

Healthcare,

Inc.

(a)

................................................

8,408

2,505

Option

Care

Health,

Inc.

(a)

................................................

12,310

293

Owens

&

Minor,

Inc.

(a)

..................................................

13,585

183

Pediatrix

Medical

Group,

Inc.

(a)

............................................

22,077

330

Prestige

Consumer

Healthcare,

Inc.

(a)

........................................

3,402

288

Regeneron

Pharmaceuticals,

Inc.

(a)

..........................................

3,306

2,480

Select

Medical

Holdings

Corp.

.............................................

5,946

125

SIGA

Technologies,

Inc.

..................................................

53,804

392

Tenet

Healthcare

Corp.

(a)

.................................................

33,831

4,827

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Aggressive

Fund

26

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

The

Cigna

Group

.......................................................

13,940

$

4,709

United

Therapeutics

Corp.

(a)

..............................................

10,448

3,871

Universal

Health

Services,

Inc.

,

Class

B

.......................................

8,249

1,691

Veracyte,

Inc.

(a)

........................................................

9,166

394

Vericel

Corp.

(a)

........................................................

6,095

354

93,646

Industrials

(3.0%):

Acuity

Brands,

Inc.

.....................................................

8,780

2,816

Allison

Transmission

Holdings,

Inc.

.........................................

26,008

3,082

Argan,

Inc.

...........................................................

1,698

265

ASGN,

Inc.

(a)

.........................................................

3,301

302

Beacon

Roofing

Supply,

Inc.

(a)

.............................................

2,854

323

BlueLinx

Holdings,

Inc.

(a)

................................................

3,268

411

Boise

Cascade

Co.

......................................................

3,255

480

Builders

FirstSource,

Inc.

(a)

...............................................

41,469

7,733

Carlisle

Cos.,

Inc.

.......................................................

6,304

2,879

Caterpillar,

Inc.

........................................................

14,748

5,989

Cintas

Corp.

..........................................................

17,186

3,880

Comfort

Systems

USA,

Inc.

...............................................

3,634

1,793

Core

&

Main,

Inc.

,

Class

A

(a)

..............................................

60,942

2,959

Cummins,

Inc.

.........................................................

8,155

3,058

Deluxe

Corp.

..........................................................

16,088

373

EMCOR

Group,

Inc.

....................................................

9,492

4,842

Ferguson

Enterprises,

Inc.

.................................................

13,996

3,022

Genco

Shipping

&

Trading

Ltd.

.............................................

10,338

164

Hub

Group,

Inc.

,

Class

A

.................................................

7,981

412

Illinois

Tool

Works,

Inc.

..................................................

8,251

2,290

JELD-WEN

Holding,

Inc.

(a)

...............................................

19,805

216

Korn

Ferry

...........................................................

5,167

405

Leidos

Holdings,

Inc.

....................................................

10,758

1,779

Lennox

International,

Inc.

.................................................

7,138

4,762

Lockheed

Martin

Corp.

...................................................

6,516

3,450

Masco

Corp.

..........................................................

34,273

2,761

Masterbrand,

Inc.

(a)

.....................................................

17,016

294

Matson,

Inc.

..........................................................

3,523

540

MillerKnoll,

Inc.

.......................................................

9,786

246

Mueller

Industries,

Inc.

...................................................

4,342

351

Otis

Worldwide

Corp.

....................................................

16,677

1,717

Owens

Corning

........................................................

19,032

3,913

PACCAR,

Inc.

.........................................................

48,111

5,629

Resideo

Technologies,

Inc.

(a)

..............................................

13,912

378

Sterling

Infrastructure,

Inc.

(a)

..............................................

1,975

384

Sun

Country

Airlines

Holdings,

Inc.

(a)

........................................

25,089

361

Terex

Corp.

...........................................................

5,775

316

Textron,

Inc.

..........................................................

10,316

883

Titan

International,

Inc.

(a)

.................................................

18,871

138

Trane

Technologies

PLC

..................................................

1,143

476

UFP

Industries,

Inc.

.....................................................

3,532

480

United

Rentals,

Inc.

.....................................................

928

804

W.W.

Grainger,

Inc.

.....................................................

5,738

6,916

Wabash

National

Corp.

...................................................

14,117

280

84,552

Information

Technology

(8.6%):

A10

Networks,

Inc.

.....................................................

17,856

304

Amkor

Technology,

Inc.

..................................................

6,636

176

Apple,

Inc.

...........................................................

224,024

53,168

Applied

Materials,

Inc.

...................................................

27,562

4,815

Arista

Networks,

Inc.

(a)

..................................................

8,392

3,406

Bel

Fuse,

Inc.

,

Class

B

...................................................

5,388

432

Broadcom,

Inc.

........................................................

66,096

10,713

Cisco

Systems,

Inc.

.....................................................

64,738

3,833

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Aggressive

Fund

27

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Clear

Secure,

Inc.

,

Class

A

................................................

7,531

$

195

CommVault

Systems,

Inc.

(a)

...............................................

1,982

340

Dell

Technologies,

Inc.

,

Class

C

............................................

53,923

6,880

Dropbox,

Inc.

,

Class

A

(a)

.................................................

114,422

3,165

Extreme

Networks,

Inc.

(a)

................................................

13,582

226

F5,

Inc.

(a)

............................................................

14,450

3,618

Fair

Isaac

Corp.

(a)

......................................................

1,452

3,449

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

42,511

8,399

Hewlett

Packard

Enterprise

Co.

.............................................

190,214

4,036

Jabil,

Inc.

............................................................

29,127

3,956

KLA

Corp.

...........................................................

4,567

2,955

Kulicke

&

Soffa

Industries,

Inc.

.............................................

5,499

266

Microsoft

Corp.

........................................................

113,024

47,861

Motorola

Solutions,

Inc.

..................................................

11,956

5,974

NVIDIA

Corp.

.........................................................

412,545

57,034

Photronics,

Inc.

(a)

......................................................

13,701

341

Qorvo,

Inc.

(a)

.........................................................

26,760

1,848

QUALCOMM,

Inc.

.....................................................

33,301

5,279

Sanmina

Corp.

(a)

.......................................................

5,267

418

SolarWinds

Corp.

.......................................................

19,710

263

TD

SYNNEX

Corp.

.....................................................

14,480

1,723

VeriSign,

Inc.

(a)

........................................................

6,679

1,250

Vishay

Intertechnology,

Inc.

...............................................

18,352

351

Xerox

Holdings

Corp.

...................................................

18,272

167

236,841

Materials

(0.8%):

Alpha

Metallurgical

Resources,

Inc.

(a)

........................................

1,513

371

CF

Industries

Holdings,

Inc.

...............................................

13,950

1,251

Commercial

Metals

Co.

..................................................

2,710

167

Greif,

Inc.

,

Class

A

......................................................

4,145

294

Hawkins,

Inc.

.........................................................

2,803

377

LyondellBasell

Industries

NV

,

Class

A

........................................

47,228

3,936

Metallus,

Inc.

(a)

........................................................

13,114

219

Nucor

Corp.

...........................................................

25,283

3,911

Packaging

Corp.

of

America

...............................................

1,245

310

Reliance,

Inc.

..........................................................

6,294

2,022

Ryerson

Holding

Corp.

...................................................

7,818

201

Steel

Dynamics,

Inc.

.....................................................

58,380

8,481

21,540

Real

Estate

(0.3%):

Acadia

Realty

Trust

.....................................................

15,384

398

Alexander

&

Baldwin,

Inc.

................................................

12,971

255

Broadstone

Net

Lease,

Inc.

................................................

18,745

328

COPT

Defense

Properties

.................................................

11,824

390

DiamondRock

Hospitality

Co.

..............................................

41,982

390

Easterly

Government

Properties,

Inc.

.........................................

26,330

324

Empire

State

Realty

Trust,

Inc.

.............................................

35,294

387

Innovative

Industrial

Properties,

Inc.

.........................................

3,286

358

Kite

Realty

Group

Trust

..................................................

16,350

451

Phillips

Edison

&

Co.,

Inc.

................................................

8,665

342

PotlatchDeltic

Corp.

.....................................................

6,723

301

Ryman

Hospitality

Properties,

Inc.

...........................................

2,598

305

Sabra

Health

Care

REIT,

Inc.

..............................................

20,871

391

Terreno

Realty

Corp.

....................................................

5,902

358

VICI

Properties,

Inc.

....................................................

115,670

3,772

8,750

Utilities

(0.6%):

Black

Hills

Corp.

.......................................................

5,732

367

Consolidated

Edison,

Inc.

.................................................

7,696

774

DTE

Energy

Co.

.......................................................

28,317

3,562

Entergy

Corp.

.........................................................

34,294

5,356

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Aggressive

Fund

28

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

NiSource,

Inc.

.........................................................

86,146

$

3,281

NRG

Energy,

Inc.

.......................................................

35,357

3,593

ONE

Gas,

Inc.

.........................................................

5,223

407

Spire,

Inc.

............................................................

3,189

233

17,573

Total

Common

Stocks

(Cost

$561,398)

a

a

a

814,048

Principal

Amount

(000)

U.S.

Treasury

Obligations

(0.5%)

U.S.

Treasury

Notes

,

3

.88

%

,

3/31/25

(b)

.......................................

$

14,945

14,915

Total

U.S.

Treasury

Obligations

(Cost

$14,954)

a

a

a

14,915

Shares

Exchange-Traded

Funds

(43.2%)

Invesco

DB

Commodity

Index

Tracking

Fund

(c)

................................

256,100

5,670

Invesco

FTSE

RAFI

Developed

Markets

ex-US

ETF

.............................

653,206

32,373

Invesco

FTSE

RAFI

Emerging

Markets

ETF

...................................

1,539,501

31,991

iShares

0-5

Year

TIPS

Bond

ETF

............................................

235,175

23,771

iShares

1-3

Year

Treasury

Bond

ETF

.........................................

307,256

25,293

iShares

20+

Year

Treasury

Bond

ETF

.........................................

275,988

25,935

iShares

7-10

Year

Treasury

Bond

ETF

........................................

396,847

37,776

iShares

Core

MSCI

EAFE

ETF

.............................................

32,626

2,403

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

796,070

43,235

iShares

Core

S&P

Small-Cap

ETF

...........................................

108,492

13,727

iShares

Core

U.S.

Aggregate

Bond

ETF

.......................................

440,608

43,708

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(c)

.........................

174,392

16,070

iShares

MSCI

Canada

ETF

(c)

..............................................

161,377

6,980

iShares

MSCI

International

Momentum

Factor

ETF

(c)

............................

1,164,448

45,693

iShares

MSCI

International

Quality

Factor

ETF

.................................

1,315,008

51,206

iShares

Russell

2000

ETF

.................................................

189,491

45,832

Schwab

Fundamental

Emerging

Markets

Equity

ETF

.............................

2,206,197

67,355

Schwab

Fundamental

International

Equity

ETF

(c)

...............................

3,168,339

112,191

Schwab

Fundamental

International

Small

Equity

ETF

(c)

...........................

593,600

21,471

SPDR

Gold

Shares

(a)

(c)

..................................................

194,533

47,775

SPDR

S&P

Emerging

Markets

SmallCap

ETF

..................................

107,983

6,602

VanEck

Gold

Miners

ETF

.................................................

130,923

4,931

Vanguard

FTSE

All-World

ex-US

ETF

........................................

435,962

26,118

Vanguard

FTSE

Developed

Markets

ETF

......................................

3,744,589

188,353

Vanguard

Mortgage-Backed

Securities

ETF

(c)

..................................

594,901

27,580

Vanguard

Real

Estate

ETF

(c)

..............................................

584,050

57,330

Vanguard

S&P

500

ETF

..................................................

186,927

103,455

Vanguard

Short-Term

Corporate

Bond

ETF

(c)

..................................

128,877

10,136

Vanguard

Total

Bond

Market

ETF

...........................................

169,151

12,450

Vanguard

Total

Stock

Market

ETF

...........................................

94,937

28,468

Wisdom

Tree

Trust

-

WisdomTree

Emerging

Markets

SmallCap

Dividend

Fund

..........

202,622

10,259

Xtrackers

USD

High

Yield

Corporate

Bond

ETF

(c)

...............................

515,405

18,946

Total

Exchange-Traded

Funds

(Cost

$1,001,706)

a

a

a

1,195,083

Affiliated

Exchange-Traded

Funds

(26.0%)

VictoryShares

Core

Intermediate

Bond

ETF

(c)

..................................

10,550,445

495,660

VictoryShares

Core

Plus

Intermediate

Bond

ETF

(c)

..............................

6,069,323

132,615

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

68,000

3,208

VictoryShares

Short-Term

Bond

ETF

.........................................

991,350

49,993

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

(c)

............................

1,529,841

38,705

Total

Affiliated

Exchange-Traded

Funds

(Cost

$800,091)

a

a

a

720,181

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Aggressive

Fund

29

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Collateral

for

Securities

Loaned

(3.5%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

4

.55

%

(d)

........

24,418,105

$

24,418

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

4

.57

%

(d)

............

24,418,105

24,418

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

4

.57

%

(d)

...............

24,430,680

24,431

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

4

.58

%

(d)

.

24,405,530

24,405

Total

Collateral

for

Securities

Loaned

(Cost

$97,672)

a

a

a

97,672

Total

Investments

(Cost

$2,475,821)

—

102.6%

2,841,899

Liabilities

in

excess

of

other

assets

—  (2.6)%

(73,251)

NET

ASSETS

-

100.00%

$

2,768,648

At

November

30,

2024,

the

Fund's

investments

in

foreign

securities

were

24.5%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

has

been

segregated

as

collateral

for

derivative

instruments.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Rate

disclosed

is

the

daily

yield

on

November

30,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Euro

Stoxx

50

Futures

...............

764

12/20/24

$

39,307,059

$

38,884,947

$

(

422,112

)

FTSE

100

Index

Futures

..............

341

12/20/24

36,311,084

36,043,948

(

267,136

)

Swiss

Market

Index

Futures

...........

96

12/20/24

13,003,264

12,811,989

(

191,275

)

Tokyo

Price

Index

Futures

............

181

12/12/24

32,396,950

32,413,034

16,084

$

(

864,439

)

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

ASX

SPI

200

Index

Futures

...........

123

12/19/24

$

16,373,903

$

16,960,013

$

(

586,110

)

E-Mini

Russell

2000

Index

Futures

......

200

12/20/24

22,063,910

24,446,000

(

2,382,090

)

E-Mini

S&P

500

Futures

..............

44

12/20/24

13,175,367

13,313,300

(

137,933

)

Hang

Seng

Index

Futures

.............

65

12/30/24

7,954,840

8,148,185

(

193,345

)

S&P/Toronto

Stock

Exchange

60

Index

Futures

..........................

228

12/19/24

47,430,212

50,150,554

(

2,720,342

)

$

(

6,019,820

)

Total

unrealized

appreciation

$

16,084

Total

unrealized

depreciation

(

6,900,343

)

Total

net

unrealized

appreciation

(depreciation)

$

(

6,884,259

)

Affiliated

Holdings

(Amounts

in

thousands)

Fair

Value

2/29/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

11/30/2024

Dividend

Income

VictoryShares

Core

Intermediate

Bond

ETF

.........................

$

518,409

$

—

$

(

31,891

)

$

(

5,702

)

$

—

$

14,844

$

495,660

$

14,316

VictoryShares

Core

Plus

Intermediate

Bond

ETF

....................

121,415

8,782

—

—

—

2,418

132,615

4,143

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Aggressive

Fund

30

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Affiliated

Holdings

(Amounts

in

thousands)

Fair

Value

2/29/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

11/30/2024

Dividend

Income

VictoryShares

Emerging

Markets

Value

Momentum

ETF

................

$

3,081

$

—

$

—

$

—

$

—

$

127

$

3,208

$

174

VictoryShares

Short-Term

Bond

ETF

...

53,192

—

(

4,029

)

(

117

)

—

947

49,993

1,952

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

....................

—

38,607

—

—

—

98

38,705

516

$

696,097

$

47,389

$

(

35,920

)

$

(

5,819

)

$

—

$

18,434

$

720,181

$

21,101

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Conservative

Fund

31

(Unaudited)

Security

Description

Shares

a

Value

(000)

Common

Stocks

(15.4%)

Communication

Services

(0.9%):

AT&T,

Inc.

...........................................................

20,698

$

479

Comcast

Corp.,

Class

A

..................................................

15,449

667

Verizon

Communications,

Inc.

..............................................

11,105

493

1,639

Consumer

Discretionary

(0.8%):

Darden

Restaurants,

Inc.

..................................................

1,044

184

Lennar

Corp.,

Class

A

....................................................

1,928

336

Lowe's

Cos.,

Inc.

.......................................................

344

94

NIKE,

Inc.,

Class

B

.....................................................

4,818

379

PulteGroup,

Inc.

........................................................

1,882

255

The

Home

Depot,

Inc.

...................................................

709

304

1,552

Consumer

Staples

(1.6%):

Altria

Group,

Inc.

.......................................................

11,171

645

Archer-Daniels-Midland

Co.

...............................................

2,299

125

Kimberly-Clark

Corp.

....................................................

2,889

403

PepsiCo,

Inc.

..........................................................

3,757

614

Philip

Morris

International,

Inc.

.............................................

5,293

704

Sysco

Corp.

...........................................................

3,086

238

Target

Corp.

..........................................................

1,879

249

2,978

Energy

(0.4%):

Devon

Energy

Corp.

.....................................................

5,338

203

EOG

Resources,

Inc.

....................................................

1,294

173

Marathon

Petroleum

Corp.

................................................

1,739

272

ONEOK,

Inc.

..........................................................

945

107

Valero

Energy

Corp.

.....................................................

197

27

782

Financials

(1.8%):

American

Express

Co.

...................................................

2,560

780

Ameriprise

Financial,

Inc.

.................................................

873

501

Everest

Group

Ltd.

......................................................

374

145

JPMorgan

Chase

&

Co.

..................................................

3,925

980

Mastercard,

Inc.,

Class

A

.................................................

657

350

Northern

Trust

Corp.

....................................................

1,774

197

T.

Rowe

Price

Group,

Inc.

.................................................

128

16

Visa,

Inc.,

Class

A

......................................................

922

291

3,260

Health

Care

(2.1%):

AbbVie,

Inc.

..........................................................

3,731

682

Bristol-Myers

Squibb

Co.

.................................................

8,828

523

Cardinal

Health,

Inc.

....................................................

2,107

258

CVS

Health

Corp.

......................................................

4,480

268

Gilead

Sciences,

Inc.

....................................................

7,611

705

Merck

&

Co.,

Inc.

......................................................

5,970

607

Pfizer,

Inc.

............................................................

21,112

553

ResMed,

Inc.

..........................................................

88

22

The

Cigna

Group

.......................................................

374

126

3,744

Industrials

(1.5%):

A.O.

Smith

Corp.

.......................................................

1,085

81

Automatic

Data

Processing,

Inc.

............................................

470

144

Caterpillar,

Inc.

........................................................

1,844

749

Cummins,

Inc.

.........................................................

155

58

FedEx

Corp.

..........................................................

1,339

405

Lockheed

Martin

Corp.

...................................................

450

238

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Conservative

Fund

32

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Masco

Corp.

..........................................................

1,910

$

154

Otis

Worldwide

Corp.

....................................................

2,737

282

Paychex,

Inc.

..........................................................

185

27

United

Parcel

Service,

Inc.,

Class

B

..........................................

3,864

525

2,663

Information

Technology

(5.4%):

Accenture

PLC,

Class

A

..................................................

1,966

712

Apple,

Inc.

...........................................................

10,673

2,533

Applied

Materials,

Inc.

...................................................

3,347

585

Broadcom,

Inc.

........................................................

2,663

432

Cisco

Systems,

Inc.

.....................................................

10,528

623

Cognizant

Technology

Solutions

Corp.,

Class

A

.................................

3,963

319

HP,

Inc.

..............................................................

2,415

86

Jabil,

Inc.

............................................................

70

9

KLA

Corp.

...........................................................

809

523

Lam

Research

Corp.

.....................................................

7,587

561

Microchip

Technology,

Inc.

................................................

316

22

Microsoft

Corp.

........................................................

4,297

1,820

NetApp,

Inc.

..........................................................

1,796

220

NXP

Semiconductors

NV

.................................................

2,291

525

QUALCOMM,

Inc.

.....................................................

3,920

621

TE

Connectivity

PLC

....................................................

1,050

159

9,750

Materials

(0.5%):

Dow,

Inc.

............................................................

6,104

270

LyondellBasell

Industries

NV,

Class

A

........................................

2,232

186

Nucor

Corp.

...........................................................

1,585

245

Steel

Dynamics,

Inc.

.....................................................

1,341

195

896

Real

Estate

(0.2%):

American

Tower

Corp.

...................................................

103

22

Crown

Castle,

Inc.

......................................................

942

100

Equinix,

Inc.

..........................................................

153

150

Prologis,

Inc.

..........................................................

701

82

Welltower,

Inc.

.........................................................

271

37

391

Utilities

(0.2%):

Evergy,

Inc.

...........................................................

2,003

129

NRG

Energy,

Inc.

.......................................................

1,789

182

311

Total

Common

Stocks

(Cost

$21,394)

a

a

a

27,966

Principal

Amount

(000)

U.S.

Treasury

Obligations

(0.8%)

U.S.

Treasury

Notes,

3.88%,

3/31/25(a)

.......................................

$

1,494

1,491

Total

U.S.

Treasury

Obligations

(Cost

$1,495)

a

a

a

1,491

Shares

Exchange-Traded

Funds

(42.9%)

Invesco

DB

Commodity

Index

Tracking

Fund

..................................

22,900

507

Invesco

FTSE

RAFI

Developed

Markets

ex-US

ETF

.............................

35,176

1,743

Invesco

FTSE

RAFI

Emerging

Markets

ETF(b)

.................................

86,305

1,793

iShares

0-5

Year

TIPS

Bond

ETF

............................................

14,075

1,423

iShares

1-3

Year

Treasury

Bond

ETF

.........................................

35,334

2,909

iShares

20+

Year

Treasury

Bond

ETF

.........................................

29,830

2,803

iShares

7-10

Year

Treasury

Bond

ETF

........................................

39,620

3,771

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

7,896

429

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Conservative

Fund

33

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

iShares

Core

S&P

500

ETF

................................................

536

$

324

iShares

Core

S&P

Small-Cap

ETF

...........................................

14,173

1,793

iShares

Core

U.S.

Aggregate

Bond

ETF

.......................................

69,473

6,892

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF(b)

.........................

13,703

1,263

iShares

MSCI

International

Momentum

Factor

ETF

..............................

71,831

2,819

iShares

MSCI

International

Quality

Factor

ETF

.................................

81,444

3,171

iShares

Russell

2000

ETF

.................................................

11,162

2,700

Schwab

Fundamental

Emerging

Markets

Equity

ETF

.............................

126,356

3,858

Schwab

Fundamental

International

Equity

ETF

.................................

237,343

8,404

Schwab

Fundamental

International

Small

Equity

ETF

.............................

50,100

1,812

SPDR

Gold

Shares(c)

....................................................

13,083

3,213

SPDR

S&P

Emerging

Markets

SmallCap

ETF

..................................

7,496

458

VanEck

Gold

Miners

ETF

.................................................

8,627

325

Vanguard

FTSE

All-World

ex-US

ETF

........................................

30,578

1,832

Vanguard

FTSE

Developed

Markets

ETF

......................................

99,081

4,984

Vanguard

Mortgage-Backed

Securities

ETF(b)

..................................

56,721

2,630

Vanguard

Real

Estate

ETF

................................................

38,071

3,737

Vanguard

S&P

500

ETF

..................................................

8,565

4,740

Vanguard

Short-Term

Corporate

Bond

ETF(b)

..................................

10,471

824

Vanguard

Small-Cap

Value

ETF

............................................

8,408

1,818

Vanguard

Total

Stock

Market

ETF

...........................................

8,822

2,645

Wisdom

Tree

Trust

-

WisdomTree

Emerging

Markets

SmallCap

Dividend

Fund

..........

5,259

266

Xtrackers

USD

High

Yield

Corporate

Bond

ETF

.................................

45,151

1,660

Total

Exchange-Traded

Funds

(Cost

$66,140)

a

a

a

77,546

Affiliated

Exchange-Traded

Funds

(40.5%)

VictoryShares

Core

Intermediate

Bond

ETF

....................................

1,058,573

49,732

VictoryShares

Core

Plus

Intermediate

Bond

ETF

................................

698,234

15,256

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

9,770

461

VictoryShares

Short-Term

Bond

ETF

.........................................

82,859

4,179

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

..............................

140,000

3,542

Total

Affiliated

Exchange-Traded

Funds

(Cost

$81,207)

a

a

a

73,170

Collateral

for

Securities

Loaned

(2.7%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.55%(d)

........

1,208,553

1,209

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.57%(d)

............

1,208,553

1,209

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.57%(d)

...............

1,208,553

1,208

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.58%(d)

.

1,208,553

1,208

Total

Collateral

for

Securities

Loaned

(Cost

$4,834)

a

a

a

4,834

Total

Investments

(Cost

$175,070)

—

102.3%

185,007

Liabilities

in

excess

of

other

assets

—  (2.3)%

(4,201)

NET

ASSETS

-

100.00%

$

180,806

At

November

30,

2024,

the

Fund's

investments

in

foreign

securities

were

19.4%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

All

or

a

portion

of

this

security

has

been

segregated

as

collateral

for

derivative

instruments.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Non-income

producing

security.

(d)

Rate

disclosed

is

the

daily

yield

on

November

30,

2024.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Victory

Portfolios

III

Victory

Cornerstone

Moderately

Conservative

Fund

34

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Euro

Stoxx

50

Futures

...............

35

12/20/24

$

1,800,716

$

1,781,378

$

(19,338)

FTSE

100

Index

Futures

..............

20

12/20/24

2,129,682

2,114,015

(15,667)

Tokyo

Price

Index

Futures

............

11

12/12/24

1,963,308

1,969,853

6,545

$

(28,460)

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

ASX

SPI

200

Index

Futures

...........

10

12/19/24

$

1,331,035

$

1,378,863

$

(47,828)

Hang

Seng

Index

Futures

.............

6

12/30/24

734,293

752,140

(17,847)

S&P/Toronto

Stock

Exchange

60

Index

Futures

..........................

14

12/19/24

2,910,231

3,079,420

(169,189)

$

(234,864)

Total

unrealized

appreciation

$

6,545

Total

unrealized

depreciation

(269,869)

Total

net

unrealized

appreciation

(depreciation)

$

(263,324)

Affiliated

Holdings

(Amounts

in

thousands)

Fair

Value

2/29/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Capital

Gain

Distributions

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

11/30/2024

Dividend

Income

VictoryShares

Core

Intermediate

Bond

ETF

.........................

$

53,525

$

—

$

(4,742)

$

(795)

$

—

$

1,744

$

49,732

$

1,459

VictoryShares

Core

Plus

Intermediate

Bond

ETF

....................

14,702

259

—

—

—

295

15,256

499

VictoryShares

Emerging

Markets

Value

Momentum

ETF

................

443

—

—

—

—

18

461

25

VictoryShares

Short-Term

Bond

ETF

...

4,114

—

—

—

—

65

4,179

156

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

....................

—

3,513

—

—

—

29

3,542

52

$

72,784

$

3,772

$

(4,742)

$

(795)

$

—

$

2,151

$

73,170

$

2,191

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

35

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(96.8%)

Belgium

(0.2%):

Materials

(0.2%):

Titan

Cement

International

SA

.............................................

25,119

$

1,030

Brazil

(5.6%):

Communication

Services

(0.2%):

TIM

SA

..............................................................

375,000

987

Consumer

Discretionary

(0.8%):

Cury

Construtora

e

Incorporadora

SA

........................................

146,800

501

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

.........................

73,200

224

Grupo

SBF

SA

.........................................................

271,849

556

Lojas

Renner

SA

.......................................................

117,400

294

Smartfit

Escola

de

Ginastica

e

Danca

SA

......................................

237,000

718

Vibra

Energia

SA

.......................................................

582,609

1,998

4,291

Energy

(1.4%):

Brava

Energia

(a)

.......................................................

143,308

474

Petroleo

Brasileiro

SA

,

ADR

...............................................

328,812

4,695

PRIO

SA

.............................................................

256,400

1,711

6,880

Financials

(1.5%):

B3

SA

-

Brasil

Bolsa

Balcao

...............................................

607,600

935

Banco

ABC

Brasil

SA

,

Preference

Shares

......................................

148,600

500

Banco

do

Brasil

SA

.....................................................

490,290

2,019

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

,

Preference

Shares

.......................

186,300

337

BB

Seguridade

Participacoes

SA

............................................

159,200

887

Itau

Unibanco

Holding

SA

,

ADR

............................................

299,974

1,608

Pagseguro

Digital

Ltd.

,

Class

A

(a)

(b)

.........................................

182,097

1,336

7,622

Industrials

(0.8%):

CCR

SA

.............................................................

462,520

848

Embraer

SA

(a)

.........................................................

46,700

451

Embraer

SA

,

ADR

(a)

....................................................

30,447

1,164

Marcopolo

SA

,

Preference

Shares

...........................................

1,041,080

1,487

3,950

Materials

(0.2%):

Vale

SA

,

ADR

.........................................................

122,163

1,204

Real

Estate

(0.2%):

Multiplan

Empreendimentos

Imobiliarios

SA

...................................

294,500

1,165

Utilities

(0.5%):

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

........................

49,700

768

CPFL

Energia

SA

.......................................................

145,400

788

Equatorial

Energia

SA

...................................................

76,200

388

Neoenergia

SA

.........................................................

118,200

381

2,325

28,424

Chile

(0.2%):

Consumer

Staples

(0.1%):

Cencosud

SA

..........................................................

261,888

552

Real

Estate

(0.1%):

Cencosud

Shopping

SA

..................................................

190,961

303

855

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

36

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

China

(22.6%):

Communication

Services

(4.8%):

Baidu,

Inc.

,

Class

SW

(a)

..................................................

70,000

$

743

NetEase,

Inc.

,

ADR

.....................................................

24,385

2,133

Tencent

Holdings

Ltd.

...................................................

384,763

19,871

Tencent

Music

Entertainment

Group

,

ADR

.....................................

139,851

1,596

24,343

Consumer

Discretionary

(6.3%):

361

Degrees

International

Ltd.

.............................................

853,000

438

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

773,304

8,446

Alibaba

Group

Holding

Ltd.

,

ADR

..........................................

27,679

2,418

BYD

Co.

Ltd.

.........................................................

68,500

2,259

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

A

..................................

126,100

977

Gree

Electric

Appliances,

Inc.

of

Zhuhai

,

Class

A

................................

261,299

1,527

Hisense

Home

Appliances

Group

Co.

Ltd.

,

Class

H

...............................

337,000

956

JD.com,

Inc.

,

Class

SW

..................................................

139,900

2,615

JD.com,

Inc.

,

ADR

......................................................

46,373

1,733

Meituan

,

Class

W

(a)

(c)

...................................................

226,900

4,786

Midea

Group

Co.

Ltd.

,

Class

A

.............................................

186,300

1,816

MINISO

Group

Holding

Ltd.

,

ADR

(b)

........................................

31,394

628

MotoMotion

China

Corp.

.................................................

91,370

705

Trip.com

Group

Ltd.

,

ADR

(a)

..............................................

35,169

2,274

Zhejiang

Shuanghuan

Driveline

Co.

Ltd.

,

Class

A

................................

227,700

881

32,459

Consumer

Staples

(1.5%):

Giant

Biogene

Holding

Co.

Ltd.

(c)

..........................................

231,600

1,496

Hengan

International

Group

Co.

Ltd.

.........................................

427,000

1,227

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

..........................................

180,000

1,130

Weilong

Delicious

Global

Holdings

Ltd.

......................................

688,800

641

Wuliangye

Yibin

Co.

Ltd.

,

Class

A

...........................................

149,900

3,062

7,556

Energy

(0.2%):

PetroChina

Co.

Ltd.

,

Class

H

..............................................

1,248,000

889

Financials

(4.9%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

3,208,000

1,607

Bairong,

Inc.

(a)

(c)

......................................................

312,000

379

China

Construction

Bank

Corp.

,

Class

H

......................................

9,792,000

7,404

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................................

933,500

4,279

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

H

................................

873,200

2,765

Chongqing

Rural

Commercial

Bank

Co.

Ltd.

,

Class

H

.............................

3,241,000

1,782

Huatai

Securities

Co.

Ltd.

,

Class

A

..........................................

772,100

1,930

Ping

An

Insurance

Group

Co.

of

China

Ltd.

....................................

852,000

4,955

25,101

Health

Care

(1.1%):

China

Shineway

Pharmaceutical

Group

Ltd.

....................................

328,000

411

Gushengtang

Holdings

Ltd.

................................................

144,810

631

Pacific

Shuanglin

Bio-pharmacy

Co.

Ltd.

,

Class

A

...............................

213,300

640

Shanghai

Conant

Optical

Co.

Ltd.

,

Class

H

....................................

208,000

385

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

Class

A

.......................

30,900

1,121

Sinopharm

Group

Co.

Ltd.

,

Class

H

..........................................

937,999

2,459

5,647

Industrials

(1.2%):

ANE

Cayman,

Inc.

(a)

....................................................

702,500

737

Anhui

Expressway

Co.

Ltd.

,

Class

H

.........................................

576,000

673

Anhui

Heli

Co.

Ltd.

,

Class

A

...............................................

362,300

877

China

Communications

Services

Corp.

Ltd.

,

Class

H

..............................

768,000

405

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.

..........................

234,900

1,085

Yutong

Bus

Co.

Ltd.

,

Class

A

..............................................

262,100

795

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

37

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

ZTO

Express

Cayman,

Inc.

,

ADR

...........................................

78,730

$

1,496

6,068

Information

Technology

(1.0%):

Foxconn

Industrial

Internet

Co.

Ltd.

,

Class

A

...................................

498,200

1,549

Lenovo

Group

Ltd.

......................................................

2,458,000

2,909

Luxshare

Precision

Industry

Co.

Ltd.

,

Class

A

...................................

147,100

791

5,249

Materials

(1.2%):

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

.......................................

644,500

1,689

China

Hongqiao

Group

Ltd.

...............................................

850,500

1,249

Shanjin

International

Gold

Co.

Ltd.

,

Class

A

....................................

627,100

1,416

Tianshan

Aluminum

Group

Co.

Ltd.

,

Class

A

...................................

797,300

896

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

474,000

919

6,169

Real

Estate

(0.4%):

Ever

Sunshine

Services

Group

Ltd.

..........................................

2,592,000

683

Greentown

China

Holdings

Ltd.

............................................

1,190,000

1,466

2,149

115,630

Greece

(0.8%):

Consumer

Discretionary

(0.4%):

JUMBO

SA

...........................................................

12,740

333

OPAP

SA

.............................................................

114,911

1,885

2,218

Energy

(0.3%):

Motor

Oil

Hellas

Corinth

Refineries

SA

.......................................

59,650

1,237

Financials

(0.1%):

National

Bank

of

Greece

SA

...............................................

70,169

495

3,950

Hong

Kong

(1.2%):

Communication

Services

(0.1%):

NetEase

Cloud

Music,

Inc.

(a)

(c)

............................................

36,600

556

Consumer

Discretionary

(0.2%):

Bosideng

International

Holdings

Ltd.

.........................................

2,316,000

1,209

Consumer

Staples

(0.0%):(d)

Want

Want

China

Holdings

Ltd.

............................................

286,000

161

Health

Care

(0.1%):

The

United

Laboratories

International

Holdings

Ltd.

..............................

498,000

679

Industrials

(0.5%):

Techtronic

Industries

Co.

Ltd.

..............................................

169,500

2,413

Information

Technology

(0.1%):

ASMPT

Ltd.

..........................................................

58,300

582

Real

Estate

(0.1%):

China

Jinmao

Holdings

Group

Ltd.

(a)

........................................

1,910,000

267

Utilities

(0.1%):

China

Water

Affairs

Group

Ltd.

.............................................

586,000

328

6,195

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

38

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Hungary

(1.6%):

Communication

Services

(0.3%):

Magyar

Telekom

Telecommunications

PLC

....................................

530,707

$

1,686

Financials

(1.1%):

OTP

Bank

Nyrt

........................................................

98,163

5,326

Health

Care

(0.2%):

Richter

Gedeon

Nyrt

....................................................

45,794

1,219

8,231

India

(16.0%):

Communication

Services

(0.7%):

DB

Corp.

Ltd.

(a)

.......................................................

96,227

356

Indus

Towers

Ltd.

(a)

....................................................

670,372

2,782

Just

Dial

Ltd.

(a)

........................................................

34,621

454

3,592

Consumer

Discretionary

(1.6%):

ASK

Automotive

Ltd.

....................................................

151,683

819

CIE

Automotive

India

Ltd.

(a)

..............................................

93,603

533

Crompton

Greaves

Consumer

Electricals

Ltd.

...................................

196,556

955

Hero

MotoCorp

Ltd.

.....................................................

34,718

1,961

Kalyan

Jewellers

India

Ltd.

(a)

..............................................

107,661

926

Mahindra

&

Mahindra

Ltd.

(a)

..............................................

77,848

2,743

7,937

Energy

(0.6%):

Aegis

Logistics

Ltd.

.....................................................

56,771

611

Mangalore

Refinery

and

Petrochemicals

Ltd.

...................................

214,490

394

Reliance

Industries

Ltd.

..................................................

132,388

2,032

3,037

Financials

(4.8%):

Angel

One

Ltd.

........................................................

18,894

650

Axis

Bank

Ltd.

........................................................

106,012

1,430

CreditAccess

Grameen

Ltd.

...............................................

26,209

281

Home

First

Finance

Co.

India

Ltd.

(c)

.........................................

47,794

597

ICICI

Bank

Ltd.

,

ADR

...................................................

462,711

14,136

Jio

Financial

Services

Ltd.

(a)

..............................................

93,860

366

LIC

Housing

Finance

Ltd.

.................................................

216,046

1,638

Manappuram

Finance

Ltd.

................................................

828,409

1,537

Nippon

Life

India

Asset

Management

Ltd.

(c)

...................................

113,729

925

Shriram

Finance

Ltd.

....................................................

40,491

1,449

The

Karur

Vysya

Bank

Ltd.

................................................

513,909

1,443

24,452

Health

Care

(1.4%):

Dr

Reddy's

Laboratories

Ltd.

(a)

.............................................

178,550

2,544

JB

Chemicals

&

Pharmaceuticals

Ltd.

........................................

25,854

532

Narayana

Hrudayalaya

Ltd.

................................................

53,369

802

Natco

Pharma

Ltd.

......................................................

34,747

567

Strides

Pharma

Science

Ltd.

...............................................

37,122

720

Sun

Pharmaceutical

Industries

Ltd.

..........................................

105,451

2,226

7,391

Industrials

(1.5%):

BLS

International

Services

Ltd.

.............................................

221,898

1,025

CMS

Info

Systems

Ltd.

..................................................

124,932

736

Elecon

Engineering

Co.

Ltd.

...............................................

85,750

595

Electrosteel

Castings

Ltd.

(a)

...............................................

315,915

572

Firstsource

Solutions

Ltd.

.................................................

115,308

503

HG

Infra

Engineering

Ltd.

(a)

..............................................

27,169

429

J

Kumar

Infraprojects

Ltd.

(a)

..............................................

69,122

618

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

39

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

NCC

Ltd.

(a)

..........................................................

323,108

$

1,189

Quess

Corp.

Ltd.

(c)

.....................................................

84,567

707

Transport

Corp.

of

India

Ltd.

...............................................

36,326

460

Voltamp

Transformers

Ltd.

(a)

..............................................

5,308

640

7,474

Information

Technology

(1.6%):

Infosys

Ltd.

,

ADR

(b)

....................................................

245,533

5,419

KPIT

Technologies

Ltd.

..................................................

87,124

1,415

Mastek

Ltd.

...........................................................

20,239

762

Zensar

Technologies

Ltd.

.................................................

58,380

527

8,123

Materials

(2.7%):

Dhanuka

Agritech

Ltd.

...................................................

35,177

631

Hindalco

Industries

Ltd.

(a)

................................................

174,192

1,357

JK

Paper

Ltd.

..........................................................

102,625

516

Maharashtra

Seamless

Ltd.

................................................

87,637

668

MOIL

Ltd.

............................................................

100,137

376

National

Aluminium

Co.

Ltd.

..............................................

222,862

641

PCBL

Ltd.

............................................................

212,358

1,096

Rallis

India

Ltd.

........................................................

117,453

463

Ratnamani

Metals

&

Tubes

Ltd.

............................................

15,162

617

Shree

Digvijay

Cement

Co.

Ltd.

............................................

473,943

501

UltraTech

Cement

Ltd.

...................................................

22,095

2,935

UPL

Ltd.

(a)

...........................................................

187,398

1,212

Vedanta

Ltd.

..........................................................

254,497

1,370

Welspun

Corp.

Ltd.

.....................................................

157,904

1,452

13,835

Real

Estate

(0.3%):

Oberoi

Realty

Ltd.

......................................................

75,188

1,791

Utilities

(0.8%):

CESC

Ltd.

............................................................

241,031

498

Mahanagar

Gas

Ltd.

(a)

...................................................

24,700

349

Power

Grid

Corp.

of

India

Ltd.

.............................................

586,027

2,288

VA

Tech

Wabag

Ltd.

(a)

...................................................

33,949

723

3,858

81,490

Indonesia

(3.2%):

Communication

Services

(0.4%):

PT

Telkom

Indonesia

Persero

Tbk

,

ADR

......................................

121,426

2,074

Consumer

Discretionary

(0.1%):

PT

Aspirasi

Hidup

Indonesia

Tbk

...........................................

10,832,300

527

Consumer

Staples

(0.1%):

PT

Sumber

Alfaria

Trijaya

Tbk

.............................................

4,036,300

726

Energy

(0.2%):

PT

AKR

Corporindo

Tbk

.................................................

3,342,200

260

PT

United

Tractors

Tbk

..................................................

566,700

957

1,217

Financials

(2.0%):

PT

Bank

Mandiri

Persero

Tbk

..............................................

11,409,780

4,438

PT

Bank

Rakyat

Indonesia

Persero

Tbk

.......................................

20,776,146

5,599

10,037

Materials

(0.2%):

Aneka

Tambang

Tbk

....................................................

4,726,200

428

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

40

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

PT

Adaro

Minerals

Indonesia

Tbk

(a)

.........................................

7,153,500

$

553

981

Real

Estate

(0.1%):

PT

Bumi

Serpong

Damai

Tbk

(a)

............................................

4,028,900

254

Utilities

(0.1%):

PT

Perusahaan

Gas

Negara

Tbk

.............................................

4,448,300

427

16,243

Ireland

(0.1%):

Consumer

Discretionary

(0.1%):

PDD

Holdings,

Inc.

,

ADR

(a)

...............................................

6,843

661

Jordan

(0.2%):

Health

Care

(0.2%):

Hikma

Pharmaceuticals

PLC

...............................................

40,363

988

Luxembourg

(0.7%):

Materials

(0.7%):

Ternium

SA

,

ADR

......................................................

109,266

3,624

Macau

(0.3%):

Consumer

Discretionary

(0.3%):

Sands

China

Ltd.

(a)

.....................................................

587,600

1,510

Malaysia

(0.6%):

Consumer

Staples

(0.1%):

Carlsberg

Brewery

Malaysia

Bhd

...........................................

80,300

378

Health

Care

(0.1%):

KPJ

Healthcare

Bhd

.....................................................

1,185,300

666

Industrials

(0.1%):

My

EG

Services

Bhd

....................................................

2,819,700

550

Materials

(0.1%):

Malayan

Cement

Bhd

....................................................

638,100

691

Real

Estate

(0.1%):

Eco

World

Development

Group

Bhd

.........................................

1,227,000

523

Utilities

(0.1%):

Mega

First

Corp.

Bhd

....................................................

491,900

481

3,289

Mexico

(3.2%):

Communication

Services

(0.4%):

America

Movil

SAB

de

CV

,

ADR

...........................................

126,768

1,880

Consumer

Staples

(0.3%):

Grupo

Comercial

Chedraui

SA

de

CV

(b)

......................................

70,430

461

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

.................................

918,000

1,237

1,698

Energy

(0.1%):

Vista

Energy

SAB

de

CV

,

ADR

(a)

...........................................

13,730

731

Financials

(1.3%):

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.................................

847,392

5,653

Regional

SAB

de

CV

....................................................

138,179

770

6,423

Health

Care

(0.1%):

Genomma

Lab

Internacional

SAB

de

CV

,

Class

B

................................

432,465

579

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

41

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Materials

(0.7%):

Cemex

SAB

de

CV

,

ADR

.................................................

331,478

$

1,847

GCC

SAB

de

CV

.......................................................

87,003

776

Grupo

Mexico

SAB

de

CV

,

Class

B

..........................................

240,681

1,166

3,789

Real

Estate

(0.3%):

Corp

Inmobiliaria

Vesta

SAB

de

CV

.........................................

363,018

865

FIBRA

Macquarie

Mexico

(c)

..............................................

270,525

426

1,291

16,391

Netherlands

(0.2%):

Real

Estate

(0.2%):

NEPI

Rockcastle

NV

....................................................

133,080

1,034

Panama

(0.3%):

Industrials

(0.3%):

Copa

Holdings

SA

,

Class

A

................................................

16,736

1,563

Philippines

(0.1%):

Financials

(0.1%):

Security

Bank

Corp.

.....................................................

321,090

475

Poland

(1.1%):

Consumer

Discretionary

(0.3%):

LPP

SA

..............................................................

404

1,562

Financials

(0.8%):

KRUK

SA

............................................................

5,369

559

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

................................

240,898

3,321

3,880

5,442

Russian

Federation

(0.0%):

Communication

Services

(0.0%):

Mobile

TeleSystems

PJSC

,

ADR

(a)

(e)

(f)

......................................

253,826

—

Energy

(0.0%):

Gazprom

PJSC

(a)

(e)

(f)

...................................................

1,087,480

—

Rosneft

Oil

Co.

PJSC

,

GDR

(a)

(e)

(f)

.........................................

457,159

—

—

Financials

(0.0%):

Moscow

Exchange

MICEX-RTS

PJSC

(a)

(e)

(f)

..................................

196,760

—

Sberbank

of

Russia

PJSC

(a)

(e)

(f)

...........................................

687,954

—

Sberbank

of

Russia

PJSC

,

ADR

(a)

(e)

(f)

.......................................

329,652

—

—

—

Saudi

Arabia

(1.8%):

Communication

Services

(0.3%):

Saudi

Telecom

Co.

......................................................

169,246

1,793

Consumer

Discretionary

(0.4%):

Leejam

Sports

Co.

JSC

...................................................

9,534

462

United

Electronics

Co.

...................................................

57,208

1,508

1,970

Financials

(0.7%):

Alinma

Bank

..........................................................

288,961

2,137

Saudi

Awwal

Bank

......................................................

173,016

1,428

3,565

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

42

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Industrials

(0.4%):

Riyadh

Cables

Group

Co.

.................................................

56,153

$

1,927

9,255

South

Africa

(2.5%):

Consumer

Discretionary

(0.5%):

Foschini

Group

Ltd.

.....................................................

186,461

1,770

Truworths

International

Ltd.

...............................................

117,738

669

2,439

Consumer

Staples

(0.1%):

AVI

Ltd.

.............................................................

79,908

488

Financials

(1.1%):

Nedbank

Group

Ltd.

.....................................................

159,028

2,560

Santam

Ltd.

...........................................................

22,715

478

Standard

Bank

Group

Ltd.

................................................

203,340

2,683

5,721

Health

Care

(0.2%):

Life

Healthcare

Group

Holdings

Ltd.

.........................................

1,283,610

1,187

Industrials

(0.3%):

Bidvest

Group

Ltd.

......................................................

111,928

1,730

Materials

(0.3%):

Pan

African

Resources

PLC

...............................................

2,892,752

1,304

12,869

South

Korea

(10.6%):

Communication

Services

(0.4%):

SK

Telecom

Co.

Ltd.

....................................................

23,749

1,046

SOOP

Co.

Ltd.

.........................................................

14,725

1,169

2,215

Consumer

Discretionary

(0.3%):

Hyundai

Mobis

Co.

Ltd.

..................................................

8,752

1,507

Consumer

Staples

(0.1%):

Kolmar

Korea

Co.

Ltd.

...................................................

7,950

302

Financials

(1.9%):

DB

Insurance

Co.

Ltd.

...................................................

12,764

1,002

JB

Financial

Group

Co.

Ltd.

...............................................

98,699

1,394

KIWOOM

Securities

Co.

Ltd.

..............................................

31,360

2,907

Samsung

Securities

Co.

Ltd.

...............................................

51,180

1,755

Shinhan

Financial

Group

Co.

Ltd.

...........................................

68,906

2,641

9,699

Health

Care

(0.6%):

Classys,

Inc.

..........................................................

32,648

1,094

Hugel,

Inc.

(a)

.........................................................

1,882

353

PharmaResearch

Co.

Ltd.

.................................................

8,983

1,283

T&L

Co.

Ltd.

..........................................................

13,698

592

3,322

Industrials

(1.8%):

GS

Holdings

Corp.

......................................................

19,174

577

Hanwha

Aerospace

Co.

Ltd.

...............................................

4,940

1,111

Hanwha

Industrial

Solutions

Co.

Ltd.

(a)

.......................................

3,525

85

HD

Hyundai

Electric

Co.

Ltd.

..............................................

8,819

2,241

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(a)

........................

8,326

1,227

Hyosung

Heavy

Industries

Corp.

............................................

1,187

347

Hyundai

Glovis

Co.

Ltd.

..................................................

4,833

427

Hyundai

Rotem

Co.

Ltd.

..................................................

43,026

1,571

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

43

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Samsung

C&T

Corp.

....................................................

13,298

$

1,141

Samsung

E&A

Co.

Ltd.

(a)

................................................

28,050

362

9,089

Information

Technology

(5.0%):

Douzone

Bizon

Co.

Ltd.

..................................................

11,839

605

Innox

Advanced

Materials

Co.

Ltd.

..........................................

35,638

551

Isu

Petasys

Co.

Ltd.

.....................................................

13,522

220

LEENO

Industrial,

Inc.

...................................................

2,577

289

LG

Innotek

Co.

Ltd.

.....................................................

8,340

977

PSK,

Inc.

.............................................................

16,330

199

Samsung

Electronics

Co.

Ltd.

..............................................

283,394

11,146

SK

Hynix,

Inc.

.........................................................

99,695

11,642

25,629

Materials

(0.5%):

Dongsung

Finetec

Co.

Ltd.

................................................

65,802

679

Hyosung

TNC

Corp.

.....................................................

2,050

285

LOTTE

Fine

Chemical

Co.

Ltd.

............................................

11,230

277

OCI

Holdings

Co.

Ltd.

...................................................

3,815

163

Poongsan

Corp.

........................................................

18,254

677

Wonik

Materials

Co.

Ltd.

.................................................

24,336

297

2,378

54,141

Taiwan

(18.5%):

Communication

Services

(0.2%):

International

Games

System

Co.

Ltd.

.........................................

30,000

894

Consumer

Discretionary

(0.5%):

Lion

Travel

Service

Co.

Ltd.

...............................................

96,000

360

Taiwan

Paiho

Ltd.

......................................................

158,000

380

Tong

Yang

Industry

Co.

Ltd.

...............................................

546,000

2,005

2,745

Health

Care

(0.3%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

63,000

1,676

Industrials

(1.0%):

Airtac

International

Group

................................................

77,344

1,893

Bizlink

Holding,

Inc.

....................................................

53,000

1,067

Fortune

Electric

Co.

Ltd.

.................................................

72,800

1,242

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

.................................

165,000

511

U-Ming

Marine

Transport

Corp.

............................................

198,000

365

5,078

Information

Technology

(16.2%):

ASE

Technology

Holding

Co.

Ltd.

,

ADR

......................................

315,687

3,069

ASE

Technology

Holding

Co.

Ltd.

...........................................

553,000

2,628

ASPEED

Technology,

Inc.

................................................

5,000

638

AURAS

Technology

Co.

Ltd.

..............................................

20,000

426

Chenbro

Micom

Co.

Ltd.

.................................................

52,000

467

Chicony

Electronics

Co.

Ltd.

..............................................

82,000

399

Chroma

ATE,

Inc.

......................................................

180,000

2,308

Compeq

Manufacturing

Co.

Ltd.

............................................

666,000

1,259

Elite

Material

Co.

Ltd.

...................................................

210,000

3,056

Genius

Electronic

Optical

Co.

Ltd.

..........................................

36,000

497

Getac

Holdings

Corp.

....................................................

242,000

783

Gold

Circuit

Electronics

Ltd.

...............................................

153,100

883

Insyde

Software

Corp.

...................................................

40,000

583

King

Yuan

Electronics

Co.

Ltd.

.............................................

583,000

2,301

Lotes

Co.

Ltd.

.........................................................

39,000

2,172

MediaTek,

Inc.

.........................................................

172,000

6,756

MPI

Corp.

............................................................

19,000

461

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

44

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Novatek

Microelectronics

Corp.

............................................

93,000

$

1,396

Phison

Electronics

Corp.

..................................................

29,000

416

Radiant

Opto-Electronics

Corp.

.............................................

118,000

696

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

1,544,000

48,127

Tripod

Technology

Corp.

.................................................

66,000

387

Wiwynn

Corp.

.........................................................

17,000

1,026

Yageo

Corp.

...........................................................

105,704

1,689

82,423

Materials

(0.3%):

Shiny

Chemical

Industrial

Co.

Ltd.

..........................................

74,000

380

Taiwan

Hon

Chuan

Enterprise

Co.

Ltd.

.......................................

123,000

559

Tung

Ho

Steel

Enterprise

Corp.

.............................................

371,000

808

1,747

94,563

Thailand

(1.9%):

Consumer

Discretionary

(0.1%):

Com7

PCL,

NVDR

.....................................................

468,000

363

Consumer

Staples

(0.7%):

CP

ALL

PCL,

NVDR

....................................................

1,367,600

2,447

Ichitan

Group

PCL,

NVDR

................................................

2,111,800

913

3,360

Energy

(0.5%):

PTT

Exploration

&

Production

PCL

,

Class

F

...................................

280,800

1,045

PTT

Exploration

&

Production

PCL,

NVDR

...................................

477,100

1,778

2,823

Health

Care

(0.4%):

Bangkok

Dusit

Medical

Services

PCL,

NVDR

..................................

2,578,300

1,901

Mega

Lifesciences

PCL,

NVDR

............................................

329,400

338

2,239

Real

Estate

(0.1%):

Sansiri

PCL,

NVDR

.....................................................

7,053,600

370

Utilities

(0.1%):

Gunkul

Engineering

PCL,

NVDR

...........................................

4,467,100

305

9,460

Turkey

(0.8%):

Consumer

Staples

(0.4%):

BIM

Birlesik

Magazalar

A/S

...............................................

148,059

2,025

Financials

(0.1%):

Turkiye

Sigorta

A/S

.....................................................

1,548,421

586

Health

Care

(0.1%):

MLP

Saglik

Hizmetleri

A/S

(a)

(c)

............................................

52,931

609

Industrials

(0.2%):

Pegasus

Hava

Tasimaciligi

A/S

(a)

...........................................

152,480

960

4,180

United

Arab

Emirates

(0.9%):

Financials

(0.2%):

Dubai

Islamic

Bank

PJSC

.................................................

525,476

974

Industrials

(0.1%):

Air

Arabia

PJSC

(a)

......................................................

945,358

770

Real

Estate

(0.6%):

Emaar

Development

PJSC

................................................

344,847

1,068

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

45

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

.............................................

7/28/2021

$

4,261

Mobile

TeleSystems

PJSC

,

ADR

.................................

4/4/2016

2,117

Moscow

Exchange

MICEX-RTS

PJSC

............................

5/4/2020

331

Rosneft

Oil

Co.

PJSC

,

GDR

....................................

3/6/2020

2,920

Sberbank

of

Russia

PJSC

......................................

3/2/2015

800

Sberbank

of

Russia

PJSC

,

ADR

..................................

11/11/2020

4,362

Security

Description

Shares

Value

(000)

Emaar

Properties

PJSC

...................................................

695,677

$

1,810

2,878

4,622

United

Kingdom

(0.4%):

Consumer

Staples

(0.4%):

Unilever

PLC

.........................................................

36,930

2,210

United

States

(0.5%):

Consumer

Discretionary

(0.2%):

SharkNinja,

Inc.

(a)

......................................................

9,023

907

Energy

(0.3%):

Schlumberger

NV

......................................................

38,164

1,677

2,584

Uruguay

(0.7%):

Consumer

Discretionary

(0.7%):

MercadoLibre,

Inc.

(a)

....................................................

1,764

3,502

Total

Common

Stocks

(Cost

$416,550)

494,411

Rights

(0.0%)(d)

India

(0.0%):(d)

Materials

(0.0%):(d)

UPL

Ltd.

(a)

...........................................................

23,424

50

Total

Rights

(Cost

$–)

50

Exchange-Traded

Funds

(0.2%)

United

States

(0.2%):

iShares

MSCI

Emerging

Markets

Small-Cap

ETF

................................

16,749

1,016

Total

Exchange-Traded

Funds

(Cost

$1,056)

1,016

Collateral

for

Securities

Loaned

(1.3%)^

United

States

(1.3%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

4

.55

%

(g)

........

1,718,237

1,718

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

4

.57

%

(g)

............

1,718,237

1,719

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

4

.57

%

(g)

...............

1,718,237

1,718

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

4

.58

%

(g)

.

1,718,237

1,718

Total

Collateral

for

Securities

Loaned

(Cost

$6,873)

6,873

Total

Investments

(Cost

$424,479)

—

98.3%

502,350

Other

assets

in

excess

of

liabilities

—

1.7%

8,172

NET

ASSETS

-

100.00%

$

510,522

^

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)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$10,481

(thousands)

and

amounted

to

2.1%

of

net

assets.

(d)

Amount

represents

less

than

0.05%

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

November

30,

2024

(amounts

in

thousands):

(f)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

November

30,

2024.

Victory

Portfolios

III

Victory

Emerging

Markets

Fund

46

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

(g)

Rate

disclosed

is

the

daily

yield

on

November

30,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Global

Equity

Income

Fund

47

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(99.0%)

Australia

(1.4%):

Consumer

Staples

(0.3%):

Coles

Group

Ltd.

.......................................................

17,422

$

211

Industrials

(0.5%):

Computershare

Ltd.

.....................................................

14,612

304

Utilities

(0.6%):

Origin

Energy

Ltd.

......................................................

53,155

378

893

Austria

(0.8%):

Financials

(0.8%):

Erste

Group

Bank

AG

....................................................

10,051

552

Bermuda

(0.4%):

Financials

(0.4%):

Everest

Group

Ltd.

......................................................

622

241

Canada

(4.1%):

Consumer

Discretionary

(0.6%):

Gildan

Activewear,

Inc.

..................................................

8,247

410

Energy

(1.0%):

Canadian

Natural

Resources

Ltd.

............................................

11,440

388

Cenovus

Energy,

Inc.

....................................................

16,307

259

647

Financials

(2.5%):

Bank

of

Montreal

.......................................................

5,004

477

Canadian

Imperial

Bank

of

Commerce

........................................

12,484

810

Sun

Life

Financial,

Inc.

..................................................

4,577

282

1,569

2,626

France

(3.7%):

Energy

(0.9%):

TotalEnergies

SE

.......................................................

9,554

555

Health

Care

(0.3%):

Sanofi

SA

............................................................

1,923

187

Industrials

(1.5%):

Bureau

Veritas

SA

......................................................

3,635

111

Cie

de

Saint-Gobain

SA

..................................................

9,682

884

995

Utilities

(1.0%):

Engie

SA

.............................................................

39,558

630

2,367

Germany

(4.3%):

Communication

Services

(0.9%):

Deutsche

Telekom

AG

...................................................

17,317

554

Consumer

Discretionary

(0.2%):

Mercedes-Benz

Group

AG

................................................

2,627

148

Financials

(1.1%):

Allianz

SE

,

Registered

Shares

..............................................

2,338

724

Industrials

(0.5%):

Deutsche

Post

AG

......................................................

8,668

319

Victory

Portfolios

III

Victory

Global

Equity

Income

Fund

48

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Materials

(1.0%):

Heidelberg

Materials

AG

.................................................

4,955

$

626

Utilities

(0.6%):

E.ON

SE

.............................................................

32,613

420

2,791

Hong

Kong

(0.7%):

Consumer

Staples

(0.7%):

WH

Group

Ltd.

(a)

......................................................

593,500

473

Ireland

(1.0%):

Information

Technology

(1.0%):

TE

Connectivity

PLC

....................................................

4,113

622

Italy

(0.8%):

Utilities

(0.8%):

Enel

SpA

.............................................................

72,556

522

Japan

(3.9%):

Consumer

Discretionary

(0.7%):

Isuzu

Motors

Ltd.

.......................................................

30,900

412

Information

Technology

(1.6%):

NEC

Corp.

...........................................................

3,400

290

TIS,

Inc.

.............................................................

30,000

736

1,026

Materials

(0.8%):

Nitto

Denko

Corp.

......................................................

32,200

515

Utilities

(0.8%):

The

Kansai

Electric

Power

Co.,

Inc.

..........................................

41,900

540

2,493

Netherlands

(1.9%):

Communication

Services

(1.2%):

Koninklijke

KPN

NV

....................................................

193,945

752

Consumer

Staples

(0.7%):

Koninklijke

Ahold

Delhaize

NV

............................................

13,993

483

1,235

Portugal

(0.8%):

Energy

(0.8%):

Galp

Energia

SGPS

SA

...................................................

32,156

529

Singapore

(0.6%):

Financials

(0.6%):

DBS

Group

Holdings

Ltd.

.................................................

7,200

229

Oversea-Chinese

Banking

Corp.

Ltd.

.........................................

14,900

181

410

Spain

(2.6%):

Financials

(1.6%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

64,839

612

Banco

Santander

SA

.....................................................

85,341

394

1,006

Utilities

(1.0%):

Iberdrola

SA

..........................................................

45,014

642

1,648

Victory

Portfolios

III

Victory

Global

Equity

Income

Fund

49

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Switzerland

(5.8%):

Consumer

Staples

(0.9%):

Coca-Cola

HBC

AG

.....................................................

16,471

$

588

Health

Care

(2.3%):

Novartis

AG

,

Registered

Shares

.............................................

7,689

815

Roche

Holding

AG

......................................................

2,325

676

1,491

Information

Technology

(1.4%):

Logitech

International

SA

,

Class

R

..........................................

10,625

864

Materials

(1.2%):

Glencore

PLC

.........................................................

48,514

235

Holcim

AG

...........................................................

5,402

550

785

3,728

United

Kingdom

(5.9%):

Consumer

Staples

(2.4%):

British

American

Tobacco

PLC

.............................................

6,302

239

Imperial

Brands

PLC

....................................................

11,051

362

Reckitt

Benckiser

Group

PLC

..............................................

2,746

170

Tesco

PLC

............................................................

169,932

793

1,564

Energy

(0.8%):

Shell

PLC

............................................................

16,934

544

Financials

(1.9%):

HSBC

Holdings

PLC

....................................................

73,094

681

Standard

Chartered

PLC

..................................................

41,601

514

1,195

Industrials

(0.6%):

Intertek

Group

PLC

.....................................................

6,717

403

Utilities

(0.2%):

SSE

PLC

.............................................................

4,696

106

3,812

United

States

(60.3%):

Communication

Services

(0.9%):

Omnicom

Group,

Inc.

....................................................

2,412

253

Verizon

Communications,

Inc.

..............................................

6,829

303

556

Consumer

Discretionary

(3.7%):

Best

Buy

Co.,

Inc.

......................................................

6,156

554

Lennar

Corp.

,

Class

A

....................................................

832

145

Lowe's

Cos.,

Inc.

.......................................................

1,615

440

PulteGroup,

Inc.

........................................................

1,221

165

The

Home

Depot,

Inc.

...................................................

1,902

816

The

TJX

Cos.,

Inc.

......................................................

2,117

266

2,386

Consumer

Staples

(8.4%):

Altria

Group,

Inc.

.......................................................

20,515

1,184

Colgate-Palmolive

Co.

...................................................

9,508

919

General

Mills,

Inc.

......................................................

8,021

531

Kimberly-Clark

Corp.

....................................................

5,386

751

Philip

Morris

International,

Inc.

.............................................

5,425

722

Sysco

Corp.

...........................................................

4,323

333

The

Clorox

Co.

........................................................

2,493

417

Victory

Portfolios

III

Victory

Global

Equity

Income

Fund

50

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

The

Kroger

Co.

........................................................

9,112

$

557

5,414

Energy

(3.7%):

Devon

Energy

Corp.

.....................................................

12,415

471

EOG

Resources,

Inc.

....................................................

5,616

748

Marathon

Petroleum

Corp.

................................................

3,659

571

Phillips

66

Co.

.........................................................

1,075

144

Valero

Energy

Corp.

.....................................................

3,030

422

2,356

Financials

(13.8%):

American

Express

Co.

...................................................

2,246

684

American

Financial

Group,

Inc.

.............................................

5,422

796

Ameriprise

Financial,

Inc.

.................................................

1,089

625

Capital

One

Financial

Corp.

...............................................

2,003

385

Cincinnati

Financial

Corp.

................................................

2,657

425

Fidelity

National

Financial,

Inc.

............................................

12,199

773

Fifth

Third

Bancorp

.....................................................

11,577

557

JPMorgan

Chase

&

Co.

..................................................

4,989

1,246

Northern

Trust

Corp.

....................................................

1,890

210

Regions

Financial

Corp.

..................................................

17,458

476

Synchrony

Financial

.....................................................

10,792

729

T.

Rowe

Price

Group,

Inc.

.................................................

2,786

345

The

Goldman

Sachs

Group,

Inc.

............................................

873

531

The

PNC

Financial

Services

Group,

Inc.

......................................

1,984

426

The

Western

Union

Co.

...................................................

18,329

202

W.R.

Berkley

Corp.

.....................................................

7,302

471

8,881

Health

Care

(5.7%):

AbbVie,

Inc.

..........................................................

5,077

929

Bristol-Myers

Squibb

Co.

.................................................

12,869

762

Gilead

Sciences,

Inc.

....................................................

6,873

636

Johnson

&

Johnson

.....................................................

4,598

713

Merck

&

Co.,

Inc.

......................................................

4,571

465

The

Cigna

Group

.......................................................

496

167

3,672

Industrials

(6.6%):

3M

Co.

..............................................................

3,737

499

C.H.

Robinson

Worldwide,

Inc.

.............................................

4,211

444

Carlisle

Cos.,

Inc.

.......................................................

1,068

488

Caterpillar,

Inc.

........................................................

1,132

460

Cummins,

Inc.

.........................................................

247

93

Expeditors

International

of

Washington,

Inc.

....................................

1,299

158

Lockheed

Martin

Corp.

...................................................

1,093

579

Masco

Corp.

..........................................................

8,035

647

Owens

Corning

........................................................

2,843

584

United

Parcel

Service,

Inc.

,

Class

B

..........................................

2,373

322

4,274

Information

Technology

(10.9%):

Apple,

Inc.

...........................................................

1,297

308

Applied

Materials,

Inc.

...................................................

3,376

590

Cisco

Systems,

Inc.

.....................................................

18,658

1,105

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

7,136

574

Hewlett

Packard

Enterprise

Co.

.............................................

13,912

295

KLA

Corp.

...........................................................

808

523

Microsoft

Corp.

........................................................

2,460

1,042

NetApp,

Inc.

..........................................................

6,741

827

QUALCOMM,

Inc.

.....................................................

5,965

945

Victory

Portfolios

III

Victory

Global

Equity

Income

Fund

51

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Seagate

Technology

Holdings

PLC

..........................................

8,307

$

842

7,051

Materials

(4.0%):

CF

Industries

Holdings,

Inc.

...............................................

7,176

643

LyondellBasell

Industries

NV

,

Class

A

........................................

5,363

447

Packaging

Corp.

of

America

...............................................

3,540

881

Reliance,

Inc.

..........................................................

1,817

584

2,555

Utilities

(2.6%):

Duke

Energy

Corp.

......................................................

4,716

552

Edison

International

.....................................................

1,034

90

Evergy,

Inc.

...........................................................

11,400

737

OGE

Energy

Corp.

......................................................

6,617

291

1,670

38,815

Total

Common

Stocks

(Cost

$55,276)

63,757

Total

Investments

(Cost

$55,276)

—

99.0%

63,757

Other

assets

in

excess

of

liabilities

—

1.0%

627

NET

ASSETS

-

100.00%

$

64,384

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$473

(thousands)

and

amounted

to

0.7%

of

net

assets.

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Government

Securities

Fund

52

(Unaudited)

Security

Description

Principal

Amount

(000)

a

Value

(000)

Asset-Backed

Securities

(1.8%)

ABS

Other

(1.0%):

Consumers

2014

Securitization

Funding

LLC

,

Series

2014-A

,

Class

A3

,

3

.53

%

,

5/1/29

.....

$

3,365

$

3,290

PSNH

Funding

LLC

,

Series

2018-1

,

Class

A3

,

3

.81

%

,

2/1/35

.......................

4,000

3,844

WEPCO

Environmental

Trust

Finance

I

LLC

,

Series

2021-1

,

Class

A

,

1

.58

%

,

12/15/35

.....

3,505

3,067

10,201

Agency

ABS

Other

(0.8%):

Nelnet

Student

Loan

Trust

................................................

Series

2006-3

,

Class

B

,

5

.86

%

(

SOFR90A

+

51

bps

)

,

6/25/41

,

Callable

12/25/24

@

100

(a)

1,214

1,089

Series

2015-3A

,

Class

A2

,

5

.45

%

(

SOFR30A

+

71

bps

)

,

2/27/51

,

Callable

10/25/30

@

100

(a)

(b)

.........................................................

1,011

1,007

Series

2019-5

,

Class

A

,

2

.53

%

,

10/25/67

,

Callable

2/25/33

@

100

(b)

..............

3,750

3,414

SLM

Student

Loan

Trust

..................................................

Series

2006-4

,

Class

B

,

5

.65

%

(

SOFR90A

+

46

bps

)

,

1/25/70

,

Callable

7/25/31

@

100

(a)

2,060

1,956

Series

2013-6

,

Class

A3

,

5

.50

%

(

SOFR30A

+

76

bps

)

,

6/26/28

,

Callable

6/26/28

@

100

(a)

1,618

1,604

9,070

Total

Asset-Backed

Securities

(Cost

$20,061)

a

a

a

19,271

Collateralized

Mortgage

Obligations

(15.6%)

Agency

CMO

Floating

(0.1%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

3134

,

Class

FA

,

5

.22

%

(

SOFR30A

+

41

bps

)

,

3/15/36

(a)

...................

275

271

Series

4023

,

Class

PF

,

5

.47

%

(

SOFR30A

+

66

bps

)

,

10/15/41

(a)

...................

268

268

Federal

National

Mortgage

Association

.......................................

Series

2005-29

,

Class

FY

,

5

.15

%

(

SOFR30A

+

41

bps

)

,

4/25/35

(a)

.................

479

473

Series

2007-84

,

Class

F

,

5

.15

%

(

SOFR30A

+

41

bps

)

,

8/25/37

(a)

..................

331

327

1,339

Agency

CMO

Other

(3.3%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

4623

,

Class

H

,

2

.50

%

,

11/15/44

....................................

1,008

920

Series

5270

,

Class

AB

,

5

.50

%

,

1/25/49

...................................

3,330

3,354

Series

5450

,

Class

KA

,

4

.50

%

,

6/25/51

...................................

2,888

2,814

Federal

National

Mortgage

Association

.......................................

Series

2012-100

,

Class

BA

,

1

.50

%

,

9/25/27

................................

122

118

Series

2012-102

,

Class

GA

,

1

.38

%

,

9/25/27

................................

203

195

Series

2012-103

,

Class

HB

,

1

.50

%

,

9/25/27

................................

136

131

Series

2012-107

,

Class

GC

,

1

.50

%

,

10/25/27

...............................

187

181

Series

2012-73

,

Class

DC

,

1

.50

%

,

7/25/27

.................................

335

324

Series

2022-88

,

Class

BA

,

5

.50

%

,

7/25/47

.................................

1,123

1,127

Government

National

Mortgage

Association

....................................

Series

2022-207

,

Class

NA

,

3

.00

%

,

1/20/52

................................

2,574

2,274

Series

2022-68

,

Class

WQ

,

3

.64

%

,

5/20/50

(c)

..............................

3,951

3,769

Series

2022-90

,

Class

QU

,

4

.00

%

,

11/20/49

................................

5,396

5,127

Series

2023-107

,

Class

PA

,

5

.50

%

,

1/20/46

................................

3,659

3,678

Series

2023-128

,

Class

KA

,

6

.00

%

,

6/20/47

................................

1,641

1,659

Series

2023-131

,

Class

P

,

5

.50

%

,

6/20/48

..................................

1,873

1,877

Series

2023-149

,

Class

D

,

5

.50

%

,

9/20/47

.................................

1,485

1,492

Series

2023-53

,

Class

QA

,

5

.00

%

,

6/20/49

.................................

3,317

3,318

Series

2024-20

,

Class

PA

,

4

.50

%

,

2/20/54

.................................

2,820

2,775

35,133

Agency

Commercial

MBS

(12.2%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

K045

,

Class

A2

,

3

.02

%

,

1/25/25

,

Callable

1/25/25

@

100

.................

1,958

1,949

Series

K049

,

Class

A2

,

3

.01

%

,

7/25/25

,

Callable

7/25/25

@

100

.................

3,943

3,901

Series

K051

,

Class

A2

,

3

.31

%

,

9/25/25

,

Callable

9/25/25

@

100

.................

9,691

9,582

Series

K052

,

Class

A1

,

2

.60

%

,

1/25/25

,

Callable

1/25/25

@

100

.................

55

55

Series

K056

,

Class

A1

,

2

.20

%

,

7/25/25

,

Callable

7/25/25

@

100

.................

291

289

Series

K057

,

Class

A2

,

2

.57

%

,

7/25/26

,

Callable

7/25/26

@

100

.................

7,000

6,799

Series

K080

,

Class

A2

,

3

.93

%

,

7/25/28

,

Callable

7/25/28

@

100

(c)

...............

15,000

14,740

Victory

Portfolios

III

Victory

Government

Securities

Fund

53

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

K126

,

Class

A2

,

2

.07

%

,

1/25/31

,

Callable

1/25/31

@

100

.................

$

2,860

$

2,499

Series

K136

,

Class

A2

,

2

.13

%

,

11/25/31

,

Callable

11/25/31

@

100

................

5,000

4,299

Series

K141

,

Class

A2

,

2

.25

%

,

2/25/32

,

Callable

2/25/32

@

100

.................

2,000

1,727

Series

K142

,

Class

A2

,

2

.40

%

,

3/25/32

,

Callable

3/25/32

@

100

.................

3,000

2,612

Series

K143

,

Class

A2

,

2

.35

%

,

3/25/32

,

Callable

3/25/32

@

100

.................

5,000

4,335

Series

K144

,

Class

A2

,

2

.45

%

,

4/25/32

,

Callable

4/25/32

@

100

.................

5,183

4,517

Series

K145

,

Class

A2

,

2

.58

%

,

5/25/32

,

Callable

5/25/32

@

100

.................

3,423

3,006

Series

K146

,

Class

A2

,

2

.92

%

,

6/25/32

,

Callable

6/25/32

@

100

.................

3,000

2,696

Series

K147

,

Class

A2

,

3

.00

%

,

6/25/32

,

Callable

6/25/32

@

100

(c)

...............

3,000

2,710

Series

K149

,

Class

A2

,

3

.53

%

,

8/25/32

,

Callable

8/25/32

@

100

.................

3,000

2,806

Series

K523

,

Class

AS

,

5

.40

%

(

SOFR30A

+

55

bps

)

,

4/25/29

,

Callable

4/25/29

@

100

(a)

.

3,000

3,007

Series

K730

,

Class

A2

,

3

.59

%

,

1/25/25

,

Callable

1/25/25

@

100

.................

2,124

2,116

Series

K733

,

Class

AM

,

3

.75

%

,

9/25/25

,

Callable

9/25/25

@

100

.................

5,000

4,953

Series

KC03

,

Class

A2

,

3

.50

%

,

1/25/26

,

Callable

1/25/26

@

100

.................

6,916

6,831

Series

KPLB2

,

Class

A

,

4

.83

%

,

6/25/33

,

Callable

6/25/33

@

100

(d)

...............

5,000

5,090

Federal

National

Mortgage

Association

.......................................

Series

2015-M13

,

Class

A2

,

2

.79

%

,

6/25/25

(c)

..............................

1,552

1,536

Series

2017-M12

,

Class

A2

,

3

.16

%

,

6/25/27

(c)

..............................

3,723

3,606

Series

2017-M8

,

Class

A2

,

3

.06

%

,

5/25/27

(c)

...............................

6,483

6,284

Series

2018-M10

,

Class

A2

,

3

.47

%

,

7/25/28

(c)

..............................

7,907

7,651

Series

2018-M4

,

Class

A2

,

3

.16

%

,

3/25/28

(c)

...............................

2,031

1,954

Series

2022-M12

,

Class

A

,

3

.18

%

,

12/25/28

(c)

..............................

5,968

5,696

Series

2022-M13

,

Class

A2

,

2

.68

%

,

6/25/32

................................

8,671

7,627

Series

2022-M3

,

Class

A2

,

1

.76

%

,

11/25/31

(c)

..............................

4,000

3,325

Series

2023-M4

,

Class

A2

,

3

.89

%

,

9/25/32

(c)

...............................

4,000

3,806

132,004

Total

Collateralized

Mortgage

Obligations

(Cost

$168,608)

a

a

a

168,476

Corporate

Bonds

(0.7%)

Energy

(0.3%):

Evergy

Missouri

West

Storm

Funding

I

LLC

,

5

.10

%

,

12/1/38

.......................

3,500

3,528

Utilities

(0.4%):

Tennessee

Valley

Authority

,

3

.50

%

,

12/15/42

...................................

5,000

4,242

Total

Corporate

Bonds

(Cost

$7,833)

a

a

a

7,770

Municipal

Bonds

(0.5%)

Hawaii

(0.0%):(e)

State

of

Hawaii

Department

of

Business

Economic

Development

&

Tourism

Revenue

,

Series

A-2

,

3

.24

%

,

1/1/31

..................................................

203

198

Louisiana

(0.5%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A

,

4

.15

%

,

2/1/33

..............................................

3,000

2,948

Series

A

,

4

.28

%

,

2/1/36

..............................................

2,000

1,937

4,885

Total

Municipal

Bonds

(Cost

$5,202)

a

a

a

5,083

U.S.

Government

Agency

Mortgages

(47.3%)

Federal

Farm

Credit

Banks

Funding

Corporation

5

.58

%

,

8/19/32

....................................................

1,750

1,746

5

.93

%

,

7/14/33

....................................................

2,500

2,507

6

.00

%

,

6/5/34

.....................................................

4,000

4,008

5

.14

%

,

10/30/34

....................................................

3,000

2,971

2

.55

%

,

12/21/34

....................................................

3,000

2,497

2

.20

%

,

9/2/36

.....................................................

2,000

1,512

5

.60

%

,

8/5/39

.....................................................

4,000

3,984

Victory

Portfolios

III

Victory

Government

Securities

Fund

54

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

6

.19

%

,

6/17/44

....................................................

$

2,500

$

2,491

21,716

Federal

Home

Loan

Banks

1

.25

%

,

8/16/27

(c)

(f)

.................................................

1,000

936

5

.65

%

,

7/30/31

....................................................

3,000

2,999

5

.25

%

,

9/25/34

....................................................

3,000

2,970

6,905

Federal

Home

Loan

Mortgage

Corporation

3

.00

%

,

3/1/32

-

5/1/52

...............................................

14,448

13,136

3

.50

%

,

10/1/33

-

7/1/52

..............................................

14,719

13,665

4

.00

%

,

10/1/33

-

12/1/52

.............................................

22,968

21,889

5

.50

%

,

12/1/35

-

11/1/54

..............................................

22,776

22,818

1

.50

%

,

4/1/37

.....................................................

3,050

2,663

5

.00

%

,

3/1/38

-

6/1/53

...............................................

32,899

32,453

4

.50

%

,

11/1/42

-

10/1/52

..............................................

9,638

9,321

4

.00

%

(

SOFR30A

+

227

bps

)

,

8/1/52

(a)

....................................

6,517

6,317

6

.50

%

,

2/1/53

.....................................................

3,111

3,190

6

.00

%

,

8/1/53

-

12/1/54

..............................................

7,769

7,878

133,330

Federal

National

Mortgage

Association

2

.25

%

,

11/1/26

.....................................................

1,767

1,693

3

.00

%

,

2/1/27

-

2/1/52

...............................................

17,184

15,289

2

.48

%

,

11/1/29

.....................................................

884

802

1

.74

%

,

2/1/31

.....................................................

3,015

2,550

1

.64

%

,

9/1/31

.....................................................

1,250

1,038

5

.00

%

,

12/1/35

-

4/1/53

..............................................

18,394

18,210

5

.50

%

,

11/1/37

-

11/1/54

..............................................

17,857

17,884

4

.50

%

,

1/1/38

-

9/1/52

...............................................

31,717

30,636

4

.00

%

,

4/1/38

-

7/1/53

...............................................

40,510

38,247

6

.00

%

,

5/1/38

-

11/1/54

..............................................

2,804

2,854

2

.50

%

,

6/1/41

-

3/1/52

...............................................

20,271

17,283

3

.50

%

,

1/1/42

-

7/1/52

...............................................

32,853

30,180

2

.44

%

,

10/1/51

....................................................

2,798

1,820

2

.00

%

,

11/1/51

-

12/1/51

..............................................

24,514

19,825

198,311

Government

National

Mortgage

Association

7

.00

%

,

5/15/27

-

7/15/32

.............................................

309

319

8

.00

%

,

5/15/27

-

9/15/30

.............................................

114

119

7

.50

%

,

2/15/28

-

11/15/31

.............................................

85

88

6

.00

%

,

4/15/28

-

10/20/53

.............................................

13,799

14,107

6

.50

%

,

5/15/28

-

8/20/34

.............................................

1,024

1,063

6

.75

%

,

5/15/28

....................................................

3

3

5

.50

%

,

4/20/33

-

2/20/54

.............................................

27,724

27,974

5

.00

%

,

5/20/33

-

9/20/53

.............................................

14,096

14,018

4

.50

%

,

9/15/39

-

9/20/53

.............................................

20,472

20,006

4

.00

%

,

7/15/40

-

11/20/40

.............................................

1,704

1,651

2

.50

%

,

2/20/50

-

7/20/53

.............................................

37,145

31,763

3

.00

%

,

8/20/51

-

12/20/52

.............................................

25,112

22,271

3

.50

%

,

4/20/52

-

6/20/52

.............................................

3,665

3,331

136,713

Small

Business

Administration

Pools

5

.15

%

(

PRIME

-

285

bps

)

,

9/25/31

(a)

.....................................

2,699

2,688

7

.63

%

(

PRIME

-

38

bps

)

,

2/25/32

(a)

......................................

2,577

2,674

8

.88

%

(

PRIME

+

88

bps

)

,

2/25/32

(a)

......................................

1,819

1,925

9

.60

%

(

PRIME

+

160

bps

)

,

2/25/32

(a)

.....................................

2,250

2,411

8

.13

%

(

PRIME

+

13

bps

)

,

6/25/32

(a)

......................................

1,822

1,908

5

.50

%

(

PRIME

-

250

bps

)

,

9/25/32

(a)

.....................................

2,718

2,722

6

.25

%

(

PRIME

-

175

bps

)

,

10/25/34

(a)

.....................................

967

985

15,313

Total

U.S.

Government

Agency

Mortgages

(Cost

$533,508)

a

a

a

512,288

Victory

Portfolios

III

Victory

Government

Securities

Fund

55

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

U.S.

Treasury

Obligations

(33.0%)

U.S.

Treasury

Bonds

5

.25

%

,

2/15/29

....................................................

$

5,000

$

5,232

1

.75

%

,

8/15/41

....................................................

7,000

4,785

2

.00

%

,

11/15/41

....................................................

5,000

3,540

3

.38

%

,

8/15/42

....................................................

5,000

4,346

3

.75

%

,

11/15/43

....................................................

6,000

5,435

U.S.

Treasury

Notes

2

.13

%

,

5/15/25

....................................................

4,500

4,453

0

.38

%

,

1/31/26

....................................................

6,000

5,732

3

.63

%

,

5/15/26

....................................................

5,200

5,154

0

.75

%

,

5/31/26

....................................................

4,000

3,799

1

.38

%

,

8/31/26

....................................................

7,000

6,670

1

.63

%

,

10/31/26

....................................................

11,250

10,727

1

.88

%

,

2/28/27

....................................................

10,250

9,753

2

.75

%

,

4/30/27

....................................................

10,000

9,686

2

.63

%

,

5/31/27

....................................................

10,500

10,127

3

.13

%

,

8/31/27

....................................................

13,000

12,667

4

.13

%

,

9/30/27

....................................................

11,000

11,007

1

.13

%

,

2/29/28

....................................................

7,500

6,825

1

.25

%

,

4/30/28

....................................................

5,000

4,548

2

.88

%

,

5/15/28

....................................................

10,000

9,608

1

.25

%

,

5/31/28

....................................................

5,000

4,539

1

.00

%

,

7/31/28

....................................................

3,000

2,687

1

.13

%

,

8/31/28

....................................................

5,000

4,488

1

.25

%

,

9/30/28

....................................................

3,500

3,148

1

.38

%

,

10/31/28

....................................................

8,200

7,397

2

.63

%

,

2/15/29

....................................................

12,000

11,326

2

.38

%

,

3/31/29

....................................................

14,100

13,141

2

.88

%

,

4/30/29

....................................................

10,000

9,516

2

.38

%

,

5/15/29

....................................................

11,300

10,520

2

.75

%

,

5/31/29

....................................................

13,750

12,991

3

.88

%

,

11/30/29

....................................................

14,000

13,873

3

.88

%

,

12/31/29

....................................................

8,000

7,925

3

.50

%

,

1/31/30

....................................................

2,000

1,946

0

.88

%

,

11/15/30

....................................................

15,000

12,490

1

.63

%

,

5/15/31

....................................................

10,000

8,603

1

.25

%

,

8/15/31

....................................................

21,000

17,505

2

.88

%

,

5/15/32

....................................................

13,000

11,958

4

.13

%

,

11/15/32

....................................................

30,000

30,005

3

.50

%

,

2/15/33

....................................................

15,000

14,327

3

.38

%

,

5/15/33

....................................................

18,000

17,004

3

.88

%

,

8/15/34

....................................................

8,000

7,810

Total

U.S.

Treasury

Obligations

(Cost

$370,339)

a

a

a

357,293

Shares

Investment

Companies

(0.1%)

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

4

.50

%

(g)

............

898,243

898

Total

Investment

Companies

(Cost

$898)

a

a

a

898

Principal

Amount

(000)

Repurchase

Agreements

(0.6%)

Fixed

Income

Clearing

Corporation-State

Street

Bank

&

Trust

Co.

,

4

.56

%

,

purchased

on

11/29/24,

with

a

maturity

date

of

12/2/24,

with

a

value

of

$6,000

(collateralized

by

U.S.

Treasury

Bonds

,

2.88%,

due

5/15/52,

with

a

value

of

$6,120)

........................

6,000

6,000

Total

Repurchase

Agreements

(Cost

$6,000)

a

a

a

6,000

Total

Investments

(Cost

$1,112,449)

—

99.6%

1,077,079

Other

assets

in

excess

of

liabilities

—  0.4%

4,800

NET

ASSETS

-

100.00%

$

1,081,879

Victory

Portfolios

III

Victory

Government

Securities

Fund

56

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

(a)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

November

30,

2024.

(b)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$4,421

(thousands)

and

amounted

to

0.4%

of

net

assets.

(c)

The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

November

30,

2024.

(d)

Security

is

interest

only.

(e)

Amount

represents

less

than

0.05%

of

net

assets.

(f)

Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(g)

Rate

disclosed

is

the

daily

yield

on

November

30,

2024.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

LLC

—

Limited

Liability

Company

MBS

—

Mortgage-Backed

Securities

PRIME

—

US

Prime

rate,

rate

disclosed

as

of

November

30,

2024.

SOFR

—

Secured

Overnight

Financing

Rate

SOFR30A

—

30

day

average

of

SOFR,

rate

disclosed

as

of

November

30,

2024.

SOFR90A

—

90

day

average

of

SOFR,

rate

disclosed

as

of

November

30,

2024.

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

57

(Unaudited)

Security

Description

Shares

a

Value

(000)

Common

Stocks

(48.2%)

Communication

Services

(4.7%):

Alphabet,

Inc.

,

Class

A

...................................................

56,780

$

9,593

Alphabet,

Inc.

,

Class

C

...................................................

53,068

9,048

AT&T,

Inc.

...........................................................

2,783

64

Charter

Communications,

Inc.

,

Class

A

(a)

.....................................

189

75

Comcast

Corp.

,

Class

A

..................................................

29,196

1,261

Electronic

Arts,

Inc.

.....................................................

2,332

382

Live

Nation

Entertainment,

Inc.

(a)

...........................................

1,692

234

Meta

Platforms,

Inc.

,

Class

A

..............................................

22,559

12,956

Netflix,

Inc.

(a)

.........................................................

5,106

4,528

News

Corp.

,

Class

A

.....................................................

2,721

80

Omnicom

Group,

Inc.

....................................................

1,760

184

The

Interpublic

Group

of

Cos.,

Inc.

..........................................

2,760

85

The

Walt

Disney

Co.

....................................................

13,618

1,600

T-Mobile

US,

Inc.

......................................................

3,497

863

40,953

Consumer

Discretionary

(4.8%):

Amazon.com,

Inc.

(a)

....................................................

76,433

15,890

AutoZone,

Inc.

(a)

.......................................................

236

748

Bath

&

Body

Works,

Inc.

.................................................

1,450

53

Best

Buy

Co.,

Inc.

......................................................

2,117

190

Booking

Holdings,

Inc.

...................................................

416

2,164

CarMax,

Inc.

(a)

........................................................

1,390

117

Carnival

Corp.

(a)

.......................................................

2,770

70

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

16,250

1,000

D.R.

Horton,

Inc.

.......................................................

3,030

511

Darden

Restaurants,

Inc.

..................................................

1,475

260

eBay,

Inc.

............................................................

6,774

429

Expedia

Group,

Inc.

(a)

...................................................

575

106

Ford

Motor

Co.

........................................................

48,788

543

Garmin

Ltd.

...........................................................

1,028

219

General

Motors

Co.

.....................................................

11,966

665

Genuine

Parts

Co.

......................................................

1,110

141

Hasbro,

Inc.

...........................................................

1,004

65

Hilton

Worldwide

Holdings,

Inc.

............................................

3,006

762

Lennar

Corp.

,

Class

A

....................................................

2,669

465

Lennar

Corp.

,

Class

B

...................................................

1

—

(b)

Lowe's

Cos.,

Inc.

.......................................................

7,219

1,967

Marriott

International,

Inc.

,

Class

A

..........................................

2,953

854

McDonald's

Corp.

......................................................

7,151

2,117

MGM

Resorts

International

(a)

..............................................

4,369

167

NIKE,

Inc.

,

Class

B

.....................................................

9,000

709

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

......................................

2,676

72

O'Reilly

Automotive,

Inc.

(a)

...............................................

772

960

PulteGroup,

Inc.

........................................................

2,360

319

PVH

Corp.

...........................................................

928

101

Ralph

Lauren

Corp.

.....................................................

420

97

Ross

Stores,

Inc.

.......................................................

3,562

552

Royal

Caribbean

Cruises

Ltd.

..............................................

2,197

536

Starbucks

Corp.

........................................................

10,260

1,051

Tapestry,

Inc.

..........................................................

3,021

188

Tesla,

Inc.

(a)

..........................................................

3,426

1,182

The

Home

Depot,

Inc.

...................................................

10,478

4,496

The

TJX

Cos.,

Inc.

......................................................

9,986

1,255

Tractor

Supply

Co.

......................................................

1,382

392

Victoria's

Secret

&

Co.

(a)

.................................................

1

—

(b)

Whirlpool

Corp.

........................................................

520

58

Wynn

Resorts

Ltd.

......................................................

87

8

Yum!

Brands,

Inc.

......................................................

2,890

402

41,881

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

58

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Consumer

Staples

(2.3%):

Altria

Group,

Inc.

.......................................................

11,731

$

677

Archer-Daniels-Midland

Co.

...............................................

188

10

Brown-Forman

Corp.

,

Class

B

.............................................

316

13

Church

&

Dwight

Co.,

Inc.

................................................

2,152

237

Colgate-Palmolive

Co.

...................................................

5,377

520

Conagra

Brands,

Inc.

....................................................

2,454

68

Constellation

Brands,

Inc.

,

Class

A

..........................................

980

236

Costco

Wholesale

Corp.

..................................................

4,112

3,996

General

Mills,

Inc.

......................................................

4,550

301

Kimberly-Clark

Corp.

....................................................

1,970

275

Mondelez

International,

Inc.

,

Class

A

.........................................

10,370

674

Monster

Beverage

Corp.

(a)

................................................

7,170

395

PepsiCo,

Inc.

..........................................................

9,101

1,488

Philip

Morris

International,

Inc.

.............................................

9,877

1,314

Sysco

Corp.

...........................................................

3,290

254

Target

Corp.

..........................................................

3,570

472

The

Clorox

Co.

........................................................

689

115

The

Coca-Cola

Co.

......................................................

23,340

1,496

The

Estee

Lauder

Cos.,

Inc.

...............................................

1,480

107

The

Hershey

Co.

.......................................................

910

160

The

J.M.

Smucker

Co.

...................................................

828

98

The

Kroger

Co.

........................................................

7,829

478

The

Procter

&

Gamble

Co.

................................................

16,819

3,015

Tyson

Foods,

Inc.

,

Class

A

................................................

1,740

112

Walmart,

Inc.

..........................................................

39,279

3,633

20,144

Energy

(1.8%):

Baker

Hughes

Co.

......................................................

8,513

374

Chevron

Corp.

.........................................................

12,467

2,019

ConocoPhillips

Co.

.....................................................

16,628

1,802

Coterra

Energy,

Inc.

.....................................................

2,120

57

Devon

Energy

Corp.

.....................................................

4,751

180

Diamondback

Energy,

Inc.

................................................

2,111

375

EOG

Resources,

Inc.

....................................................

4,759

634

Exxon

Mobil

Corp.

.....................................................

43,781

5,164

Halliburton

Co.

........................................................

9,010

287

Hess

Corp.

............................................................

2,683

395

Marathon

Petroleum

Corp.

................................................

6,448

1,007

Occidental

Petroleum

Corp.

...............................................

6,234

315

ONEOK,

Inc.

..........................................................

5,513

626

Phillips

66

Co.

.........................................................

2,813

377

Schlumberger

NV

......................................................

17,103

752

The

Williams

Cos.,

Inc.

..................................................

14,342

839

Valero

Energy

Corp.

.....................................................

3,087

429

15,632

Financials

(7.1%):

Aflac,

Inc.

............................................................

6,526

744

American

Express

Co.

...................................................

6,409

1,953

American

International

Group,

Inc.

..........................................

6,466

497

Ameriprise

Financial,

Inc.

.................................................

1,153

662

Aon

PLC

,

Class

A

......................................................

2,316

907

Arthur

J.

Gallagher

&

Co.

.................................................

2,370

740

Bank

of

America

Corp.

...................................................

80,700

3,834

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.........................................

16,505

7,972

Blackrock,

Inc.

........................................................

1,116

1,141

Capital

One

Financial

Corp.

...............................................

4,781

918

Chubb

Ltd.

...........................................................

3,365

972

Cincinnati

Financial

Corp.

................................................

970

155

Citigroup,

Inc.

.........................................................

838

59

CME

Group,

Inc.

.......................................................

1,700

405

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

59

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Comerica,

Inc.

.........................................................

1,300

$

94

Discover

Financial

Services

...............................................

3,419

624

Fidelity

National

Information

Services,

Inc.

....................................

1,180

101

Fifth

Third

Bancorp

.....................................................

8,302

399

Fiserv,

Inc.

(a)

..........................................................

3,840

848

Global

Payments,

Inc.

....................................................

783

93

Huntington

Bancshares,

Inc.

...............................................

1,619

29

Intercontinental

Exchange,

Inc.

.............................................

5,129

826

JPMorgan

Chase

&

Co.

..................................................

30,506

7,618

KeyCorp.

............................................................

2,645

52

Lincoln

National

Corp.

...................................................

1,734

62

Loews

Corp.

..........................................................

2,091

181

M&T

Bank

Corp.

.......................................................

660

145

Marsh

&

McLennan

Cos.,

Inc.

.............................................

5,030

1,173

Mastercard,

Inc.

,

Class

A

.................................................

8,421

4,488

MetLife,

Inc.

..........................................................

5,194

458

Moody's

Corp.

.........................................................

1,532

766

Morgan

Stanley

........................................................

14,869

1,957

MSCI,

Inc.

...........................................................

992

605

Nasdaq,

Inc.

..........................................................

3,477

289

Northern

Trust

Corp.

....................................................

40

4

PayPal

Holdings,

Inc.

(a)

..................................................

6,960

604

Principal

Financial

Group,

Inc.

.............................................

2,476

216

Prudential

Financial,

Inc.

.................................................

3,545

459

Raymond

James

Financial,

Inc.

.............................................

1,989

337

Regions

Financial

Corp.

..................................................

9,790

267

S&P

Global,

Inc.

.......................................................

3,291

1,720

State

Street

Corp.

.......................................................

2,324

229

Synchrony

Financial

.....................................................

6,103

412

T.

Rowe

Price

Group,

Inc.

.................................................

1,970

244

The

Allstate

Corp.

......................................................

3,040

630

The

Bank

of

New

York

Mellon

Corp.

.........................................

5,526

452

The

Charles

Schwab

Corp.

................................................

8,304

687

The

Goldman

Sachs

Group,

Inc.

............................................

3,096

1,884

The

Hartford

Financial

Services

Group,

Inc.

....................................

2,900

358

The

PNC

Financial

Services

Group,

Inc.

......................................

2,716

583

The

Progressive

Corp.

...................................................

5,434

1,461

The

Travelers

Cos.,

Inc.

..................................................

2,350

625

Truist

Financial

Corp.

....................................................

2,758

131

U.S.

Bancorp

..........................................................

10,130

540

Visa,

Inc.

,

Class

A

......................................................

16,518

5,204

W.R.

Berkley

Corp.

.....................................................

4,013

259

Wells

Fargo

&

Co.

......................................................

34,989

2,665

Willis

Towers

Watson

PLC

................................................

801

258

Zions

Bancorp

NA

......................................................

1,310

79

62,075

Health

Care

(4.9%):

Abbott

Laboratories

.....................................................

15,054

1,788

AbbVie,

Inc.

..........................................................

16,170

2,958

Agilent

Technologies,

Inc.

.................................................

2,762

381

Amgen,

Inc.

...........................................................

4,703

1,330

Becton

Dickinson

&

Co.

..................................................

1,310

291

Biogen,

Inc.

(a)

.........................................................

816

131

Boston

Scientific

Corp.

(a)

.................................................

12,299

1,115

Bristol-Myers

Squibb

Co.

.................................................

6,097

361

Cardinal

Health,

Inc.

....................................................

2,310

282

Cencora,

Inc.

..........................................................

1,410

355

CVS

Health

Corp.

......................................................

6,602

395

Danaher

Corp.

.........................................................

6,134

1,470

DaVita,

Inc.

(a)

.........................................................

748

124

Edwards

Lifesciences

Corp.

(a)

.............................................

5,760

411

Elevance

Health,

Inc.

....................................................

2,330

948

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

60

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Eli

Lilly

&

Co.

.........................................................

8,712

$

6,929

Fortrea

Holdings,

Inc.

(a)

..................................................

522

11

GE

HealthCare

Technologies,

Inc.

...........................................

3,779

315

Gilead

Sciences,

Inc.

....................................................

8,764

811

HCA

Healthcare,

Inc.

....................................................

2,571

841

Humana,

Inc.

..........................................................

886

263

IDEXX

Laboratories,

Inc.

(a)

...............................................

808

341

Intuitive

Surgical,

Inc.

(a)

.................................................

3,159

1,712

Johnson

&

Johnson

.....................................................

15,036

2,331

Labcorp

Holdings,

Inc.

...................................................

522

126

McKesson

Corp.

.......................................................

1,450

911

Merck

&

Co.,

Inc.

......................................................

17,173

1,746

Mettler-Toledo

International,

Inc.

(a)

.........................................

250

313

Quest

Diagnostics,

Inc.

...................................................

600

98

Regeneron

Pharmaceuticals,

Inc.

(a)

..........................................

678

509

ResMed,

Inc.

..........................................................

1,315

328

Revvity,

Inc.

..........................................................

680

79

Stryker

Corp.

..........................................................

3,361

1,318

The

Cigna

Group

.......................................................

3,375

1,140

Thermo

Fisher

Scientific,

Inc.

..............................................

3,716

1,968

UnitedHealth

Group,

Inc.

.................................................

9,155

5,586

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

2,479

1,161

Waters

Corp.

(a)

........................................................

690

265

Zimmer

Biomet

Holdings,

Inc.

.............................................

928

104

Zoetis,

Inc.

...........................................................

4,481

785

42,331

Industrials

(4.2%):

3M

Co.

..............................................................

610

81

Allegion

PLC

.........................................................

613

86

Amentum

Holdings,

Inc.

(a)

................................................

963

23

AMETEK,

Inc.

........................................................

2,776

540

Automatic

Data

Processing,

Inc.

............................................

4,040

1,240

Carrier

Global

Corp.

.....................................................

7,990

618

Caterpillar,

Inc.

........................................................

5,175

2,102

Cintas

Corp.

..........................................................

4,176

943

Copart,

Inc.

(a)

.........................................................

9,144

580

CSX

Corp.

............................................................

24,039

879

Cummins,

Inc.

.........................................................

1,300

488

Deere

&

Co.

..........................................................

3,333

1,553

Dover

Corp.

...........................................................

1,434

295

Eaton

Corp.

PLC

.......................................................

4,316

1,620

Emerson

Electric

Co.

....................................................

4,724

626

Equifax,

Inc.

..........................................................

1,023

268

Expeditors

International

of

Washington,

Inc.

....................................

1,578

192

Fastenal

Co.

...........................................................

5,887

492

FedEx

Corp.

..........................................................

1,690

512

Fortive

Corp.

..........................................................

1,835

146

GE

Vernova,

Inc.

(a)

.....................................................

2,834

947

General

Dynamics

Corp.

..................................................

1,726

490

General

Electric

Co.

.....................................................

11,338

2,065

Honeywell

International,

Inc.

..............................................

4,610

1,074

Howmet

Aerospace,

Inc.

..................................................

3,713

440

Illinois

Tool

Works,

Inc.

..................................................

2,480

688

Ingersoll

Rand,

Inc.

.....................................................

4,166

434

Jacobs

Solutions,

Inc.

....................................................

963

136

Johnson

Controls

International

PLC

..........................................

6,676

560

L3Harris

Technologies,

Inc.

...............................................

1,882

463

Lockheed

Martin

Corp.

...................................................

1,911

1,012

Masco

Corp.

..........................................................

2,842

229

Masterbrand,

Inc.

(a)

.....................................................

1,563

27

Norfolk

Southern

Corp.

..................................................

2,167

598

Northrop

Grumman

Corp.

.................................................

1,346

659

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

61

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Old

Dominion

Freight

Line,

Inc.

............................................

1,764

$

397

Otis

Worldwide

Corp.

....................................................

2,705

279

PACCAR,

Inc.

.........................................................

3,846

450

Parker-Hannifin

Corp.

...................................................

1,216

855

Paychex,

Inc.

..........................................................

2,957

433

Pentair

PLC

...........................................................

869

95

Quanta

Services,

Inc.

....................................................

1,444

497

Republic

Services,

Inc.

...................................................

2,086

455

Robert

Half,

Inc.

.......................................................

750

56

Rockwell

Automation,

Inc.

................................................

980

289

RTX

Corp.

............................................................

9,870

1,202

Snap-on,

Inc.

..........................................................

554

205

Southwest

Airlines

Co.

...................................................

4,050

131

Stanley

Black

&

Decker,

Inc.

..............................................

663

59

Textron,

Inc.

..........................................................

2,070

177

The

Boeing

Co.

(a)

......................................................

3,526

548

Trane

Technologies

PLC

..................................................

2,802

1,166

TransDigm

Group,

Inc.

...................................................

593

743

Union

Pacific

Corp.

.....................................................

7,119

1,742

United

Parcel

Service,

Inc.

,

Class

B

..........................................

1,960

266

United

Rentals,

Inc.

.....................................................

750

649

Veralto

Corp.

..........................................................

2,045

221

Verisk

Analytics,

Inc.

....................................................

1,450

427

W.W.

Grainger,

Inc.

.....................................................

478

576

Waste

Management,

Inc.

..................................................

3,791

865

Westinghouse

Air

Brake

Technologies

Corp.

....................................

1,745

350

Xylem,

Inc.

...........................................................

1,548

196

36,435

Information

Technology

(16.4%):

Accenture

PLC

,

Class

A

..................................................

5,486

1,988

Adobe,

Inc.

(a)

.........................................................

4,558

2,352

Advanced

Micro

Devices,

Inc.

(a)

............................................

16,362

2,244

Akamai

Technologies,

Inc.

(a)

..............................................

1,250

118

Amphenol

Corp.

,

Class

A

.................................................

11,268

819

Analog

Devices,

Inc.

....................................................

2,646

577

ANSYS,

Inc.

(a)

........................................................

796

279

Apple,

Inc.

...........................................................

146,293

34,720

Applied

Materials,

Inc.

...................................................

10,028

1,752

Arista

Networks,

Inc.

(a)

..................................................

2,364

959

Autodesk,

Inc.

(a)

.......................................................

1,733

506

Broadcom,

Inc.

........................................................

41,300

6,694

Cadence

Design

Systems,

Inc.

(a)

............................................

2,583

792

Cisco

Systems,

Inc.

.....................................................

31,509

1,866

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

3,759

303

Corning,

Inc.

..........................................................

7,670

373

Fortinet,

Inc.

(a)

........................................................

7,295

693

Gartner,

Inc.

(a)

........................................................

387

200

Hewlett

Packard

Enterprise

Co.

.............................................

7,926

168

HP,

Inc.

..............................................................

10,174

360

International

Business

Machines

Corp.

........................................

4,045

920

Intuit,

Inc.

............................................................

2,547

1,634

Keysight

Technologies,

Inc.

(a)

.............................................

1,866

319

KLA

Corp.

...........................................................

1,555

1,006

Lam

Research

Corp.

.....................................................

15,940

1,178

Microchip

Technology,

Inc.

................................................

2,740

187

Micron

Technology,

Inc.

..................................................

10,075

987

Microsoft

Corp.

........................................................

71,508

30,281

Motorola

Solutions,

Inc.

..................................................

1,485

742

NetApp,

Inc.

..........................................................

2,470

303

NVIDIA

Corp.

.........................................................

243,911

33,721

Oracle

Corp.

..........................................................

18,595

3,437

QUALCOMM,

Inc.

.....................................................

11,993

1,901

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

62

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Roper

Technologies,

Inc.

..................................................

798

$

452

Salesforce,

Inc.

........................................................

6,223

2,054

Seagate

Technology

Holdings

PLC

..........................................

2,326

236

ServiceNow,

Inc.

(a)

.....................................................

1,714

1,799

Synopsys,

Inc.

(a)

.......................................................

1,398

781

TE

Connectivity

PLC

....................................................

2,933

443

Texas

Instruments,

Inc.

...................................................

8,840

1,777

VeriSign,

Inc.

(a)

........................................................

690

129

Western

Digital

Corp.

(a)

..................................................

920

67

142,117

Materials

(0.9%):

Air

Products

and

Chemicals,

Inc.

............................................

1,398

467

Avery

Dennison

Corp.

...................................................

888

183

Ball

Corp.

............................................................

2,732

170

CF

Industries

Holdings,

Inc.

...............................................

2,538

228

Corteva,

Inc.

..........................................................

4,359

271

Dow,

Inc.

............................................................

2,517

111

DuPont

de

Nemours,

Inc.

.................................................

3,431

287

Eastman

Chemical

Co.

...................................................

940

98

Ecolab,

Inc.

...........................................................

1,433

356

Freeport-McMoRan,

Inc.

.................................................

15,889

702

International

Flavors

&

Fragrances,

Inc.

.......................................

859

78

International

Paper

Co.

...................................................

2,781

164

Linde

PLC

............................................................

4,727

2,179

Martin

Marietta

Materials,

Inc.

.............................................

721

433

Nucor

Corp.

...........................................................

2,642

409

PPG

Industries,

Inc.

.....................................................

1,640

204

The

Mosaic

Co.

........................................................

4,420

117

The

Sherwin-Williams

Co.

................................................

2,304

916

Vulcan

Materials

Co.

....................................................

1,110

320

7,693

Real

Estate

(0.5%):

American

Tower

Corp.

...................................................

2,283

477

AvalonBay

Communities,

Inc.

..............................................

510

120

CBRE

Group,

Inc.

,

Class

A

(a)

..............................................

3,167

443

Equinix,

Inc.

..........................................................

773

759

Equity

Residential

......................................................

2,215

170

Extra

Space

Storage,

Inc.

.................................................

114

20

Host

Hotels

&

Resorts,

Inc.

................................................

1,060

20

Iron

Mountain,

Inc.

.....................................................

3,568

441

Kimco

Realty

Corp.

.....................................................

5,368

137

Prologis,

Inc.

..........................................................

4,119

481

Public

Storage

.........................................................

615

214

Simon

Property

Group,

Inc.

...............................................

3,796

697

Ventas,

Inc.

...........................................................

1,230

79

Welltower,

Inc.

.........................................................

4,568

631

4,689

Utilities

(0.6%):

Ameren

Corp.

.........................................................

1,840

174

American

Electric

Power

Co.,

Inc.

...........................................

2,820

282

CenterPoint

Energy,

Inc.

..................................................

5,327

174

CMS

Energy

Corp.

......................................................

1,560

109

Consolidated

Edison,

Inc.

.................................................

1,480

149

Constellation

Energy

Corp.

................................................

3,575

917

Dominion

Energy,

Inc.

...................................................

1

—

(b)

DTE

Energy

Co.

.......................................................

918

115

Duke

Energy

Corp.

......................................................

3,683

431

Edison

International

.....................................................

1,730

152

Entergy

Corp.

.........................................................

440

69

Eversource

Energy

......................................................

1,380

89

Exelon

Corp.

..........................................................

1

—

(b)

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

63

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

NextEra

Energy,

Inc.

....................................................

16,956

$

1,334

NRG

Energy,

Inc.

.......................................................

2,789

283

Public

Service

Enterprise

Group,

Inc.

.........................................

3,040

287

Sempra

..............................................................

2,820

264

The

Southern

Co.

.......................................................

2,590

231

WEC

Energy

Group,

Inc.

.................................................

2,417

244

Xcel

Energy,

Inc.

.......................................................

3,136

227

5,531

Total

Common

Stocks

(Cost

$58,084)

a

a

a

419,481

Rights

(0.0%)(c)

Health

Care

(0.0%):(c)

ABIOMED,

Inc.,

CVR

(a)

(d)

...............................................

568

1

Total

Rights

(Cost

$—)

a

a

a

1

Principal

Amount

(000)

Municipal

Bonds

(51.7%)

Alabama

(0.6%):

Black

Belt

Energy

Gas

District

Revenue

,

Series

D-1

,

5

.50

%

,

6/1/49

,

(Put

Date

2/1/29)

(e)

...

$

1,000

1,067

Cooper

Green

Mercy

Health

Services

Authority

Revenue

,

5

.25

%

,

9/1/52

,

Continuously

Callable

@100

.....................................................

2,000

2,145

County

of

Jefferson

Sewer

Revenue

,

5

.50

%

,

10/1/53

,

Continuously

Callable

@100

........

1,000

1,105

DCH

Healthcare

Authority

Revenue

,

Series

A

,

4

.00

%

,

6/1/51

,

Continuously

Callable

@100

..

1,000

935

5,252

Alaska

(0.1%):

Northern

Tobacco

Securitization

Corp.

Revenue

,

Series

A

,

4

.00

%

,

6/1/50

,

Continuously

Callable

@100

.....................................................

500

471

Arizona

(2.0%):

Arizona

IDA

Revenue

5

.00

%

,

11/1/47

,

Continuously

Callable

@100

...............................

1,000

1,073

Series

B

,

4

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

400

392

Series

B

,

4

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

840

751

Series

F

,

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

1,000

1,017

La

Paz

County

IDA

Revenue

4

.00

%

,

2/15/41

,

Continuously

Callable

@100

...............................

425

389

4

.00

%

,

2/15/46

,

Continuously

Callable

@100

...............................

345

300

4

.00

%

,

2/15/51

,

Continuously

Callable

@100

...............................

300

251

Maricopa

County

IDA

Revenue

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

(f)

..............................

1,500

1,310

Series

A

,

5

.00

%

,

9/1/42

,

Continuously

Callable

@100

.........................

500

520

Series

A

,

4

.00

%

,

7/1/46

,

Continuously

Callable

@100

.........................

735

708

Series

A

,

5

.00

%

,

7/1/49

,

Continuously

Callable

@100

.........................

1,000

1,025

Series

A

,

5

.00

%

,

7/1/54

,

Continuously

Callable

@100

.........................

1,275

1,303

Series

A

,

4

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

1,000

917

Sierra

Vista

IDA

Revenue

,

5

.75

%

,

6/15/53

,

Continuously

Callable

@100

(f)

.............

2,000

2,074

Tempe

IDA

Revenue

,

Series

B

,

4

.00

%

,

12/1/46

,

Continuously

Callable

@102

............

1,185

1,058

The

County

of

Pima

IDA

Revenue

4

.00

%

,

4/1/46

,

Continuously

Callable

@100

...............................

2,000

1,946

4

.00

%

,

6/15/51

,

Continuously

Callable

@100

(f)

.............................

1,000

861

The

IDA

of

the

City

of

Phoenix

Arizona

Revenue

,

5

.00

%

,

7/1/46

,

Continuously

Callable

@100

1,300

1,301

17,196

Arkansas

(0.1%):

Arkansas

Development

Finance

Authority

Revenue

,

4

.00

%

,

12/1/44

,

Continuously

Callable

@100

...........................................................

1,000

980

California

(1.2%):

California

Educational

Facilities

Authority

Revenue

,

Series

A

,

5

.00

%

,

10/1/52

,

Continuously

Callable

@100

.....................................................

2,000

2,063

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

64

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

(NBGA

-

University

of

California

Medical

Center)

,

Series

2000-1

,

0

.50

%

,

5/15/45

,

Callable

1/2/25

@

100

(g)

$

3,510

$

3,510

State

of

California,

GO

,

5

.00

%

,

8/1/45

,

Continuously

Callable

@100

..................

1,000

1,011

Sutter

Butte

Flood

Control

Agency

Special

Assessment

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.00

%

,

10/1/40

,

Continuously

Callable

@100

...................

1,000

1,011

West

Contra

Costa

Unified

School

District,

GO

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

8/1/34

(h)

...................................................

4,435

3,246

10,841

Colorado

(1.5%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

5

.00

%

,

4/1/48

,

Continuously

Callable

@100

...............................

710

727

4

.00

%

,

1/1/52

,

Continuously

Callable

@100

...............................

675

587

5

.00

%

,

9/1/52

,

Continuously

Callable

@100

...............................

730

759

4

.50

%

,

7/1/53

,

Continuously

Callable

@100

...............................

1,000

1,004

4

.00

%

,

1/1/62

,

Continuously

Callable

@100

...............................

795

666

Series

A

,

5

.00

%

,

12/1/38

,

Continuously

Callable

@100

........................

1,000

1,040

Colorado

Health

Facilities

Authority

Revenue

5

.00

%

,

6/1/45

,

Pre-refunded

6/1/25

@

100

.................................

1,000

1,010

Series

A

,

4

.00

%

,

9/1/50

,

Pre-refunded

9/1/30

@

100

..........................

1,000

1,074

Series

A

,

4

.00

%

,

12/1/50

,

Continuously

Callable

@103

........................

1,000

912

Denver

Convention

Center

Hotel

Authority

Revenue

,

5

.00

%

,

12/1/40

,

Continuously

Callable

@100

...........................................................

1,000

1,016

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

,

5

.00

%

,

12/1/48

,

Continuously

Callable

@100

.....................................................

1,900

1,914

Park

Creek

Metropolitan

District

Revenue

Series

A

,

5

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

250

252

Series

A

,

5

.00

%

,

12/1/45

,

Continuously

Callable

@100

........................

1,000

1,009

Rampart

Range

Metropolitan

District

No.

1

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

.........................

1,000

1,026

12,996

Connecticut

(0.5%):

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

5

.25

%

,

7/1/53

,

Continuously

Callable

@100

...............................

1,000

1,083

Series

T

,

4

.00

%

,

7/1/55

,

Continuously

Callable

@100

.........................

1,000

975

State

of

Connecticut,

GO

Series

A

,

5

.00

%

,

4/15/36

,

Continuously

Callable

@100

........................

1,500

1,620

Series

A

,

5

.00

%

,

4/15/37

,

Continuously

Callable

@100

........................

1,000

1,059

4,737

Florida

(2.5%):

Brevard

County

Health

Facilities

Authority

Revenue

,

Series

A

,

5

.00

%

,

4/1/52

,

Continuously

Callable

@100

.....................................................

1,000

1,059

Capital

Trust

Agency,

Inc.

Revenue

5

.00

%

,

8/1/40

,

Continuously

Callable

@100

...............................

600

620

5

.00

%

,

8/1/55

,

Continuously

Callable

@100

...............................

1,300

1,319

City

of

Atlantic

Beach

Revenue

,

Series

A

,

5

.00

%

,

11/15/53

,

Continuously

Callable

@103

...

1,000

1,002

City

of

Pompano

Beach

Revenue

4

.00

%

,

9/1/50

,

Continuously

Callable

@103

...............................

1,500

1,332

Series

A

,

4

.00

%

,

9/1/51

,

Continuously

Callable

@103

.........................

500

431

Florida

Development

Finance

Corp.

Revenue

5

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

1,175

1,201

Series

A

,

5

.00

%

,

6/15/52

,

Continuously

Callable

@100

........................

1,250

1,262

Lee

County

IDA

Revenue

Series

2024-A

,

5

.25

%

,

11/15/54

,

Continuously

Callable

@100

...................

2,000

2,120

Series

A

,

5

.25

%

,

10/1/52

,

Continuously

Callable

@103

........................

850

807

Miami

Beach

Health

Facilities

Authority

Revenue

,

4

.00

%

,

11/15/51

,

Continuously

Callable

@100

...........................................................

500

478

Miami-Dade

County

Health

Facilities

Authority

Revenue

,

Series

A

,

4

.00

%

,

8/1/51

,

Continuously

Callable

@100

...........................................

1,000

984

Palm

Beach

County

Educational

Facilities

Authority

Revenue

,

4

.00

%

,

10/1/51

,

Continuously

Callable

@100

.....................................................

1,000

889

Sarasota

County

Health

Facilities

Authority

Revenue

,

5

.00

%

,

5/15/38

,

Continuously

Callable

@103

...........................................................

700

701

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

65

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Sarasota

County

Public

Hospital

District

Revenue

,

4

.00

%

,

7/1/52

,

Continuously

Callable

@100

...........................................................

$

2,000

$

1,986

Seminole

County

IDA

Revenue

,

Series

A

,

4

.00

%

,

6/15/51

,

Continuously

Callable

@100

(f)

..

830

718

Southeast

Overtown

Park

West

Community

Redevelopment

Agency

Tax

Allocation

,

Series

A-1

,

5

.00

%

,

3/1/30

,

Continuously

Callable

@100

(f)

..........................

1,000

1,000

Volusia

County

Educational

Facility

Authority

Revenue

5

.25

%

,

6/1/54

,

Continuously

Callable

@100

...............................

3,000

3,191

Series

B

,

5

.00

%

,

10/15/45

,

Pre-refunded

4/15/25

@

100

.......................

1,000

1,007

22,107

Georgia

(3.3%):

Crisp

County

Hospital

Authority

Revenue

,

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

....

575

573

Development

Authority

of

Appling

County

Revenue

,

1

.35

%

,

9/1/29

,

Continuously

Callable

@100

(g)

.........................................................

6,100

6,100

Development

Authority

of

Floyd

County

Revenue

,

Series

GA

,

1

.35

%

,

9/1/26

,

Continuously

Callable

@100

(g)

...................................................

2,100

2,100

Development

Authority

of

Heard

County

Revenue

,

Series

GA

,

1

.36

%

,

9/1/26

,

Continuously

Callable

@100

(g)

...................................................

3,400

3,400

Georgia

Housing

&

Finance

Authority

Revenue

,

Series

C

,

4

.60

%

,

12/1/54

,

Continuously

Callable

@100

.....................................................

1,000

1,007

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

,

5

.00

%

,

8/1/43

,

Continuously

Callable

@100

.....................................................

1,000

1,007

Main

Street

Natural

Gas,

Inc.

Revenue

,

Series

D

,

5

.00

%

,

5/1/54

,

(Put

Date

12/1/30)

(e)

.....

2,000

2,125

Municipal

Electric

Authority

of

Georgia

Revenue

,

Series

A

,

4

.00

%

,

1/1/51

,

Continuously

Callable

@100

.....................................................

425

397

Private

Colleges

&

Universities

Authority

Revenue

,

4

.00

%

,

6/1/45

,

Continuously

Callable

@100

...........................................................

750

751

The

Burke

County

Development

Authority

Revenue

,

1

.35

%

,

11/1/48

,

Continuously

Callable

@100

(g)

.........................................................

700

700

The

Development

Authority

of

Burke

County

Revenue

,

Series

1

,

1

.30

%

,

7/1/49

,

Continuously

Callable

@100

(g)

...................................................

10,525

10,525

28,685

Illinois

(4.4%):

Chicago

Board

of

Education,

GO

Series

A

,

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

........................

3,200

3,222

Series

H

,

5

.00

%

,

12/1/46

,

Continuously

Callable

@100

........................

2,000

2,007

Chicago

Midway

International

Airport

Revenue

,

Series

B

,

5

.00

%

,

1/1/41

,

Continuously

Callable

@100

.....................................................

1,000

1,010

Chicago

O'Hare

International

Airport

Revenue

,

Series

C

,

5

.00

%

,

1/1/41

,

Continuously

Callable

@100

...........................................................

1,000

1,024

Chicago

Park

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

C

,

4

.00

%

,

1/1/42

,

Continuously

Callable

@100

.....................................

1,250

1,250

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Series

A

,

5

.00

%

,

12/1/52

,

Continuously

Callable

@100

........................

685

722

Series

A

,

4

.00

%

,

12/1/55

,

Continuously

Callable

@100

........................

2,000

1,874

City

of

Chicago

Wastewater

Transmission

Revenue

,

Series

A

,

5

.00

%

,

1/1/47

,

Continuously

Callable

@100

.....................................................

1,000

1,024

City

of

Chicago

Waterworks

Revenue

,

5

.00

%

,

11/1/44

,

Continuously

Callable

@100

.......

1,000

1,001

City

of

Galesburg

Revenue

,

Series

A

,

4

.00

%

,

10/1/46

,

Continuously

Callable

@100

.......

1,000

905

Cook

County

Community

College

District

No.

508,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

...................

1,000

1,033

County

of

Cook

Sales

Tax

Revenue

,

5

.00

%

,

11/15/38

,

Continuously

Callable

@100

.......

1,000

1,044

Illinois

Educational

Facilities

Authority

Revenue

,

4

.00

%

,

11/1/36

,

Continuously

Callable

@102

...........................................................

1,000

1,012

Illinois

Finance

Authority

Revenue

3

.90

%

,

3/1/30

,

Continuously

Callable

@100

...............................

1,000

1,000

0.00%,

5/15/40

,

Continuously

Callable

@100

(i)

.............................

1,275

785

5

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

1,000

1,004

5

.00

%

,

10/1/44

,

Continuously

Callable

@100

...............................

1,000

1,043

4

.00

%

,

10/15/44

,

Continuously

Callable

@103

..............................

2,000

1,687

Series

A

,

5

.00

%

,

5/15/37

,

Continuously

Callable

@100

........................

1,000

1,012

Series

A

,

5

.00

%

,

5/15/45

,

Continuously

Callable

@100

........................

1,000

1,003

Series

A

,

4

.00

%

,

8/1/51

,

Continuously

Callable

@100

.........................

1,000

890

Series

C

,

4

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

100

........................

25

26

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

66

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

C

,

4

.00

%

,

2/15/41

,

Continuously

Callable

@100

........................

$

930

$

929

Series

C

,

4

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

100

........................

45

46

Metropolitan

Pier

&

Exposition

Authority

Revenue

,

5

.00

%

,

6/15/50

,

Continuously

Callable

@100

...........................................................

2,500

2,607

Northern

Illinois

University

Certificate

of

Participation

,

5

.50

%

,

4/1/49

,

Continuously

Callable

@100

...........................................................

1,000

1,073

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

4

.00

%

,

4/1/40

,

Continuously

Callable

@100

...............................

600

599

Sangamon

County

Water

Reclamation

District,

GO

Series

A

,

4

.00

%

,

1/1/49

,

Continuously

Callable

@100

.........................

1,000

983

Series

A

,

5

.75

%

,

1/1/53

,

Continuously

Callable

@100

.........................

1,235

1,259

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

1/1/54

,

Continuously

Callable

@100

....

1,000

1,062

State

of

Illinois,

GO

5

.50

%

,

5/1/39

,

Continuously

Callable

@100

...............................

225

246

Series

A

,

5

.50

%

,

3/1/47

,

Continuously

Callable

@100

.........................

1,000

1,085

Series

B

,

4

.00

%

,

10/1/33

,

Continuously

Callable

@100

........................

2,300

2,361

37,828

Indiana

(0.7%):

Evansville

Redevelopment

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

4

.00

%

,

2/1/39

,

Continuously

Callable

@100

...............................

1,000

1,002

Indiana

Finance

Authority

Revenue

5

.25

%

,

3/1/54

,

Continuously

Callable

@100

...............................

2,000

2,186

Series

A

,

5

.00

%

,

7/1/54

,

Continuously

Callable

@100

.........................

1,100

1,132

Richmond

Hospital

Authority

Revenue

,

Series

A

,

5

.00

%

,

1/1/39

,

Continuously

Callable

@100

1,500

1,501

5,821

Iowa

(0.1%):

Iowa

Tobacco

Settlement

Authority

Revenue

,

Series

A-2

,

4

.00

%

,

6/1/49

,

Continuously

Callable

@100

...........................................................

1,000

959

Kansas

(0.9%):

City

of

Coffeyville

Electric

System

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

B

,

5

.00

%

,

6/1/42

,

Continuously

Callable

@100

(f)

.......................

1,000

1,004

City

of

Lawrence

Revenue

,

Series

A

,

5

.00

%

,

7/1/43

,

Continuously

Callable

@100

........

1,500

1,543

City

of

Manhattan

Revenue

,

Series

A

,

4

.00

%

,

6/1/46

,

Continuously

Callable

@103

........

1,000

870

City

of

Wichita

Revenue

,

Series

K-96

,

4

.63

%

,

9/1/33

,

Continuously

Callable

@100

.......

175

175

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation

,

5

.75

%

,

3/1/41

,

Continuously

Callable

@103

(f)

.........................................

2,000

2,084

Wyandotte

County-Kansas

City

Unified

Government

Utility

System

Revenue

Series

A

,

5

.00

%

,

9/1/44

,

Continuously

Callable

@100

.........................

1,250

1,251

Series

A

,

5

.00

%

,

9/1/45

,

Continuously

Callable

@100

.........................

1,000

1,006

7,933

Kentucky

(0.8%):

City

of

Ashland

Revenue

,

Series

A

,

5

.00

%

,

2/1/40

,

Continuously

Callable

@100

..........

1,000

1,018

Kentucky

Bond

Development

Corp.

Revenue

,

4

.00

%

,

6/1/46

,

Continuously

Callable

@100

..

750

717

Kentucky

Economic

Development

Finance

Authority

Revenue

,

Series

A

,

5

.00

%

,

5/15/46

,

Continuously

Callable

@100

...........................................

1,000

798

Kentucky

Economic

Development

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

12/1/45

,

Continuously

Callable

@100

..........

1,000

1,026

Kentucky

Public

Energy

Authority

Revenue

,

Series

B

,

5

.00

%

,

1/1/55

,

(Put

Date

8/1/32)

(e)

..

1,250

1,344

Louisville/Jefferson

County

Metropolitan

Government

Revenue

,

Series

A

,

5

.00

%

,

5/15/52

,

Continuously

Callable

@100

...........................................

2,000

2,091

6,994

Louisiana

(1.1%):

City

of

Shreveport

Water

&

Sewer

Revenue

,

5

.00

%

,

12/1/40

,

Continuously

Callable

@100

..

1,000

1,015

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

Series

B

,

4

.00

%

,

12/1/44

,

Continuously

Callable

@100

....................................

500

494

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

C

,

5

.00

%

,

12/1/39

,

Continuously

Callable

@100

........................

1,000

1,001

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

1,000

1,027

5

.00

%

,

10/1/43

,

Continuously

Callable

@100

...............................

1,000

1,023

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

67

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

A

,

4

.00

%

,

10/1/46

,

Continuously

Callable

@100

........................

$

1,000

$

977

Louisiana

Public

Facilities

Authority

Revenue

5

.00

%

,

7/1/52

,

Continuously

Callable

@100

...............................

1,000

1,019

Series

A

,

4

.00

%

,

1/1/56

,

Continuously

Callable

@100

.........................

1,000

956

Louisiana

Public

Facilities

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.25

%

,

6/1/51

,

Pre-refunded

6/1/25

@

100

.................................

1,000

1,011

Parish

of

East

Baton

Rouge

Capital

Improvements

District

Revenue

,

4

.00

%

,

8/1/44

,

Continuously

Callable

@100

...........................................

1,400

1,409

9,932

Maine

(0.1%):

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

,

Series

A

,

4

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........................................

1,000

871

Maryland

(0.5%):

City

of

Gaithersburg

Revenue

,

5

.13

%

,

1/1/42

,

Continuously

Callable

@103

.............

865

883

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

4

.00

%

,

7/1/45

,

Continuously

Callable

@100

...............................

1,100

1,052

5

.25

%

,

7/1/53

,

Continuously

Callable

@100

...............................

1,250

1,344

5

.00

%

,

7/1/54

,

Continuously

Callable

@100

...............................

1,250

1,356

4,635

Massachusetts

(1.6%):

Massachusetts

Development

Finance

Agency

Revenue

5

.00

%

,

4/15/40

,

Continuously

Callable

@100

...............................

1,000

996

4

.00

%

,

9/1/48

,

Continuously

Callable

@100

...............................

1,380

1,287

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

1,500

1,217

5

.00

%

,

10/1/57

,

Continuously

Callable

@103

(f)

.............................

1,000

1,002

Series

A

,

5

.00

%

,

6/1/39

,

Pre-refunded

6/1/29

@

100

..........................

1,000

1,099

Series

A

,

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

.........................

1,600

1,603

Series

A

,

5

.50

%

,

7/1/44

,

Continuously

Callable

@100

.........................

500

494

Series

B

,

4

.00

%

,

6/1/50

,

Continuously

Callable

@100

.........................

1,000

839

Series

B

,

4

.00

%

,

7/1/50

,

Continuously

Callable

@100

.........................

850

766

Series

D

,

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

........................

1,000

1,001

Series

F

,

5

.75

%

,

7/15/43

,

Continuously

Callable

@100

........................

1,000

1,001

Series

I

,

5

.00

%

,

7/1/46

,

Continuously

Callable

@100

.........................

1,000

1,008

Series

T1

,

3

.78

%

(

MUNIPSA

+

60

bps

)

,

7/1/49

,

(Put

Date

1/29/26)

(e)

(f)

(j)

...........

1,250

1,244

13,557

Michigan

(1.3%):

City

of

Wyandotte

Electric

System

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

5

.00

%

,

10/1/44

,

Continuously

Callable

@100

........................

1,000

1,007

Jackson

Public

Schools,

GO

(NBGA

-

Michigan

School

Bond

Qualification

and

Loan

Program)

,

5

.00

%

,

5/1/42

,

Continuously

Callable

@100

........................

1,000

1,058

Karegnondi

Water

Authority

Revenue

,

5

.00

%

,

11/1/41

,

Continuously

Callable

@100

.......

1,000

1,031

Kentwood

Economic

Development

Corp.

Revenue

,

4

.00

%

,

11/15/45

,

Continuously

Callable

@103

...........................................................

500

441

Lincoln

Consolidated

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

5/1/40

,

Continuously

Callable

@100

.............................

1,250

1,273

Livonia

Public

Schools,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

5/1/45

,

Continuously

Callable

@100

...........................................

1,000

1,019

Michigan

Finance

Authority

Revenue

4

.00

%

,

2/1/42

,

Continuously

Callable

@100

...............................

745

646

4

.00

%

,

9/1/45

,

Continuously

Callable

@100

...............................

1,000

933

4

.00

%

,

12/1/51

,

Continuously

Callable

@100

...............................

1,490

990

5

.63

%

,

11/1/52

,

Continuously

Callable

@100

...............................

2,000

2,123

Wayne

County

Airport

Authority

Revenue

,

Series

B

,

5

.00

%

,

12/1/44

,

Continuously

Callable

@100

...........................................................

1,000

1,001

11,522

Minnesota

(0.2%):

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota

Revenue

5

.00

%

,

11/15/44

,

Pre-refunded

11/15/25

@

100

.............................

1,000

1,021

Series

A

,

5

.00

%

,

11/15/47

,

Continuously

Callable

@100

.......................

1,000

1,010

2,031

Missouri

(0.9%):

Cape

Girardeau

County

IDA

Revenue

,

4

.00

%

,

3/1/46

,

Continuously

Callable

@100

.......

750

752

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

68

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

5

.00

%

,

8/1/45

,

Continuously

Callable

@100

...............................

$

1,270

$

1,250

4

.00

%

,

2/1/48

,

Continuously

Callable

@100

...............................

1,500

1,413

4

.00

%

,

2/15/51

,

Continuously

Callable

@100

...............................

480

435

5

.00

%

,

12/1/52

,

Continuously

Callable

@100

...............................

500

543

Series

A

,

4

.00

%

,

2/15/49

,

Continuously

Callable

@100

........................

250

246

Missouri

Development

Finance

Board

Revenue

,

4

.00

%

,

3/1/51

,

Continuously

Callable

@100

1,000

820

St.

Louis

Municipal

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.00

%

,

10/1/38

,

Continuously

Callable

@100

...............................

1,000

1,036

5

.00

%

,

10/1/49

,

Continuously

Callable

@100

...............................

1,000

1,051

7,546

Montana

(0.1%):

Montana

Facility

Finance

Authority

Revenue

,

4

.00

%

,

6/1/45

,

Continuously

Callable

@100

..

485

478

Nebraska

(0.5%):

Central

Plains

Energy

Project

Revenue

Series

1

,

5

.00

%

,

5/1/53

,

(Put

Date

10/1/29)

(e)

..............................

2,000

2,113

Series

A

,

5

.00

%

,

9/1/42

..............................................

1,000

1,111

Douglas

County

Hospital

Authority

No.

3

Revenue

,

5

.00

%

,

11/1/48

,

Continuously

Callable

@100

...........................................................

1,000

1,007

4,231

Nevada

(0.5%):

Carson

City

Revenue

,

5

.00

%

,

9/1/42

,

Continuously

Callable

@100

...................

1,000

1,021

Las

Vegas

Convention

&

Visitors

Authority

Revenue

,

Series

C

,

4

.00

%

,

7/1/41

,

Continuously

Callable

@100

.....................................................

1,555

1,560

Las

Vegas

Redevelopment

Agency

Tax

Allocation

,

5

.00

%

,

6/15/45

,

Continuously

Callable

@100

...........................................................

1,500

1,512

4,093

New

Hampshire

(0.6%):

New

Hampshire

Business

Finance

Authority

Revenue

4

.00

%

,

1/1/51

,

Continuously

Callable

@103

...............................

2,000

1,752

Series

A

,

5

.25

%

,

7/1/48

,

Continuously

Callable

@103

.........................

1,000

1,049

Series

A

,

5

.25

%

,

11/1/54

,

Continuously

Callable

@100

........................

1,000

1,071

Series

C

,

5

.25

%

,

7/1/54

,

Continuously

Callable

@100

.........................

1,000

1,059

4,931

New

Jersey

(2.1%):

Essex

County

Improvement

Authority

Revenue

,

4

.00

%

,

6/15/51

,

Continuously

Callable

@100

1,100

1,010

New

Jersey

Economic

Development

Authority

Revenue

5

.00

%

,

6/15/43

,

Pre-refunded

12/15/28

@

100

..............................

370

403

5

.00

%

,

6/15/43

,

Continuously

Callable

@100

...............................

630

660

Series

A

,

4

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

1,000

1,008

Series

A

,

5

.00

%

,

6/15/47

,

Continuously

Callable

@100

........................

1,000

1,028

Series

B

,

5

.00

%

,

6/15/43

,

Continuously

Callable

@100

........................

1,000

1,045

Series

DDD

,

5

.00

%

,

6/15/42

,

Pre-refunded

6/15/27

@

100

.....................

2,000

2,115

New

Jersey

Economic

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

6/1/37

,

Continuously

Callable

@100

..........................

500

514

New

Jersey

Educational

Facilities

Authority

Revenue

,

Series

B

,

5

.00

%

,

9/1/36

,

Continuously

Callable

@100

.....................................................

1,000

1,026

New

Jersey

Educational

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

4

.00

%

,

7/1/50

,

Continuously

Callable

@100

...................

1,000

1,011

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

5

.00

%

,

10/1/37

,

Continuously

Callable

@100

...............................

1,000

1,047

Series

A

,

5

.25

%

,

7/1/54

,

Continuously

Callable

@100

.........................

1,000

1,113

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

5

.00

%

,

6/15/48

,

Pre-refunded

12/15/32

@

100

..............................

1,000

1,158

Series

A

,

12/15/38

(h)

................................................

1,500

882

Series

AA

,

5

.00

%

,

6/15/44

,

Continuously

Callable

@100

......................

1,000

1,002

South

Jersey

Transportation

Authority

Revenue

,

Series

A

,

5

.00

%

,

11/1/39

,

Continuously

Callable

@100

.....................................................

1,250

1,250

South

Jersey

Transportation

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.25

%

,

11/1/52

,

Continuously

Callable

@100

...............................

500

545

The

Atlantic

County

Improvement

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

4

.00

%

,

7/1/53

,

Continuously

Callable

@100

..........................

750

712

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

69

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

The

Passaic

County

Improvement

Authority

Revenue

,

5

.38

%

,

7/1/53

,

Continuously

Callable

@100

...........................................................

$

500

$

523

Tobacco

Settlement

Financing

Corp.

Revenue

,

Series

A

,

5

.25

%

,

6/1/46

,

Continuously

Callable

@100

...........................................................

500

518

18,570

New

York

(4.3%):

Build

NYC

Resource

Corp.

Revenue

,

Series

A

,

7

.00

%

,

4/15/53

,

Continuously

Callable

@100

(f)

.........................................................

1,000

1,133

City

of

Dunkirk,

GO

,

7

.50

%

,

7/24/25

(f)

.......................................

1,250

1,256

City

of

New

York,

GO

,

Series

B-3

,

2

.00

%

,

10/1/46

,

Continuously

Callable

@100

(g)

.......

10,410

10,410

Mount

Vernon

City

School

District,

GO

,

5

.00

%

,

6/30/25

...........................

2,000

2,004

New

York

City

Municipal

Water

Finance

Authority

Revenue

,

Series

DD

,

2

.00

%

,

6/15/33

,

Continuously

Callable

@100

(g)

........................................

12,335

12,335

New

York

Liberty

Development

Corp.

Revenue

5

.25

%

,

10/1/35

....................................................

630

734

5

.50

%

,

10/1/37

....................................................

1,500

1,824

2

.80

%

,

9/15/69

,

Continuously

Callable

@100

...............................

1,000

920

New

York

State

Dormitory

Authority

Revenue

5

.50

%

,

10/1/54

,

Continuously

Callable

@100

...............................

1,500

1,682

5

.00

%

,

7/1/57

,

Continuously

Callable

@100

...............................

1,000

969

Series

A

,

4

.00

%

,

3/15/49

,

Continuously

Callable

@100

........................

750

750

Series

A

,

4

.00

%

,

9/1/50

,

Continuously

Callable

@100

.........................

2,000

1,888

Series

A

,

4

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

1,000

974

The

Genesee

County

Funding

Corp.

Revenue

,

Series

A

,

5

.25

%

,

12/1/52

,

Continuously

Callable

@100

...........................................................

500

529

37,408

North

Carolina

(0.7%):

North

Carolina

Medical

Care

Commission

Revenue

5

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

1,000

1,014

4

.50

%

,

12/1/44

,

Continuously

Callable

@100

...............................

2,000

1,997

5

.00

%

,

1/1/49

,

Continuously

Callable

@103

...............................

1,500

1,511

Series

A

,

5

.13

%

,

10/1/54

,

Continuously

Callable

@100

........................

1,500

1,568

6,090

North

Dakota

(0.4%):

City

of

Grand

Forks

Revenue

,

4

.00

%

,

12/1/51

,

Continuously

Callable

@100

............

1,450

1,298

County

of

Ward

Revenue

,

Series

C

,

5

.00

%

,

6/1/43

,

Continuously

Callable

@100

.........

1,000

1,003

University

of

North

Dakota

Certificate

of

Participation

(INS

-

Assured

Guaranty

Corp.)

,

Series

A

,

4

.00

%

,

6/1/51

,

Continuously

Callable

@100

.............................

1,000

970

3,271

Ohio

(1.0%):

County

of

Hamilton

Revenue

,

Series

A

,

5

.75

%

,

1/1/53

,

Continuously

Callable

@103

......

500

544

County

of

Ross

Revenue

,

5

.00

%

,

12/1/49

,

Continuously

Callable

@100

................

2,420

2,476

County

of

Warren

Revenue

,

Series

A

,

4

.00

%

,

7/1/45

,

Continuously

Callable

@100

........

735

700

Northeast

Ohio

Medical

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.00

%

,

12/1/43

,

Continuously

Callable

@100

...............................

775

835

Ohio

Higher

Educational

Facility

Commission

Revenue

4

.00

%

,

12/1/46

,

Continuously

Callable

@100

...............................

750

700

5

.25

%

,

1/1/52

,

Continuously

Callable

@100

...............................

1,000

1,057

4

.00

%

,

10/1/52

,

Continuously

Callable

@100

...............................

2,000

1,839

Southeastern

Ohio

Port

Authority

Revenue

,

5

.00

%

,

12/1/43

,

Continuously

Callable

@100

...

750

709

8,860

Oklahoma

(0.3%):

Oklahoma

Development

Finance

Authority

Revenue

,

Series

B

,

5

.50

%

,

8/15/57

,

Continuously

Callable

@100

.....................................................

1,000

1,024

Pontotoc

County

Educational

Facilities

Authority

Revenue

,

4

.00

%

,

9/1/40

,

Continuously

Callable

@100

.....................................................

500

483

Tulsa

County

Industrial

Authority

Revenue

,

5

.25

%

,

11/15/37

,

Continuously

Callable

@102

..

750

772

2,279

Oregon

(0.5%):

Medford

Hospital

Facilities

Authority

Revenue

,

Series

A

,

4

.00

%

,

8/15/50

,

Continuously

Callable

@100

.....................................................

1,000

981

Oregon

State

Facilities

Authority

Revenue

,

Series

A

,

4

.00

%

,

10/1/51

,

Continuously

Callable

@100

...........................................................

1,000

855

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

70

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Salem

Hospital

Facility

Authority

Revenue

4

.00

%

,

5/15/47

,

Continuously

Callable

@103

...............................

$

1,000

$

921

5

.00

%

,

5/15/53

,

Continuously

Callable

@102

...............................

1,250

1,259

4,016

Pennsylvania

(4.6%):

Adams

County

General

Authority

Revenue

,

4

.00

%

,

8/15/45

,

Continuously

Callable

@100

...

1,455

1,387

Allegheny

County

Hospital

Development

Authority

Revenue

Series

A

,

4

.00

%

,

7/15/39

,

Continuously

Callable

@100

........................

1,185

1,189

Series

A

,

5

.00

%

,

4/1/47

,

Continuously

Callable

@100

.........................

2,000

2,033

Berks

County

IDA

Revenue

,

5

.00

%

,

5/15/43

,

Pre-refunded

5/15/25

@

102

..............

350

360

Bucks

County

IDA

Revenue

,

4

.00

%

,

8/15/44

,

Continuously

Callable

@100

.............

1,000

975

Butler

County

Hospital

Authority

Revenue

,

5

.00

%

,

7/1/39

,

Continuously

Callable

@100

....

1,665

1,631

Canon-McMillan

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

4

.00

%

,

6/1/44

,

Continuously

Callable

@100

.....................................

1,500

1,481

Central

Bradford

Progress

Authority

Revenue

,

Series

B

,

4

.00

%

,

12/1/51

,

Continuously

Callable

@100

.....................................................

2,000

1,939

Commonwealth

of

Pennsylvania

Certificate

of

Participation

,

Series

A

,

5

.00

%

,

7/1/43

,

Continuously

Callable

@100

...........................................

1,000

1,035

Lancaster

County

Hospital

Authority

Revenue

,

5

.00

%

,

11/1/35

,

Continuously

Callable

@100

1,000

1,001

Lancaster

IDA

Revenue

,

4

.00

%

,

7/1/51

,

Continuously

Callable

@103

.................

500

459

Latrobe

IDA

Revenue

,

4

.00

%

,

3/1/51

,

Continuously

Callable

@100

...................

800

689

Lehigh

County

General

Purpose

Authority

Revenue

,

5

.25

%

,

2/1/54

,

Continuously

Callable

@100

...........................................................

1,400

1,490

Montgomery

County

IDA

Revenue

4

.00

%

,

10/1/46

,

Continuously

Callable

@100

...............................

625

573

4

.00

%

,

10/1/51

,

Continuously

Callable

@100

...............................

825

734

Series

A

,

5

.25

%

,

1/15/45

,

Pre-refunded

1/15/25

@

100

........................

1,000

1,002

Series

C

,

4

.00

%

,

11/15/43

,

Continuously

Callable

@103

.......................

600

585

Northampton

County

General

Purpose

Authority

Revenue

4

.00

%

,

8/15/40

,

Continuously

Callable

@100

...............................

1,000

969

5

.00

%

,

8/15/43

,

Continuously

Callable

@100

...............................

1,000

1,028

5

.00

%

,

8/15/48

,

Continuously

Callable

@100

...............................

2,500

2,569

Pennsylvania

Economic

Development

Financing

Authority

Revenue

4

.00

%

,

7/1/46

,

Continuously

Callable

@103

...............................

1,000

966

Series

A

,

4

.00

%

,

10/15/51

,

Continuously

Callable

@100

.......................

1,000

973

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

,

Series

A

,

4

.00

%

,

7/15/46

,

Continuously

Callable

@100

...........................................

1,575

1,394

Pennsylvania

Housing

Finance

Agency

Revenue

,

Series

147A

,

4

.73

%

,

4/1/53

,

Continuously

Callable

@100

.....................................................

1,500

1,512

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

Series

B

,

5

.00

%

,

12/1/39

,

Continuously

Callable

@100

........................

1,000

1,057

Series

B

,

4

.00

%

,

12/1/51

,

Continuously

Callable

@100

........................

1,000

986

Pennsylvania

Turnpike

Commission

Revenue

Series

A-1

,

5

.00

%

,

12/1/46

,

Continuously

Callable

@100

......................

1,000

1,009

Series

A-1

,

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

......................

1,000

1,032

Philadelphia

IDA

Revenue

,

5

.00

%

,

8/1/50

,

Continuously

Callable

@100

...............

1,050

1,064

Reading

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

3/1/38

,

Continuously

Callable

@100

...........................................

1,500

1,544

The

Berks

County

Municipal

Authority

Revenue

Series

A1

,

8

.00

%

,

6/30/34

,

Continuously

Callable

@104

.......................

156

163

Series

A-2A

,

6

.00

%

,

6/30/34

,

Continuously

Callable

@104

.....................

78

85

Series

A3

,

5

.00

%

,

6/30/39

,

Continuously

Callable

@100

.......................

1,050

1,050

Series

B1

,

6

.00

%

,

6/30/44

,

Continuously

Callable

@86

(k)

......................

525

392

The

School

District

of

Philadelphia,

GO

Series

A

,

5

.00

%

,

9/1/38

,

Continuously

Callable

@100

.........................

1,000

1,051

Series

F

,

5

.00

%

,

9/1/37

,

Continuously

Callable

@100

.........................

1,000

1,021

Wilkes-Barre

Area

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

4

.00

%

,

4/15/49

,

Continuously

Callable

@100

....................................

1,500

1,504

39,932

Rhode

Island

(0.1%):

Rhode

Island

Turnpike

&

Bridge

Authority

Revenue

,

Series

A

,

5

.00

%

,

10/1/40

,

Continuously

Callable

@100

.....................................................

1,000

1,016

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

71

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

South

Carolina

(0.5%):

Patriots

Energy

Group

Revenue

,

Series

A

,

4

.00

%

,

6/1/51

,

Continuously

Callable

@100

.....

$

1,100

$

1,032

South

Carolina

Jobs-Economic

Development

Authority

Revenue

5

.00

%

,

11/15/47

,

Continuously

Callable

@103

..............................

1,000

1,024

4

.00

%

,

4/1/49

,

Continuously

Callable

@103

...............................

620

567

5

.25

%

,

2/1/53

,

Continuously

Callable

@100

...............................

750

817

South

Carolina

Public

Service

Authority

Revenue

,

Series

B

,

5

.25

%

,

12/1/54

,

Continuously

Callable

@100

.....................................................

1,000

1,095

4,535

Tennessee

(1.1%):

Greeneville

Health

&

Educational

Facilities

Board

Revenue

,

5

.00

%

,

7/1/37

,

Continuously

Callable

@100

.....................................................

1,500

1,555

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

5

.00

%

,

7/1/46

,

Continuously

Callable

@100

...............................

1,465

1,482

5

.00

%

,

10/1/48

,

Continuously

Callable

@100

...............................

500

509

4

.00

%

,

10/1/51

,

Continuously

Callable

@100

...............................

1,000

900

Series

A

,

5

.00

%

,

10/1/45

,

Continuously

Callable

@100

........................

1,000

1,010

Tennergy

Corp.

Revenue

,

Series

A

,

5

.50

%

,

10/1/53

,

(Put

Date

12/1/30)

(e)

..............

2,500

2,696

The

Metropolitan

Nashville

Airport

Authority

Revenue

,

Series

A

,

4

.00

%

,

7/1/49

,

Continuously

Callable

@100

.....................................................

1,000

967

9,119

Texas

(6.2%):

Barbers

Hill

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

4

.25

%

,

2/15/54

,

Continuously

Callable

@100

...............................

2,000

2,030

Bexar

County

Health

Facilities

Development

Corp.

Revenue

,

5

.00

%

,

7/15/37

,

Continuously

Callable

@104

.....................................................

1,000

1,003

Central

Texas

Regional

Mobility

Authority

Revenue

,

4

.00

%

,

1/1/41

,

Continuously

Callable

@100

...........................................................

1,000

992

City

of

Arlington

Special

Tax

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

2/15/48

,

Continuously

Callable

@100

...............................

1,000

1,032

City

of

Arlington

Tax

Allocation

,

4

.00

%

,

8/15/50

,

Continuously

Callable

@100

..........

1,700

1,523

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

5

.00

%

,

9/1/39

,

Continuously

Callable

@100

...............................

1,000

1,001

5

.00

%

,

9/1/40

,

Continuously

Callable

@100

...............................

1,000

1,001

City

of

Irving

Revenue

,

5

.00

%

,

8/15/43

,

Continuously

Callable

@100

.................

1,000

1,013

City

of

Laredo

Waterworks

&

Sewer

System

Revenue

,

4

.00

%

,

3/1/41

,

Continuously

Callable

@100

...........................................................

1,000

1,005

City

of

Lewisville

Special

Assessment

(INS

-

ACA

Financial

Guaranty

Corp.)

,

5

.80

%

,

9/1/25

725

739

Clifton

Higher

Education

Finance

Corp.

Revenue

,

4

.25

%

,

8/15/52

,

Continuously

Callable

@100

...........................................................

1,500

1,508

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

5

.00

%

,

8/15/39

,

Continuously

Callable

@100

...............................

1,000

1,002

4

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

1,000

1,000

4

.25

%

,

4/1/53

,

Continuously

Callable

@100

...............................

3,250

3,263

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

,

4

.25

%

,

8/15/54

,

Continuously

Callable

@100

...........................................

2,500

2,476

Greater

Texas

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

4

.00

%

,

3/1/50

,

Continuously

Callable

@100

...........................................

1,000

957

Gulf

Coast

IDA

Revenue

,

1

.15

%

,

11/1/41

,

Continuously

Callable

@100

(g)

..............

5,650

5,650

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

Series

A

,

5

.00

%

,

6/1/38

,

Continuously

Callable

@100

...........................................

1,000

951

Harris

County

Hospital

District

Revenue

,

4

.00

%

,

2/15/42

,

Continuously

Callable

@100

....

1,000

971

Hidalgo

County

Regional

Mobility

Authority

Revenue

Series

A

,

4

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

735

718

Series

B

,

4

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

700

657

Houston

Higher

Education

Finance

Corp.

Revenue

,

4

.00

%

,

10/1/51

,

Continuously

Callable

@100

...........................................................

1,100

942

Martin

County

Hospital

District,

GO

,

4

.00

%

,

4/1/36

,

Continuously

Callable

@100

........

350

351

Matagorda

County

Navigation

District

No.

1

Revenue

,

Series

B-2

,

4

.00

%

,

6/1/30

,

Continuously

Callable

@100

...........................................

1,000

1,000

Mesquite

Health

Facilities

Development

Corp.

Revenue

,

0.00%

,

2/15/35

,

Continuously

Callable

@100

(i)

...................................................

338

4

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

72

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

Series

A

,

5

.00

%

,

4/1/47

,

Pre-

refunded

4/1/25

@

100

...............................................

$

1,600

$

1,610

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A1

,

5

.00

%

,

7/1/38

,

Continuously

Callable

@100

..........

225

232

North

Texas

Tollway

Authority

Revenue

,

Series

B

,

5

.00

%

,

1/1/45

,

Continuously

Callable

@100

...........................................................

1,000

1,001

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(g)

......................

4,740

4,740

Series

B

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(g)

......................

3,800

3,800

Princeton

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

5

.00

%

,

2/15/43

,

Continuously

Callable

@100

....................................

1,000

1,045

San

Antonio

Education

Facilities

Corp.

Revenue

,

4

.00

%

,

4/1/54

,

Continuously

Callable

@100

1,000

822

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

5

.00

%

,

11/15/46

,

Continuously

Callable

@100

..............................

1,000

1,003

Series

A

,

0.00%

,

11/15/45

,

Continuously

Callable

@100

(i)

.....................

818

12

Series

A

,

5

.00

%

,

7/1/53

,

Continuously

Callable

@100

.........................

750

803

Series

B

,

0.00%

,

11/15/36

,

Continuously

Callable

@100

(i)

.....................

818

12

Series

B

,

5

.00

%

,

11/15/46

,

Continuously

Callable

@100

.......................

1,935

1,935

Series

B

,

5

.00

%

,

7/1/48

,

Continuously

Callable

@100

.........................

2,960

3,071

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

,

5

.00

%

,

12/15/27

..........

1,375

1,430

54,305

Utah

(0.6%):

Military

Installation

Development

Authority

Revenue

,

Series

A-1

,

4

.00

%

,

6/1/41

,

Continuously

Callable

@103

.....................................................

500

456

Utah

Charter

School

Finance

Authority

Revenue

4

.00

%

,

4/15/52

,

Continuously

Callable

@100

...............................

3,000

2,780

4

.50

%

,

10/15/52

,

Continuously

Callable

@100

..............................

1,000

1,008

Series

A

,

4

.00

%

,

10/15/46

,

Continuously

Callable

@100

.......................

860

820

5,064

Vermont

(0.2%):

Vermont

Economic

Development

Authority

Revenue

,

4

.00

%

,

5/1/45

,

Continuously

Callable

@103

...........................................................

1,000

917

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

,

5

.00

%

,

10/15/46

,

Continuously

Callable

@100

...........................................

1,000

1,000

1,917

Virginia

(0.1%):

Alexandria

IDA

Revenue

,

5

.00

%

,

10/1/45

,

Pre-refunded

10/1/25

@

100

................

1,000

1,017

Washington

(0.6%):

Washington

Health

Care

Facilities

Authority

Revenue

4

.00

%

,

7/1/42

,

Continuously

Callable

@100

...............................

1,000

949

Series

A

,

5

.00

%

,

1/1/47

,

Pre-refunded

1/1/27

@

100

..........................

1,000

1,047

Washington

Higher

Education

Facilities

Authority

Revenue

,

4

.00

%

,

5/1/45

,

Continuously

Callable

@100

.....................................................

1,100

1,080

Washington

State

Housing

Finance

Commission

Revenue

5

.00

%

,

1/1/38

,

Continuously

Callable

@102

(f)

..............................

1,000

989

Series

A

,

5

.00

%

,

7/1/48

,

Continuously

Callable

@103

.........................

1,000

1,041

Series

A-1

,

3

.50

%

,

12/20/35

...........................................

284

268

5,374

West

Virginia

(0.5%):

West

Virginia

Hospital

Finance

Authority

Revenue

4

.00

%

,

1/1/38

,

Continuously

Callable

@100

...............................

1,500

1,441

Series

A

,

4

.38

%

,

6/1/53

,

Continuously

Callable

@100

.........................

3,000

3,016

4,457

Wisconsin

(1.8%):

Public

Finance

Authority

Revenue

5

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

1,000

1,053

5

.00

%

,

1/1/42

,

Continuously

Callable

@103

(f)

..............................

600

558

4

.00

%

,

1/1/45

,

Continuously

Callable

@100

...............................

1,440

1,400

4

.00

%

,

1/1/47

,

Continuously

Callable

@103

...............................

1,000

954

4

.00

%

,

2/1/51

,

Continuously

Callable

@100

...............................

1,000

789

Series

A

,

5

.25

%

,

3/1/47

,

Continuously

Callable

@100

.........................

2,000

2,081

Series

A

,

4

.00

%

,

10/1/47

,

Continuously

Callable

@100

........................

1,000

959

Victory

Portfolios

III

Victory

Growth

and

Tax

Strategy

Fund

73

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

A

,

5

.25

%

,

10/1/48

,

Continuously

Callable

@100

........................

$

1,500

$

1,506

Series

A

,

4

.00

%

,

10/1/49

,

Continuously

Callable

@100

........................

1,500

1,437

Series

A

,

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

.........................

880

758

Series

A

,

5

.75

%

,

7/1/53

,

Continuously

Callable

@100

(f)

.......................

1,500

1,640

Public

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

...............................

600

615

University

of

Wisconsin

Hospitals

&

Clinics

Revenue

,

Series

A

,

4

.25

%

,

4/1/52

,

Continuously

Callable

@100

.....................................................

500

503

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

4

.00

%

,

1/1/47

,

Continuously

Callable

@103

...............................

600

531

4

.00

%

,

1/1/57

,

Continuously

Callable

@103

...............................

1,000

826

15,610

Total

Municipal

Bonds

(Cost

$465,512)

a

a

a

449,467

Total

Investments

(Cost

$523,596)

—

99.9%

868,949

Other

assets

in

excess

of

liabilities

—  0.1%

773

NET

ASSETS

-

100.00%

$

869,722

(a)

Non-income

producing

security.

(b)

Rounds

to

less

than

$1

thousand.

(c)

Amount

represents

less

than

0.05%

of

net

assets.

(d)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

November

30,

2024.

(e)

Put

Bond.

(f)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$16,873

(thousands)

and

amounted

to

1.9%

of

net

assets.

(g)

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.

(h)

Zero-coupon

bond.

(i)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(j)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

November

30,

2024.

(k)

Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

bps

—

Basis

points

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

CVR

—

Contingent

Value

Right

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

MUNIPSA

—

SIFMA

Municipal

Swap

Index

Yield

PLC

—

Public

Limited

Company

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer’s

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

International

Fund

74

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(97.9%)

Australia

(5.8%):

Consumer

Discretionary

(1.1%):

ARB

Corp.

Ltd.

(a)

(b)

....................................................

74,218

$

2,062

Aristocrat

Leisure

Ltd.

...................................................

513,813

22,780

Breville

Group

Ltd.

(b)

...................................................

73,776

1,622

PWR

Holdings

Ltd.

(b)

...................................................

346,465

1,954

28,418

Energy

(0.1%):

Woodside

Energy

Group

Ltd.

..............................................

89,383

1,433

Financials

(1.1%):

AUB

Group

Ltd.

.......................................................

49,100

1,052

Macquarie

Group

Ltd.

...................................................

119,003

17,994

National

Australia

Bank

Ltd.

...............................................

187,939

4,810

QBE

Insurance

Group

Ltd.

(a)

..............................................

168,473

2,201

Steadfast

Group

Ltd.

....................................................

193,651

735

26,792

Health

Care

(0.5%):

CSL

Ltd.

.............................................................

70,222

12,943

Industrials

(0.5%):

Brambles

Ltd.

.........................................................

250,347

3,116

Cleanaway

Waste

Management

Ltd.

(a)

........................................

835,217

1,573

Johns

Lyng

Group

Ltd.

(b)

.................................................

667,295

1,826

NRW

Holdings

Ltd.

.....................................................

839,032

2,143

Qantas

Airways

Ltd.

(a)

...................................................

599,365

3,439

12,097

Information

Technology

(0.1%):

Technology

One

Ltd.

....................................................

102,641

2,030

Materials

(1.6%):

BHP

Group

Ltd.

........................................................

907,255

23,918

Capricorn

Metals

Ltd.

(a)

..................................................

561,076

2,386

Gold

Road

Resources

Ltd.

(a)

..............................................

1,184,961

1,447

Imdex

Ltd.

............................................................

1,109,711

1,859

Northern

Star

Resources

Ltd.

(a)

............................................

295,292

3,385

Ramelius

Resources

Ltd.

(a)

...............................................

1,689,867

2,324

Rio

Tinto

Ltd.

.........................................................

40,489

3,134

Westgold

Resources

Ltd.

(a)

................................................

1,314,873

2,461

40,914

Real

Estate

(0.8%):

Charter

Hall

Group

......................................................

174,331

1,791

Goodman

Group

.......................................................

107,307

2,664

Scentre

Group

(a)

.......................................................

6,470,420

15,562

20,017

144,644

Austria

(0.8%):

Energy

(0.0%):(c)

Schoeller-Bleckmann

Oilfield

Equipment

AG

...................................

21,999

680

Financials

(0.7%):

BAWAG

Group

AG

(d)

...................................................

160,921

12,773

Erste

Group

Bank

AG

....................................................

80,686

4,428

17,201

Industrials

(0.1%):

ANDRITZ

AG

.........................................................

56,408

3,156

Victory

Portfolios

III

Victory

International

Fund

75

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Information

Technology

(0.0%):(c)

ams-OSRAM

AG

(a)

.....................................................

58,776

$

379

21,416

Belgium

(0.9%):

Communication

Services

(0.0%):(c)

Proximus

SADP

........................................................

144,556

939

Financials

(0.1%):

Ageas

SA

............................................................

61,341

3,100

Information

Technology

(0.3%):

Melexis

NV

...........................................................

119,216

7,166

Materials

(0.5%):

Solvay

SA

,

Class

A

.....................................................

258,083

8,955

Titan

Cement

International

SA

.............................................

81,619

3,346

12,301

23,506

Brazil

(0.9%):

Communication

Services

(0.1%):

Telefonica

Brasil

SA

.....................................................

355,821

2,929

Consumer

Discretionary

(0.1%):

Lojas

Renner

SA

.......................................................

622,946

1,559

Consumer

Staples

(0.1%):

Ambev

SA

............................................................

1,088,994

2,304

Atacadao

SA

(a)

........................................................

787,119

838

3,142

Energy

(0.2%):

PRIO

SA

.............................................................

278,800

1,860

Raizen

SA

,

Preference

Shares

..............................................

3,173,500

1,392

Ultrapar

Participacoes

SA

.................................................

163,526

488

3,740

Financials

(0.2%):

Banco

Bradesco

SA

,

ADR

................................................

1,647,205

3,509

Banco

do

Brasil

SA

.....................................................

465,100

1,915

Caixa

Seguridade

Participacoes

SA

..........................................

171,180

413

5,837

Industrials

(0.1%):

Embraer

SA

(a)

.........................................................

185,000

1,787

Utilities

(0.1%):

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

........................

116,637

1,803

Equatorial

Energia

SA

...................................................

355,800

1,810

3,613

22,607

Canada

(2.6%):

Energy

(0.5%):

ARC

Resources

Ltd.

.....................................................

166,134

3,063

Headwater

Exploration,

Inc.

...............................................

364,766

1,793

Pason

Systems,

Inc.

.....................................................

222,122

2,248

Suncor

Energy,

Inc.

(b)

...................................................

56,405

2,245

Trican

Well

Service

Ltd.

..................................................

667,299

2,331

11,680

Financials

(0.8%):

Canadian

Imperial

Bank

of

Commerce

........................................

45,693

2,966

Fairfax

Financial

Holdings

Ltd.

.............................................

4,638

6,581

Victory

Portfolios

III

Victory

International

Fund

76

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

National

Bank

of

Canada

.................................................

40,485

$

4,012

Royal

Bank

of

Canada

...................................................

24,564

3,091

Sprott,

Inc.

...........................................................

38,509

1,698

Trisura

Group

Ltd.

(a)

....................................................

55,921

1,610

19,958

Industrials

(0.6%):

Calian

Group

Ltd.

......................................................

44,138

1,529

Element

Fleet

Management

Corp.

...........................................

263,583

5,592

Finning

International,

Inc.

.................................................

61,542

1,679

Hammond

Power

Solutions,

Inc.

............................................

21,033

2,134

MDA

Space

Ltd.

(a)

.....................................................

154,857

2,977

Russel

Metals,

Inc.

......................................................

52,377

1,720

Savaria

Corp.

..........................................................

65,961

999

16,630

Information

Technology

(0.2%):

Celestica,

Inc.

(a)

.......................................................

31,273

2,689

Shopify,

Inc.

,

Class

A

(a)

..................................................

15,420

1,782

4,471

Materials

(0.5%):

Alamos

Gold,

Inc.

......................................................

36,365

691

Barrick

Gold

Corp.

......................................................

170,459

2,986

Dundee

Precious

Metals,

Inc.

..............................................

283,234

2,654

Lundin

Mining

Corp.

....................................................

359,468

3,528

Teck

Resources

Ltd.

,

Class

B

..............................................

74,372

3,473

13,332

66,071

Chile

(0.1%):

Consumer

Staples

(0.1%):

Cencosud

SA

..........................................................

1,332,655

2,806

China

(2.1%):

Communication

Services

(0.7%):

Baidu,

Inc.

,

Class

SW

(a)

..................................................

314,304

3,337

Kuaishou

Technology

,

Class

W

(a)

(d)

.........................................

278,800

1,748

Tencent

Holdings

Ltd.

...................................................

249,800

12,901

17,986

Consumer

Discretionary

(0.6%):

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

196,337

2,144

BYD

Co.

Ltd.

.........................................................

66,500

2,194

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

H

(d)

................................

416,400

2,803

Meituan

,

Class

W

(a)

(d)

...................................................

181,000

3,818

MINISO

Group

Holding

Ltd.

,

ADR

(b)

........................................

110,298

2,207

Trip.com

Group

Ltd.

(a)

...................................................

38,650

2,512

15,678

Consumer

Staples

(0.2%):

China

Mengniu

Dairy

Co.

Ltd.

.............................................

666,778

1,469

Giant

Biogene

Holding

Co.

Ltd.

(d)

..........................................

534,800

3,455

4,924

Financials

(0.4%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

3,656,000

1,832

Bank

of

China

Ltd.

,

Class

H

...............................................

5,163,000

2,407

China

Construction

Bank

Corp.

,

Class

H

......................................

2,991,000

2,261

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

2,004,000

3,043

9,543

Victory

Portfolios

III

Victory

International

Fund

77

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Industrials

(0.1%):

Sinotruk

Hong

Kong

Ltd.

.................................................

760,000

$

2,110

Materials

(0.1%):

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

.......................................

575,000

1,507

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

1,050,000

2,035

3,542

53,783

Denmark

(3.0%):

Consumer

Discretionary

(0.8%):

Pandora

A/S

..........................................................

123,738

19,969

Financials

(0.0%):(c)

Jyske

Bank

A/S

,

Registered

Shares

..........................................

13,059

921

Health

Care

(2.1%):

Novo

Nordisk

A/S

,

Class

B

................................................

499,557

53,546

Industrials

(0.1%):

INVISIO

AB

..........................................................

85,274

2,208

76,644

Finland

(0.3%):

Consumer

Discretionary

(0.1%):

Harvia

Oyj

...........................................................

45,562

2,107

Marimekko

Oyj

........................................................

72,030

927

3,034

Health

Care

(0.1%):

Revenio

Group

Oyj

.....................................................

55,069

1,583

Information

Technology

(0.1%):

Nokia

Oyj

............................................................

769,198

3,231

7,848

France

(7.9%):

Communication

Services

(0.4%):

Orange

SA

(b)

.........................................................

420,198

4,478

Publicis

Groupe

SA

.....................................................

46,942

5,098

9,576

Consumer

Discretionary

(1.4%):

Accor

SA

............................................................

16,916

781

La

Francaise

des

Jeux

SACA

(d)

............................................

350,068

13,842

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

22,880

14,341

Renault

SA

...........................................................

104,219

4,472

Trigano

SA

...........................................................

13,740

1,730

Valeo

SE

.............................................................

143,845

1,198

36,364

Consumer

Staples

(1.0%):

Carrefour

SA

..........................................................

226,847

3,454

L'Oreal

SA

...........................................................

59,370

20,655

24,109

Energy

(0.7%):

Gaztransport

Et

Technigaz

SA

..............................................

42,107

6,130

Technip

Energies

NV

....................................................

177,147

4,359

TotalEnergies

SE

.......................................................

117,872

6,850

17,339

Financials

(0.8%):

AXA

SA

.............................................................

204,345

7,121

BNP

Paribas

SA

........................................................

112,122

6,701

Victory

Portfolios

III

Victory

International

Fund

78

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Societe

Generale

SA

.....................................................

203,018

$

5,382

19,204

Health

Care

(0.2%):

BioMerieux

...........................................................

16,549

1,730

EssilorLuxottica

SA

(a)

...................................................

8,219

1,997

Ipsen

SA

.............................................................

16,792

1,942

5,669

Industrials

(2.0%):

Cie

de

Saint-Gobain

SA

..................................................

85,262

7,784

Eiffage

SA

............................................................

19,120

1,726

Rexel

SA

.............................................................

621,365

16,059

Safran

SA

............................................................

102,811

23,987

SPIE

SA

.............................................................

40,041

1,262

50,818

Information

Technology

(0.4%):

Capgemini

SE

.........................................................

58,278

9,367

Materials

(0.6%):

Arkema

SA

...........................................................

199,535

15,830

Real

Estate

(0.1%):

Klepierre

SA

..........................................................

91,038

2,751

Utilities

(0.3%):

Engie

SA

.............................................................

447,367

7,131

198,158

Germany

(7.2%):

Communication

Services

(0.7%):

CTS

Eventim

AG

&

Co.

KGaA

.............................................

116,564

10,315

Deutsche

Telekom

AG

...................................................

202,690

6,483

16,798

Consumer

Discretionary

(0.6%):

Continental

AG

........................................................

32,391

2,131

Mercedes-Benz

Group

AG

................................................

28,067

1,578

Volkswagen

AG

,

Preference

Shares

..........................................

125,524

10,759

14,468

Consumer

Staples

(0.2%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

....................................

57,188

4,882

Financials

(1.5%):

Allianz

SE

,

Registered

Shares

..............................................

106,239

32,883

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Class

R

...............

7,068

3,698

36,581

Health

Care

(0.1%):

Fresenius

SE

&

Co.

KGaA

(a)

..............................................

108,270

3,811

Industrials

(1.5%):

Amadeus

Fire

AG

......................................................

19,639

1,608

Bilfinger

SE

...........................................................

30,609

1,413

Daimler

Truck

Holding

AG

................................................

103,360

3,917

GEA

Group

AG

........................................................

57,155

2,862

Siemens

AG

,

Registered

Shares

.............................................

143,904

27,951

37,751

Information

Technology

(1.5%):

Atoss

Software

SE

......................................................

14,347

1,886

CANCOM

SE

.........................................................

45,264

1,127

Victory

Portfolios

III

Victory

International

Fund

79

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

SAP

SE

..............................................................

151,696

$

36,018

39,031

Materials

(0.5%):

BASF

SE

............................................................

78,725

3,537

Evonik

Industries

AG

....................................................

238,609

4,386

Heidelberg

Materials

AG

.................................................

38,948

4,925

12,848

Utilities

(0.6%):

RWE

AG

.............................................................

446,124

15,049

181,219

Greece

(0.1%):

Financials

(0.1%):

National

Bank

of

Greece

SA

...............................................

333,089

2,351

Hong

Kong

(2.0%):

Consumer

Staples

(0.1%):

WH

Group

Ltd.

(d)

......................................................

3,483,582

2,777

Financials

(1.0%):

AIA

Group

Ltd.

........................................................

2,630,400

19,806

BOC

Hong

Kong

Holdings

Ltd.

............................................

728,000

2,246

Prudential

PLC

........................................................

539,742

4,423

26,475

Industrials

(0.1%):

CK

Hutchison

Holdings

Ltd.

...............................................

453,184

2,370

Real

Estate

(0.7%):

CK

Asset

Holdings

Ltd.

..................................................

3,736,387

15,330

Sino

Land

Co.

Ltd.

(a)

....................................................

1,214,000

1,190

16,520

Utilities

(0.1%):

Kunlun

Energy

Co.

Ltd.

..................................................

2,558,000

2,421

50,563

India

(1.3%):

Consumer

Discretionary

(0.1%):

Tata

Motors

Ltd.

.......................................................

217,909

2,037

Consumer

Staples

(0.1%):

Varun

Beverages

Ltd.

(a)

..................................................

232,847

1,712

Energy

(0.1%):

Reliance

Industries

Ltd.

..................................................

172,548

2,648

Financials

(0.5%):

Canara

Bank

..........................................................

1,224,861

1,484

ICICI

Bank

Ltd.

........................................................

283,506

4,362

Nippon

Life

India

Asset

Management

Ltd.

(d)

...................................

342,388

2,786

Power

Finance

Corp.

Ltd.

.................................................

689,901

4,052

12,684

Health

Care

(0.1%):

Zydus

Lifesciences

Ltd.

..................................................

129,722

1,486

Information

Technology

(0.2%):

HCL

Technologies

Ltd.

...................................................

78,382

1,720

KPIT

Technologies

Ltd.

..................................................

119,233

1,937

3,657

Victory

Portfolios

III

Victory

International

Fund

80

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Materials

(0.1%):

Hindalco

Industries

Ltd.

(a)

................................................

343,998

$

2,679

National

Aluminium

Co.

Ltd.

..............................................

303,781

874

3,553

Real

Estate

(0.0%):(c)

Oberoi

Realty

Ltd.

......................................................

29,290

698

Utilities

(0.1%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

814,285

3,179

31,654

Indonesia

(0.1%):

Energy

(0.1%):

PT

United

Tractors

Tbk

..................................................

999,400

1,689

Ireland

(1.3%):

Consumer

Discretionary

(0.1%):

PDD

Holdings,

Inc.

,

ADR

(a)

...............................................

33,540

3,239

Consumer

Staples

(0.1%):

Glanbia

PLC

..........................................................

132,254

2,047

Financials

(0.3%):

AIB

Group

PLC

........................................................

497,772

2,716

Bank

of

Ireland

Group

PLC

...............................................

497,640

4,362

7,078

Industrials

(0.2%):

AerCap

Holdings

NV

....................................................

52,981

5,264

Materials

(0.6%):

James

Hardie

Industries

PLC

(a)

............................................

399,353

14,875

32,503

Israel

(0.1%):

Information

Technology

(0.1%):

Nice

Ltd.

(a)

...........................................................

10,335

1,866

Italy

(1.9%):

Consumer

Discretionary

(0.2%):

Brunello

Cucinelli

SpA

...................................................

7,947

787

Ferrari

NV

............................................................

4,006

1,745

PRADA

SpA

..........................................................

367,200

2,530

5,062

Energy

(0.2%):

Eni

SpA

.............................................................

406,710

5,754

Financials

(0.5%):

BPER

Banca

SPA

.......................................................

739,260

4,511

UniCredit

SpA

.........................................................

215,901

8,292

12,803

Health

Care

(0.2%):

El.En.

SpA

...........................................................

156,702

2,011

Recordati

Industria

Chimica

e

Farmaceutica

SpA

................................

56,090

3,056

5,067

Industrials

(0.2%):

Carel

Industries

SpA

(b)

(d)

................................................

69,379

1,377

Danieli

&

C

Officine

Meccaniche

SpA

(b)

......................................

27,407

729

Leonardo

SpA

.........................................................

126,973

3,419

5,525

Victory

Portfolios

III

Victory

International

Fund

81

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Information

Technology

(0.1%):

Reply

SpA

............................................................

3,403

$

545

Sesa

SpA

.............................................................

22,008

1,796

2,341

Materials

(0.1%):

Cementir

Holding

NV

...................................................

157,826

1,841

Utilities

(0.4%):

Enel

SpA

.............................................................

289,770

2,086

Snam

SpA

............................................................

1,802,164

8,399

10,485

48,878

Japan

(21.8%):

Communication

Services

(1.5%):

Capcom

Co.

Ltd.

.......................................................

535,400

12,576

Dentsu

Group,

Inc.

......................................................

136,890

3,503

Hakuhodo

DY

Holdings,

Inc.

..............................................

158,840

1,220

Kakaku.com,

Inc.

.......................................................

751,400

12,614

Konami

Group

Corp.

....................................................

45,200

4,469

Nippon

Television

Holdings,

Inc.

............................................

121,685

2,000

Okinawa

Cellular

Telephone

Co.

............................................

65,400

1,911

38,293

Consumer

Discretionary

(3.0%):

Asics

Corp.

...........................................................

199,700

4,035

Goldwin,

Inc.

..........................................................

23,300

1,387

Honda

Motor

Co.

Ltd.

...................................................

303,886

2,622

Isuzu

Motors

Ltd.

.......................................................

166,862

2,226

Koito

Manufacturing

Co.

Ltd.

..............................................

157,570

2,053

Kura

Sushi,

Inc.

........................................................

71,700

1,865

Nikon

Corp.

...........................................................

106,500

1,262

Nissan

Motor

Co.

Ltd.

(b)

.................................................

741,982

1,790

Rinnai

Corp.

..........................................................

141,526

3,020

Sega

Sammy

Holdings,

Inc.

...............................................

79,860

1,405

Shoei

Co.

Ltd.

.........................................................

116,400

1,925

Sony

Group

Corp.

......................................................

95,700

1,921

Stanley

Electric

Co.

Ltd.

..................................................

86,201

1,453

Subaru

Corp.

..........................................................

148,601

2,385

Sumitomo

Electric

Industries

Ltd.

...........................................

194,700

3,759

Sumitomo

Rubber

Industries

Ltd.

...........................................

146,751

1,619

Suzuki

Motor

Corp.

.....................................................

234,400

2,493

Tama

Home

Co.

Ltd.

(b)

..................................................

74,700

1,831

Toyota

Motor

Corp.

.....................................................

1,507,100

25,754

ZOZO,

Inc.

...........................................................

359,000

11,330

76,135

Consumer

Staples

(1.1%):

Asahi

Group

Holdings

Ltd.

................................................

225,200

2,457

Create

SD

Holdings

Co.

Ltd.

...............................................

85,700

1,647

Daikokutenbussan

Co.

Ltd.

................................................

32,100

2,192

Kirin

Holdings

Co.

Ltd.

..................................................

74,977

1,048

Milbon

Co.

Ltd.

........................................................

57,300

1,339

Toyo

Suisan

Kaisha

Ltd.

..................................................

248,900

17,488

Tsuruha

Holdings,

Inc.

...................................................

29,941

1,660

27,831

Energy

(0.0%):(c)

Iwatani

Corp.

..........................................................

50,400

626

Financials

(3.3%):

Dai-ichi

Life

Holdings,

Inc.

...............................................

99,854

2,707

Japan

Post

Insurance

Co.

Ltd.

..............................................

126,710

2,657

Victory

Portfolios

III

Victory

International

Fund

82

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Mizuho

Financial

Group,

Inc.

..............................................

971,650

$

24,536

MS&AD

Insurance

Group

Holdings,

Inc.

......................................

29,348

657

ORIX

Corp.

...........................................................

123,900

2,789

Resona

Holdings,

Inc.

....................................................

415,422

3,475

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

251,640

6,211

Sumitomo

Mitsui

Trust

Group,

Inc.

..........................................

199,510

5,003

T&D

Holdings,

Inc.

.....................................................

289,055

5,480

The

Chiba

Bank

Ltd.

....................................................

156,000

1,305

Tokio

Marine

Holdings,

Inc.

...............................................

726,700

27,100

81,920

Health

Care

(2.1%):

Alfresa

Holdings

Corp.

...................................................

88,039

1,274

Eisai

Co.

Ltd.

..........................................................

17,307

537

Fukuda

Denshi

Co.

Ltd.

..................................................

39,200

1,900

Hoya

Corp.

...........................................................

151,700

19,613

Jeol

Ltd.

.............................................................

37,000

1,297

Nakanishi,

Inc.

.........................................................

98,000

1,519

Ono

Pharmaceutical

Co.

Ltd.

..............................................

112,584

1,294

Otsuka

Holdings

Co.

Ltd.

.................................................

62,800

3,649

Santen

Pharmaceutical

Co.

Ltd.

.............................................

144,100

1,660

Shionogi

&

Co.

Ltd.

.....................................................

1,021,046

14,485

Takara

Bio,

Inc.

........................................................

169,700

1,170

Takeda

Pharmaceutical

Co.

Ltd.

............................................

88,063

2,401

Terumo

Corp.

.........................................................

93,100

1,902

52,701

Industrials

(5.8%):

Aeon

Delight

Co.

Ltd.

...................................................

66,800

1,976

AIT

Corp.

............................................................

108,500

1,268

Amada

Co.

Ltd.

........................................................

173,460

1,673

AZ-COM

MARUWA

Holdings,

Inc.

.........................................

144,100

984

Central

Japan

Railway

Co.

................................................

108,700

2,239

Creek

&

River

Co.

Ltd.

...................................................

114,600

1,213

Fuji

Corp.

............................................................

92,500

1,345

Fuji

Electric

Co.

Ltd.

....................................................

330,800

18,694

Fujikura

Ltd.

..........................................................

32,100

1,146

Fujitec

Co.

Ltd.

........................................................

58,000

2,279

FULLCAST

Holdings

Co.

Ltd.

.............................................

129,800

1,263

Hino

Motors

Ltd.

(a)

.....................................................

217,323

577

Hitachi

Ltd.

...........................................................

160,300

4,040

Hosokawa

Micron

Corp.

..................................................

52,500

1,358

ITOCHU

Corp.

........................................................

111,000

5,493

JAC

Recruitment

Co.

Ltd.

.................................................

397,600

1,840

Japan

Airlines

Co.

Ltd.

...................................................

87,601

1,458

JGC

Holdings

Corp.

.....................................................

145,742

1,264

Kamigumi

Co.

Ltd.

.....................................................

71,800

1,619

Kinden

Corp.

..........................................................

79,900

1,649

Komatsu

Ltd.

..........................................................

103,700

2,808

Kubota

Corp.

..........................................................

329,920

4,136

Makita

Corp.

..........................................................

39,448

1,239

MISUMI

Group,

Inc.

....................................................

565,300

9,202

Mitsubishi

Heavy

Industries

Ltd.

............................................

1,664,500

24,509

Nichias

Corp.

..........................................................

35,100

1,363

Nippon

Yusen

KK

......................................................

429,000

13,755

Nitto

Kogyo

Corp.

......................................................

65,600

1,235

Persol

Holdings

Co.

Ltd.

..................................................

1,094,240

1,689

Sanwa

Holdings

Corp.

...................................................

688,700

20,803

Sanyo

Denki

Co.

Ltd.

....................................................

25,800

1,430

Sumitomo

Heavy

Industries

Ltd.

............................................

62,512

1,326

Takasago

Thermal

Engineering

Co.

Ltd.

.......................................

29,900

1,192

Teikoku

Electric

Manufacturing

Co.

Ltd.

......................................

88,200

1,641

THK

Co.

Ltd.

.........................................................

60,285

1,459

Victory

Portfolios

III

Victory

International

Fund

83

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

TKC

Corp.

...........................................................

63,600

$

1,642

Tsurumi

Manufacturing

Co.

Ltd.

............................................

67,600

1,618

Yamato

Holdings

Co.

Ltd.

.................................................

162,920

1,884

146,309

Information

Technology

(3.4%):

Alps

Alpine

Co.

Ltd.

....................................................

107,741

1,113

Amano

Corp.

..........................................................

40,300

1,151

Anritsu

Corp.

..........................................................

200,100

1,539

Argo

Graphics,

Inc.

.....................................................

34,600

1,156

Avant

Group

Corp.

......................................................

115,000

1,628

Canon,

Inc.

...........................................................

61,300

1,997

Dexerials

Corp.

........................................................

115,800

1,880

Disco

Corp.

...........................................................

53,000

14,485

DTS

Corp.

............................................................

67,000

1,867

Elecom

Co.

Ltd.

........................................................

124,900

1,200

Fujitsu

Ltd.

...........................................................

842,400

16,186

Future

Corp.

..........................................................

134,900

1,704

Horiba

Ltd.

...........................................................

34,700

1,991

NEC

Corp.

...........................................................

54,900

4,694

NSD

Co.

Ltd.

..........................................................

54,600

1,255

Optex

Group

Co.

Ltd.

....................................................

146,300

1,844

Oracle

Corp.

..........................................................

161,800

16,593

Riken

Keiki

Co.

Ltd.

....................................................

62,400

1,570

Rohm

Co.

Ltd.

.........................................................

257,120

2,411

Tokyo

Electron

Ltd.

.....................................................

10,700

1,678

Tokyo

Seimitsu

Co.

Ltd.

..................................................

39,800

1,931

Ulvac,

Inc.

............................................................

24,500

1,011

Yokogawa

Electric

Corp.

.................................................

147,800

3,303

84,187

Materials

(0.7%):

Fujimi,

Inc.

...........................................................

80,100

1,266

Fuso

Chemical

Co.

Ltd.

..................................................

56,200

1,278

Mitsubishi

Gas

Chemical

Co.,

Inc.

...........................................

91,430

1,726

Nippon

Steel

Corp.

......................................................

141,700

2,903

PILLAR

Corp.

.........................................................

52,900

1,537

Sumitomo

Bakelite

Co.

Ltd.

...............................................

61,500

1,501

Taiheiyo

Cement

Corp.

...................................................

51,427

1,312

Toagosei

Co.

Ltd.

.......................................................

174,800

1,779

Tokyo

Ohka

Kogyo

Co.

Ltd.

...............................................

63,700

1,529

Tosoh

Corp.

...........................................................

194,000

2,678

17,509

Real

Estate

(0.7%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

98,600

3,105

Mitsubishi

Estate

Co.

Ltd.

.................................................

134,598

1,907

Sumitomo

Realty

&

Development

Co.

Ltd.

....................................

362,800

11,257

16,269

Utilities

(0.2%):

Tohoku

Electric

Power

Co.,

Inc.

............................................

67,300

547

Tokyo

Gas

Co.

Ltd.

.....................................................

181,800

5,481

6,028

547,808

Jordan

(0.1%):

Health

Care

(0.1%):

Hikma

Pharmaceuticals

PLC

...............................................

115,131

2,819

Luxembourg

(0.1%):

Communication

Services

(0.0%):(c)

RTL

Group

SA

(b)

......................................................

31,420

809

Victory

Portfolios

III

Victory

International

Fund

84

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Energy

(0.1%):

Tenaris

SA

............................................................

129,010

$

2,475

3,284

Malaysia

(0.1%):

Industrials

(0.1%):

Frencken

Group

Ltd.

....................................................

1,707,200

1,509

Mexico

(0.5%):

Communication

Services

(0.1%):

America

Movil

SAB

de

CV

,

ADR

...........................................

154,504

2,291

Consumer

Staples

(0.1%):

Arca

Continental

SAB

de

CV

..............................................

194,977

1,654

Energy

(0.2%):

Vista

Energy

SAB

de

CV

,

ADR

(a)

...........................................

82,417

4,387

Financials

(0.1%):

Gentera

SAB

de

CV

.....................................................

1,309,019

1,665

Materials

(0.0%):(c)

Fresnillo

PLC

.........................................................

191,975

1,577

11,574

Netherlands

(4.9%):

Communication

Services

(0.8%):

Koninklijke

KPN

NV

....................................................

4,849,262

18,796

VEON

Ltd.

,

ADR

(a)

.....................................................

22,561

766

19,562

Consumer

Discretionary

(0.1%):

Prosus

NV

(a)

..........................................................

81,799

3,329

Consumer

Staples

(0.1%):

Koninklijke

Ahold

Delhaize

NV

............................................

80,148

2,766

Financials

(1.6%):

ABN

AMRO

Bank

NV

,

Class

CV

(d)

.........................................

234,697

3,638

Euronext

NV

(d)

........................................................

32,653

3,643

ING

Groep

NV

........................................................

1,647,078

25,423

NN

Group

NV

.........................................................

145,939

6,772

39,476

Health

Care

(0.2%):

Koninklijke

Philips

NV

(a)

................................................

185,572

5,075

Industrials

(1.0%):

Randstad

NV

..........................................................

66,015

2,898

Wolters

Kluwer

NV

.....................................................

127,332

21,248

24,146

Information

Technology

(1.1%):

ASM

International

NV

...................................................

24,890

13,393

ASML

Holding

NV

.....................................................

21,056

14,386

BE

Semiconductor

Industries

NV

...........................................

6,228

741

28,520

122,874

New

Zealand

(0.4%):

Health

Care

(0.4%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

438,432

9,882

Victory

Portfolios

III

Victory

International

Fund

85

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Norway

(0.3%):

Energy

(0.3%):

Aker

BP

ASA

(b)

.......................................................

212,017

$

4,363

Equinor

ASA

..........................................................

58,179

1,411

TGS

ASA

............................................................

189,795

1,861

7,635

Materials

(0.0%):(c)

Norsk

Hydro

ASA

......................................................

62,301

387

8,022

Portugal

(0.1%):

Energy

(0.1%):

Galp

Energia

SGPS

SA

...................................................

123,849

2,036

Qatar

(0.1%):

Communication

Services

(0.1%):

Ooredoo

QPSC

........................................................

520,539

1,693

Russian

Federation

(0.0%):(c)

Communication

Services

(0.0%):

Mobile

TeleSystems

PJSC

,

ADR

(a)

(e)

(f)

......................................

177,615

—

Energy

(0.0%):

Gazprom

PJSC

,

ADR

(a)

(e)

(f)

..............................................

153,287

—

LUKOIL

PJSC

,

ADR

(a)

(e)

(f)

..............................................

34,917

—

—

Financials

(0.0%):(c)

Sberbank

of

Russia

PJSC

(a)

(e)

(f)

...........................................

564,350

—

Sberbank

of

Russia

PJSC

,

ADR

(a)

(e)

(f)

.......................................

505,824

—

(g)

—

(g)

—

(g)

Saudi

Arabia

(0.1%):

Financials

(0.1%):

Saudi

Awwal

Bank

......................................................

223,263

1,843

Singapore

(0.5%):

Consumer

Staples

(0.1%):

Sheng

Siong

Group

Ltd.

..................................................

1,447,800

1,784

Financials

(0.2%):

DBS

Group

Holdings

Ltd.

.................................................

97,330

3,089

iFAST

Corp.

Ltd.

.......................................................

312,000

1,734

4,823

Health

Care

(0.1%):

Raffles

Medical

Group

Ltd.

................................................

2,182,700

1,419

Utilities

(0.1%):

Sembcorp

Industries

Ltd.

.................................................

917,200

3,579

11,605

South

Africa

(0.3%):

Communication

Services

(0.1%):

MTN

Group

Ltd.

.......................................................

442,536

1,986

Financials

(0.2%):

Investec

PLC

..........................................................

239,964

1,744

Old

Mutual

Ltd.

........................................................

2,270,075

1,604

Sanlam

Ltd.

...........................................................

342,776

1,679

5,027

7,013

Victory

Portfolios

III

Victory

International

Fund

86

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

South

Korea

(1.5%):

Communication

Services

(0.2%):

KT

Corp.

.............................................................

108,956

$

3,829

Consumer

Discretionary

(0.3%):

Coway

Co.

Ltd.

........................................................

34,769

1,648

Hankook

Tire

&

Technology

Co.

Ltd.

........................................

29,989

813

Hyundai

Mobis

Co.

Ltd.

..................................................

17,602

3,032

Kia

Corp.

............................................................

24,865

1,665

7,158

Financials

(0.6%):

DB

Insurance

Co.

Ltd.

...................................................

31,563

2,477

Hana

Financial

Group,

Inc.

................................................

74,966

3,362

KB

Financial

Group,

Inc.

.................................................

64,860

4,480

Shinhan

Financial

Group

Co.

Ltd.

...........................................

136,485

5,231

15,550

Industrials

(0.2%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

13,104

2,948

Hanwha

Industrial

Solutions

Co.

Ltd.

(a)

.......................................

10,684

256

HD

Hyundai

Electric

Co.

Ltd.

..............................................

2,807

713

Samsung

E&A

Co.

Ltd.

(a)

................................................

130,367

1,683

5,600

Information

Technology

(0.2%):

Samsung

Electronics

Co.

Ltd.

..............................................

69,272

2,725

SK

Hynix,

Inc.

.........................................................

22,890

2,673

5,398

37,535

Spain

(2.3%):

Consumer

Discretionary

(0.2%):

Industria

de

Diseno

Textil

SA

..............................................

88,836

4,902

Energy

(0.0%):(c)

Repsol

SA

............................................................

108,142

1,354

Financials

(1.3%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

2,619,784

24,743

Banco

Santander

SA

.....................................................

896,703

4,139

Bankinter

SA

..........................................................

334,507

2,646

31,528

Health

Care

(0.1%):

Laboratorios

Farmaceuticos

Rovi

SA

.........................................

24,954

1,700

Industrials

(0.6%):

Aena

SME

SA

(d)

.......................................................

67,594

14,637

Fluidra

SA

............................................................

37,240

973

15,610

Real

Estate

(0.0%):(c)

Merlin

Properties

Socimi

SA

(b)

............................................

59,373

651

Utilities

(0.1%):

Iberdrola

SA

..........................................................

184,161

2,626

58,371

Sweden

(1.9%):

Consumer

Discretionary

(0.1%):

Evolution

AB

(d)

.......................................................

20,802

1,816

Consumer

Staples

(0.2%):

AAK

AB

.............................................................

26,935

730

Victory

Portfolios

III

Victory

International

Fund

87

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Axfood

AB

...........................................................

29,556

$

634

Essity

AB

,

Class

B

......................................................

129,637

3,573

4,937

Financials

(0.1%):

Swedbank

AB

,

Class

A

...................................................

96,806

1,897

Health

Care

(0.2%):

BioGaia

AB

,

B

Shares

...................................................

188,899

1,858

Camurus

AB

(a)

........................................................

29,073

1,522

Sectra

AB

,

Class

B

(a)

....................................................

57,691

1,509

4,889

Industrials

(1.1%):

Atlas

Copco

AB

,

Class

B

.................................................

1,483,233

20,985

Munters

Group

AB

(d)

....................................................

43,249

689

SKF

AB

,

B

Shares

......................................................

147,956

2,846

Volvo

AB

,

Class

B

......................................................

98,936

2,466

26,986

Information

Technology

(0.2%):

HMS

Networks

AB

.....................................................

27,943

1,001

Mycronic

AB

..........................................................

33,120

1,176

Telefonaktiebolaget

LM

Ericsson

,

Class

B

.....................................

507,913

4,128

6,305

46,830

Switzerland

(8.4%):

Consumer

Discretionary

(0.1%):

The

Swatch

Group

AG

,

Class

BR

(b)

.........................................

16,356

2,981

Consumer

Staples

(1.6%):

Coca-Cola

HBC

AG

.....................................................

538,371

19,213

Nestle

SA

,

Registered

Shares

..............................................

246,722

21,429

40,642

Financials

(1.8%):

Partners

Group

Holding

AG

...............................................

9,588

13,936

UBS

Group

AG

........................................................

842,768

27,258

Zurich

Insurance

Group

AG

...............................................

6,637

4,213

45,407

Health

Care

(3.6%):

Galenica

AG

(d)

........................................................

9,542

831

Novartis

AG

,

Registered

Shares

.............................................

472,391

50,091

Roche

Holding

AG

......................................................

116,716

33,918

Sandoz

Group

AG

......................................................

95,220

4,352

Siegfried

Holding

AG

,

Registered

Shares

......................................

723

915

90,107

Industrials

(0.6%):

ABB

Ltd.

,

Registered

Shares

...............................................

56,502

3,226

Adecco

Group

AG

......................................................

74,139

1,980

Belimo

Holding

AG

,

Class

R

..............................................

1,109

744

Burckhardt

Compression

Holding

AG

........................................

3,151

2,364

Flughafen

Zurich

AG

,

Registered

Shares

......................................

2,747

654

Huber

+

Suhner

AG

,

Registered

Shares

.......................................

22,772

1,946

Interroll

Holding

AG

,

Class

R

..............................................

562

1,387

Kardex

Holding

AG

,

Registered

Shares

.......................................

4,905

1,526

Zehnder

Group

AG

,

Registered

Shares

........................................

26,839

1,406

15,233

Information

Technology

(0.3%):

Comet

Holding

AG

,

Class

R

...............................................

4,109

1,305

Victory

Portfolios

III

Victory

International

Fund

88

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Inficon

Holding

AG

,

Registered

Shares

.......................................

1,146

$

1,335

Landis+Gyr

Group

AG

...................................................

14,679

1,067

Logitech

International

SA

,

Class

R

..........................................

18,452

1,500

Sensirion

Holding

AG

(a)

(d)

...............................................

19,117

1,224

6,431

Materials

(0.4%):

Clariant

AG

,

Registered

Shares

.............................................

162,492

1,963

Glencore

PLC

.........................................................

435,787

2,110

Holcim

AG

...........................................................

55,445

5,652

9,725

210,526

Taiwan

(1.2%):

Financials

(0.0%):(c)

CTBC

Financial

Holding

Co.

Ltd.

...........................................

1,602,000

1,851

Health

Care

(0.1%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

76,000

2,023

Information

Technology

(1.1%):

ASPEED

Technology,

Inc.

................................................

6,000

765

Catcher

Technology

Co.

Ltd.

...............................................

75,140

457

Elite

Material

Co.

Ltd.

...................................................

180,000

2,620

MediaTek,

Inc.

.........................................................

52,000

2,042

Quanta

Computer,

Inc.

...................................................

243,000

2,210

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

528,000

16,458

Wiwynn

Corp.

.........................................................

40,000

2,414

26,966

30,840

Thailand

(0.4%):

Communication

Services

(0.1%):

Advanced

Info

Service

PCL,

NVDR

.........................................

207,500

1,727

Financials

(0.2%):

Kasikornbank

PCL

......................................................

1,096,833

4,820

Health

Care

(0.1%):

Bumrungrad

Hospital

PCL,

NVDR

..........................................

393,700

2,393

8,940

United

Arab

Emirates

(0.2%):

Real

Estate

(0.2%):

Emaar

Development

PJSC

................................................

1,894,927

5,865

United

Kingdom

(14.3%):

Communication

Services

(0.7%):

BT

Group

PLC

........................................................

1,871,138

3,794

Informa

PLC

..........................................................

313,091

3,415

MONY

Group

PLC

.....................................................

497,349

1,240

Next

15

Group

PLC

.....................................................

163,189

888

Rightmove

PLC

........................................................

113,462

933

Team

Internet

Group

PLC

.................................................

1,135,318

1,171

WPP

PLC

............................................................

421,076

4,605

16,046

Consumer

Discretionary

(1.3%):

Birkenstock

Holding

PLC

(a)

...............................................

30,529

1,577

Burberry

Group

PLC

....................................................

156,440

1,790

Greggs

PLC

...........................................................

320,687

11,033

Inchcape

PLC

.........................................................

65,733

644

Kingfisher

PLC

........................................................

729,914

2,302

Victory

Portfolios

III

Victory

International

Fund

89

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Next

PLC

............................................................

112,122

$

14,397

31,743

Consumer

Staples

(3.3%):

British

American

Tobacco

PLC

.............................................

234,865

8,918

Coca-Cola

Europacific

Partners

PLC

.........................................

27,313

2,119

Cranswick

PLC

........................................................

13,849

874

Imperial

Brands

PLC

....................................................

719,391

23,524

J

Sainsbury

PLC

.......................................................

400,559

1,332

Marks

&

Spencer

Group

PLC

..............................................

954,749

4,653

Reckitt

Benckiser

Group

PLC

..............................................

73,203

4,540

Tate

&

Lyle

PLC

.......................................................

194,275

1,821

Tesco

PLC

............................................................

798,065

3,722

Unilever

PLC

.........................................................

522,930

31,308

82,811

Energy

(2.3%):

BP

PLC

..............................................................

3,299,426

16,154

Harbour

Energy

PLC

....................................................

404,126

1,333

Shell

PLC

............................................................

1,173,312

37,700

Subsea

7

SA

..........................................................

109,118

1,729

56,916

Financials

(2.9%):

3i

Group

PLC

.........................................................

120,873

5,711

Barclays

PLC

.........................................................

8,555,822

28,673

H&T

Group

PLC

(b)

.....................................................

304,858

1,395

HSBC

Holdings

PLC

....................................................

1,945,274

18,125

IG

Group

Holdings

PLC

..................................................

73,587

897

IntegraFin

Holdings

PLC

.................................................

424,559

2,125

Intermediate

Capital

Group

PLC

............................................

25,201

679

Legal

&

General

Group

PLC

...............................................

1,413,818

3,984

Standard

Chartered

PLC

..................................................

970,629

11,997

73,586

Health

Care

(0.5%):

Advanced

Medical

Solutions

Group

PLC

......................................

434,508

1,178

AstraZeneca

PLC

.......................................................

14,808

2,004

GSK

PLC

............................................................

543,254

9,227

12,409

Industrials

(1.2%):

Ashtead

Technology

Holdings

PLC

..........................................

270,912

1,899

Babcock

International

Group

PLC

...........................................

169,304

1,107

Chemring

Group

PLC

....................................................

389,255

1,756

Clarkson

PLC

.........................................................

46,942

2,378

easyJet

PLC

...........................................................

845,396

5,948

Howden

Joinery

Group

PLC

...............................................

66,852

695

IMI

PLC

.............................................................

68,154

1,579

Judges

Scientific

PLC

....................................................

11,712

1,251

Mitie

Group

PLC

.......................................................

1,377,119

1,910

RELX

PLC

...........................................................

41,169

1,940

Rolls-Royce

Holdings

PLC

(a)

..............................................

477,739

3,398

Rotork

PLC

...........................................................

421,873

1,785

RWS

Holdings

PLC

.....................................................

574,281

1,125

SThree

PLC

...........................................................

359,790

1,639

The

Weir

Group

PLC

....................................................

32,709

925

Volution

Group

PLC

.....................................................

163,984

1,161

30,496

Information

Technology

(0.2%):

Kainos

Group

PLC

......................................................

165,215

1,632

Oxford

Instruments

PLC

..................................................

34,073

895

Victory

Portfolios

III

Victory

International

Fund

90

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

,

ADR

.........................................

1/21/2016

$

486

LUKOIL

PJSC

,

ADR

.........................................

12/29/2015

2,087

Mobile

TeleSystems

PJSC

,

ADR

.................................

1/28/2022

1,372

Sberbank

of

Russia

PJSC

......................................

7/15/2019

2,134

Sberbank

of

Russia

PJSC

,

ADR

..................................

1/15/2016

556

Security

Description

Shares

Value

(000)

The

Sage

Group

PLC

....................................................

177,436

$

2,962

5,489

Materials

(1.1%):

Anglo

American

PLC

....................................................

75,118

2,412

Endeavour

Mining

PLC

..................................................

48,590

967

Ibstock

PLC

(d)

........................................................

865,151

2,053

Mondi

PLC

...........................................................

183,301

2,776

Rio

Tinto

PLC

.........................................................

311,796

19,600

27,808

Real

Estate

(0.2%):

Land

Securities

Group

PLC

...............................................

280,529

2,151

The

British

Land

Co.

PLC

................................................

750,051

3,710

5,861

Utilities

(0.6%):

Centrica

PLC

..........................................................

6,564,306

10,644

Drax

Group

PLC

.......................................................

318,389

2,704

National

Grid

PLC

(a)

....................................................

156,990

1,981

15,329

358,494

Total

Common

Stocks

(Cost

$1,889,455)

2,457,569

Exchange-Traded

Funds

(0.4%)

United

States

(0.4%):

iShares

Core

MSCI

EAFE

ETF

.............................................

61,106

4,500

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

15,131

822

iShares

MSCI

EAFE

Small-Cap

ETF

.........................................

71,317

4,563

Vanguard

FTSE

All-World

ex-US

Small-Cap

ETF

...............................

2,280

274

10,159

Total

Exchange-Traded

Funds

(Cost

$9,844)

10,159

Collateral

for

Securities

Loaned

(0.8%)^

United

States

(0.8%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

4

.55

%

(h)

........

4,965,018

4,965

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

4

.57

%

(h)

............

4,965,018

4,965

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

4

.57

%

(h)

...............

4,965,018

4,965

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

4

.58

%

(h)

.

4,965,018

4,965

Total

Collateral

for

Securities

Loaned

(Cost

$19,860)

19,860

Total

Investments

(Cost

$1,919,159)

—

99.1%

2,487,588

Other

assets

in

excess

of

liabilities

—

0.9%

22,038

NET

ASSETS

-

100.00%

$

2,509,626

^

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)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$73,910

(thousands)

and

amounted

to

2.9%

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

November

30,

2024

(amounts

in

thousands):

(f)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

November

30,

2024.

Victory

Portfolios

III

Victory

International

Fund

91

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

(g)

Rounds

to

less

than

$1

thousand.

(h)

Rate

disclosed

is

the

daily

yield

on

November

30,

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

November

30,

2024

Victory

Portfolios

III

Victory

New

York

Bond

Fund

92

(Unaudited)

Security

Description

Principal

Amount

(000)

a

Value

(000)

Municipal

Bonds

(98.1%)

New

York

(98.1%):

Albany

Capital

Resource

Corp.

Revenue

,

5

.00

%

,

6/1/49

,

Continuously

Callable

@100

.....

$

1,500

$

962

Albany

County

Airport

Authority

Revenue

,

Series

A

,

5

.00

%

,

12/15/48

,

Continuously

Callable

@100

...........................................................

1,000

1,040

Allegany

County

Capital

Resource

Corp.

Revenue

,

Series

A

,

5

.00

%

,

12/1/52

,

Continuously

Callable

@100

.....................................................

1,000

878

Brookhaven

Local

Development

Corp.

Revenue

5

.25

%

,

11/1/36

,

Continuously

Callable

@100

...............................

1,500

1,521

4

.00

%

,

10/1/45

,

Continuously

Callable

@100

...............................

1,000

958

Series

B

,

4

.00

%

,

11/1/55

,

Continuously

Callable

@102

........................

1,000

901

Broome

County

Local

Development

Corp.

Revenue

,

4

.00

%

,

7/1/47

,

Continuously

Callable

@103

...........................................................

500

458

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

Revenue

5

.00

%

,

8/1/52

,

Continuously

Callable

@100

...............................

1,000

998

Series

A

,

5

.00

%

,

6/1/35

,

Continuously

Callable

@103

.........................

1,000

1,026

Build

NYC

Resource

Corp.

Revenue

5

.00

%

,

6/1/40

,

Continuously

Callable

@100

...............................

700

704

5

.00

%

,

7/1/41

,

Continuously

Callable

@100

...............................

500

504

4

.00

%

,

8/1/42

,

Continuously

Callable

@100

...............................

1,000

880

5

.00

%

,

7/1/45

,

Continuously

Callable

@100

...............................

2,000

2,008

5

.00

%

,

11/1/47

.....................................................

2,000

2,313

5

.00

%

,

6/1/48

,

Continuously

Callable

@102

...............................

2,000

1,998

4

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............................

500

496

4

.75

%

,

6/15/53

,

Continuously

Callable

@100

...............................

500

500

5

.75

%

,

6/1/62

,

Continuously

Callable

@100

(a)

.............................

250

261

Series

A

,

5

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

500

507

Bushnell's

Basin

Fire

Association,

Inc.

Revenue

,

3

.00

%

,

11/1/30

.....................

1,715

1,549

City

of

Elmira,

GO

,

5

.00

%

,

7/1/35

,

Continuously

Callable

@100

.....................

1,575

1,695

City

of

Long

Beach,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

4

.63

%

,

7/15/52

,

Continuously

Callable

@100

....................................

2,000

2,040

City

of

New

York,

GO

Series

B-1

,

5

.25

%

,

10/1/47

,

Continuously

Callable

@100

......................

500

554

Series

B-3

,

2

.00

%

,

10/1/46

,

Continuously

Callable

@100

(b)

....................

1,045

1,045

Dutchess

County

Local

Development

Corp.

Revenue

5

.00

%

,

7/1/46

,

Continuously

Callable

@100

...............................

600

608

Series

A

,

5

.00

%

,

7/1/45

,

Continuously

Callable

@100

.........................

2,000

2,018

Series

B

,

4

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

2,000

1,985

Series

B

,

4

.00

%

,

7/1/49

,

Continuously

Callable

@100

.........................

1,750

1,638

Hempstead

Town

Local

Development

Corp.

Revenue

,

5

.00

%

,

7/1/48

,

Continuously

Callable

@100

...........................................................

300

306

Hudson

Yards

Infrastructure

Corp.

Revenue

,

Series

A

,

4

.00

%

,

2/15/44

,

Continuously

Callable

@100

...........................................................

2,000

2,009

Jefferson

County

Civic

Facility

Development

Corp.

Revenue

,

4

.00

%

,

11/1/47

,

Continuously

Callable

@100

.....................................................

1,000

792

Metropolitan

Transportation

Authority

Revenue

Series

A1

,

5

.25

%

,

11/15/56

,

Continuously

Callable

@100

......................

1,000

1,014

Series

B

,

4

.00

%

,

11/15/50

,

Continuously

Callable

@100

.......................

1,000

947

Series

D-1

,

5

.00

%

,

11/15/34

,

Continuously

Callable

@100

.....................

3,000

3,039

Series

D-3

,

4

.00

%

,

11/15/49

,

Continuously

Callable

@100

.....................

2,000

1,961

Monroe

County

Industrial

Development

Corp.

Revenue

4

.00

%

,

12/1/46

,

Continuously

Callable

@100

...............................

2,000

1,892

5

.00

%

,

12/1/46

,

Continuously

Callable

@100

...............................

1,500

1,513

4

.00

%

,

10/1/47

,

Continuously

Callable

@100

...............................

1,000

922

5

.00

%

,

6/1/59

,

Continuously

Callable

@100

(a)

.............................

1,000

1,004

Series

A

,

5

.00

%

,

12/1/42

,

Continuously

Callable

@100

........................

2,000

2,001

Monroe

County

Industrial

Development

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

1/15/38

,

Continuously

Callable

@100

.........................

500

500

Mount

Vernon

City

School

District,

GO

,

5

.00

%

,

6/30/25

...........................

500

501

Nassau

County

Local

Economic

Assistance

Corp.

Revenue

,

Series

A

,

5

.00

%

,

7/1/55

,

Continuously

Callable

@100

...........................................

1,000

1,040

New

York

City

Housing

Development

Corp.

Revenue

,

4

.20

%

,

11/1/58

,

Continuously

Callable

@100

...........................................................

2,990

2,926

Victory

Portfolios

III

Victory

New

York

Bond

Fund

93

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

New

York

City

Industrial

Development

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

2

.25

%

,

10/1/29

...............................................

$

720

$

687

New

York

City

Municipal

Water

Finance

Authority

Revenue

,

Series

DD

,

2

.00

%

,

6/15/33

,

Continuously

Callable

@100

(b)

........................................

540

540

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

,

Series

S-1

,

4

.00

%

,

7/15/45

,

Continuously

Callable

@100

....................................

2,000

2,028

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

,

Series

D-1

,

5

.00

%

,

11/1/46

,

Continuously

Callable

@100

...............................

2,000

2,181

New

York

Convention

Center

Development

Corp.

Revenue

5

.00

%

,

11/15/45

,

Continuously

Callable

@100

..............................

500

503

Series

B

,

11/15/37

(c)

................................................

1,000

568

New

York

Convention

Center

Development

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

11/15/48

(c)

...................................

2,000

698

New

York

Liberty

Development

Corp.

Revenue

2

.80

%

,

9/15/69

,

Continuously

Callable

@100

...............................

1,500

1,380

Series

1

,

5

.00

%

,

11/15/44

,

Continuously

Callable

@100

(a)

.....................

1,000

1,000

New

York

Power

Authority

Revenue

,

Series

A

,

5

.00

%

,

11/15/53

,

Continuously

Callable

@100

250

274

New

York

State

Dormitory

Authority

Revenue

5

.00

%

,

12/1/37

,

Continuously

Callable

@100

(a)

.............................

1,300

1,275

6

.00

%

,

7/1/40

,

Continuously

Callable

@100

(a)

.............................

2,700

2,449

5

.75

%

,

7/1/43

,

Continuously

Callable

@100

...............................

1,000

1,001

5

.00

%

,

7/1/48

,

Continuously

Callable

@100

...............................

570

590

5

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

725

686

5

.00

%

,

7/1/57

,

Continuously

Callable

@100

...............................

1,000

969

Series

1

,

4

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

1,000

1,003

Series

A

,

4

.00

%

,

8/1/38

,

Continuously

Callable

@100

.........................

2,000

1,984

Series

A

,

5

.00

%

,

5/1/43

,

Continuously

Callable

@100

.........................

1,000

1,008

Series

A

,

4

.00

%

,

7/1/43

,

Continuously

Callable

@100

.........................

2,000

2,004

Series

A

,

4

.00

%

,

7/1/45

,

Continuously

Callable

@100

.........................

2,250

2,264

Series

A

,

4

.00

%

,

3/15/49

,

Continuously

Callable

@100

........................

750

750

Series

A

,

4

.00

%

,

3/15/49

,

Continuously

Callable

@100

........................

1,500

1,493

Series

A

,

4

.00

%

,

9/1/50

,

Continuously

Callable

@100

.........................

500

472

Series

A

,

5

.00

%

,

7/1/53

,

Continuously

Callable

@100

.........................

1,000

1,076

Series

A-1

,

3

.50

%

,

7/1/44

,

Continuously

Callable

@100

.......................

1,000

852

Series

A-1

,

4

.00

%

,

7/1/45

,

Continuously

Callable

@100

.......................

3,000

3,051

New

York

State

Dormitory

Authority

Revenue

(INS

-

AMBAC

Assurance

Corp.)

Series

1

,

5

.50

%

,

7/1/40

...............................................

2,000

2,384

Series

A

,

5

.50

%

,

5/15/30

.............................................

3,275

3,755

New

York

State

Housing

Finance

Agency

Revenue

,

Series

C-1

,

4

.75

%

,

11/1/53

,

Continuously

Callable

@100

.....................................................

1,100

1,124

New

York

State

Housing

Finance

Agency

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

DBE-

8105

,

2

.45

%

,

8/1/50

,

Continuously

Callable

@100

(a)

(b)

.......................

299

299

New

York

State

Thruway

Authority

Revenue

Series

A

,

4

.00

%

,

1/1/56

,

Continuously

Callable

@100

.........................

1,000

976

Series

B

,

4

.00

%

,

1/1/50

,

Continuously

Callable

@100

.........................

1,000

996

New

York

Transportation

Development

Corp.

Revenue

AMT

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

4

.50

%

,

12/31/54

,

Continuously

Callable

@100

.........

1,000

1,012

Oneida

County

Local

Development

Corp.

Revenue

,

4

.00

%

,

7/1/39

,

Continuously

Callable

@100

...........................................................

750

677

Onondaga

Civic

Development

Corp.

Revenue

5

.00

%

,

10/1/40

,

Continuously

Callable

@100

...............................

1,000

904

5

.00

%

,

1/1/43

,

Continuously

Callable

@100

...............................

1,090

1,116

Onondaga

County

Trust

for

Cultural

Resources

Revenue

,

5

.00

%

,

5/1/40

,

Continuously

Callable

@100

...........................................................

800

817

Southold

Local

Development

Corp.

Revenue

,

5

.00

%

,

12/1/45

,

Continuously

Callable

@100

.

1,000

1,001

St.

Lawrence

County

Industrial

Development

Agency

Revenue

5

.00

%

,

9/1/47

,

Continuously

Callable

@100

...............................

1,770

1,790

5

.25

%

,

7/1/52

,

Continuously

Callable

@100

...............................

1,000

1,082

Series

A

,

4

.00

%

,

7/1/43

,

Continuously

Callable

@100

.........................

500

498

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

,

Series

211

,

3

.80

%

,

10/1/48

,

Continuously

Callable

@100

....................................

1,185

1,066

Suffolk

County

Economic

Development

Corp.

Revenue

,

Series

C

,

5

.00

%

,

7/1/33

,

Continuously

Callable

@100

.....................................................

250

250

Victory

Portfolios

III

Victory

New

York

Bond

Fund

94

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

The

Genesee

County

Funding

Corp.

Revenue

,

Series

A

,

5

.25

%

,

12/1/52

,

Continuously

Callable

@100

...........................................................

$

750

$

793

The

Trust

for

Cultural

Resources

of

The

City

of

New

York

Revenue

,

Series

A

,

4

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........................................

1,000

988

Tompkins

County

Development

Corp.

Revenue

,

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

1,375

1,375

Triborough

Bridge

&

Tunnel

Authority

Revenue

Series

A

,

4

.00

%

,

11/15/52

,

Continuously

Callable

@100

.......................

3,000

2,992

Series

A-1

,

4

.00

%

,

11/15/54

,

Continuously

Callable

@100

.....................

1,000

1,004

Series

B

,

11/15/32

(c)

................................................

1,000

774

TSASC,

Inc.

Revenue

,

Series

A

,

5

.00

%

,

6/1/41

,

Continuously

Callable

@100

............

1,000

1,017

Westchester

County

Healthcare

Corp.

Revenue

,

Series

B

,

6

.00

%

,

11/1/30

,

Continuously

Callable

@100

.....................................................

115

115

Westchester

County

Local

Development

Corp.

Revenue

5

.00

%

,

7/1/42

,

Continuously

Callable

@104

...............................

815

839

5

.00

%

,

11/1/46

,

Continuously

Callable

@100

...............................

1,000

977

5

.00

%

,

6/1/47

,

Continuously

Callable

@100

...............................

1,000

1,007

Series

S

,

5

.00

%

,

1/1/51

,

Continuously

Callable

@103

.........................

1,000

1,017

Westchester

Tobacco

Asset

Securitization

Corp.

Revenue

,

Series

B

,

5

.00

%

,

6/1/41

,

Continuously

Callable

@100

...........................................

500

510

120,353

Total

Municipal

Bonds

(Cost

$123,696)

a

a

a

120,353

Total

Investments

(Cost

$123,696)

—

98.1%

120,353

Other

assets

in

excess

of

liabilities

—  1.9%

2,357

NET

ASSETS

-

100.00%

$

122,710

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$6,288

(thousands)

and

amounted

to

5.1%

of

net

assets.

(b)

Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(c)

Zero-coupon

bond.

AMBAC

—

American

Municipal

Bond

Assurance

Corporation

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer’s

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Precious

Metals

and

Minerals

Fund

95

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(99.7%)

Australia

(10.7%):

Materials

(10.7%):

Evolution

Mining

Ltd.

...................................................

413,471

$

1,364

Gold

Road

Resources

Ltd.

(a)

..............................................

1,928,577

2,345

Northern

Star

Resources

Ltd.

(a)

............................................

2,319,007

26,479

OceanaGold

Corp.

......................................................

2,084,516

6,582

Perseus

Mining

Ltd.

.....................................................

6,025,750

10,374

Ramelius

Resources

Ltd.

(a)

...............................................

3,971,068

5,438

Regis

Resources

Ltd.

(a)

..................................................

1,139,040

1,901

West

African

Resources

Ltd.

(a)

.............................................

1,930,796

1,907

Westgold

Resources

Ltd.

(a)

................................................

1,058,664

1,981

58,371

Canada

(56.1%):

Materials

(56.1%):

Agnico

Eagle

Mines

Ltd.

.................................................

814,395

68,682

Alamos

Gold,

Inc.

......................................................

1,223,003

23,247

B2Gold

Corp.

.........................................................

4,814,038

14,030

Barrick

Gold

Corp.

......................................................

2,910,650

50,907

Centerra

Gold,

Inc.

......................................................

1,251,823

7,556

Culico

Metals,

Inc.

(a)

....................................................

125,831

11

Dundee

Precious

Metals,

Inc.

..............................................

1,726,585

16,182

Franco-Nevada

Corp.

....................................................

154,818

18,960

Kinross

Gold

Corp.

.....................................................

2,506,049

24,334

Lundin

Gold,

Inc.

.......................................................

441,799

10,276

Nautilus

Minerals,

Inc.

(a)

(b)

...............................................

5,757,622

—

(c)

New

Gold,

Inc.

(a)

......................................................

1,183,000

3,296

Osisko

Gold

Royalties

Ltd.

(a)

..............................................

169,643

3,294

Torex

Gold

Resources,

Inc.

(a)

..............................................

914,986

19,412

Wesdome

Gold

Mines

Ltd.

(a)

..............................................

237,090

2,071

Wheaton

Precious

Metals

Corp.

.............................................

672,618

41,859

304,117

China

(4.1%):

Materials

(4.1%):

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

11,632,000

22,338

Russian

Federation

(0.0%):

Materials

(0.0%):

Polyus

PJSC

(a)

(b)

(d)

....................................................

62,088

—

South

Africa

(8.9%):

Materials

(8.9%):

Gold

Fields

Ltd.

,

ADR

...................................................

2,125,451

30,798

Harmony

Gold

Mining

Co.

Ltd.

.............................................

1,888,885

17,304

48,102

United

Kingdom

(7.2%):

Materials

(7.2%):

Anglogold

Ashanti

PLC

..................................................

258,702

6,452

Anglogold

Ashanti

PLC

(Johannesburg

Stock

Exchange)

...........................

789,128

19,813

Endeavour

Mining

PLC

..................................................

628,803

12,519

38,784

United

States

(12.7%):

Materials

(12.7%):

Newmont

Corp.

........................................................

1,028,304

43,127

Victory

Portfolios

III

Victory

Precious

Metals

and

Minerals

Fund

96

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Name

Acquisition

Date

Cost

Polyus

PJSC

...............................................

7/11/2019

$

6,442

Security

Description

Shares

Value

(000)

Royal

Gold,

Inc.

........................................................

178,962

$

26,175

69,302

Total

Common

Stocks

(Cost

$314,049)

541,014

Total

Investments

(Cost

$314,049)

—

99.7%

541,014

Other

assets

in

excess

of

liabilities

—

0.3%

1,393

NET

ASSETS

-

100.00%

$

542,407

(a)

Non-income

producing

security.

(b)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

November

30,

2024.

(c)

Rounds

to

less

than

$1

thousand.

(d)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

November

30,

2024

(amounts

in

thousands):

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Sustainable

World

Fund

97

(Unaudited)

Security

Description

Shares

Value

(000)

Common

Stocks

(98.5%)

Australia

(2.1%):

Consumer

Discretionary

(0.8%):

Aristocrat

Leisure

Ltd.

...................................................

246,138

$

10,913

Breville

Group

Ltd.

(a)

...................................................

16,231

357

Lovisa

Holdings

Ltd.

....................................................

22,544

434

PWR

Holdings

Ltd.

(a)

...................................................

57,235

323

12,027

Energy

(0.0%):(b)

Woodside

Energy

Group

Ltd.

..............................................

18,058

289

Financials

(0.5%):

AUB

Group

Ltd.

.......................................................

2,637

57

Macquarie

Group

Ltd.

...................................................

31,752

4,801

National

Australia

Bank

Ltd.

...............................................

46,165

1,181

QBE

Insurance

Group

Ltd.

(c)

..............................................

36,026

471

6,510

Health

Care

(0.4%):

CSL

Ltd.

.............................................................

28,679

5,286

Industrials

(0.1%):

Brambles

Ltd.

.........................................................

38,469

479

Cleanaway

Waste

Management

Ltd.

(c)

........................................

234,161

441

Johns

Lyng

Group

Ltd.

...................................................

72,852

199

Qantas

Airways

Ltd.

(c)

...................................................

94,840

544

1,663

Information

Technology

(0.0%):(b)

Technology

One

Ltd.

....................................................

17,623

348

Materials

(0.2%):

Capricorn

Metals

Ltd.

(c)

..................................................

63,815

271

Gold

Road

Resources

Ltd.

(c)

..............................................

271,302

331

Imdex

Ltd.

............................................................

452,042

757

Northern

Star

Resources

Ltd.

(c)

............................................

50,457

579

Ramelius

Resources

Ltd.

(c)

...............................................

412,835

568

Rio

Tinto

Ltd.

.........................................................

8,936

692

Westgold

Resources

Ltd.

(c)

................................................

161,414

302

3,500

Real

Estate

(0.1%):

Charter

Hall

Group

......................................................

36,519

375

Goodman

Group

.......................................................

24,713

614

989

30,612

Austria

(0.4%):

Financials

(0.4%):

BAWAG

Group

AG

(d)

...................................................

60,614

4,811

Industrials

(0.0%):(b)

ANDRITZ

AG

.........................................................

6,973

390

5,201

Belgium

(0.8%):

Information

Technology

(0.3%):

Melexis

NV

...........................................................

68,020

4,089

Materials

(0.5%):

Solvay

SA

,

Class

A

.....................................................

214,022

7,426

11,515

Victory

Portfolios

III

Victory

Sustainable

World

Fund

98

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Bermuda

(0.2%):

Financials

(0.2%):

Everest

Group

Ltd.

......................................................

6,800

$

2,635

Brazil

(0.4%):

Communication

Services

(0.0%):(b)

TIM

SA

..............................................................

194,900

513

Consumer

Discretionary

(0.1%):

Cury

Construtora

e

Incorporadora

SA

........................................

85,700

293

Smartfit

Escola

de

Ginastica

e

Danca

SA

......................................

86,700

263

Vibra

Energia

SA

.......................................................

117,648

403

959

Energy

(0.1%):

Petroleo

Brasileiro

SA

,

ADR

...............................................

88,014

1,257

Financials

(0.1%):

B3

SA

-

Brasil

Bolsa

Balcao

...............................................

327,300

504

Itau

Unibanco

Holding

SA

,

ADR

............................................

160,720

861

1,365

Industrials

(0.1%):

Embraer

SA

,

ADR

(c)

....................................................

18,401

704

Marcopolo

SA

,

Preference

Shares

...........................................

204,720

292

996

Real

Estate

(0.0%):(b)

Multiplan

Empreendimentos

Imobiliarios

SA

...................................

87,900

347

Utilities

(0.0%):(b)

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

........................

31,200

482

CPFL

Energia

SA

.......................................................

48,800

265

747

6,184

Canada

(2.8%):

Consumer

Staples

(0.6%):

George

Weston

Ltd.

.....................................................

51,031

8,204

Energy

(0.3%):

Parex

Resources,

Inc.

....................................................

356,537

3,813

Pason

Systems,

Inc.

.....................................................

15,950

161

Trican

Well

Service

Ltd.

..................................................

70,976

248

4,222

Financials

(0.2%):

Fairfax

Financial

Holdings

Ltd.

.............................................

1,800

2,554

Industrials

(0.5%):

Bombardier,

Inc.

,

Class

B

(c)

...............................................

98,144

6,784

MDA

Space

Ltd.

(c)

.....................................................

26,630

512

Russel

Metals,

Inc.

......................................................

7,912

260

7,556

Information

Technology

(0.6%):

Constellation

Software,

Inc.

...............................................

2,776

9,388

Materials

(0.6%):

Agnico

Eagle

Mines

Ltd.

.................................................

78,124

6,588

Stella-Jones,

Inc.

.......................................................

56,741

2,900

9,488

41,412

Victory

Portfolios

III

Victory

Sustainable

World

Fund

99

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

China

(3.2%):

Communication

Services

(1.2%):

China

Tower

Corp.

Ltd.

,

Class

H

(d)

..........................................

2,720,000

$

358

Tencent

Holdings

Ltd.

...................................................

328,400

16,960

Tencent

Music

Entertainment

Group

,

ADR

.....................................

45,038

514

17,832

Consumer

Discretionary

(0.6%):

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

217,476

2,375

BYD

Co.

Ltd.

.........................................................

27,500

907

Hisense

Home

Appliances

Group

Co.

Ltd.

,

Class

H

...............................

150,000

425

JD.com,

Inc.

,

Class

SW

..................................................

53,750

1,005

Meituan

,

Class

W

(c)

(d)

...................................................

95,600

2,017

MotoMotion

China

Corp.

.................................................

40,600

313

Trip.com

Group

Ltd.

,

ADR

(c)

..............................................

16,427

1,062

Zhejiang

Shuanghuan

Driveline

Co.

Ltd.

,

Class

A

................................

130,600

505

8,609

Consumer

Staples

(0.5%):

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.

,

Class

A

..............................

955,628

6,012

Giant

Biogene

Holding

Co.

Ltd.

(d)

..........................................

70,800

457

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

..........................................

62,000

389

6,858

Financials

(0.6%):

China

Construction

Bank

Corp.

,

Class

H

......................................

2,088,000

1,579

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................................

187,500

859

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

H

................................

181,600

575

Huatai

Securities

Co.

Ltd.

,

Class

A

..........................................

204,600

511

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

.............................

8,523,370

5,026

8,550

Health

Care

(0.1%):

Pacific

Shuanglin

Bio-pharmacy

Co.

Ltd.

,

Class

A

...............................

140,500

421

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

Class

A

.......................

16,300

592

1,013

Industrials

(0.1%):

Anhui

Heli

Co.

Ltd.

,

Class

A

...............................................

176,700

428

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.

..........................

112,300

519

Yutong

Bus

Co.

Ltd.

,

Class

A

..............................................

88,100

267

1,214

Information

Technology

(0.1%):

Foxconn

Industrial

Internet

Co.

Ltd.

,

Class

A

...................................

367,400

1,142

Luxshare

Precision

Industry

Co.

Ltd.

,

Class

A

...................................

96,700

520

1,662

Materials

(0.0%):(b)

China

Hongqiao

Group

Ltd.

...............................................

395,000

580

Shanjin

International

Gold

Co.

Ltd.

,

Class

A

....................................

123,000

278

858

46,596

Denmark

(1.3%):

Consumer

Discretionary

(0.5%):

Pandora

A/S

..........................................................

47,391

7,648

Health

Care

(0.7%):

Novo

Nordisk

A/S

,

Class

B

................................................

97,938

10,498

Industrials

(0.1%):

INVISIO

AB

..........................................................

15,234

394

18,540

Victory

Portfolios

III

Victory

Sustainable

World

Fund

100

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

France

(2.4%):

Communication

Services

(0.1%):

Publicis

Groupe

SA

.....................................................

7,930

$

861

Consumer

Discretionary

(0.4%):

La

Francaise

des

Jeux

SACA

(d)

............................................

143,472

5,673

Renault

SA

...........................................................

10,143

435

6,108

Consumer

Staples

(0.3%):

L'Oreal

SA

...........................................................

13,691

4,763

Energy

(0.4%):

Gaztransport

Et

Technigaz

SA

..............................................

35,549

5,175

Technip

Energies

NV

....................................................

16,688

411

5,586

Financials

(0.1%):

AXA

SA

.............................................................

21,287

742

BNP

Paribas

SA

........................................................

9,366

560

1,302

Health

Care

(0.1%):

BioMerieux

...........................................................

3,612

377

EssilorLuxottica

SA

(c)

...................................................

1,761

428

Ipsen

SA

.............................................................

3,519

407

1,212

Industrials

(0.6%):

Cie

de

Saint-Gobain

SA

..................................................

9,753

891

Eiffage

SA

............................................................

4,268

385

Rexel

SA

.............................................................

282,506

7,301

SPIE

SA

.............................................................

7,685

242

8,819

Information

Technology

(0.0%):(b)

Capgemini

SE

.........................................................

2,328

374

Materials

(0.4%):

Arkema

SA

...........................................................

61,027

4,842

Real

Estate

(0.0%):(b)

Klepierre

SA

..........................................................

11,502

348

Utilities

(0.0%):(b)

Engie

SA

.............................................................

25,273

403

34,618

Germany

(0.5%):

Communication

Services

(0.1%):

Deutsche

Telekom

AG

...................................................

46,433

1,485

Consumer

Staples

(0.1%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

....................................

8,164

697

Financials

(0.1%):

Allianz

SE

,

Registered

Shares

..............................................

1,728

535

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Class

R

...............

1,559

815

1,350

Industrials

(0.1%):

Amadeus

Fire

AG

......................................................

1,977

162

GEA

Group

AG

........................................................

8,941

448

Victory

Portfolios

III

Victory

Sustainable

World

Fund

101

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Siemens

AG

,

Registered

Shares

.............................................

6,879

$

1,336

1,946

Information

Technology

(0.1%):

Atoss

Software

SE

......................................................

1,458

192

CANCOM

SE

.........................................................

4,903

122

SAP

SE

..............................................................

2,864

680

994

Materials

(0.0%):(b)

Evonik

Industries

AG

....................................................

19,744

363

6,835

Hong

Kong

(0.1%):

Consumer

Discretionary

(0.0%):(b)

Bosideng

International

Holdings

Ltd.

.........................................

894,000

467

Financials

(0.1%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

159,500

492

Industrials

(0.0%):(b)

Techtronic

Industries

Co.

Ltd.

..............................................

19,500

277

Real

Estate

(0.0%):(b)

Sino

Land

Co.

Ltd.

(c)

....................................................

264,000

259

1,495

Hungary

(0.1%):

Financials

(0.1%):

OTP

Bank

Nyrt

........................................................

19,036

1,033

Health

Care

(0.0%):(b)

Richter

Gedeon

Nyrt

....................................................

9,729

259

1,292

India

(1.2%):

Consumer

Discretionary

(0.2%):

Crompton

Greaves

Consumer

Electricals

Ltd.

...................................

96,611

470

Hero

MotoCorp

Ltd.

.....................................................

18,720

1,057

Mahindra

&

Mahindra

Ltd.

(c)

..............................................

31,539

1,111

2,638

Financials

(0.3%):

ICICI

Bank

Ltd.

,

ADR

...................................................

100,743

3,078

LIC

Housing

Finance

Ltd.

.................................................

89,175

676

Manappuram

Finance

Ltd.

................................................

200,947

373

Shriram

Finance

Ltd.

....................................................

16,692

597

4,724

Health

Care

(0.1%):

Dr

Reddy's

Laboratories

Ltd.

(c)

.............................................

42,020

599

Sun

Pharmaceutical

Industries

Ltd.

..........................................

45,053

951

1,550

Industrials

(0.1%):

BLS

International

Services

Ltd.

.............................................

89,175

412

Larsen

&

Toubro

Ltd.

....................................................

19,703

870

1,282

Information

Technology

(0.2%):

Infosys

Ltd.

,

ADR

(a)

....................................................

117,291

2,589

Materials

(0.2%):

Hindalco

Industries

Ltd.

(c)

................................................

90,886

708

MOIL

Ltd.

............................................................

7,766

29

Victory

Portfolios

III

Victory

Sustainable

World

Fund

102

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

UltraTech

Cement

Ltd.

...................................................

8,457

$

1,123

Vedanta

Ltd.

..........................................................

179,835

968

Welspun

Corp.

Ltd.

.....................................................

61,410

565

3,393

Real

Estate

(0.0%):(b)

Oberoi

Realty

Ltd.

......................................................

24,858

592

Utilities

(0.1%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

241,142

942

17,710

Indonesia

(0.5%):

Communication

Services

(0.4%):

PT

Telkom

Indonesia

Persero

Tbk

...........................................

29,393,038

5,042

Energy

(0.0%):(b)

PT

United

Tractors

Tbk

..................................................

365,800

618

Financials

(0.1%):

PT

Bank

Mandiri

Persero

Tbk

..............................................

1,549,600

603

PT

Bank

Rakyat

Indonesia

Persero

Tbk

.......................................

4,147,500

1,117

1,720

7,380

Ireland

(1.0%):

Consumer

Staples

(0.0%):(b)

Glanbia

PLC

..........................................................

20,157

312

Financials

(0.0%):(b)

Bank

of

Ireland

Group

PLC

...............................................

37,254

327

Health

Care

(0.2%):

Medtronic

PLC

........................................................

27,700

2,397

Industrials

(0.3%):

AerCap

Holdings

NV

....................................................

9,905

984

Trane

Technologies

PLC

..................................................

7,618

3,171

4,155

Materials

(0.5%):

James

Hardie

Industries

PLC

(c)

............................................

181,420

6,757

13,948

Israel

(0.2%):

Health

Care

(0.2%):

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(c)

...................................

150,600

2,527

Information

Technology

(0.0%):(b)

Nice

Ltd.

(c)

...........................................................

2,128

384

2,911

Italy

(0.5%):

Consumer

Discretionary

(0.1%):

Ferrari

NV

............................................................

887

387

PRADA

SpA

..........................................................

63,000

434

821

Health

Care

(0.1%):

El.En.

SpA

...........................................................

27,024

347

Recordati

Industria

Chimica

e

Farmaceutica

SpA

................................

9,554

520

867

Victory

Portfolios

III

Victory

Sustainable

World

Fund

103

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Industrials

(0.0%):(b)

Leonardo

SpA

.........................................................

18,251

$

492

Information

Technology

(0.0%):(b)

Sesa

SpA

.............................................................

2,773

226

Materials

(0.0%):(b)

Cementir

Holding

NV

...................................................

24,730

288

Utilities

(0.3%):

Enel

SpA

.............................................................

66,722

481

Snam

SpA

............................................................

822,967

3,835

4,316

7,010

Japan

(5.4%):

Communication

Services

(0.6%):

Kakaku.com,

Inc.

.......................................................

450,091

7,556

Konami

Group

Corp.

....................................................

9,500

939

Okinawa

Cellular

Telephone

Co.

............................................

5,800

169

8,664

Consumer

Discretionary

(0.7%):

Asics

Corp.

...........................................................

27,500

556

Goldwin,

Inc.

..........................................................

2,900

173

Honda

Motor

Co.

Ltd.

...................................................

50,900

439

Rinnai

Corp.

..........................................................

15,000

320

Shoei

Co.

Ltd.

.........................................................

21,000

347

Sony

Group

Corp.

......................................................

21,000

422

Sumitomo

Electric

Industries

Ltd.

...........................................

31,100

600

Suzuki

Motor

Corp.

.....................................................

53,100

565

Toyota

Motor

Corp.

.....................................................

25,000

427

ZOZO,

Inc.

...........................................................

175,600

5,542

9,391

Consumer

Staples

(0.5%):

Asahi

Group

Holdings

Ltd.

................................................

39,000

425

Daikokutenbussan

Co.

Ltd.

................................................

4,700

321

Milbon

Co.

Ltd.

........................................................

6,700

157

Toyo

Suisan

Kaisha

Ltd.

..................................................

99,949

7,022

7,925

Energy

(0.0%):(b)

Iwatani

Corp.

..........................................................

3,000

37

Financials

(1.0%):

Mizuho

Financial

Group,

Inc.

..............................................

439,911

11,109

ORIX

Corp.

...........................................................

21,774

490

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

56,025

1,383

Tokio

Marine

Holdings,

Inc.

...............................................

21,100

787

13,769

Health

Care

(0.5%):

Fukuda

Denshi

Co.

Ltd.

..................................................

6,400

310

Hoya

Corp.

...........................................................

37,202

4,810

Nakanishi,

Inc.

.........................................................

10,600

164

Otsuka

Holdings

Co.

Ltd.

.................................................

14,100

819

Shionogi

&

Co.

Ltd.

.....................................................

30,000

426

Takara

Bio,

Inc.

........................................................

20,900

144

Terumo

Corp.

.........................................................

20,200

413

7,086

Industrials

(1.0%):

Aeon

Delight

Co.

Ltd.

...................................................

9,300

275

AIT

Corp.

............................................................

16,300

190

Victory

Portfolios

III

Victory

Sustainable

World

Fund

104

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Amada

Co.

Ltd.

........................................................

16,800

$

162

AZ-COM

MARUWA

Holdings,

Inc.

.........................................

13,700

94

Central

Japan

Railway

Co.

................................................

17,100

352

Fuji

Electric

Co.

Ltd.

....................................................

77,100

4,357

FULLCAST

Holdings

Co.

Ltd.

.............................................

14,400

140

Hitachi

Ltd.

...........................................................

40,500

1,021

Hosokawa

Micron

Corp.

..................................................

7,900

204

ITOCHU

Corp.

........................................................

26,209

1,297

JAC

Recruitment

Co.

Ltd.

.................................................

60,400

279

Komatsu

Ltd.

..........................................................

22,200

601

Mitsubishi

Heavy

Industries

Ltd.

............................................

53,600

789

Nichias

Corp.

..........................................................

4,300

167

Nippon

Yusen

KK

......................................................

141,862

4,549

Sanyo

Denki

Co.

Ltd.

....................................................

5,500

305

TKC

Corp.

...........................................................

8,200

212

Tsurumi

Manufacturing

Co.

Ltd.

............................................

7,300

175

15,169

Information

Technology

(1.0%):

Amano

Corp.

..........................................................

5,800

166

Anritsu

Corp.

..........................................................

28,300

218

Avant

Group

Corp.

......................................................

21,000

297

Canon,

Inc.

...........................................................

14,700

479

Dexerials

Corp.

........................................................

17,400

283

Disco

Corp.

...........................................................

15,800

4,318

DTS

Corp.

............................................................

9,400

262

Future

Corp.

..........................................................

23,900

302

Horiba

Ltd.

...........................................................

5,400

310

Micronics

Japan

Co.

Ltd.

(a)

...............................................

9,600

241

NEC

Corp.

...........................................................

10,700

915

Oracle

Corp.

..........................................................

51,800

5,312

Riken

Keiki

Co.

Ltd.

....................................................

6,200

156

Tokyo

Electron

Ltd.

.....................................................

2,400

376

Yokogawa

Electric

Corp.

.................................................

23,500

525

14,160

Materials

(0.1%):

Fujimi,

Inc.

...........................................................

9,000

142

Fuso

Chemical

Co.

Ltd.

..................................................

7,200

164

Nippon

Steel

Corp.

......................................................

23,000

471

PILLAR

Corp.

.........................................................

7,300

212

Sumitomo

Bakelite

Co.

Ltd.

...............................................

6,200

152

Tokyo

Ohka

Kogyo

Co.

Ltd.

...............................................

6,800

163

Tosoh

Corp.

...........................................................

30,282

418

1,722

Real

Estate

(0.0%):(b)

Daiwa

House

Industry

Co.

Ltd.

.............................................

14,200

447

78,370

Jordan

(0.0%):(b)

Health

Care

(0.0%):(b)

Hikma

Pharmaceuticals

PLC

...............................................

27,076

663

Luxembourg

(0.1%):

Energy

(0.0%):(b)

Tenaris

SA

............................................................

21,184

406

Materials

(0.1%):

Ternium

SA

,

ADR

......................................................

16,013

531

937

Victory

Portfolios

III

Victory

Sustainable

World

Fund

105

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Malaysia

(0.0%):(b)

Industrials

(0.0%):(b)

Frencken

Group

Ltd.

....................................................

231,300

$

205

Utilities

(0.0%):(b)

YTL

Power

International

Bhd

..............................................

535,500

411

616

Mexico

(0.1%):

Financials

(0.1%):

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.................................

121,660

812

Real

Estate

(0.0%):(b)

Corp

Inmobiliaria

Vesta

SAB

de

CV

.........................................

143,401

342

1,154

Netherlands

(0.7%):

Communication

Services

(0.0%):(b)

Koninklijke

KPN

NV

....................................................

97,054

376

Consumer

Discretionary

(0.1%):

Prosus

NV

(c)

..........................................................

18,171

740

Consumer

Staples

(0.0%):(b)

Koninklijke

Ahold

Delhaize

NV

............................................

16,909

583

Financials

(0.1%):

Euronext

NV

(d)

........................................................

5,906

659

ING

Groep

NV

........................................................

29,242

451

NN

Group

NV

.........................................................

8,663

402

1,512

Information

Technology

(0.5%):

ASM

International

NV

...................................................

11,058

5,950

ASML

Holding

NV

.....................................................

1,548

1,058

7,008

Real

Estate

(0.0%):(b)

NEPI

Rockcastle

NV

....................................................

52,450

408

10,627

New

Zealand

(0.5%):

Health

Care

(0.5%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

301,993

6,807

Norway

(0.0%):(b)

Energy

(0.0%):(b)

Equinor

ASA

..........................................................

13,104

318

TGS

ASA

............................................................

24,718

242

560

Panama

(0.0%):(b)

Industrials

(0.0%):(b)

Copa

Holdings

SA

,

Class

A

................................................

5,211

487

Poland

(0.1%):

Consumer

Discretionary

(0.0%):(b)

LPP

SA

..............................................................

160

619

Financials

(0.1%):

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

................................

86,940

1,198

1,817

Victory

Portfolios

III

Victory

Sustainable

World

Fund

106

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Portugal

(0.0%):(b)

Energy

(0.0%):(b)

Galp

Energia

SGPS

SA

...................................................

25,361

$

417

Puerto

Rico

(0.1%):

Financials

(0.1%):

EVERTEC,

Inc.

........................................................

17,273

622

OFG

Bancorp

.........................................................

9,865

448

1,070

Russian

Federation

(0.0%):

Energy

(0.0%):

Gazprom

PJSC

(c)

(e)

(f)

...................................................

303,950

—

Rosneft

Oil

Co.

PJSC

,

GDR

(c)

(e)

(f)

.........................................

124,892

—

—

Financials

(0.0%):

Sberbank

of

Russia

PJSC

,

ADR

(c)

(e)

(f)

.......................................

91,313

—

—

Saudi

Arabia

(0.1%):

Consumer

Discretionary

(0.0%):(b)

United

Electronics

Co.

...................................................

11,422

301

Financials

(0.1%):

Alinma

Bank

..........................................................

107,344

794

Saudi

Awwal

Bank

......................................................

73,123

604

1,398

Industrials

(0.0%):(b)

Riyadh

Cables

Group

Co.

.................................................

11,022

378

2,077

Singapore

(0.8%):

Consumer

Staples

(0.0%):(b)

Sheng

Siong

Group

Ltd.

..................................................

210,000

259

Financials

(0.8%):

DBS

Group

Holdings

Ltd.

.................................................

23,195

736

iFAST

Corp.

Ltd.

.......................................................

40,600

226

Singapore

Exchange

Ltd.

.................................................

1,069,527

10,155

11,117

Utilities

(0.0%):(b)

Sembcorp

Industries

Ltd.

.................................................

138,100

539

11,915

South

Africa

(0.7%):

Consumer

Discretionary

(0.6%):

Foschini

Group

Ltd.

.....................................................

49,502

470

Mr

Price

Group

Ltd.

.....................................................

520,222

8,339

8,809

Financials

(0.1%):

Investec

PLC

..........................................................

54,476

396

Nedbank

Group

Ltd.

.....................................................

79,290

1,277

1,673

10,482

South

Korea

(0.7%):

Communication

Services

(0.0%):(b)

SK

Telecom

Co.

Ltd.

....................................................

20,417

899

Financials

(0.1%):

DB

Insurance

Co.

Ltd.

...................................................

4,862

382

Victory

Portfolios

III

Victory

Sustainable

World

Fund

107

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

KIWOOM

Securities

Co.

Ltd.

..............................................

3,251

$

301

Samsung

Securities

Co.

Ltd.

...............................................

23,479

805

1,488

Health

Care

(0.1%):

Classys,

Inc.

..........................................................

9,576

321

PharmaResearch

Co.

Ltd.

.................................................

3,084

440

T&L

Co.

Ltd.

..........................................................

4,464

193

954

Industrials

(0.2%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

2,174

489

HD

Hyundai

Electric

Co.

Ltd.

..............................................

2,353

598

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(c)

........................

3,625

534

Hyundai

Rotem

Co.

Ltd.

..................................................

12,291

449

Samsung

C&T

Corp.

....................................................

5,379

461

2,531

Information

Technology

(0.3%):

LG

Innotek

Co.

Ltd.

.....................................................

5,323

623

Samsung

Electronics

Co.

Ltd.

..............................................

34,602

1,361

SK

Hynix,

Inc.

.........................................................

19,856

2,319

4,303

10,175

Spain

(1.1%):

Consumer

Discretionary

(0.1%):

Industria

de

Diseno

Textil

SA

..............................................

20,349

1,123

Energy

(0.0%):(b)

Repsol

SA

............................................................

24,543

307

Financials

(0.6%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

763,357

7,210

Banco

Santander

SA

.....................................................

196,337

906

Bankinter

SA

..........................................................

49,649

393

8,509

Industrials

(0.4%):

Aena

SME

SA

(d)

.......................................................

25,627

5,549

Utilities

(0.0%):(b)

Iberdrola

SA

..........................................................

40,090

572

16,060

Sweden

(0.6%):

Consumer

Discretionary

(0.0%):(b)

Evolution

AB

(d)

.......................................................

4,318

377

Consumer

Staples

(0.1%):

Axfood

AB

...........................................................

10,414

224

Essity

AB

,

Class

B

......................................................

22,896

631

855

Financials

(0.0%):(b)

Swedbank

AB

,

Class

A

...................................................

19,727

387

Health

Care

(0.0%):(b)

Camurus

AB

(c)

........................................................

4,851

254

Industrials

(0.5%):

Atlas

Copco

AB

,

Class

B

.................................................

412,454

5,835

Munters

Group

AB

(d)

....................................................

8,133

130

Victory

Portfolios

III

Victory

Sustainable

World

Fund

108

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Volvo

AB

,

Class

B

......................................................

20,841

$

519

6,484

Information

Technology

(0.0%):(b)

HMS

Networks

AB

.....................................................

5,851

209

Mycronic

AB

..........................................................

4,753

169

378

8,735

Switzerland

(2.5%):

Consumer

Discretionary

(0.3%):

On

Holding

AG

,

Class

A

(c)

................................................

64,583

3,767

Consumer

Staples

(0.0%):(b)

Coca-Cola

HBC

AG

.....................................................

17,276

617

Financials

(0.9%):

Chubb

Ltd.

...........................................................

24,041

6,942

Partners

Group

Holding

AG

...............................................

3,641

5,292

Zurich

Insurance

Group

AG

...............................................

1,451

921

13,155

Health

Care

(1.0%):

Galenica

AG

(d)

........................................................

1,935

168

Novartis

AG

,

Registered

Shares

.............................................

18,684

1,981

Roche

Holding

AG

......................................................

41,568

12,080

Sandoz

Group

AG

......................................................

16,206

741

14,970

Industrials

(0.1%):

ABB

Ltd.

,

Registered

Shares

...............................................

13,160

751

Burckhardt

Compression

Holding

AG

........................................

374

281

Kardex

Holding

AG

,

Registered

Shares

.......................................

1,527

475

1,507

Information

Technology

(0.1%):

Comet

Holding

AG

,

Class

R

...............................................

1,202

382

Landis+Gyr

Group

AG

...................................................

4,536

330

Logitech

International

SA

,

Class

R

..........................................

4,163

338

1,050

Materials

(0.1%):

Clariant

AG

,

Registered

Shares

.............................................

26,642

322

Glencore

PLC

.........................................................

96,484

467

Holcim

AG

...........................................................

12,244

1,248

2,037

37,103

Taiwan

(3.7%):

Financials

(0.9%):

Cathay

Financial

Holding

Co.

Ltd.

...........................................

6,517,000

13,262

Health

Care

(0.1%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

15,000

399

Industrials

(0.0%):(b)

Fortune

Electric

Co.

Ltd.

.................................................

20,300

347

Information

Technology

(2.7%):

ASE

Technology

Holding

Co.

Ltd.

...........................................

1,439,000

6,839

Chroma

ATE,

Inc.

......................................................

70,000

897

Compeq

Manufacturing

Co.

Ltd.

............................................

213,000

403

Elite

Material

Co.

Ltd.

...................................................

66,000

961

Gold

Circuit

Electronics

Ltd.

...............................................

67,800

391

Insyde

Software

Corp.

...................................................

20,000

291

Victory

Portfolios

III

Victory

Sustainable

World

Fund

109

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

King

Yuan

Electronics

Co.

Ltd.

.............................................

136,000

$

537

Lite-On

Technology

Corp.

................................................

1,150,000

3,711

Lotes

Co.

Ltd.

.........................................................

11,000

613

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

782,000

24,375

Wiwynn

Corp.

.........................................................

9,000

543

39,561

Materials

(0.0%):(b)

Gloria

Material

Technology

Corp.

...........................................

210,000

306

53,875

Thailand

(0.2%):

Consumer

Staples

(0.1%):

CP

ALL

PCL,

NVDR

....................................................

617,300

1,105

Energy

(0.0%):(b)

PTT

Exploration

&

Production

PCL,

NVDR

...................................

151,800

566

Health

Care

(0.0%):(b)

Bangkok

Dusit

Medical

Services

PCL,

NVDR

..................................

860,600

634

Information

Technology

(0.1%):

Fabrinet

(c)

............................................................

3,122

732

3,037

Turkey

(0.1%):

Consumer

Staples

(0.1%):

BIM

Birlesik

Magazalar

A/S

...............................................

35,137

480

Industrials

(0.0%):(b)

Pegasus

Hava

Tasimaciligi

A/S

(c)

...........................................

68,715

433

913

United

Arab

Emirates

(0.1%):

Financials

(0.0%):(b)

Dubai

Islamic

Bank

PJSC

.................................................

200,848

372

Real

Estate

(0.1%):

Emaar

Properties

PJSC

...................................................

438,249

1,140

1,512

United

Kingdom

(3.3%):

Communication

Services

(0.1%):

Informa

PLC

..........................................................

46,793

510

MONY

Group

PLC

.....................................................

58,162

145

Team

Internet

Group

PLC

.................................................

158,057

163

818

Consumer

Discretionary

(0.7%):

Birkenstock

Holding

PLC

(c)

...............................................

6,823

353

Greggs

PLC

...........................................................

140,401

4,830

Next

PLC

............................................................

43,706

5,612

10,795

Consumer

Staples

(0.7%):

Coca-Cola

Europacific

Partners

PLC

.........................................

6,015

467

Imperial

Brands

PLC

....................................................

223,065

7,294

Marks

&

Spencer

Group

PLC

..............................................

176,110

858

Tesco

PLC

............................................................

169,462

790

Unilever

PLC

.........................................................

15,295

916

10,325

Energy

(0.1%):

Harbour

Energy

PLC

....................................................

86,605

286

Shell

PLC

............................................................

16,034

515

Victory

Portfolios

III

Victory

Sustainable

World

Fund

110

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Subsea

7

SA

..........................................................

21,806

$

346

1,147

Financials

(0.8%):

3i

Group

PLC

.........................................................

26,677

1,260

Barclays

PLC

.........................................................

174,177

584

HSBC

Holdings

PLC

....................................................

910,760

8,486

IntegraFin

Holdings

PLC

.................................................

79,795

400

Standard

Chartered

PLC

..................................................

87,155

1,077

11,807

Health

Care

(0.1%):

AstraZeneca

PLC

.......................................................

3,623

490

GSK

PLC

............................................................

30,616

520

1,010

Industrials

(0.2%):

Ashtead

Technology

Holdings

PLC

..........................................

35,321

247

Chemring

Group

PLC

....................................................

47,269

213

Clarkson

PLC

.........................................................

7,094

359

easyJet

PLC

...........................................................

62,075

437

Judges

Scientific

PLC

....................................................

1,566

167

Mitie

Group

PLC

.......................................................

227,910

316

RELX

PLC

...........................................................

9,481

447

Rolls-Royce

Holdings

PLC

(c)

..............................................

103,594

737

SThree

PLC

...........................................................

69,514

317

The

Weir

Group

PLC

....................................................

6,705

190

3,430

Information

Technology

(0.1%):

Kainos

Group

PLC

......................................................

22,249

220

The

Sage

Group

PLC

....................................................

31,161

520

740

Materials

(0.4%):

Rio

Tinto

PLC

.........................................................

99,552

6,258

Real

Estate

(0.0%):(b)

The

British

Land

Co.

PLC

................................................

79,885

395

Utilities

(0.1%):

Drax

Group

PLC

.......................................................

63,840

542

National

Grid

PLC

(c)

....................................................

34,625

437

979

47,704

United

States

(59.9%):

Communication

Services

(5.9%):

Alphabet,

Inc.

,

Class

C

...................................................

189,864

32,345

Meta

Platforms,

Inc.

,

Class

A

..............................................

55,479

31,863

Netflix,

Inc.

(c)

.........................................................

5,746

5,096

Take-Two

Interactive

Software,

Inc.

(c)

........................................

12,100

2,280

The

Trade

Desk,

Inc.

,

Class

A

(c)

............................................

87,602

11,261

TKO

Group

Holdings,

Inc.

(c)

..............................................

28,800

3,973

86,818

Consumer

Discretionary

(6.7%):

Airbnb,

Inc.

,

Class

A

(c)

..................................................

13,508

1,839

Amazon.com,

Inc.

(c)

....................................................

157,204

32,681

Atmus

Filtration

Technologies,

Inc.

..........................................

21,685

939

Booking

Holdings,

Inc.

...................................................

2,091

10,877

Brunswick

Corp.

.......................................................

4,927

397

Century

Communities,

Inc.

................................................

3,047

275

Installed

Building

Products,

Inc.

............................................

3,362

769

Victory

Portfolios

III

Victory

Sustainable

World

Fund

111

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

Latham

Group,

Inc.

(c)

...................................................

229,222

$

1,520

LKQ

Corp.

...........................................................

65,200

2,562

M/I

Homes,

Inc.

(c)

......................................................

1,864

308

MarineMax,

Inc.

(c)

.....................................................

15,914

546

Mattel,

Inc.

(c)

.........................................................

78,300

1,489

McDonald's

Corp.

......................................................

34,591

10,239

O'Reilly

Automotive,

Inc.

(c)

...............................................

3,021

3,756

PulteGroup,

Inc.

........................................................

68,176

9,222

Ross

Stores,

Inc.

.......................................................

49,566

7,676

Samsonite

International

SA

(d)

..............................................

176,100

479

Tesla,

Inc.

(c)

..........................................................

31,068

10,723

Thor

Industries,

Inc.

.....................................................

6,759

754

Tri

Pointe

Homes,

Inc.

(c)

.................................................

17,402

758

97,809

Consumer

Staples

(2.3%):

Casey's

General

Stores,

Inc.

...............................................

740

311

Colgate-Palmolive

Co.

...................................................

146,769

14,182

Ingredion,

Inc.

.........................................................

3,503

516

Keurig

Dr.

Pepper,

Inc.

...................................................

114,900

3,751

Mondelez

International,

Inc.

,

Class

A

.........................................

37,500

2,436

PepsiCo,

Inc.

..........................................................

54,773

8,953

U.S.

Foods

Holding

Corp.

(c)

...............................................

53,300

3,719

33,868

Energy

(2.5%):

APA

Corp.

............................................................

349,387

7,914

Cactus,

Inc.

,

Class

A

.....................................................

90,695

6,227

Chevron

Corp.

.........................................................

11,200

1,814

ConocoPhillips

Co.

.....................................................

75,879

8,221

Enterprise

Products

Partners

LP

.............................................

85,100

2,930

Expro

Group

Holdings

NV

(c)

..............................................

27,294

379

Exxon

Mobil

Corp.

.....................................................

75,327

8,885

36,370

Financials

(8.9%):

Bank

of

America

Corp.

...................................................

262,593

12,476

Brightsphere

Investment

Group,

Inc.

.........................................

42,097

1,312

Cboe

Global

Markets,

Inc.

................................................

11,200

2,417

Citigroup,

Inc.

.........................................................

67,400

4,777

Home

Bancshares,

Inc.

...................................................

19,983

635

Houlihan

Lokey,

Inc.

....................................................

3,878

733

Jackson

Financial,

Inc.

,

Class

A

.............................................

51,604

5,170

JPMorgan

Chase

&

Co.

..................................................

78,911

19,706

KeyCorp.

............................................................

255,600

4,979

Mastercard,

Inc.

,

Class

A

.................................................

28,868

15,385

S&P

Global,

Inc.

.......................................................

27,357

14,294

Synchrony

Financial

.....................................................

127,443

8,605

The

Goldman

Sachs

Group,

Inc.

............................................

7,400

4,503

The

PNC

Financial

Services

Group,

Inc.

......................................

59,272

12,727

The

Progressive

Corp.

...................................................

10,000

2,689

Unum

Group

..........................................................

175,680

13,510

Visa,

Inc.

,

Class

A

......................................................

17,950

5,656

129,574

Health

Care

(6.7%):

AbbVie,

Inc.

..........................................................

13,500

2,469

Align

Technology,

Inc.

(c)

.................................................

22,196

5,167

Amgen,

Inc.

...........................................................

35,427

10,021

Catalyst

Pharmaceuticals,

Inc.

(c)

............................................

36,429

804

CorVel

Corp.

(c)

........................................................

3,078

1,125

Eli

Lilly

&

Co.

.........................................................

27,238

21,664

GE

HealthCare

Technologies,

Inc.

...........................................

14,600

1,215

Halozyme

Therapeutics,

Inc.

(c)

.............................................

16,123

777

Victory

Portfolios

III

Victory

Sustainable

World

Fund

112

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

IDEXX

Laboratories,

Inc.

(c)

...............................................

16,922

$

7,137

Integer

Holdings

Corp.

(c)

.................................................

3,082

433

Intuitive

Surgical,

Inc.

(c)

.................................................

7,112

3,855

Johnson

&

Johnson

.....................................................

67,168

10,412

LeMaitre

Vascular,

Inc.

...................................................

8,010

857

McKesson

Corp.

.......................................................

8,977

5,642

Merck

&

Co.,

Inc.

......................................................

31,100

3,161

Neogen

Corp.

(c)

.......................................................

34,833

494

STAAR

Surgical

Co.

(c)

..................................................

15,987

465

The

Cigna

Group

.......................................................

9,500

3,209

UFP

Technologies,

Inc.

(c)

.................................................

3,468

1,120

UnitedHealth

Group,

Inc.

.................................................

22,684

13,842

Vericel

Corp.

(c)

........................................................

17,873

1,039

Zoetis,

Inc.

...........................................................

14,352

2,515

97,423

Industrials

(6.8%):

AAON,

Inc.

...........................................................

9,864

1,345

Arcosa,

Inc.

...........................................................

5,535

601

Boise

Cascade

Co.

......................................................

3,903

576

Caterpillar,

Inc.

........................................................

33,457

13,587

Curtiss-Wright

Corp.

....................................................

754

282

Delta

Air

Lines,

Inc.

.....................................................

141,904

9,056

Eaton

Corp.

PLC

.......................................................

44,107

16,559

ESCO

Technologies,

Inc.

.................................................

5,790

859

FedEx

Corp.

..........................................................

8,000

2,421

General

Dynamics

Corp.

..................................................

4,400

1,250

GMS,

Inc.

(c)

..........................................................

6,147

617

Hub

Group,

Inc.

,

Class

A

.................................................

5,458

282

Johnson

Controls

International

PLC

..........................................

21,000

1,761

Leidos

Holdings,

Inc.

....................................................

8,800

1,456

Lennox

International,

Inc.

.................................................

23,276

15,528

Lincoln

Electric

Holdings,

Inc.

.............................................

2,095

458

PACCAR,

Inc.

.........................................................

16,900

1,977

Parker-Hannifin

Corp.

...................................................

2,400

1,687

Quanta

Services,

Inc.

....................................................

14,239

4,906

RTX

Corp.

............................................................

12,000

1,462

Rush

Enterprises,

Inc.

,

Class

A

.............................................

10,334

640

Sensata

Technologies

Holding

PLC

..........................................

63,900

2,054

Simpson

Manufacturing

Co.,

Inc.

...........................................

3,077

580

SPX

Technologies,

Inc.

(c)

.................................................

4,662

823

SS&C

Technologies

Holdings,

Inc.

..........................................

42,700

3,302

Standex

International

Corp.

................................................

3,825

795

The

AZEK

Co.,

Inc.

(c)

...................................................

7,230

384

The

Toro

Co.

..........................................................

24,600

2,142

Transcat,

Inc.

(c)

........................................................

6,753

708

Uber

Technologies,

Inc.

(c)

................................................

58,999

4,246

Vertiv

Holdings

Co.

,

Class

A

...............................................

56,397

7,196

99,540

Information

Technology

(16.9%):

Adobe,

Inc.

(c)

.........................................................

6,260

3,230

Advanced

Energy

Industries,

Inc.

...........................................

5,688

654

Alarm.com

Holdings,

Inc.

(c)

...............................................

4,104

267

Amphenol

Corp.

,

Class

A

.................................................

26,000

1,889

Analog

Devices,

Inc.

....................................................

7,900

1,723

Apple,

Inc.

...........................................................

209,199

49,649

Applied

Materials,

Inc.

...................................................

6,900

1,205

Arista

Networks,

Inc.

(c)

..................................................

13,131

5,329

Broadcom,

Inc.

........................................................

34,340

5,566

Cadence

Design

Systems,

Inc.

(c)

............................................

10,573

3,244

Cisco

Systems,

Inc.

.....................................................

199,131

11,791

Corpay,

Inc.

(c)

.........................................................

7,300

2,783

Victory

Portfolios

III

Victory

Sustainable

World

Fund

113

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

Value

(000)

DoubleVerify

Holdings,

Inc.

(c)

.............................................

14,130

$

287

ePlus,

Inc.

(c)

..........................................................

13,553

1,096

Fortinet,

Inc.

(c)

........................................................

153,891

14,627

Insight

Enterprises,

Inc.

(c)

................................................

3,978

622

Microsoft

Corp.

........................................................

113,917

48,239

Monolithic

Power

Systems,

Inc.

............................................

2,015

1,144

Motorola

Solutions,

Inc.

..................................................

7,935

3,965

NVIDIA

Corp.

.........................................................

454,440

62,826

Palo

Alto

Networks,

Inc.

(c)

................................................

9,685

3,756

Progress

Software

Corp.

..................................................

7,929

542

Salesforce,

Inc.

........................................................

5,900

1,947

ServiceNow,

Inc.

(c)

.....................................................

5,575

5,851

Texas

Instruments,

Inc.

...................................................

61,606

12,385

Zebra

Technologies

Corp.

(c)

...............................................

6,400

2,605

247,222

Materials

(0.8%):

Alcoa

Corp.

...........................................................

121,516

5,642

H.B.

Fuller

Co.

........................................................

6,179

475

Hawkins,

Inc.

.........................................................

8,711

1,172

NewMarket

Corp.

......................................................

1,141

609

PPG

Industries,

Inc.

.....................................................

16,800

2,089

Sealed

Air

Corp.

.......................................................

51,500

1,885

11,872

Real

Estate

(1.0%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

15,900

1,752

CoStar

Group,

Inc.

(c)

....................................................

21,072

1,714

Equity

LifeStyle

Properties,

Inc.

............................................

27,000

1,926

Prologis,

Inc.

..........................................................

73,188

8,547

13,939

Utilities

(1.4%):

Constellation

Energy

Corp.

................................................

36,568

9,382

Exelon

Corp.

..........................................................

67,200

2,658

MGE

Energy,

Inc.

......................................................

64,617

6,738

Vistra

Corp.

...........................................................

7,900

1,263

20,041

874,476

Total

Common

Stocks

(Cost

$912,826)

1,437,483

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

(c)

(f)

............................................

5,434

—

Total

Warrants

(Cost

$–)

—

Exchange-Traded

Funds

(0.0%)(b)

United

States

(0.0%):(b)

iShares

Core

MSCI

EAFE

ETF

.............................................

1,648

122

iShares

MSCI

EAFE

Small-Cap

ETF

.........................................

3,333

213

iShares

Russell

2000

ETF

.................................................

262

63

398

Total

Exchange-Traded

Funds

(Cost

$359)

398

Collateral

for

Securities

Loaned

(0.3%)^

United

States

(0.3%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

4

.55

%

(g)

........

980,898

981

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

4

.57

%

(g)

............

980,898

981

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

4

.57

%

(g)

...............

980,898

981

Victory

Portfolios

III

Victory

Sustainable

World

Fund

114

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

.............................................

8/13/2021

$

1,231

Rosneft

Oil

Co.

PJSC

,

GDR

....................................

4/6/2021

964

Sberbank

of

Russia

PJSC

,

ADR

..................................

3/26/2021

1,405

Security

Description

Shares

Value

(000)

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

4

.58

%

(g)

.

980,898

$

981

Total

Collateral

for

Securities

Loaned

(Cost

$3,924)

3,924

Total

Investments

(Cost

$917,109)

—

98.8%

1,441,805

Other

assets

in

excess

of

liabilities

—

1.2%

17,064

NET

ASSETS

-

100.00%

$

1,458,869

^

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)

Non-income

producing

security.

(d)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$20,678

(thousands)

and

amounted

to

1.4%

of

net

assets.

(e)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

November

30,

2024

(amounts

in

thousands):

(f)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

November

30,

2024.

(g)

Rate

disclosed

is

the

daily

yield

on

November

30,

2024.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

GDR

—

Global

Depositary

Receipt

LP

—

Limited

Partnership

NVDR

—

Non-Voting

Depository

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Target

Managed

Allocation

Fund

115

(Unaudited)

Security

Description

Shares

a

Value

(000)

Common

Stocks

(90.4%)

Communication

Services

(7.6%):

Alphabet,

Inc.

,

Class

A

...................................................

49,872

$

8,426

Alphabet,

Inc.

,

Class

C

...................................................

47,236

8,053

AT&T,

Inc.

...........................................................

37,843

877

KDDI

Corp.

...........................................................

15,600

516

Meta

Platforms,

Inc.

,

Class

A

..............................................

19,627

11,272

Netflix,

Inc.

(a)

.........................................................

4,418

3,918

Pinterest,

Inc.

,

Class

A

(a)

.................................................

14,627

444

Quebecor,

Inc.

,

Class

B

...................................................

18,809

444

Rogers

Communications,

Inc.

,

Class

B

........................................

26,293

939

The

Trade

Desk,

Inc.

,

Class

A

(a)

............................................

10,146

1,304

The

Walt

Disney

Co.

....................................................

9,748

1,145

Verizon

Communications,

Inc.

..............................................

24,288

1,077

38,415

Communications

Equipment

(0.3%):

Arista

Networks,

Inc.

(a)

..................................................

2,979

1,209

Cisco

Systems,

Inc.

.....................................................

7,376

437

1,646

Consumer

Discretionary

(8.9%):

Amazon.com,

Inc.

(a)

....................................................

87,113

18,110

AutoZone,

Inc.

(a)

.......................................................

293

929

Booking

Holdings,

Inc.

...................................................

320

1,665

Chipotle

Mexican

Grill,

Inc.

(a)

.............................................

21,722

1,336

Coupang,

Inc.

(a)

.......................................................

18,475

469

D.R.

Horton,

Inc.

.......................................................

2,643

446

Dollarama,

Inc.

........................................................

14,024

1,461

Expedia

Group,

Inc.

(a)

...................................................

3,987

736

Ford

Motor

Co.

........................................................

80,515

896

General

Motors

Co.

.....................................................

17,253

959

Gildan

Activewear,

Inc.

..................................................

7,729

384

Harley-Davidson,

Inc.

...................................................

15,880

534

Hilton

Worldwide

Holdings,

Inc.

............................................

5,142

1,303

Honda

Motor

Co.

Ltd.

...................................................

43,100

372

Marriott

International,

Inc.

,

Class

A

..........................................

3,637

1,051

McDonald's

Corp.

......................................................

2,140

633

NIKE,

Inc.

,

Class

B

.....................................................

9,836

775

O'Reilly

Automotive,

Inc.

(a)

...............................................

797

991

Restaurant

Brands

International,

Inc.

.........................................

15,116

1,053

Ross

Stores,

Inc.

.......................................................

5,969

924

Tesla,

Inc.

(a)

..........................................................

6,756

2,332

The

Home

Depot,

Inc.

...................................................

8,712

3,739

The

TJX

Cos.,

Inc.

......................................................

10,447

1,313

Thor

Industries,

Inc.

.....................................................

6,334

707

Toyota

Motor

Corp.

.....................................................

77,800

1,330

Winnebago

Industries,

Inc.

................................................

12,593

737

45,185

Consumer

Staples

(3.8%):

Alimentation

Couche-Tard,

Inc.

.............................................

39,546

2,314

Church

&

Dwight

Co.,

Inc.

................................................

4,526

498

Constellation

Brands,

Inc.

,

Class

A

..........................................

1,902

458

Costco

Wholesale

Corp.

..................................................

2,735

2,658

Danone

SA

...........................................................

7,159

490

General

Mills,

Inc.

......................................................

15,174

1,005

George

Weston

Ltd.

.....................................................

3,364

541

Keurig

Dr.

Pepper,

Inc.

...................................................

28,319

925

Loblaw

Cos.

Ltd.

.......................................................

7,357

955

Metro,

Inc.

...........................................................

7,679

500

Mondelez

International,

Inc.

,

Class

A

.........................................

13,572

882

PepsiCo,

Inc.

..........................................................

6,221

1,017

Philip

Morris

International,

Inc.

.............................................

16,340

2,174

Victory

Portfolios

III

Victory

Target

Managed

Allocation

Fund

116

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

The

Coca-Cola

Co.

......................................................

19,615

$

1,257

The

Procter

&

Gamble

Co.

................................................

9,779

1,753

Walmart,

Inc.

..........................................................

18,944

1,752

19,179

Electronic

Equipment,

Instruments

&

Components

(0.4%):

Amphenol

Corp.

,

Class

A

.................................................

17,106

1,243

Keysight

Technologies,

Inc.

(a)

.............................................

3,166

541

1,784

Energy

(4.4%):

ARC

Resources

Ltd.

.....................................................

47,632

878

Canadian

Natural

Resources

Ltd.

............................................

112,585

3,822

Cenovus

Energy,

Inc.

....................................................

89,788

1,423

Cheniere

Energy,

Inc.

....................................................

2,831

634

Chord

Energy

Corp.

.....................................................

12,181

1,553

ConocoPhillips

Co.

.....................................................

23,746

2,573

Devon

Energy

Corp.

.....................................................

11,737

445

Diamondback

Energy,

Inc.

................................................

5,467

971

EOG

Resources,

Inc.

....................................................

9,646

1,286

Exxon

Mobil

Corp.

.....................................................

21,752

2,566

Marathon

Petroleum

Corp.

................................................

4,849

757

MEG

Energy

Corp.

.....................................................

28,269

509

Pembina

Pipeline

Corp.

..................................................

23,948

987

Phillips

66

Co.

.........................................................

3,621

485

Shell

PLC

............................................................

22,359

718

Suncor

Energy,

Inc.

.....................................................

74,482

2,964

22,571

Financials

(13.0%):

American

International

Group,

Inc.

..........................................

6,320

486

Ameriprise

Financial,

Inc.

.................................................

2,134

1,225

Banco

Santander

SA

.....................................................

107,882

498

Bank

of

America

Corp.

...................................................

50,115

2,381

Bank

of

Montreal

.......................................................

10,171

970

Barclays

PLC

.........................................................

139,080

466

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.........................................

6,281

3,034

Blackrock,

Inc.

........................................................

1,575

1,611

Block,

Inc.

(a)

..........................................................

15,621

1,383

BNP

Paribas

SA

........................................................

8,656

517

Brookfield

Asset

Management

Ltd.

,

Class

A

....................................

27,216

1,561

Brown

&

Brown,

Inc.

....................................................

8,815

997

Chubb

Ltd.

...........................................................

3,636

1,050

Citizens

Financial

Group,

Inc.

..............................................

51,365

2,473

CME

Group,

Inc.

.......................................................

2,898

690

Coinbase

Global,

Inc.

,

Class

A

(a)

...........................................

1,351

400

Commonwealth

Bank

of

Australia

...........................................

4,823

500

DBS

Group

Holdings

Ltd.

.................................................

17,300

549

Discover

Financial

Services

...............................................

3,591

655

Equitable

Holdings,

Inc.

..................................................

21,227

1,024

Everest

Group

Ltd.

......................................................

2,810

1,089

Fidelity

National

Information

Services,

Inc.

....................................

5,575

475

Fiserv,

Inc.

(a)

..........................................................

2,605

576

iA

Financial

Corp.,

Inc.

...................................................

6,190

592

IGM

Financial,

Inc.

.....................................................

13,090

442

Intact

Financial

Corp.

....................................................

9,516

1,813

Intercontinental

Exchange,

Inc.

.............................................

3,589

578

JPMorgan

Chase

&

Co.

..................................................

14,866

3,712

Marsh

&

McLennan

Cos.,

Inc.

.............................................

4,944

1,153

Mastercard,

Inc.

,

Class

A

.................................................

7,481

3,987

Moody's

Corp.

.........................................................

2,296

1,148

MSCI,

Inc.

...........................................................

1,807

1,102

NatWest

Group

PLC

.....................................................

68,615

352

Royal

Bank

of

Canada

...................................................

68,678

8,642

Victory

Portfolios

III

Victory

Target

Managed

Allocation

Fund

117

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

S&P

Global,

Inc.

.......................................................

2,718

$

1,420

Synchrony

Financial

.....................................................

19,821

1,338

The

Allstate

Corp.

......................................................

4,615

957

The

Charles

Schwab

Corp.

................................................

14,030

1,161

The

Goldman

Sachs

Group,

Inc.

............................................

2,673

1,627

The

PNC

Financial

Services

Group,

Inc.

......................................

5,402

1,160

The

Progressive

Corp.

...................................................

4,737

1,274

The

Travelers

Cos.,

Inc.

..................................................

3,729

992

TMX

Group

Ltd.

.......................................................

14,746

466

UBS

Group

AG

........................................................

29,703

961

United

Overseas

Bank

Ltd.

................................................

20,300

551

Unum

Group

..........................................................

18,243

1,403

W.R.

Berkley

Corp.

.....................................................

18,773

1,212

Wells

Fargo

&

Co.

......................................................

26,833

2,044

Westpac

Banking

Corp.

..................................................

18,449

403

Willis

Towers

Watson

PLC

................................................

3,380

1,088

66,188

Health

Care

(6.6%):

AbbVie,

Inc.

..........................................................

9,809

1,794

Amgen,

Inc.

...........................................................

4,764

1,348

AstraZeneca

PLC

.......................................................

2,509

340

Bristol-Myers

Squibb

Co.

.................................................

16,898

1,001

Centene

Corp.

(a)

.......................................................

6,372

382

CVS

Health

Corp.

......................................................

13,345

799

Danaher

Corp.

.........................................................

3,880

930

Dexcom,

Inc.

(a)

........................................................

6,359

496

Edwards

Lifesciences

Corp.

(a)

.............................................

11,238

802

Elevance

Health,

Inc.

....................................................

2,251

916

Eli

Lilly

&

Co.

.........................................................

7,806

6,209

EssilorLuxottica

SA

(a)

...................................................

3,953

961

Gilead

Sciences,

Inc.

....................................................

7,809

723

HCA

Healthcare,

Inc.

....................................................

1,310

429

Intuitive

Surgical,

Inc.

(a)

.................................................

3,571

1,935

IQVIA

Holdings,

Inc.

(a)

..................................................

2,720

546

Johnson

&

Johnson

.....................................................

7,218

1,119

McKesson

Corp.

.......................................................

1,296

815

Merck

&

Co.,

Inc.

......................................................

16,306

1,657

Mettler-Toledo

International,

Inc.

(a)

.........................................

327

409

Novartis

AG

,

Registered

Shares

.............................................

4,455

472

Pfizer,

Inc.

............................................................

34,963

916

Roche

Holding

AG

......................................................

1,277

371

Stryker

Corp.

..........................................................

2,133

836

The

Cigna

Group

.......................................................

2,287

773

Thermo

Fisher

Scientific,

Inc.

..............................................

1,887

999

UnitedHealth

Group,

Inc.

.................................................

5,026

3,067

Veeva

Systems,

Inc.

,

Class

A

(a)

.............................................

4,328

986

Vertex

Pharmaceuticals,

Inc.

(a)

.............................................

1,645

770

Zoetis,

Inc.

...........................................................

5,496

963

33,764

Industrials

(7.1%):

3M

Co.

..............................................................

3,392

453

Airbus

SE

............................................................

3,483

544

AMETEK,

Inc.

........................................................

1,561

303

Broadridge

Financial

Solutions,

Inc.

.........................................

3,986

941

Builders

FirstSource,

Inc.

(a)

...............................................

2,756

514

Canadian

National

Railway

Co.

.............................................

23,371

2,610

Canadian

Pacific

Kansas

City

Ltd.

...........................................

45,541

3,484

Cintas

Corp.

..........................................................

2,400

542

Copart,

Inc.

(a)

.........................................................

14,093

893

CSX

Corp.

............................................................

12,996

475

Delta

Air

Lines,

Inc.

.....................................................

14,386

918

Victory

Portfolios

III

Victory

Target

Managed

Allocation

Fund

118

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Eaton

Corp.

PLC

.......................................................

4,242

$

1,593

Emerson

Electric

Co.

....................................................

4,352

577

GE

Vernova,

Inc.

(a)

.....................................................

2,407

804

General

Electric

Co.

.....................................................

7,013

1,278

GFL

Environmental,

Inc.

.................................................

11,111

527

Hitachi

Ltd.

...........................................................

30,900

779

Honeywell

International,

Inc.

..............................................

6,481

1,510

Lockheed

Martin

Corp.

...................................................

2,279

1,207

Northrop

Grumman

Corp.

.................................................

2,376

1,163

Parker-Hannifin

Corp.

...................................................

1,181

830

Quanta

Services,

Inc.

....................................................

3,311

1,141

RTX

Corp.

............................................................

11,137

1,357

Stantec,

Inc.

...........................................................

7,315

634

TFI

International,

Inc.

....................................................

3,927

598

Thomson

Reuters

Corp.

..................................................

7,119

1,162

Trane

Technologies

PLC

..................................................

1,555

647

TransDigm

Group,

Inc.

...................................................

732

917

TransUnion

...........................................................

4,809

488

Uber

Technologies,

Inc.

(a)

................................................

16,951

1,220

Union

Pacific

Corp.

.....................................................

3,541

866

United

Airlines

Holdings,

Inc.

(a)

............................................

5,762

558

Verisk

Analytics,

Inc.

....................................................

1,827

538

Vertiv

Holdings

Co.

,

Class

A

...............................................

3,446

440

W.W.

Grainger,

Inc.

.....................................................

1,580

1,904

Waste

Management,

Inc.

..................................................

2,315

528

WSP

Global,

Inc.

.......................................................

6,653

1,183

36,126

IT

Services

(1.5%):

Accenture

PLC

,

Class

A

..................................................

2,519

913

CGI,

Inc.

.............................................................

7,031

796

Gartner,

Inc.

(a)

........................................................

1,569

812

GoDaddy,

Inc.

,

Class

A

(a)

.................................................

4,455

880

Shopify,

Inc.

,

Class

A

(a)

..................................................

38,619

4,465

7,866

Materials

(2.9%):

Agnico

Eagle

Mines

Ltd.

.................................................

24,526

2,068

Barrick

Gold

Corp.

......................................................

86,230

1,510

Franco-Nevada

Corp.

....................................................

10,397

1,273

Freeport-McMoRan,

Inc.

.................................................

17,739

784

Kinross

Gold

Corp.

.....................................................

81,143

795

Linde

PLC

............................................................

2,264

1,044

Lundin

Mining

Corp.

....................................................

48,034

471

Newmont

Corp.

........................................................

8,886

373

Pan

American

Silver

Corp.

................................................

33,700

748

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

13,700

508

Teck

Resources

Ltd.

,

Class

B

..............................................

24,879

1,162

The

Sherwin-Williams

Co.

................................................

2,643

1,050

Vulcan

Materials

Co.

....................................................

4,084

1,177

West

Fraser

Timber

Co.

Ltd.

...............................................

4,586

451

Wheaton

Precious

Metals

Corp.

.............................................

18,222

1,134

14,548

Real

Estate

(8.3%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

9,557

1,053

American

Tower

Corp.

...................................................

18,238

3,812

Camden

Property

Trust

...................................................

5,326

670

CBRE

Group,

Inc.

,

Class

A

(a)

..............................................

6,543

916

CoStar

Group,

Inc.

(a)

....................................................

8,165

664

Crown

Castle,

Inc.

......................................................

14,635

1,555

CubeSmart

...........................................................

21,236

1,052

Cushman

&

Wakefield

PLC

(a)

.............................................

60,063

919

Equity

LifeStyle

Properties,

Inc.

............................................

6,151

439

Victory

Portfolios

III

Victory

Target

Managed

Allocation

Fund

119

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Equity

Residential

......................................................

16,621

$

1,274

Essex

Property

Trust,

Inc.

.................................................

3,702

1,149

Extra

Space

Storage,

Inc.

.................................................

11,373

1,944

FirstService

Corp.

,

Class

WI

...............................................

1,691

330

Healthpeak

Properties,

Inc.

................................................

60,118

1,322

Innovative

Industrial

Properties,

Inc.

.........................................

7,300

796

Invitation

Homes,

Inc.

...................................................

30,209

1,035

Jones

Lang

LaSalle,

Inc.

(a)

................................................

4,260

1,195

Kilroy

Realty

Corp.

.....................................................

12,580

522

Kimco

Realty

Corp.

.....................................................

19,149

490

Mid-America

Apartment

Communities,

Inc.

....................................

6,663

1,094

Mirvac

Group

.........................................................

423,440

598

National

Storage

Affiliates

Trust

............................................

7,423

335

Prologis,

Inc.

..........................................................

25,525

2,981

Safehold,

Inc.

.........................................................

15,033

321

SBA

Communications

Corp.

...............................................

5,014

1,134

Scentre

Group

(a)

.......................................................

355,971

856

Simon

Property

Group,

Inc.

...............................................

13,310

2,444

Summit

Hotel

Properties,

Inc.

..............................................

42,146

277

Sun

Communities,

Inc.

...................................................

6,832

863

Tanger,

Inc.

...........................................................

10,455

387

Terreno

Realty

Corp.

....................................................

17,090

1,036

The

GPT

Group

........................................................

253,918

790

The

St.

Joe

Co.

........................................................

8,236

421

UDR,

Inc.

............................................................

8,978

412

Unibail-Rodamco-Westfield

...............................................

6,922

567

VICI

Properties,

Inc.

....................................................

30,693

1,001

Vicinity

Ltd.

..........................................................

518,334

732

Vonovia

SE

(a)

.........................................................

12,871

427

Welltower,

Inc.

.........................................................

13,785

1,905

Weyerhaeuser

Co.

......................................................

31,038

1,001

WP

Carey,

Inc.

.........................................................

5,522

315

Xenia

Hotels

&

Resorts,

Inc.

...............................................

23,022

354

Zillow

Group,

Inc.

,

Class

A

(a)

..............................................

9,727

793

42,181

Semiconductors

&

Semiconductor

Equipment

(8.2%):

Advanced

Micro

Devices,

Inc.

(a)

............................................

12,876

1,766

Applied

Materials,

Inc.

...................................................

8,065

1,409

ASML

Holding

NV

.....................................................

845

577

Broadcom,

Inc.

........................................................

39,847

6,458

Entegris,

Inc.

..........................................................

5,566

588

KLA

Corp.

...........................................................

1,916

1,240

Lam

Research

Corp.

.....................................................

16,470

1,217

Micron

Technology,

Inc.

..................................................

3,976

390

Monolithic

Power

Systems,

Inc.

............................................

893

507

NVIDIA

Corp.

.........................................................

186,802

25,825

QUALCOMM,

Inc.

.....................................................

10,384

1,646

41,623

Software

(10.8%):

Adobe,

Inc.

(a)

.........................................................

4,556

2,351

ANSYS,

Inc.

(a)

........................................................

1,495

525

Atlassian

Corp.

,

Class

A

(a)

................................................

2,059

543

Autodesk,

Inc.

(a)

.......................................................

4,258

1,243

Cadence

Design

Systems,

Inc.

(a)

............................................

3,407

1,045

Constellation

Software,

Inc.

...............................................

1,029

3,480

Corpay,

Inc.

(a)

.........................................................

3,265

1,244

Datadog,

Inc.

,

Class

A

(a)

.................................................

6,660

1,017

Dynatrace,

Inc.

(a)

......................................................

16,427

923

Fair

Isaac

Corp.

(a)

......................................................

491

1,166

Fortinet,

Inc.

(a)

........................................................

10,639

1,011

HubSpot,

Inc.

(a)

.......................................................

1,299

937

Victory

Portfolios

III

Victory

Target

Managed

Allocation

Fund

120

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Shares

a

Value

(000)

Intuit,

Inc.

............................................................

2,921

$

1,874

Microsoft

Corp.

........................................................

64,046

27,121

Open

Text

Corp.

........................................................

19,705

600

Oracle

Corp.

..........................................................

12,345

2,282

Salesforce,

Inc.

........................................................

7,757

2,560

ServiceNow,

Inc.

(a)

.....................................................

2,469

2,591

Synopsys,

Inc.

(a)

.......................................................

1,964

1,097

The

Descartes

Systems

Group,

Inc.

(a)

........................................

3,960

467

Workday,

Inc.

,

Class

A

(a)

.................................................

2,340

585

54,662

Technology

Hardware,

Storage

&

Peripherals

(5.8%):

Apple,

Inc.

...........................................................

120,139

28,513

Pure

Storage,

Inc.

,

Class

A

(a)

..............................................

14,710

779

29,292

Utilities

(0.8%):

AltaGas

Ltd.

..........................................................

22,273

545

Canadian

Utilities

Ltd.

,

Class

A

.............................................

19,412

498

Consolidated

Edison,

Inc.

.................................................

4,292

432

Constellation

Energy

Corp.

................................................

2,884

740

Enel

SpA

.............................................................

62,877

453

Eversource

Energy

......................................................

6,934

447

Hydro

One

Ltd.

(b)

......................................................

10,370

339

PG&E

Corp.

..........................................................

23,830

515

3,969

Total

Common

Stocks

(Cost

$361,735)

a

a

a

458,999

Exchange-Traded

Funds

(5.4%)

VanEck

Gold

Miners

ETF

.................................................

200,615

7,555

Vanguard

Real

Estate

ETF

................................................

202,139

19,842

Total

Exchange-Traded

Funds

(Cost

$26,225)

a

a

a

27,397

Total

Investments

(Cost

$387,960)

—

95.8%

486,396

Other

assets

in

excess

of

liabilities

—  4.2%

21,474

NET

ASSETS

-

100.00%

$

507,870

At

November

30,

2024,

the

Fund's

investments

in

foreign

securities

were

18.7%

of

net

assets.

(a)

Non-income

producing

security.

(b)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$339

(thousands)

and

amounted

to

0.1%

of

net

assets.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

..............

57

12/20/24

$

16,218,448

$

17,246,775

$

1,028,327

Euro

Stoxx

50

Futures

...............

764

12/20/24

39,293,442

38,884,947

(

408,495

)

FTSE

100

Index

Futures

..............

354

12/20/24

37,645,373

37,418,058

(

227,315

)

Tokyo

Price

Index

Futures

............

325

12/12/24

58,416,581

58,200,201

(

216,380

)

$

176,137

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

ASX

SPI

200

Index

Futures

...........

208

12/19/24

$

27,677,891

$

28,680,348

$

(

1,002,457

)

E-Mini

MSCI

Emerging

Markets

Index

Futures

..........................

657

12/20/24

36,336,170

35,826,210

509,960

Victory

Portfolios

III

Victory

Target

Managed

Allocation

Fund

121

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Hang

Seng

Index

Futures

.............

76

12/30/24

$

9,301,044

$

9,527,109

$

(

226,065

)

S&P/Toronto

Stock

Exchange

60

Index

Futures

..........................

263

12/19/24

54,991,553

57,849,104

(

2,857,551

)

$

(

3,576,113

)

Total

unrealized

appreciation

$

1,538,287

Total

unrealized

depreciation

(

4,938,263

)

Total

net

unrealized

appreciation

(depreciation)

$

(

3,399,976

)

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

122

(Unaudited)

GPC

Security

Description

Principal

Amount

(000)

a

Value

(000)

Municipal

Bonds

(99.4%)

Alabama

(3.2%):

Black

Belt

Energy

Gas

District

Revenue

Series

A

,

5

.25

%

,

1/1/54

,

(Put

Date

10/1/30)

(a)

..............................

$

5,000

$

5,370

Series

A

,

5

.25

%

,

5/1/55

,

(Put

Date

9/1/32)

(a)

...............................

1,500

1,627

Series

B

,

5

.25

%

,

12/1/53

,

(Put

Date

12/1/30)

(a)

.............................

4,000

4,328

Series

C

,

5

.50

%

,

10/1/54

,

(Put

Date

6/1/32)

(a)

..............................

3,000

3,302

Series

C-1

,

5

.25

%

,

2/1/53

,

(Put

Date

6/1/29)

(a)

..............................

12,000

12,704

Series

D-1

,

5

.50

%

,

6/1/49

,

(Put

Date

2/1/29)

(a)

.............................

4,000

4,270

Series

D-3

,

4

.91

%

(

SOFR

+

185

bps

)

,

6/1/49

,

(Put

Date

2/1/29)

(a)

(b)

...............

2,500

2,577

County

of

Jefferson

Sewer

Revenue

,

5

.25

%

,

10/1/45

,

Continuously

Callable

@100

........

3,000

3,305

Energy

Southeast

A

Cooperative

District

Revenue

Series

A-1

,

5

.50

%

,

11/1/53

,

(Put

Date

1/1/31)

(a)

.............................

5,000

5,451

Series

B

,

5

.25

%

,

7/1/54

,

(Put

Date

6/1/32)

(a)

...............................

3,000

3,256

Series

B-1

,

5

.75

%

,

4/1/54

,

(Put

Date

11/1/31)

(a)

.............................

2,000

2,224

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

Revenue

,

Series

A

,

5

.00

%

,

2/1/36

,

Continuously

Callable

@100

.........................

8,000

8,080

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Series

A

,

5

.00

%

,

11/1/35

,

Continuously

Callable

@100

........................

2,000

2,101

Series

A

,

5

.25

%

,

1/1/54

,

(Put

Date

7/1/29)

(a)

...............................

15,000

15,887

Series

B

,

5

.00

%

,

1/1/54

,

(Put

Date

6/1/30)

(a)

...............................

3,000

3,194

The

Health

Care

Authority

of

the

City

of

Huntsville

Revenue

Series

B1

,

4

.00

%

,

6/1/39

,

Continuously

Callable

@100

........................

2,000

2,013

Series

B1

,

4

.00

%

,

6/1/40

,

Continuously

Callable

@100

........................

2,555

2,570

The

Lower

Alabama

Gas

District

Revenue

,

Series

A

,

5

.00

%

,

9/1/34

...................

15,000

16,161

The

Southeast

Alabama

Gas

Supply

District

Revenue

,

Series

B

,

5

.00

%

,

6/1/49

,

(Put

Date

5/1/32)

(a)

........................................................

3,000

3,209

101,629

Arizona

(1.9%):

Arizona

IDA

Revenue

,

4

.00

%

,

12/15/41

,

Continuously

Callable

@100

(c)

...............

955

877

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

B

,

5

.50

%

,

7/1/25

.........................................

2,115

2,142

Maricopa

County

IDA

Revenue

5

.00

%

,

7/1/39

,

Continuously

Callable

@100

(c)

.............................

2,000

2,060

4

.00

%

,

7/1/41

,

Continuously

Callable

@100

(c)

.............................

1,250

1,170

4

.25

%

,

7/1/44

,

Continuously

Callable

@100

...............................

1,000

948

Series

D

,

5

.00

%

,

12/1/45

,

Continuously

Callable

@100

........................

1,500

1,645

Sierra

Vista

IDA

Revenue

5

.25

%

,

6/15/38

,

Continuously

Callable

@100

(c)

.............................

4,845

5,009

5

.25

%

,

6/15/42

,

Continuously

Callable

@100

(c)

.............................

4,460

4,580

5

.00

%

,

6/15/44

,

Continuously

Callable

@100

(c)

.............................

2,000

2,021

Tempe

IDA

Revenue

,

Series

A

,

4

.00

%

,

12/1/38

,

Continuously

Callable

@102

............

2,690

2,600

The

County

of

Pima

IDA

Revenue

4

.00

%

,

4/1/41

,

Continuously

Callable

@100

...............................

1,690

1,675

4

.00

%

,

6/15/41

,

Continuously

Callable

@100

(c)

.............................

3,500

3,247

Series

A

,

6

.75

%

,

11/15/42

,

Continuously

Callable

@103

(c)

.....................

3,000

3,310

Series

B2

,

5

.63

%

,

11/15/30

,

Continuously

Callable

@100

(c)

....................

10,000

10,097

The

County

of

Yavapai

IDA

Revenue

,

4

.00

%

,

8/1/38

,

Continuously

Callable

@100

........

1,000

1,007

The

IDA

of

the

City

of

Phoenix

Arizona

Revenue

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

11,100

11,103

5

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

1,675

1,681

5

.00

%

,

10/1/36

,

Continuously

Callable

@100

...............................

4,250

4,367

59,539

Arkansas

(0.3%):

Arkansas

Development

Finance

Authority

Revenue

5

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

1,300

1,383

5

.00

%

,

9/1/38

,

Continuously

Callable

@100

...............................

2,000

2,124

5

.00

%

,

9/1/39

,

Continuously

Callable

@100

...............................

1,000

1,060

University

of

Arkansas

-

Pulaski

Technical

College

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.00

%

,

9/1/30

,

Continuously

Callable

@100

....................

4,290

4,341

8,908

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

123

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

California

(0.8%):

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

AMT

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

4

.13

%

,

7/1/41

,

Continuously

Callable

@100

.........................

$

2,500

$

2,566

Series

B

,

4

.25

%

,

7/1/43

,

Continuously

Callable

@100

.........................

3,000

3,069

California

Community

Choice

Financing

Authority

Revenue

,

Series

G

,

5

.25

%

,

11/1/54

,

(Put

Date

4/1/30)

(a)

....................................................

1,000

1,077

California

Health

Facilities

Financing

Authority

Revenue

Series

B

,

5

.00

%

,

11/15/38

,

Continuously

Callable

@100

.......................

1,500

1,635

Series

B

,

5

.00

%

,

11/15/43

,

Continuously

Callable

@100

.......................

1,500

1,611

California

School

Finance

Authority

Revenue

5

.00

%

,

8/1/31

,

Continuously

Callable

@100

(c)

.............................

450

453

5

.00

%

,

8/1/31

,

Pre-refunded

8/1/25

@

100

(c)

...............................

50

51

5

.00

%

,

8/1/36

,

Continuously

Callable

@100

(c)

.............................

1,450

1,461

5

.00

%

,

8/1/36

,

Pre-refunded

8/1/25

@

100

(c)

...............................

150

152

Cerritos

Community

College

District,

GO

Series

D

,

8/1/25

(d)

..................................................

1,510

1,483

Series

D

,

8/1/27

(d)

..................................................

1,000

936

Series

D

,

8/1/28

(d)

..................................................

1,000

909

City

of

San

Diego

Tobacco

Settlement

Revenue

Funding

Corp.

Revenue

,

Series

C

,

4

.00

%

,

6/1/32

,

Continuously

Callable

@100

.....................................

370

373

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

1/15/35

(d)

..................................................

5,500

3,820

Fresno

Joint

Powers

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

4/1/36

,

Continuously

Callable

@100

.........................

420

438

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

AMT

,

Series

A

,

5

.25

%

,

5/1/44

,

Continuously

Callable

@100

....................

1,500

1,654

The

El

Camino

Community

College

District

Foundation,

GO

,

Series

C

,

8/1/28

(d)

.........

5,500

5,002

26,690

Colorado

(1.4%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

,

4

.25

%

,

7/1/43

,

Continuously

Callable

@100

.....................................................

3,000

3,024

Colorado

Health

Facilities

Authority

Revenue

5

.00

%

,

12/1/28

,

Continuously

Callable

@100

...............................

1,000

1,006

5

.00

%

,

12/1/29

,

Continuously

Callable

@100

...............................

1,500

1,509

5

.00

%

,

12/1/35

,

Continuously

Callable

@100

...............................

4,000

4,018

5

.00

%

,

11/1/41

,

Continuously

Callable

@100

...............................

2,500

2,717

Series

A

,

4

.00

%

,

8/1/38

,

Continuously

Callable

@100

.........................

1,000

1,006

Series

A

,

4

.00

%

,

8/1/39

,

Continuously

Callable

@100

.........................

1,250

1,248

Series

A

,

4

.00

%

,

11/1/39

,

Continuously

Callable

@100

........................

3,500

3,524

Series

A

,

4

.00

%

,

12/1/40

,

Continuously

Callable

@103

........................

2,000

1,961

Series

A

,

4

.00

%

,

8/1/49

,

Continuously

Callable

@100

.........................

9,715

9,293

Denver

Health

&

Hospital

Authority

Revenue

Series

A

,

5

.00

%

,

12/1/34

,

Continuously

Callable

@100

(c)

......................

7,355

7,544

Series

A

,

4

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,250

1,237

Series

A

,

4

.00

%

,

12/1/38

,

Continuously

Callable

@100

........................

1,250

1,229

Series

A

,

4

.00

%

,

12/1/39

,

Continuously

Callable

@100

........................

1,000

972

Park

Creek

Metropolitan

District

Revenue

Series

A

,

5

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

1,250

1,266

Series

A

,

5

.00

%

,

12/1/34

,

Continuously

Callable

@100

........................

1,000

1,011

42,565

Connecticut

(1.6%):

City

of

New

Haven,

GO

Series

A

,

5

.00

%

,

8/1/28

..............................................

1,000

1,067

Series

A

,

5

.50

%

,

8/1/30

,

Continuously

Callable

@100

.........................

1,000

1,077

Series

A

,

5

.50

%

,

8/1/32

,

Continuously

Callable

@100

.........................

1,200

1,291

Series

A

,

5

.50

%

,

8/1/36

,

Continuously

Callable

@100

.........................

1,810

1,938

City

of

West

Haven,

GO

Series

B

,

5

.00

%

,

11/1/32

,

Continuously

Callable

@100

........................

400

414

Series

B

,

5

.00

%

,

11/1/37

,

Continuously

Callable

@100

........................

350

363

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

5

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

1,950

1,992

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

725

738

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

124

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

5

.00

%

,

7/1/35

,

Continuously

Callable

@100

...............................

$

1,170

$

1,190

5

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

1,125

1,144

5

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

1,275

1,296

Series

A

,

5

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

2,000

2,112

Series

A

,

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

2,000

2,030

Series

A

,

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

7,000

7,017

Series

A

,

4

.00

%

,

7/1/39

,

Continuously

Callable

@100

.........................

2,000

2,021

Series

A

,

4

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

1,000

971

Series

A

,

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

.........................

2,400

2,475

Series

E

,

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

10,000

10,008

Harbor

Point

Infrastructure

Improvement

District

Tax

Allocation

,

5

.00

%

,

4/1/30

,

Continuously

Callable

@100

(c)

...................................................

8,100

8,255

State

of

Connecticut,

GO

,

Series

A

,

4

.00

%

,

4/15/37

,

Continuously

Callable

@100

.........

1,825

1,862

The

Metropolitan

District,

GO

,

4

.00

%

,

7/15/37

,

Continuously

Callable

@100

............

1,000

1,016

Town

of

Hamden,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

5

.00

%

,

8/15/30

,

Continuously

Callable

@100

...........................................

1,200

1,262

51,539

District

of

Columbia

(0.2%):

District

of

Columbia

Revenue

4

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

1,000

976

5

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

800

837

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

B

,

4

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

1,000

1,010

Series

B

,

4

.00

%

,

10/1/36

,

Continuously

Callable

@100

........................

1,250

1,259

Series

B

,

4

.00

%

,

10/1/38

,

Continuously

Callable

@100

........................

1,000

1,007

Washington

Convention

&

Sports

Authority

Revenue

Series

A

,

4

.00

%

,

10/1/38

,

Continuously

Callable

@100

........................

1,250

1,245

Series

A

,

4

.00

%

,

10/1/39

,

Continuously

Callable

@100

........................

500

499

Series

A

,

4

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

750

744

7,577

Florida

(7.4%):

Alachua

County

Health

Facilities

Authority

Revenue

,

4

.00

%

,

10/1/40

,

Continuously

Callable

@103

...........................................................

700

646

Capital

Projects

Finance

Authority

Revenue

5

.00

%

,

11/1/42

,

Continuously

Callable

@100

...............................

1,000

1,037

5

.00

%

,

11/1/43

,

Continuously

Callable

@100

...............................

1,000

1,033

Capital

Trust

Agency,

Inc.

Revenue

,

6

.00

%

,

5/1/43

,

Continuously

Callable

@100

(c)

.......

3,710

3,782

City

of

Cape

Coral

Water

&

Sewer

Revenue

4

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

1,485

1,489

4

.00

%

,

10/1/36

,

Continuously

Callable

@100

...............................

1,400

1,402

4

.00

%

,

10/1/37

,

Continuously

Callable

@100

...............................

3,000

3,002

City

of

Pompano

Beach

Revenue

3

.50

%

,

9/1/35

,

Continuously

Callable

@103

...............................

3,345

3,017

4

.00

%

,

9/1/40

,

Continuously

Callable

@103

...............................

2,500

2,291

Series

A

,

4

.00

%

,

9/1/36

,

Continuously

Callable

@103

.........................

1,050

1,019

Series

A

,

4

.00

%

,

9/1/41

,

Continuously

Callable

@103

.........................

1,215

1,117

City

of

Port

St.

Lucie

Special

Assessment

4

.00

%

,

7/1/31

,

Continuously

Callable

@100

...............................

3,195

3,228

4

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

2,000

2,021

4

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

2,785

2,812

City

of

Port

St.

Lucie

Utility

System

Revenue

,

4

.00

%

,

9/1/31

,

Continuously

Callable

@100

..

1,000

1,009

City

of

Tampa

Revenue

Series

A

,

9/1/36

,

Continuously

Callable

@80

(d)

.............................

700

444

Series

A

,

9/1/37

,

Continuously

Callable

@77

(d)

.............................

700

407

Series

A

,

9/1/38

,

Continuously

Callable

@74

(d)

.............................

850

493

Series

A

,

9/1/39

,

Continuously

Callable

@71

(d)

.............................

700

369

Series

A

,

9/1/40

,

Continuously

Callable

@67

(d)

.............................

850

449

Series

B

,

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

350

354

Series

B

,

4

.00

%

,

7/1/39

,

Continuously

Callable

@100

.........................

700

709

Cityplace

Community

Development

District

Special

Assessment

(INS

-

Assured

Guaranty

Municipal

Corp.)

4

.00

%

,

5/1/33

(e)

...................................................

3,470

3,474

4

.35

%

,

5/1/38

,

Continuously

Callable

@100

(e)

.............................

7,900

8,093

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

125

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

County

of

Broward

Airport

System

Revenue

AMT

Series

A

,

4

.00

%

,

10/1/44

,

Continuously

Callable

@100

........................

$

4,395

$

4,313

Series

A

,

4

.00

%

,

10/1/49

,

Continuously

Callable

@100

........................

10,330

9,957

Series

B

,

4

.00

%

,

9/1/44

,

Continuously

Callable

@100

.........................

7,345

7,034

Series

B

,

4

.00

%

,

9/1/49

,

Continuously

Callable

@100

.........................

7,380

6,848

County

of

Broward

Tourist

Development

Tax

Revenue

4

.00

%

,

9/1/39

,

Continuously

Callable

@100

...............................

7,000

7,148

4

.00

%

,

9/1/40

,

Continuously

Callable

@100

...............................

9,300

9,518

4

.00

%

,

9/1/41

,

Continuously

Callable

@100

...............................

6,975

7,116

County

of

Lee

Airport

Revenue

,

5

.00

%

,

10/1/33

,

Continuously

Callable

@100

...........

4,000

4,049

County

of

Lee

Airport

Revenue

AMT

,

5

.25

%

,

10/1/49

,

Continuously

Callable

@100

.......

3,800

4,099

County

of

Lee

Tourist

Development

Tax

Revenue

Series

B

,

4

.00

%

,

10/1/37

,

Continuously

Callable

@100

........................

4,970

5,064

Series

B

,

4

.00

%

,

10/1/38

,

Continuously

Callable

@100

........................

5,230

5,319

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

,

4

.00

%

,

10/1/41

,

Continuously

Callable

@100

.....................................................

210

213

County

of

Pasco

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.50

%

,

9/1/41

,

Continuously

Callable

@100

...............................

750

860

5

.50

%

,

9/1/42

,

Continuously

Callable

@100

...............................

1,000

1,142

5

.50

%

,

9/1/43

,

Continuously

Callable

@100

...............................

750

853

Escambia

County

Health

Facilities

Authority

Revenue

5

.00

%

,

8/15/35

,

Continuously

Callable

@100

...............................

3,100

3,262

5

.00

%

,

8/15/40

,

Continuously

Callable

@100

...............................

2,900

3,030

Florida

Development

Finance

Corp.

Revenue

4

.00

%

,

11/15/39

,

Continuously

Callable

@100

..............................

5,260

5,355

5

.00

%

,

2/1/40

,

Continuously

Callable

@100

...............................

2,845

2,925

5

.00

%

,

8/1/43

,

Continuously

Callable

@100

...............................

1,500

1,599

5

.00

%

,

8/1/44

,

Continuously

Callable

@100

...............................

1,500

1,592

Series

A

,

5

.00

%

,

6/15/35

,

Continuously

Callable

@100

........................

1,000

1,025

Series

A

,

5

.00

%

,

6/15/40

,

Continuously

Callable

@100

........................

1,650

1,685

Series

A

,

5

.00

%

,

6/15/42

,

Continuously

Callable

@100

........................

2,250

2,294

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

5

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

1,250

1,296

5

.00

%

,

10/1/36

,

Continuously

Callable

@100

...............................

1,000

1,036

4

.00

%

,

10/1/37

,

Continuously

Callable

@100

...............................

1,000

958

4

.00

%

,

10/1/38

,

Continuously

Callable

@100

...............................

750

713

5

.00

%

,

3/1/39

,

Continuously

Callable

@100

...............................

7,055

5,621

4

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

800

755

4

.00

%

,

12/1/49

,

Continuously

Callable

@100

...............................

1,000

969

Halifax

Hospital

Medical

Center

Revenue

,

5

.00

%

,

6/1/36

,

Continuously

Callable

@100

....

2,750

2,799

Hillsborough

County

Aviation

Authority

Revenue

AMT

,

Series

B

,

5

.50

%

,

10/1/49

,

Continuously

Callable

@100

...........................................

1,000

1,108

Lee

County

IDA

Revenue

5

.00

%

,

11/15/39

,

Continuously

Callable

@103

..............................

1,500

1,527

Series

2019A-1

,

4

.00

%

,

4/1/37

,

Continuously

Callable

@100

...................

5,000

5,010

Series

2024-A

,

5

.25

%

,

11/15/44

,

Continuously

Callable

@100

...................

2,525

2,711

Miami-Dade

County

Expressway

Authority

Revenue

Series

A

,

5

.00

%

,

7/1/28

,

Continuously

Callable

@100

.........................

10,000

10,011

Series

A

,

5

.00

%

,

7/1/29

,

Continuously

Callable

@100

.........................

7,000

7,008

Series

A

,

5

.00

%

,

7/1/29

,

Continuously

Callable

@100

.........................

1,000

1,001

Series

A

,

5

.00

%

,

7/1/30

,

Continuously

Callable

@100

.........................

1,610

1,612

Series

A

,

5

.00

%

,

7/1/31

,

Continuously

Callable

@100

.........................

1,255

1,256

Series

A

,

5

.00

%

,

7/1/32

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

A

,

5

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

A

,

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

B

,

5

.00

%

,

7/1/30

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

B

,

5

.00

%

,

7/1/31

,

Continuously

Callable

@100

.........................

2,000

2,002

Northern

Palm

Beach

County

Improvement

District

Special

Assessment

,

4

.00

%

,

8/1/46

,

Continuously

Callable

@100

...........................................

3,000

2,960

Orange

County

Health

Facilities

Authority

Revenue

,

Series

A

,

5

.00

%

,

10/1/35

,

Continuously

Callable

@100

.....................................................

4,000

4,114

Palm

Beach

County

Educational

Facilities

Authority

Revenue

,

4

.00

%

,

10/1/41

,

Continuously

Callable

@100

.....................................................

3,695

3,500

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

126

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Palm

Beach

County

Health

Facilities

Authority

Revenue

4

.00

%

,

8/15/49

,

Continuously

Callable

@100

...............................

$

6,050

$

5,961

Series

A

,

5

.00

%

,

11/1/39

,

Continuously

Callable

@100

........................

1,150

1,230

Series

A

,

5

.00

%

,

11/1/42

,

Continuously

Callable

@100

........................

850

898

Series

B

,

4

.00

%

,

11/15/41

,

Continuously

Callable

@103

.......................

250

249

Pinellas

County

IDA

Revenue

,

5

.00

%

,

7/1/29

...................................

700

710

School

District

of

Broward

County

Certificate

of

Participation

Series

A

,

5

.00

%

,

7/1/29

,

Continuously

Callable

@100

.........................

2,000

2,020

Series

A

,

5

.00

%

,

7/1/30

,

Continuously

Callable

@100

.........................

2,000

2,020

Southeast

Overtown

Park

West

Community

Redevelopment

Agency

Tax

Allocation

,

Series

A-1

,

5

.00

%

,

3/1/30

,

Continuously

Callable

@100

(c)

..........................

3,195

3,196

The

Lee

County

School

Board

Certificate

of

Participation

,

Series

A

,

5

.00

%

,

8/1/28

,

Continuously

Callable

@100

...........................................

3,750

3,754

Volusia

County

Educational

Facility

Authority

Revenue

Series

B

,

5

.00

%

,

10/15/28

,

Continuously

Callable

@100

.......................

1,000

1,007

Series

B

,

5

.00

%

,

10/15/29

,

Continuously

Callable

@100

.......................

1,000

1,007

Series

B

,

5

.00

%

,

10/15/30

,

Continuously

Callable

@100

.......................

1,500

1,510

Series

B

,

5

.00

%

,

10/15/32

,

Continuously

Callable

@100

.......................

1,560

1,570

231,104

Georgia

(3.0%):

George

L

Smith

II

Congress

Center

Authority

Revenue

,

4

.00

%

,

1/1/36

,

Continuously

Callable

@100

...........................................................

1,000

1,020

Georgia

Housing

&

Finance

Authority

Revenue

,

Series

C

,

4

.55

%

,

12/1/49

,

Continuously

Callable

@100

.....................................................

5,000

5,037

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

4

.00

%

,

8/1/36

,

Continuously

Callable

@100

...............................

1,840

1,772

4

.00

%

,

8/1/37

,

Continuously

Callable

@100

...............................

1,500

1,470

Main

Street

Natural

Gas,

Inc.

Revenue

Series

A

,

5

.00

%

,

5/15/37

.............................................

3,500

3,876

Series

A

,

5

.00

%

,

5/15/38

.............................................

2,500

2,778

Series

A

,

5

.00

%

,

6/1/53

,

(Put

Date

6/1/30)

(a)

...............................

7,500

7,956

Series

B

,

5

.00

%

,

12/1/52

,

(Put

Date

6/1/29)

(a)

..............................

12,000

12,664

Series

B

,

5

.00

%

,

7/1/53

,

(Put

Date

3/1/30)

(a)

...............................

5,000

5,318

Series

C

,

4

.00

%

,

5/1/52

,

(Put

Date

12/1/28)

(a)

..............................

12,750

12,892

Series

C

,

5

.00

%

,

9/1/53

,

(Put

Date

9/1/30)

(a)

...............................

4,000

4,270

Series

D

,

5

.00

%

,

5/1/54

,

(Put

Date

12/1/30)

(a)

..............................

6,000

6,374

Series

E-2

,

4

.78

%

(

SOFR

+

170

bps

)

,

12/1/53

,

(Put

Date

6/1/31)

(a)

(b)

..............

5,000

5,077

Savannah

Hospital

Authority

Revenue

,

Series

A

,

4

.00

%

,

7/1/39

,

Continuously

Callable

@100

2,500

2,508

The

Burke

County

Development

Authority

Revenue

2

.20

%

,

10/1/32

,

Continuously

Callable

@100

...............................

1,850

1,631

3

.88

%

,

10/1/32

,

(Put

Date

3/6/26)

(a)

.....................................

2,500

2,522

1

.35

%

,

11/1/48

,

Continuously

Callable

@100

(f)

.............................

1,100

1,100

Series

A

,

1

.50

%

,

1/1/40

,

(Put

Date

2/3/25)

(a)

...............................

6,500

6,460

The

Development

Authority

of

Cobb

County

Revenue

,

Series

A

,

2

.25

%

,

4/1/33

,

(Put

Date

10/1/29)

(a)

.......................................................

4,975

4,626

The

Development

Authority

of

Monroe

County

Revenue

,

3

.88

%

,

12/1/41

,

(Put

Date

3/6/26)

(a)

3,500

3,531

92,882

Guam

(0.1%):

Territory

of

Guam

Revenue

Series

A

,

5

.00

%

,

12/1/30

,

Continuously

Callable

@100

........................

1,500

1,529

Series

A

,

5

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

2,000

2,038

3,567

Idaho

(0.5%):

Idaho

Health

Facilities

Authority

Revenue

Series

A

,

5

.00

%

,

3/1/35

,

Continuously

Callable

@100

.........................

5,805

6,084

Series

A

,

5

.00

%

,

3/1/36

,

Continuously

Callable

@100

.........................

7,520

7,857

Idaho

Housing

&

Finance

Association

Revenue

,

Series

A

,

4

.00

%

,

7/15/38

,

Continuously

Callable

@100

.....................................................

3,000

3,073

17,014

Illinois

(15.4%):

Champaign

County

Community

Unit

School

District

No.

4

Champaign,

GO

4

.00

%

,

6/1/34

,

Continuously

Callable

@100

...............................

1,000

1,029

4

.00

%

,

6/1/35

,

Continuously

Callable

@100

...............................

1,290

1,318

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

127

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

4

.00

%

,

6/1/36

,

Continuously

Callable

@100

...............................

$

1,575

$

1,606

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

,

5

.50

%

,

4/1/43

,

Continuously

Callable

@100

...........................................

5,000

5,528

Chicago

Board

of

Education,

GO

Series

A

,

12/1/25

(d)

.................................................

1,600

1,539

Series

A

,

12/1/26

(d)

.................................................

3,700

3,391

Series

A

,

5

.00

%

,

12/1/39

,

Continuously

Callable

@100

........................

4,700

4,825

Series

A

,

5

.00

%

,

12/1/43

,

Continuously

Callable

@100

........................

7,965

8,103

Series

B

,

4

.00

%

,

12/1/40

,

Continuously

Callable

@100

........................

21,900

20,535

Series

B

,

4

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

8,710

8,095

Chicago

Midway

International

Airport

Revenue

,

Series

B

,

4

.00

%

,

1/1/35

,

Continuously

Callable

@100

.....................................................

3,000

2,993

Chicago

O'Hare

International

Airport

Revenue

Series

A

,

4

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

2,000

2,044

Series

A

,

4

.00

%

,

1/1/38

,

Continuously

Callable

@100

.........................

1,000

1,016

Chicago

O'Hare

International

Airport

Revenue

AMT

Series

A

,

5

.25

%

,

1/1/48

,

Continuously

Callable

@100

.........................

12,500

13,520

Series

C

,

5

.25

%

,

1/1/45

,

Continuously

Callable

@100

.........................

1,600

1,743

Chicago

Park

District,

GO

Series

F-2

,

4

.00

%

,

1/1/34

,

Continuously

Callable

@100

.......................

1,200

1,234

Series

F-2

,

4

.00

%

,

1/1/36

,

Continuously

Callable

@100

.......................

1,300

1,325

Series

F-2

,

5

.00

%

,

1/1/37

,

Continuously

Callable

@100

.......................

2,000

2,151

Series

F-2

,

4

.00

%

,

1/1/38

,

Continuously

Callable

@100

.......................

1,750

1,773

Series

F-2

,

5

.00

%

,

1/1/39

,

Continuously

Callable

@100

.......................

1,500

1,607

Series

F-2

,

5

.00

%

,

1/1/40

,

Continuously

Callable

@100

.......................

1,125

1,202

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

,

Series

A

,

4

.00

%

,

12/1/49

,

Continuously

Callable

@100

...........................................

5,005

4,801

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

4

.00

%

,

12/1/50

,

Continuously

Callable

@100

............

6,385

6,152

City

of

Calumet

City,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

4

.50

%

,

3/1/43

,

Continuously

Callable

@100

...........................................

1,000

1,021

City

of

Chicago

Lakeshore

East

Special

Assessment

3

.04

%

,

12/1/28

(c)

..................................................

270

258

3

.20

%

,

12/1/29

(c)

..................................................

325

309

3

.29

%

,

12/1/30

(c)

..................................................

350

331

3

.38

%

,

12/1/31

(c)

..................................................

373

351

3

.45

%

,

12/1/32

(c)

..................................................

300

281

City

of

Chicago

Wastewater

Transmission

Revenue

Series

B

,

5

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

8,000

8,267

Series

C

,

5

.00

%

,

1/1/33

,

Continuously

Callable

@100

.........................

3,500

3,505

Series

C

,

5

.00

%

,

1/1/34

,

Continuously

Callable

@100

.........................

1,000

1,001

Series

C

,

5

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

1,250

1,252

City

of

Chicago

Waterworks

Revenue

5

.00

%

,

11/1/31

,

Continuously

Callable

@100

...............................

2,000

2,001

5

.00

%

,

11/1/33

,

Continuously

Callable

@100

...............................

2,000

2,001

5

.00

%

,

11/1/36

,

Continuously

Callable

@100

...............................

2,665

2,782

City

of

Chicago

Waterworks

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.25

%

,

11/1/34

,

Continuously

Callable

@100

...............................

2,105

2,220

5

.25

%

,

11/1/35

,

Continuously

Callable

@100

...............................

1,635

1,724

Series

2017-2

,

5

.00

%

,

11/1/36

,

Continuously

Callable

@100

....................

3,145

3,279

Series

2017-2

,

5

.00

%

,

11/1/37

,

Continuously

Callable

@100

....................

2,500

2,606

City

of

Chicago,

GO

Series

A

,

5

.50

%

,

1/1/41

,

Continuously

Callable

@100

.........................

1,500

1,594

Series

A

,

5

.00

%

,

1/1/45

,

Continuously

Callable

@100

.........................

1,300

1,347

City

of

Galesburg

Revenue

Series

A

,

4

.00

%

,

10/1/36

,

Continuously

Callable

@100

........................

1,125

1,092

Series

A

,

4

.00

%

,

10/1/41

,

Continuously

Callable

@100

........................

1,475

1,387

City

of

Springfield

Electric

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

3/1/34

,

Continuously

Callable

@100

.....................................

3,000

3,012

City

of

Springfield,

GO

,

5

.00

%

,

12/1/30

,

Continuously

Callable

@100

.................

8,500

8,651

Cook

County

Community

College

District

No.

508,

GO

,

5

.00

%

,

12/1/43

,

Continuously

Callable

@100

.....................................................

1,650

1,768

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

128

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

County

of

Cook

Sales

Tax

Revenue

4

.00

%

,

11/15/34

,

Continuously

Callable

@100

..............................

$

3,750

$

3,793

5

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

5,000

5,240

County

of

Cook,

GO

5

.00

%

,

11/15/34

,

Continuously

Callable

@100

..............................

2,000

2,064

5

.00

%

,

11/15/35

,

Continuously

Callable

@100

..............................

2,000

2,061

Series

A

,

5

.00

%

,

11/15/31

,

Continuously

Callable

@100

.......................

2,500

2,591

Illinois

Educational

Facilities

Authority

Revenue

3

.90

%

,

11/1/36

,

Continuously

Callable

@102

...............................

2,220

2,254

4

.00

%

,

11/1/36

,

Continuously

Callable

@102

...............................

9,750

9,868

4

.45

%

,

11/1/36

,

Continuously

Callable

@102

...............................

4,500

4,594

Illinois

Finance

Authority

Revenue

0.00%,

2/15/27

(g)

..................................................

7,650

1,575

0.00%,

5/15/31

,

Continuously

Callable

@100

(g)

............................

1,875

1,154

5

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

3,500

3,561

5

.00

%

,

8/15/35

,

Continuously

Callable

@100

...............................

4,000

4,019

5

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

600

643

4

.00

%

,

12/1/35

,

Continuously

Callable

@100

...............................

5,000

4,954

0.00%,

5/15/36

,

Continuously

Callable

@100

(g)

............................

1,400

861

4

.00

%

,

12/1/36

,

Continuously

Callable

@100

...............................

3,000

3,001

5

.00

%

,

10/1/37

,

Continuously

Callable

@100

...............................

700

746

2

.45

%

,

10/1/39

,

(Put

Date

10/1/29)

(a)

....................................

14,000

13,064

5

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

700

743

4

.00

%

,

10/1/40

,

Continuously

Callable

@100

...............................

1,000

985

Series

A

,

4

.00

%

,

5/15/27

.............................................

1,885

1,886

Series

A

,

5

.00

%

,

5/15/30

,

Continuously

Callable

@100

........................

1,000

1,004

Series

A

,

4

.00

%

,

10/1/31

,

Continuously

Callable

@100

........................

1,000

1,015

Series

A

,

4

.00

%

,

10/1/32

,

Continuously

Callable

@100

........................

1,000

1,017

Series

A

,

4

.00

%

,

10/1/34

,

Continuously

Callable

@100

........................

1,000

1,013

Series

A

,

5

.00

%

,

11/15/34

,

Continuously

Callable

@100

.......................

3,700

3,743

Series

A

,

5

.00

%

,

5/15/35

,

Continuously

Callable

@100

........................

1,100

1,104

Series

A

,

5

.00

%

,

11/15/35

,

Continuously

Callable

@100

.......................

3,000

3,025

Series

A

,

5

.00

%

,

2/15/37

,

Continuously

Callable

@100

........................

1,000

1,014

Series

A

,

4

.00

%

,

8/1/39

,

Continuously

Callable

@100

.........................

1,850

1,758

Series

A

,

4

.00

%

,

8/1/40

,

Continuously

Callable

@100

.........................

3,780

3,621

Series

A

,

4

.00

%

,

8/1/41

,

Continuously

Callable

@100

.........................

1,935

1,834

Series

A

,

4

.00

%

,

8/1/43

,

Continuously

Callable

@100

.........................

2,105

1,967

Series

A

,

4

.00

%

,

7/15/47

,

Continuously

Callable

@100

........................

6,500

6,353

Series

C

,

4

.00

%

,

2/15/36

,

Continuously

Callable

@100

........................

18,000

18,042

Series

R

,

5

.40

%

,

4/1/27

,

Continuously

Callable

@100

.........................

1,105

1,105

Illinois

Municipal

Electric

Agency

Revenue

,

Series

A

,

4

.00

%

,

2/1/33

,

Continuously

Callable

@100

...........................................................

14,650

14,654

Illinois

State

Toll

Highway

Authority

Revenue

Series

A

,

5

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

5,000

5,088

Series

A

,

5

.00

%

,

1/1/34

,

Continuously

Callable

@100

.........................

5,870

5,921

Series

A

,

5

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

5,600

5,647

Series

A

,

5

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

7,000

7,059

Kendall

Kane

&

Will

Counties

Community

Unit

School

District

No.

308,

GO

5

.00

%

,

2/1/35

,

Continuously

Callable

@100

...............................

5,000

5,071

5

.00

%

,

2/1/36

,

Continuously

Callable

@100

...............................

6,000

6,076

Madison

County

Community

Unit

School

District

No.

7

Edwardsville,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

5

.00

%

,

12/1/28

,

Continuously

Callable

@100

...............................

1,210

1,226

5

.00

%

,

12/1/29

,

Continuously

Callable

@100

...............................

1,250

1,267

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

5

.00

%

,

11/1/31

,

Continuously

Callable

@100

........................

1,000

1,026

Series

A

,

5

.00

%

,

11/1/32

,

Continuously

Callable

@100

........................

2,000

2,051

Series

A

,

5

.00

%

,

11/1/33

,

Continuously

Callable

@100

........................

750

769

Metropolitan

Pier

&

Exposition

Authority

Revenue

5

.00

%

,

6/15/42

,

Continuously

Callable

@100

...............................

2,000

2,140

4

.00

%

,

12/15/42

,

Continuously

Callable

@100

..............................

8,000

8,019

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

129

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Metropolitan

Pier

&

Exposition

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

6/15/26

(d)

.................................................

$

5,000

$

4,737

Northern

Illinois

Municipal

Power

Agency

Revenue

Series

A

,

4

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

1,800

1,815

Series

A

,

4

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

2,100

2,108

Series

A

,

4

.00

%

,

12/1/33

,

Continuously

Callable

@100

........................

4,000

4,013

Series

A

,

4

.00

%

,

12/1/35

,

Continuously

Callable

@100

........................

5,000

5,006

Northern

Illinois

University

Certificate

of

Participation

,

4

.25

%

,

4/1/44

,

Continuously

Callable

@100

...........................................................

1,000

985

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

4

.00

%

,

10/1/43

,

Continuously

Callable

@100

...............................

1,300

1,272

Series

B

,

4

.00

%

,

4/1/35

,

Continuously

Callable

@100

.........................

1,200

1,210

Series

B

,

4

.00

%

,

4/1/39

,

Continuously

Callable

@100

.........................

1,375

1,378

Regional

Transportation

Authority

Revenue

Series

A

,

4

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

23,160

23,523

Series

A

,

4

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

11,650

11,801

Sales

Tax

Securitization

Corp.

Revenue

Series

A

,

4

.00

%

,

1/1/38

,

Continuously

Callable

@100

.........................

5,060

5,141

Series

A

,

4

.00

%

,

1/1/39

,

Continuously

Callable

@100

.........................

1,750

1,772

Sangamon

County

School

District

No.

186

Springfield,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

B

,

5

.00

%

,

2/1/25

,

Continuously

Callable

@100

.........................

5,765

5,772

Series

B

,

5

.00

%

,

2/1/26

,

Continuously

Callable

@100

.........................

4,215

4,220

State

of

Illinois,

GO

Series

B

,

5

.00

%

,

11/1/32

,

Continuously

Callable

@100

........................

10,000

10,761

Series

B

,

5

.25

%

,

5/1/43

,

Continuously

Callable

@100

.........................

2,500

2,727

The

Illinois

Sports

Facilities

Authority

Revenue

,

5

.00

%

,

6/15/30

,

Continuously

Callable

@100

1,025

1,056

The

Illinois

Sports

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.)

5

.25

%

,

6/15/30

,

Continuously

Callable

@100

...............................

3,000

3,004

5

.25

%

,

6/15/31

,

Continuously

Callable

@100

...............................

5,000

5,006

5

.25

%

,

6/15/32

,

Continuously

Callable

@100

...............................

5,000

5,007

University

of

Illinois

Revenue

,

Series

A

,

4

.00

%

,

4/1/33

,

Continuously

Callable

@100

......

12,475

12,583

Village

of

Bolingbrook,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

5

.00

%

,

1/1/30

,

Continuously

Callable

@100

.........................

1,500

1,562

Series

A

,

5

.00

%

,

1/1/31

,

Continuously

Callable

@100

.........................

2,400

2,497

Series

A

,

5

.00

%

,

1/1/32

,

Continuously

Callable

@100

.........................

2,350

2,443

Series

A

,

5

.00

%

,

1/1/38

,

Continuously

Callable

@100

.........................

1,500

1,545

Village

of

Gilberts

Special

Tax

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.00

%

,

3/1/30

,

Continuously

Callable

@100

...........................................

5,221

5,238

Village

of

Rosemont,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

5

.00

%

,

12/1/25

.............................................

2,010

2,040

Series

A

,

5

.00

%

,

12/1/26

.............................................

2,110

2,178

Volo

Village

Special

Service

Area

No.

3

&

6

Special

Tax

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.00

%

,

3/1/34

,

Continuously

Callable

@100

...............................

2,992

3,042

4

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

1,250

1,248

Will

County

Community

High

School

District

No.

210

Lincoln-Way,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

4

.00

%

,

1/1/34

,

Continuously

Callable

@100

...........

650

654

Williamson

Jackson

Etc

Counties

Community

Unit

School

District

No.

4,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.00

%

,

12/1/28

,

Continuously

Callable

@100

...............................

1,835

1,868

5

.00

%

,

12/1/29

,

Continuously

Callable

@100

...............................

1,925

1,959

5

.00

%

,

12/1/30

,

Continuously

Callable

@100

...............................

2,025

2,060

5

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

6,000

6,093

482,180

Indiana

(3.6%):

City

of

Rockport

Revenue

,

Series

A

,

3

.05

%

,

6/1/25

...............................

5,750

5,732

Hammond

Multi-School

Building

Corp.

Revenue

5

.00

%

,

7/15/33

,

Continuously

Callable

@100

...............................

1,165

1,227

5

.00

%

,

7/15/34

,

Continuously

Callable

@100

...............................

1,000

1,052

5

.00

%

,

7/15/35

,

Continuously

Callable

@100

...............................

1,250

1,308

5

.00

%

,

7/15/38

,

Continuously

Callable

@100

...............................

3,000

3,125

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

130

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Indiana

Bond

Bank

Revenue

1/15/30

,

Continuously

Callable

@97

(d)

...................................

$

740

$

593

7/15/30

,

Continuously

Callable

@96

(d)

...................................

750

587

7/15/31

,

Continuously

Callable

@93

(d)

...................................

1,490

1,112

7/15/32

,

Continuously

Callable

@91

(d)

...................................

1,400

994

Indiana

Finance

Authority

Revenue

1

.40

%

,

8/1/29

,

Continuously

Callable

@100

...............................

7,000

6,217

5

.00

%

,

9/1/30

,

Continuously

Callable

@100

...............................

1,250

1,288

5

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

1,500

1,544

5

.00

%

,

11/15/33

,

Continuously

Callable

@103

..............................

2,000

2,046

4

.00

%

,

4/1/35

,

Continuously

Callable

@100

...............................

1,210

1,159

4

.00

%

,

4/1/36

,

Continuously

Callable

@100

...............................

1,255

1,197

4

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

3,660

3,626

4

.00

%

,

4/1/37

,

Continuously

Callable

@100

...............................

1,310

1,242

4

.00

%

,

4/1/38

,

Continuously

Callable

@100

...............................

2,045

1,925

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

4,030

3,955

5

.00

%

,

11/15/38

,

Continuously

Callable

@103

..............................

3,000

3,069

4

.00

%

,

4/1/39

,

Continuously

Callable

@100

...............................

1,625

1,517

4

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

3,605

3,518

4

.00

%

,

4/1/40

,

Continuously

Callable

@100

...............................

2,215

2,049

4

.00

%

,

4/1/41

,

Continuously

Callable

@100

...............................

2,305

2,116

4

.00

%

,

4/1/42

,

Continuously

Callable

@100

...............................

2,400

2,171

4

.25

%

,

3/1/49

,

Continuously

Callable

@100

...............................

1,625

1,636

Series

A

,

3

.13

%

,

12/1/24

.............................................

6,000

6,000

Series

A

,

5

.00

%

,

7/1/40

,

Continuously

Callable

@100

.........................

6,240

6,572

Series

A

,

4

.00

%

,

11/15/41

,

Continuously

Callable

@103

.......................

8,400

8,025

Series

A

,

5

.00

%

,

7/1/42

,

Continuously

Callable

@100

.........................

7,240

7,574

Series

A

,

5

.00

%

,

6/1/43

,

Continuously

Callable

@100

.........................

855

906

Series

A

,

4

.00

%

,

11/15/43

,

Continuously

Callable

@100

.......................

1,505

1,428

Series

A

,

4

.25

%

,

7/1/44

,

Continuously

Callable

@100

.........................

1,965

1,881

Indiana

Housing

&

Community

Development

Authority

Revenue

,

Series

D-1

,

4

.70

%

,

7/1/49

,

Continuously

Callable

@100

...........................................

1,500

1,531

Richmond

Hospital

Authority

Revenue

,

Series

A

,

5

.00

%

,

1/1/35

,

Continuously

Callable

@100

6,500

6,505

Terre

Haute

Sanitary

District

Revenue

5

.25

%

,

9/28/28

,

Continuously

Callable

@100

...............................

10,000

10,008

4

.38

%

,

1/1/49

,

Continuously

Callable

@100

...............................

5,000

5,004

111,439

Iowa

(0.7%):

Iowa

Finance

Authority

Revenue

Series

E

,

4

.00

%

,

8/15/35

,

Continuously

Callable

@100

........................

5,425

5,435

Series

E

,

4

.00

%

,

8/15/36

,

Continuously

Callable

@100

........................

15,105

15,166

Iowa

Higher

Education

Loan

Authority

Revenue

,

4

.75

%

,

10/1/42

,

Continuously

Callable

@100

...........................................................

1,500

1,550

Iowa

Tobacco

Settlement

Authority

Revenue

Series

A-2

,

4

.00

%

,

6/1/38

,

Continuously

Callable

@100

.......................

270

272

Series

A-2

,

4

.00

%

,

6/1/39

,

Continuously

Callable

@100

.......................

300

302

Series

A-2

,

4

.00

%

,

6/1/40

,

Continuously

Callable

@100

.......................

200

201

22,926

Kansas

(0.9%):

City

of

Manhattan

Revenue

,

Series

A

,

4

.00

%

,

6/1/36

,

Continuously

Callable

@103

........

1,640

1,540

City

of

Wichita

Revenue

,

Series

K-96

,

4

.63

%

,

9/1/33

,

Continuously

Callable

@100

.......

1,775

1,775

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation

5

.25

%

,

9/1/35

,

Continuously

Callable

@103

(c)

.............................

13,835

14,089

5

.75

%

,

3/1/41

,

Continuously

Callable

@103

(c)

.............................

10,000

10,420

27,824

Kentucky

(3.1%):

City

of

Ashland

Revenue

4

.00

%

,

2/1/35

,

Continuously

Callable

@100

...............................

470

470

4

.00

%

,

2/1/37

,

Continuously

Callable

@100

...............................

1,115

1,091

Series

A

,

4

.00

%

,

2/1/36

,

Continuously

Callable

@100

.........................

2,410

2,341

County

of

Trimble

Revenue

,

3

.75

%

,

6/1/33

,

Continuously

Callable

@100

...............

15,000

15,035

Kenton

County

Airport

Board

Revenue

AMT

,

Series

A

,

5

.25

%

,

1/1/49

,

Continuously

Callable

@100

...........................................................

5,000

5,387

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

131

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Kentucky

Economic

Development

Finance

Authority

Revenue

Series

A

,

5

.00

%

,

5/15/26

.............................................

$

2,900

$

2,863

Series

A

,

5

.00

%

,

5/15/31

,

Continuously

Callable

@100

........................

3,205

2,971

Series

B

,

5

.00

%

,

8/15/41

,

Continuously

Callable

@100

........................

480

493

Series

B-3

,

4

.58

%

(

MUNIPSA

+

140

bps

)

,

2/1/46

,

(Put

Date

2/1/25)

(a)

(b)

...........

20,000

19,967

Kentucky

Municipal

Power

Agency

Revenue

,

Series

A

,

3

.45

%

,

9/1/42

,

(Put

Date

3/1/26)

(a)

..

7,000

6,999

Kentucky

Public

Energy

Authority

Revenue

Series

A-2

,

4

.28

%

(

SOFR

+

120

bps

)

,

8/1/52

,

(Put

Date

8/1/30)

(a)

(b)

...............

7,500

7,401

Series

C-3

,

4

.23

%

(

MUNIPSA

+

105

bps

)

,

12/1/49

,

(Put

Date

6/1/25)

(a)

(b)

...........

20,000

19,903

Kentucky

State

Property

&

Building

Commission

Revenue

5

.00

%

,

5/1/37

,

Continuously

Callable

@100

...............................

5,000

5,244

Series

A

,

5

.00

%

,

2/1/32

,

Continuously

Callable

@100

.........................

2,000

2,039

Series

A

,

5

.00

%

,

2/1/33

,

Continuously

Callable

@100

.........................

2,250

2,292

Series

A

,

4

.00

%

,

11/1/36

,

Continuously

Callable

@100

........................

2,000

2,021

Series

A

,

4

.00

%

,

11/1/38

,

Continuously

Callable

@100

........................

500

501

97,018

Louisiana

(3.3%):

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.00

%

,

12/1/33

,

Continuously

Callable

@100

...............................

1,515

1,538

5

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

1,500

1,522

5

.00

%

,

12/1/35

,

Continuously

Callable

@100

...............................

1,510

1,532

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

B

,

5

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

5,330

5,336

Series

B

,

5

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

5,125

5,130

Series

C

,

5

.00

%

,

12/1/30

,

Continuously

Callable

@100

........................

1,000

1,055

Series

C

,

5

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

2,000

2,106

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

,

3

.50

%

,

11/1/32

,

Continuously

Callable

@100

.......................

18,750

18,197

Louisiana

Public

Facilities

Authority

Revenue

5

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

8,940

9,014

5

.00

%

,

7/1/33

,

Pre-refunded

7/1/25

@

100

.................................

55

56

5

.00

%

,

5/15/34

,

Pre-refunded

5/15/26

@

100

...............................

25

26

5

.00

%

,

5/15/34

,

Continuously

Callable

@100

...............................

2,975

3,078

5

.00

%

,

5/15/34

,

Continuously

Callable

@100

...............................

2,225

2,270

5

.00

%

,

7/1/34

,

Pre-refunded

7/1/25

@

100

.................................

85

86

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

13,465

13,572

4

.00

%

,

5/15/35

,

Continuously

Callable

@100

...............................

3,465

3,483

4

.00

%

,

5/15/35

,

Pre-refunded

5/15/26

@

100

...............................

35

36

5

.00

%

,

5/15/35

,

Continuously

Callable

@100

...............................

2,000

2,058

4

.00

%

,

5/15/36

,

Continuously

Callable

@100

...............................

1,485

1,492

4

.00

%

,

5/15/36

,

Pre-refunded

5/15/26

@

100

...............................

15

15

5

.00

%

,

5/15/36

,

Continuously

Callable

@100

...............................

1,560

1,603

5

.00

%

,

10/1/43

,

Continuously

Callable

@100

...............................

640

677

Series

A

,

4

.00

%

,

12/15/32

,

Pre-refunded

12/15/26

@

100

......................

305

313

Series

A

,

4

.00

%

,

12/15/32

,

Continuously

Callable

@100

.......................

2,430

2,464

Series

A

,

4

.00

%

,

12/15/33

,

Continuously

Callable

@100

.......................

3,095

3,119

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Revenue

Series

A

,

4

.00

%

,

7/1/31

,

Continuously

Callable

@100

.........................

1,000

1,005

Series

A

,

4

.00

%

,

7/1/32

,

Continuously

Callable

@100

.........................

1,000

1,005

Series

A

,

4

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

1,000

1,004

New

Orleans

Aviation

Board

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

10/1/37

,

Continuously

Callable

@100

....................................

2,000

2,106

Parish

of

St.

John

the

Baptist

Revenue

,

2

.20

%

,

6/1/37

,

(Put

Date

7/1/26)

(a)

.............

6,750

6,573

St.

John

the

Baptist

Parish

School

District

No.

1,

GO

,

5

.25

%

,

3/1/43

,

Continuously

Callable

@100

...........................................................

5,000

5,343

Tangipahoa

Parish

Hospital

Service

District

No.

1

Revenue

4

.00

%

,

2/1/38

,

Continuously

Callable

@100

...............................

2,375

2,328

4

.00

%

,

2/1/39

,

Continuously

Callable

@100

...............................

2,330

2,281

4

.00

%

,

2/1/41

,

Continuously

Callable

@100

...............................

1,500

1,465

4

.00

%

,

2/1/42

,

Continuously

Callable

@100

...............................

1,500

1,462

104,350

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

132

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Lousiana

(0.1%):

New

Orleans

Aviation

Board

Revenue

AMT

,

Series

C-2

,

5

.25

%

,

1/1/49

,

Continuously

Callable

@100

...........................................................

$

3,000

$

3,209

Maryland

(1.7%):

City

of

Gaithersburg

Revenue

Series

A

,

5

.00

%

,

1/1/33

,

Continuously

Callable

@103

.........................

3,000

3,036

Series

A

,

5

.00

%

,

1/1/36

,

Continuously

Callable

@103

.........................

1,000

1,005

Howard

County

Housing

Commission

Revenue

,

Series

A

,

1

.60

%

,

6/1/29

,

Continuously

Callable

@100

.....................................................

3,000

2,698

Maryland

Economic

Development

Corp.

Revenue

Series

A

,

5

.00

%

,

6/1/30

,

Continuously

Callable

@100

.........................

1,250

1,307

Series

A

,

5

.00

%

,

6/1/31

,

Continuously

Callable

@100

.........................

1,000

1,044

Series

A

,

5

.00

%

,

6/1/32

,

Continuously

Callable

@100

.........................

1,000

1,042

Series

A

,

5

.00

%

,

6/1/35

,

Continuously

Callable

@100

.........................

2,000

2,072

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

5

.00

%

,

7/1/31

,

Continuously

Callable

@100

...............................

3,190

3,305

5

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

6,505

6,733

5

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

1,000

1,005

5

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

3,600

3,721

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

2,200

2,212

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

2,500

2,578

4

.00

%

,

1/1/38

,

Continuously

Callable

@100

...............................

865

858

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

1,500

1,507

4

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

1,585

1,572

4

.00

%

,

7/1/40

,

Continuously

Callable

@100

...............................

1,645

1,623

Series

A

,

5

.50

%

,

1/1/29

,

Continuously

Callable

@100

.........................

1,415

1,462

Series

A

,

5

.50

%

,

1/1/30

,

Continuously

Callable

@100

.........................

1,750

1,807

Series

A

,

5

.50

%

,

1/1/31

,

Continuously

Callable

@100

.........................

1,585

1,642

Series

A

,

5

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

1,000

1,020

Series

A

,

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

1,000

1,019

Series

A

,

5

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

1,310

1,333

Series

A

,

5

.50

%

,

1/1/36

,

Continuously

Callable

@100

.........................

5,000

5,143

Series

A

,

5

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

1,000

1,017

State

of

Maryland

Department

of

Transportation

Revenue

AMT

,

Series

A

,

5

.25

%

,

8/1/49

,

Continuously

Callable

@100

...........................................

2,000

2,181

53,942

Massachusetts

(1.8%):

Massachusetts

Development

Finance

Agency

Revenue

5

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

1,250

1,266

4

.00

%

,

10/1/32

,

Continuously

Callable

@103

(c)

.............................

3,600

3,599

5

.00

%

,

4/15/33

,

Continuously

Callable

@100

...............................

2,155

2,162

5

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

1,250

1,263

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

1,000

1,009

5

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

895

917

5

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

800

861

5

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

1,215

1,243

5

.00

%

,

10/1/37

,

Continuously

Callable

@103

(c)

.............................

1,000

1,014

5

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

600

645

5

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

335

342

4

.00

%

,

9/1/41

,

Continuously

Callable

@100

...............................

1,010

990

5

.00

%

,

10/1/42

,

Continuously

Callable

@100

...............................

3,500

3,910

Series

A

,

5

.00

%

,

1/1/31

,

Continuously

Callable

@100

.........................

450

456

Series

A

,

5

.00

%

,

1/1/32

,

Continuously

Callable

@100

.........................

645

653

Series

A

,

5

.00

%

,

1/1/33

,

Continuously

Callable

@100

.........................

535

541

Series

A

,

5

.00

%

,

1/1/34

,

Continuously

Callable

@100

.........................

700

707

Series

A

,

5

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

735

741

Series

A

,

5

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

1,000

1,008

Series

A

,

5

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

2,000

2,033

Series

A

,

5

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

1,000

1,014

Series

A

,

5

.00

%

,

7/1/39

,

Continuously

Callable

@100

.........................

2,250

2,279

Series

A

,

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

(c)

.......................

1,000

1,048

Series

B

,

4

.00

%

,

6/1/35

,

Continuously

Callable

@100

.........................

2,300

2,218

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

133

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

B

,

4

.00

%

,

6/1/41

,

Continuously

Callable

@100

.........................

$

2,750

$

2,567

Series

E

,

5

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

2,105

2,135

Series

I

,

5

.00

%

,

7/1/30

,

Continuously

Callable

@100

.........................

2,000

2,036

Series

I

,

5

.00

%

,

7/1/31

,

Continuously

Callable

@100

.........................

1,675

1,704

Series

I

,

5

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

2,000

2,024

Series

J2

,

5

.00

%

,

7/1/43

,

Continuously

Callable

@100

........................

10,000

10,333

Series

T1

,

3

.78

%

(

MUNIPSA

+

60

bps

)

,

7/1/49

,

(Put

Date

1/29/26)

(a)

(b)

(c)

..........

2,500

2,487

55,205

Michigan

(2.1%):

Flint

Hospital

Building

Authority

Revenue

4

.00

%

,

7/1/32

,

Continuously

Callable

@100

...............................

2,525

2,421

4

.00

%

,

7/1/33

,

Continuously

Callable

@100

...............................

2,620

2,495

4

.00

%

,

7/1/34

,

Continuously

Callable

@100

...............................

2,730

2,585

4

.00

%

,

7/1/35

,

Continuously

Callable

@100

...............................

1,635

1,539

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

1,855

1,716

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

,

Series

D

,

4

.00

%

,

7/1/32

,

Continuously

Callable

@100

...........................................

13,560

13,696

Livonia

Public

Schools,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.00

%

,

5/1/32

,

Continuously

Callable

@100

...............................

2,775

2,842

5

.00

%

,

5/1/33

,

Continuously

Callable

@100

...............................

2,875

2,942

5

.00

%

,

5/1/34

,

Continuously

Callable

@100

...............................

2,965

3,032

5

.00

%

,

5/1/35

,

Continuously

Callable

@100

...............................

3,065

3,133

5

.00

%

,

5/1/36

,

Continuously

Callable

@100

...............................

2,770

2,832

Michigan

Finance

Authority

Revenue

5

.00

%

,

11/1/34

,

Continuously

Callable

@100

...............................

1,000

1,059

5

.00

%

,

11/1/35

,

Continuously

Callable

@100

...............................

1,000

1,058

4

.00

%

,

11/15/35

,

Continuously

Callable

@100

..............................

6,000

6,014

5

.00

%

,

11/1/36

,

Continuously

Callable

@100

...............................

1,000

1,056

4

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

1,000

1,001

5

.00

%

,

11/1/37

,

Continuously

Callable

@100

...............................

1,250

1,317

4

.00

%

,

12/1/41

,

Continuously

Callable

@100

...............................

2,125

1,362

5

.38

%

,

11/1/43

,

Continuously

Callable

@100

...............................

3,530

3,760

4

.00

%

,

2/15/50

,

Continuously

Callable

@100

...............................

3,205

3,050

Michigan

Finance

Authority

Revenue

(NBGA

-

Michigan

School

Bond

Qualification

and

Loan

Program)

,

Series

A

,

5

.00

%

,

5/1/25

.......................................

1,700

1,712

Michigan

State

Housing

Development

Authority

Revenue

,

Series

D

,

4

.45

%

,

12/1/49

,

Continuously

Callable

@100

...........................................

3,500

3,516

Summit

Academy

North

Revenue

,

4

.00

%

,

11/1/41

,

Continuously

Callable

@103

.........

2,870

2,559

66,697

Minnesota

(0.4%):

City

of

Minneapolis

Revenue

,

Series

A

,

5

.00

%

,

11/15/36

,

Continuously

Callable

@100

.....

5,000

5,137

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota

Revenue

5

.00

%

,

11/15/29

,

Pre-refunded

11/15/25

@

100

.............................

1,750

1,786

5

.00

%

,

11/15/30

,

Pre-refunded

11/15/25

@

100

.............................

1,275

1,299

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

Revenue

AMT

,

Series

B

,

5

.25

%

,

1/1/44

,

Continuously

Callable

@100

.....................................

3,000

3,276

11,498

Mississippi

(0.6%):

Mississippi

Business

Finance

Corp.

Revenue

,

3

.20

%

,

9/1/28

,

Continuously

Callable

@100

..

6,000

5,974

Mississippi

Development

Bank

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

9/1/30

,

Continuously

Callable

@100

.....................................

4,685

4,691

Mississippi

Hospital

Equipment

&

Facilities

Authority

Revenue

Series

A

,

4

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

2,240

2,242

Series

A

,

4

.00

%

,

1/1/37

,

Continuously

Callable

@100

.........................

2,260

2,248

Series

A

,

4

.00

%

,

1/1/39

,

Continuously

Callable

@100

.........................

1,850

1,824

Series

A

,

4

.00

%

,

1/1/40

,

Continuously

Callable

@100

.........................

2,675

2,627

19,606

Missouri

(1.4%):

Cape

Girardeau

County

IDA

Revenue

5

.00

%

,

3/1/32

,

Continuously

Callable

@100

...............................

500

519

5

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

750

772

4

.00

%

,

3/1/41

,

Continuously

Callable

@100

...............................

750

751

Series

A

,

6

.00

%

,

3/1/33

,

Continuously

Callable

@102

.........................

1,780

1,807

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

134

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

0.00%,

5/15/32

,

Continuously

Callable

@103

(g)

............................

$

1,555

$

957

0.00%,

5/15/36

,

Continuously

Callable

@103

(g)

............................

4,565

2,809

Series

A

,

5

.00

%

,

2/1/29

,

Continuously

Callable

@104

.........................

1,000

1,031

Series

A

,

5

.00

%

,

2/1/34

,

Continuously

Callable

@104

.........................

2,000

2,051

Missouri

Development

Finance

Board

Revenue

Series

A

,

5

.00

%

,

6/1/30

,

Continuously

Callable

@100

.........................

1,000

1,001

Series

A

,

5

.00

%

,

6/1/31

,

Continuously

Callable

@100

.........................

4,215

4,218

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

Revenue

,

Series

A-R

,

2

.90

%

,

9/1/33

,

Continuously

Callable

@102

...........................

25,000

22,861

St.

Louis

County

IDA

Revenue

,

Series

A

,

5

.50

%

,

9/1/33

,

Continuously

Callable

@100

.....

2,540

2,541

Stoddard

County

IDA

Revenue

,

Series

B

,

6

.00

%

,

3/1/37

,

Continuously

Callable

@102

.....

1,720

1,746

43,064

Nebraska

(1.1%):

Central

Plains

Energy

Project

Revenue

Series

1

,

5

.00

%

,

5/1/53

,

(Put

Date

10/1/29)

(a)

..............................

17,000

17,961

Series

A

,

5

.00

%

,

9/1/37

..............................................

3,210

3,543

Douglas

County

Hospital

Authority

No.

3

Revenue

5

.00

%

,

11/1/28

,

Continuously

Callable

@100

...............................

1,250

1,269

5

.00

%

,

11/1/30

,

Continuously

Callable

@100

...............................

1,600

1,623

Nebraska

Educational

Health

Cultural

&

Social

Services

Finance

Authority

Revenue

Series

S

,

4

.00

%

,

1/1/35

,

Continuously

Callable

@102

.........................

795

784

Series

S

,

4

.00

%

,

1/1/36

,

Continuously

Callable

@102

.........................

1,240

1,220

Series

S

,

4

.00

%

,

1/1/38

,

Continuously

Callable

@102

.........................

2,595

2,542

Series

S

,

4

.00

%

,

1/1/39

,

Continuously

Callable

@102

.........................

1,800

1,753

Nebraska

Investment

Finance

Authority

Revenue

,

Series

G

,

4

.55

%

,

9/1/44

,

Continuously

Callable

@100

.....................................................

1,000

1,020

Omaha

Airport

Authority

Revenue

AMT

,

5

.25

%

,

12/15/49

,

Continuously

Callable

@100

....

1,750

1,905

33,620

Nevada

(1.0%):

Carson

City

Revenue

5

.00

%

,

9/1/29

,

Continuously

Callable

@100

...............................

620

640

5

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

1,000

1,031

5

.00

%

,

9/1/33

,

Continuously

Callable

@100

...............................

1,000

1,028

5

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

1,950

1,999

City

of

North

Las

Vegas,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

4

.00

%

,

6/1/35

,

Continuously

Callable

@100

...............................

1,870

1,895

4

.00

%

,

6/1/37

,

Continuously

Callable

@100

...............................

7,345

7,423

4

.00

%

,

6/1/38

,

Continuously

Callable

@100

...............................

6,135

6,191

City

of

Sparks

Revenue

,

Series

A

,

2

.75

%

,

6/15/28

(c)

..............................

900

890

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Series

C

,

4

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

2,000

2,018

Series

C

,

4

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

4,560

4,601

Reno-Tahoe

Airport

Authority

Revenue

AMT

,

Series

A

,

5

.25

%

,

7/1/49

,

Continuously

Callable

@100

...........................................................

2,700

2,902

30,618

New

Hampshire

(0.6%):

New

Hampshire

Business

Finance

Authority

Revenue

4

.00

%

,

1/1/41

,

Continuously

Callable

@103

...............................

5,100

4,659

Series

A

,

5

.00

%

,

11/1/49

,

Continuously

Callable

@100

........................

3,000

3,156

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Series

A

,

5

.00

%

,

8/1/34

,

Continuously

Callable

@100

.........................

2,880

3,017

Series

A

,

5

.00

%

,

8/1/35

,

Continuously

Callable

@100

.........................

2,700

2,822

Series

A

,

5

.00

%

,

8/1/36

,

Continuously

Callable

@100

.........................

2,000

2,082

Series

A

,

5

.00

%

,

8/1/37

,

Continuously

Callable

@100

.........................

1,500

1,561

New

Hampshire

Housing

Finance

Authority

Revenue

,

Series

C

,

4

.63

%

,

7/1/48

,

Continuously

Callable

@100

.....................................................

2,000

2,023

19,320

New

Jersey

(3.5%):

Casino

Reinvestment

Development

Authority,

Inc.

Revenue

,

Series

A

,

4

.00

%

,

11/1/44

,

Continuously

Callable

@100

...........................................

1,000

996

City

of

Atlantic

City,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

5

.00

%

,

3/1/32

,

Continuously

Callable

@100

.........................

1,660

1,730

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

135

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

B

,

5

.00

%

,

3/1/37

,

Continuously

Callable

@100

.........................

$

1,250

$

1,293

City

of

Atlantic

City,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

5

.00

%

,

3/1/32

,

Continuously

Callable

@100

.........................

630

655

Series

A

,

5

.00

%

,

3/1/37

,

Continuously

Callable

@100

.........................

750

780

City

of

Newark

Mass

Transit

Access

Tax

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

5

.00

%

,

11/15/42

,

Continuously

Callable

@100

...................................

1,000

1,108

Essex

County

Improvement

Authority

Revenue

,

4

.00

%

,

6/15/38

,

Continuously

Callable

@100

550

550

New

Brunswick

Parking

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

5

.00

%

,

9/1/35

,

Continuously

Callable

@100

.........................

1,455

1,491

Series

A

,

5

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

2,000

2,053

New

Jersey

Building

Authority

Revenue

Series

A

,

4

.00

%

,

6/15/30

,

Pre-refunded

6/15/26

@

100

........................

400

408

Series

A

,

4

.00

%

,

6/15/30

,

Pre-refunded

6/15/26

@

100

........................

600

612

New

Jersey

Economic

Development

Authority

Revenue

5

.00

%

,

11/1/36

,

Continuously

Callable

@100

...............................

2,000

2,154

4

.00

%

,

11/1/38

,

Continuously

Callable

@100

...............................

1,500

1,519

4

.00

%

,

11/1/39

,

Continuously

Callable

@100

...............................

2,000

2,012

Series

A

,

3

.13

%

,

7/1/29

,

Continuously

Callable

@100

.........................

665

640

Series

A

,

3

.38

%

,

7/1/30

,

Continuously

Callable

@100

.........................

1,000

997

Series

B

,

5

.00

%

,

6/15/37

,

Continuously

Callable

@100

........................

16,280

17,278

New

Jersey

Educational

Facilities

Authority

Revenue

Series

B

,

5

.50

%

,

9/1/31

,

Continuously

Callable

@100

.........................

4,590

4,760

Series

B

,

5

.50

%

,

9/1/32

,

Continuously

Callable

@100

.........................

8,075

8,368

Series

F

,

4

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

150

149

Series

F

,

4

.00

%

,

7/1/33

,

Pre-refunded

7/1/26

@

100

..........................

350

357

Series

F

,

4

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

260

256

Series

F

,

4

.00

%

,

7/1/34

,

Pre-refunded

7/1/26

@

100

..........................

490

500

Series

F

,

4

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

975

956

Series

F

,

4

.00

%

,

7/1/35

,

Pre-refunded

7/1/26

@

100

..........................

275

280

New

Jersey

Educational

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

3,000

3,109

Series

A

,

5

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

3,350

3,488

Series

A

,

4

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

1,800

1,801

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

5

.00

%

,

10/1/33

,

Continuously

Callable

@100

...............................

2,000

2,110

5

.00

%

,

10/1/34

,

Continuously

Callable

@100

...............................

2,000

2,111

5

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

2,620

2,752

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

5

.00

%

,

7/1/27

,

Continuously

Callable

@100

.........................

2,000

2,020

Series

A

,

5

.00

%

,

7/1/30

,

Continuously

Callable

@100

.........................

1,500

1,513

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Series

A

,

12/15/38

(d)

................................................

11,405

6,702

Series

A

,

4

.25

%

,

6/15/40

,

Continuously

Callable

@100

........................

2,000

2,076

Series

AA

,

4

.00

%

,

6/15/36

,

Continuously

Callable

@100

......................

2,500

2,568

Series

AA

,

4

.00

%

,

6/15/37

,

Continuously

Callable

@100

......................

2,250

2,289

Series

AA

,

4

.25

%

,

6/15/44

,

Continuously

Callable

@100

......................

1,000

1,024

New

Jersey

Turnpike

Authority

Revenue

Series

A

,

5

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

4,725

4,807

Series

B

,

4

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

3,500

3,566

Newark

Housing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

4

.00

%

,

12/1/29

,

Continuously

Callable

@100

...............................

500

505

4

.00

%

,

12/1/30

,

Continuously

Callable

@100

...............................

750

760

4

.00

%

,

12/1/31

,

Continuously

Callable

@100

...............................

500

503

South

Jersey

Transportation

Authority

Revenue

4

.50

%

,

11/1/42

,

Continuously

Callable

@100

...............................

1,000

1,036

Series

A

,

5

.00

%

,

11/1/30

,

Continuously

Callable

@100

........................

500

500

Series

A

,

5

.00

%

,

11/1/31

,

Continuously

Callable

@100

........................

750

751

Series

A

,

5

.00

%

,

11/1/34

,

Continuously

Callable

@100

........................

1,085

1,086

Series

A

,

4

.00

%

,

11/1/40

,

Continuously

Callable

@100

........................

4,300

4,284

The

Passaic

County

Improvement

Authority

Revenue

,

5

.25

%

,

7/1/43

,

Continuously

Callable

@100

...........................................................

665

697

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

136

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Tobacco

Settlement

Financing

Corp.

Revenue

,

Series

A

,

5

.00

%

,

6/1/36

,

Continuously

Callable

@100

...........................................................

$

5,000

$

5,219

109,179

New

Mexico

(0.4%):

City

of

Farmington

Revenue

,

Series

B

,

2

.15

%

,

4/1/33

,

Continuously

Callable

@101

.......

10,000

8,684

City

of

Santa

Fe

Revenue

Series

A

,

5

.00

%

,

5/15/34

,

Continuously

Callable

@103

........................

625

646

Series

A

,

5

.00

%

,

5/15/39

,

Continuously

Callable

@103

........................

480

493

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

,

Series

A

,

5

.00

%

,

7/1/39

,

Continuously

Callable

@102

...........................................

1,075

1,081

Village

of

Los

Ranchos

de

Albuquerque

Revenue

4

.00

%

,

9/1/35

,

Continuously

Callable

@100

...............................

300

304

4

.00

%

,

9/1/40

,

Continuously

Callable

@100

...............................

1,200

1,205

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

Tax

Allocation

4

.00

%

,

5/1/33

,

Continuously

Callable

@103

(c)

.............................

600

572

4

.25

%

,

5/1/40

,

Continuously

Callable

@103

(c)

.............................

1,000

938

13,923

New

York

(5.4%):

Allegany

County

Capital

Resource

Corp.

Revenue

Series

A

,

5

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

1,390

1,377

Series

A

,

5

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,500

1,443

Series

A

,

5

.00

%

,

12/1/42

,

Continuously

Callable

@100

........................

1,925

1,795

Build

NYC

Resource

Corp.

Revenue

4

.50

%

,

6/15/43

,

Continuously

Callable

@100

...............................

700

694

Series

A

,

5

.00

%

,

7/1/42

,

Continuously

Callable

@100

.........................

500

515

Series

A

,

6

.75

%

,

4/15/43

,

Continuously

Callable

@100

(c)

......................

1,810

2,048

City

of

Dunkirk,

GO

,

7

.50

%

,

7/24/25

(c)

.......................................

5,731

5,757

City

of

New

York,

GO

,

Series

B-3

,

2

.00

%

,

10/1/46

,

Continuously

Callable

@100

(f)

.......

5,000

5,000

Empire

State

Development

Corp.

Revenue

Series

A

,

4

.00

%

,

3/15/39

,

Continuously

Callable

@100

........................

5,000

5,131

Series

E-2

,

4

.00

%

,

3/15/39

,

Continuously

Callable

@100

......................

5,785

5,916

Hudson

Yards

Infrastructure

Corp.

Revenue

,

Series

A

,

5

.00

%

,

2/15/38

,

Continuously

Callable

@100

...........................................................

2,500

2,606

Metropolitan

Transportation

Authority

Revenue

Series

C-1

,

5

.00

%

,

11/15/29

,

Continuously

Callable

@100

.....................

7,030

7,461

Series

C-1

,

4

.00

%

,

11/15/32

,

Continuously

Callable

@100

.....................

9,300

9,440

Series

C-1

,

5

.00

%

,

11/15/34

,

Continuously

Callable

@100

.....................

6,295

6,379

Series

C-1

,

4

.00

%

,

11/15/35

,

Continuously

Callable

@100

.....................

9,040

9,116

Series

C-1

,

5

.00

%

,

11/15/36

,

Continuously

Callable

@100

.....................

3,705

3,790

Series

D-1

,

5

.00

%

,

11/15/34

,

Continuously

Callable

@100

.....................

2,000

2,026

Series

F

,

5

.00

%

,

11/15/34

,

Continuously

Callable

@100

.......................

2,000

2,026

Series

F

,

5

.00

%

,

11/15/35

,

Continuously

Callable

@100

.......................

3,000

3,039

Metropolitan

Transportation

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

2

,

3

.88

%

(

SOFR

+

80

bps

)

,

11/1/32

,

(Put

Date

4/1/26)

(a)

(b)

.................

3,000

3,006

Series

A-1

,

4

.00

%

,

11/15/41

,

Continuously

Callable

@100

.....................

9,820

9,995

Monroe

County

Industrial

Development

Corp.

Revenue

4

.00

%

,

12/1/38

,

Continuously

Callable

@100

...............................

1,200

1,180

4

.00

%

,

12/1/39

,

Continuously

Callable

@100

...............................

1,200

1,179

Mount

Vernon

City

School

District,

GO

,

5

.00

%

,

6/30/25

...........................

3,000

3,006

Nassau

County

Local

Economic

Assistance

Corp.

Revenue

,

Series

A

,

5

.00

%

,

7/1/43

,

Continuously

Callable

@100

...........................................

1,000

1,070

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

,

4

.00

%

,

11/1/38

,

Continuously

Callable

@100

...........................................

1,250

1,291

New

York

Liberty

Development

Corp.

Revenue

2

.63

%

,

9/15/69

,

Continuously

Callable

@100

...............................

3,350

3,142

Series

A

,

2

.10

%

,

11/15/32

,

Continuously

Callable

@100

.......................

6,730

5,880

Series

A

,

2

.20

%

,

11/15/33

,

Continuously

Callable

@100

.......................

9,000

7,781

New

York

State

Dormitory

Authority

Revenue

5

.00

%

,

12/1/35

,

Continuously

Callable

@100

(c)

.............................

600

592

6

.00

%

,

7/1/40

,

Continuously

Callable

@100

(c)

.............................

3,380

3,065

Series

A

,

4

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

500

500

Series

A

,

4

.00

%

,

9/1/37

,

Continuously

Callable

@100

.........................

350

349

Series

A

,

4

.00

%

,

9/1/38

,

Continuously

Callable

@100

.........................

1,250

1,243

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

137

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

A

,

4

.00

%

,

9/1/40

,

Continuously

Callable

@100

.........................

$

750

$

737

Series

A

,

4

.00

%

,

3/15/41

,

Continuously

Callable

@100

........................

21,605

21,843

Series

A-1

,

4

.00

%

,

7/1/40

,

Continuously

Callable

@100

.......................

4,535

4,677

Series

B

,

5

.00

%

,

2/15/32

,

Pre-refunded

2/15/25

@

100

........................

5

5

New

York

State

Dormitory

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

5

.00

%

,

10/1/27

,

Continuously

Callable

@100

........................

1,000

1,001

Series

A

,

5

.00

%

,

10/1/28

,

Continuously

Callable

@100

........................

1,000

1,001

Series

A

,

5

.00

%

,

10/1/29

,

Continuously

Callable

@100

........................

1,300

1,301

New

York

Transportation

Development

Corp.

Revenue

AMT

(INS

-

Assured

Guaranty

Corp.)

,

4

.25

%

,

6/30/42

,

Continuously

Callable

@100

...............................

4,565

4,570

Niagara

Falls

City

School

District

Certificate

of

Participation

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

6/15/25

,

Continuously

Callable

@100

.................

1,670

1,672

Onondaga

Civic

Development

Corp.

Revenue

,

5

.13

%

,

8/1/44

,

Continuously

Callable

@100

..

500

494

Saratoga

County

Capital

Resource

Corp.

Revenue

,

Series

A

,

5

.00

%

,

12/1/28

,

Continuously

Callable

@100

.....................................................

790

791

Town

of

Oyster

Bay,

GO

4

.00

%

,

2/15/25

....................................................

9,750

9,768

4

.00

%

,

2/15/26

....................................................

3,000

3,047

Westchester

County

Local

Development

Corp.

Revenue

,

5

.00

%

,

7/1/38

,

Continuously

Callable

@100

...........................................................

750

821

170,566

North

Carolina

(0.6%):

North

Carolina

Medical

Care

Commission

Revenue

5

.00

%

,

10/1/25

....................................................

320

323

5

.00

%

,

10/1/30

,

Continuously

Callable

@100

...............................

1,850

1,851

5

.00

%

,

10/1/40

,

Continuously

Callable

@103

...............................

1,050

1,090

4

.50

%

,

12/1/44

,

Continuously

Callable

@100

...............................

8,000

7,986

5

.00

%

,

10/1/45

,

Continuously

Callable

@103

...............................

1,000

1,018

Series

A

,

4

.00

%

,

9/1/40

,

Continuously

Callable

@100

.........................

3,050

2,899

Series

A

,

4

.00

%

,

10/1/40

,

Continuously

Callable

@103

........................

600

573

Series

A

,

5

.00

%

,

10/1/45

,

Continuously

Callable

@103

........................

1,800

1,851

17,591

North

Dakota

(0.5%):

City

of

Grand

Forks

Revenue

4

.00

%

,

12/1/36

,

Continuously

Callable

@100

...............................

2,475

2,461

4

.00

%

,

12/1/38

,

Continuously

Callable

@100

...............................

1,100

1,085

4

.00

%

,

12/1/40

,

Continuously

Callable

@100

...............................

1,700

1,662

4

.00

%

,

12/1/41

,

Continuously

Callable

@100

...............................

1,750

1,697

Series

A

,

5

.00

%

,

12/1/42

,

Continuously

Callable

@100

........................

350

382

Series

A

,

5

.00

%

,

12/1/43

,

Continuously

Callable

@100

........................

695

755

County

of

Ward

Revenue

,

Series

C

,

5

.00

%

,

6/1/43

,

Continuously

Callable

@100

.........

4,500

4,511

North

Dakota

Housing

Finance

Agency

Revenue

,

Series

D

,

4

.65

%

,

7/1/49

,

Continuously

Callable

@100

.....................................................

3,000

3,024

15,577

Ohio

(3.4%):

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

4

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

1,000

997

4

.00

%

,

11/15/37

,

Continuously

Callable

@100

..............................

800

793

4

.00

%

,

11/15/38

,

Continuously

Callable

@100

..............................

500

492

City

of

Centerville

Revenue

,

5

.25

%

,

11/1/37

,

Continuously

Callable

@100

..............

2,250

2,257

Cleveland-Cuyahoga

County

Port

Authority

Revenue

,

Series

A

,

5

.88

%

,

1/1/49

,

Continuously

Callable

@102

(c)

...................................................

640

649

County

of

Allen

Hospital

Facilities

Revenue

4

.00

%

,

12/1/40

,

Continuously

Callable

@100

...............................

7,500

7,512

Series

A

,

4

.00

%

,

8/1/36

,

Continuously

Callable

@100

.........................

5,000

5,058

Series

A

,

4

.00

%

,

8/1/37

,

Continuously

Callable

@100

.........................

10,800

10,907

County

of

Cuyahoga

Revenue

4

.00

%

,

2/15/29

,

Continuously

Callable

@100

...............................

7,430

7,443

5

.00

%

,

2/15/37

,

Continuously

Callable

@100

...............................

4,000

4,096

County

of

Hamilton

Revenue

5

.00

%

,

1/1/31

,

Continuously

Callable

@100

...............................

1,350

1,362

5

.00

%

,

1/1/36

,

Continuously

Callable

@100

...............................

1,400

1,409

5

.00

%

,

9/15/39

,

Continuously

Callable

@100

...............................

1,375

1,433

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

138

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

5

.00

%

,

9/15/40

,

Continuously

Callable

@100

...............................

$

1,100

$

1,144

Series

A

,

5

.50

%

,

1/1/43

,

Continuously

Callable

@103

.........................

750

819

County

of

Hamilton

Sales

Tax

Revenue

(INS

-

AMBAC

Assurance

Corp.)

,

Series

B

,

12/1/25

(d)

........................................................

4,365

4,244

County

of

Hardin

Revenue

,

5

.25

%

,

5/1/40

,

Continuously

Callable

@103

...............

2,000

2,004

County

of

Montgomery

Revenue

3

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

7,000

6,004

5

.00

%

,

11/15/37

,

Continuously

Callable

@100

..............................

2,200

2,284

5

.25

%

,

9/1/49

,

Continuously

Callable

@100

...............................

1,000

1,077

County

of

Ross

Revenue

,

5

.00

%

,

12/1/44

,

Continuously

Callable

@100

................

2,405

2,471

County

of

Warren

Revenue

,

5

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............

2,360

2,472

Ohio

Higher

Educational

Facility

Commission

Revenue

5

.00

%

,

5/1/45

,

Continuously

Callable

@100

...............................

790

836

5

.25

%

,

5/1/49

,

Continuously

Callable

@100

...............................

3,000

3,223

Series

C

,

5

.00

%

,

5/1/31

,

Continuously

Callable

@100

.........................

1,000

1,005

Series

C

,

5

.00

%

,

5/1/33

,

Continuously

Callable

@100

.........................

500

502

Ohio

Housing

Finance

Agency

Revenue

,

Series

C

,

4

.65

%

,

9/1/49

,

Continuously

Callable

@100

...........................................................

1,000

1,024

Southeastern

Ohio

Port

Authority

Revenue

5

.50

%

,

12/1/29

,

Continuously

Callable

@100

...............................

750

750

5

.00

%

,

12/1/35

,

Continuously

Callable

@100

...............................

750

731

State

of

Ohio

Revenue

4

.00

%

,

11/15/36

,

Continuously

Callable

@100

..............................

1,260

1,240

4

.00

%

,

11/15/38

,

Continuously

Callable

@100

..............................

1,270

1,217

4

.00

%

,

11/15/40

,

Continuously

Callable

@100

..............................

655

625

Series

A

,

5

.00

%

,

1/15/34

,

Continuously

Callable

@100

........................

7,210

7,345

Series

A

,

5

.00

%

,

1/15/35

,

Continuously

Callable

@100

........................

6,000

6,112

Series

A

,

5

.00

%

,

1/15/36

,

Continuously

Callable

@100

........................

3,070

3,128

Series

A

,

4

.00

%

,

1/15/38

,

Continuously

Callable

@100

........................

1,000

1,010

Series

A

,

4

.00

%

,

1/15/40

,

Continuously

Callable

@100

........................

1,800

1,809

Summit

County

Development

Finance

Authority

Revenue

,

5

.50

%

,

12/1/43

,

Continuously

Callable

@100

.....................................................

1,500

1,655

Village

of

Bluffton

Revenue

5

.00

%

,

12/1/31

,

Continuously

Callable

@100

...............................

1,500

1,578

4

.00

%

,

12/1/32

,

Continuously

Callable

@100

...............................

1,500

1,514

4

.00

%

,

12/1/33

,

Continuously

Callable

@100

...............................

1,600

1,611

4

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

1,795

1,803

105,645

Oklahoma

(0.3%):

Oklahoma

Development

Finance

Authority

Revenue

,

Series

B

,

5

.00

%

,

8/15/33

,

Continuously

Callable

@100

.....................................................

4,100

4,176

Pontotoc

County

Educational

Facilities

Authority

Revenue

,

4

.00

%

,

9/1/40

,

Continuously

Callable

@100

.....................................................

2,000

1,933

Tulsa

County

Industrial

Authority

Revenue

5

.00

%

,

11/15/28

,

Continuously

Callable

@102

..............................

940

962

5

.00

%

,

11/15/30

,

Continuously

Callable

@102

..............................

1,780

1,819

8,890

Oregon

(0.2%):

Clackamas

County

Hospital

Facility

Authority

Revenue

Series

A

,

5

.00

%

,

11/15/32

,

Continuously

Callable

@102

.......................

1,000

1,017

Series

A

,

5

.00

%

,

11/15/37

,

Continuously

Callable

@102

.......................

500

503

Oregon

State

Facilities

Authority

Revenue

Series

A

,

5

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

275

293

Series

A

,

5

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

1,750

1,853

Port

of

Portland

Airport

Revenue

AMT

,

Series

30A

,

5

.25

%

,

7/1/49

,

Continuously

Callable

@100

...........................................................

1,500

1,629

Salem

Hospital

Facility

Authority

Revenue

,

4

.00

%

,

5/15/40

,

Continuously

Callable

@103

...

800

772

6,067

Pennsylvania

(8.9%):

Allegheny

County

Hospital

Development

Authority

Revenue

Series

A

,

5

.00

%

,

4/1/35

,

Continuously

Callable

@100

.........................

7,315

7,602

Series

A

,

5

.00

%

,

4/1/36

,

Continuously

Callable

@100

.........................

8,000

8,279

Series

A

,

4

.00

%

,

7/15/38

,

Continuously

Callable

@100

........................

1,500

1,504

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

139

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

A

,

4

.00

%

,

7/15/39

,

Continuously

Callable

@100

........................

$

3,495

$

3,508

Allegheny

County

Sanitary

Authority

Revenue

,

4

.00

%

,

12/1/49

,

Continuously

Callable

@100

1,000

1,002

Allegheny

County

Sanitary

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

4

.00

%

,

12/1/33

,

Continuously

Callable

@100

...............................

1,500

1,513

4

.00

%

,

12/1/34

,

Continuously

Callable

@100

...............................

1,475

1,490

Allentown

Commercial

and

IDA

Revenue

5

.75

%

,

6/15/43

,

Continuously

Callable

@100

...............................

600

646

5

.00

%

,

7/1/45

,

Continuously

Callable

@100

...............................

2,500

2,555

Bucks

County

IDA

Revenue

5

.00

%

,

10/1/30

,

Continuously

Callable

@103

...............................

325

330

5

.00

%

,

10/1/31

,

Continuously

Callable

@103

...............................

450

456

5

.00

%

,

10/1/37

,

Continuously

Callable

@103

...............................

2,260

2,269

Butler

County

Hospital

Authority

Revenue

,

5

.00

%

,

7/1/35

,

Continuously

Callable

@100

....

1,885

1,887

Chester

County

IDA

Revenue

5

.63

%

,

10/15/42

,

Continuously

Callable

@100

(c)

............................

8,875

9,317

4

.25

%

,

10/1/44

,

Continuously

Callable

@100

(c)

.............................

1,075

1,058

4

.50

%

,

10/1/49

,

Continuously

Callable

@100

(c)

.............................

800

801

Series

A

,

5

.13

%

,

10/15/37

,

Continuously

Callable

@100

.......................

2,750

2,775

Chester

County

IDA

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

4

.00

%

,

8/1/48

,

Continuously

Callable

@100

.....................................

10,000

9,466

Clairton

Municipal

Authority

Revenue

,

Series

B

,

4

.38

%

,

12/1/42

,

Continuously

Callable

@100

2,250

2,240

Commonwealth

Financing

Authority

Revenue

,

Series

A

,

5

.00

%

,

6/1/34

,

Continuously

Callable

@100

...........................................................

5,000

5,034

Commonwealth

of

Pennsylvania

Certificate

of

Participation

Series

A

,

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

1,350

1,419

Series

A

,

5

.00

%

,

7/1/35

,

Continuously

Callable

@100

.........................

750

787

Series

A

,

5

.00

%

,

7/1/37

,

Continuously

Callable

@100

.........................

800

837

County

of

Beaver,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

4

.00

%

,

4/15/30

,

Continuously

Callable

@100

...........................................

4,490

4,613

County

of

Lehigh

Revenue

4

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

2,000

2,007

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

...............................

2,000

2,004

4

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

2,000

2,003

County

of

Luzerne,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

11/15/29

,

Continuously

Callable

@100

...........................................

5,000

5,085

Cumberland

County

Municipal

Authority

Revenue

4

.00

%

,

11/1/36

,

Continuously

Callable

@100

...............................

1,250

1,251

4

.00

%

,

11/1/37

,

Continuously

Callable

@100

...............................

2,130

2,126

Dauphin

County

General

Authority

Revenue

Series

A

,

4

.00

%

,

6/1/30

,

Continuously

Callable

@100

.........................

2,000

2,022

Series

A

,

4

.00

%

,

6/1/31

,

Continuously

Callable

@100

.........................

1,000

1,017

Delaware

County

Authority

Revenue

5

.00

%

,

10/1/30

....................................................

1,200

1,239

5

.00

%

,

10/1/35

,

Continuously

Callable

@100

...............................

2,220

2,308

5

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

2,250

2,329

Delaware

River

Joint

Toll

Bridge

Commission

Revenue

,

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

...........................................................

3,000

3,136

Lancaster

Higher

Education

Authority

Revenue

,

Series

A

,

5

.00

%

,

10/1/42

,

Continuously

Callable

@100

.....................................................

3,360

3,383

Lancaster

Municipal

Authority

Revenue

,

Series

A

,

5

.00

%

,

5/1/44

,

Continuously

Callable

@103

1,200

1,279

Latrobe

IDA

Revenue

4

.00

%

,

3/1/40

,

Continuously

Callable

@100

...............................

250

236

4

.00

%

,

3/1/41

,

Continuously

Callable

@100

...............................

250

234

4

.00

%

,

3/1/46

,

Continuously

Callable

@100

...............................

750

666

Lehigh

County

General

Purpose

Authority

Revenue

5

.00

%

,

2/1/43

,

Continuously

Callable

@100

...............................

1,520

1,624

5

.00

%

,

2/1/44

,

Continuously

Callable

@100

...............................

2,000

2,128

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

5

.00

%

,

9/1/34

,

Continuously

Callable

@100

...............................

1,750

1,832

5

.00

%

,

9/1/35

,

Continuously

Callable

@100

...............................

1,850

1,934

4

.00

%

,

9/1/36

,

Continuously

Callable

@100

...............................

1,100

1,105

4

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

1,000

1,002

5

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

1,750

1,822

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

140

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

4

.00

%

,

9/1/38

,

Continuously

Callable

@100

...............................

$

900

$

900

4

.00

%

,

9/1/39

,

Continuously

Callable

@100

...............................

1,000

995

Montgomery

County

IDA

Revenue

5

.00

%

,

11/1/44

,

Continuously

Callable

@100

...............................

1,440

1,486

5

.25

%

,

11/1/49

,

Continuously

Callable

@100

...............................

1,340

1,394

Montour

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

5

.00

%

,

4/1/33

,

Continuously

Callable

@100

.........................

1,000

1,012

Series

B

,

5

.00

%

,

4/1/34

,

Continuously

Callable

@100

.........................

1,500

1,517

Series

B

,

5

.00

%

,

4/1/35

,

Continuously

Callable

@100

.........................

1,500

1,517

Northeastern

Pennsylvania

Hospital

and

Education

Authority

Revenue

,

Series

A

,

5

.00

%

,

3/1/37

,

Continuously

Callable

@100

.....................................

1,525

1,529

Pennsylvania

Economic

Development

Financing

Authority

Revenue

4

.00

%

,

7/1/33

,

Continuously

Callable

@103

...............................

1,750

1,764

4

.00

%

,

7/1/41

,

Continuously

Callable

@103

...............................

1,050

1,038

Series

A-2

,

4

.00

%

,

5/15/43

,

Continuously

Callable

@100

......................

1,125

1,121

Series

B-2

,

5

.00

%

,

7/1/42

,

Continuously

Callable

@103

.......................

3,000

3,183

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Series

A

,

5

.25

%

,

7/15/25

,

Continuously

Callable

@100

........................

1,730

1,731

Series

B-1

,

4

.25

%

,

11/1/48

,

Continuously

Callable

@100

......................

10,000

10,003

Pennsylvania

Housing

Finance

Agency

Revenue

Series

-145A

,

4

.60

%

,

10/1/44

,

Continuously

Callable

@100

....................

3,000

3,044

Series

-146A

,

4

.50

%

,

10/1/44

,

Continuously

Callable

@100

....................

3,000

3,027

Series

-147A

,

4

.70

%

,

10/1/49

,

Continuously

Callable

@100

....................

2,000

2,017

Pennsylvania

Turnpike

Commission

Revenue

5

.00

%

,

6/1/36

,

Continuously

Callable

@100

...............................

8,255

8,373

5

.00

%

,

12/1/41

,

Continuously

Callable

@100

...............................

2,000

2,227

5

.00

%

,

12/1/43

,

Continuously

Callable

@100

...............................

1,675

1,847

Series

B

,

4

.00

%

,

6/1/34

,

Continuously

Callable

@100

.........................

20,000

20,141

Series

B

,

5

.00

%

,

12/1/34

,

Continuously

Callable

@100

........................

2,000

2,029

Series

B

,

5

.00

%

,

12/1/35

,

Continuously

Callable

@100

........................

2,000

2,029

Philadelphia

IDA

Revenue

5

.00

%

,

5/1/35

,

Continuously

Callable

@100

...............................

750

788

5

.00

%

,

5/1/38

,

Continuously

Callable

@100

...............................

2,500

2,624

5

.00

%

,

6/15/40

,

Continuously

Callable

@100

(c)

.............................

900

914

5

.50

%

,

6/15/43

,

Continuously

Callable

@100

(c)

.............................

1,750

1,825

Pittsburgh

Water

&

Sewer

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

4

.00

%

,

9/1/35

,

Continuously

Callable

@100

.........................

300

309

Reading

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

2,000

2,063

5

.00

%

,

3/1/37

,

Continuously

Callable

@100

...............................

1,500

1,544

Scranton

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

E

,

5

.00

%

,

12/1/32

,

Continuously

Callable

@100

........................

1,000

1,049

Series

E

,

5

.00

%

,

12/1/33

,

Continuously

Callable

@100

........................

1,600

1,679

Series

E

,

5

.00

%

,

12/1/35

,

Continuously

Callable

@100

........................

750

785

State

Public

School

Building

Authority

Revenue

,

Series

A

,

5

.00

%

,

6/1/29

,

Continuously

Callable

@100

.....................................................

10,000

10,382

State

Public

School

Building

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

5

.00

%

,

6/1/31

,

Continuously

Callable

@100

.........................

6,100

6,342

Series

A

,

4

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

13,085

13,196

The

Berks

County

Municipal

Authority

Revenue

Series

A1

,

8

.00

%

,

6/30/34

,

Continuously

Callable

@104

.......................

1,000

1,048

Series

A-2A

,

6

.00

%

,

6/30/34

,

Continuously

Callable

@104

.....................

501

547

Series

A3

,

5

.00

%

,

6/30/39

,

Continuously

Callable

@100

.......................

6,720

6,720

Series

B1

,

6

.00

%

,

6/30/44

,

Continuously

Callable

@86

(e)

......................

3,358

2,506

The

School

District

of

Philadelphia,

GO

Series

A

,

5

.00

%

,

9/1/35

,

Continuously

Callable

@100

.........................

1,000

1,056

Series

A

,

5

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

1,000

1,055

Series

A

,

5

.00

%

,

9/1/37

,

Continuously

Callable

@100

.........................

1,000

1,052

Series

A

,

4

.00

%

,

9/1/38

,

Continuously

Callable

@100

.........................

1,700

1,720

Series

A

,

4

.00

%

,

9/1/39

,

Continuously

Callable

@100

.........................

1,600

1,616

Series

F

,

5

.00

%

,

9/1/31

,

Continuously

Callable

@100

.........................

9,895

10,167

Series

F

,

5

.00

%

,

9/1/32

,

Continuously

Callable

@100

.........................

5,000

5,129

Series

F

,

5

.00

%

,

9/1/33

,

Continuously

Callable

@100

.........................

4,000

4,104

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

141

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

F

,

5

.00

%

,

9/1/34

,

Continuously

Callable

@100

.........................

$

5,100

$

5,227

The

School

District

of

the

City

of

Erie,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

4

.00

%

,

4/1/33

,

Continuously

Callable

@100

.............................

1,150

1,181

Westmoreland

County

IDA

Revenue

,

Series

A

,

4

.00

%

,

7/1/37

,

Continuously

Callable

@100

.

1,400

1,374

Wilkes-Barre

Finance

Authority

Revenue

,

4

.00

%

,

3/1/42

,

Continuously

Callable

@100

.....

2,600

2,293

279,379

Rhode

Island

(0.6%):

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

5

.00

%

,

5/15/40

,

Continuously

Callable

@100

...............................

575

628

5

.00

%

,

5/15/41

,

Continuously

Callable

@100

...............................

625

681

5

.00

%

,

5/15/42

,

Continuously

Callable

@100

...............................

750

814

5

.00

%

,

5/15/43

,

Continuously

Callable

@100

...............................

675

729

5

.00

%

,

5/15/44

,

Continuously

Callable

@100

...............................

750

807

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

,

4

.60

%

,

10/1/44

,

Continuously

Callable

@100

.....................................................

3,000

3,079

Rhode

Island

Turnpike

&

Bridge

Authority

Revenue

Series

A

,

5

.00

%

,

10/1/33

,

Continuously

Callable

@100

........................

1,350

1,380

Series

A

,

5

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

4,345

4,438

Tobacco

Settlement

Financing

Corp.

Revenue

Series

A

,

5

.00

%

,

6/1/28

,

Continuously

Callable

@100

.........................

2,000

2,011

Series

A

,

5

.00

%

,

6/1/29

,

Continuously

Callable

@100

.........................

2,000

2,011

Series

A

,

5

.00

%

,

6/1/30

,

Continuously

Callable

@100

.........................

2,500

2,514

19,092

South

Carolina

(0.9%):

Charleston

County

Airport

District

Revenue

AMT

,

Series

A

,

5

.25

%

,

7/1/49

,

Continuously

Callable

@100

.....................................................

3,250

3,534

Lexington

County

Health

Services

District,

Inc.

Revenue

4

.00

%

,

11/1/31

,

Continuously

Callable

@100

...............................

1,000

1,014

4

.00

%

,

11/1/32

,

Continuously

Callable

@100

...............................

1,000

1,012

Patriots

Energy

Group

Financing

Agency

Revenue

,

Series

A1

,

5

.25

%

,

10/1/54

,

(Put

Date

8/1/31)

(a)

........................................................

3,000

3,268

South

Carolina

Jobs-Economic

Development

Authority

Revenue

,

5

.50

%

,

11/15/44

,

Continuously

Callable

@100

...........................................

500

538

South

Carolina

Public

Service

Authority

Revenue

Series

A

,

5

.00

%

,

12/1/34

,

Continuously

Callable

@100

........................

9,835

10,029

Series

A

,

5

.00

%

,

12/1/35

,

Continuously

Callable

@100

........................

7,000

7,154

Series

B

,

4

.13

%

,

12/1/44

,

Continuously

Callable

@100

........................

1,880

1,898

28,447

South

Dakota

(0.0%):(h)

South

Dakota

Housing

Development

Authority

Revenue

,

Series

C

,

4

.70

%

,

11/1/49

,

Continuously

Callable

@100

...........................................

1,000

1,014

Tennessee

(1.5%):

Greeneville

Health

&

Educational

Facilities

Board

Revenue

5

.00

%

,

7/1/35

,

Continuously

Callable

@100

...............................

2,710

2,817

5

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

3,000

3,115

5

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

3,500

3,629

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Series

A-1

,

5

.00

%

,

7/1/39

,

Continuously

Callable

@100

.......................

450

497

Series

A-1

,

5

.00

%

,

7/1/40

,

Continuously

Callable

@100

.......................

420

462

Series

A-1

,

5

.00

%

,

7/1/41

,

Continuously

Callable

@100

.......................

825

904

Series

A-1

,

5

.00

%

,

7/1/42

,

Continuously

Callable

@100

.......................

1,100

1,199

Series

A-1

,

5

.00

%

,

7/1/43

,

Continuously

Callable

@100

.......................

550

597

Series

A-1

,

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

.......................

625

675

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

,

5

.00

%

,

7/1/40

,

Continuously

Callable

@100

...................

5,500

5,584

New

Memphis

Arena

Public

Building

Authority

Revenue

4/1/32

,

Continuously

Callable

@98

(d)

....................................

875

645

4/1/33

,

Continuously

Callable

@96

(d)

....................................

625

450

4/1/34

,

Continuously

Callable

@94

(d)

....................................

875

595

4/1/35

,

Continuously

Callable

@92

(d)

....................................

875

566

Shelby

County

Health

&

Educational

Facilities

Board

Revenue

,

Series

A1

,

5

.00

%

,

6/1/44

,

Continuously

Callable

@100

(c)

.........................................

1,000

1,032

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

142

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Tennergy

Corp.

Revenue

,

Series

A

,

5

.50

%

,

10/1/53

,

(Put

Date

12/1/30)

(a)

..............

$

12,500

$

13,478

Tennessee

Energy

Acquisition

Corp.

Revenue

,

Series

A-1

,

5

.00

%

,

5/1/53

,

(Put

Date

5/1/28)

(a)

10,000

10,412

46,657

Texas

(9.1%):

Arlington

Higher

Education

Finance

Corp.

Revenue

,

4

.88

%

,

6/15/56

,

(Put

Date

6/15/26)

(a)

(c)

2,000

2,008

Arlington

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

4

.00

%

,

2/15/44

,

Continuously

Callable

@100

...............................

10,000

9,965

4

.13

%

,

8/15/49

,

Continuously

Callable

@100

...............................

4,600

4,622

Austin

Convention

Enterprises,

Inc.

Revenue

,

Series

A

,

5

.00

%

,

1/1/34

,

Continuously

Callable

@100

...........................................................

1,105

1,114

Barbers

Hill

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

4

.00

%

,

2/15/49

,

Continuously

Callable

@100

...............................

5,000

5,036

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

5

.00

%

,

12/1/25

....................................................

2,740

2,765

5

.00

%

,

12/1/27

,

Continuously

Callable

@100

...............................

2,990

3,014

5

.00

%

,

12/1/28

,

Continuously

Callable

@100

...............................

1,640

1,653

5

.00

%

,

12/1/29

,

Continuously

Callable

@100

...............................

1,600

1,611

5

.00

%

,

12/1/30

,

Continuously

Callable

@100

...............................

1,700

1,711

5

.25

%

,

12/1/35

,

Continuously

Callable

@100

...............................

5,150

5,185

Central

Texas

Regional

Mobility

Authority

Revenue

,

1/1/26

(d)

......................

2,535

2,450

City

of

Arlington

Special

Tax

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

C

,

5

.00

%

,

2/15/34

,

Continuously

Callable

@100

........................

1,500

1,581

Series

C

,

5

.00

%

,

2/15/35

,

Continuously

Callable

@100

........................

1,500

1,579

Series

C

,

5

.00

%

,

2/15/36

,

Continuously

Callable

@100

........................

3,100

3,257

Series

C

,

5

.00

%

,

2/15/37

,

Continuously

Callable

@100

........................

3,305

3,466

Series

C

,

5

.00

%

,

2/15/38

,

Continuously

Callable

@100

........................

4,380

4,591

City

of

Corpus

Christi

Utility

System

Revenue

4

.00

%

,

7/15/32

,

Continuously

Callable

@100

...............................

1,800

1,824

4

.00

%

,

7/15/33

,

Continuously

Callable

@100

...............................

1,100

1,115

4

.00

%

,

7/15/34

,

Continuously

Callable

@100

...............................

1,050

1,061

4

.00

%

,

7/15/35

,

Continuously

Callable

@100

...............................

1,000

1,009

City

of

Galveston

Wharves

&

Terminal

Revenue

AMT

,

Series

A

,

5

.50

%

,

8/1/41

,

Continuously

Callable

@100

.....................................................

500

554

City

of

Houston

Airport

System

Revenue

AMT

,

Series

B

,

5

.50

%

,

7/15/38

,

Continuously

Callable

@100

.....................................................

3,000

3,240

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

5

.00

%

,

9/1/29

,

Continuously

Callable

@100

...............................

2,300

2,302

5

.00

%

,

9/1/30

,

Continuously

Callable

@100

...............................

1,000

1,001

5

.00

%

,

9/1/32

,

Continuously

Callable

@100

...............................

5,615

5,621

5

.00

%

,

9/1/33

,

Continuously

Callable

@100

...............................

5,345

5,350

5

.00

%

,

9/1/34

,

Continuously

Callable

@100

...............................

2,150

2,152

5

.00

%

,

9/1/35

,

Continuously

Callable

@100

...............................

1,575

1,576

City

of

Laredo

Waterworks

&

Sewer

System

Revenue

4

.00

%

,

3/1/32

,

Continuously

Callable

@100

...............................

740

748

4

.00

%

,

3/1/33

,

Continuously

Callable

@100

...............................

1,000

1,011

4

.00

%

,

3/1/34

,

Continuously

Callable

@100

...............................

1,000

1,010

4

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

1,500

1,511

Clifton

Higher

Education

Finance

Corp.

Revenue

Series

A

,

4

.00

%

,

8/15/38

,

Continuously

Callable

@100

........................

1,085

1,089

Series

A

,

4

.00

%

,

8/15/39

,

Continuously

Callable

@100

........................

1,130

1,133

Series

A

,

4

.00

%

,

8/15/40

,

Continuously

Callable

@100

........................

1,180

1,181

Series

A

,

4

.00

%

,

8/15/41

,

Continuously

Callable

@100

........................

1,225

1,221

Series

A

,

4

.00

%

,

8/15/42

,

Continuously

Callable

@100

........................

1,035

1,025

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

4

.00

%

,

8/15/33

,

Continuously

Callable

@100

...............................

2,130

2,186

4

.00

%

,

8/15/34

,

Continuously

Callable

@100

...............................

2,275

2,327

4

.00

%

,

8/15/35

,

Continuously

Callable

@100

...............................

2,375

2,424

4

.00

%

,

8/15/36

,

Continuously

Callable

@100

...............................

3,710

3,778

4

.00

%

,

8/15/37

,

Continuously

Callable

@100

...............................

3,860

3,921

4

.00

%

,

8/15/38

,

Continuously

Callable

@100

...............................

4,015

4,068

4

.00

%

,

8/15/39

,

Continuously

Callable

@100

...............................

4,305

4,350

Series

A

,

4

.00

%

,

8/15/32

,

Continuously

Callable

@100

........................

1,300

1,313

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

143

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

El

Paso

County

Hospital

District

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

4

.13

%

,

2/15/49

,

Continuously

Callable

@100

...............................

$

1,000

$

994

EP

Essential

Housing

WF

PFC

Revenue

,

4

.25

%

,

12/1/34

,

Continuously

Callable

@100

.....

1,150

1,154

Grayson

County

Junior

College

District,

GO

,

4

.00

%

,

2/15/49

,

Continuously

Callable

@100

..

1,350

1,333

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

Series

A

,

5

.00

%

,

6/1/28

,

Continuously

Callable

@100

...........................................

1,150

1,145

Harris

County

Municipal

Utility

District

No.

165,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

5

.00

%

,

3/1/30

,

Continuously

Callable

@100

...............................

750

753

5

.00

%

,

3/1/31

,

Continuously

Callable

@100

...............................

2,030

2,037

5

.00

%

,

3/1/32

,

Continuously

Callable

@100

...............................

2,500

2,508

Main

Street

Market

Square

Redevelopment

Authority

Tax

Allocation

(INS

-

Build

America

Mutual

Assurance

Co.)

5

.00

%

,

9/1/29

,

Continuously

Callable

@100

...............................

1,215

1,228

5

.00

%

,

9/1/30

,

Continuously

Callable

@100

...............................

1,380

1,396

5

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

2,000

2,023

5

.00

%

,

9/1/32

,

Continuously

Callable

@100

...............................

1,500

1,517

5

.00

%

,

9/1/33

,

Continuously

Callable

@100

...............................

2,680

2,710

Matagorda

County

Navigation

District

No.

1

Revenue

,

Series

B-2

,

4

.00

%

,

6/1/30

,

Continuously

Callable

@100

...........................................

5,405

5,406

Mesquite

Health

Facilities

Development

Corp.

Revenue

0.00%,

2/15/26

(g)

..................................................

1,049

12

0.00%,

2/15/35

,

Continuously

Callable

@100

(g)

............................

364

4

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

5

.00

%

,

11/1/31

,

Continuously

Callable

@102

...............................

1,000

1,014

4

.00

%

,

11/1/36

,

Continuously

Callable

@102

...............................

1,475

1,439

Series

A

,

5

.00

%

,

7/1/30

,

Continuously

Callable

@100

(g)

......................

7,500

7,455

Newark

Higher

Education

Finance

Corp.

Revenue

4

.00

%

,

4/1/32

,

Continuously

Callable

@100

...............................

1,635

1,648

4

.00

%

,

4/1/33

,

Continuously

Callable

@100

...............................

2,000

2,012

4

.00

%

,

4/1/34

,

Continuously

Callable

@100

...............................

4,470

4,492

4

.00

%

,

4/1/35

,

Continuously

Callable

@100

...............................

1,650

1,655

4

.00

%

,

4/1/36

,

Continuously

Callable

@100

...............................

2,150

2,153

North

East

Texas

Regional

Mobility

Authority

Revenue

5

.00

%

,

1/1/36

,

Continuously

Callable

@100

...............................

7,000

7,079

Series

B

,

5

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

5,485

5,544

North

Texas

Tollway

Authority

Revenue

Series

A

,

5

.00

%

,

1/1/34

,

Continuously

Callable

@100

.........................

1,515

1,542

Series

A

,

4

.00

%

,

1/1/43

,

Continuously

Callable

@100

.........................

14,120

14,141

Series

A

,

4

.00

%

,

1/1/44

,

Continuously

Callable

@100

.........................

1,085

1,087

North

Texas

Tollway

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

1/1/29

(d)

.......

20,000

17,548

North

Texas

Tollway

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

4

.00

%

,

1/1/35

,

Continuously

Callable

@100

.........................

2,000

2,009

Series

B

,

4

.00

%

,

1/1/36

,

Continuously

Callable

@100

.........................

1,695

1,701

Permanent

University

Fund

-

University

of

Texas

System

Revenue

Series

B

,

5

.00

%

,

7/1/32

,

Continuously

Callable

@100

.........................

2,230

2,251

Series

B

,

5

.00

%

,

7/1/33

,

Continuously

Callable

@100

.........................

3,250

3,280

Series

B

,

5

.00

%

,

7/1/34

,

Continuously

Callable

@100

.........................

2,500

2,522

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(f)

.......................

1,715

1,715

Series

B

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(f)

.......................

15,460

15,460

Series

C

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(f)

.......................

8,300

8,300

San

Antonio

Education

Facilities

Corp.

Revenue

4

.00

%

,

4/1/39

,

Continuously

Callable

@100

...............................

700

673

4

.00

%

,

4/1/40

,

Continuously

Callable

@100

...............................

1,000

915

4

.00

%

,

4/1/41

,

Continuously

Callable

@100

...............................

895

810

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

5

.00

%

,

11/15/30

,

Continuously

Callable

@100

..............................

2,145

2,197

5

.00

%

,

11/15/31

,

Continuously

Callable

@100

..............................

2,250

2,299

5

.00

%

,

11/15/32

,

Continuously

Callable

@100

..............................

2,365

2,414

5

.00

%

,

11/15/37

,

Continuously

Callable

@100

..............................

2,175

2,205

5

.00

%

,

10/1/44

,

Continuously

Callable

@103

...............................

1,200

1,297

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

,

5

.00

%

,

12/15/30

..........

9,835

10,453

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

144

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

4

.00

%

,

6/30/38

,

Continuously

Callable

@100

...............................

$

3,300

$

3,316

4

.00

%

,

12/31/38

,

Continuously

Callable

@100

..............................

3,850

3,868

4

.00

%

,

6/30/39

,

Continuously

Callable

@100

...............................

2,150

2,155

Town

of

Trophy

Club

Public

Improvement

District

No.

1

Special

Assessment

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

6/1/33

,

Continuously

Callable

@100

...........

6,960

7,010

286,588

Utah

(0.1%):

Military

Installation

Development

Authority

Revenue

Series

A-1

,

4

.00

%

,

6/1/36

,

Continuously

Callable

@103

.......................

1,045

983

Series

A-1

,

4

.00

%

,

6/1/41

,

Continuously

Callable

@103

.......................

1,000

912

1,895

Vermont

(0.4%):

Vermont

Economic

Development

Authority

Revenue

4

.00

%

,

5/1/37

,

Continuously

Callable

@103

...............................

4,190

4,126

Series

B

,

4

.00

%

,

5/1/33

,

Continuously

Callable

@103

.........................

3,950

3,942

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

5

.75

%

,

10/1/43

,

Continuously

Callable

@100

(c)

.............................

3,000

2,950

Series

A

,

5

.00

%

,

12/1/36

,

Continuously

Callable

@100

........................

2,500

2,528

13,546

Virgin

Islands

(0.2%):

Virgin

Islands

Public

Finance

Authority

Revenue

,

5

.00

%

,

9/1/30

,

Continuously

Callable

@100

(c)

.........................................................

6,500

6,541

Virginia

(0.9%):

Chesapeake

Hospital

Authority

Revenue

4

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

1,175

1,176

4

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

1,205

1,203

Stafford

County

Economic

Development

Authority

Revenue

5

.00

%

,

6/15/33

,

Continuously

Callable

@100

...............................

750

764

5

.00

%

,

6/15/34

,

Continuously

Callable

@100

...............................

2,620

2,668

5

.00

%

,

6/15/35

,

Continuously

Callable

@100

...............................

1,930

1,965

Virginia

College

Building

Authority

Revenue

,

4

.00

%

,

2/1/36

,

Continuously

Callable

@100

..

3,000

3,037

Virginia

Housing

Development

Authority

Revenue

Series

D

,

4

.65

%

,

1/1/50

,

Continuously

Callable

@100

........................

2,000

2,029

Series

H

,

4

.63

%

,

12/1/49

,

Continuously

Callable

@100

........................

1,200

1,218

Virginia

Small

Business

Financing

Authority

Revenue

Series

A

,

4

.00

%

,

1/1/37

,

Continuously

Callable

@103

.........................

500

500

Series

A

,

4

.00

%

,

1/1/38

,

Continuously

Callable

@103

.........................

6,000

5,987

Series

A

,

4

.00

%

,

1/1/39

,

Continuously

Callable

@103

.........................

7,000

6,946

Series

A

,

4

.50

%

,

12/1/44

,

Continuously

Callable

@102

........................

1,850

1,846

29,339

Washington

(1.4%):

County

of

Spokane

Airport

Revenue

AMT

,

Series

B

,

5

.25

%

,

1/1/49

,

Continuously

Callable

@100

...........................................................

8,000

8,590

King

County

Public

Hospital

District

No.

2,

GO

,

5

.25

%

,

12/1/45

,

Continuously

Callable

@100

2,500

2,723

Port

of

Seattle

Revenue

AMT

,

Series

B

,

5

.25

%

,

7/1/49

,

Continuously

Callable

@100

......

4,000

4,321

Skagit

County

Public

Hospital

District

No.

1

Revenue

5

.50

%

,

12/1/38

,

Continuously

Callable

@100

...............................

300

337

5

.50

%

,

12/1/39

,

Continuously

Callable

@100

...............................

500

560

5

.50

%

,

12/1/40

,

Continuously

Callable

@100

...............................

500

559

5

.50

%

,

12/1/41

,

Continuously

Callable

@100

...............................

325

362

5

.50

%

,

12/1/42

,

Continuously

Callable

@100

...............................

300

333

5

.50

%

,

12/1/43

,

Continuously

Callable

@100

...............................

500

552

5

.50

%

,

12/1/44

,

Continuously

Callable

@100

...............................

450

494

Washington

Health

Care

Facilities

Authority

Revenue

5

.00

%

,

7/1/35

,

Continuously

Callable

@100

...............................

2,355

2,427

5

.00

%

,

8/15/35

,

Continuously

Callable

@100

...............................

1,775

1,817

5

.00

%

,

7/1/36

,

Continuously

Callable

@100

...............................

2,250

2,318

5

.00

%

,

8/15/36

,

Continuously

Callable

@100

...............................

2,500

2,558

4

.00

%

,

7/1/37

,

Continuously

Callable

@100

...............................

3,125

3,063

5

.00

%

,

8/15/37

,

Continuously

Callable

@100

...............................

2,400

2,453

4

.00

%

,

12/1/45

,

Continuously

Callable

@100

(c)

.............................

2,080

2,027

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

145

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Washington

State

Housing

Finance

Commission

Revenue

5

.88

%

,

7/1/43

,

Continuously

Callable

@103

(c)

.............................

$

1,000

$

1,104

Series

A

,

5

.00

%

,

7/1/38

,

Continuously

Callable

@103

.........................

1,590

1,706

Series

A

,

5

.00

%

,

7/1/43

,

Continuously

Callable

@103

.........................

3,225

3,410

Series

A-1

,

3

.50

%

,

12/20/35

...........................................

2,558

2,410

44,124

West

Virginia

(0.8%):

West

Virginia

Hospital

Finance

Authority

Revenue

5

.00

%

,

1/1/35

,

Continuously

Callable

@100

...............................

2,920

3,016

5

.00

%

,

1/1/36

,

Continuously

Callable

@100

...............................

2,065

2,131

5

.00

%

,

9/1/38

,

Continuously

Callable

@100

...............................

2,000

2,078

5

.00

%

,

9/1/39

,

Continuously

Callable

@100

...............................

1,000

1,038

Series

A

,

5

.00

%

,

6/1/33

,

Continuously

Callable

@100

.........................

1,850

1,922

Series

A

,

5

.00

%

,

6/1/34

,

Continuously

Callable

@100

.........................

2,970

3,084

Series

A

,

5

.00

%

,

6/1/35

,

Continuously

Callable

@100

.........................

2,405

2,495

Series

A

,

4

.13

%

,

6/1/42

,

Continuously

Callable

@100

.........................

5,000

5,079

Series

B

,

5

.75

%

,

9/1/43

,

Continuously

Callable

@100

.........................

4,000

4,521

25,364

Wisconsin

(2.1%):

Public

Finance

Authority

Revenue

3

.00

%

,

4/1/25

(c)

...................................................

5

5

3

.00

%

,

4/1/25

(c)

...................................................

115

115

4

.00

%

,

3/1/29

(c)

...................................................

890

864

4

.00

%

,

6/15/29

,

Continuously

Callable

@100

(c)

.............................

195

192

4

.00

%

,

9/1/29

,

Continuously

Callable

@103

(c)

.............................

1,250

1,232

4

.00

%

,

3/1/30

(c)

...................................................

950

913

4

.00

%

,

3/1/34

,

Continuously

Callable

@100

(c)

.............................

3,520

3,259

5

.00

%

,

4/1/35

,

Continuously

Callable

@100

...............................

785

826

5

.25

%

,

5/15/37

,

Continuously

Callable

@102

(c)

.............................

1,000

1,010

5

.00

%

,

6/15/39

,

Continuously

Callable

@100

(c)

.............................

410

412

5

.00

%

,

9/1/39

,

Continuously

Callable

@103

(c)

.............................

2,230

2,279

5

.00

%

,

1/1/40

,

Continuously

Callable

@100

...............................

3,500

3,608

5

.00

%

,

4/1/40

,

Pre-refunded

4/1/30

@

100

(c)

...............................

95

106

5

.00

%

,

4/1/40

,

Continuously

Callable

@100

(c)

.............................

1,080

1,104

4

.00

%

,

1/1/42

,

Continuously

Callable

@103

...............................

1,150

1,142

4

.00

%

,

4/1/42

,

Continuously

Callable

@100

(c)

.............................

900

835

5

.00

%

,

4/1/43

,

Continuously

Callable

@100

...............................

4,185

4,321

6

.63

%

,

7/1/43

,

Continuously

Callable

@100

(c)

.............................

485

514

5

.00

%

,

1/1/45

,

Continuously

Callable

@100

...............................

3,275

3,343

Series

A

,

5

.25

%

,

10/1/38

,

Continuously

Callable

@100

........................

3,250

3,287

Series

A

,

4

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

770

711

Series

A

,

5

.00

%

,

11/15/41

,

Continuously

Callable

@103

.......................

4,680

4,907

Series

A

,

5

.50

%

,

7/1/43

,

Continuously

Callable

@100

(c)

.......................

2,000

2,196

Series

A

,

6

.38

%

,

7/1/43

,

Continuously

Callable

@103

(c)

.......................

300

321

Series

A

,

4

.00

%

,

10/1/49

,

Continuously

Callable

@100

........................

2,750

2,634

Series

A-1

,

4

.00

%

,

7/1/41

,

Continuously

Callable

@100

(c)

.....................

675

629

Series

D

,

4

.05

%

,

11/1/30

,

Continuously

Callable

@100

........................

1,500

1,508

University

of

Wisconsin

Hospitals

&

Clinics

Revenue

,

Series

A

,

4

.00

%

,

4/1/44

,

Continuously

Callable

@100

.....................................................

1,300

1,302

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

4

.00

%

,

1/1/27

.....................................................

360

360

4

.00

%

,

1/1/28

,

Continuously

Callable

@103

...............................

370

368

4

.00

%

,

1/1/29

,

Continuously

Callable

@103

...............................

390

386

4

.00

%

,

1/1/30

,

Continuously

Callable

@103

...............................

405

397

4

.00

%

,

1/1/37

,

Continuously

Callable

@103

...............................

1,460

1,387

4

.00

%

,

3/15/40

,

Continuously

Callable

@100

...............................

750

739

4

.00

%

,

12/1/41

,

Continuously

Callable

@100

...............................

850

708

Series

A

,

4

.00

%

,

11/15/36

,

Continuously

Callable

@100

.......................

9,830

9,855

Series

A

,

4

.38

%

,

11/1/39

,

Continuously

Callable

@100

........................

5,000

5,019

Series

B

,

4

.00

%

,

9/15/36

,

Continuously

Callable

@103

........................

530

502

Series

B

,

4

.00

%

,

9/15/41

,

Continuously

Callable

@103

........................

510

469

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.)

4

.00

%

,

2/15/35

,

Continuously

Callable

@100

...............................

500

500

Victory

Portfolios

III

Victory

Tax

Exempt

Intermediate-Term

Fund

146

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

4

.00

%

,

2/15/37

,

Continuously

Callable

@100

...............................

$

1,000

$

998

65,263

Total

Municipal

Bonds

(Cost

$3,162,350)

a

a

a

3,120,217

Total

Investments

(Cost

$3,162,350)

—

99.4%

3,120,217

Other

assets

in

excess

of

liabilities

—  0.6%

18,327

NET

ASSETS

-

100.00%

$

3,138,544

(a)

Put

Bond.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

November

30,

2024.

(c)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$151,526

(thousands)

and

amounted

to

4.8%

of

net

assets.

(d)

Zero-coupon

bond.

(e)

Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(f)

Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(g)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(h)

Amount

represents

less

than

0.05%

of

net

assets.

AMBAC

—

American

Municipal

Bond

Assurance

Corporation

AMT

—

Alternative

Minimum

Tax

bps

—

Basis

points

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

MUNIPSA

—

SIFMA

Municipal

Swap

Index

Yield

SOFR

—

Secured

Overnight

Financing

Rate

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer’s

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

147

(Unaudited)

Security

Description

Principal

Amount

(000)

a

Value

(000)

Municipal

Bonds

(99.1%)

Alabama

(0.7%):

County

of

Jefferson

Sewer

Revenue

,

5

.50

%

,

10/1/53

,

Continuously

Callable

@100

........

$

1,000

$

1,105

DCH

Healthcare

Authority

Revenue

,

Series

A

,

4

.00

%

,

6/1/51

,

Continuously

Callable

@100

..

4,000

3,739

Homewood

Educational

Building

Authority

Revenue

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

...............................

4,500

4,540

Series

A

,

4

.00

%

,

12/1/51

,

Continuously

Callable

@100

........................

3,000

2,679

Mobile

County

IDA

Revenue

AMT

,

Series

A

,

5

.00

%

,

6/1/54

,

Continuously

Callable

@100

..

500

513

12,576

Alaska

(0.1%):

Northern

Tobacco

Securitization

Corp.

Revenue

,

Series

A

,

4

.00

%

,

6/1/50

,

Continuously

Callable

@100

.....................................................

1,000

942

Arizona

(2.3%):

Arizona

IDA

Revenue

Series

A

,

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

600

622

Series

F

,

5

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

1,725

1,749

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

Series

B

,

5

.50

%

,

7/1/29

..............................................

1,000

1,125

Series

B

,

5

.50

%

,

7/1/30

..............................................

1,500

1,723

Maricopa

County

IDA

Revenue

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

1,600

1,610

Series

A

,

4

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

1,000

917

Pinal

County

Electric

District

No.

3

Revenue

,

4

.00

%

,

7/1/41

,

Continuously

Callable

@100

..

10,000

10,029

Sierra

Vista

IDA

Revenue

,

5

.75

%

,

6/15/53

,

Continuously

Callable

@100

(a)

.............

3,000

3,110

Tempe

IDA

Revenue

,

Series

A

,

4

.00

%

,

12/1/46

,

Continuously

Callable

@102

............

2,500

2,232

The

County

of

Pima

IDA

Revenue

4

.00

%

,

6/15/51

,

Continuously

Callable

@100

(a)

.............................

2,500

2,153

Series

A

,

6

.88

%

,

11/15/52

,

Continuously

Callable

@103

(a)

.....................

3,750

4,100

The

County

of

Yavapai

IDA

Revenue

,

4

.00

%

,

8/1/43

,

Continuously

Callable

@100

........

1,725

1,715

The

IDA

of

the

City

of

Phoenix

Arizona

Revenue

5

.00

%

,

7/1/41

,

Continuously

Callable

@100

...............................

1,200

1,202

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

...............................

6,000

6,002

Series

A

,

5

.00

%

,

7/1/42

,

Continuously

Callable

@100

.........................

1,250

1,281

39,570

Arkansas

(0.3%):

Arkansas

Development

Finance

Authority

Revenue

(INS

-

AMBAC

Assurance

Corp.)

7/1/28

(b)

.........................................................

1,000

885

7/1/29

(b)

.........................................................

1,165

993

7/1/30

(b)

.........................................................

1,150

941

7/1/36

(b)

.........................................................

2,500

1,560

4,379

California

(5.0%):

California

Educational

Facilities

Authority

Revenue

,

Series

A

,

5

.00

%

,

10/1/52

,

Continuously

Callable

@100

.....................................................

3,000

3,095

California

Health

Facilities

Financing

Authority

Revenue

,

5

.00

%

,

11/15/56

,

Continuously

Callable

@100

.....................................................

1,000

1,029

California

State

Public

Works

Board

Revenue

,

Series

B

,

5

.00

%

,

10/1/39

,

Continuously

Callable

@100

.....................................................

3,500

3,505

Cerritos

Community

College

District,

GO

Series

D

,

8/1/31

(b)

..................................................

1,000

829

Series

D

,

8/1/32

(b)

..................................................

2,500

1,938

Series

D

,

8/1/33

(b)

..................................................

2,175

1,679

Series

D

,

8/1/34

(b)

..................................................

1,000

743

Series

D

,

8/1/35

(b)

..................................................

1,500

1,072

Series

D

,

8/1/36

(b)

..................................................

2,200

1,510

Coachella

Valley

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

D

,

8/1/41

(b)

..................................................

8,500

4,497

El

Monte

Union

High

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

6/1/42

(b)

.........................................................

10,000

5,004

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

,

Series

A

,

5

.25

%

,

8/15/35

,

Continuously

Callable

@100

...........................................

1,440

1,442

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

148

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Los

Alamitos

Unified

School

District

Certificate

of

Participation

5

.95

%

,

8/1/34

,

Continuously

Callable

@100

(c)

.............................

$

1,200

$

1,329

6

.05

%

,

8/1/42

,

Continuously

Callable

@100

(c)

.............................

4,000

4,473

Paramount

Unified

School

District,

GO

8/1/34

(b)

.........................................................

1,860

1,301

8/1/35

(b)

.........................................................

2,000

1,342

8/1/36

(b)

.........................................................

2,750

1,861

8/1/37

(b)

.........................................................

2,750

1,779

Sacramento

City

Schools

Joint

Powers

Financing

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

5

.00

%

,

3/1/36

,

Continuously

Callable

@100

.........................

2,560

2,563

Series

A

,

5

.00

%

,

3/1/40

,

Continuously

Callable

@100

.........................

2,000

2,002

San

Diego

Public

Facilities

Financing

Authority

Revenue

,

Series

A

,

5

.00

%

,

10/15/44

,

Continuously

Callable

@100

...........................................

2,500

2,534

San

Ysidro

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

G

,

8/1/36

(b)

..................................................

13,605

9,102

Series

G

,

8/1/37

(b)

..................................................

14,285

9,146

Santa

Ana

Unified

School

District

Certificate

of

Participation

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

4/1/29

(b)

...........................................

15,000

12,504

Stockton

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

D

,

8/1/34

(b)

.........................................................

8,885

6,455

The

El

Camino

Community

College

District

Foundation,

GO

Series

C

,

8/1/34

(b)

..................................................

3,000

2,156

Series

C

,

8/1/38

(b)

..................................................

3,000

1,864

86,754

Colorado

(2.0%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

4

.00

%

,

1/1/52

,

Continuously

Callable

@100

...............................

675

587

5

.00

%

,

4/1/53

,

Continuously

Callable

@100

...............................

750

765

4

.50

%

,

7/1/53

,

Continuously

Callable

@100

...............................

3,000

3,011

4

.00

%

,

1/1/62

,

Continuously

Callable

@100

...............................

795

666

Series

A

,

4

.00

%

,

12/1/48

,

Continuously

Callable

@100

........................

2,500

2,340

Colorado

Health

Facilities

Authority

Revenue

5

.50

%

,

11/1/47

,

Continuously

Callable

@100

...............................

1,000

1,114

Series

A

,

4

.00

%

,

8/1/44

,

Continuously

Callable

@100

.........................

2,070

2,014

Series

A

,

4

.00

%

,

12/1/50

,

Continuously

Callable

@103

........................

7,250

6,616

Denver

Health

&

Hospital

Authority

Revenue

,

Series

A

,

4

.00

%

,

12/1/40

,

Continuously

Callable

@100

.....................................................

750

725

E-470

Public

Highway

Authority

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

B

,

9/1/35

,

Continuously

Callable

@64

(b)

.............................

10,000

5,969

Park

Creek

Metropolitan

District

Revenue

Series

A

,

5

.00

%

,

12/1/45

,

Continuously

Callable

@100

........................

3,500

3,530

Series

A

,

5

.00

%

,

12/1/51

,

Continuously

Callable

@100

........................

2,000

2,011

Rampart

Range

Metropolitan

District

No.

1

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

.........................

4,000

4,103

Southlands

Metropolitan

District

No.

1,

GO

,

Series

A-1

,

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

.....................................................

1,000

1,005

34,456

Connecticut

(0.5%):

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

5

.25

%

,

7/1/53

,

Continuously

Callable

@100

...............................

3,000

3,250

Series

A

,

4

.00

%

,

7/1/49

,

Continuously

Callable

@100

.........................

3,000

2,807

Series

U

,

4

.00

%

,

7/1/52

,

Continuously

Callable

@100

........................

3,000

3,000

9,057

District

of

Columbia

(0.1%):

District

of

Columbia

Revenue

5

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............................

1,275

1,309

5

.00

%

,

7/1/54

,

Continuously

Callable

@100

...............................

1,140

1,165

2,474

Florida

(7.9%):

Alachua

County

Health

Facilities

Authority

Revenue

,

4

.00

%

,

10/1/46

,

Continuously

Callable

@103

...........................................................

700

628

Capital

Projects

Finance

Authority

Revenue

,

5

.00

%

,

11/1/53

,

Continuously

Callable

@100

..

1,250

1,265

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

149

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Capital

Trust

Agency,

Inc.

Revenue

,

6

.38

%

,

5/1/53

,

Continuously

Callable

@100

(a)

.......

$

1,750

$

1,790

City

of

Atlantic

Beach

Revenue

Series

A

,

5

.00

%

,

11/15/53

,

Continuously

Callable

@103

.......................

2,000

2,004

Series

B

,

5

.63

%

,

11/15/43

,

Continuously

Callable

@100

.......................

7,000

7,006

City

of

Jacksonville

Revenue

,

4

.00

%

,

11/1/45

,

Continuously

Callable

@100

.............

2,500

2,390

City

of

Pompano

Beach

Revenue

4

.00

%

,

9/1/50

,

Continuously

Callable

@103

...............................

8,000

7,107

Series

A

,

4

.00

%

,

9/1/51

,

Continuously

Callable

@103

.........................

2,895

2,498

City

of

Venice

Revenue

,

Series

A

,

5

.50

%

,

1/1/55

,

Continuously

Callable

@103

(a)

.........

755

778

County

of

Lee

Airport

Revenue

AMT

,

5

.25

%

,

10/1/54

,

Continuously

Callable

@100

.......

2,500

2,686

County

of

Miami-Dade

Rickenbacker

Causeway

Revenue

,

5

.00

%

,

10/1/43

,

Continuously

Callable

@100

.....................................................

1,750

1,752

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

,

Series

B

,

4

.00

%

,

10/1/44

,

Continuously

Callable

@100

...........................................

21,500

21,423

County

of

Pasco

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

9/1/48

,

Continuously

Callable

@100

...........................................

1,000

1,078

Escambia

County

Health

Facilities

Authority

Revenue

4

.00

%

,

8/15/45

,

Continuously

Callable

@100

...............................

6,265

5,883

4

.00

%

,

8/15/50

,

Continuously

Callable

@100

...............................

5,050

4,672

Florida

Development

Finance

Corp.

Revenue

4

.00

%

,

7/1/45

,

Continuously

Callable

@100

...............................

600

558

4

.00

%

,

2/1/52

,

Continuously

Callable

@100

...............................

4,000

3,382

4

.00

%

,

7/1/55

,

Continuously

Callable

@100

...............................

500

436

Series

A

,

5

.00

%

,

6/15/55

,

Continuously

Callable

@100

........................

1,500

1,512

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

5

.00

%

,

3/1/44

,

Continuously

Callable

@100

...............................

4,280

3,182

4

.00

%

,

10/1/44

,

Continuously

Callable

@100

...............................

1,400

1,275

5

.00

%

,

3/1/49

,

Continuously

Callable

@100

...............................

1,250

879

4

.00

%

,

10/1/49

,

Continuously

Callable

@100

...............................

1,150

1,017

4

.13

%

,

12/1/54

,

Continuously

Callable

@100

...............................

1,000

978

Lee

County

IDA

Revenue

5

.00

%

,

11/15/49

,

Continuously

Callable

@103

..............................

12,350

12,500

Series

2019A-1

,

4

.00

%

,

4/1/49

,

Continuously

Callable

@100

...................

4,500

4,280

Series

A

,

5

.25

%

,

10/1/52

,

Continuously

Callable

@103

........................

1,000

949

Series

C

,

5

.00

%

,

11/15/54

,

Continuously

Callable

@103

.......................

2,000

2,083

Miami

Beach

Health

Facilities

Authority

Revenue

,

4

.00

%

,

11/15/51

,

Continuously

Callable

@100

...........................................................

2,500

2,389

Miami-Dade

County

Expressway

Authority

Revenue

Series

A

,

5

.00

%

,

7/1/39

,

Continuously

Callable

@100

.........................

5,000

5,003

Series

A

,

5

.00

%

,

7/1/40

,

Continuously

Callable

@100

.........................

5,000

5,094

Miami-Dade

County

Health

Facilities

Authority

Revenue

,

4

.00

%

,

8/1/47

,

Continuously

Callable

@100

.....................................................

2,000

1,949

Orange

County

Health

Facilities

Authority

Revenue

,

Series

B

,

4

.00

%

,

10/1/45

,

Continuously

Callable

@100

.....................................................

1,500

1,500

Palm

Beach

County

Educational

Facilities

Authority

Revenue

,

4

.00

%

,

10/1/51

,

Continuously

Callable

@100

.....................................................

2,070

1,840

Palm

Beach

County

Health

Facilities

Authority

Revenue

5

.00

%

,

11/15/45

,

Continuously

Callable

@103

..............................

150

154

5

.00

%

,

5/15/47

,

Continuously

Callable

@100

...............................

5,000

5,000

Series

A

,

5

.00

%

,

11/1/52

,

Continuously

Callable

@100

........................

250

258

Series

B

,

5

.00

%

,

11/15/42

,

Continuously

Callable

@103

.......................

1,000

1,046

Polk

County

IDA

Revenue

5

.00

%

,

1/1/49

,

Continuously

Callable

@103

...............................

1,000

1,005

5

.00

%

,

1/1/55

,

Continuously

Callable

@103

...............................

1,000

1,002

Sarasota

County

Health

Facilities

Authority

Revenue

,

5

.00

%

,

5/15/48

,

Continuously

Callable

@103

...........................................................

1,835

1,837

Sarasota

County

Public

Hospital

District

Revenue

,

4

.00

%

,

7/1/52

,

Continuously

Callable

@100

...........................................................

5,000

4,965

St.

Johns

County

IDA

Revenue

,

4

.00

%

,

8/1/55

,

Continuously

Callable

@103

............

6,000

5,380

Tampa

Housing

Authority

Revenue

,

4

.85

%

,

7/1/36

,

Callable

1/1/25

@

100

..............

2,200

2,202

Volusia

County

Educational

Facility

Authority

Revenue

,

Series

B

,

5

.00

%

,

10/15/45

,

Pre-

refunded

4/15/25

@

100

..............................................

2,000

2,014

138,629

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

150

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Georgia

(1.5%):

Columbia

County

Hospital

Authority

Revenue

,

Series

A

,

5

.13

%

,

4/1/53

,

Continuously

Callable

@100

...........................................................

$

1,000

$

1,078

Crisp

County

Hospital

Authority

Revenue

,

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

....

3,000

2,991

Development

Authority

of

Floyd

County

Revenue

,

Series

GA

,

1

.35

%

,

9/1/26

,

Continuously

Callable

@100

(d)

...................................................

1,000

1,000

Gainesville

&

Hall

County

Hospital

Authority

Revenue

,

4

.00

%

,

2/15/45

,

Continuously

Callable

@100

.....................................................

13,000

12,767

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

,

5

.00

%

,

8/1/43

,

Continuously

Callable

@100

.....................................................

1,500

1,511

Main

Street

Natural

Gas,

Inc.

Revenue

,

Series

A

,

5

.00

%

,

5/15/49

.....................

3,000

3,306

Municipal

Electric

Authority

of

Georgia

Revenue

,

Series

A

,

4

.00

%

,

1/1/51

,

Continuously

Callable

@100

.....................................................

1,100

1,092

Private

Colleges

&

Universities

Authority

Revenue

,

4

.00

%

,

6/1/45

,

Continuously

Callable

@100

...........................................................

1,700

1,703

The

Burke

County

Development

Authority

Revenue

,

1

.35

%

,

11/1/48

,

Continuously

Callable

@100

(d)

.........................................................

1,500

1,500

26,948

Illinois

(12.8%):

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

,

5

.75

%

,

4/1/48

,

Continuously

Callable

@100

...........................................

2,500

2,778

Chicago

Board

of

Education,

GO

Series

A

,

4

.00

%

,

12/1/47

,

Continuously

Callable

@100

........................

4,220

3,653

Series

A

,

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

........................

1,800

1,812

Series

H

,

5

.00

%

,

12/1/36

,

Continuously

Callable

@100

........................

5,000

5,070

Chicago

Midway

International

Airport

Revenue

Series

B

,

5

.00

%

,

1/1/41

,

Continuously

Callable

@100

.........................

2,500

2,526

Series

B

,

5

.00

%

,

1/1/46

,

Continuously

Callable

@100

.........................

3,500

3,529

Chicago

O'Hare

International

Airport

Revenue

,

Series

C

,

5

.00

%

,

1/1/41

,

Continuously

Callable

@100

...........................................................

5,000

5,122

Chicago

Park

District,

GO

Series

A

,

5

.00

%

,

1/1/40

,

Continuously

Callable

@100

.........................

3,000

3,030

Series

F-2

,

5

.00

%

,

1/1/40

,

Continuously

Callable

@100

.......................

1,125

1,202

City

of

Chicago

Wastewater

Transmission

Revenue

Series

A

,

5

.00

%

,

1/1/47

,

Continuously

Callable

@100

.........................

3,000

3,073

Series

C

,

5

.00

%

,

1/1/39

,

Continuously

Callable

@100

.........................

3,000

3,004

City

of

Chicago

Waterworks

Revenue

,

5

.00

%

,

11/1/44

,

Continuously

Callable

@100

.......

3,000

3,002

City

of

Galesburg

Revenue

,

Series

A

,

4

.00

%

,

10/1/46

,

Continuously

Callable

@100

.......

4,000

3,619

City

of

Springfield

Electric

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

3/1/40

,

Continuously

Callable

@100

.....................................

3,000

3,005

Cook

County

Community

College

District

No.

508,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

...................

9,500

9,810

County

of

Cook

Sales

Tax

Revenue

,

5

.00

%

,

11/15/38

,

Continuously

Callable

@100

.......

7,750

8,092

County

of

Will,

GO

,

4

.00

%

,

11/15/47

,

Continuously

Callable

@100

...................

2,000

1,985

Illinois

Finance

Authority

Revenue

5

.50

%

,

4/1/32

,

Continuously

Callable

@100

...............................

7,065

7,065

4

.00

%

,

3/1/38

,

Continuously

Callable

@100

...............................

2,000

2,005

5

.00

%

,

8/1/42

,

Continuously

Callable

@100

...............................

750

760

5

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

2,000

2,008

4

.00

%

,

12/1/46

,

Continuously

Callable

@100

...............................

4,500

4,238

5

.00

%

,

8/1/47

,

Continuously

Callable

@100

...............................

750

758

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

...............................

2,000

2,032

5

.00

%

,

10/1/49

,

Continuously

Callable

@100

...............................

1,250

1,294

5

.00

%

,

10/1/51

,

Continuously

Callable

@100

...............................

1,000

1,034

5

.00

%

,

3/1/52

,

Continuously

Callable

@100

...............................

1,075

1,032

4

.00

%

,

10/1/55

,

Continuously

Callable

@100

...............................

2,000

1,826

Series

A

,

4

.00

%

,

2/1/33

,

Continuously

Callable

@100

.........................

6,000

6,002

Series

A

,

5

.00

%

,

5/15/37

,

Continuously

Callable

@100

........................

700

708

Series

A

,

4

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

12,395

12,440

Series

A

,

5

.00

%

,

2/15/47

,

Continuously

Callable

@100

........................

1,000

1,007

Series

A

,

5

.00

%

,

5/15/47

,

Continuously

Callable

@100

........................

1,155

1,163

Series

A

,

5

.00

%

,

2/15/50

,

Continuously

Callable

@100

........................

500

502

Series

A

,

4

.00

%

,

8/1/51

,

Continuously

Callable

@100

.........................

3,500

3,114

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

151

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

C

,

4

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

100

........................

$

20

$

21

Series

C

,

4

.00

%

,

2/15/41

,

Continuously

Callable

@100

........................

10,175

10,164

Series

C

,

4

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

100

........................

320

329

Series

C

,

4

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

100

........................

485

499

Illinois

State

Toll

Highway

Authority

Revenue

,

Series

A

,

4

.00

%

,

1/1/46

,

Continuously

Callable

@100

...........................................................

4,000

3,984

Metropolitan

Pier

&

Exposition

Authority

Revenue

,

5

.00

%

,

6/15/50

,

Continuously

Callable

@100

...........................................................

9,500

9,908

Northern

Illinois

Municipal

Power

Agency

Revenue

,

Series

A

,

4

.00

%

,

12/1/41

,

Continuously

Callable

@100

.....................................................

9,000

9,008

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

4

.00

%

,

4/1/41

,

Continuously

Callable

@100

...............................

600

596

Regional

Transportation

Authority

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

6

.50

%

,

7/1/30

.....................................................

37,550

42,693

Sangamon

County

Water

Reclamation

District,

GO

Series

A

,

4

.00

%

,

1/1/49

,

Continuously

Callable

@100

.........................

15,000

14,748

Series

A

,

5

.75

%

,

1/1/53

,

Continuously

Callable

@100

.........................

2,000

2,038

State

of

Illinois,

GO

5

.50

%

,

5/1/39

,

Continuously

Callable

@100

...............................

2,275

2,487

Series

A

,

5

.00

%

,

10/1/33

,

Continuously

Callable

@100

........................

2,000

2,112

State

of

Illinois,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

4

.00

%

,

2/1/31

,

Continuously

Callable

@100

...............................

1,000

1,004

4

.00

%

,

2/1/32

,

Continuously

Callable

@100

...............................

1,000

1,002

Village

of

Rosemont,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

12/1/46

,

Continuously

Callable

@100

....................................

10,000

10,201

224,094

Indiana

(2.1%):

Evansville

Redevelopment

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

4

.00

%

,

2/1/38

,

Continuously

Callable

@100

...............................

5,540

5,549

4

.00

%

,

2/1/39

,

Continuously

Callable

@100

...............................

3,605

3,611

Indiana

Finance

Authority

Revenue

5

.00

%

,

11/15/43

,

Continuously

Callable

@103

..............................

1,970

2,014

5

.00

%

,

11/15/48

,

Continuously

Callable

@103

..............................

3,895

3,966

5

.25

%

,

3/1/54

,

Continuously

Callable

@100

...............................

1,000

1,093

Series

A

,

5

.50

%

,

4/1/46

,

Continuously

Callable

@100

.........................

5,000

5,025

Series

A

,

4

.00

%

,

11/15/51

,

Continuously

Callable

@100

.......................

1,030

922

Series

A

,

5

.50

%

,

7/1/52

,

Continuously

Callable

@100

.........................

4,500

4,794

Series

A

,

5

.00

%

,

6/1/53

,

Continuously

Callable

@100

.........................

1,000

1,042

Indiana

Housing

&

Community

Development

Authority

Revenue

,

Series

D-1

,

4

.75

%

,

7/1/54

,

Continuously

Callable

@100

...........................................

1,000

1,023

Richmond

Hospital

Authority

Revenue

,

Series

A

,

5

.00

%

,

1/1/39

,

Continuously

Callable

@100

7,000

7,003

36,042

Iowa

(0.5%):

Iowa

Finance

Authority

Revenue

,

Series

A

,

5

.00

%

,

5/15/43

,

Continuously

Callable

@100

...

6,235

6,249

Iowa

Higher

Education

Loan

Authority

Revenue

,

5

.38

%

,

10/1/52

,

Continuously

Callable

@100

...........................................................

1,000

1,058

Iowa

Tobacco

Settlement

Authority

Revenue

,

Series

A-2

,

4

.00

%

,

6/1/49

,

Continuously

Callable

@100

...........................................................

1,000

959

8,266

Kansas

(1.1%):

City

of

Coffeyville

Electric

System

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

B

,

5

.00

%

,

6/1/42

,

Continuously

Callable

@100

(a)

.......................

2,500

2,510

City

of

Lawrence

Revenue

,

Series

A

,

5

.00

%

,

7/1/48

,

Continuously

Callable

@100

........

5,000

5,119

City

of

Manhattan

Revenue

Series

A

,

4

.00

%

,

6/1/46

,

Continuously

Callable

@103

.........................

1,000

870

Series

A

,

4

.00

%

,

6/1/52

,

Continuously

Callable

@103

.........................

1,500

1,242

Wyandotte

County-Kansas

City

Unified

Government

Tax

Allocation

,

5

.75

%

,

3/1/41

,

Continuously

Callable

@103

(a)

.........................................

7,600

7,919

Wyandotte

County-Kansas

City

Unified

Government

Utility

System

Revenue

,

Series

A

,

5

.00

%

,

9/1/45

,

Continuously

Callable

@100

.....................................

2,000

2,012

19,672

Kentucky

(1.3%):

City

of

Ashland

Revenue

,

Series

A

,

5

.00

%

,

2/1/40

,

Continuously

Callable

@100

..........

1,000

1,018

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

152

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

City

of

Hazard

Revenue

,

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

.................

$

3,000

$

2,882

County

of

Boyle

Revenue

,

Series

A

,

4

.50

%

,

6/1/53

,

Continuously

Callable

@100

.........

1,525

1,528

Kentucky

Bond

Development

Corp.

Revenue

,

4

.00

%

,

6/1/51

,

Continuously

Callable

@100

..

1,070

984

Kentucky

Economic

Development

Finance

Authority

Revenue

Series

A

,

5

.00

%

,

5/15/46

,

Continuously

Callable

@100

........................

5,500

4,389

Series

B

,

5

.00

%

,

8/15/41

,

Continuously

Callable

@100

........................

3,000

3,078

Kentucky

Economic

Development

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

4

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

500

501

Series

A

,

5

.00

%

,

12/1/45

,

Continuously

Callable

@100

........................

2,000

2,053

Louisville/Jefferson

County

Metropolitan

Government

Revenue

,

Series

A

,

5

.00

%

,

5/15/52

,

Continuously

Callable

@100

...........................................

6,000

6,272

22,705

Louisiana

(3.3%):

City

of

Shreveport

Water

&

Sewer

Revenue

5

.00

%

,

12/1/40

,

Continuously

Callable

@100

...............................

1,000

1,015

Series

B

,

5

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

5,500

5,622

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

Series

B

,

4

.00

%

,

12/1/49

,

Continuously

Callable

@100

....................................

1,000

971

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

4

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,100

1,108

Jefferson

Sales

Tax

District

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

4

.00

%

,

12/1/42

,

Continuously

Callable

@100

...............................

7,000

7,030

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

,

3

.50

%

,

11/1/32

,

Continuously

Callable

@100

.......................

6,250

6,066

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

1,685

1,731

5

.00

%

,

10/1/48

,

Continuously

Callable

@100

...............................

5,000

5,084

Series

A

,

4

.00

%

,

10/1/46

,

Continuously

Callable

@100

........................

8,210

8,019

Louisiana

Public

Facilities

Authority

Revenue

4

.00

%

,

5/15/41

,

Pre-refunded

5/15/26

@

100

...............................

15

15

4

.00

%

,

5/15/41

,

Continuously

Callable

@100

...............................

1,235

1,237

5

.00

%

,

5/15/46

,

Continuously

Callable

@100

...............................

5,000

5,093

5

.00

%

,

7/1/52

,

Continuously

Callable

@100

...............................

400

408

5

.00

%

,

7/1/57

,

Continuously

Callable

@100

...............................

2,000

2,033

Series

A

,

5

.00

%

,

11/1/45

,

Pre-refunded

11/1/25

@

100

........................

3,000

3,059

Series

A

,

4

.00

%

,

12/15/50

,

Pre-refunded

12/15/27

@

100

......................

30

31

Series

A

,

4

.00

%

,

12/15/50

,

Continuously

Callable

@100

.......................

970

969

Series

A

,

4

.00

%

,

1/1/56

,

Continuously

Callable

@100

.........................

9,000

8,602

58,093

Lousiana

(0.1%):

New

Orleans

Aviation

Board

Revenue

AMT

,

Series

C-2

,

5

.25

%

,

1/1/51

,

Continuously

Callable

@100

...........................................................

2,310

2,468

Maine

(0.5%):

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

,

Series

A

,

4

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........................................

9,000

7,838

Maryland

(0.1%):

State

of

Maryland

Department

of

Transportation

Revenue

AMT

,

Series

A

,

5

.25

%

,

8/1/54

,

Continuously

Callable

@100

...........................................

2,000

2,163

Massachusetts

(1.9%):

Massachusetts

Development

Finance

Agency

Revenue

5

.00

%

,

4/15/40

,

Continuously

Callable

@100

...............................

1,000

996

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

3,280

3,306

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

1,000

811

5

.00

%

,

7/1/52

,

Continuously

Callable

@100

...............................

1,500

1,546

Series

A

,

5

.50

%

,

7/1/44

,

Continuously

Callable

@100

.........................

2,000

1,974

Series

A

,

4

.00

%

,

10/1/46

,

Continuously

Callable

@100

........................

3,370

2,899

Series

B

,

4

.00

%

,

6/1/50

,

Continuously

Callable

@100

.........................

1,700

1,426

Series

B

,

4

.00

%

,

7/1/50

,

Continuously

Callable

@100

.........................

975

879

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

153

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

D

,

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

........................

$

3,000

$

3,004

Series

E

,

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

1,000

970

Series

I

,

5

.00

%

,

7/1/46

,

Continuously

Callable

@100

.........................

4,000

4,034

Series

J2

,

5

.00

%

,

7/1/53

,

Continuously

Callable

@100

........................

10,000

10,276

Massachusetts

Development

Finance

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

4

.00

%

,

10/1/45

,

Continuously

Callable

@100

..................

1,250

1,232

33,353

Michigan

(2.8%):

County

of

Genesee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

B

,

4

.00

%

,

2/1/41

,

Continuously

Callable

@100

.........................

2,000

2,002

Series

B

,

5

.00

%

,

2/1/46

,

Continuously

Callable

@100

.........................

2,900

2,939

Downriver

Utility

Wastewater

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

4/1/43

,

Continuously

Callable

@100

...............................

2,500

2,607

Flint

Hospital

Building

Authority

Revenue

,

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

....

2,500

2,313

Jackson

Public

Schools,

GO

(NBGA

-

Michigan

School

Bond

Qualification

and

Loan

Program)

5

.00

%

,

5/1/45

,

Continuously

Callable

@100

...............................

6,000

6,317

5

.00

%

,

5/1/48

,

Continuously

Callable

@100

...............................

3,000

3,117

Karegnondi

Water

Authority

Revenue

,

5

.00

%

,

11/1/45

,

Continuously

Callable

@100

.......

2,750

2,812

Livonia

Public

Schools,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

5/1/45

,

Continuously

Callable

@100

...........................................

4,000

4,075

Michigan

Finance

Authority

Revenue

5

.00

%

,

11/1/43

,

Continuously

Callable

@100

...............................

1,000

1,042

4

.00

%

,

2/15/44

,

Continuously

Callable

@100

...............................

5,000

4,932

4

.00

%

,

2/15/47

,

Continuously

Callable

@100

...............................

1,000

961

4

.00

%

,

2/15/50

,

Continuously

Callable

@100

...............................

2,000

1,903

4

.00

%

,

9/1/50

,

Continuously

Callable

@100

...............................

1,000

902

5

.63

%

,

11/1/52

,

Continuously

Callable

@100

...............................

3,000

3,184

4

.00

%

,

11/1/55

,

Continuously

Callable

@100

...............................

4,000

3,724

Series

A

,

4

.00

%

,

11/15/50

,

Continuously

Callable

@100

.......................

3,000

2,869

Michigan

State

Building

Authority

Revenue

,

4

.00

%

,

10/15/49

,

Continuously

Callable

@100

.

2,500

2,461

48,160

Missouri

(3.3%):

Cape

Girardeau

County

IDA

Revenue

5

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

750

772

Series

A

,

6

.00

%

,

3/1/33

,

Continuously

Callable

@102

.........................

1,785

1,812

Hannibal

IDA

Revenue

,

5

.00

%

,

10/1/47

,

Continuously

Callable

@100

.................

3,000

2,997

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

4

.00

%

,

8/1/36

,

Continuously

Callable

@100

...............................

440

422

0.00%,

5/15/40

,

Continuously

Callable

@103

(e)

.............................

5,510

3,390

4

.00

%

,

8/1/41

,

Continuously

Callable

@100

...............................

410

379

4

.00

%

,

2/1/48

,

Continuously

Callable

@100

...............................

10,000

9,417

4

.00

%

,

2/15/51

,

Continuously

Callable

@100

...............................

1,000

907

5

.00

%

,

12/1/52

,

Continuously

Callable

@100

...............................

1,000

1,086

Series

A

,

5

.00

%

,

2/1/42

,

Continuously

Callable

@104

.........................

3,500

3,591

Series

A

,

4

.00

%

,

2/15/54

,

Continuously

Callable

@100

........................

2,500

2,401

Missouri

Development

Finance

Board

Revenue

4

.00

%

,

3/1/51

,

Continuously

Callable

@100

...............................

2,000

1,639

Series

D

,

4

.00

%

,

6/1/46

,

Continuously

Callable

@100

........................

17,775

17,520

St.

Louis

County

IDA

Revenue

5

.00

%

,

9/1/48

,

Continuously

Callable

@100

...............................

2,000

2,005

Series

A

,

5

.88

%

,

9/1/43

,

Continuously

Callable

@100

.........................

5,000

5,004

St.

Louis

Municipal

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

10/1/38

,

Continuously

Callable

@100

...............................

3,065

3,176

Stoddard

County

IDA

Revenue

,

Series

B

,

6

.00

%

,

3/1/37

,

Continuously

Callable

@102

.....

1,725

1,751

58,269

Montana

(0.3%):

City

of

Forsyth

Revenue

,

Series

A

,

3

.90

%

,

3/1/31

,

Continuously

Callable

@100

..........

4,000

4,000

Montana

Facility

Finance

Authority

Revenue

,

4

.00

%

,

6/1/45

,

Continuously

Callable

@100

..

1,000

985

4,985

Nebraska

(1.6%):

Central

Plains

Energy

Project

Revenue

,

Series

A

,

5

.00

%

,

9/1/42

......................

13,665

15,186

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

154

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Douglas

County

Hospital

Authority

No.

3

Revenue

,

5

.00

%

,

11/1/48

,

Continuously

Callable

@100

...........................................................

$

3,400

$

3,424

Nebraska

Educational

Health

Cultural

&

Social

Services

Finance

Authority

Revenue

,

Series

S

,

4

.00

%

,

1/1/49

,

Continuously

Callable

@102

...............................

7,500

6,849

Omaha

Airport

Authority

Revenue

AMT

,

5

.25

%

,

12/15/54

,

Continuously

Callable

@100

....

1,500

1,628

27,087

Nevada

(1.2%):

Carson

City

Revenue

,

5

.00

%

,

9/1/47

,

Continuously

Callable

@100

...................

2,775

2,823

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Series

C

,

4

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

4,400

4,415

Series

C

,

4

.00

%

,

7/1/46

,

Continuously

Callable

@100

.........................

12,140

12,160

Reno-Tahoe

Airport

Authority

Revenue

AMT

,

Series

A

,

5

.25

%

,

7/1/54

,

Continuously

Callable

@100

...........................................................

1,000

1,071

20,469

New

Hampshire

(0.4%):

New

Hampshire

Business

Finance

Authority

Revenue

4

.00

%

,

1/1/51

,

Continuously

Callable

@103

...............................

3,000

2,628

Series

A

,

5

.25

%

,

7/1/48

,

Continuously

Callable

@103

.........................

1,000

1,049

Series

A

,

5

.25

%

,

11/1/54

,

Continuously

Callable

@100

........................

1,000

1,071

Series

C

,

5

.25

%

,

7/1/54

,

Continuously

Callable

@100

.........................

2,750

2,913

7,661

New

Jersey

(3.2%):

City

of

Newark

Mass

Transit

Access

Tax

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

5

.38

%

,

11/15/52

,

Continuously

Callable

@100

...................................

1,000

1,117

New

Jersey

Economic

Development

Authority

Revenue

4

.00

%

,

11/1/44

,

Continuously

Callable

@100

...............................

3,000

2,976

4

.00

%

,

6/15/49

,

Continuously

Callable

@100

...............................

4,000

3,971

Series

A

,

5

.00

%

,

6/15/47

,

Continuously

Callable

@100

........................

3,000

3,084

Series

A

,

5

.00

%

,

11/1/52

,

Continuously

Callable

@100

........................

5,000

5,350

Series

B

,

5

.00

%

,

6/15/43

,

Continuously

Callable

@100

........................

3,500

3,658

Series

WW

,

5

.25

%

,

6/15/40

,

Pre-refunded

6/15/25

@

100

......................

2,835

2,869

Series

WW

,

5

.25

%

,

6/15/40

,

Pre-refunded

6/15/25

@

100

......................

165

167

New

Jersey

Economic

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

6/1/42

,

Continuously

Callable

@100

..........................

1,200

1,228

New

Jersey

Educational

Facilities

Authority

Revenue

Series

B

,

5

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

5,000

5,130

Series

F

,

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

3,000

2,372

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

,

5

.00

%

,

10/1/38

,

Continuously

Callable

@100

.....................................................

2,250

2,359

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........

1,250

1,255

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

,

Series

BB

,

4

.00

%

,

6/15/50

,

Continuously

Callable

@100

...........................................

15,000

14,809

The

Camden

County

Improvement

Authority

Revenue

,

6

.00

%

,

6/15/52

,

Continuously

Callable

@100

...........................................................

1,325

1,444

The

Passaic

County

Improvement

Authority

Revenue

,

5

.38

%

,

7/1/53

,

Continuously

Callable

@100

...........................................................

500

523

Tobacco

Settlement

Financing

Corp.

Revenue

,

Series

A

,

5

.25

%

,

6/1/46

,

Continuously

Callable

@100

...........................................................

3,000

3,109

55,421

New

Mexico

(0.5%):

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

,

Series

A

,

5

.00

%

,

7/1/49

,

Continuously

Callable

@102

...........................................

8,625

8,439

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

Tax

Allocation

,

4

.25

%

,

5/1/40

,

Continuously

Callable

@103

(a)

...................................

670

628

9,067

New

York

(3.8%):

Allegany

County

Capital

Resource

Corp.

Revenue

,

Series

A

,

5

.00

%

,

12/1/52

,

Continuously

Callable

@100

.....................................................

4,000

3,510

Build

NYC

Resource

Corp.

Revenue

Series

A

,

5

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

700

711

Series

A

,

7

.00

%

,

4/15/53

,

Continuously

Callable

@100

(a)

......................

2,500

2,833

City

of

New

York,

GO

,

Series

B-3

,

2

.00

%

,

10/1/46

,

Continuously

Callable

@100

(d)

.......

1,580

1,580

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

155

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Empire

State

Development

Corp.

Revenue

,

Series

A

,

4

.00

%

,

3/15/45

,

Continuously

Callable

@100

...........................................................

$

5,000

$

5,026

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund

Revenue

,

Series

A

,

11/15/32

(b)

..

5,000

3,717

Metropolitan

Transportation

Authority

Revenue

,

Series

A-2

,

5

.00

%

,

11/15/45

,

(Put

Date

5/15/30)

(f)

........................................................

5,490

6,039

Mount

Vernon

City

School

District,

GO

,

5

.00

%

,

6/30/25

...........................

2,000

2,004

New

York

City

Municipal

Water

Finance

Authority

Revenue

,

Series

DD

,

2

.00

%

,

6/15/33

,

Continuously

Callable

@100

(d)

........................................

2,200

2,200

New

York

Liberty

Development

Corp.

Revenue

5

.25

%

,

10/1/35

....................................................

15,255

17,783

2

.80

%

,

9/15/69

,

Continuously

Callable

@100

...............................

1,500

1,380

New

York

State

Dormitory

Authority

Revenue

5

.25

%

,

10/1/49

,

Continuously

Callable

@100

...............................

2,000

2,156

Series

A

,

4

.00

%

,

9/1/50

,

Continuously

Callable

@100

.........................

3,000

2,833

New

York

Transportation

Development

Corp.

Revenue

AMT

(INS

-

Assured

Guaranty

Corp.)

,

4

.63

%

,

6/30/54

,

Continuously

Callable

@100

...............................

5,000

5,097

Onondaga

Civic

Development

Corp.

Revenue

,

5

.38

%

,

8/1/54

,

Continuously

Callable

@100

..

750

714

Triborough

Bridge

&

Tunnel

Authority

Revenue

Series

A

,

11/15/31

(b)

................................................

5,000

3,935

Series

A

,

11/15/32

(b)

................................................

3,000

2,263

Series

B

,

11/15/32

(b)

................................................

2,500

1,935

TSASC,

Inc.

Revenue

,

Series

A

,

5

.00

%

,

6/1/41

,

Continuously

Callable

@100

............

1,000

1,017

66,733

North

Carolina

(0.3%):

North

Carolina

Medical

Care

Commission

Revenue

5

.00

%

,

1/1/49

,

Continuously

Callable

@103

...............................

2,725

2,746

5

.25

%

,

12/1/54

,

Continuously

Callable

@100

...............................

2,000

2,117

Series

A

,

4

.00

%

,

10/1/50

,

Continuously

Callable

@103

........................

1,000

894

5,757

North

Dakota

(0.7%):

City

of

Grand

Forks

Revenue

4

.00

%

,

12/1/51

,

Continuously

Callable

@100

...............................

2,375

2,126

Series

A

,

5

.00

%

,

12/1/53

,

Continuously

Callable

@100

........................

1,400

1,503

County

of

Ward

Revenue

,

Series

C

,

5

.00

%

,

6/1/43

,

Continuously

Callable

@100

.........

7,500

7,519

University

of

North

Dakota

Certificate

of

Participation

(INS

-

Assured

Guaranty

Corp.)

,

Series

A

,

4

.00

%

,

6/1/51

,

Continuously

Callable

@100

.............................

1,500

1,456

12,604

Ohio

(3.3%):

City

of

Centerville

Revenue

,

5

.25

%

,

11/1/47

,

Continuously

Callable

@100

..............

2,700

2,630

City

of

Middleburg

Heights

Revenue

,

Series

A

,

4

.00

%

,

8/1/47

,

Continuously

Callable

@100

.

2,000

1,845

County

of

Cuyahoga

Revenue

,

4

.75

%

,

2/15/47

,

Continuously

Callable

@100

............

9,000

9,111

County

of

Franklin

Revenue

,

Series

B

,

5

.00

%

,

7/1/45

,

Continuously

Callable

@103

.......

5,000

5,195

County

of

Hamilton

Revenue

5

.00

%

,

1/1/51

,

Continuously

Callable

@100

...............................

2,500

2,506

Series

A

,

5

.75

%

,

1/1/53

,

Continuously

Callable

@103

.........................

2,000

2,175

County

of

Lucas

Revenue

,

Series

A

,

5

.25

%

,

11/15/48

,

Continuously

Callable

@100

.......

6,000

6,100

County

of

Montgomery

Revenue

4

.00

%

,

11/15/42

,

Continuously

Callable

@100

..............................

2,500

2,308

4

.00

%

,

11/15/45

,

Continuously

Callable

@100

..............................

2,000

1,808

5

.25

%

,

9/1/54

,

Continuously

Callable

@100

...............................

1,500

1,609

County

of

Ross

Revenue

,

5

.00

%

,

12/1/49

,

Continuously

Callable

@100

................

9,100

9,313

County

of

Warren

Revenue

,

5

.00

%

,

7/1/54

,

Continuously

Callable

@100

...............

1,785

1,862

Ohio

Higher

Educational

Facility

Commission

Revenue

6

.00

%

,

9/1/47

,

Continuously

Callable

@100

...............................

4,475

4,807

5

.25

%

,

5/1/54

,

Continuously

Callable

@100

...............................

1,500

1,611

State

of

Ohio

Revenue

4

.00

%

,

11/15/40

,

Continuously

Callable

@100

..............................

655

625

Series

A

,

4

.00

%

,

1/15/50

,

Continuously

Callable

@100

........................

5,000

4,882

58,387

Oklahoma

(1.1%):

Norman

Regional

Hospital

Authority

Revenue

,

4

.00

%

,

9/1/45

,

Continuously

Callable

@100

.

4,250

3,524

Oklahoma

Development

Finance

Authority

Revenue

,

Series

B

,

5

.50

%

,

8/15/57

,

Continuously

Callable

@100

.....................................................

4,250

4,352

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

156

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Oklahoma

Municipal

Power

Authority

Revenue

,

Series

A

,

4

.00

%

,

1/1/47

,

Continuously

Callable

@100

.....................................................

$

10,000

$

9,950

Tulsa

County

Industrial

Authority

Revenue

,

5

.25

%

,

11/15/45

,

Continuously

Callable

@102

..

2,000

2,058

19,884

Oregon

(0.7%):

City

of

Keizer

Special

Assessment

,

5

.20

%

,

6/1/31

,

Continuously

Callable

@100

..........

560

561

Deschutes

County

Hospital

Facilities

Authority

Revenue

,

Series

A

,

4

.00

%

,

1/1/46

,

Continuously

Callable

@100

...........................................

2,000

1,948

Medford

Hospital

Facilities

Authority

Revenue

,

Series

A

,

4

.00

%

,

8/15/50

,

Continuously

Callable

@100

.....................................................

3,800

3,727

Oregon

State

Facilities

Authority

Revenue

,

Series

A

,

4

.00

%

,

10/1/51

,

Continuously

Callable

@100

...........................................................

1,000

855

Port

of

Portland

Airport

Revenue

AMT

,

Series

30A

,

5

.25

%

,

7/1/54

,

Continuously

Callable

@100

...........................................................

1,000

1,083

Salem

Hospital

Facility

Authority

Revenue

,

5

.00

%

,

5/15/53

,

Continuously

Callable

@102

...

1,000

1,007

Union

County

Hospital

Facility

Authority

Revenue

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

450

474

5

.00

%

,

7/1/52

,

Continuously

Callable

@100

...............................

1,325

1,390

Yamhill

County

Hospital

Authority

Revenue

,

Series

A

,

5

.00

%

,

11/15/51

,

Continuously

Callable

@102

...........................................................

1,180

1,050

12,095

Pennsylvania

(8.2%):

Adams

County

General

Authority

Revenue

,

4

.00

%

,

8/15/45

,

Continuously

Callable

@100

...

7,400

7,054

Allegheny

County

Hospital

Development

Authority

Revenue

,

Series

A

,

5

.00

%

,

4/1/47

,

Continuously

Callable

@100

...........................................

3,500

3,557

Allegheny

County

Sanitary

Authority

Revenue

,

4

.13

%

,

12/1/55

,

Continuously

Callable

@100

500

505

Allentown

Commercial

and

IDA

Revenue

5

.00

%

,

7/1/50

,

Continuously

Callable

@100

...............................

2,000

2,029

6

.00

%

,

6/15/53

,

Continuously

Callable

@100

...............................

1,600

1,715

Altoona

Area

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

5

.00

%

,

12/1/45

,

Pre-refunded

12/1/25

@

100

...............................

1,000

1,022

5

.00

%

,

12/1/48

,

Pre-refunded

12/1/25

@

100

...............................

300

306

Armstrong

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

4

.00

%

,

3/15/38

,

Continuously

Callable

@100

........................

1,000

1,014

Series

A

,

4

.00

%

,

3/15/41

,

Continuously

Callable

@100

........................

2,250

2,281

Berks

County

IDA

Revenue

,

5

.00

%

,

5/15/48

,

Pre-refunded

5/15/25

@

102

..............

1,000

1,029

Bucks

County

IDA

Revenue

,

4

.00

%

,

8/15/50

,

Continuously

Callable

@100

.............

3,000

2,883

Canon-McMillan

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

4

.00

%

,

6/1/44

,

Continuously

Callable

@100

...............................

3,500

3,456

4

.00

%

,

6/1/48

,

Continuously

Callable

@100

...............................

1,105

1,089

4

.00

%

,

6/1/50

,

Continuously

Callable

@100

...............................

6,065

5,880

Chester

County

IDA

Revenue

6

.00

%

,

10/15/52

,

Continuously

Callable

@100

(a)

............................

1,775

1,879

4

.50

%

,

10/1/54

,

Continuously

Callable

@100

(a)

.............................

645

645

Series

A

,

5

.25

%

,

10/15/47

,

Continuously

Callable

@100

.......................

3,250

3,266

Commonwealth

of

Pennsylvania

Certificate

of

Participation

,

Series

A

,

5

.00

%

,

7/1/43

,

Continuously

Callable

@100

...........................................

1,000

1,035

County

of

Allegheny,

GO

,

Series

C-77

,

5

.00

%

,

11/1/43

,

Continuously

Callable

@100

......

3,170

3,325

County

of

Lehigh

Revenue

,

4

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............

11,000

10,628

Delaware

County

Authority

Revenue

,

5

.00

%

,

10/1/39

,

Continuously

Callable

@100

.......

2,250

2,329

Delaware

River

Joint

Toll

Bridge

Commission

Revenue

,

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

...........................................................

5,000

5,147

Lancaster

IDA

Revenue

,

4

.00

%

,

7/1/51

,

Continuously

Callable

@103

.................

1,000

918

Lancaster

Municipal

Authority

Revenue

,

Series

B

,

5

.00

%

,

5/1/54

,

Continuously

Callable

@103

800

834

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

,

Series

B

,

4

.00

%

,

5/1/52

,

Continuously

Callable

@100

...........................................

8,000

7,636

Montgomery

County

IDA

Revenue

5

.00

%

,

12/1/49

,

Continuously

Callable

@103

...............................

2,000

2,034

Series

A

,

5

.00

%

,

12/1/48

,

Continuously

Callable

@102

........................

2,000

2,008

Northampton

County

General

Purpose

Authority

Revenue

4

.00

%

,

8/15/40

,

Continuously

Callable

@100

...............................

4,000

3,878

5

.00

%

,

8/15/48

,

Continuously

Callable

@100

...............................

2,440

2,508

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

157

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

5

.00

%

,

5/1/44

,

Continuously

Callable

@100

...............................

$

1,000

$

1,006

5

.00

%

,

5/1/49

,

Continuously

Callable

@100

...............................

1,350

1,346

Pennsylvania

Economic

Development

Financing

Authority

Revenue

4

.00

%

,

7/1/46

,

Continuously

Callable

@103

...............................

1,000

966

Series

A

,

4

.00

%

,

10/15/51

,

Continuously

Callable

@100

.......................

2,320

2,258

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Series

A

,

4

.00

%

,

7/15/46

,

Continuously

Callable

@100

........................

2,025

1,792

Series

B2

,

4

.38

%

,

11/1/54

,

Continuously

Callable

@100

.......................

1,200

1,198

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

,

Series

B

,

4

.00

%

,

12/1/51

,

Continuously

Callable

@100

...........................................

5,645

5,567

Pennsylvania

Turnpike

Commission

Revenue

Series

2

,

5

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,000

1,045

Series

A

,

4

.00

%

,

12/1/49

,

Continuously

Callable

@100

........................

5,000

4,967

Series

A-1

,

5

.00

%

,

12/1/46

,

Continuously

Callable

@100

......................

3,000

3,026

Series

A-1

,

5

.00

%

,

12/1/47

,

Continuously

Callable

@100

......................

4,000

4,128

Series

A-2

,

5

.00

%

,

12/1/33

,

Continuously

Callable

@100

......................

1,250

1,332

Series

B

,

4

.00

%

,

12/1/51

,

Continuously

Callable

@100

........................

1,500

1,476

Series

B-1

,

5

.00

%

,

6/1/42

,

Continuously

Callable

@100

.......................

9,000

9,317

Reading

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

4

.00

%

,

4/1/44

,

Continuously

Callable

@100

.....................................

1,055

1,064

Scranton

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

E

,

4

.00

%

,

12/1/37

,

Continuously

Callable

@100

....................................

1,025

1,029

The

Berks

County

Municipal

Authority

Revenue

Series

A1

,

8

.00

%

,

6/30/34

,

Continuously

Callable

@104

.......................

885

927

Series

A-2A

,

6

.00

%

,

6/30/34

,

Continuously

Callable

@104

.....................

444

484

Series

A3

,

5

.00

%

,

6/30/39

,

Continuously

Callable

@100

.......................

5,950

5,950

Series

B1

,

6

.00

%

,

6/30/44

,

Continuously

Callable

@86

(c)

......................

2,973

2,218

The

School

District

of

Philadelphia,

GO

Series

B

,

5

.00

%

,

9/1/43

,

Continuously

Callable

@100

.........................

2,500

2,604

Series

F

,

5

.00

%

,

9/1/37

,

Continuously

Callable

@100

.........................

1,000

1,021

Series

F

,

5

.00

%

,

9/1/38

,

Pre-refunded

9/1/26

@

100

..........................

10

10

Series

F

,

5

.00

%

,

9/1/38

,

Continuously

Callable

@100

.........................

1,990

2,039

Wilkes-Barre

Area

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

4

.00

%

,

4/15/49

,

Continuously

Callable

@100

...............................

750

752

5

.00

%

,

4/15/59

,

Continuously

Callable

@100

...............................

3,000

3,104

142,516

South

Carolina

(0.6%):

Charleston

County

Airport

District

Revenue

AMT

,

Series

A

,

5

.25

%

,

7/1/54

,

Continuously

Callable

@100

.....................................................

1,500

1,627

City

of

Rock

Hill

Combined

Utility

System

Revenue

,

Series

A

,

4

.00

%

,

1/1/49

,

Continuously

Callable

@100

.....................................................

2,500

2,442

Patriots

Energy

Group

Revenue

,

Series

A

,

4

.00

%

,

6/1/51

,

Continuously

Callable

@100

.....

2,000

1,877

South

Carolina

Jobs-Economic

Development

Authority

Revenue

5

.00

%

,

11/15/47

,

Continuously

Callable

@103

..............................

1,850

1,895

4

.00

%

,

4/1/54

,

Continuously

Callable

@103

...............................

1,165

1,057

5

.00

%

,

4/1/54

,

Continuously

Callable

@103

...............................

1,000

1,010

9,908

Tennessee

(1.0%):

Greeneville

Health

&

Educational

Facilities

Board

Revenue

,

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

.....................................................

2,000

2,065

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

,

Series

A-1

,

5

.50

%

,

7/1/54

,

Continuously

Callable

@100

.....................................

1,000

1,097

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

5

.00

%

,

7/1/46

,

Continuously

Callable

@100

...............................

5,000

5,058

4

.00

%

,

10/1/51

,

Continuously

Callable

@100

...............................

1,000

900

Series

A

,

5

.00

%

,

10/1/45

,

Continuously

Callable

@100

........................

1,500

1,515

Shelby

County

Health

&

Educational

Facilities

Board

Revenue

,

Series

A1

,

5

.25

%

,

6/1/56

,

Continuously

Callable

@100

(a)

.........................................

1,000

1,028

Tennergy

Corp.

Revenue

,

Series

A

,

5

.50

%

,

10/1/53

,

(Put

Date

12/1/30)

(f)

...............

5,000

5,391

17,054

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

158

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Texas

(15.2%):

Arlington

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

4

.00

%

,

8/15/43

,

Continuously

Callable

@100

...............................

$

10,000

$

9,765

4

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

2,170

2,178

4

.13

%

,

8/15/54

,

Continuously

Callable

@100

...............................

500

494

Series

A

,

5

.00

%

,

2/15/41

,

Continuously

Callable

@100

........................

3,000

3,043

Series

A

,

5

.00

%

,

12/1/53

,

Continuously

Callable

@100

........................

7,200

7,275

Bexar

County

Health

Facilities

Development

Corp.

Revenue

5

.00

%

,

7/15/42

,

Continuously

Callable

@104

...............................

600

580

4

.00

%

,

7/15/45

,

Continuously

Callable

@100

...............................

8,450

6,952

Central

Texas

Regional

Mobility

Authority

Revenue

,

4

.00

%

,

1/1/41

,

Continuously

Callable

@100

...........................................................

5,000

4,960

Central

Texas

Turnpike

System

Revenue

(INS

-

AMBAC

Assurance

Corp.)

,

Series

A

,

8/15/30

(b)

........................................................

18,530

15,412

City

of

Arlington

Special

Tax

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

2/15/48

,

Continuously

Callable

@100

...............................

6,500

6,704

City

of

Corpus

Christi

Utility

System

Revenue

,

4

.00

%

,

7/15/39

,

Continuously

Callable

@100

5,900

5,914

City

of

Garland

Electric

Utility

System

Revenue

,

Series

A

,

4

.00

%

,

3/1/51

,

Continuously

Callable

@100

.....................................................

1,000

974

City

of

Houston

Airport

System

Revenue

AMT

,

Series

B

,

5

.50

%

,

7/15/39

,

Continuously

Callable

@100

.....................................................

1,500

1,622

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

,

5

.00

%

,

9/1/40

,

Continuously

Callable

@100

.....................................................

3,715

3,718

City

of

Laredo

Waterworks

&

Sewer

System

Revenue

,

4

.00

%

,

3/1/41

,

Continuously

Callable

@100

...........................................................

700

704

Clifton

Higher

Education

Finance

Corp.

Revenue

,

4

.25

%

,

8/15/52

,

Continuously

Callable

@100

...........................................................

1,500

1,508

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

5

.00

%

,

8/15/39

,

Continuously

Callable

@100

...............................

4,250

4,257

4

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

11,000

11,002

5

.00

%

,

8/15/48

,

Continuously

Callable

@100

...............................

10,000

10,359

County

of

Bexar

Revenue

4

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

500

491

4

.00

%

,

8/15/49

,

Continuously

Callable

@100

...............................

1,700

1,622

Del

Mar

College

District,

GO

,

Series

A

,

5

.00

%

,

8/15/48

,

Continuously

Callable

@100

.....

6,500

6,594

El

Paso

County

Hospital

District

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

4

.25

%

,

2/15/54

,

Continuously

Callable

@100

...............................

1,250

1,249

Everman

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

4

.00

%

,

2/15/50

,

Continuously

Callable

@100

....................................

4,500

4,413

Grand

Parkway

Transportation

Corp.

Revenue

,

4

.00

%

,

10/1/49

,

Continuously

Callable

@100

2,000

1,979

Greater

Texas

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

4

.00

%

,

3/1/50

,

Continuously

Callable

@100

...........................................

2,000

1,914

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

Series

A

,

5

.00

%

,

6/1/38

,

Continuously

Callable

@100

...........................................

6,100

5,800

Harris

County

Hospital

District

Revenue

,

4

.00

%

,

2/15/42

,

Continuously

Callable

@100

....

15,000

14,556

Kerrville

Health

Facilities

Development

Corp.

Revenue

,

5

.00

%

,

8/15/35

,

Continuously

Callable

@100

.....................................................

1,900

1,914

Manor

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

5

.00

%

,

8/1/52

,

Continuously

Callable

@100

.....................................

15,095

15,614

Matagorda

County

Navigation

District

No.

1

Revenue

Series

B-1

,

4

.00

%

,

6/1/30

,

Continuously

Callable

@100

.......................

9,615

9,617

Series

B-2

,

4

.00

%

,

6/1/30

,

Continuously

Callable

@100

.......................

6,000

6,001

Midlothian

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

5

.00

%

,

2/15/47

,

Continuously

Callable

@100

....................................

15,000

15,398

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

4

.00

%

,

11/1/55

,

Continuously

Callable

@103

...............................

1,250

1,082

Series

A-1

,

7

.50

%

,

11/15/37

...........................................

410

343

Series

A-2

,

7

.50

%

,

11/15/36

...........................................

2,565

2,078

Series

B

,

2

.00

%

(

2

.00

%

PIK)

,

11/15/61

,

Continuously

Callable

@105

(e)

...........

10,941

575

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A1

,

5

.00

%

,

7/1/48

,

Continuously

Callable

@100

..........

1,000

1,017

North

Texas

Tollway

Authority

Revenue

5

.00

%

,

1/1/48

,

Continuously

Callable

@100

...............................

3,750

3,874

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

159

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

B

,

9/1/37

,

Pre-refunded

9/1/31

@

64.1040

(b)

..........................

$

3,000

$

1,555

Series

B

,

5

.00

%

,

1/1/45

,

Continuously

Callable

@100

.........................

5,000

5,007

North

Texas

Tollway

Authority

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

B

,

5

.00

%

,

1/1/48

,

Continuously

Callable

@100

.........................

5,000

5,102

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(d)

......................

6,400

6,400

Series

B

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(d)

......................

6,800

6,800

Series

C

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(d)

......................

3,180

3,180

Red

River

Education

Finance

Corp.

Revenue

4

.00

%

,

6/1/41

,

Continuously

Callable

@100

...............................

2,000

1,803

5

.50

%

,

10/1/46

,

Continuously

Callable

@100

...............................

3,000

3,031

San

Antonio

Education

Facilities

Corp.

Revenue

,

4

.00

%

,

4/1/54

,

Continuously

Callable

@100

1,000

822

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

5

.00

%

,

11/15/46

,

Continuously

Callable

@100

..............................

1,000

1,003

Series

A

,

0.00%

,

11/15/45

,

Continuously

Callable

@100

(e)

.....................

3,682

55

Series

B

,

0.00%

,

11/15/36

,

Continuously

Callable

@100

(e)

.....................

2,945

44

Series

B

,

5

.00

%

,

11/15/46

,

Continuously

Callable

@100

.......................

9,000

8,999

Texas

Transportation

Commission

State

Highway

249

System

Revenue

,

5

.00

%

,

8/1/57

,

Continuously

Callable

@100

...........................................

5,000

5,137

Uptown

Development

Authority

Tax

Allocation

5

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

4,365

4,373

5

.00

%

,

9/1/40

,

Continuously

Callable

@100

...............................

2,490

2,490

Series

A

,

5

.00

%

,

9/1/39

,

Continuously

Callable

@100

.........................

1,645

1,650

Waco

Educational

Finance

Corp.

Revenue

,

4

.00

%

,

3/1/51

,

Continuously

Callable

@100

....

4,000

3,936

West

Harris

County

Regional

Water

Authority

Revenue

4

.00

%

,

12/15/45

,

Continuously

Callable

@100

..............................

1,600

1,600

4

.00

%

,

12/15/49

,

Continuously

Callable

@100

..............................

3,945

3,892

Ysleta

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

4

.00

%

,

8/15/52

,

Continuously

Callable

@100

....................................

5,000

4,870

265,301

Utah

(0.2%):

Military

Installation

Development

Authority

Revenue

Series

A-1

,

4

.00

%

,

6/1/41

,

Continuously

Callable

@103

.......................

1,500

1,368

Series

A-1

,

4

.00

%

,

6/1/52

,

Continuously

Callable

@103

.......................

1,000

856

Utah

Charter

School

Finance

Authority

Revenue

Series

A

,

5

.63

%

,

6/15/42

,

Continuously

Callable

@100

(a)

......................

500

517

Series

A

,

4

.00

%

,

10/15/51

,

Continuously

Callable

@100

.......................

1,550

1,433

4,174

Vermont

(0.6%):

Vermont

Economic

Development

Authority

Revenue

,

4

.00

%

,

5/1/45

,

Continuously

Callable

@103

...........................................................

1,350

1,238

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

5

.00

%

,

10/15/46

,

Continuously

Callable

@100

..............................

7,000

7,000

6

.00

%

,

10/1/52

,

Continuously

Callable

@100

(a)

.............................

2,000

1,968

10,206

Virginia

(0.6%):

Alexandria

IDA

Revenue

5

.00

%

,

10/1/45

,

Pre-refunded

10/1/25

@

100

...............................

2,600

2,645

5

.00

%

,

10/1/50

,

Pre-refunded

10/1/25

@

100

...............................

2,400

2,441

Lewistown

Commerce

Center

Community

Development

Authority

Tax

Allocation

Series

A

,

6

.05

%

,

3/1/44

,

Continuously

Callable

@103

(e)

.......................

1,643

1,157

Series

B

,

6

.05

%

,

3/1/44

,

Continuously

Callable

@103

.........................

1,547

1,397

Series

C

,

2

.25

%

,

3/1/54

,

Continuously

Callable

@100

(e)

.......................

6,327

2,691

10,331

Washington

(1.7%):

County

of

Spokane

Airport

Revenue

AMT

,

Series

B

,

5

.25

%

,

1/1/54

,

Continuously

Callable

@100

...........................................................

2,000

2,137

King

County

Public

Hospital

District

No.

1,

GO

,

5

.00

%

,

12/1/43

,

Continuously

Callable

@100

9,000

9,203

King

County

Public

Hospital

District

No.

2,

GO

,

Series

A

,

4

.00

%

,

12/1/45

,

Continuously

Callable

@100

.....................................................

4,000

3,895

Skagit

County

Public

Hospital

District

No.

1

Revenue

,

5

.50

%

,

12/1/54

,

Continuously

Callable

@100

...........................................................

1,000

1,074

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

160

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Washington

Health

Care

Facilities

Authority

Revenue

,

4

.00

%

,

7/1/42

,

Continuously

Callable

@100

...........................................................

$

5,500

$

5,217

Washington

Higher

Education

Facilities

Authority

Revenue

,

4

.00

%

,

5/1/50

,

Continuously

Callable

@100

.....................................................

1,250

1,206

Washington

State

Housing

Finance

Commission

Revenue

5

.00

%

,

1/1/43

,

Continuously

Callable

@102

(a)

.............................

3,055

2,965

6

.13

%

,

7/1/53

,

Continuously

Callable

@103

(a)

.............................

2,000

2,199

Series

A

,

5

.00

%

,

7/1/48

,

Continuously

Callable

@103

.........................

1,100

1,146

Series

A-1

,

3

.50

%

,

12/20/35

...........................................

947

893

29,935

West

Virginia

(0.4%):

West

Virginia

Hospital

Finance

Authority

Revenue

5

.00

%

,

1/1/43

,

Continuously

Callable

@100

...............................

2,000

2,052

Series

A

,

4

.38

%

,

6/1/53

,

Continuously

Callable

@100

.........................

3,000

3,016

Series

B

,

6

.00

%

,

9/1/53

,

Continuously

Callable

@100

.........................

1,750

1,971

7,039

Wisconsin

(3.3%):

Public

Finance

Authority

Revenue

5

.25

%

,

5/15/42

,

Continuously

Callable

@102

(a)

.............................

2,200

2,216

5

.00

%

,

7/1/44

,

Continuously

Callable

@100

...............................

6,000

6,218

5

.00

%

,

11/15/44

,

Continuously

Callable

@103

..............................

455

468

4

.00

%

,

1/1/45

,

Continuously

Callable

@100

...............................

1,500

1,458

5

.00

%

,

6/15/49

,

Continuously

Callable

@100

(a)

.............................

520

520

5

.00

%

,

6/15/49

,

Continuously

Callable

@100

...............................

1,480

1,500

5

.00

%

,

11/15/49

,

Continuously

Callable

@103

..............................

2,400

2,447

4

.00

%

,

2/1/51

,

Continuously

Callable

@100

...............................

1,500

1,184

4

.00

%

,

10/1/51

,

Continuously

Callable

@103

...............................

2,185

1,913

4

.00

%

,

1/1/52

,

Continuously

Callable

@103

...............................

2,350

2,162

5

.13

%

,

4/1/52

,

Continuously

Callable

@100

...............................

3,000

3,063

5

.00

%

,

6/15/53

,

Continuously

Callable

@100

...............................

1,000

1,011

5

.00

%

,

2/1/54

,

Continuously

Callable

@100

...............................

500

512

5

.00

%

,

6/15/54

,

Continuously

Callable

@100

(a)

.............................

455

452

Series

A

,

5

.25

%

,

10/1/43

,

Continuously

Callable

@100

........................

3,090

3,118

Series

A

,

4

.00

%

,

10/1/47

,

Continuously

Callable

@100

........................

4,740

4,547

Series

A

,

4

.00

%

,

10/1/49

,

Continuously

Callable

@100

........................

11,000

10,536

Series

A

,

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

.........................

1,000

862

Series

A

,

6

.63

%

,

7/1/53

,

Continuously

Callable

@103

(a)

.......................

570

611

Series

A

,

4

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

2,250

1,701

Series

A-1

,

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

(a)

.....................

2,870

2,487

Series

L

,

5

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

1,000

987

Series

L

,

5

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

1,000

986

Public

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

5

.00

%

,

7/1/54

,

Continuously

Callable

@100

.........................

1,285

1,309

Series

A

,

5

.00

%

,

7/1/58

,

Continuously

Callable

@100

.........................

1,500

1,528

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

4

.00

%

,

1/1/47

,

Continuously

Callable

@103

...............................

120

106

5

.00

%

,

3/15/50

,

Continuously

Callable

@100

...............................

1,175

1,211

4

.00

%

,

12/1/51

,

Continuously

Callable

@100

...............................

500

377

4

.00

%

,

1/1/57

,

Continuously

Callable

@103

...............................

3,000

2,478

Series

B

,

4

.00

%

,

9/15/45

,

Continuously

Callable

@103

........................

475

428

58,396

Total

Municipal

Bonds

(Cost

$1,778,192)

a

a

a

1,731,918

Total

Investments

(Cost

$1,778,192)

—

99.1%

1,731,918

Other

assets

in

excess

of

liabilities

—  0.9%

16,363

NET

ASSETS

-

100.00%

$

1,748,281

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$43,308

(thousands)

and

amounted

to

2.5%

of

net

assets.

(b)

Zero-coupon

bond.

(c)

Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

Victory

Portfolios

III

Victory

Tax

Exempt

Long-Term

Fund

161

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

(d)

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.

(e)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(f)

Put

Bond.

AMBAC

—

American

Municipal

Bond

Assurance

Corporation

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

PIK

—

Payment-in-Kind

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

November

30,

2024

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

162

(Unaudited)

Security

Description

Principal

Amount

(000)

a

Value

(000)

Municipal

Bonds

(99.4%)

Alabama

(6.4%):

Black

Belt

Energy

Gas

District

Revenue

4

.00

%

,

10/1/52

,

(Put

Date

12/1/26)

(a)

....................................

$

3,000

$

3,015

Series

A

,

5

.00

%

,

9/1/25

..............................................

200

202

Series

A

,

5

.00

%

,

9/1/26

..............................................

200

204

Series

B

,

5

.00

%

,

9/1/26

..............................................

2,330

2,381

Series

B

,

5

.00

%

,

10/1/55

,

(Put

Date

9/1/32)

(a)

..............................

3,585

3,840

Series

C

,

5

.50

%

,

6/1/26

..............................................

1,000

1,025

Series

C

,

5

.00

%

,

5/1/55

,

(Put

Date

7/1/31)

(a)

...............................

2,000

2,131

Series

C-1

,

5

.25

%

,

6/1/25

.............................................

600

603

Series

D

,

5

.00

%

,

11/1/26

.............................................

1,000

1,023

Series

D2

,

4

.48

%

(

SOFR

+

140

bps

)

,

7/1/52

,

(Put

Date

6/1/27)

(a)

(b)

................

3,300

3,351

Chatom

Industrial

Development

Board

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

8/1/30

.....................................................

1,275

1,412

Energy

Southeast

A

Cooperative

District

Revenue

Series

B

,

5

.00

%

,

12/1/26

.............................................

250

256

Series

B

,

5

.00

%

,

6/1/27

..............................................

200

206

Series

B

,

5

.00

%

,

12/1/27

.............................................

250

260

Selma

Industrial

Development

Board

Revenue

1

.38

%

,

5/1/34

,

(Put

Date

6/16/25)

(a)

.....................................

5,875

5,790

Series

A

,

3

.45

%

,

11/1/33

,

(Put

Date

10/1/31)

(a)

.............................

4,525

4,486

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Series

A

,

5

.00

%

,

7/1/25

..............................................

640

643

Series

A

,

5

.00

%

,

7/1/26

..............................................

1,755

1,787

Series

A

,

5

.00

%

,

11/1/26

..............................................

2,060

2,097

Series

A

,

5

.00

%

,

11/1/27

..............................................

1,975

2,031

Series

A

,

5

.00

%

,

11/1/33

..............................................

2,070

2,181

Series

C

,

5

.00

%

,

11/1/55

,

(Put

Date

11/1/32)

(a)

.............................

1,500

1,618

The

Southeast

Alabama

Gas

Supply

District

Revenue

Series

A

,

5

.00

%

,

4/1/25

..............................................

1,000

1,003

Series

B

,

5

.00

%

,

5/1/25

..............................................

1,000

1,004

42,549

Arizona

(1.3%):

Arizona

IDA

Revenue

3

.00

%

,

12/15/31

,

Continuously

Callable

@100

(c)

............................

470

437

Series

B

,

4

.00

%

,

7/1/31

..............................................

250

253

Chandler

IDA

Revenue

AMT

,

4

.00

%

,

6/1/49

,

(Put

Date

6/1/29)

(a)

....................

2,500

2,507

Maricopa

County

IDA

Revenue

4

.00

%

,

7/1/29

(c)

...................................................

750

750

3

.00

%

,

7/1/31

(c)

...................................................

500

475

Sierra

Vista

IDA

Revenue

,

5

.00

%

,

6/15/34

,

Continuously

Callable

@100

(c)

.............

1,250

1,291

Tempe

IDA

Revenue

Series

A

,

4

.00

%

,

12/1/26

.............................................

240

240

Series

A

,

4

.00

%

,

12/1/27

.............................................

355

354

Series

A

,

4

.00

%

,

12/1/28

.............................................

365

363

Series

A

,

4

.00

%

,

12/1/29

.............................................

380

377

Series

A

,

4

.00

%

,

12/1/30

,

Continuously

Callable

@102

........................

495

492

Series

A

,

4

.00

%

,

12/1/31

,

Continuously

Callable

@102

........................

465

462

The

County

of

Pima

IDA

Revenue

,

Series

A

,

5

.75

%

,

11/15/25

(c)

.....................

660

669

8,670

Arkansas

(1.0%):

Arkansas

Development

Finance

Authority

Revenue

5

.00

%

,

9/1/30

.....................................................

1,180

1,269

5

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

1,200

1,289

5

.00

%

,

9/1/44

,

(Put

Date

9/1/27)

(a)

......................................

4,000

4,131

6,689

California

(4.1%):

California

Community

Choice

Financing

Authority

Revenue

Series

B

,

5

.00

%

,

1/1/55

,

(Put

Date

12/1/32)

(a)

..............................

4,000

4,303

Series

C

,

5

.00

%

,

8/1/55

,

(Put

Date

10/1/32)

(a)

..............................

5,000

5,409

Series

G

,

5

.00

%

,

11/1/55

,

(Put

Date

8/1/32)

(a)

..............................

2,500

2,683

California

County

Tobacco

Securitization

Agency

Revenue

,

Series

A

,

5

.00

%

,

6/1/30

.......

200

218

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

163

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

California

Health

Facilities

Financing

Authority

Revenue

,

Series

A

,

3

.85

%

,

11/15/27

,

Continuously

Callable

@100

...........................................

$

1,500

$

1,505

California

Municipal

Finance

Authority

Revenue

AMT

Series

A

,

3

.80

%

,

7/1/41

,

(Put

Date

4/1/25)

(a)

...............................

4,250

4,229

Series

A

,

4

.13

%

,

11/1/46

,

(Put

Date

3/3/25)

(a)

..............................

2,250

2,252

Series

B

,

4

.15

%

,

7/1/51

,

(Put

Date

1/15/25)

(a)

..............................

2,000

2,001

California

Pollution

Control

Financing

Authority

Revenue

AMT

,

4

.05

%

,

7/1/43

,

(Put

Date

2/18/25)

(a)

(c)

.....................................................

2,000

1,997

Newman-Crows

Landing

Unified

School

District,

GO

,

8/1/25

(d)

.....................

1,000

982

Sierra

View

Local

Health

Care

District

Revenue

5

.00

%

,

7/1/27

.....................................................

315

326

5

.00

%

,

7/1/28

.....................................................

330

346

5

.00

%

,

7/1/29

.....................................................

315

334

5

.00

%

,

7/1/30

.....................................................

310

332

Southern

California

Public

Power

Authority

Revenue

,

Series

A

,

5

.00

%

,

9/1/26

...........

235

240

27,157

Colorado

(0.6%):

Colorado

Health

Facilities

Authority

Revenue

5

.00

%

,

11/1/25

.....................................................

350

357

Series

A

,

5

.00

%

,

8/1/29

..............................................

500

544

Series

A

,

5

.00

%

,

11/1/32

,

Continuously

Callable

@100

........................

1,950

2,109

Southlands

Metropolitan

District

No.

1,

GO

,

Series

A-1

,

3

.50

%

,

12/1/27

................

800

788

3,798

Connecticut

(1.7%):

City

of

Bridgeport,

GO

,

Series

B

,

5

.00

%

,

8/15/26

................................

3,450

3,564

City

of

New

Haven,

GO

Series

A

,

5

.00

%

,

8/1/25

..............................................

580

586

Series

A

,

5

.00

%

,

8/1/26

..............................................

580

598

Series

A

,

5

.00

%

,

8/1/27

..............................................

1,000

1,050

City

of

New

Haven,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B

,

5

.00

%

,

2/1/27

..............................................

600

621

Series

B

,

5

.00

%

,

2/1/28

..............................................

525

552

Series

B

,

5

.00

%

,

2/1/29

..............................................

550

586

City

of

West

Haven,

GO

,

Series

A

,

5

.00

%

,

11/1/27

...............................

650

679

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

,

Series

B-2

,

5

.00

%

,

7/1/53

,

(Put

Date

1/1/27)

(a)

...........................................

3,000

3,119

11,355

Florida

(1.9%):

Alachua

County

Health

Facilities

Authority

Revenue

,

5

.00

%

,

12/1/37

,

(Put

Date

12/1/26)

(a)

.

3,000

3,066

Capital

Trust

Agency,

Inc.

Revenue

,

4

.00

%

,

8/1/30

...............................

160

160

City

of

Pompano

Beach

Revenue

,

3

.50

%

,

9/1/30

,

Continuously

Callable

@103

...........

3,590

3,414

City

of

Venice

Revenue

Series

B-1

,

4

.63

%

,

1/1/30

,

Continuously

Callable

@100

(c)

.....................

750

751

Series

B-2

,

4

.50

%

,

1/1/30

,

Continuously

Callable

@100

(c)

.....................

575

576

County

of

Escambia

Revenue

,

Series

B

,

3

.45

%

,

11/1/33

,

(Put

Date

10/1/31)

(a)

...........

1,500

1,495

Florida

Development

Finance

Corp.

Revenue

Series

A

,

5

.00

%

,

6/15/27

.............................................

390

403

Series

A

,

5

.00

%

,

6/15/28

,

Continuously

Callable

@100

........................

410

422

Series

A

,

5

.00

%

,

6/15/29

,

Continuously

Callable

@100

........................

360

370

Series

A

,

5

.00

%

,

6/15/30

,

Continuously

Callable

@100

........................

475

488

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

,

5

.00

%

,

10/1/25

........

445

448

Lee

County

IDA

Revenue

,

Series

2024B-1

,

4

.75

%

,

11/15/29

,

Continuously

Callable

@100

..

1,000

1,007

12,600

Georgia

(7.6%):

Development

Authority

of

Appling

County

Revenue

1

.35

%

,

9/1/29

,

Continuously

Callable

@100

(e)

.............................

600

600

Series

A

,

1

.50

%

,

1/1/38

,

(Put

Date

2/3/25)

(a)

...............................

2,000

1,988

George

L

Smith

II

Congress

Center

Authority

Revenue

,

2

.38

%

,

1/1/31

.................

1,000

918

Main

Street

Natural

Gas,

Inc.

Revenue

Series

A

,

5

.00

%

,

5/15/28

.............................................

1,000

1,046

Series

A

,

5

.00

%

,

5/15/29

.............................................

1,775

1,872

Series

B

,

5

.00

%

,

12/1/52

,

(Put

Date

6/1/29)

(a)

..............................

6,000

6,332

Series

C

,

5

.00

%

,

12/1/25

.............................................

1,000

1,013

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

164

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

C

,

5

.00

%

,

12/1/54

,

(Put

Date

12/1/31)

(a)

.............................

$

12,500

$

13,358

Series

D

,

5

.00

%

,

5/1/54

,

(Put

Date

12/1/30)

(a)

..............................

2,000

2,125

The

Burke

County

Development

Authority

Revenue

1

.35

%

,

11/1/48

,

Continuously

Callable

@100

(e)

.............................

8,800

8,800

2

.88

%

,

12/1/49

,

(Put

Date

8/19/25)

(a)

....................................

1,775

1,764

Series

4

,

3

.80

%

,

10/1/32

,

(Put

Date

5/21/26)

(a)

..............................

1,000

1,009

The

Development

Authority

of

Cobb

County

Revenue

,

Series

A

,

2

.25

%

,

4/1/33

,

(Put

Date

10/1/29)

(a)

.......................................................

5,000

4,649

The

Development

Authority

of

Monroe

County

Revenue

3

.88

%

,

6/1/42

,

(Put

Date

3/6/26)

(a)

......................................

1,500

1,513

Series

A

,

1

.50

%

,

1/1/39

,

(Put

Date

2/3/25)

(a)

...............................

3,500

3,479

50,466

Guam

(0.3%):

Territory

of

Guam

Revenue

,

Series

A

,

5

.00

%

,

12/1/24

.............................

2,000

2,000

Illinois

(10.6%):

Chicago

Board

of

Education,

GO

Series

A

,

4

.00

%

,

12/1/27

.............................................

1,400

1,405

Series

B

,

5

.00

%

,

12/1/31

,

Continuously

Callable

@100

........................

1,000

1,046

Chicago

O'Hare

International

Airport

Revenue

AMT

,

Series

C

,

5

.00

%

,

1/1/25

............

1,775

1,776

Chicago

Park

District,

GO

Series

F-2

,

5

.00

%

,

1/1/27

.............................................

600

624

Series

F-2

,

5

.00

%

,

1/1/28

.............................................

1,000

1,059

Series

F-2

,

5

.00

%

,

1/1/29

.............................................

1,000

1,076

Series

F-2

,

5

.00

%

,

1/1/30

.............................................

1,305

1,425

Series

F-2

,

5

.00

%

,

1/1/31

,

Continuously

Callable

@100

.......................

2,115

2,307

Series

F-2

,

5

.00

%

,

1/1/32

,

Continuously

Callable

@100

.......................

1,750

1,903

Chicago

Park

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

4

.00

%

,

1/1/31

,

Continuously

Callable

@100

.....................................

750

776

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

5

.00

%

,

6/1/25

.....................................................

1,720

1,733

5

.00

%

,

6/1/26

.....................................................

1,000

1,027

City

of

Chicago

Lakeshore

East

Special

Assessment

2

.27

%

,

12/1/24

(c)

..................................................

310

310

2

.53

%

,

12/1/25

(c)

..................................................

328

321

2

.69

%

,

12/1/26

(c)

..................................................

305

295

2

.87

%

,

12/1/27

(c)

..................................................

255

245

City

of

Chicago

Waterworks

Revenue

5

.00

%

,

11/1/25

.....................................................

4,000

4,068

5

.00

%

,

11/1/26

.....................................................

1,000

1,040

Series

A-1

,

5

.00

%

,

11/1/25

............................................

2,000

2,035

Series

A-1

,

4

.00

%

,

11/1/26

............................................

2,500

2,554

Illinois

Development

Finance

Authority

Revenue

AMT

,

Series

A

,

4

.25

%

,

11/1/44

,

(Put

Date

11/3/25)

(a)

.......................................................

2,000

2,000

Illinois

Finance

Authority

Revenue

5

.00

%

,

10/1/29

....................................................

500

533

5

.00

%

,

10/1/30

....................................................

250

269

Series

B

,

3

.88

%

(

MUNIPSA

+

70

bps

)

,

5/1/42

,

(Put

Date

5/1/26)

(a)

(b)

..............

2,250

2,251

Series

C

,

4

.00

%

,

2/15/25

.............................................

10,000

10,012

Marshall

Putnam

&

Bureau

Counties

Community

Unit

School

District

No.

5,

GO

,

4

.75

%

,

12/1/27

,

Continuously

Callable

@100

....................................

3,030

3,030

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

5

.00

%

,

10/1/30

....................................................

325

349

5

.00

%

,

10/1/31

,

Continuously

Callable

@100

...............................

450

485

Series

B

,

5

.00

%

,

4/1/30

..............................................

250

268

Sales

Tax

Securitization

Corp.

Revenue

,

Series

A

,

5

.00

%

,

1/1/30

.....................

2,000

2,191

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

1/1/25

..........................

175

175

State

of

Illinois,

GO

Series

A

,

5

.00

%

,

11/1/25

..............................................

5,000

5,075

Series

C

,

5

.00

%

,

11/1/29

,

Continuously

Callable

@100

........................

8,985

9,408

The

Illinois

Sports

Facilities

Authority

Revenue

5

.00

%

,

6/15/28

....................................................

1,000

1,027

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

165

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

5

.00

%

,

6/15/30

....................................................

$

1,500

$

1,557

5

.00

%

,

6/15/31

....................................................

575

599

5

.00

%

,

6/15/32

,

Continuously

Callable

@100

...............................

480

499

Village

of

Rosemont,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

5

.00

%

,

12/1/24

1,915

1,915

Western

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

4

.00

%

,

4/1/29

.....................................................

750

766

4

.00

%

,

4/1/30

.....................................................

750

767

70,201

Indiana

(2.9%):

Brownsburg

1999

School

Building

Corp.

Revenue

,

Series

B

,

5

.00

%

,

6/1/25

,

Continuously

Callable

@100

.....................................................

3,100

3,102

City

of

Rockport

Revenue

,

Series

A

,

3

.13

%

,

7/1/25

...............................

1,500

1,493

Indiana

Bond

Bank

Revenue

1/15/27

(d)

........................................................

1,280

1,202

1/15/28

(d)

........................................................

1,100

1,001

1/15/29

(d)

........................................................

565

496

7/15/29

,

Continuously

Callable

@99

(d)

...................................

730

599

Indiana

Finance

Authority

Revenue

5

.00

%

,

4/1/25

.....................................................

750

751

5

.00

%

,

4/1/26

.....................................................

790

797

5

.00

%

,

4/1/27

.....................................................

830

844

5

.00

%

,

4/1/28

.....................................................

870

891

5

.00

%

,

4/1/29

.....................................................

1,180

1,215

Indiana

Finance

Authority

Revenue

AMT

,

Series

A

,

4

.20

%

,

5/1/28

,

(Put

Date

9/3/24)

(a)

....

2,000

2,000

Terre

Haute

Sanitary

District

Revenue

,

5

.25

%

,

9/28/28

,

Continuously

Callable

@100

......

5,000

5,004

19,395

Kentucky

(10.9%):

City

of

Ashland

Revenue

5

.00

%

,

2/1/28

.....................................................

1,775

1,870

5

.00

%

,

2/1/30

.....................................................

740

799

County

of

Carroll

Revenue

,

1

.55

%

,

9/1/42

,

(Put

Date

9/1/26)

(a)

......................

5,000

4,828

County

of

Knott

Revenue

AMT

,

4

.00

%

,

3/28/44

,

(Put

Date

4/1/25)

(a)

(c)

...............

5,000

5,006

County

of

Owen

Revenue

Series

A

,

2

.45

%

,

6/1/39

,

(Put

Date

10/1/29)

(a)

..............................

10,000

9,428

Series

B

,

2

.45

%

,

9/1/39

,

(Put

Date

10/1/29)

(a)

..............................

5,000

4,601

Kentucky

Economic

Development

Finance

Authority

Revenue

4

.50

%

,

10/1/27

,

Continuously

Callable

@100

...............................

5,000

5,000

Series

B-3

,

4

.58

%

(

MUNIPSA

+

140

bps

)

,

2/1/46

,

(Put

Date

2/1/25)

(a)

(b)

...........

10,000

9,984

Kentucky

Public

Energy

Authority

Revenue

Series

A

,

5

.00

%

,

7/1/25

..............................................

375

377

Series

A

,

5

.00

%

,

5/1/55

,

(Put

Date

7/1/30)

(a)

...............................

1,000

1,061

Series

B

,

5

.00

%

,

8/1/25

..............................................

500

504

Series

B

,

5

.00

%

,

2/1/26

..............................................

275

279

Series

B

,

5

.00

%

,

1/1/55

,

(Put

Date

8/1/32)

(a)

...............................

1,000

1,075

Series

C

,

4

.00

%

,

2/1/50

,

(Put

Date

2/1/28)

(a)

...............................

3,370

3,398

Series

C-1

,

4

.00

%

,

12/1/49

,

(Put

Date

6/1/25)

(a)

.............................

10,000

10,008

Series

C-3

,

4

.23

%

(

MUNIPSA

+

105

bps

)

,

12/1/49

,

(Put

Date

6/1/25)

(a)

(b)

...........

10,000

9,951

Louisville/Jefferson

County

Metropolitan

Government

Revenue

,

Series

D

,

5

.00

%

,

10/1/47

,

(Put

Date

10/1/29)

(a)

................................................

4,000

4,306

72,475

Louisiana

(1.0%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

,

Series

A

,

2

.00

%

,

6/1/30

,

Continuously

Callable

@100

.................

1,000

919

Parish

of

St.

John

the

Baptist

Revenue

,

2

.20

%

,

6/1/37

,

(Put

Date

7/1/26)

(a)

.............

1,750

1,704

Tangipahoa

Parish

Hospital

Service

District

No.

1

Revenue

,

5

.00

%

,

2/1/32

,

Continuously

Callable

@100

.....................................................

3,470

3,688

6,311

Maryland

(1.9%):

Maryland

Economic

Development

Corp.

Revenue

Series

A

,

5

.00

%

,

6/1/25

..............................................

1,500

1,509

Series

A

,

5

.00

%

,

6/1/26

..............................................

2,000

2,044

Series

A

,

5

.00

%

,

6/1/27

..............................................

1,340

1,392

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

166

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

5

.00

%

,

7/1/28

.....................................................

$

1,910

$

2,006

5

.00

%

,

7/1/29

.....................................................

1,130

1,201

5

.00

%

,

7/1/30

.....................................................

1,000

1,074

Town

of

Chestertown

Revenue

Series

A

,

5

.00

%

,

3/1/31

..............................................

1,475

1,554

Series

A

,

5

.00

%

,

3/1/32

,

Continuously

Callable

@100

.........................

1,550

1,632

12,412

Massachusetts

(1.4%):

Massachusetts

Development

Finance

Agency

Revenue

5

.00

%

,

7/1/25

.....................................................

1,250

1,254

5

.00

%

,

7/1/26

.....................................................

1,500

1,519

Series

A

,

5

.00

%

,

7/1/29

,

Continuously

Callable

@100

.........................

1,425

1,467

Series

S

,

5

.00

%

,

7/15/26

(c)

............................................

310

316

Series

S

,

5

.00

%

,

7/15/28

(c)

............................................

340

355

Series

S

,

5

.00

%

,

7/15/30

(c)

............................................

640

678

Series

T1

,

3

.78

%

(

MUNIPSA

+

60

bps

)

,

7/1/49

,

(Put

Date

1/29/26)

(a)

(b)

(c)

..........

2,500

2,487

Massachusetts

Development

Finance

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

5

.00

%

,

10/1/30

........................................

975

1,062

9,138

Michigan

(1.8%):

Flint

Hospital

Building

Authority

Revenue

5

.00

%

,

7/1/29

.....................................................

1,995

2,034

5

.00

%

,

7/1/30

.....................................................

2,290

2,336

Michigan

Finance

Authority

Revenue

4

.00

%

,

2/1/27

.....................................................

140

140

4

.00

%

,

2/1/32

.....................................................

285

277

Michigan

Strategic

Fund

Revenue

AMT

,

4

.13

%

,

8/1/27

............................

5,000

5,079

Summit

Academy

North

Revenue

2

.25

%

,

11/1/26

.....................................................

550

532

4

.00

%

,

11/1/31

,

Continuously

Callable

@103

...............................

1,565

1,496

11,894

Minnesota

(0.1%):

Sanford

Canby

Community

Hospital

District

No.

1

Revenue

,

3

.86

%

,

11/1/26

,

Continuously

Callable

@100

(e)

...................................................

475

475

Mississippi

(0.6%):

Mississippi

Business

Finance

Corp.

Revenue

,

3

.20

%

,

9/1/28

,

Continuously

Callable

@100

..

4,000

3,983

Missouri

(0.1%):

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

4

.00

%

,

8/1/26

.....................................................

205

205

4

.00

%

,

8/1/28

.....................................................

415

415

4

.00

%

,

8/1/30

.....................................................

295

291

911

Nebraska

(2.1%):

Central

Plains

Energy

Project

Revenue

,

Series

1

,

5

.00

%

,

5/1/53

,

(Put

Date

10/1/29)

(a)

......

6,000

6,339

County

of

Douglas

Revenue

,

3

.71

%

(

MUNIPSA

+

53

bps

)

,

7/1/35

,

(Put

Date

9/1/26)

(a)

(b)

....

7,765

7,711

14,050

Nevada

(0.5%):

County

of

Clark

Revenue

,

Series

R

,

3

.75

%

,

1/1/36

,

(Put

Date

3/31/26)

(a)

...............

2,500

2,506

State

of

Nevada

Department

of

Business

&

Industry

Revenue

AMT

,

4

.13

%

,

12/1/26

,

(Put

Date

12/2/24)

(a)

(c)

.....................................................

1,000

1,000

3,506

New

Hampshire

(0.2%):

New

Hampshire

Business

Finance

Authority

Revenue

5

.00

%

,

12/1/28

,

Continuously

Callable

@100

(c)

.............................

1,000

1,002

4

.00

%

,

1/1/30

,

Continuously

Callable

@103

...............................

280

274

4

.00

%

,

1/1/31

,

Continuously

Callable

@103

...............................

295

287

1,563

New

Mexico

(1.8%):

City

of

Farmington

Revenue

Series

A

,

2

.15

%

,

4/1/33

,

Continuously

Callable

@101

.........................

5,000

4,342

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

167

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Series

C

,

3

.88

%

,

6/1/40

,

(Put

Date

6/1/29)

(a)

...............................

$

1,000

$

1,023

Series

E

,

3

.88

%

,

6/1/40

,

(Put

Date

6/1/29)

(a)

...............................

600

614

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

5

.00

%

,

6/1/27

.....................................................

770

791

5

.00

%

,

6/1/28

.....................................................

780

809

5

.00

%

,

6/1/29

.....................................................

835

874

5

.00

%

,

6/1/30

.....................................................

525

554

5

.00

%

,

6/1/31

,

Continuously

Callable

@100

...............................

690

727

Village

of

Los

Ranchos

de

Albuquerque

Revenue

5

.00

%

,

9/1/28

.....................................................

840

897

5

.00

%

,

9/1/31

,

Continuously

Callable

@100

...............................

300

327

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

Tax

Allocation

,

3

.75

%

,

5/1/28

(c)

.........................................................

744

735

11,693

New

York

(11.2%):

Build

NYC

Resource

Corp.

Revenue

,

Series

A

,

3

.40

%

,

7/1/27

.......................

185

183

City

of

Dunkirk,

GO

,

7

.50

%

,

7/24/25

(c)

.......................................

5,000

5,023

City

of

Mount

Vernon,

GO

Series

A

,

5

.50

%

,

5/30/25

(c)

...........................................

3,300

3,310

Series

B

,

5

.25

%

,

5/30/25

(c)

...........................................

3,204

3,241

City

of

Poughkeepsie,

GO

4

.00

%

,

4/15/25

....................................................

215

215

4

.00

%

,

4/15/26

....................................................

230

231

Long

Island

Power

Authority

Revenue

,

Series

C

,

3

.31

%

(

MUNIPSA

+

45

bps

)

,

9/1/38

,

(Put

Date

9/1/25)

(a)

(b)

......................................................

10,500

10,422

Metropolitan

Transportation

Authority

Revenue

Series

A-2

,

5

.00

%

,

11/15/45

,

(Put

Date

5/15/30)

(a)

...........................

1,830

2,013

Series

A3

,

3

.73

%

(

SOFR

+

65

bps

)

,

11/15/42

,

(Put

Date

4/1/26)

(a)

(b)

...............

10,000

9,860

Metropolitan

Transportation

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

2

,

3

.88

%

(

SOFR

+

80

bps

)

,

11/1/32

,

(Put

Date

4/1/26)

(a)

(b)

.................

2,000

2,004

Mount

Vernon

City

School

District,

GO

,

5

.00

%

,

6/30/25

...........................

10,000

10,021

New

York

Liberty

Development

Corp.

Revenue

2

.63

%

,

9/15/69

,

Continuously

Callable

@100

...............................

1,650

1,547

2

.80

%

,

9/15/69

,

Continuously

Callable

@100

...............................

14,950

13,756

Series

A

,

1

.90

%

,

11/15/31

,

Continuously

Callable

@100

.......................

2,000

1,699

New

York

State

Dormitory

Authority

Revenue

5

.00

%

,

12/1/24

(c)

..................................................

1,200

1,200

5

.00

%

,

12/1/25

(c)

..................................................

1,200

1,204

New

York

State

Housing

Finance

Agency

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

DBE-

8105

,

2

.45

%

,

8/1/50

,

Continuously

Callable

@100

(c)

(e)

.......................

9

9

Troy

Capital

Resource

Corp.

Revenue

5

.00

%

,

8/1/26

,

Continuously

Callable

@100

...............................

1,050

1,069

5

.00

%

,

9/1/27

.....................................................

1,250

1,313

Village

of

Sylvan

Beach,

GO

,

Series

B

,

5

.88

%

,

5/30/25

,

Continuously

Callable

@100

......

4,615

4,621

Village

of

Washingtonville,

GO

,

6

.25

%

,

6/26/25

.................................

1,300

1,317

74,258

North

Carolina

(1.5%):

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

3

.45

%

,

11/1/33

,

(Put

Date

10/1/31)

(a)

....................................

1,100

1,092

Series

A

,

1

.38

%

,

5/1/34

,

(Put

Date

6/16/25)

(a)

..............................

2,000

1,965

North

Carolina

Housing

Finance

Agency

Revenue

,

3

.38

%

,

7/1/48

,

(Put

Date

7/15/25)

(a)

....

1,900

1,896

North

Carolina

Medical

Care

Commission

Revenue

Series

A

,

4

.00

%

,

10/1/27

.............................................

600

603

Series

B-1

,

2

.55

%

,

9/1/26

,

Continuously

Callable

@100

.......................

1,575

1,565

Series

B-1

,

4

.25

%

,

10/1/28

,

Continuously

Callable

@100

......................

250

250

Series

B-1

,

4

.75

%

,

9/1/29

,

Continuously

Callable

@100

.......................

410

411

Series

B2

,

2

.30

%

,

9/1/25

,

Continuously

Callable

@100

........................

1,250

1,229

Series

B-2

,

4

.50

%

,

9/1/29

,

Continuously

Callable

@100

.......................

625

626

9,637

North

Dakota

(0.4%):

City

of

Grand

Forks

Revenue

5

.00

%

,

12/1/31

....................................................

1,200

1,291

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

168

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

5

.00

%

,

12/1/32

,

Continuously

Callable

@100

...............................

$

1,300

$

1,397

2,688

Ohio

(2.0%):

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

5

.00

%

,

11/15/29

....................................................

275

295

5

.00

%

,

11/15/30

....................................................

350

378

5

.00

%

,

11/15/31

,

Continuously

Callable

@100

..............................

300

323

Cleveland-Cuyahoga

County

Port

Authority

Revenue

,

Series

A

,

5

.25

%

,

1/1/34

,

Continuously

Callable

@102

(c)

...................................................

500

502

County

of

Allen

Hospital

Facilities

Revenue

,

5

.00

%

,

12/1/30

,

Continuously

Callable

@100

..

2,000

2,205

County

of

Hamilton

Revenue

,

5

.00

%

,

9/15/29

..................................

1,345

1,422

Ohio

Air

Quality

Development

Authority

Revenue

,

Series

B

,

2

.40

%

,

12/1/38

,

(Put

Date

10/1/29)

(a)

.......................................................

3,250

3,117

Ohio

Air

Quality

Development

Authority

Revenue

AMT

,

Series

A

,

3

.75

%

,

1/1/29

.........

1,000

993

Southeastern

Ohio

Port

Authority

Revenue

,

5

.00

%

,

12/1/25

,

Continuously

Callable

@100

...

1,000

1,000

State

of

Ohio

Revenue

5

.00

%

,

11/15/27

....................................................

425

442

5

.00

%

,

11/15/30

....................................................

710

756

5

.00

%

,

11/15/31

,

Continuously

Callable

@100

..............................

465

494

Series

A

,

5

.00

%

,

1/15/30

.............................................

1,000

1,095

13,022

Oklahoma

(0.8%):

Muskogee

Industrial

Trust

Revenue

,

4

.00

%

,

9/1/28

...............................

5,000

5,024

Oklahoma

Development

Finance

Authority

Revenue

,

Series

B

,

5

.00

%

,

8/15/25

...........

550

553

5,577

Oregon

(1.1%):

County

of

Gilliam

Revenue

AMT

,

Series

A

,

4

.25

%

,

7/1/38

,

(Put

Date

7/2/29)

(a)

..........

6,250

6,357

Oregon

State

Facilities

Authority

Revenue

Series

A

,

5

.00

%

,

10/1/28

.............................................

150

158

Series

A

,

5

.00

%

,

10/1/29

.............................................

300

320

Series

A

,

5

.00

%

,

10/1/30

.............................................

300

323

7,158

Pennsylvania

(4.4%):

Chester

County

IDA

Revenue

,

5

.00

%

,

3/1/27

,

Continuously

Callable

@100

.............

3,375

3,450

Clairton

Municipal

Authority

Revenue

Series

A

,

4

.00

%

,

12/1/29

.............................................

1,000

1,006

Series

B

,

5

.00

%

,

12/1/24

.............................................

600

600

Series

B

,

5

.00

%

,

12/1/25

.............................................

650

656

Series

B

,

5

.00

%

,

12/1/26

.............................................

675

690

Coatesville

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

8/1/25

..

800

809

Commonwealth

Financing

Authority

Revenue

,

5

.00

%

,

6/1/26

.......................

2,000

2,060

County

of

Lehigh

Revenue

5

.00

%

,

7/1/28

.....................................................

1,750

1,855

5

.00

%

,

7/1/29

.....................................................

2,000

2,146

Delaware

County

Authority

Revenue

5

.00

%

,

10/1/25

....................................................

525

528

5

.00

%

,

10/1/30

....................................................

1,200

1,239

Latrobe

IDA

Revenue

5

.00

%

,

3/1/28

.....................................................

135

140

5

.00

%

,

3/1/29

.....................................................

175

184

5

.00

%

,

3/1/30

.....................................................

150

159

5

.00

%

,

3/1/31

.....................................................

175

187

Luzerne

County

IDA

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5

.00

%

,

12/15/25

....................................................

550

560

5

.00

%

,

12/15/26

,

Continuously

Callable

@100

..............................

500

508

5

.00

%

,

12/15/27

,

Continuously

Callable

@100

..............................

1,000

1,016

Montgomery

County

IDA

Revenue

,

Series

A

,

4

.10

%

,

4/1/53

,

(Put

Date

4/3/28)

(a)

.........

2,500

2,568

Pennsylvania

Economic

Development

Financing

Authority

Revenue

AMT

Series

A

,

3

.85

%

,

4/1/34

,

(Put

Date

7/15/24)

(a)

..............................

1,000

999

Series

A

,

4

.25

%

,

8/1/37

,

(Put

Date

8/1/25)

(a)

...............................

3,000

3,008

Pennsylvania

Turnpike

Commission

Registration

Fee

Revenue

,

4

.03

%

(

MUNIPSA

+

85

bps

)

,

7/15/41

,

(Put

Date

7/15/26)

(a)

(b)

........................................

2,500

2,535

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

169

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Philadelphia

IDA

Revenue

5

.00

%

,

6/15/28

(c)

..................................................

$

210

$

215

5

.00

%

,

6/15/29

,

Continuously

Callable

@100

(c)

.............................

220

225

5

.00

%

,

6/15/30

,

Continuously

Callable

@100

(c)

.............................

145

148

The

Berks

County

Municipal

Authority

Revenue

Series

A1

,

8

.00

%

,

6/30/34

,

Continuously

Callable

@104

.......................

177

185

Series

A-2A

,

6

.00

%

,

6/30/34

,

Continuously

Callable

@104

.....................

89

97

Series

A3

,

5

.00

%

,

6/30/39

,

Continuously

Callable

@100

.......................

1,190

1,190

Series

B1

,

6

.00

%

,

6/30/44

,

Continuously

Callable

@86

(f)

......................

595

444

29,407

South

Carolina

(0.3%):

Piedmont

Municipal

Power

Agency

Revenue

,

Series

D

,

4

.00

%

,

1/1/32

,

Continuously

Callable

@100

...........................................................

2,220

2,308

South

Dakota

(0.2%):

South

Dakota

Health

&

Educational

Facilities

Authority

Revenue

3

.86

%

,

11/1/25

,

Continuously

Callable

@100

(e)

.............................

330

330

3

.86

%

,

11/1/27

,

Continuously

Callable

@100

(e)

.............................

900

900

1,230

Tennessee

(1.6%):

Tennergy

Corp.

Revenue

Series

A

,

5

.25

%

,

12/1/24

.............................................

500

500

Series

A

,

5

.25

%

,

12/1/25

.............................................

550

556

Series

A

,

4

.00

%

,

12/1/51

,

(Put

Date

9/1/28)

(a)

..............................

4,130

4,187

Series

A

,

5

.50

%

,

10/1/53

,

(Put

Date

12/1/30)

(a)

.............................

5,000

5,391

10,634

Texas

(8.9%):

City

of

Dallas

Housing

Finance

Corp.

Revenue

,

5

.00

%

,

7/1/26

,

(Put

Date

12/1/25)

(a)

......

2,750

2,796

City

of

Galveston

Wharves

&

Terminal

Revenue

AMT

Series

A

,

5

.00

%

,

8/1/26

..............................................

250

255

Series

A

,

5

.00

%

,

8/1/27

..............................................

280

289

Series

A

,

5

.00

%

,

8/1/28

..............................................

230

240

Series

A

,

5

.00

%

,

8/1/29

..............................................

250

263

Series

A

,

5

.00

%

,

8/1/30

..............................................

345

365

Series

A

,

5

.00

%

,

8/1/31

..............................................

660

702

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

,

4

.05

%

(

MUNIPSA

+

87

bps

)

,

2/1/48

,

(Put

Date

12/1/25)

(a)

(b)

.................................................

5,000

5,007

County

of

Wise

Revenue

5

.00

%

,

8/15/29

....................................................

880

943

5

.00

%

,

8/15/31

....................................................

680

743

5

.00

%

,

8/15/32

,

Continuously

Callable

@100

...............................

450

491

5

.00

%

,

8/15/33

,

Continuously

Callable

@100

...............................

930

1,011

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

5

.00

%

,

7/1/49

,

(Put

Date

12/1/26)

(a)

.......................................................

1,400

1,451

Martin

County

Hospital

District,

GO

4

.00

%

,

4/1/27

.....................................................

300

304

4

.00

%

,

4/1/29

.....................................................

405

412

4

.00

%

,

4/1/32

,

Continuously

Callable

@100

...............................

350

354

Mission

Economic

Development

Corp.

Revenue

AMT

4

.25

%

,

1/1/26

,

(Put

Date

8/1/24)

(a)

......................................

3,000

2,998

Series

A

,

4

.13

%

,

5/1/46

,

(Put

Date

12/2/24)

(a)

..............................

2,000

2,000

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Series

A

,

5

.00

%

,

7/1/23

(g)

............................................

1,087

1,081

Series

A

,

5

.00

%

,

7/1/24

(g)

............................................

2,300

2,286

Series

A

,

5

.00

%

,

7/1/25

(g)

............................................

2,135

2,122

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(e)

.......................

6,500

6,500

Series

B

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(e)

.......................

10,650

10,650

Series

C

,

1

.40

%

,

4/1/40

,

Continuously

Callable

@100

(e)

.......................

8,655

8,655

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

,

5

.00

%

,

12/15/27

..........

2,000

2,080

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V

Revenue

5

.00

%

,

1/1/26

.....................................................

450

457

5

.00

%

,

1/1/55

,

(Put

Date

1/1/34)

(a)

......................................

2,000

2,170

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

170

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

,

4

.00

%

,

6/30/31

,

Continuously

Callable

@100

...........................................

$

2,355

$

2,421

59,046

Vermont

(0.3%):

Vermont

Economic

Development

Authority

Revenue

4

.00

%

,

5/1/29

,

Continuously

Callable

@103

...............................

445

448

4

.00

%

,

5/1/30

,

Continuously

Callable

@103

...............................

230

231

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

,

5

.00

%

,

10/15/26

.....

1,000

1,017

1,696

Virginia

(1.6%):

James

City

County

Economic

Development

Authority

Revenue

Series

A

,

4

.00

%

,

12/1/30

,

Continuously

Callable

@103

........................

220

220

Series

C3

,

5

.25

%

,

12/1/27

,

Continuously

Callable

@100

.......................

1,000

1,001

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2023-DBE-8106

,

2

.45

%

,

6/1/63

,

Continuously

Callable

@100

(c)

(e)

..........

1,400

1,400

Marquis

Community

Development

Authority

of

York

County

Revenue

,

1

.50

%

,

9/1/45

(c)

(g)

..

1,074

301

Marquis

Community

Development

Authority

of

York

County

Tax

Allocation

Series

A

,

1

.02

%

,

9/1/36

(g)

............................................

3,506

982

Series

C

,

0.00%

,

9/1/41

(g)

............................................

5,111

5

Prince

William

County

IDA

Revenue

,

5

.00

%

,

1/1/31

,

Continuously

Callable

@102

........

1,700

1,705

Virginia

Housing

Development

Authority

Revenue

,

Series

F

,

3

.63

%

,

7/1/55

,

(Put

Date

4/1/26)

(a)

........................................................

2,000

2,000

Virginia

Small

Business

Financing

Authority

Revenue

,

Series

A

,

5

.00

%

,

1/1/30

,

Continuously

Callable

@103

.....................................................

1,250

1,334

Virginia

Small

Business

Financing

Authority

Revenue

AMT

,

4

.00

%

,

11/1/52

,

(Put

Date

11/20/25)

(a)

.......................................................

1,500

1,501

10,449

Washington

(2.4%):

Washington

Health

Care

Facilities

Authority

Revenue

5

.00

%

,

8/15/26

....................................................

2,000

2,050

5

.00

%

,

8/15/27

....................................................

2,175

2,262

Series

B-2

,

4

.58

%

(

MUNIPSA

+

140

bps

)

,

1/1/35

,

(Put

Date

1/1/25)

(a)

(b)

...........

10,000

9,970

Series

B-3

,

5

.00

%

,

8/1/49

,

Continuously

Callable

@100

.......................

1,000

1,026

Washington

State

Housing

Finance

Commission

Revenue

Series

A

,

5

.00

%

,

7/1/25

..............................................

345

348

Series

A

,

5

.00

%

,

7/1/26

..............................................

290

297

15,953

Wisconsin

(1.9%):

Public

Finance

Authority

Revenue

4

.00

%

,

3/1/25

(c)

...................................................

1,075

1,073

4

.00

%

,

3/1/26

(c)

...................................................

1,510

1,499

4

.00

%

,

3/1/27

(c)

...................................................

795

784

4

.00

%

,

3/1/28

(c)

...................................................

840

822

3

.25

%

,

1/1/30

.....................................................

1,795

1,668

5

.00

%

,

4/1/30

(c)

...................................................

500

515

Public

Finance

Authority

Revenue

AMT

,

Series

A-2

,

4

.25

%

,

10/1/25

,

(Put

Date

2/3/25)

(a)

...

2,000

1,998

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

4

.00

%

,

1/1/25

.....................................................

205

205

4

.00

%

,

1/1/26

.....................................................

345

346

4

.00

%

,

3/15/30

....................................................

400

405

Series

B

,

4

.00

%

,

9/15/26

.............................................

110

110

Series

B

,

4

.00

%

,

9/15/27

.............................................

140

141

Series

B

,

4

.00

%

,

9/15/28

,

Continuously

Callable

@103

........................

200

198

Series

B

,

4

.00

%

,

9/15/29

,

Continuously

Callable

@103

........................

305

300

Series

B

,

4

.00

%

,

9/15/30

,

Continuously

Callable

@103

........................

320

313

Series

B

,

4

.00

%

,

9/15/31

,

Continuously

Callable

@103

........................

315

307

Series

B-2

,

5

.00

%

,

2/15/51

,

(Put

Date

2/15/27)

(a)

............................

2,000

2,046

12,730

Total

Municipal

Bonds

(Cost

$674,915)

a

a

a

659,084

Total

Investments

(Cost

$674,915)

—

99.4%

659,084

Other

assets

in

excess

of

liabilities

—  0.6%

3,821

NET

ASSETS

-

100.00%

$

662,905

Victory

Portfolios

III

Victory

Tax

Exempt

Short-Term

Fund

171

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

(a)

Put

Bond.

(b)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

November

30,

2024.

(c)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$41,167

(thousands)

and

amounted

to

6.2%

of

net

assets.

(d)

Zero-coupon

bond.

(e)

Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(f)

Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(g)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

AMT

—

Alternative

Minimum

Tax

bps

—

Basis

points

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

MUNIPSA

—

SIFMA

Municipal

Swap

Index

Yield

SOFR

—

Secured

Overnight

Financing

Rate

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer’s

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

Schedule

of

Portfolio

Investments

November

30,

2024

Victory

Portfolios

III

Victory

Virginia

Bond

Fund

172

(Unaudited)

Security

Description

Principal

Amount

(000)

a

Value

(000)

Municipal

Bonds

(99.0%)

Virginia

(91.8%):

Albemarle

County

Economic

Development

Authority

Revenue

,

Series

B

,

2

.00

%

,

10/1/48

,

Continuously

Callable

@100

(a)

.........................................

$

6,310

$

6,310

Alexandria

IDA

Revenue

,

Series

C

,

4

.00

%

,

1/1/46

,

Continuously

Callable

@100

.........

2,400

2,342

Amherst

IDA

Revenue

5

.00

%

,

9/1/26

,

Continuously

Callable

@100

...............................

580

580

4

.75

%

,

9/1/30

,

Continuously

Callable

@100

...............................

2,000

1,977

Arlington

County

IDA

Revenue

5

.00

%

,

2/15/43

,

Continuously

Callable

@100

...............................

1,775

1,854

4

.00

%

,

7/1/45

,

Continuously

Callable

@100

...............................

1,585

1,580

Bristol

IDA

Revenue

,

5

.00

%

,

11/1/53

,

Continuously

Callable

@100

...................

8,030

8,511

Campbell

County

IDA

Revenue

,

4

.00

%

,

6/1/44

,

Continuously

Callable

@100

............

4,600

4,567

Capital

Region

Airport

Commission

Revenue

Series

A

,

4

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

700

702

Series

A

,

4

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

750

751

Charles

City

County

Economic

Development

Authority

Revenue

,

Series

A

,

2

.88

%

,

2/1/29

,

Continuously

Callable

@101

...........................................

10,000

9,832

Chesapeake

Bay

Bridge

&

Tunnel

District

Revenue

5

.50

%

,

7/1/25

.....................................................

1,755

1,777

5

.00

%

,

7/1/46

,

Continuously

Callable

@100

...............................

5,805

5,863

5

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

3,435

3,463

Chesapeake

Bay

Bridge

&

Tunnel

District

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.00

%

,

7/1/41

,

Continuously

Callable

@100

..........................

5,000

5,096

Chesapeake

Hospital

Authority

Revenue

4

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

1,000

990

4

.00

%

,

7/1/43

,

Continuously

Callable

@100

...............................

4,000

3,912

City

of

Chesapeake

VA

Chesapeake

Expressway

Toll

Road

Revenue

Series

B

,

4

.75

%

,

7/15/32

,

Continuously

Callable

@100

........................

6,520

6,858

Series

B

,

4

.88

%

,

7/15/40

,

Continuously

Callable

@100

........................

3,000

3,117

City

of

Norfolk,

GO

Series

A

,

4

.00

%

,

9/1/37

,

Continuously

Callable

@100

.........................

2,040

2,109

Series

A

,

4

.00

%

,

9/1/39

,

Continuously

Callable

@100

.........................

1,535

1,578

City

of

Petersburg,

GO

4

.25

%

,

9/1/48

,

Continuously

Callable

@100

...............................

1,000

1,025

4

.25

%

,

9/1/53

,

Continuously

Callable

@100

...............................

1,250

1,270

City

of

Richmond

VA

Public

Utility

Revenue

4

.00

%

,

1/15/40

,

Continuously

Callable

@100

...............................

6,000

6,009

Series

A

,

4

.00

%

,

1/15/50

,

Continuously

Callable

@100

........................

2,220

2,236

County

of

Fairfax

Sewer

Revenue

Series

A

,

5

.00

%

,

7/15/46

,

Continuously

Callable

@100

........................

10,000

10,885

Series

A

,

4

.00

%

,

7/15/51

,

Continuously

Callable

@100

........................

10,000

10,060

Fairfax

County

Economic

Development

Authority

Revenue

,

5

.00

%

,

4/1/47

,

Continuously

Callable

@100

.....................................................

4,000

4,120

Fairfax

County

IDA

Revenue

Series

A

,

4

.00

%

,

5/15/44

,

Continuously

Callable

@100

........................

6,900

6,900

Series

A

,

4

.00

%

,

5/15/48

,

Continuously

Callable

@100

........................

1,500

1,487

Farmville

IDA

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

5

.38

%

,

7/1/53

,

(Put

Date

7/1/43)

(b)

........................................................

5,900

6,373

Front

Royal

&

Warren

County

IDA

Revenue

,

4

.00

%

,

1/1/50

,

Continuously

Callable

@103

..

7,000

7,001

Greater

Richmond

Convention

Center

Authority

Revenue

,

5

.00

%

,

6/15/32

,

Pre-refunded

6/15/25

@

100

.....................................................

1,500

1,516

Hampton

Roads

Transportation

Accountability

Commission

Revenue

,

Series

A

,

4

.00

%

,

7/1/52

,

Continuously

Callable

@100

...........................................

5,000

4,976

Henrico

County

Economic

Development

Authority

Revenue

4

.25

%

,

6/1/26

,

Continuously

Callable

@100

...............................

140

140

5

.00

%

,

10/1/37

,

Continuously

Callable

@103

...............................

2,500

2,570

4

.00

%

,

10/1/40

,

Continuously

Callable

@103

...............................

500

503

4

.00

%

,

10/1/45

,

Continuously

Callable

@103

...............................

725

712

4

.00

%

,

10/1/50

,

Continuously

Callable

@103

...............................

1,500

1,426

Series

A

,

5

.00

%

,

10/1/42

,

Continuously

Callable

@103

........................

1,000

1,083

Series

A

,

5

.00

%

,

10/1/47

,

Continuously

Callable

@103

........................

945

1,011

Series

A

,

5

.00

%

,

10/1/52

,

Continuously

Callable

@103

........................

7,380

7,765

Victory

Portfolios

III

Victory

Virginia

Bond

Fund

173

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

James

City

County

Economic

Development

Authority

Revenue

4

.00

%

,

6/1/47

,

Continuously

Callable

@103

...............................

$

1,000

$

880

Series

A

,

4

.00

%

,

12/1/50

,

Continuously

Callable

@103

........................

9,905

8,811

Series

A

,

6

.75

%

,

12/1/53

,

Continuously

Callable

@103

........................

855

948

Lewistown

Commerce

Center

Community

Development

Authority

Tax

Allocation

Series

A

,

6

.05

%

,

3/1/44

,

Continuously

Callable

@103

(c)

.......................

675

475

Series

B

,

6

.05

%

,

3/1/44

,

Continuously

Callable

@103

.........................

630

569

Series

C

,

2

.25

%

,

3/1/54

,

Continuously

Callable

@100

(c)

.......................

2,599

1,105

Lexington

IDA

Revenue

4

.00

%

,

1/1/31

,

Continuously

Callable

@102

...............................

750

752

4

.00

%

,

1/1/37

,

Continuously

Callable

@102

...............................

1,000

1,000

5

.00

%

,

1/1/48

,

Continuously

Callable

@100

...............................

1,000

1,039

Loudoun

County

Economic

Development

Authority

Revenue

5

.00

%

,

12/1/31

....................................................

1,135

1,135

5

.00

%

,

12/1/32

....................................................

800

800

5

.00

%

,

12/1/33

....................................................

775

775

5

.00

%

,

12/1/34

....................................................

805

805

Series

E

,

2

.80

%

,

2/15/38

,

Callable

1/2/25

@

100

(a)

..........................

1,300

1,300

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2023-DBE-8106

,

2

.45

%

,

6/1/63

,

Continuously

Callable

@100

(a)

(d)

..........

12,755

12,755

Lynchburg

Economic

Development

Authority

Revenue

4

.00

%

,

1/1/39

,

Continuously

Callable

@100

...............................

1,320

1,335

4

.00

%

,

1/1/41

,

Continuously

Callable

@100

...............................

1,135

1,146

5

.00

%

,

9/1/43

,

Continuously

Callable

@100

...............................

3,000

3,004

4

.00

%

,

1/1/55

,

Continuously

Callable

@100

...............................

14,420

13,898

Series

A

,

5

.00

%

,

1/1/47

,

Continuously

Callable

@100

.........................

2,250

2,280

Lynchburg

Economic

Development

Authority

Revenue

(LOC

-

Branch

Banking

&

Trust

Co.)

,

Series

B

,

1

.20

%

,

1/1/47

,

Continuously

Callable

@100

(a)

.......................

2,300

2,300

Manassas

Park

Economic

Development

Authority

Revenue

,

4

.00

%

,

12/15/52

,

Continuously

Callable

@100

.....................................................

4,500

4,478

Marquis

Community

Development

Authority

of

York

County

Revenue

,

1

.50

%

,

9/1/45

(c)

(d)

..

1,093

306

Marquis

Community

Development

Authority

of

York

County

Tax

Allocation

Series

B

,

1

.13

%

,

9/1/41

(c)

............................................

3,532

989

Series

C

,

0.00%

,

9/1/41

(c)

............................................

5,389

5

Montgomery

County

Economic

Development

Authority

Revenue

Series

A

,

4

.00

%

,

6/1/36

,

Continuously

Callable

@100

.........................

1,125

1,152

Series

A

,

4

.00

%

,

6/1/38

,

Continuously

Callable

@100

.........................

1,750

1,783

Norfolk

Airport

Authority

Revenue

,

5

.00

%

,

7/1/43

,

Continuously

Callable

@100

.........

2,800

2,946

Norfolk

Economic

Development

Authority

Revenue

Series

B

,

4

.00

%

,

11/1/48

,

Continuously

Callable

@100

........................

6,100

6,029

Series

B

,

5

.00

%

,

11/1/48

,

(Put

Date

11/1/28)

(b)

.............................

1,600

1,712

Prince

Edward

County

IDA

Revenue

4

.00

%

,

9/1/43

,

Continuously

Callable

@100

...............................

2,250

2,167

5

.00

%

,

9/1/48

,

Continuously

Callable

@100

...............................

2,055

2,105

5

.25

%

,

9/1/57

,

Continuously

Callable

@100

...............................

3,000

3,185

Prince

William

County

IDA

Revenue

5

.00

%

,

1/1/37

,

Continuously

Callable

@102

...............................

1,000

997

5

.00

%

,

1/1/46

,

Continuously

Callable

@102

...............................

4,000

3,776

Radford

IDA

Revenue

(NBGA

-

Fannie

Mae)

,

3

.50

%

,

9/15/29

,

Continuously

Callable

@100

.

3,955

3,955

Rappahannock

Regional

Jail

Authority

Revenue

,

5

.00

%

,

10/1/35

,

Pre-refunded

10/1/25

@

100

1,165

1,185

Roanoke

Economic

Development

Authority

Revenue

5

.00

%

,

7/1/47

.....................................................

5,000

5,747

4

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

5,000

4,946

Series

A

,

5

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

1,640

1,694

Series

A

,

5

.00

%

,

9/1/43

,

Continuously

Callable

@100

.........................

4,060

4,149

Rockingham

County

Economic

Development

Authority

Revenue

Series

A

,

4

.00

%

,

12/1/33

,

Continuously

Callable

@100

........................

1,000

989

Series

A

,

5

.00

%

,

12/1/39

,

Continuously

Callable

@100

........................

4,180

4,338

Salem

Economic

Development

Authority

Revenue

4

.00

%

,

4/1/38

,

Continuously

Callable

@100

...............................

250

244

4

.00

%

,

4/1/39

,

Continuously

Callable

@100

...............................

225

218

4

.00

%

,

4/1/40

,

Continuously

Callable

@100

...............................

250

241

4

.00

%

,

4/1/45

,

Continuously

Callable

@100

...............................

750

693

Victory

Portfolios

III

Victory

Virginia

Bond

Fund

174

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

5

.00

%

,

4/1/49

,

Continuously

Callable

@100

...............................

$

910

$

936

Stafford

County

Economic

Development

Authority

Revenue

5

.00

%

,

6/15/36

,

Continuously

Callable

@100

...............................

5,900

6,005

4

.00

%

,

6/15/37

,

Continuously

Callable

@100

...............................

6,495

6,288

Tobacco

Settlement

Financing

Corp.

Revenue

,

Series

B1

,

5

.00

%

,

6/1/47

,

Continuously

Callable

@100

.....................................................

5,000

4,837

University

of

Virginia

Revenue

Series

A

,

5

.00

%

,

4/1/42

,

Continuously

Callable

@100

.........................

4,000

4,155

Series

A-1

,

4

.00

%

,

4/1/45

,

Continuously

Callable

@100

.......................

3,600

3,601

Series

B

,

5

.00

%

,

9/1/49

,

Continuously

Callable

@100

.........................

10,000

10,564

Virginia

Beach

Development

Authority

Revenue

5

.00

%

,

9/1/40

,

Continuously

Callable

@103

...............................

3,250

3,307

5

.00

%

,

9/1/44

,

Continuously

Callable

@103

...............................

4,865

4,937

4

.00

%

,

9/1/48

,

Continuously

Callable

@103

...............................

3,755

3,276

Virginia

College

Building

Authority

Revenue

5

.00

%

,

6/1/25

.....................................................

250

251

5

.00

%

,

6/1/26

.....................................................

250

254

5

.00

%

,

6/1/27

.....................................................

275

282

5

.00

%

,

6/1/28

.....................................................

295

305

5

.00

%

,

6/1/29

.....................................................

300

313

5

.00

%

,

6/1/30

.....................................................

325

342

5

.00

%

,

6/1/31

.....................................................

300

317

4

.00

%

,

1/15/33

,

Continuously

Callable

@100

...............................

965

974

4

.00

%

,

1/15/35

,

Continuously

Callable

@100

...............................

545

548

4

.00

%

,

1/15/36

,

Continuously

Callable

@100

...............................

650

653

4

.00

%

,

6/1/36

,

Continuously

Callable

@100

...............................

925

895

4

.00

%

,

1/15/43

,

Continuously

Callable

@100

...............................

1,285

1,239

4

.00

%

,

6/1/46

,

Continuously

Callable

@100

...............................

1,000

893

Series

A

,

3

.00

%

,

1/15/46

,

Continuously

Callable

@100

........................

1,000

832

Series

A

,

3

.00

%

,

1/15/51

,

Continuously

Callable

@100

........................

1,175

937

Series

E

,

5

.00

%

,

2/1/31

,

Continuously

Callable

@100

.........................

10,000

10,640

Series

E

,

5

.00

%

,

2/1/32

,

Continuously

Callable

@100

.........................

4,000

4,255

Virginia

College

Building

Authority

Revenue

(LIQ

-

U.S.

Bancorp)

,

2

.80

%

,

8/1/34

,

Callable

12/4/24

@

100

(a)

...................................................

4,200

4,200

Virginia

College

Building

Authority

Revenue

(LIQ

-

Wells

Fargo

&

Co.)

,

1

.25

%

,

11/1/36

,

Continuously

Callable

@100

(a)

.........................................

11,600

11,600

Virginia

Commonwealth

Transportation

Board

I-81

Regional

Fuels

Tax

Revenue

,

4

.00

%

,

5/15/46

,

Continuously

Callable

@100

....................................

5,195

5,209

Virginia

Commonwealth

Transportation

Board

Revenue

5

.00

%

,

3/15/32

,

Continuously

Callable

@100

...............................

3,350

3,536

5

.00

%

,

9/15/32

,

Continuously

Callable

@100

...............................

9,190

9,699

4

.00

%

,

5/15/42

,

Continuously

Callable

@100

...............................

10,000

10,044

Series

A

,

4

.00

%

,

5/15/36

,

Continuously

Callable

@100

........................

2,000

2,029

Virginia

Commonwealth

University

Health

System

Authority

Revenue

,

Series

B

,

5

.00

%

,

7/1/46

,

Continuously

Callable

@100

.....................................

5,500

5,636

Virginia

Commonwealth

University

Revenue

Series

A

,

4

.00

%

,

11/1/37

,

Continuously

Callable

@100

........................

750

762

Series

A

,

5

.00

%

,

11/1/38

,

Continuously

Callable

@100

........................

350

373

Series

A

,

4

.00

%

,

5/1/48

,

Continuously

Callable

@100

.........................

2,475

2,420

Virginia

Housing

Development

Authority

Revenue

Series

B

,

3

.60

%

,

5/1/46

,

Continuously

Callable

@100

.........................

7,000

6,290

Series

D

,

4

.75

%

,

8/1/53

,

Continuously

Callable

@100

........................

1,500

1,528

Series

D

,

4

.70

%

,

7/1/55

,

Continuously

Callable

@100

........................

1,250

1,273

Series

E

,

2

.65

%

,

7/1/50

,

Continuously

Callable

@100

.........................

1,640

1,156

Series

E

,

5

.20

%

,

10/1/58

,

Continuously

Callable

@100

........................

3,000

3,146

Series

E-2

,

4

.60

%

,

10/1/54

,

Continuously

Callable

@100

......................

1,000

1,010

Series

F

,

5

.00

%

,

10/1/52

,

Continuously

Callable

@100

........................

5,000

5,171

Series

G

,

5

.15

%

,

11/1/52

,

Continuously

Callable

@100

........................

1,750

1,821

Series

H

,

4

.70

%

,

12/1/54

,

Continuously

Callable

@100

........................

800

812

Series

I

,

2

.45

%

,

11/1/45

,

Continuously

Callable

@100

........................

1,500

1,073

Series

K

,

1

.95

%

,

12/1/32

,

Continuously

Callable

@100

........................

1,500

1,286

Series

K

,

2

.05

%

,

12/1/33

,

Continuously

Callable

@100

........................

665

564

Victory

Portfolios

III

Victory

Virginia

Bond

Fund

175

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

Security

Description

Principal

Amount

(000)

a

Value

(000)

Virginia

Resources

Authority

Revenue

4

.00

%

,

11/1/49

,

Continuously

Callable

@100

...............................

$

6,700

$

6,714

Series

A

,

5

.00

%

,

11/1/32

,

Continuously

Callable

@100

........................

15

15

Series

A

,

4

.00

%

,

11/1/43

,

Continuously

Callable

@100

........................

1,445

1,478

Series

A

,

4

.00

%

,

11/1/47

,

Continuously

Callable

@100

........................

1,040

1,051

Series

B

,

5

.25

%

,

11/1/47

,

Continuously

Callable

@100

........................

2,330

2,606

Series

B

,

4

.75

%

,

11/1/52

,

Continuously

Callable

@100

........................

750

799

Virginia

Small

Business

Financing

Authority

Revenue

4

.00

%

,

12/1/49

,

Continuously

Callable

@100

...............................

12,800

12,675

4

.00

%

,

12/1/51

,

Continuously

Callable

@103

...............................

4,000

3,656

Series

A

,

4

.00

%

,

1/1/45

,

Continuously

Callable

@103

.........................

2,800

2,699

Series

A

,

4

.00

%

,

1/1/51

,

Continuously

Callable

@103

.........................

16,265

14,852

Series

A

,

5

.50

%

,

12/1/54

,

Continuously

Callable

@102

........................

4,500

4,817

Virginia

Small

Business

Financing

Authority

Revenue

AMT

,

4

.00

%

,

11/1/52

,

(Put

Date

11/20/25)

(b)

......................................................

1,500

1,501

Western

Regional

Jail

Authority

Revenue

5

.00

%

,

12/1/35

,

Continuously

Callable

@100

...............................

1,540

1,572

5

.00

%

,

12/1/35

,

Pre-refunded

12/1/26

@

100

...............................

1,545

1,614

5

.00

%

,

12/1/38

,

Continuously

Callable

@100

...............................

1,000

1,017

5

.00

%

,

12/1/38

,

Pre-refunded

12/1/26

@

100

...............................

1,000

1,045

Winchester

Economic

Development

Authority

Revenue

,

5

.00

%

,

1/1/44

,

Continuously

Callable

@100

...........................................................

3,250

3,279

Wise

County

IDA

Revenue

,

Series

A

,

0

.75

%

,

10/1/40

,

(Put

Date

9/2/25)

(b)

.............

2,500

2,422

486,264

District

of

Columbia

(4.1%):

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

AMT

Series

A

,

5

.25

%

,

10/1/49

,

Continuously

Callable

@100

........................

4,000

4,336

Series

A

,

4

.50

%

,

10/1/53

,

Continuously

Callable

@100

........................

2,175

2,200

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

A

,

5

.00

%

,

10/1/44

,

Continuously

Callable

@100

........................

1,500

1,575

Series

B

,

4

.00

%

,

10/1/53

,

Continuously

Callable

@100

........................

1,500

1,406

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

10/1/30

(e)

.............................

5,500

4,511

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue

,

Series

A

,

4

.00

%

,

7/15/45

,

Continuously

Callable

@100

...........................................

2,500

2,502

Washington

Metropolitan

Area

Transit

Authority

Revenue

,

Series

B

,

5

.00

%

,

7/1/42

,

Continuously

Callable

@100

...........................................

5,000

5,182

21,712

Guam

(3.1%):

Guam

Government

Waterworks

Authority

Revenue

,

Series

A

,

5

.00

%

,

1/1/50

,

Continuously

Callable

@100

.....................................................

1,000

1,041

Guam

Power

Authority

Revenue

Series

A

,

5

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

4,000

4,106

Series

A

,

5

.00

%

,

10/1/41

,

Continuously

Callable

@100

........................

1,500

1,613

Series

A

,

5

.00

%

,

10/1/43

,

Continuously

Callable

@100

........................

200

216

Series

A

,

5

.00

%

,

10/1/44

,

Continuously

Callable

@100

........................

225

241

Port

Authority

of

Guam

Revenue

,

Series

A

,

5

.00

%

,

7/1/48

,

Continuously

Callable

@100

....

1,500

1,535

Territory

of

Guam

Revenue

Series

A

,

5

.00

%

,

11/1/27

..............................................

200

207

Series

A

,

5

.00

%

,

11/1/28

..............................................

250

261

Series

A

,

5

.00

%

,

11/1/29

..............................................

250

264

Series

A

,

5

.00

%

,

11/1/30

..............................................

250

266

Series

A

,

5

.00

%

,

11/1/35

,

Continuously

Callable

@100

........................

2,000

2,116

Series

A

,

5

.00

%

,

12/1/46

,

Continuously

Callable

@100

........................

1,250

1,255

Series

D

,

5

.00

%

,

11/15/39

,

Continuously

Callable

@100

.......................

2,000

2,007

Series

F

,

5

.00

%

,

1/1/31

...............................................

500

536

Series

F

,

4

.00

%

,

1/1/42

,

Continuously

Callable

@100

.........................

1,000

986

16,650

Total

Municipal

Bonds

(Cost

$547,152)

a

a

a

524,626

Total

Investments

(Cost

$547,152)

—

99.0%

524,626

Other

assets

in

excess

of

liabilities

—  1.0%

5,058

NET

ASSETS

-

100.00%

$

529,684

Victory

Portfolios

III

Victory

Virginia

Bond

Fund

176

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

November

30,

2024

(a)

Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(b)

Put

Bond.

(c)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(d)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

November

30,

2024,

the

fair

value

of

these

securities

was

$13,061

(thousands)

and

amounted

to

2.5%

of

net

assets.

(e)

Zero-coupon

bond.

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer’s

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

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.